MassMutual Financial Group's retirement services division has recorded a 76% increase in nonprofit retirement plan sales in the first 10 months of this year as compared with the year earlier.
M. Palmer Whitney, a national managing director for MassMutual's nonprofit market, said on Tuesday that the unit recently completed consolidating $100 million of retirement plan assets from 403(b), 401(a), 457(b) and 457(f) retirement plans for a health-care organization with more than 3,200 employees.
MassMutual's retirement services division has been selling retirement plans for more than 60 years.
It offers a range of products and services for corporate, union, nonprofit and governmental agencies' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves about 1 million participants.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Co. of Springfield.
This story was reprinted with permission from American Banker.
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