SPRINGFIELD, Mass., Aug. 9, 2012 /PRNewswire/ -- MassMutual's Retirement Services Division is dedicated to helping participants get – and stay – on track to have sufficient replacement income in retirement. Leveraging the fundamentals of behavioral economics, MassMutual's action-oriented 2012 RetireSmart(SM) national campaign simplifies and clarifies retirement planning to help participants cut through the clutter and take action. Segmented by quarter and four simple action steps, the campaign is designed to help participants 1) Enroll, 2) Save, 3) Consolidate and 4) Allocate their retirement plan savings to meet their individual retirement goals.
Using a combination of targeted postcard mailings and email messages, MassMutual Retirement Services' 2012 Save campaign reached more than 308,000 participants across all age groups. The combination of motivational participant messaging and imagery used in the mailings resulted in a 4.23 percent response rate, more than doubling the industry benchmark of 2.06 percent.
To provide the most relevant messaging by demographic, participants were segmented by gender and further into three age groups: 18 to 34, 35 to 54, and over 55. "We understand the simple fact that different generations of men and women approach investing differently, and developed our campaign to specifically speak to the behaviors and needs of each gender during three important stages in their life," says Kris Gates, assistant vice president of participant and interactive marketing with MassMutual Retirement Services.
As a result of the Save campaign, participants increased their deferrals, on average, by 3.33 percentage points. Average deferral rates for women rose 3.53 percentage points vs. 3.34 percentage points for men. Although MassMutual saw the highest deferral percentage increase in the over 55 age group as expected (8.75 percent), participants in both the 18 to 34 and 35 to 54 age groups substantially increased their deferrals by 5.25 percentage points and 6.62 percentage points, respectively.
"Our RetireSmart participant engagement platform targets the individual with relevant information, not the masses with watered-down messaging. It breaks down retirement planning step by step to help drive participant action to achieve a true state of retirement readiness. By getting participants to focus on a single action and increase their saving rate, we were able to help them take a step towards becoming better prepared for retirement," adds Gates.
"MassMutual Retirement Services not only provides participants with exceptional service and innovative tools to meet their retirement goals, but also strives to increase education and awareness – a combination of actions so vital to successful retirement planning today," states Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "To break through today's information overload and to drive action, messaging must be at the individual level and focus on the single most effective next step a participant can take on the road to retirement. We could not be more pleased with the results of the Save campaign, and look forward to seeing the positive action the Consolidate and Allocate campaigns will encourage as well," adds Sarsynski.
For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at 1-866-444-2601.
About MassMutualMassMutual 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 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.
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SOURCE MassMutual Retirement Services