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The Boston Globe

Business

Amid high profits, Liberty Mutual cuts benefits

Liberty Mutual is cutting back contributions to retirement plans and other benefits for its employees, just a year after a public uproar over lavish pay and perks for top executives of the Boston insurer.

Under the new plan, the company will reduce the maximum sum it provides to match workers’ savings in their 401(k) plans to 6 percent from 7 percent. The insurer also will change its traditional pension plan to a more modest one that saves the company money. In addition, it will cut back insurance coverage for retirees.

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