MassMutual Offers Fiduciary Protection for Sponsors

The new service is being offered in partnership with Envestnet Retirement Solutions.

Massachusetts Mutual Life Insurance Co. is launching Fiduciary Assure, fiduciary protection services and educational support for retirement plan sponsors, in partnership with Envestnet Retirement Solutions (ERS). ERS is providing fiduciary support for the selection of investment options.

“MassMutual is introducing a series of improvements to help both retirement plan sponsors and their advisers,” says Tina Wilson, senior vice president of product management at MassMutual Retirement Services. “The latest enhancements are part of an ongoing program to provide more robust fiduciary support.”

MassMutual learned through a survey of retirement plan sponsors that work with an adviser that 61% are concerned about their fiduciary obligations. Nearly half (49%) said they were not a fiduciary or were unsure about their fiduciary status.

Later this year, MassMutual will upgrade the technology supporting its 3(21) and 3(38) fiduciary programs.

This is not the first time that MassMutual and ERS have partnered. ERS acts as the registered investment adviser for MassMutual’s RetireSmart Ready tool, which provides participants with investment advice and guidance. Last year, MassMutual and ERS also launched a managed account product, RetireSmart Ready Managed Path.