MassMutual Retirement Services is aggressively targeting the multiemployer plan market, having added 50 new MEP sponsors and $4 billion in assets since 2012, the company said Tuesday.
"Taft-Hartley" plans — named so because of a relatively minor provision in the controversial Taft-Hartley Act of 1947 that created MEPs — have been a target for MassMutual's retirement business for more than 40 years. All told, MassMutual now services more than 140 union-sponsored MEPs representing more than 278,000 participants and $11.25 billion in assets.
About 1,400 MEPs in the U.S. represent around 10 million participants, according to the Pension Benefit Guaranty Corp.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
