Massachusetts Mutual Life Insurance Company has completed its previously announced acquisition of The Hartford’s Retirement Plans business. The transaction will nearly double the number of retirement plan participants MassMutual serves, to about three million.
Elaine Sarsnyski, executive vice president at MassMutual, will lead the combined retirement services business. She is head of MassMutual’s Retirement Services Division and chairman and CEO of MassMutual International LLC.
MassMutual’s full-service retirement plans business focuses on the mid-size market and serves corporate, union, nonprofit and governmental employers’ defined benefit, defined contribution and nonqualified deferred compensation plans.
The newly acquired Retirement Plans business from The Hartford focuses on the small- to mid-size and tax-exempt retirement markets and also provides administrative services for defined benefit programs. The combined business now has approximately 40,000 retirement plans, three million participants, and $120 billion in retirement assets under management.
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