SPRINGFIELD, Mass., April 25, 2012 /PRNewswire/ -- MassMutual's Retirement Services Division continues to lead the industry with its unmatched worksite guidance program. With over 25 retirement education specialists (RESs) located throughout the country, MassMutual is uniquely positioned to conduct personalized guidance interactions with more than 100,000 retirement plan participants in 2012, up from 65,000 in 2011.
"MassMutual's exceptional RES team has been meeting with thousands of our employees," says Mary Dunn, director of employee benefits, Baystate Health. "MassMutual leveraged its award-winning call center to help our employees easily schedule their personalized one-on-one meetings, and they held group meetings and even attended team meetings. We are so pleased with the dedication MassMutual has shown to our employees and are excited to see the results of all their hard work in increasing the value of Baystate's retirement plan to our employees," adds Dunn.
"As a trend in the marketplace, responsibility for retirement planning is shifting to employees, increasing the importance of educating, influencing, and enabling participants to more effectively plan and save for retirement," says Sean Jordan, assistant vice president of investment services with MassMutual's Retirement Services Division. "MassMutual's industry-leading approach to participant education and action leverages behavioral economics and new technology to reach the individual participant with a relevant message at the appropriate moment – and in the manner they prefer. Our focus is on delivering successful participant outcomes in retirement by enabling the right behaviors today," adds Jordan.
"After I turned on MassMutual's PlanSmart(SM) Analysis Report, I could immediately see that we had some work to do to increase the overall heath of our retirement plan," says Karen Anderson, assistant vice president of human resources with Shell Point Retirement Community. "Working with MassMutual, we created targeted participant messaging, scheduled both group and one-on-one meetings spanning multiple weeks, and deployed experienced RESs right here at our workplace to educate and encourage every participant to take action," adds Anderson.
MassMutual's patented e4(SM) wireless education technology has consistently helped participants overcome barriers in on-site meetings since its introduction in 2005. In fact, after attending an e4 meeting, 81% of employees took positive action (enrolled, increased contribution, changed investment mix) and 47% of the employees increased their contribution rates by an average of 3.7% according to the most recent data. "These results speak to the tremendous impact this technology can have on the success of a retirement plan and its participants," adds Jordan.
"In today's environment, there is clearly a need for more personalized attention and education for retirement plan participants," said Hugh O'Toole, senior vice president of sales and client management for MassMutual's Retirement Services Division. "MassMutual will continue to invest human and financial resources to help educate participants and increase the likelihood that they will be able to reach their desired level of income in retirement," adds O'Toole.
For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at 1-866-444-2601.
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 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 1.4 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.
About Shell Point Retirement Community
A leader in retirement communities since 1968 - and now Florida's largest - Shell Point is a multi-faceted organization. A continuing care retirement community, Shell Point provides independent living, assisted living, skilled nursing, and a variety of amenities and support services for people 60 and older. For more information, visit www.shellpoint.org.
About Baystate Health
Baystate Health, located in Springfield MA, is the largest private employer in western Massachusetts with 10,000 employees and is one of the largest integrated healthcare systems in New England. This not-for-profit health system serves the healthcare needs of residents of western MA at its four hospitals, 60 medical practices, 25 reference laboratories, home care and hospice services, and many ancillary health care services throughout the region. For more information, visit www.baystatehealth.org.
Copyright ©2012 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001. All rights reserved.
Contact: Jessica Barry
SOURCE MassMutual Retirement Services