Springfield, Mass. - MassMutual Financial Group, Springfield, Mass., announced the acquisition of New York-based Golden Retirement Resources Inc., (GRR) a privately held firm that develops and distributes products and services for the retirement-income market. Comprising member companies with more than $350 billion in assets, MassMutual Financial Group is a global, diversified financial services organization providing life insurance, annuities, disability income insurance, long-term care insurance, retirement planning products, structured settlement annuities, trust services, money management, and other financial products and services. Under the transaction, MassMutual Holding, LLC, a wholly owned subsidiary of Massachusetts Mutual Life Insurance (MassMutual) purchased a majority interest in GRR (including all intellectual property), and intends to own the entire company by year-end. No financial terms were disclosed.
GRR is now a new unit of MassMutual, named the Income Management Strategies Division, part of the company's current Income Management Group, which was formed last year to create retirement-income solutions for the nation's burgeoning baby boomer retirement market. Formed in 1999 by Jerome S. Golden, GRR is well known in the financial services industry for having developed the patent-pending fully integrated retirement-income planning and management system called RetireMentor, which targets middle market and mass affluent retiring baby boomers.
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