MassMutual Offers Service for Managing Fiduciary Risk

MassMutual's Retirement Services Division is adding Mesirow's Financial Fiduciary Partnership Service to its retirement platform.

The service is being offered as an option to help retirement plan advisers and plan sponsors manage fiduciary risk. MassMutual also plans to introduce new investment options that provide additional pricing flexibility for retirement plans with under $5 million in assets.  

Mesirow Financial said it developed the service in response to heightened focus on the role of the retirement plan fiduciary and interest among advisers and plan sponsors in mitigating their risks. Under the program, the Investment Strategies group at Mesirow Financial conducts an extensive independent analysis of investment options available for retirement plans on MassMutual’s platform and creates a designated Elite List of investment options that are eligible for coverage under the program.   

The list includes a range of funds in asset classes that Mesirow Financial considers appropriate for long-term retirement investing. The service also has the flexibility to allow plans to add funds that are not part of the Elite List.  

“The challenges and liabilities inherent in building and monitoring a retirement plan’s investment lineup are an integral part of the overall management of a retirement plan and the role of the retirement adviser,” said Michael Annin, senior managing director of the Investment Strategies Group at Mesirow Financial. “With this service, Mesirow Financial becomes the fiduciary, delivering added peace-of-mind to both advisers and plan sponsors.”