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Tuesday, February 9, 2010
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New York Life grabs MassMutual retirement vet
New York Life Insurance Co. has hired former Massachusetts Mutual Life Insurance Co. executive Tom Johnson as its head of business development for its retirement income security products.
He will be responsible for business development around New York Life’s income and investment annuities, long-term-care insurance and mutual funds, with an emphasis on defined-contribution plans and 401(k) rollover options. Mr. Johnson reports to Chris Blunt, executive vice president in charge of retirement income security. Mr. Johnson, who started at New York Life yesterday, said he will focus on pushing the insurers’ guaranteed-lifetime-income products through the qualified-plan market, as well as the individual retirement account market. “We are going to make a short list of firms we want to talk to about these kinds of products,” he said. Until August, Mr. Johnson was senior vice president, retirement income, strategic business development at MassMutual. He left MassMutual as part of the company’s restructuring, in which it laid off 500 employees.
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