Massachusetts Mutual Life Insurance Co. has formed a group to help investors prepare for and live during retirement.
The Springfield company announced Monday that it has merged its annuity and income management units to create a retirement income division.
The new division is expected to support MassMutual's affiliated advisers, as well as investment and distribution companies, who seek to use longevity protection and the benefits of guaranteed income to deliver new models of retirement income.
Drew Dickey, a senior vice president for retirement income at MassMutual, has been appointed to lead the division. Mr. Dickey, 50, has been with MassMutual since 1991. Most recently he oversaw its financial products division.
MassMutual has sold annuities for 90 years and has been serving the institutional retirement market for 60 years. Last year it introduced the Retirement Management Account, an investment advisory program and individual retirement account that makes mutual fund model portfolios and an immediate lifetime income annuity available in one account.
At yearend MassMutual had $450 billion of assets under management.
