SPRINGFIELD, Mass., Oct. 12 /PRNewswire/ -- MassMutual Retirement Services has been selected by Ingalls Health System as the new full-service provider for all three of the company’s retirement plans including a 403(b) plan with approximately 2,700 eligible participants and $52 million in plan assets, as well as a 401(k) plan and a nonqualified plan.
According to Cindy Smith, benefits manager for Ingalls Health System, the company selected MassMutual because of its:
* Outstanding services for 403(b), 401(k) and nonqualified plans; * e4(SM) enrollment technology that enables employees to enroll on the spot using a wireless handheld device; * Versatility of investment options including lifestyle funds based on target retirement date; * Personalized participant education and communications materials; and * 24/7 online and telephone access to sponsor and participant services
“MassMutual’s approach was like a breath of fresh air,” said Smith. “We really liked their educational offerings, and were especially excited about their new e4 enrollment technology that makes it easy and fun for employees to join the plan or make other changes instantly. Everything MassMutual offered was excellent, from their versatile investments to their willingness to do education meetings on a Saturday so we could reach all of our shifts. We couldn’t be more pleased,” added Smith.
Rick Bindler, retirement plan consultant, Marsh Retirement Consulting Practice, and a registered representative with MMC Securities Corp., Chicago, Ill., assisted the retirement plan committee in the selection of MassMutual as Ingalls’ new full-service provider, and also provides ongoing support to Ingalls. “MassMutual offered all the expertise Ingalls needed to successfully transition all three plans,” said Bindler. “This was a very complex transition and MassMutual demonstrated that its reputation as a highly competent full- service provider is well-deserved. Their e4 enrollment technology was also a differentiator,” added Bindler.
The Ingalls Health System retirement plans feature 18 investment options, managed by some of the industry’s top managers who are selected and monitored according to the comprehensive due diligence standards of the MassMutual subadvised investment program.
The options and managers are: Guaranteed Interest Account (Babson Capital), Total Return Fund (PIMCO), MassMutual Premier High Yield Fund (Babson Capital), MassMutual Select Strategic Balanced Fund (Salomon/Western), MassMutual Select Large Cap Value Fund (Davis Advisors), MassMutual Select Indexed Equity Fund (Northern Trust), Fidelity Advisor Dividend Growth Fund (Fidelity), Oppenheimer Capital Appreciation Fund (OFI), MassMutual Select Focused Value Fund (Harris/Cooke & Bieler), MassMutual Select Small Company Value Fund (Clover/T. Rowe Price/EARNEST), MassMutual Select Small Cap Growth Fund (Waddell & Reed/Wellington), MassMutual Select Mid Cap Growth Equity II Fund (T. Rowe Price), MassMutual Select Overseas Fund (American Century/Harris Associates), MassMutual Select Destination Retirement Income Fund, MassMutual Select Destination Retirement 2010 Fund, MassMutual Select Destination Retirement 2020 Fund, MassMutual Select Destination Retirement 2030 Fund, and MassMutual Select Destination Retirement 2040 Fund.
MassMutual Retirement Services provides daily value recordkeeping and full administrative services for Ingalls Health System, including 24-hour Internet access to plan-level and participant-level information; plan-audit support and compliance testing; personalized enrollment and education programs including e4 technology; and 24-hour participant access to account services via the Internet and voice-response telephone system. Participants will receive Statement Plus(SM), the award-winning quarterly account report featuring an estimated personal rate of return, and have access to The Journey(SM) retirement planning Web site, featuring retirement advice and guidance services from Morningstar Associates, LLC., a registered investment advisor and wholly-owned subsidiary of Morningstar, Inc., as well as statement on demand on the Internet.
Ingalls Health System, headquartered in Harvey, Ill., was named one of “America’s Best Hospitals” for the fourth consecutive year in the 16th annual edition of U.S. News & World Report.
For more information about MassMutual Retirement Services, call your financial advisor or contact MassMutual at 888-626-4911, http://www.massmutual.com/retire.
Contact: Lisa Reilly
413-744-0589 lreilly@massmutual.com
MassMutual Retirement Services
CONTACT: Lisa Reilly of MassMutual, +1-413-744-0589,lreilly@massmutual.com
Web site: http://www.massmutual.com/retire//
