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The fact that it has a support post (I assume you mean an adjustable lolly collumn when you say Jack) means that this beam needs support there. Removing it would be more dangerous than leaving it. That would likely cause or encourage a failure.
You need to know why that bulge is there above it. Eigther they simply jacked up too high or the perimeeter walls and foundation have settled. The latter may also require some attention.
I will assume that they simply jacked too high. All you need to do to correct that is to thread it down lower. If there is any reason to completely unload it temporariily, be sure to cut a wood post first to catch the weight at the right height and doesn't colapse under the load from above.