Baystate Health Named “Defined Benefit Plan Sponsor of the Year”; Gables Residential a Finalist
(Springfield, MA) – MassMutual’s Retirement Services Division is pleased to announce that two clients were recognized at the recent “Plan Sponsor Awards for Excellence” event in New York City. Asset International, publishers of titles including PlanSponsor and PlanAdviser magazines, sponsored the awards.
Baystate Health, based in Springfield, Mass., captured the “Defined Benefit Plan Sponsor of the Year” award. The organization’s defined benefit plan has more than $680 million in assets and serves approximately 9,800 participants. MassMutual also manages the organization’s 403(b), 401(k) and 457(b) plans. “On behalf of Baystate Health, I am so proud to accept this honor,” said Mary P. Dunn, director of benefits and disability management at Baystate Health. “Baystate Health’s more than 10,000 employees work around the clock to serve the community. MassMutual has done a fantastic job of holding education meetings to accommodate every employee’s schedule,” says Dunn. “We have a partnership that works for the plan, for our administration and, most importantly, for our employees striving to meet their future retirement needs. There are a lot of challenges with multiple plans serving multiple audiences, but MassMutual is doing a wonderful job in supporting me and the entire team.”
“Baystate Health takes great pride in offering a first-rate retirement benefit to its employees,” says Brian McDonnell, managing director at Cambridge Associates and consultant to Baystate Health. “The strong partnership with MassMutual and Baystate Health has been essential in supporting the needs of the plan participants,” he adds.
A second MassMutual client, Gables Residential, Atlanta, Ga., was a finalist in the “Defined Contribution Plan Sponsor of the Year <$50M”category. Philip Altschuler, senior vice president of human resources and learning and development, cites MassMutual’s extraordinary efforts in educating employees across seven states. “We have about 140 properties and our employee population is approximately 30% Spanish-speaking. MassMutual went above and beyond to build trust and engagement among all of our employees,” says Altschuler.
Andrew Prevost, president of the Retirement Plan Division of the Meltzer Group, advisor to the plan, echoes Altschuler’s enthusiasm for MassMutual’s participant education platform. “The tone was established from the outset and we were all equally committed to success. MassMutual’s data mining capabilities enable targeted messaging that truly inspires participants to take action,” adds Prevost.
“We couldn’t be more proud of our plan sponsors,” says Hugh O’Toole, senior vice president and head of sales and client management for MassMutual’s Retirement Services Division. “The commitment these plan sponsors demonstrate to their participants is critical to the success of their retirement plans. Employees appreciate the value of their retirement benefit and it shows in the outstanding results they are able to achieve on behalf of their participants,” adds O’Toole. “These awards also speak to the heartfelt effort that MassMutual’s retirement education specialists put forth. I’m enormously proud of our team as well.”
Each year, the editors of PLANSPONSOR magazine — the industry’s leading resource for retirement-benefits-related news — recognize plan sponsors that demonstrate leadership in providing a more secure retirement for workers. Each Plan Sponsor of the Year finalist was recognized atPLANSPONSOR’s Annual Awards for Excellence dinner in New York City on March 27, and was featured in the March issue of PLANSPONSOR magazine.
MassMutual serves approximately 3 million participants. To learn more about MassMutual Retirement Services, please contact your retirement plan professional or call MassMutual at 1-866-444-2601, www.massmutual.com/retire.
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’s Retirement Services Division 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 3 million participants.