NU Online News Service, May 13, 2004, 12:32 p.m. EDT – Massachusetts Mutual Life Insurance Company, Springfield, Mass., is introducing a family of age-based asset-allocation options for 401(k) plan participants.[@@]
Plan members who prefer to let professionals manage their retirement assets can pick options in the new MM Destination Retirement Series based on their anticipated retirement dates.
Professional managers will invest the assets in a diverse group of funds, monitor the performance of the funds and shift the assets into more conservative funds as participants age, MassMutual says.
Plan participants who want to retire before 2006 can sign up for the MM Destination Retirement Income option. The other options are aimed at participants who plan to retire between 2006 and 2015, 2016 and 2025, 2026 and 2035, and 2036 and 2045.