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MassMutual Forms Retirement-Income Unit

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NU Online News Service, June 24, 2004, 1:10 p.m. EDT

Massachusetts Mutual Life Insurance Company, Springfield, Mass., is the latest financial services company to form a major retirement-income operation.[@@]

MassMutual’s new Savings Products Division will focus on development retirement-income products suitable for retiring baby boomers, MassMutual says.

MassMutual expects to a majority of its investable assets in the form of individual retirement account rollovers.

Fidelity Investments, Boston, and Nationwide Financial Services Inc., Columbus, Ohio, also have set up major retirement-income operations in recent months.

Terri Forde, president of MassMutual’s retirement-income division, previously was head of MassMutual’s life and annuity strategic businesses. MassMutual expects her unit to have 38 other employees by the end of the year.