MassMutual's Retirement services division is introducing a new Mesirow Financial Fiduciary partnership service to retirement plans on the MassMutual platform.
The service is touted as an option to enable retirement plan advisors and plan sponsors manage fiduciary risk for their clients and their business.
MassMutual also plans to roll out new investment options that offer additional pricing flexibility for retirement plans with under $5m in assets.
Mesirow Financial, based in Chicago, Illinois, developed the service to meet the increasing focus on the role of the retirement plan fiduciary and interest among advisors and plan sponsors in mitigating their risks.
Mesirow Financial said the Mesirow Fiduciary partnership service offers an added layer of due diligence that is performed prior to the selection of the funds for the plan.
Under the programme being offered by MassMutual, the Investment Strategies group at Mesirow Financial will conduct an independent analysis of investment options for retirement plans and create a designated Elite List of investment options that are eligible for coverage under the programme.
The list includes a broad range of funds in asset classes that Mesirow Financial considers ideal for long-term retirement investing, while the service also offers the flexibility to allow plans to add funds that are not part of the Elite List.