In an effort to ensure affordability and practicality for small business retirement plans, MassMutual has enhanced its Aviator 401(k) platform.
Small businesses can now choose two “Aviator” programs, dependent upon the level of administrative and fiduciary support preferred. The revitalized programs now offer simplified investment lineups, affordable pricing and fiduciary support services, according to the firm. Aviator Pro, available to businesses seeking comprehensive and administrative support, offers fee and investment lineups and fiduciary 3(16) and 3(38) services.Original Aviator 401(k) program enhancements include: reduced pricing; introduction of new target-date fund (TDF) families in MassMutual Select T. Rowe Price Retirement Funds, Legg Mason Total Advantage Funds and IndexSelect; additional zero-revenue investments; s treamlined installation and administration with several automated services available, including enhanced automatic enrollment and automatic escalation services; and introduction of automated employee engagement campaigns that use sophisticated targeting and behavior science techniques.
“MassMutual continues to enhance and improve its retirement programs for small businesses to make them more affordable, easier to implement and administer, and provide many of the same features offered by larger plans,” says Tina Wilson, head of MassMutual’s investment solutions innovation.