MassMutual's Retirement Services Division was named "Retirement Leader of the Year" at the 19th Annual Mutual Fund Industry Awards held in New York on April 5.
MFS chairman emeritus Robert Pozen has long been a strong advocate for auto-enrollment and other measures in recent years to help individuals save for retirement, advising Presidents Bush and Obama on the issue, as well as former Gov. Mitt Romney of Massachusetts.
The awards are presented annually to companies from across the industry that are singled out for their achievements and contributions over the previous year.
According to the company, "Retirement Leader of the Year" is awarded to a firm “that has made a key impact on growing retirement assets with unique retirement solutions, advertising/marketing campaigns and significant contributions to the retirement industry at large. The award is an honor that reflects industry-wide recognition of MassMutual's accomplishments throughout 2011.”
MassMutual was the only retirement services provider to be nominated for the second consecutive year. The nomination was based on MassMutual's “sales success, action-oriented participant education, innovative PlanSmart Analysis tool, top advisor loyalty ratings and award-winning trade print and video advertising, among other criteria.”
Contributing to the award were MassMutual Retirement Services Division's 2011 sales results, the highest in the division's 65-year history, according to the company. Written sales for 2011 exceeded $6 billion, representing a 13% increase versus 2010. Assets under management in retirement plans administered by MassMutual also reached a new record of $55 billion at year end 2011,a 7% increase over the same period last year. The division also enjoyed record net cash flow in 2011, surpassing $3.5 billion for the first time in division
In addition to growing its core retirement plan business in the corporate segment, MassMutual experienced success in the nonprofit market with a 29% increase in sales versus 2010. MassMutual's stable value/investment only and professional employer organization (PEO) markets also enjoyed strong growth in 2011, and the firm was awarded more than $700 million in new defined benefit retirement plan business in 2011, a 450% increase in this result over the prior year.