MassMutual Donates $1.6 Million for Springfield Tornado Rebuilding Efforts
Contribution underscores confidence in Springfield’s resiliency; Adds to earlier $100,000 contribution by MassMutual
Sep 28, 2011
(Springfield, MA) - Massachusetts Mutual Life Insurance Company (MassMutual) announced today a $1.6 million contribution to DevelopSpringfield, the non-profit organization leading the city’s rebuilding efforts in a public-private partnership with the Springfield Redevelopment Authority. The contribution will be put toward efforts to rebuild areas of the city following the damage caused by the June 1 tornado that touched down in Springfield.
The announcement was made today by Roger W. Crandall, Chairman, President and CEO of MassMutual, at the High School of Commerce in Springfield, where a MassMutual-sponsored Community Rebuilding Fair was held to provide local families with information and resources as they seek to rebuild their homes and property from the destruction caused on June 1.
“As a Springfield company celebrating our 160th anniversary this year, we hope that our $1.6 million contribution will go a long way toward rebuilding areas in our home office community,” said Mr. Crandall. “The courage and resilience of the people who have been impacted by this devastating event have been an inspiration to us all, and we’re proud to continue providing our support on the road to recovery.”
This latest donation is in addition to the $100,000 contribution the company announced on June 2 for the American Red Cross Pioneer Valley Chapter designated for the Western Mass. Tornado Relief Funds. The company has also matched funds contributed by its eligible employees and financial professionals through its matching gift program.
“The City of Springfield is extremely grateful for this contribution to DevelopSpringfield, as it will have a tremendous impact on the efforts to rebuild our great city,” said Springfield Mayor Domenic Sarno. “This provides excellent momentum as we continue to move forward with a sense of purpose and energy that exemplifies the resiliency of the people of Springfield, which will ultimately lead to a brighter future.”
At today’s Rebuilding Fair, attendees met with representatives from more than 20 organizations and community service agencies from the legal, insurance, financial, housing, zoning, career, construction and sustainability fields to gather information and guidance to assist with their rebuilding efforts. The fair was held in partnership with the City of Springfield and the organizations and agencies participating.
The funding will support the implementation of a post-tornado rebuilding master plan that is set to be completed by the end of this year. The effort is being co-led by Nick Fyntrilakis, Assistant Vice President of Community Responsibility at MassMutual, and Gerald Hayes, Vice President for Administration and Finance at Westfield State University.
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.