MassMutual Permits 401(k) Sponsors to Customize Plans

MassMutual’s retirement services division is offering a customized 401(k) tool for plan sponsors and retirement plan advisers, based on asset allocation tools from Morningstar.

Called CustomChoice Strategies, it takes the demographics of plan participants into consideration and allows the sponsor and/or adviser to package choices in the plan geared toward target retirement dates, investment objectives or a combination of the two, using the plan’s existing lineup.

“MassMutual’s CustomChoice Strategies also creates an opportunity for retirement plan advisers to provide additional value to plan sponsors and participants,” said Paul Steven Henry, vice president of product development at the firm. “CustomChoice Strategies offers a custom solution that has many advantages over off-the-shelf alternatives.”

Morningstar will review the choices annually.