Massachusetts Mutual Life Insurance Co. shut down its 380-employee retirement income unit, according to Investment News. The group will be folded into its insurance group.
The Springfield, Mass.-based insurance company had started the group just five years ago, when it acquired Golden Retirement Resources Inc., a business based on a mutual-fund wrap program with an immediate-income-annuity option, the newspaper said. The product may have been ahead of its time and too complicated for investors, it said.
Meantime, the company has been adding financial professionals, including registered representatives and insurance agents, according to Bank Investment Consultant. It has hired 300 to 400 people a year for the past three years and plans to keep up the pace for the next few years.