SPRINGFIELD, Mass., Sept. 26, 2011 /PRNewswire/ -- MassMutual Retirement Services is focused on helping participants save enough today to increase the likelihood of having enough income in retirement. Leveraging the fundamentals of behavioral economics, MassMutual's action-oriented 2011 RetireSmart(SM) campaign simplifies and clarifies retirement planning to help participants cut through the clutter and take action. Segmented by quarter and three simple action steps, the campaign was designed to help participants 1) Save, 2) Consolidate and 3) Allocate their retirement plan savings to meet their specific retirement goals.
Using a combination of postcard mailings and email messages, the MassMutual Retirement Services save campaign targeted over 310,000 participants to convey the importance of saving for retirement. Included were participants under 50 years of age and deferring less than 12 percent of their salary to the plan accounts and participants over 50 years of age regardless of deferral percentage. Age demographics were included to ensure each participant receives the most relevant message for his or her situation.
The results of the save campaign were outstanding and to-date, the best MassMutual has seen of any participant campaign. The combination of motivational participant messaging and imagery used resulted in a 4.38 percent response rate with those participants increasing their deferrals, on average, by 4.34 percent.
"By getting these participants to focus on a single action and increase their saving rate, we were able to help them take a step towards becoming better prepared for retirement," says Kris Gates, assistant vice president of participant and interactive marketing, MassMutual Retirement Services. Participants over 50 years of age increased their savings rate by an average of 4.43 percent. Those under 50 years of age increased their savings rate by an average of 3.07 percent.
This year, MassMutual Retirement Services further enhanced its RetireSmart(SM) campaign to include gender as an additional touchpoint. "We understand the simple fact that men and women have different approaches to investing, and developed our campaign to specifically speak to the behaviors and needs of each gender," continues Gates. During the campaign, average deferrals for targeted male and female participants both grew over 3.5 percent to 8.26 percent and 7.99 percent, respectively.
"MassMutual Retirement Services not only provides participants with innovative tools to meet their retirement goals, but also strives to increase education and awareness – a combination of actions so vital to successful retirement planning today," states Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "We could not be more pleased with the results of the save campaign, and look forward to seeing the positive action the consolidate and allocate portions of the campaign will prompt as well," adds Sarsynski.
For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at 1-866-444-2601.
MassMutual's Retirement Services Division has been serving retirement plans for 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 1.3 million participants.
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 every year 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.
Copyright ©2011 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001. All rights reserved.
Contact: Jessica Barry
SOURCE MassMutual Retirement Services