"We're expanding our fiduciary services in response to 'voice of the customer' feedback from employers and financial advisors, incorporating a series of enhancements to provide more options, more choices and more customization," said
Expanded Fiduciary Protection
Fiduciary Assure provides sponsors with different levels of support, greater flexibility and more investment choices than typically available through fiduciary investment support services, according to Wilson. Both the new 3(38) service and the existing 3(21) service offers sponsors a wide range of investment options to choose from, she said.
Both the 3(38) and 3(21) services are available at no additional cost to retirement plans with less than
Under the 3(38) service, sponsors can allocate certain fiduciary investment responsibilities to ERS. ERS or the plan sponsor develops the investment lineup from a pre-approved list of investment options. ERS monitors the investment performance and directs
With the 3(21) service, sponsors share their fiduciary investment responsibility with ERS. Sponsors retain the ultimate decision-making authority provided their investment lineup includes at least one investment option in each of four core asset classes (cash equivalent, domestic bond, domestic equity and foreign equity) from a pre-selected list provided by ERS. Or, sponsors can opt for a pre-selected investment lineup. Sponsors are responsible for making ongoing investment line-up changes in order to maintain the core asset class requirements.
As part of the enhancements, Fiduciary Assure provides sponsors and advisors digital access to critical reporting information, Wilson said. Separate websites enable sponsors and advisors to monitor fiduciary compliance by providing "fingertip access" to reporting that is specific to each retirement plan. Sponsors' fiduciary investment reports are housed within an online data vault. Sponsors can learn more about Fiduciary Assure as well as their own fiduciary investment responsibilities at www.massmutualatwork.com/fiduciary-assure.
New Analysis Tool
Fiduciary Planning Guide
"Fiduciary Assure gives sponsors both the protection they need and the choices, information and technology they want at the right price," Wilson said. "We urge advisors and sponsors to compare
By making the Fiduciary Assure Program and Fiduciary Support Analyzer available to plans,
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/massmutual-expands-fiduciary-support-services-for-retirement-plan-investment-selection-and-monitoring-300330037.html