According to the announcement, MassMutual has expanded its risk-based Journey series investment options, which were formerly only available as separate investment accounts (“SIAs”) through a group annuity contract, with newly created RetireSMART mutual funds that it says employ the same investment strategy. The new RetireSMART lifestyle series is being offered for the first time as a mutual fund solution for registered plans in addition to the SIAs that MassMutual says have long been available for group annuity contract plans.
Portfolios within both the target date and lifestyle series utilize a “fund-of-funds” approach that combines mutual funds offered by MassMutual into professionally managed strategies, which consider an investor’s expected retirement date (RetireSMART target date) or an investor’s comfort with risk (RetireSMART lifestyle).
According to MassMutual, the new investment offerings, implemented in June, are designed to position MassMutual’s target date and lifestyle funds more competitively and make them available to more retirement investors in a wider range of plans. MassMutual’s portfolio management team for both fund groups remains unchanged.
As part of the initiative, MassMutual has renamed its Select Destination (target date) and Journey (lifestyle) fund series to capture the brand focus of its overall MassMutual RetireSMART(SM) participant platform.
“These enhancements give MassMutual an even more compelling and competitively priced offering in a category critical to retirement investors and to our continued strong momentum within the retirement services industry,” noted Eric Wietsma, senior vice president, Investment Services, MassMutual’s Retirement Services Division in announcing the changes.
"These target date and lifestyle funds embody our management approach, while the RetireSMART name serves as the overarching brand, both of which support MassMutual's dual focus on retirement plan health and solidly preparing plan participants for retirement," Mike Eldredge, vice president, Investment Management, MassMutual's Retirement Services Division, said in the press release.
Retirement plan participants may access a prospectus and summary prospectus on MassMutual's participant website, http://www.retiresmart.com.
A table of the changes can be found on the next page.
MassMutual notes that their target date options do not reach their most conservative allocation until after their target date, and explains that investors should consider their own personal risk tolerance, circumstances and financial situation.
Previous Select Destination Retirement
Fund Target Date Series
Target Date Series
Select Destination Retirement Income Fund
RetireSMART In Retirement Fund
Select Destination Retirement 2010 Fund
RetireSMART 2010 Fund
Select Destination Retirement 2015 Fund
RetireSMART 2015 Fund
Select Destination Retirement 2020 Fund
RetireSMART 2020 Fund
Select Destination Retirement 2025 Fund
RetireSMART 2025 Fund
Select Destination Retirement 2030 Fund
RetireSMART 2030 Fund
Select Destination Retirement 2035 Fund
RetireSMART 2035 Fund
Select Destination Retirement 2040 Fund
RetireSMART 2040 Fund
Select Destination Retirement 2045 Fund
RetireSMART 2045 Fund
Select Destination Retirement 2050 Fund
RetireSMART 2050 Fund
Previous Journey Lifestyle Series
New RetireSMART Lifestyle Series
Conservative Journey Fund
RetireSMART Conservative Fund
Moderate Journey Fund
RetireSMART Moderate Fund
Aggressive Journey Fund
RetireSMART Moderate Growth Fund
Ultra Aggressive Journey Fund
RetireSMART Growth Fund