Massachusetts Mutual Life Insurance Company has come up with a new way to guarantee workers a lifetime income stream.

MassMutual, Springfield, Mass., says its new Retirement Management Account program will combine an inflation-adjusted, multiple-premium immediate annuity, the Flexible Benefits Annuity, with professionally managed mutual funds that will be rebalanced every quarter.

The new program will use a process called “retirement annuity laddering” to buy annuity income benefits with small shifts of assets from the mutual funds, MassMutual says.

The program will send retirees monthly checks that will include annuity payouts along with systematic mutual fund withdrawals, MassMutual says.

MassMutual is responsible for backing the annuity income guarantees.

MassMutual will start by marketing the program through investor advisor representatives at its MML Investors Services Inc. affiliate.