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.
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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/massmutual-enhances-fiduciary-protection-services-and-support-for-retirement-plan-advisors-and-sponsors-300256670.html