MassMutual Retirement Services Announces Enhanced Defined Benefit Plan Termination Services

SPRINGFIELD, Mass., May 14, 2012 /PRNewswire/ -- MassMutual's Retirement Services Division is excited to announce the extension of its defined benefit (DB) plan termination services offering to existing clients. With more than 60 years of experience servicing DB plans throughout the plan lifecycle, MassMutual's goal is to make the administrative side of terminating a DB plan as smooth as it can be.

MassMutual's enhanced DB plan termination services offering provides existing retirement plan advisors and sponsors with resources, education and consulting to help them work through a very complicated period of a DB plan's lifecycle, including:

• Consultation for amending plan documents
• Assistance with interim investment philosophy
• Data management
• Final accrued benefit calculations
• Preparation of reports for filing with the government
• Participant communication
• Lump sum payments to participants
• Participant Distribution Education Assistance
  • Customized benefit election kits
  • Registered retirement specialists available through Participant Information Center.

"MassMutual understands that plan termination is neither a simple nor an overnight process," says William Silvanic, senior vice president and actuary with MassMutual's Retirement Services Division. "When a plan that has been in place for decades goes away, the inherent difficulties of this type of change are compounded by the emotional toll on both sponsor and participants and the heavily regulated series of communications and activities a plan termination entails. MassMutual's enhanced DB plan termination service model and dedicated team of plan termination professionals helps sponsors and advisors successfully navigate through this labor-intensive phase of their plan's lifecycle," adds Silvanic.

"MassMutual's Retirement Services Division has steadily improved its DB product suite to help advisors and the plans they serve create better retirement solutions for their employees," states Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "MassMutual is proud to be a one-stop provider able to serve the needs of DB plan sponsors and participants through a plan's entire life cycle," adds Sarsynski. 

MassMutual's enhanced services also provide better continuity for participants preparing for their retirement when their DB plan terminates. "With our strong focus on plan health and participant retirement readiness, MassMutual helps sponsors to give consideration to their strategic approach to plan termination. We help them look at ways to enhance their defined contribution plans, when appropriate, or to encourage any participants receiving lump sum distributions to take actions that will preserve the funds in the distribution for use in retirement," adds Silvanic.

In conjunction with the new service model, MassMutual has developed a brochure to help retirement plan sponsors understand the different considerations involved in terminating a DB plan. For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at 1-866-444-2601.

About MassMutual 
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 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: Jessica Barry
413-744-8334 
[email protected]

SOURCE MassMutual Retirement Services