Increased marks attributed to focus on service, continuous improvement
ENFIELD, Conn. – MassMutual Retirement Services earned record high scores for satisfaction among employers that sponsor defined contribution as well as defined benefit retirement plans, according to Chatham Partners, an independent research firm.
Eighty percent of all plan sponsors said they were “very satisfied” with MassMutual in 2014, up from the previous year’s record of 77 percent and four percentage points above the industry average, Chatham Partners reports. The independent survey scores were based on responses from 4,379 plan sponsors about their experience with MassMutual in 2014. The firm serves more than 35,000 retirement plans with more than $152 billion in assets under management.
“MassMutual is grateful to its plan sponsors for giving us such high marks,” said Una Morabito, Senior Vice President, Client Management. “We now have more than 100 relationship managers and nearly 300 account managers serving sponsors of retirement plans as part of our continuous improvement goals. The effectiveness of our client management team is a big reason why we continue to earn record satisfaction and plan sponsor satisfaction scores.”
Relationship managers and account managers are responsible for helping plan sponsors make the most of their 401(k), 457 and 403(b) defined contribution retirement plans and defined benefit plans for employees. They work with sponsors, investment advisors and consultants, TPAs, attorneys and accountants to help manage retirement plans as effectively as possible.
MassMutual received a total of 195 “Best in Class” scores across its defined contribution (DC), defined benefit (DB) and total retirement services (TRS) clients, which sponsor both DC and DB plans. Chatham defines “Best in Class” as receiving top scores of 6 or 7 on a 1-7 scale from 85 percent or more survey respondents.
The study showed that MassMutual improved in 17 of 18 key attributes measured by Chatham for all types of retirement plans, including:
- Good value for the money
- Excellent reputation as a retirement services provider
- Easy to do business with
- Treats me as an important client
- Flexible in meeting my unique needs
- Employee education services
- Processing employee transactions
“MassMutual’s satisfaction scores continue to demonstrate its leadership in the industry and its intense focus on helping clients make the most of their retirement plans,” said Joshua Dietch, Managing Partner of Chatham Partners. “Many firms talk about continuous improvement but the satisfaction survey results show MassMutual is actually living it.”
The ratio of plan sponsors who believe MassMutual’s service improved compared to those who think it declined in 2014 from the previous year – a record year for client satisfaction – was 7 to one, according to Chatham.
MassMutual’s Net Promoter Score -- a measure of plan sponsors who would recommend the insurer for retirement plan services to other companies – exceeds the industry’s benchmark for sponsors of both defined contribution and defined benefit plans by 9 points.
“Chatham’s survey results clearly reflect MassMutual’s many advantages in the retirement plan marketplace, starting with our human capital,” Morabito said. “We have nearly 300 people on the street to support plan sponsors, starting with the initial sale and selection of a retirement plan, support for plan sponsors and education for plan participants.”
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.