MassMutual Retirement Services Books Another Record Year
2011 Marks Third Consecutive Year of Record Sales, Best Ever Net Cash Flow and AUM Levels
Feb 13, 2012
(Springfield, MA) - MassMutual Retirement Services Division’s 2011 sales results mark the highest in the division’s 65-year history, surpassing its record-breaking sales performance of 2010. Written sales for 2011 exceeded $6 billion, representing a 13% increase vs. 2010. Assets under management in retirement plans administered by MassMutual also reached a new record of $55 billion at year end 2011, a 7% increase over the same period last year. The division also enjoyed record net cash flow in 2011, surpassing $3.5 billion for the first time in division history.
“MassMutual’s strong sponsor retention rate of 95% along with the sustained sales momentum in the company’s retirement plan business have directly contributed to our 2011 record results,” says Elaine Sarsynski, executive vice president of MassMutual’s Retirement Services Division and chairman and CEO of MassMutual International LLC.
“In addition to growing our core retirement plan business in the corporate segment, MassMutual’s success in the nonprofit market was exceptional with a 29% increase in sales vs. 2010. MassMutual’s stable value/investment only and professional employer organization (PEO) markets also enjoyed strong growth,” adds Sarsynski. “Our broad capabilities make MassMutual a provider of choice in the industry – one that delivers high value, high-touch service.” MassMutual was awarded more than $700 million in new defined benefit retirement plan business in 2011, representing a 450% increase in this result over last year. “With many companies working hard to consolidate and streamline the management of their retirement plans, MassMutual’s expertise in this regard is in great demand,” she adds.
According to Sarsynski, MassMutual’s commitments to retirement plan health and participant retirement readiness have served to differentiate the company’s offering from other providers. In fact, in Boston Research Group’s 2011 Defined Contribution Plan (DCP) Retirement Advisor Satisfaction and Loyalty Study, MassMutual’s industry ratings in the categories of “A thought leader in the 401(k) industry” and “Partners with you for success” are well above the industry average at +26 points and +25 points respectively. MassMutual’s Retirement Services Division also earned the #1 overall satisfaction rating from retirement plan advisors among all 17 recordkeepers in the study.
“MassMutual’s financial strength, commitment to world-class service, and consistent value to retirement plan advisors, third-party administrators, sponsors and participants have led the way to a record year on many levels,” adds Hugh O’Toole, senior vice president and head of sales and client management for MassMutual’s Retirement Services Division. “We believe that our efforts to help customers be successful in retirement-related matters are a key component of the positive momentum at MassMutual.”
In the study, MassMutual placed in the top quartile in every single category ranking, and garnered the most #1 ratings among all recordkeepers in the study, clinching the top rating in each of the following:
• Overall satisfaction
• Wholesaler accessibility/availability
• Wholesaler expertise in the retirement services industry
• Thought leader in the 401(k) industry
• Partners with you (advisor) for success
• Marketing assistance (proposals, presentations, seminars)
• Internal wholesaler ability to resolve problems
• Making it easy to do business with them
“We believe MassMutual’s collaboration with retirement plan advisors in helping sponsors and participants understand the meaning of a healthy retirement plan and what a favorable outcome for participants looks like is unparalleled,” adds O’Toole. “Our record results in 2011 are directly linked to MassMutual’s commitment to the success of our clients,” he adds.
“We are in an extremely competitive time in our industry,” adds Sarsynski. “While we have worked very hard to deliver on behalf of our clients, the bar continues to be raised. We are ready and eager to take on the challenges and opportunities awaiting us in 2012 as we strive for another record year.”
For more information about MassMutual’s retirement services, please call your retirement plan advisor or contact MassMutual at (888) 626-4911.
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 1.3 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, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.