Latest appointment builds on strategy to grow defined benefit pension business
SPRINGFIELD, Mass., Sept. 25, 2018 – As part of its growth strategy for the defined benefit (DB) pension business, Massachusetts Mutual Life Insurance Co. (MassMutual) has appointed a new leader of business development and product management.
Patrick Kendall will lead product and business development for MassMutual’s DB pension business. MassMutual serves more than 500,000 individuals, through defined benefit pension plans and pension annuities, that represent nearly $20 billion in assets under management as of June 30, 2018.
“Patrick’s role is integral to MassMutual’s efforts in expanding our investment, actuarial and administrative capabilities in the defined benefit pension marketplace,” said Michael O’Connor, Head of Defined Benefit, a unit of MassMutual’s Institutional Solutions business. “There is a growing appetite among pension plan sponsors for greater support and expertise in managing pension plan risks, and MassMutual is committed to building on its capabilities to meet that need.”
In the past year, MassMutual has introduced several new initiatives to enhance services and support for pension plan sponsors and their participants. Those initiatives include the PensionSmart Analysis tool, which provides insights into an employer’s challenges and opportunities by examining the plan’s current status, funding level, and service structure. MassMutual’s pension experts can then assess the pension plan’s health and make recommendations to the plan’s financial advisor and sponsor about appropriate options.
Earlier, MassMutual introduced customized pension yield curves to help plan sponsors measure their pension obligations in a more informed and transparent way. The yield curve provides an improved benchmark to calculate the value of pension liabilities that get reflected in a plan sponsor’s balance sheet and profit and loss statement.
Kendall, with more than 20 years’ experience in pensions and financial services, brings a unique blend of actuarial consulting expertise and business development abilities. Before coming to MassMutual, Kendall was a regional vice president for OneAmerica Retirement Services and has held leadership posts at Transamerica, Diversified and, at the start of his career, MassMutual.
Kendall has a BA from Dartmouth College, holds FCA and EA actuarial credentials and FINRA Series 6, 26 and 63 licenses.
“Our goal is to be the pension consultant of choice for employers across the country,” O’Connor said. “We bring innovative solutions that help plan sponsors take what is inherently complex and simplify it.”