SPRINGFIELD, Mass., March 15, 2012 /PRNewswire/ -- Last year, MassMutual's Retirement Services Division introduced two new, easy-to-use tools – the RetireSmart(SM) Ready tool and the PlanSmart(SM) Analysis report – that help answer both plan health and participant readiness questions. The tools further 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.
Designed for retirement plan sponsors and their advisors, MassMutual's PlanSmart Analysis report is a plan-level tool that goes well beyond traditional, activity-based metrics by assessing the percentage of employees who are on track to replace a specified level of income in retirement. "Since its launch last summer, MassMutual's PlanSmart Analysis report has been deployed to hundreds of plans with over 320,000 participants, with more coming on board every day," says Tina Wilson, CFA, AIF, vice president of product development for MassMutual's Retirement Services Division. "We continue to receive outstanding feedback as more and more retirement plan sponsors and advisors take advantage of this groundbreaking tool."
On average, participant readiness can be improved by nearly 40% by following the suggested savings and investment recommendations as provided by the PlanSmart Analysis report. "We're already seeing plan sponsors taking positive action to increase plan health and participant retirement readiness through plan design changes and implementing MassMutual's targeted RetireSmart participant action strategies. The PlanSmart Analysis report is just one example of how overall plan effectiveness can be measured, understood, and ultimately improved," adds Wilson.
MassMutual's RetireSmart Ready tool is a participant-level solution that provides participants with a simple way to calculate and implement saving rates and asset allocation strategies to help them reach their retirement goal. "The RetireSmart Ready tool is personalized for individual goals and preferences and can help participants make positive changes to their savings strategy to help achieve the level of income they expect they will need in retirement," adds Wilson.
"MassMutual is pleased to deliver these next-generation tools to help plan participants take the steps necessary to become better prepared for retirement," states Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "Our PlanSmart Analysis report and RetireSmart Ready tools are unmatched in the industry, and combined with our robust data analysis capabilities, help deliver healthier retirement outcomes for the division's 1.4 million participants," adds Sarsynski.
MassMutual's PlanSmart Analysis report is available to plan advisors and sponsors who meet certain plan and systems requirements via the Total Retirement Center website. The division is piloting the report with selected third-party administrator (TPA) clients. The RetireSmart Ready tool is available to all participants on the MassMutual retirement services platform. Participants can simply log into their accounts at www.retiresmart.com and click on the "Guidance" button.
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.
Copyright ©2012 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001. All rights reserved.
SOURCE MassMutual Retirement Services