Springfield’s Massachusetts Mutual Life Insurance Co. has finalized its $400 million buyout of the retirement-plans business from The Hartford Financial Services Group.
The two insurers announced the sale back in September.
As part of the deal, The Hartford’s retirement plans employees are now part of MassMutual’s Retirement Services Division.
The Hartford’s retirement plans business is primarily a defined contribution business with $54.9 billion in assets under management as of June 30, 2012. The business serves more than 33,000 plans with more than 1.5 million participants.
