SPRINGFIELD, Mass.,
April 25, 2016 /PRNewswire/ --
Massachusetts Mutual Life Insurance Company (MassMutual) is
launching new fiduciary protection services and educational support
for employers that sponsor retirement plans as part of an ongoing
program of enhancements.
Envestnet Retirement Solutions, LLC (ERS), a majority-owned
subsidiary of Envestnet, Inc. (NYSE: ENV) is now MassMutual's new
fiduciary services provider in support of the Fiduciary
Assure® program. ERS will provide fiduciary support for
the selection of investment options for retirement plan sponsors.
ERS is a registered investment advisor. Envestnet, Inc. is not
affiliated with MassMutual or any of its subsidiaries.
"MassMutual is introducing a series of improvements to help both
retirement plan sponsors and their advisors," said Tina Wilson, Senior Vice President, Product
Management, MassMutual Retirement Services. "The latest
enhancements are part of an ongoing program to provide more robust
fiduciary support."
MassMutual's proprietary research shows that 61 percent of plan
sponsors that work with an advisor are concerned about their
fiduciary obligations. One in two plan sponsors (49 percent) stated
they are not a fiduciary or were unsure about being a fiduciary,
the study found.1
The new educational resources are designed to help educate both
plan sponsors and advisors about their fiduciary obligations. ERS's
support of Fiduciary Assure enables MassMutual to introduce several
enhancements for its firm partners, their advisors and plan
sponsors:
- New technological initiatives, including a new website to
enable plan sponsors to monitor their fiduciary service
online;
- Improved reporting that is specific to each retirement plan;
and
- An online data vault that houses plan sponsor fiduciary
reports.
Later this year, MassMutual will enhance and expand its 3(21)
and 3(38) fiduciary programs by upgrading technology and making it
easier for plan sponsors to secure fiduciary protection.
MassMutual's introduction of ERS to support Fiduciary Assure
expands an existing relationship between the two financial firms.
ERS acts as the Registered Investment Advisor for MassMutual's
RetireSmart Ready tool, which provides retirement plan participants
with investment advice and guidance. Last year, MassMutual and ERS
launched a new managed account product, RetireSmart(SM) Ready
Managed Path.
Envestnet serves more than three million investor accounts and
has more than $850 billion in assets
under management and administration and subscription/licensing
arrangements. The firm also supports more than 47,000 advisors
worldwide2.
"The continued collaboration between MassMutual and ERS is
delivering new products and services to help each of the primary
stakeholders in the retirement savings marketplace, including
savers, employers and advisors," Wilson said. "Our goal is to work
together to help Americans more readily retire on their own
terms."
For more information please contact your financial professional
or call MassMutual at 1-800-874-2502, option 4.
About MassMutual
MassMutual is a leading mutual life insurance company that that
is run for the benefit of its members and participating
policyowners. MassMutual offers a wide range of financial products
and services, including life insurance, disability income
insurance, long term care insurance, annuities, retirement plans
and other employee benefits. For more information, visit
www.massmutual.com.
MassMutual Financial Group is a marketing name for Massachusetts
Mutual Life Insurance Company (MassMutual) and its affiliated
companies and sales representatives.
1The MassMutual Winning Combination Study,
January 2016,
https://www.massmutual.com/winningcombination
2As of 12/31/2015
Contact:
David Potter
860-562-1525
dpotter@massmutual.com
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SOURCE MassMutual