MassMutual's New Plan Installation and Transition Processes Achieve Record High Satisfaction Levels from Clients

SPRINGFIELD, Mass., March 30 /PRNewswire/ -- According to recent customer survey data, the Retirement Services Division of MassMutual Financial Group achieved record high satisfaction levels regarding its retirement plan installation and transition processes for new defined benefit and defined contribution plans on the MassMutual platform.

The data is derived from MassMutual's full-year 2009 new client implementation satisfaction survey. The proprietary survey, conducted by Chatham Partners, included in-depth telephone interviews pertaining to 90 post-implementation situations for new MassMutual defined contribution and defined benefit clients representing nearly $1.3 billion in assets and more than 60,000 participants.

MassMutual earned top scores from its customers in all four of the largest drivers of client satisfaction with the implementation process. Questions were rated on a 7-point scale in which "7" represents the highest score of "very satisfied" and "1" represents "very dissatisfied." More than 95% of clients rated MassMutual a "6" or "7" for "overall management of the transition," "frequency/quality of status updates," "overall satisfaction with the transition manager," and "problem resolution skills of the transition manager."

Other areas that also earned record high satisfaction levels include "transition from installation team to ongoing service team," "facilitation of payroll transmissions," and "timeliness/accuracy of investing funds."

Significantly, 100% of plan sponsors who transitioned a defined benefit (DB) plan rated MassMutual the highest possible score of "7" for "understanding of the plan at go-live." "Client perception of MassMutual's new plan installation process is very impressive," says Joshua Dietch, managing partner, Chatham Partners. "MassMutual's high scores reflect the attention to detail that is required to install even a very complex plan and still earn such high levels of client satisfaction."

"The MassMutual team we worked with was great," states Lisa Kinney, senior director, compensation and benefits, Novant Health, Charlotte, N.C., regarding a recent transition of a new hospital's defined benefit plan to MassMutual. "MassMutual already had Novant Health's larger defined benefit plan, so when we brought on a new hospital, we decided to bring their DB plan to MassMutual as well. MassMutual's team was patient, guided us through the process, worked well with our legal counsel, and stayed on schedule. We accomplished everything we needed,"
she adds.

"We believe our new plan installation process is the best in the industry, and MassMutual clients and their advisors consistently tell us so," states Hugh O'Toole, senior vice president and head of sales and client management for MassMutual's Retirement Services Division. "Our commitment to world-class service comes through in our scores across all areas of the new plan installation process," adds Mike McKenzie, corporate vice president of operations for MassMutual's Retirement Services Division. "From the frequency and quality of status updates to the problem resolution skills of our transition managers, the MassMutual team consistently excels," he adds.

For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at (888) 626-4911.

About MassMutual

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 one 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, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

For more information, visit massmutual.com.

About Chatham Partners

Chatham Partners is a market research and consulting firm specializing in assisting clients in maximizing the value of past, current and future customer and intermediary seller relationships through customer satisfaction, win/loss, and intermediary analysis. Chatham Partners, Inc. was founded in 1991 and is based in Waltham, Massachusetts. For additional information, please call Joshua Dietch, Managing Director of Chatham Partners, at 781-314-0600 or visit www.chathamllc.com,

Copyright © 2010 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001.

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    Contact: Lisa Reilly
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    [email protected]

SOURCE MassMutual Retirement Services Division