MassMutual Chosen as New Provider for Ironworkers Local Union 79 Taft-Hartley Plan
(Springfield, MA) - MassMutual’s Retirement Services Division has been selected by Ironworkers Local Union 79, Norfolk, Va., as the new provider for its Taft-Hartley retirement plan. The plan has more than $5 million in assets under management and nearly 600 members.
“The transition of our plan assets to MassMutual was as smooth as could be. Everyone, from the third-party administrators to the participants, received constant communication from MassMutual as to how the process was coming along,” says Thomas A. Bell, business manager/FS-T, Ironworkers Local Union 79. “Weekly conference calls between MassMutual and the other investment professionals kept everyone on track. MassMutual met with our members at a local union meeting preceding the transition to help answer any questions the members may have had.”
“We are so pleased to welcome Ironworkers Local 79 as a valued new retirement services client, and we look forward to delivering world-class services to Local 79 members,” says Scott Buffington, national sales manager for MassMutual’s Taft-Hartley market segment. “As a leader in the Taft-Hartley market, MassMutual continues to attract interest from trustees and their consultants seeking a provider with MassMutual’s expertise, financial stability and commitment to the Taft-Hartley market.”
According to Bell, MassMutual’s ability to provide Local 79 members with a diverse range of investment options from many different managers was a key factor in the decision. “MassMutual offered the best combination of investment options to suit our participants’ needs and at a very reasonable and competitive rate,” states Bell. “The date set by the trustees for the final transition was met on time, the expected blackout period was minimal, and the participants’ account information was online and accessible much sooner than expected. I would highly recommend MassMutual to any Taft-Hartley plan in need of the professional services they provide,” adds Bell.
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