SPRINGFIELD, Mass., April 9, 2013 /PRNewswire/ -- MassMutual's Retirement Services Division has been selected by Denmark-based ALK-Abello as the new recordkeeper for the company's defined contribution plan. Assets added to MassMutual's platform from ALK's 401(k) plan retirement plan total more than $14.5 million.
Headquartered in Horsholm, Denmark, ALK is a research-driven global pharmaceutical company that focuses on allergy treatment, prevention and diagnosis. With more than 1,800 employees worldwide, ALK is devoted to improving quality of life for people with allergies by developing pharmaceutical products that target the actual cause of allergy.
"MassMutual's industry-leading 401(k) plan tools – which include informative training programs for participants, targeted participant communications and dedicated local teams – were among the top reasons for our selection," says Kelly Doolittle, regional finance director for ALK North America. "I look forward to leveraging MassMutual's impressive suite of services and innovative solutions to further increase the value of ALK's 401(k) plan for our employees," adds Doolittle.
"MassMutual Retirement Services is a great match for ALK. The overall transition to MassMutual utilizing a 100% full plan re-enrollment into target-date funds was seamless. I am pleased to partner with ALK to manage their fiduciary duties and help their valued plan participants strengthen their chances for a successful retirement," said T. Henry Yoshida, principal with the Maresh Yoshida 401k Group, who assisted ALK with the search for a new 401(k) plan provider.
"Helping Americans successfully retire on their own terms is MassMutual Retirement Services' only mission, and we are thrilled to have the opportunity to work with ALK's U.S.-based employees and retirees to help them better plan and save for their retirement," says Elaine Sarsynski, executive vice president, MassMutual's Retirement Services Division and chairman, president and CEO of MassMutual International LLC.
For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at 1-866-444-2601.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
MassMutual's Retirement Services Division has been serving retirement plans for more than 65 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 3 million participants.
For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+. For information regarding MassMutual's Retirement Services Division, you may also visit massmutual.com/retire or find us on Facebook.com/RetireSmart and YouTube.com/RetireSmart.
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Contact: Jessica Barry
SOURCE MassMutual Retirement Services