Massachusetts Mutual Life Insurance Company has entered into a definitive agreement with The Hartford to purchase its Retirement Plans business for $400 million, subject to adjustment at closing.
With a strong focus on the mid-size market, MassMutual’s Retirement Services Division currently provides retirement plan services to more than 7,600 plans, serves more than 1.6 million participants, and has more than $66.2 billion in assets under management, as of June 30, 2012. The Hartford’s Retirement Plans business, which also provides administrative services for defined benefit programs and has $54.9 billion in assets under management, as of June 30, 2012, provides retirement plan services to more than 33,000 plans and serves more than 1.5 million participants.
