The U.S. leads the pack in the percentage of older adults who have trouble paying their medical bills.
SPRINGFIELD, Mass., May 21, 2012 /PRNewswire/ -- On the heels of a record-setting 2011, MassMutual's Retirement Services Division has posted new division records in sales and net cash flow for the first quarter of 2012. Retirement plan sales from January 1, 2012 through March 31, 2012 reached $1.8 billion, more than 40% higher than the same period last year. Net cash flow also hit a new high, reaching $1.2 billion and marking the best quarterly results on record in the company's 65 years in the retirement plan business.
According to Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC, MassMutual's momentum is driven by many factors including strong advisor and sponsor satisfaction levels and market-leading retirement income planning tools at the plan and participant level.
"MassMutual's RetireSmart(SM) Ready tool and PlanSmart(SM) Analysis report are helping define the future of retirement planning," says Sarsynski. "These tools are paving the way for the next wave of participants to be truly ready when they retire, and this is a differentiator that the market is responding to very favorably," she adds. "Our industry-leading customer satisfaction levels also support our belief that MassMutual delivers meaningful value to retirement plan clients. MassMutual's collaborative approach that leverages the expertise of retirement plan advisors also inspires teamwork that gets results."
"Our broad capabilities and ability to deliver a smooth plan transition make MassMutual a provider of choice in the industry," adds Hugh O'Toole, senior vice president and head of sales and client management for MassMutual's Retirement Services Division. "Employers are looking to consolidate and streamline the management and cost of their retirement plans while enhancing the ultimate value of the retirement benefit to current and prospective employees," says O'Toole. "And they want a provider with a record of financial stability and the resources to invest in the future."
"Last year set records on virtually every metric and we are thrilled that 2012 is shaping up to be another great year for MassMutual Retirement Services," says Sarsynski. "Repeat business from retirement plan advisors in every market – from small plans of $1M AUM to very large plans of $500M+ – is also very robust as is our stable value pipeline. Advisors and sponsors are making the flight to quality and recognize that MassMutual has the expertise and support they seek regardless of the unique challenges they face," she adds.
Assets under management in retirement plans administered by MassMutual reached a new record of $64.2 billion at the end of Q1 2012, a 10% increase over year-end 2011. On April 5, 2012, MassMutual was named Retirement Leader of the Year by the editors of Fund Industry Intelligence, a premium publication of Euromoney Institutional Investor focused on the mutual fund industry.
"The market is telling us that a healthy retirement plan and increased participant understanding of retirement income has value beyond traditional measures," adds O'Toole. "Our record first quarter results reflect the confidence in MassMutual from plan sponsors and participants and the valued advisors who support them," he adds.
For more information about MassMutual's retirement services, please call your retirement plan advisor or contact MassMutual at (888) 626-4911, www.massmutual.com/retire.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] 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.
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'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 1.6 million participants.
For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+. For information regarding MassMutual's Retirement Services Division, you may also visit massmutual.com/retire or find us on Facebook.com/retiresmart and YouTube.com/retiresmart.
Copyright ©2012 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001. All rights reserved.
Contact: Lisa Reilly
SOURCE MassMutual Retirement Services