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According to the article, this only impacts defined contribution plans (so far).
https://www.thinkadvisor.com/2020/07/15/vanguard-to-shift-1300-jobs-to-infosys/Vanguard is shifting about 1,300 positions supporting its full-service recordkeeping client administration, operations and technology functions to outsourcing partner Infosys as part of a new strategic partnership between the companies that was announced Tuesday.
Vanguard had about 17,600 employees as of Jan. 31.
The impacted employees currently work within Vanguard’s Institutional and Information Technology divisions, Farrell pointed out.
The companies will provide a cloud-based recordkeeping platform that Vanguard said will enable “greater insights and unprecedented personalization to help deliver better outcomes for nearly five million participants and 1,500 sponsors.”
All Vanguard employees currently serving in full-service recordkeeping client administration, operations and technology function roles will be offered comparable positions at Infosys in close proximity to Vanguard’s offices in Malvern, Pennsylvania; Charlotte, North Carolina; and Scottsdale, Arizona, Vanguard said.
“Transitioning employees will receive the same salary, comparable benefits for a transition period of 12 months, plus meaningful incentive opportunities,” Vanguard said. The transitioning Vanguard crew will report to King and Mohit Joshi, Infosys president.