More Solutions Simplify Small-Biz 401ks

401k, retirement, MassMutual

Employees will thank you.

Less talk, more action.

MassMutual isn’t waiting on further retirement rhetoric from Congress and the White House. Instead it’s charging ahead in an effort to make it cheap and simple for smaller employers to offer 401ks to workers.

The financial services behemoth announced enhancements today to its small-business centric retirement savings offering, which has now expanded into two programs.

Both are designed for businesses with less than $15 million in assets and feature simplified investment lineups, affordable pricing and fiduciary support.

According to a statement from Mass Mutual, the basic version of the small-biz 401k solution, dubbed Aviator, has been upgraded from its original iteration, in that it now includes:

And for businesses requiring greater support—as well as 3(16) and 3(38) services—the company is now offering Aviator Pro. This version was specifically designed “to guide and help protect plan sponsors with administrative and investment duties, respectively.”

“While most Americans who work for large employers enjoy access to 401k retirement savings plans, those who are employed by small businesses often lack the same opportunity to achieve financial security in retirement,” Tina Wilson, head of MassMutual’s Investment Solutions Innovation, said in a statement.

“Many small businesses don’t have benefits departments so administering a 401k plan can be a challenge,” Wilson said. “Aviator Pro is designed as a turnkey solution with guardrails designed to help small businesses avoid making costly administrative or investment mistakes.”

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