Deals & People July 12, 2007

New COO/CFO for MassMutual Retirement Income

MassMutual Retirement Income (MMRI) has tapped Douglas. G. Russell, 47, as senior vice president, chief operating officer (COO) and chief financial officer (CFO).
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According to a news release, Russell will report to Drew Dickey, senior vice president and head of MMRI. In his role with MMRI, Russell will assume overall responsibility for finance, compliance, operations and technology.

Russell was most recently senior vice president and head of client services for Prudential Retirement. He had been with Prudential Retirement since 2004 via the firm’s acquisition of CIGNA’s Retirement and Investment Services business, which he joined in 2001 as senior vice president in its Corporate Insurance unit.

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Products July 12, 2007

GIAC Offers Managed Account QDIA

The Guardian Insurance&Annuity Company, Inc. (GIAC) has announced it is now offering plan sponsors a managed account as a qualified default investment alternative (QDIA).
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According to a news release, GIAC will offer advisory services by PMFM, Inc., the independent registered investment adviser for 401k Toolbox, under GIAC’s group variable annuity contract, The Guardian Advantage.

The news release said 401k Toolbox utilizes a tactical asset allocation strategy in Manage It For Me, a participant fee-based service. The five risk-based portfolios change with market conditions and are designed to help protect client assets. “401k Toolbox works to capture most of the good times while reducing market exposure during the bad times,” said Tim Chapman, President and co-founder of PMFM, Inc.

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Participants are automatically moved to more conservative portfolios as their needs change with age, according to the announcement. However, unlike traditional target-date funds, participants can assess their own total retirement picture by including outside assets in their risk analysis and, if they choose to, they can turn off the glide path feature of their portfolio, giving them even more flexibility in their managed account, the news release said.

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