SPRINGFIELD, Mass., March 29, 2011 /PRNewswire/ -- In a continuing show of innovation and commitment to "being first" with "what's next" in the retirement plan market, MassMutual's Retirement Services Division is introducing new, easy-to-use tools that will help answer both plan health and participant readiness questions.
MassMutual's new RetireSmart(SM) Ready tool is an innovative solution that provides participants with a simple way to calculate and implement saving rates and asset allocation strategies that may significantly increase their chances of achieving enough income in retirement. The RetireSmart Ready tool, which is personalized for an individual participant's goals and preferences, is available to all participants on the MassMutual retirement services platform. To access the tool, participants simply log into their retirement account on http://www.retiresmart.com.
This summer, MassMutual also plans to introduce its new PlanSmart(SM) Analysis report, a plan-level solution that goes well beyond traditional, activity-based metrics like deferral and participation rates and asset allocation. Instead, the PlanSmart Analysis report provides an even more meaningful measurement by assessing the percentage of employees who are on track to replace a specified level of income in retirement. The new solutions strengthen MassMutual's award-winning participant engagement platform by putting actionable tools in the hands of retirement plan advisors, plan sponsors and participants with the goal of helping more participants achieve their desired income level in retirement.
"MassMutual's PlanSmart Analysis delivers critical information that retirement plan sponsors and their advisors need to evaluate the overall health of the retirement plan – not just in traditional terms like enrollment and deferral rates, but in a more relevant and easily understood measure – how many of the employees are prepared to retire and what actions can be taken to improve the outcome," says Tina Wilson, vice president of product development for MassMutual's Retirement Services Division. "The role of the retirement plan advisor is more critical than ever, and MassMutual's PlanSmart Analysis and RetireSmart Ready solutions offer valuable ways for advisors to support their clients and deliver meaningful education across a broader population."
Among respondents to a recent survey of retirement plan participants*, 39.8% identified being able to retire as their greatest concern, up from 37.3% the prior year. Significantly, 74.3% of participants agree they have more responsibility for achieving retirement income objectives than their employer.
"We are encouraged by this evidence of a growing partnership between retirement plan advisors, plan sponsors and their participants who are striving to be more prepared for retirement," says Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "We believe MassMutual's data analysis capabilities are unmatched in the industry, and we are using this data for the good of retirement plan participants. A key goal of our investment in technology is to create healthier retirement outcomes. Our new RetireSmart Ready and PlanSmart Analysis reporting solutions are a groundbreaking combination to help this effort," adds Sarsynski.
The RetireSmart Ready tool, available now to all plans and participants, is part of MassMutual's overall participant education offering. "Our survey indicates that 7 out of 10 participants acknowledge they have significant ownership for their own retirement well-being, and this is a sea change in our industry. The RetireSmart Ready tool can help participants make the leap from simply saving to taking the necessary action steps to achieve the level of retirement income they expect they will need," adds Sarsynski.
MassMutual's Retirement Services Division serves approximately 1.2 million participants. For more information regarding MassMutual Retirement Services, please call your retirement plan advisor or contact MassMutual at 1-866-444-2601.
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, LLC., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit massmutual.com.
Copyright © 2011 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001.
All rights reserved.
*Online survey of participants in retirement plans administered by MassMutual. Survey conducted 11/15/10 - 1/15/11.
Contact: Lisa Reilly
SOURCE MassMutual's Retirement Services