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MassMutual Acquires Retirement Income Firm

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Massachusetts Mutual Life Insurance Company has acquired a firm that has developed a system for helping middle-income and moderately affluent baby boomers with retirement income planning.[@@]

MassMutual, Springfield, Mass., says it has started by using a subsidiary to buy a majority interest in the planning firm, Golden Retirement Resources Inc., New York.

MassMutual hopes to own all of Golden Retirement by Dec. 31.

MassMutual is not saying how much it is paying for Golden Mutual, but it says it will turn Golden Retirement into the core of a new “income management strategies division.” The new division will be part of MassMutual’s existing income management group. MassMutual formed the income management group in 2004, in preparation for the coming baby boomer retirement wave.

Jerome Golden, an Equitable Life Assurance Society veteran who helped create the modern U.S. variable life insurance market, founded Golden Retirement in 1999. The firm is best known for its RetireMentor retirement income planning system for baby boomers, MassMutual says.

Golden will join MassMutual as president of the new MassMutual income management strategies division, MassMutual says.