Boston-based Massachusetts Mutual Life Insurance Company is closing its recently formed MassMutual Retirement Income (MMRI) unit, according to a report in Investment News. The unit was formed in April 2007 to deliver “advisor-focused solutions for customers’ accumulation and guaranteed lifetime income needs.”
Created apart from its U.S. Insurance Group, MMRI was formed to capture the growing importance of investment behavior, risk and hedging issues within retail retirement accumulation and income products, said the report. The company will continue to offer retirement products and annuities through its other divisions.
The word comes a week after MassMutual’s Retirement Services Division announced plans to introduce a new RetireSmartSM participant engagement platform in Q2 2010.
“We believe our new participant engagement materials will offer both the plan sponsor and the participant the best experience available in the market,” E. Heather Smiley, VP and chief marketing officer, MassMutual Retirement Services Division said in astatement. “Sponsors will have a variety of concepts supported by relevant imagery from which to choose for their enrollment, transition and investment change materials. As such, plan participants will receive the necessary information in a visually appealing and digestible format that makes it easy for them to take action.”
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