Members 1st Federal Credit Union Goes TRO

SPRINGFIELD, Mass., May 1, 2012 /PRNewswire/ -- Members 1st Federal Credit Union (Members 1st) has made the move to Total Retirement Outsourcing ("TRO"). The Mechanicsburg, Pa.-based credit union has decided to consolidate the administration of its defined benefit, 401(k) and 457 retirement plans with a single provider. After undergoing a comprehensive provider search process led by independent consulting firm Strategic Retirement Group, Inc., Members 1st selected MassMutual's Retirement Services Division as the new provider for its defined benefit and defined contribution plans (with total combined assets of nearly $30 million). The provider search included top TRO providers and also included credit union niche players.

Members 1st is an organization that remains deeply committed to a program that generates adequate retirement income for career associates. Through this provider search process, Members 1st sought to gain access to state-of-the-art technology, consolidated participant communications, and a comprehensive array of services. There was also a desire to make the plans easy to use for associates in multiple locations. According to Members 1st, overall retirement program costs were significantly reduced as a result of retaining MassMutual to provide administrative services. 

"On top of MassMutual's impressive service offering, what really resonated with me was their mutuality and commitment to their policyholders," says Bob Marquette, president and CEO of Members 1st. "I am pleased to have found a recordkeeper that shares our values and unwavering commitment on doing what's best for clients," adds Marquette.

"Members 1st chose MassMutual based on MassMutual's ability to support the credit union's complex defined benefit, 401(k), and 457 retirement plans from a fully automated services platform," says David Hinderstein, president of Strategic Retirement Group, Inc., who assisted Members 1st with the search for a new retirement plan provider. "We've found that MassMutual has provided outstanding service and communication throughout the transition. We look forward to working with MassMutual's dedicated service team to help further increase the value of the Members 1st retirement program to its associates," adds Hinderstein.

"MassMutual is pleased to welcome Members 1st as a valued new Retirement Services client," says Elaine Sarsynski, executive vice president, MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "We look forward to helping Members 1st simplify its overall plan administration while helping to build a stronger retirement future for each of their associates," adds Sarsynski.

For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at 1-866-444-2601.

About Members 1st Federal Credit Union

Members 1st Federal Credit Union is a member-owned full service financial institution servicing the financial needs of more than 200,000 members and their communities. Headquartered in Mechanicsburg, Pa., Members 1st is a member-owned full service financial institution with over 50 branches in operation throughout Pa. Their dedicated offering of value-added financial products, services, solutions and no-compromise member service has brought them numerous accolades, including "Best Mortgage Lender" and "Best Bank for the West Shore" from the Sentinel and recognition as one of the "hottest" financial institutions in Central Pennsylvania by Central PA Magazine. For more information, visit www.members1st.org.  

About Strategic Retirement Group, Inc.

Strategic Retirement Group, Inc, (SRG) is a retirement plan investment consulting firm specializing in custom-designed services. Launched in 2006 by 20-year veteran David Hinderstein, SRG has built a reputation for best practices, high levels of service, and impactful communications that exceed client expectations and lead to award-winning results for our clients. Since its founding, SRG has developed a client base of over 40 retirement plans with nearly $2.5 billion in total assets (as of December 31, 2011). SRG focuses on educating fiduciaries, HR/Finance staff, and employees so that they can make the best decisions about their retirement program.

About MassMutual

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.

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SOURCE MassMutual Retirement Services