Massachusetts Mutual Life Insurance Company says it will soon introduce a warranty for defined contribution plan fiduciaries.
MassMutual, Springfield, Mass., will introduce the fiduciary warranty in the fourth quarter for qualifying plans that include investment options available through its Smart Architecture investment program.
The company says the warranty is designed to help protect fiduciaries in case there is a legal judgment against them for breach of their duties in administering a plan. According to MassMutual, the warranty would include assurances that ERISA standards of fiduciary prudence have been applied to investments, that investments were suitable for plan participants' retirement portfolios, and that investments meet the Department of Labor's proposed requirements for qualified default investment alternatives.
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