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MassMutual adds its first Buffer Fund to MassMutual Envision Variable Annuity

July 13th, 2023

Fund uses the 10% buffer strategy to cushion downside losses with participation in potential upside gains


SPRINGFIELD, Mass. - The Cboe Vest U.S. Large Cap 10% Buffer Strategies VI Fund (“the buffer fund” or “the fund”) has been added to MassMutual EnvisionSM Variable Annuity (MassMutual Envision VA), making it the first buffer fund available in its lineup of 40+ funds. The fund is also available to contract owners who have elected MassMutual RetirePaySM.

The MassMutual Envision VA, offered by Massachusetts Mutual Life Insurance Company (MassMutual), is designed to help individuals accumulate assets for retirement. MassMutual RetirePay is an optional guaranteed lifetime withdrawal benefit offered with MassMutual Envision VA for an additional cost. It is designed for individuals seeking predictable retirement income that can be counted on regardless of market conditions.

Just like the stability of retirement income offered by RetirePay, the Cboe Vest US Large Cap 10% Buffer Strategies VI fund, offered by Cboe Vest Financial, gives individuals access to an investment tool to potentially hedge equity risk.

“In recent years as market volatility, inflation, interest rates, and overall uncertainty have risen, many near retirees and retirees have become increasingly concerned about their retirement portfolios and want to make sure their retirement assets grow and are protected at the same time,” said Phil Michalowski, head of annuity product with MassMutual. “This buffer fund helps individuals manage portfolio risk with the potential for growth.”

The fund seeks to cushion -- or buffer -- equity losses in down markets, while allowing participation in potential upside gains to a cap. To do so, the fund invests in a laddered portfolio of one-year buffer strategies, with 10% downside buffers and caps that recalibrate to prevailing levels of the S&P 500 each month.

"We are thrilled to make the buffer fund available in MassMutual’s VA lineup," said J. Steven Neamtz, head of strategic development with Cboe Vest. "We offer many variations of the buffer strategy to give agents and advisors in insurance, wealth and retirement powerful risk management tools they can use to target specific investment outcomes for their clients. We believe our buffer fund, with its core ‘all-weather’ risk-management strategy, will be a valuable option for MassMutual Envision contract owners.”

About MassMutual
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policy owners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit

About Cboe Vest
Cboe Vest Financial LLC, a wholly owned subsidiary of Cboe Vest Group Inc., offers institutional-quality Target Outcome Investments® built on the backbone of its unique investment philosophy, that strive to buffer losses, amplify gains, manage volatility, or provide consistent income. In 2012 the Cboe Vest team began designing the methodology (see patent application) and developing the trading infrastructure for buffer strategy-based registered funds, and introduced the first buffer strategy in a registered fund in 2016. For more information, visit

MassMutual Envision Disclosures:

Cboe Vest U.S. Large Cap 10% Buffer Strategies VI Fund Disclosures: