Putnam Investments is starting to offer a retiree health reimbursement account program designed for members of labor unions.

Employers can make tax-deductible contributions to the HRAs on behalf of union employees, and employees can withdraw account funds and use the cash to pay for many types of health care expenses after they retire, according to Putnam, Boston.

Putnam, a unit of Marsh and McLennan Companies Inc., New York, helps administer 80 large union retirement plans that serve about 250,000 participants.