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Putnam manages mutual funds, 401(k)s, IRAs, and other retirement plans, annuities, 529 college savings plans, alternative investments for high-net-worth investors, and portfolios for institutional investors around the world.
Putnam Culture
Conducting Putnam's business requires the efforts of over 5,500 employees who work collaboratively to research financial securities, manage portfolios, market and sell new investment products, and handle calls and questions from shareholders, financial advisors, and institutional clients. We work to attract and promote the most highly skilled and talented professionals by encouraging a culture that recognizes the contributions of the individual working as part of a team. We strive to create an environment where diversity is valued.
At Putnam, your base salary is just one element of your compensation. We also offer benefits such as a profit sharing plan, a stock purchase plan, the option to buy Putnam funds without a sales charge, spending accounts that allow you to pay health care, dependent care, and transportation costs with pretax dollars, and a wide variety of services that help you balance your work and life.
Total Compensation Philosophy
While Putnam's salaries are competitive, our focus on total compensation (base salary, plus bonus and benefits) is designed to provide a package that is highly competitive.
Health Plans and Insurance
Putnam offers several options for health-care coverage, insurance, flexible spending accounts, and other programs. The company provides employees with 1x base salary in life insurance, 40% of base salary in long-term disability insurance, and substantial subsidies for health and dental coverage.
Health and Dental Insurance
Putnam provides you and your family with a choice of medical and dental coverage options. We offer both health maintenance organizations (HMOs) and preferred provider organizations (PPOs) along with high- and low-option dental insurance coverage.
Putnam also offers other types of benefits and insurance:
- Long-term Care Insurance
- Short-term Disability Insurance
- Employee Life Insurance
- Spouse Life Insurance
- Dependent Child Life Insurance
- Personal Accident Insurance
- Group Umbrella Liability Insurance
- Automobile/Home Owner/Renters Insurance
- Vision Discount Card
Work/Life
To help you achieve a balance between work and personal life, Putnam offers a variety of benefits and services.
Flexible work schedules
Putnam's flexible work arrangements include part-time, job sharing, flex-time, and Work@Home opportunities for some positions.
Vacation
Putnam offers regular full-time and regular part-time employees a generous vacation benefit based on level of position and years of service.
Vacation Buy/Sell Program
Vacation buy/sell allows a full-time nonexempt employee the opportunity to purchase up to three additional vacation days or to sell up to three vacation days for cash.
Holidays
Putnam observes nine holidays, generally when the stock market is closed. In addition to these regular holidays, employees are eligible for three floating holidays per year.
Additional Work/Life programs include:
- Flexible Spending Accounts
- Tuition Assistance
- Student Loans
- Adoption Assistance Program
- Employee Assistance Program
- Work/Life Services Program
- Backup Child Care
- PC Discount Program
- Transportation Reimbursement Incentive Program
- Child Care and Elder Care Resource Referral
Services@Putnam:
- Sundry shops
- Coffee bars
- Prepared take-home dinners, box lunches, and cakes
- Dry cleaning
- Leisure travel service
- Corporate discounts
- Shuttle service to all locations
Retirement and Savings Plans
Putnam offers a variety of retirement savings plans that enable you to accumulate wealth over time.
Profit Sharing Account
The Profit Sharing Account is Putnam's primary contribution to your retirement savings, designed to help you build future financial security. Each year, Putnam makes a discretionary contribution to your Profit Sharing Account, historically 15% of employees' salaries. Employees are eligible to participate in the plan after 12 months of employment. There is a five-year vesting schedule.
Salary Savings 401(k) Account
Putnam offers a Salary Savings 401(k) Account. You are immediately eligible to contribute any percentage of base salary, up to the annual IRS maximum, which is $12,000 for 2003 and $13,000 for 2004. Any contributions you make are automatically 100% vested and may be invested in a broad array of Putnam mutual funds.
Marsh & McLennan Stock Purchase Plan
Putnam's parent company, Marsh & McLennan, offers you the opportunity to purchase shares of its stock at 85% of the average market price on the first or the last day of the plan year, whichever is lower. You can contribute between 1% and 15% of your after-tax salary each plan year.
Net Asset Value (NAV) investing privilege
This program allows you and members of your family to invest, at no sales charge, in Putnam mutual funds. Employees can purchase Putnam funds through payroll deduction. Putnam Preferred Access, a team of dedicated Financial Consultants, is also available to help you and your family members plan for a secure financial future.