Structured Settlement

MassMutual Expands Structured Settlement Opportunities for Legal Professionals
Thursday August 31, 10:00 am ET

SPRINGFIELD, Mass., Aug. 31 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) today announced the availability of its structured settlement annuity for funding standalone attorney fees. This option expands plaintiff attorneys' opportunities to structure their fees for representing their plaintiffs who settle claims involving wrongful death, physical injury or sickness caused by torts. This new usage of the structured settlement product makes this option available to the plaintiff attorney -- regardless of whether the plaintiff chooses a structured settlement to settle the underlying, tort-related claim.

For the legal community, structuring standalone attorney fees offers plaintiff attorneys who represent catastrophically injured persons yet another option in receiving their fees over the long-term," said Tom Hawkins, vice president and head of MassMutual's Settlement Solutions Division. "The attorneys in these cases will have the same access to the financial strength of MassMutual as their clients."

Under existing IRC sections 104(a)(1) and 104(a)(2), a plaintiff qualifies for a tax-free settlement, which can be structured, at their discretion, as periodic payments through a qualified assignment under section 130. Although ultimately taxable when received, periodic payments can now be available to the plaintiff's attorney for income management purposes, potentially over the attorney's lifetime.

"The expansion of the structured settlement product to provide for Standalone Attorney Fees, along with the recent announcement of MassMutual® Structure Plus -- our structured settlement annuity that works with a trust to provide a comprehensive solution for the life-care needs for those who are catastrophically injured -- further establishes MassMutual's status as an innovator in the use of the structured settlements in cases addressing the life-care needs of catastrophically injured parties," said Mr. Hawkins.

The Structured Settlement Annuity (policy form #MUSPIA) is issued by Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, MA 01111. Trust services offered by the MassMutual Trust Company, FSB.

MassMutual Financial Group is the fleet name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates, with more than 13 million clients and over $395 billion in assets under management at year-end 2005.

Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; MassMutual International LLC; and MML Investors Services, Inc. MassMutual is on the Internet at http://www.massmutual.com.