About 100 positions are being cut at the Enfield office of MassMutual, home to the company’s retirement fund operations, a corporate spokesman confirmed Monday afternoon.
“MassMutual routinely and carefully examines all of its operations to ensure we are focused on activities that effectively and efficiently deliver the greatest value to our policyowners and customers,” MassMutual spokesman Jim Lacey said in a statement. He added at times this means making decisions that impact staffing levels.
Quoting Enfield’s mayor, the Journal Inquirer reported the cutback would involve around 5 percent of the roughly 2,000 employees in Enfield.
The Springfield-based financial services company two years ago spent more than $38 million to renovate its Enfield complex at 100 Bright Meadow Blvd. The company’s total Enfield payroll had grown since the renovation to around 2,000, up from its previous total of 1,200, the paper reported.
The company also has 200 employees in Hartford at its Cornerstone Real Estate Advisers LLC subsidiary.
In June 2014, the state announced it was giving MassMutual up to $13 million in state incentives as part of an expansion of its Enfield campus.
In 2014, MassMutual designated Enfield as the new world headquarters for its Retirement Services division and spent $38 million upgrading the facility’s power systems and making infrastructure improvements.
MassMutual acquired The Hartford’s Retirement Services business in July 2013 and has combined those jobs and functions with the company’s own Retirement Services division.
MassMutual is eligible for up to $13 million in tax credits over the next 10 years through the Urban and Industrial Sites Reinvestment Tax Credit (URA) program. The incentive allows for a dollar-for-dollar corporate tax credit for an investment up to $100 million in a project.
