MassMutual Enhances Fiduciary Protection Services And Support For Retirement Plan Advisors and Sponsors

By a News Reporter-Staff News Editor at Insurance Weekly News -- Massachusetts Mutual Life Insurance Company (MassMutual) is launching new fiduciary protection services and educational support for employers that sponsor retirement plans as part of an ongoing program of enhancements.

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Envestnet Retirement Solutions, LLC (ERS), a majority-owned subsidiary of Envestnet, Inc. (NYSE: ENV) is now MassMutual's new fiduciary services provider in support of the Fiduciary Assure(®) program. ERS will provide fiduciary support for the selection of investment options for retirement plan sponsors. ERS is a registered investment advisor. Envestnet, Inc. is not affiliated with MassMutual or any of its subsidiaries.

"MassMutual is introducing a series of improvements to help both retirement plan sponsors and their advisors," said Tina Wilson, Senior Vice President, Product Management, MassMutual Retirement Services. "The latest enhancements are part of an ongoing program to provide more robust fiduciary support."

MassMutual's proprietary research shows that 61 percent of plan sponsors that work with an advisor are concerned about their fiduciary obligations. One in two plan sponsors (49 percent) stated they are not a fiduciary or were unsure about being a fiduciary, the study found.(1)

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