New MassMutual Group Broadens Retirement Income Strategy

MassMutual Financial Group is expanding its presence in the retail retirement accumulation and retirement income market with the creation of MassMutual Retirement Income (MMRI), which integrates the firm’s annuity and income management businesses.

According to a press release, the group will be led by Drew Dickey, Senior Vice President for Retirement Income, Massachusetts Mutual Life Insurance Company, and will deliver adviser-focused services, education and solutions to help plan participants with their retirement income needs.

Dickey, 50, has been with MassMutual since 1991 and was most recently President of MassMutual’s Financial Products Division.

“The tens of millions of consumers nearing retirement are seeking to convert accumulated retirement savings into retirement income, and most want the security that comes from a portion of their retirement income being guaranteed,” said Dickey, in the release. “As employers increasingly turn away from traditional pension plans, which promise guaranteed income benefits, consumers must replace that guaranteed lifetime income individually, either by themselves or by working with a financial adviser.’

MassMutual has established MMRI apart from its U.S. Insurance Group and aligned it under MassMutual’s Chief Investment Officer, Executive Vice President Roger Crandall.