Under the agreement, GRR will now be a new unit of MassMutual called the Income Management Strategies Division. This division was formed last year to create retirement income solutions for the growing baby boomer market.
Jerome Golden, who founded GRR in 1999, will be president of the new division, according to the release. Prior to that he was executive vice president of The Equitable Life Assurance Society and is credited with being instrumental in developing the first variable life insurance products, which now account for the largest market share of life insurance products sold in the U.S.
According to the release, GRR is most known for its patent-pending fully integrated retirement-income planning and management system called RetireMentor that targets middle market and mass affluent retiring baby boomers. It was launched in 2001 in a partnership with the Principal Financial Group (See Principal Introduces Retirement Income Management Solution ).