MassMutual announced Monday that it has merged its annuity and income management divisions to better serve the growing retirement income market.

Drew Dickey, senior vice president for retirement income, will be the head of the new unit, MassMutual Retirement Income. He was previously president of the firm’s financial products division.

“The tens of millions of consumers nearing retirement are seeking to convert accumulated retirement savings into retirement income, and most want the security that comes from a portion of their retirement income being guaranteed,” Dickey said. “As employers increasingly turn away from traditional pension plans, which promise guaranteed income benefits, consumers must replace that guaranteed lifetime income individually, either by themselves or working with a financial adviser.”

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.