SPRINGFIELD, Mass., Dec. 8, 2010 /PRNewswire/ -- For the 10-month period ended October 31, 2010, demand for MassMutual Retirement Services Division's "concierge" service has increased exponentially vs. 2009 among nonprofit participants seeking to consolidate multiple retirement accounts under their current 403(b) plan with MassMutual. As of October 31, 2010, nonprofit consolidations increased by 173% vs. the same period in 2009. If a participant joins an organization, leaves an organization, or retires, they have different options around what they can do with their assets. MassMutual's "concierge" service team helps educate participants regarding those options.
Over the last 10 months, MassMutual's "concierge" service has helped more than 1,800 participants across 57 403(b) plans bring assets under their current 403(b) plan administered by MassMutual. In addition to helping participants gain a more holistic view of their retirement savings, the consolidation helps plan sponsors simplify their Form 5500 filing and audit requirements.
"We're hearing a lot of positive feedback from our plan sponsors that working with MassMutual's 'concierge' service team made consolidation easy and seamless for their employees," says Sean Jordan, assistant vice president of the Retirement Specialist Group at MassMutual. "In addition, they are excited MassMutual has helped them simplify the management of their 403(b) plans."
"Regulatory changes in the 403(b) retirement plan market have put more pressure on plan sponsors to meet their fiduciary obligations. Likewise, participants are seeking a safe haven for their retirement plan assets. We're confident our long-term financial stability and commitment to the nonprofit retirement plan market have positioned us as a leading provider among advisors and plan sponsors who seek to simplify the management of their 403(b) plan," adds Jordan.
"MassMutual strives to be a step ahead and we are proud of the nonprofit expertise and resources we bring to the table," says M. Palmer Whitney, nonprofit market national managing director, MassMutual Retirement Services. "Together with advisors, we are working hard to make it as easy as possible for plan sponsors to meet their fiduciary responsibilities and help their participants effectively plan and save for retirement. MassMutual's 'concierge' service is just one of the many resources we offer our nonprofit clients," he adds.
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.
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SOURCE MassMutual Retirement Services