SPRINGFIELD, Mass., Dec. 20, 2010 /PRNewswire/ -- MassMutual's Retirement Services Division continues the aggressive growth of its defined contribution business with the addition of the Gyrodata 401(k) plan. Gyrodata Inc.'s retirement plan has nearly $15 million in assets and approximately 218 participants.
Gyrodata, based in Houston, Texas, is the leading supplier of precision wellbore survey services to the energy industry. Gyrodata played an important role in surveying, pro bono, both the communication hole and one of the rescue wells involved in the recent successful rescue of the trapped Chilean miners. Gyrodata also was instrumental in guiding the relief well to enable the well kill operation at BP's Macondo well in the Gulf of Mexico last September.
"Gyrodata not only recognizes the importance of high quality and precision for its survey technology, but the company also recognizes the value of a high-quality retirement plan for its employees," says the plan's advisor, Frank Idrees, principal, Schildhauer & Idrees, LLP, Houston, Texas. "We're confident that Gyrodata's employees will receive industry-leading retirement plan support from a financially stable provider like MassMutual."
"We chose MassMutual because we recognize their stellar focus on quality and we saw right away that MassMutual has what it takes to offer top-of-the-line service. Their keen focus and teamwork with our advisor has made it a flawless transition, and we're thrilled about plan features such as customized communications and the flexibility to design a custom investment platform," says Robert Trainer, vice president and chief financial officer of Gyrodata, Inc. "In addition, we're thankful for the opportunity to work with a local advisor and we've been truly impressed by MassMutual's professionalism and responsiveness," he adds.
"We're looking forward to demonstrating to Gyrodata and its employees that MassMutual offers world-class service when it comes to retirement services," says Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "We're so pleased that Gyrodata has entrusted MassMutual with its employees' retirement futures."
For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at (888) 626-4911.
MassMutual's Retirement Services Division has been serving retirement plans for more than 60 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 1.2 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) [of which Retirement Services is a division] 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, member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit massmutual.com.
SOURCE MassMutual Retirement Services