Putnam Investments has launched a health reimbursement account for labor unions.

The Putnam Health Reimbursement Account, which the Boston investment manager started offering Wednesday, is designed to provide supplemental medical funds for workers after they retire.

Employers make tax-deductible contributions that are invested in mutual fund. Gains on investments are not taxed, even when the funds are withdrawn in retirement to pay for medical expenses.

Unlike flexible spending and health savings accounts, health reimbursement accounts have no annual contribution limits.

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