Updated information you should be aware of:

Effective on the closing date of the transaction, Empower Retirement (“Empower”) acquired the Massachusetts Mutual Life Insurance Company’s (“MassMutual”) retirement business.

We are thrilled to welcome you to Empower Retirement! This introductory newsletter provides an overview of some of our current offerings. In the future you can expect a quarterly newsletter with relevant news, insights, research, legislative and regulatory updates, and more. In the meantime we recommend checking out this welcome video from Rich Linton, executive vice president of group distribution and operations, as well as the transition microsite for former MassMutual plan sponsors.

WELCOMING NEW PARTICIPANTS
As we start the new year, we are focused on welcoming participants to Empower. Plan websites (pre- and post-login) now include messages to let people know they’re in the right place despite the new logo. In February, we’ll send an email to participants (dependent on data available) with messaging that highlights what’s staying the same, such as the website, login credentials and call center phone number; what’s changing, such as branding; and what individuals can do, such as review personal contact information and update it if needed.

We’ll also include welcome messages in Q1 statements. <See sample email>

INSIGHTS
We encourage you to visit and bookmark our Empower Institute website to stay in touch with original, retirement-focused thought leadership. Our most recent papers highlight large and small client strategies to help employees manage COVID fatigue and practices to help underrepresented investors save more for retirement.
Read “On the Mend” >
Read “A Clean Bill of Health” >
Read “The State of Financial Inclusion” >

CYBERSECURITY

Cybersecurity threats grow more sophisticated every day. Your plan and participant accounts are now covered by the Empower Retirement Security Guarantee.
Review the guarantee >

Our security tips are categorized to help people get to the information they need more easily.
Browse security tips >

#SECURE

You may have already noticed we use #SECURE and Proofpoint to deploy a number of security features for all email communications and data transfers that include sensitive client and participant data. It allows Empower associates to send secure email transmissions without compromising the privacy of client information.

LEGISLATIVE AND REGULATORY NEWS

On January 12, 2021, the Department of Labor (DOL) issued guidance concerning missing participants. While much of the guidance was targeted at defined benefit and terminating plans, DOL did include a document outlining general best practices in locating missing participants. DOL identifies four broad categories of best practices a fiduciary should consider:

Maintaining accurate census information for a plan’s participant population.
Implementing effective communication strategies.
Conducting missing participant searches.
Documenting procedures and actions.

The document then provides specific examples for each category.

It should be noted that this is informal guidance and should not be viewed as a safe harbor. DOL also recognizes that not all best practices are appropriate for all plans. They recommend that each plan consider what practices might yield the best results in a cost-effective manner. While the guidance is helpful, missing participants is an issue that has garnered Congressional interest, and we expect to see legislative initiatives introduced addressing this topic.

Our December 2020 Legislative and Regulatory Update highlights the Securing a Strong Retirement Act of 2020 and provides a post-election outlook as well as regulatory updates. We’ve also included SECURE Act reminders and new eligibility rules.
Review Legislative and Regulatory Update >

Replay: Impact of a new administration – What’s ahead in 2021?

Our video webinar “Impact of a New Administration – What’s Ahead in 2021?” explores the effects a new administration may have on retirement policy.
Watch replay >

SAGIC STABLE VALUE UPDATE

Great-West Capital Management LLC (GWCM) will assume the management of the fixed-income investments underlying the MassMutual Separate Account Guaranteed Interest Contract (SAGIC) stable value products from the current manager.
Read the update >

ADMINISTRATIVE

We’re sharing Empower’s privacy policy for your information.
Review privacy notice >

Carefully consider the investment option’s objectives, risks, fees and expenses. Contact Empower Retirement for a prospectus, summary prospectus for SEC-registered products or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing.