Massachusetts Mutual Life Insurance Co. introduced a retirement management account Monday that comprises an advisory program and a rollover IRA.
The product enables financial advisers to help their clients turn qualified retirement savings into inflation-protected monthly payouts that last their lifetime, the Springfield, Mass., company said. The multifaceted program is in some ways like a pension but with additional features, it said.
Created to address retirees' fear of outliving their income and desire for flexibility and control, the account makes available mutual funds and a multiple-premium immediate annuity. It also features a retirement income planning tool that lets advisers create individualized income management strategies, as well as monitor and revise them.
Mutual fund model portfolios containing OppenheimerFunds products are available at net asset value. These portfolios are developed by an independent third party and rebalanced quarterly by MassMutual if they deviate from their original allocation. OppenheimerFunds Inc. is a MassMutual affiliate.
The program is available only through investment advisers at MML Investors Services Inc., a MassMutual affiliate.
