As of October 31, 2010, non-profit consolidations increased by 173% versus the same period in 2009, according to a MassMutual press release. MassMutual’s “concierge” service team helps educate participants regarding options for their assets, the announcement said.
Over the last 10 months, MassMutual’s “concierge” service has helped more than 1,800 participants across 57 403(b) plans bring assets under their current 403(b) plan administered by MassMutual. In addition to helping participants gain a more holistic view of their retirement savings, the consolidation helps plan sponsors simplify their Form 5500 filing and audit requirements.
“Together with advisers, we are working hard to make it as easy as possible for plan sponsors to meet their fiduciary responsibilities and help their participants effectively plan and save for retirement,” said M. Palmer Whitney, non-profit market national managing director, MassMutual Retirement Services, in the announcement.For more information about MassMutual Retirement Services, call 888-626-4911.