MassMutual Streamlines Structure of Proprietary Mutual Fund Trustee Boards

SPRINGFIELD, Mass., Jan. 13, 2012 /PRNewswire/ -- MassMutual has announced it has combined the two Boards of Trustees that formerly oversaw the company's four proprietary mutual fund families into one Board of Trustees that now oversees all four trusts, the MassMutual Premier Funds, MassMutual Select Funds, MML Series Investment Fund, and MML Series Investment Fund II.

MassMutual enacted the plan following approval by the Funds' shareholders, which was obtained through shareholder solicitations that took place during 2011. Both Boards of Trustees had recommended the action, which became effective January 1, 2012.

"We see a number of benefits from combining the Boards, particularly improved operating efficiencies and lower costs, enhanced governance and oversight through the additional experiences, abilities, and perspectives of the combined Boards, and broader insight into all issues affecting the MassMutual Funds," said Richard Ayers, Chairman of the combined Board. "All of the Trustees worked together to structure the new Board and outline Committee tasks and Trustee assignments." 

"Combining the two Boards into one makes financial sense for our Funds' shareholders," agreed Nabil El-Hage, former Chairman of the Board of Trustees of the MassMutual Premier Funds and MML Series Investment Fund II and a current Trustee on the new combined Board. "And in terms of the human element, the two Boards have worked together on a number of matters in the past, so we expect the integration will be seamless."

MassMutual believes the new Board structure will eliminate the need to replace any independent Trustees for the foreseeable future, and thereby eliminate the time and cost that would be required.

Eric Wietsma, president of the MassMutual Premier Funds and MassMutual Select Funds, also concurs. "The combined Board will benefit all of the Funds and shareholders by reducing duplication of certain expenses, management responsibilities, and duties related to having multiple Boards, and by providing the Trustees with more flexibility in hiring and replacing the subadvisers who handle the day-to-day portfolio management of the Funds," said Wietsma.

Current investors in these Funds and members of the public may access prospectuses and summary prospectus pertaining to these mutual funds via www.massmutual.com/productssolutions/productperformance.

Investors should consider an investment option's objectives, risks, fees and expenses carefully before investing. This and other information can be found in the applicable prospectuses or summary prospectuses for the investment options listed, which are available from MassMutual by calling 1-888-309-3539. Please read them carefully before investing.

Principal Underwriter: MML Distributors, LLC, 1295 State Street, Springfield, MA 01111.

About MassMutual
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.

MassMutual's Retirement Services Division has been serving retirement plans for 65 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 1.3 million participants.

For more information, visit www.massmutual.com, "Like" MassMutual on Facebook and Facebook.com/retiresmart, or follow MassMutual on Twitter.

Copyright ©2012 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001. All rights reserved.

Contact: Jessica Barry
413-744-8334
[email protected]

SOURCE MassMutual Retirement Services