According to a report from Reuters, Massachusetts Mutual Life Insurance Company (MassMutual) is exploring a sale of its retirement services division, which has about $175 billion of assets under management and administration.

Sources say that servicing and helping administer 401(k) plans aren’t considered a core business. MassMutual unloaded Oppenheimer Funds to Invesco for $5.7 billion less than 2 years ago.

Since 2012, we have seen quite a few large providers leave the 401(k) business (Hartford, Wells Fargo). I used 2012 as the measuring stick because that is when fee disclosure regulations went into effect and a more transparent and competitive fee landscape has made certain plan providers flourish and many others, exit stage left. We shall see if MassMutual decides to exit the retirement plan business.