Vince Rainforth to spearhead growth initiative targeting retirement plans for hospitals, credit unions, charities, private colleges and other nonprofit organizations
(Enfield, CT) – MassMutual Retirement has appointed Vince Rainforth as national practice leader for not-for-profit (NFP) retirement plans as the insurer looks to expand its footprint in the increasingly competitive $1 trillion marketplace.
Rainforth is responsible for leading business development in the NFP market. MassMutual currently has $15.5 billion in assets under management with 3,641 retirement plans sponsored by NFP entities such as credit unions, charities, private colleges, religious organizations and others. Rainforth reports to Jon Shuman, Vice President and Head of Markets and Investment Partner Development in MassMutual’s Retirement division.
“Vince has extensive experience with retirement plan design consultation in both the defined contribution and defined benefit marketplaces,” Shuman said. “His track record of success helping not-for-profit plan sponsors will enable MassMutual become a bigger player in this growing market.”
“I’m excited to work for MassMutual, a demonstrated leader in the retirement plans marketplace with the resources and expertise to compete with anyone in the industry,” Rainforth said. “Plan sponsors want providers with the tools, educational resources and know-how to help their employees effectively prepare for retirement. MassMutual has what it takes to make a real difference.”
Rainforth is leading a team of six retirement plan specialists who assist MassMutual’s 85 retirement service directors and 90 relationship managers as they support financial advisors and their NFP clients select and implement retirement plans. Another 90 education specialists help plan participants determine their retirement savings needs and encourage retirement plan participation.
The NFP retirement plan marketplace has become increasingly competitive in recent years as many plan sponsors consolidated their offerings from multiple providers to one or two in order to more easily meet more stringent reporting requirements, Rainforth explained. With consolidation in their rearview mirror, plan sponsors are now focusing on selecting plan providers with the resources and abilities to help employees prepare for retirement. MassMutual is well positioned to compete for those plans, Rainforth said.
Before starting at MassMutual, Rainforth was vice president of the tax-exempt market at the Principal Financial Group, where he worked since 1997. He also spent 10 years with the Minor League Baseball Association.
Rainforth received a Bachelor of Science in economics and speech communication from Illinois State University. He has Series 7, 63, 66 and life and health licenses.
For more information about MassMutual’s Retirement Services Division, please contact your financial professional or call MassMutual at 1-800-874-2502, option 4.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. 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 policyowners consistently 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.
MassMutual Retirement has been serving retirement plans for more than 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 2.8 million participants.