MassMutual Retirement Services Draws 300+ Advisors and Sponsors to 403(b) Retirement Plan Benchmarking Webcast

SPRINGFIELD, Mass., Dec. 7, 2011 /PRNewswire/ -- More than 300 retirement plan advisors and sponsors attended the recent "Does Your 403(b) Plan Measure Up? Benchmarking 403(b) Plans for Success" webcast hosted by PLANSPONSOR^® magazine and sponsored by MassMutual Retirement Services.

The webcast included an analysis of specific data relevant to 403(b) retirement plans. MassMutual sponsored the 403(b) research as part of PLANSPONSOR's 2011 Defined Contribution (DC) Survey. Findings were presented by Quinn Keeler, senior vice president of surveys and research, PLANSPONSOR, with commentary by Hugh O'Toole, senior vice president of sales and client management, MassMutual Retirement Services. Moderated by PLANSPONSOR's founder and director, Charlie Ruffel, the panelists directly addressed issues such as the fact that almost one-third of 403(b) plan sponsors lack any formal method to measure plan success.

Keeler and O'Toole reviewed the current landscape of 403(b) plans and discussed best practices around retirement plan oversight, including effective ways to perform and document due diligence and measure plan health. O'Toole encouraged sponsors to routinely evaluate and benchmark their plan features against those similar in industry and size to ensure their retirement program remains strong and competitive.

In addition to using traditional metrics such as participation and deferral rates to benchmark plans, O'Toole urged sponsors to expand their focus to include participant retirement income replacement as a key metric.

O'Toole also suggested the application of behavioral finance principles to drive participant action and ultimately increase plan success, especially when it comes to the type and number of investment choices offered in 403(b) plans. Some studies have shown an inverse relationship between the number of investment choices and asset diversification, suggesting that a participant's fund diversification decreases when provided with more than seven investment choices. O'Toole encouraged sponsors to consider whether participants may benefit from the reduction of the plan's overall investment offering to a manageable number and the inclusion of target date options in the lineup.

"Performing regular retirement plan oversight, though an integral piece to ensuring plan health and participant retirement readiness, is a very challenging task to many 403(b) plan sponsors," states O'Toole. "Through this webcast, we truly hoped to reaffirm the importance of benchmarking and encourage sponsors to focus on income replacement as a key metric to measuring overall plan health. A knowledgeable advisor with expertise in the 403(b) retirement plan market is a critical element to helping achieve your plan goals," adds O'Toole.

To obtain a copy of the 403(b) research data or for more information about MassMutual Retirement Services, please contact your MassMutual Retirement Services representative or call MassMutual at 1-866-444-2601.

Click here to watch a replay of the full 60-minute webcast (click Playback and enter your name, email address, company and title on the following screen).

About MassMutual

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 1.3 million participants.

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 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.

For more information, visit www.massmutual.com or "Like" MassMutual on Facebook and Facebook.com/retiresmart.

Copyright ©2011 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

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