MassMutual Introduces Two New Single Premium Immediate Annuities
Enhanced portfolio provides broad array, greater flexibility to meet retirement income goals.
(SPRINGFIELD, Mass.) - The MassMutual Financial Group announced today the introduction of a single premium immediate variable annuity, MassMutual RetireEase SelectSM, and a new single premium fixed immediate annuity, MassMutual RetireEaseSM. Both products are now available where approved, subject to state availability. MassMutual RetireEase is approved for sale in all jurisdictions except New York, while MassMutual RetireEase Select is approved for sale in all jurisdictions except New York and Oregon.
The new offerings enhance and expand the array of retirement accumulation and income solutions offered through Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual’s broad portfolio now includes competitive immediate annuity products, several deferred annuities, an IRA platform, and the MassMutual Retirement Management Account – a fully-bundled investment advisory program and IRA that makes available mutual fund model portfolios and a multi-premium lifetime income annuity.
“These new products are additional solutions for financial professionals and pre-retirees seeking strategies aimed at converting a portion of accumulated retirement assets into guaranteed lifetime income,” said Drew Dickey, senior vice president and head of MassMutual Retirement Income (MMRI).
RetireEase Select is MassMutual’s entry into the immediate variable annuity arena enabling individuals to receive guaranteed lifetime income with growth potential. For those not comfortable with market volatility, RetireEase offers fixed guaranteed lifetime income with optional inflation protection. Guarantees are subject to the claims-paying ability of the issuing company.
“These offerings take advantage of MassMutual’s solid financial standing, long-term perspective as a mutual company and substantial retirement market and investment experience, as well as its high-quality and well-established distribution system,” Dickey said. “There are millions of people entering retirement, and our ultimate goal is to help today’s pre-retirees stretch finite resources and retire on their terms.”
New Single Premium Immediate Variable Annuity
MassMutual RetireEase Select is a single premium immediate variable annuity contract. This product offers more than 40 variable investment choices, a fixed account, asset allocation models and various income-payment methods. MassMutual RetireEase Select is designed for individuals who have immediate income needs and may benefit by receiving scheduled annuity payments that can potentially help keep pace with or outpace inflation, but will fluctuate based on market performance. Of course, the investment return and principal value of a variable annuity will fluctuate with market conditions. Accumulation units, when redeemed, may be worth more or less than their original cost.
A selection of optional features is also available, including an inflation rider for the fixed account, an income floor on variable payments to assure a minimum level of income regardless of underlying performance (additional charge applies – asset allocation program required), and a feature which can levelize monthly variable income during a 12-month period. In addition, asset allocation models and investment choices can be changed to help meet changing needs.
“A variable income annuity can be an integral component of a holistic income portfolio,” added Dickey. “It can be an effective means to help maximize lifetime income from any given dollar amount of assets at retirement.”
New Single Premium Fixed Immediate Annuity
MassMutual RetireEase is MassMutual’s next generation single premium fixed immediate annuity contract that offers several flexible features including various life and period-certain payout choices. This contract is designed for individuals who have income needs and are not comfortable with market volatility. Of course, liquidated earnings are subject to ordinary income tax and, if taken prior to age 59 ˝, may be subject to a 10 percent federal income tax penalty.
The new and optional MassMutual Inflation ProtectorSM feature is available at issue for no additional charge and can increase regular fixed payments by up to four percent on an annual basis. This feature must be selected at the time of application and may not be changed thereafter; however, there is no charge. MassMutual Inflation Protector is not available for cash or installment refund annuity income payment choices.
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