The firm announced that it is expanding its solutions to make it easier and more affordable for small businesses to offer 401(k) plans by offering simplified investment choices, reduced pricing and built-in fiduciary support.
MassMutual said it will enhance its Aviator 401(k) retirement savings plan for businesses with up to $15 million in retirement assets. According to an announcement, the firm will now offer two Aviator programs to choose from, depending upon the level of administrative and fiduciary support a business prefers. A newer version of Aviator – Aviator Pro – will offer simplified fee and investment lineups, and fiduciary 3(16) and 3(38) services.
MassMutual also notes that it has introduced a series of enhancements to its original Aviator 401(k) program, including:
- reduced pricing, including new break points for fees as assets accumulate within the plan;
- the introduction of new TDF families;
- additional zero-revenue investments;
- streamlined administration with several automated services, including enhanced automatic enrollment and automatic escalation; and
- introduction of automated employee engagement campaigns using targeting and behavioral science techniques.
