MassMutual Retirement Services announced that they have enhanced their defined benefit plan termination services to smooth out plan terminations.
According to the release:
“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.
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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’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.
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. 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. plan sponsor guide mass mutual