SPRINGFIELD, Mass., April 11, 2012 /PRNewswire/ -- MassMutual's Retirement Services Division was named "Retirement Leader of the Year"* at the 19th Annual Mutual Fund Industry Awards held at the Mandarin Oriental in New York City on April 5, 2012.
Mutual Fund Industry Awards are presented annually to leaders from across the industry distinguished for their excellence, achievements, innovation, and contributions over the previous year. "Retirement Leader of the Year" is awarded to a firm that has made a key impact on growing retirement assets with unique retirement solutions, advertising/marketing campaigns and significant contributions to the retirement industry at large. The award is an honor that reflects industry-wide recognition of MassMutual's accomplishments throughout 2011.
MassMutual was selected as the winner by the editors of Fund Industry Intelligence, a premium publication of Euromoney Institutional Investor focused on the mutual fund industry. Among "Retirement Leader of the Year" nominees, MassMutual was the only retirement services provider to be nominated for the second consecutive year. The nomination was based on MassMutual's record sales success, action-oriented participant education, innovative PlanSmart(SM) Analysis tool, top advisor loyalty ratings and award-winning trade print and video advertising, among other criteria.
Contributing to the award were MassMutual Retirement Services Division's 2011 record sales results, the highest in the division's 65-year history. Written sales for 2011 exceeded $6 billion, representing a 13% increase vs. 2010. Assets under management in retirement plans administered by MassMutual also reached a new record of $55 billion at year end 2011, a 7% increase over the same period last year. The division also enjoyed record net cash flow in 2011, surpassing $3.5 billion for the first time in division history.
"We are so pleased that the industry has recognized MassMutual's thought leadership and commitment to the success of retirement plan sponsors and participants, and our belief in the value delivered by retirement plan advisors on their behalf," says Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "MassMutual's strong sponsor retention rate of 95% along with the sustained sales momentum in the company's retirement plan business directly contributed to our 2011 record results and this award reflects the confidence of the constituents we serve."
In addition to growing its core retirement plan business in the corporate segment, MassMutual's success in the nonprofit market was exceptional with a 29% increase in sales vs. 2010. MassMutual's stable value/investment only and professional employer organization (PEO) markets also enjoyed strong growth in 2011, and the firm was awarded more than $700 million in new defined benefit retirement plan business in 2011, representing a 450% increase in this result over the prior year. "With many companies working hard to consolidate and streamline the management of their retirement plans, MassMutual's expertise in this regard is in great demand," Sarsynski adds.
According to Hugh O'Toole, senior vice president of sales and client management for MassMutual's Retirement Services Division, MassMutual's commitments to retirement plan health and participant retirement readiness have served to differentiate the company's offering from other providers. In fact, in Boston Research Group's 2011 Defined Contribution Plan (DCP) Retirement Advisor Satisfaction and Loyalty Study, MassMutual's industry ratings in the categories of "A thought leader in the 401(k) industry" and "Partners with you for success" were well above the industry average at +26 points and +25 points respectively. MassMutual's Retirement Services Division also earned the #1 overall satisfaction rating from retirement plan advisors among all 17 recordkeepers in the study.
Ms. Sarsynski expressed MassMutual's deep appreciation to the awards committee as well as to the retirement plan advisors and plan sponsors who have demonstrated their loyalty to MassMutual. "We are so honored to accept this award and thankful to the retirement plan advisors and plan sponsors who are working so hard every day to help American workers retire on their own terms."
For more information about MassMutual's retirement services, please call your retirement plan advisor or contact MassMutual at (888) 626-4911, www.massmutual.com/retire.
Source: *2012 "Retirement Leader of the Year" Award sponsored by Fund Industry Intelligence (a Euromoney Institutional Investor publication), April 5, 2012
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.
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'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 1.5 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.
Copyright ©2012 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001. All rights reserved.
Contact: Lisa Reilly
SOURCE MassMutual Retirement Services