SPRINGFIELD, Mass., June 9 MassMutual's Retirement Services Division has been selected by McLaren Health Care Corporation as the new provider for its 403(b), 401(k), 457(b) and 457(f) retirement plans. Total combined assets added to MassMutual's platform from McLaren's retirement plans exceed $212 million.
McLaren Health Care Corporation, based in Flint, Mich., is one of the top 25 integrated health care systems in the United States and includes eight regional hospitals, over 150 outpatient and ambulatory services locations and more than 13,000 employees.
"MassMutual's total retirement services capabilities and innovative employee education tools were key factors in their selection as our new retirement plan provider," says Susan Joiner, corporate manager, retirement services, McLaren Health Care Corporation. "We needed a provider that understands the unique needs of a large healthcare organization -- one that could help streamline and consolidate multiple plans and deliver an exceptional employee education experience," adds Joiner.
"McLaren Health Care is committed to quality patient care and that commitment extends to its employees. They sought a financially-strong retirement plan provider that could seamlessly consolidate multiple plans and help serve the retirement needs of employees across many locations," notes Kelley Snook, AIF®, PRPTM, director of consulting for Snook Housey Advisors, Inc., Troy, Mich., the consulting firm enlisted to conduct the search on behalf of McLaren Health Care. "We believe McLaren found MassMutual's willingness to truly understand their organization and help formulate a unique strategy for their specific needs was the differentiator in a highly-competitive market segment," adds Dave Anderson, AIF®, PRPTM, vice president of retirement plan consulting for Snook Housey Advisors.
"We are so pleased to welcome McLaren Health Care as a valued new retirement services client," says M. Palmer Whitney, national managing director for MassMutual's nonprofit market. "We look forward to helping McLaren simplify their overall retirement plan administration while helping their employees more effectively plan and save for retirement."
For more information about MassMutual's retirement services, please contact your retirement advisor or contact MassMutual at (888) 626-4911.
MassMutual's Retirement Services Division has been serving retirement plans for more than 60 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 one 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) [of which Retirement Services is a division] 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, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit massmutual.com.
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SOURCE MassMutual Retirement Services