MassMutual, the Springfield-based mutual life insurance company has acquired The Hartford’s Retirement Plans business. The new combined service business will be led by Elaine Sarsynski, CEO of MassMutual International, LLC, and Executive Vice President and head of MassMutual’s Retirement Services Division.
“By combining our two great businesses, we have created a premier retirement services organization with a clear emphasis on delivering the same outstanding service and customer focus that we have become known for in the marketplace,” says Ms. Sarsynski. “Our goal is to ensure a seamless experience for the new employees, clients and partners we are welcoming to MassMutual. We are eager to begin working together with our new colleagues from The Hartford’s Retirement Plans business as one team with the mutual purpose of helping Americans retire on their own terms.”
The announcement made earlier this month will enable MassMutual to continue its expansion in the retirement business as well as to add complementary markets and distribution capabilities. In its announcement, MassMutual says that the Hartford’s Retirement Plans business focuses on the small- to mid-size and tax-exempt retirement markets making it a nice complement to the company’s current business which focuses on the mid-size market. With the completion of the merger, MassMutual now has approximately 40,000 retirement plans and $120 million in retirement assets under management. It has also nearly doubled the number of participants now in its retirement plan to three million.
MassMutual Also Named One of Working Mother’s Best Places to Work
In addition to requiring The Hartford’s Retirement Plans Business, MassMutual was also recently announced that is has been selected as a 2012 Working Mother 100 Best Company. This is the 12th year that MassMutual has been recognized as one of the magazine’s Top 100. MassMutual attributes this accolade to its ability to provide 93 percent of its employees with working flexibility and having females make-up 32 percent of the company’s managers and executives.
“We congratulate all of the women who are receiving these distinguished awards for their exceptional work. This recognition reflects our firm commitment to building a workplace that welcomes and includes diversity in all its forms so that we can better understand and meet the needs of all the markets we serve, as well as attract and retain the best talent,” said Roger Crandall, Chairman, President and Chief Executive Officer of MassMutual. “We believe this commitment to diversity and inclusion makes us a better and more innovative company.”