MassMutual, hoping to expand its reach in the small-plan market, has rolled out enhancements to its Aviator program, a product line targeted at employer-sponsored plans with less than $15 million in assets.
The news is further indication that recordkeepers and service providers are seeing the largely underserved small-plan market as essential to growth.
The U.S. Government Accountability Office reported that, in 2013, only 14 percent of businesses with fewer than 100 employees sponsored a plan. The report cited a general confusion, resulting from the complexity of plan design and regulatory burdens as well as costs, as the primary deterrents in the small-market niche.
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"One of MassMutual's highest priorities is to continually make it easier for small businesses to offer effective retirement plans and help their employees retire on their own terms," said Bill Silvanic, senior vice president for retirement products at MassMutual.
MassMutual, currently a top five provider of retirement plans to the emerging marketplace, is aiming to become the leader, according to Silvanic.
In a statement, he said the new enhancements to Aviator are designed to help the company meet that goal.
MassMutual acquired the platform when it purchased the Hartford's Retirement Services Group in 2013.
Among the product's redesign are a new line-up of investment options and money managers.
The platform will include a number of MassMutual's proprietary mutual funds, lifetime income annuity options, and even several alternative investment options, offering an array of options often not available in smaller plans.
Like comparable offerings from other recordkeepers, Aviator hopes to address business owners' fears of legal reprise by offering an investment selection service that acts as a co-fiduciary to plans.
It also reconfigured tools that help participants allocate assets to various levels of aggressiveness, as well as saving and income modeling tools potential sponsors can use to encourage greater savings rates.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
