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MassMutual Introduces Variable Annuity For Nonprofit Retirement Plans

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NU Online News Service, July 2, 3:05 p.m. – Massachusetts Mutual Life Insurance Company, Springfield, Mass., has introduced MassMutual Artistry, a variable annuity designed for the 403(b) retirement plan market.

Schools, hospitals and other nonprofit organizations often set up 403(b) plans in place of the 401(k) retirement plans available from for-profit employers.

The Artistry annuity offers a choice of 39 investment options from 15 money managers, including Fidelity Investments, Boston, and MassMutual’s own money management subsidiaries.

The annuity also offers a fixed account option.

MassMutual issues the annuity in New York. A subsidiary, C.M. Life Insurance Company, Hartford, issues the annuity in all other states.