MassMutual Links With Apple’s Face ID 

Your face might be your fortune, but it can also be your password.

Massachusetts Mutual Life Insurance Co. is now allowing Apple iPhone X users to log in to their retirement accounts using nothing but their smiley faces. The facial recognition software is available to iPhone X users who download MassMutual’s RetireSmart mobile app. It can grant users access to 401(k)s and other defined contribution savings plans.

The facial recognition system succeeds Apple’s fingerprint recognition as a verification feature. It’s designed to unlock when a phone’s owner is looking at it. Apple claims that its security circuit or processor encrypts and stores data from the facial recognition software on the phone, instead of in iCloud. That way, collected data remains inaccessible by other systems on the phone.

MassMutual has also recently updated its RetireSmart app with new information that includes retirement savings balances based on the “as of date” for one, seven, 30 and 90 days. The app also offers rates of return based on year-to-date contributions by the saver or by employers that provide matching contributions. And it breaks out retirement savings by assets, including cash, stocks, bonds and overall asset allocation.

Though the security features are available only to Apple owners, the RetireSmart app is also available on Android phones.


Putnam’s Low-Cost Retirement Target-Date Fund

Putnam Investments is offering a new class of shares to institutional investors to celebrate the 10-year anniversary of one of its suites.

Putnam’s Defined Contribution Investment Only (DCIO) division, which manages $20 billion in assets, expanded its retirement advantage funds to include “Class X” shares for plans with at least $5 million.

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