Spokeswoman Alyson Riley said SSRM executives decided in August to exit the DC space where it has about 200 plans with $302 million in assets.
She said that as part of SSRM’s corporate strategy, the company would refocus on its existing larger segment which services institutional clients such as defined benefit pension plans, university endowments and foundations.
SSRM representatives are working with the remaining DC clients to transition to another provider. Among the providers SSRM will suggest is MetLife, SSRM’s parent, Riley said.
The process started in mid-September and is expected to last until year-end, she said.
Riley said 10 defined contribution employees have been laid off as part of the transition.
Earlier this month, State Street announced that it was laying off 60 employees, 11% of its workforce, mostly in sales and marketing as part of a cost-cutting measure.
State Street’s assets under management stood at $49 billion at the end of June, which is a drop from $54 billion at the end of June 2001.