Products February 7, 2018

MassMutual Allows Facial Recognition to Access Retirement Savings Information

Facial recognition is available to iPhone X users who download MassMutual’s RetireSMART mobile app.

Reported by

Massachusetts Mutual Life Insurance Co. is now allowing Apple iPhone X users to employ facial recognition as a secure password to information about their 401(k)s and other defined contribution (DC) savings plans.

Facial recognition is available to iPhone X users who download MassMutual’s RetireSMART mobile app for retirement savings from the Apple App Store.

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With Face ID, iPhone X unlocks only when the user is looking at it, according to Apple. Face ID is designed to protect against trickery by photos and masks. Each user’s Face ID information is encrypted and protected by Secure Enclave, so the data doesn’t leave the mobile device and is never backed up to iCloud or anywhere else, according to Apple.

“In today’s mobile world, smartphone users want to apply the latest technology to everything in their lives, including their retirement savings,” says Tina Wilson, Leader of MassMutual’s Investment Solutions Innovation. “MassMutual is pleased to allow facial recognition for iPhone X users who already rely on the technology as part of a package of enhancements for our RetireSMART mobile app.”

The RetireSMART mobile app dashboard has also been updated for both Apple and Android smartphones, providing users with more information than ever to better manage their retirement savings. The new information includes retirement savings balances based on the “as of date” for one, seven, 30 and 90 days; rates of return based on year-to-date contributions by the saver or by employers that provide matching contributions; and retirement savings broken out by assets, including cash, stocks, bonds and overall asset allocation.

The RetireSMART app is available free for Apple and Android smartphones through the Apple App Store and Google Play store, respectively, to retirement savers who already access their account through MassMutual’s RetireSmart.com web site. The app can be downloaded by searching “RetireSmart” or “MassMutual” in the Apple or Google stores.
Deals and People February 7, 2018

Callan Names Replacement for DC Team Lead

The announcement comes after the move of Lori Lucas, EVP and DC team lead, to president and CEO of the Employee Benefit Research Institute (EBRI).

Reported by

Callan Associates announced Greg Ungerman will be assuming the role of lead of its Defined Contribution (DC) team.

Ungerman has been with the firm for close to 20 years, has been co-head of the San Francisco Fund Sponsor Consulting team, worked closely with the DC team and clients, and advised Callan’s fund sponsor and DC clients for more than a decade. He has been on Callan’s DC Committee since its inception in 2006.

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Greg DeForrest will assume sole leadership of Callan’s San Francisco Fund Sponsor Consulting office moving forward. DeForrest is a senior vice president and had been the team’s co-manager alongside Ungerman.

The announcement comes after the move of Lori Lucas, EVP and DC team lead, to president and CEO of the Employee Benefit Research Institute (EBRI). In a statement, Callan said, “We are honored Lori has been chosen from among Callan’s ranks for this influential role that helps guide national policy for the entire retirement industry. We believe our clients and the broader investment community will benefit from Lori’s leadership in this position.

“Callan is thankful for the many years she spent building a strong, tenured team of DC subject matter experts, offering results of our research to our more than 40 fund sponsor consultants and their clients, and we are excited for her participation in this industry-elevating role. We are grateful for the dedication with which she carried out her responsibilities to clients.”

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