MassMutual Achieves 76% YTD Increase in Nonprofit Retirement Plan Sales
Nov 17, 2009
(Springfield, MA) - MassMutual’s Retirement Services Division has recorded a 76% increase in nonprofit retirement plan sales through October 31, 2009 vs. the same period last year.
According to Hugh O’Toole, senior vice president and head of sales and client management for MassMutual’s Retirement Services Division, MassMutual’s nonprofit expertise and financial stability are attractive to advisors and their clients in the nonprofit space. “MassMutual’s strength in consolidating multiple plans under a single provider is highly valued in this market,” says O’Toole. “In addition to tremendous growth in the healthcare market, MassMutual has achieved sales success in several nonprofit sub niches including charitable 501c(3) organizations, private education, and religious organizations,” he adds.
“We recently completed the consolidation of $100 million in retirement plan assets from 403(b), 401(a), 457(b) and 457(f) retirement plans for a large healthcare organization with more than 3,200 employees,” says M. Palmer Whitney, national managing director for MassMutual’s nonprofit market. “The nonprofit market presents unique challenges and the regulatory environment can be overwhelming for plan sponsors. Even in complex situations, MassMutual has the expertise to achieve a smooth, successful transition.”
For more information about MassMutual’s retirement services, please call your retirement plan advisor or contact 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) 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.
