MassMutual has teamed up with Envestnet Retirement Solutions, LLC (ERS) to introduce RetireSmartSM Ready Managed Path managed accounts providing personalized, professionally managed investment strategies.
Available to MassMutual Retirement Services’ retirement plans with $5 million or more in retirement assets under management, the new accounts are designed for participants who need investment guidance and who may not want to actively manage their retirement investments on their own. A participant’s retirement account is actively managed by ERS on an ongoing basis to ensure that the investments remain appropriate for the participant’s objectives.
Employers that sponsor retirement plans administered by MassMutual will be able to use RetireSmartSM Ready Managed Path in two ways: personalized investment strategies available for selection by participants or as a QDIA available in plans that automatically enroll employees or when participants otherwise fail to select investments.
The tool gathers information about each participant’s current age, target retirement age, risk tolerance, existing savings and future retirement needs, including whether or not he or she has a defined benefit plan. Retirement readiness projections – and managed account portfolio construction – are based on a participant being able to replace at least 75% of his or her pre-retirement income, including full Social Security benefits.
Participants can enroll in RetireSmartSM Ready Managed Path online through the MassMutual RetireSMARTSM Ready Tool after establishing a separate advisory account with ERS; no other paperwork is required.
For more information about MassMutual Retirement Services and its value-adds for advisors, visit their NAPA Partner Corner page.
