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Life Insurance Policies & Plans Massmutual

Sale of MassMutual retirement business includes 2,000 employees

1 Access to cash values through borrowing or partial surrenders will reduce the policys cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured. 2 Dividends are not guaranteed. Insurance products issued by Massachusetts Mutual Life Insurance Company and its

Empower Acquires Massmutual Retirement Plan Business

The firms say that with the acquisition, retirement plan participants will gain the outcome-oriented client focus and deep retirement expertise of both firms while benefiting from a state-of-the-art technology platform.

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Empower Retirement and Massachusetts Mutual Life Insurance Co. have entered into a definitive agreement for Empower to acquire the MassMutual retirement plan business.

The firms say the acquisition will capitalize on both firms expertise, provide technological excellence and deep product capabilities, and create scale to the benefit of retirement plan participants and their employers.

MassMutuals retirement plan business includes defined contribution , defined benefit and nonqualified plan offerings commitments to participants, financial professionals and plan sponsors and solutions to achieve financial wellness.

The MassMutual retirement plan business comprises 26,000 workplace savings plans through which approximately 2.5 million participants have saved $167 billion in assets. It also includes approximately 2,000 employees affiliated with MassMutuals retirement plan business who provide a full range of support services for financial professionals, plan sponsors and participants.

The companies say the acquisition will be a benefit to retirement plan participants who will gain the outcome-oriented client focus and deep retirement expertise of both firms while benefiting from a state-of-the-art technology platform.

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Create A Massmutual Account Login To Access Your Accounts

The MassMutual Insurance app is easy to use and safe to access from your phone. MassMutual takes every security measure possible to ensure your safety. By using the latest cybersecurity technologies, including biometric login with Touch ID and Face ID to access your accounts, MassMutual puts your security first.

Recommended Reading: Ways To Save For Retirement Besides 401k

Massmutual Retirement Services: Corporate Plans

retirement.massmutual.com/rscorp

Defined Contribution plans from MassMutual Retirement Services. Skip Navigation. Welcome to MassMutual. Close. Participant. Make smart choices and save now to meet your retirement savings goals. Learn More > Log-in > Plan Sponsors and TPAs. Making it easy for you to administer your retirement plan. Learn More > Log-in > Financial Professional. Learn how our strength, experience and

Time On Your Side: The Power Of Compounding

County Employees

When it comes to your retirement savings, theres some truth to the saying, Time is money, and you can find it in an investment concept called compounding. While choosing the right investments is very important, dont overlook the impact that the compounding of interest can have on your account value over time. The earlier you begin to save for retirement, the sooner you will be able to leverage the power of compounding interest and its potential impact on the size of your retirement account.

JUMP-START YOUR SAVINGS

The sooner you start to save for retirement, the better. No matter how old you are today, the longer your money is invested, the greater the chance it has to grow. Because of the power of compounding, the money you save will generate investment earnings in your retirement account, and those earnings will also generate earnings, and so on. Call it the snowball effect.

Lets look at an example that shows how compounding can put your money to work for you.

Anna starts saving in her employer retirement plan at age 25, putting away $150 per month for 15 years, until she reaches age 40. She contributes nothing for the next 27 years.

Bob doesnt start saving in his employer retirement plan until hes 40. He saves $150 per month for 27 years, until he reaches age 67.

What will their retirement accounts look like when theyre both age 67?

WHY WAITING TO SAVE DOESN’T PAY

START SAVING NOW

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Recommended Reading: Best Dividend Portfolio For Retirement

Mass Success Empower Exceeds 90% Massmutual Participant Retention

Empower said Wednesday that it had retained 20,000 MassMutual clients and 2.3 million participants as of Aug. 31, a 92% participant retention rate.

The Colorado-based company, the nations No. 2 retirement plan recordkeeper behind Fidelity Investments, also retained approximately $174 billion in client assets, or 91%, as well as 87% of the plans.

Empower President and CEO Ed Murphy noted the retention rate was above the firms pretty aggressive internal targets, estimating that low-to-mid 70% is typical for a deal of this type.

I would say these results are fairly consistent with what weve been able to achieve in the past, Murphy said. We would have similar expectations with respect to the Prudential migration effort, which is kicking off in the fourth quarter and first quarter of next year. Relatively speaking, weve got a fair amount of experience in doing this. Many of the individuals working on this transition have been part of all the prior acquisitions as well, dating back to 2015 when we acquired the JPMorgan business.

Empower closed its acquisition of MassMutuals retirement plan business in December 2020. It then embarked on what it called a comprehensive integration program consisting of eight waves of plan integrations, which launched in mid-2021 and are set to conclude in October.

What Are The Different Types Of 529 Plans

There are two types of 529 plans: education savings plans and prepaid plans.

  • A 529 education savings plan allows you to vary your contributions. You can use these plans to pay for qualified schools, including colleges, trade schools, and graduate schools.2
  • A 529 prepaid tuition plan lets you lock in tuition rates at a specific school through lump-sum or monthly payments.

Under either plan, if the child you originally started the plan for doesnt go to college, you can use the plan for another child or even to further your own education.

Don’t Miss: How Much Money Could You Retire On

How Do I Open A 529 Account

A MassMutual financial professional will be with you every step of the way to help you prepare for the future.

  • During your initial phone call, your financial professional will ask you questions to understand your financial goals and objectives.

  • After looking at your entire financial picture, your financial professional will provide you with suggestions to fill in the gaps so you can choose the products best suited for your situation.

  • If you’re satisfied with the recommendations, your financial professional will secure the products and services to help ensure your financial future.

  • Your financial professional will work with you over time through periodic reviews to help you monitor your investments and reach your financial planning goals.

  • Loans: Think Carefully Before You Borrow

    Making sense of your 401(k)

    An unexpected financial crisis has you scrambling. Tapping into your retirement plan may provide some relief, but can cost you significantly more than you might think. Make sure you understand the risks of a retirement plan loan, and dont let a short-term solution sabotage your long-term security.

    RETIREMENT PLAN LOANS: KNOW THE RULES

    If your employers plan allows loans, there are few rules you must follow:

    • You must sign a loan agreement that explains the terms of the loan.
    • You must pay a reasonable amount of interest for the loan .
    • The loan generally cannot exceed 50% of your vested account balance or $50,000âwhichever is less.
    • You must repay the loan within five years .
    • You must make loan repayments at least quarterly, in equal payments that include principal and interest.

    THINGS TO CONSIDER BEFORE TAKING A LOAN

    Although borrowing your own money sounds like a good deal, it may not be as cheap as you think. Here are some things to think about before taking a loan from your retirement plan account.

    LOAN DEFAULTS HAPPEN

    PREVENTING DEFAULTS

    The only sure way to prevent a loan default is by not borrowing from your retirement account in the first place. Protect yourself today by planning for future financial surprises. Here are some tips:

  • Set up an automatic deposit into a savings account each month for an easy way to save. You can do this from your primary checking, but your payroll
  • Help yourself avoid temptation by not attaching a debit card to the account.
  • NEXT STEPS

    Recommended Reading: Healthcare In Retirement Before Medicare

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