Sale of MassMutual retirement business includes 2,000 employees

Massachusetts

SPRINGFIELD, Mass. (WWLP) – As the financial crisis continues, more announcements of layoffs, acquisitions, and mergers continue to roll in.

Locally UMass Amherst, one of the area’s biggest employers, laid off 850 employees. MGM Springfield has laid off 1,000 employees and even though MassMutual isn’t laying anyone off, they are still losing thousands of employees to a different company.

MassMutual announced that a new company, Empower Retirement, will be acquiring their retirement plan business located in Enfield, Connecticut. The deal includes 2,000 MassMutual employees.

The news is not giving people much hope that the economy will bounce back.

“I’m retired. I’m a retired taxi-driver here in Springfield,” resident Joe Gervasini said. “It hasn’t affected me but for the people that are laid off it’s tough times for them.”

A MassMutual spokesperson told 22News that all 2,000 employees work in the retirement business plan which was acquired by Empower Retirement for $2.35 billion.

The transaction between the companies has not been finalized yet and is expected to close in the fourth quarter of 2020 pending customary regulatory approvals

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