Five Taft-Hartley plans serve more than 9,000 IBEW electrical workers with $690 million in record-kept assets
ENFIELD, Conn. – MassMutual Retirement Services has been named the recordkeeper for five Taft-Hartley retirement savings plans serving more than 9,000 electrical workers with $690 million in recordkeeping assets.
Five locals of the International Brotherhood of Electrical Workers (IBEW) have selected MassMutual to provide recordkeeping services to their members’ defined contribution retirement plans. The workers represent a wide range of industries, including residential, commercial and industrial electrical contracting as well as telecommunications, broadcasting and manufacturing.
“MassMutual is proud to serve the working men and women of the IBEW locals and help them plan to retire on their terms,” said Doug DeNigris, National Practice Leader for MassMutual’s Taft-Hartley retirement plan segment. “With more than 40 years serving the retirement needs of union workers, MassMutual offers innovative tools and support to help members make the most of their retirement plans.”
MassMutual supports more than 140 retirement plans sponsored by unions representing more than 280,000 members with $12 billion in recordkeeping assets as of Sept. 30, 2015. The new IBEW plans were signed earlier this year and are located around the country, with recordkeeping assets and membership also reported as of Sept. 30, 2015:
- IBEW 58 of Detroit has more than 5,000 members in its retirement plan and $435 million in recordkeeping assets.
- IBEW Inland Empire of Riverside and San Bernardino, Calif. has more than 1,500 members with more than $75 million in recordkeeping assets. The members are represented by Locals 440 and 477.
- IBEW 306 of Akron, Ohio has more than 1,300 members and $144 million in recordkeeping assets.
- IBEW 527 of Texas City, Texas has more than 1,100 members and $11 million in recordkeeping assets.
- IBEW 129 of Lorain, Ohio has 325 members and $25 million in recordkeeping assets.
“Few retirement plan providers have the resources, capabilities or experience in serving Taft-Hartley retirement plans as MassMutual,” DeNigris said. “We see the Taft-Hartley market as a tremendous growth opportunity as union members continue to seek assistance in preparing for a well-earned retirement.”
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.