SPRINGFIELD, Mass.-- MassMutual Retirement Services unveiled new aged-based asset allocation options that allow defined contribution (401k) plan participants to select an automatically-adjusting investment strategy based on their anticipated retirement date.
The new MM Destination Retirement Series presents investment solutions to plan participants who want an easy, hands-off approach to retirement saving. Each MM Destination Retirement option offers professional management and multiple layers of diversification, all in one investment.
"These new investment options enable us to help participants more easily choose appropriate, sound investment strategies that can help them build toward a more secure retirement," said Frederick C. Castellani, executive vice president and head of MassMutual Retirement Services (MMRS). "The new options also give sponsors an easy and reliable way to answer the common question they get from their participants: 'Is there an easier way to save for retirement?'"
The MM Destination Retirement Series differs from other asset allocation options because of its automatic roll-down process that invests participants' assets more conservatively over time. The program allocates assets based on participants' proximity to their projected retirement date. In addition, each option receives the constant management and monitoring that is an integral part of the MassMutual Investment Program, which features approximately 70 options and 30 managers. The core of the program is the broad range of investment options offered by a range of investment managers that MMRS selects and monitors through a rigorous due diligence process.
To add to the simplicity and convenience of the MM Destination Retirement Series, each option is named to coincide with a target retirement date. This intuitive age-name association helps discourage younger participants from choosing an overly conservative portfolio and older participants from choosing an overly aggressive mix.
Source: MassMutual Retirement Services
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