MassMutual’s Retirement Services Division is expanding the defined benefit (DB) plan termination services that it offers to clients.
A division of Massachusetts Mutual Life Insurance Company, Springfield, MA, the Retirement Services Division has been servicing union, nonprofit and governmental employers for over 65 years.
There was a realization that more could be done to ease the administrative burden of servicing DB plans through their life cycle most notably the termination phase where plan advisors and sponsors seem to require ancillary support.
“MassMutual understands that plan termination is neither simple no an overnight process. 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 the sponsor and the participants and the heavily regulated series of communications and activities a plan termination entails,” said William Silvanic, senior vice president and actuary with MassMutual’s retirement Services Division.
Mass Mutual hopes that the winding road of plan termination for advisors and sponsors will be made be more navigable by services such as: 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 and registered retirement specialists available through their Participant Information Center.