Our Commitment to Taft-Hartley Plans
Solutions to maximize the value of
your retirement program
Integrity
People
Investments
Technology
Communications
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Retirement Services
Commitment and Experience
When choosing the right provider for your members’ retirement plan or
plans, commitment and experience are of paramount importance. You want
to know that your retirement provider understands both the unique attributes
of Taft-Hartley clients, as well as the diversity of needs that can exist among
members within the same union. You want to find a provider that has a
proven track record of working with union plans.
MassMutual is that provider.
Broad-Reaching Experience
At MassMutual, we’ve been around for a while. We
have a more than 150-year tradition of excellence built
on integrity and financial success. As such, we can fully
appreciate the proud traditions of labor unions, and we
support the high quality and integrity provided by union
craftsmanship throughout the United States. We are
committed to the future of working families by
continuing to build and service union retirement plans
of every shape and size.
At MassMutual, we have been working with TaftHartley plan sponsors for more than 30 years, helping
them navigate the complexities that these plans can
involve. More than just spanning a number of years,
however, our experience with Taft-Hartley customers
encompasses a wide spectrum of trades, as well.
Unions built our country, and we are proud to help build
retirement security for their members.
쑺 Electrical Workers
As Taft-Hartley plan specialists, we understand the
importance of meeting the changing needs of unions
and their defined contribution, defined benefit, trusteedirected and member-directed plans.
By choosing MassMutual, you can be more confident
about fulfilling your fiduciary obligations and helping
your members realize their retirement dreams.
Stability and Strength
MassMutual’s financial strength ratings* are among the highest in any
industry. These ratings demonstrate the stability and strength needed
for the long-term.
■ AAA (Extremely Strong), Standard & Poor’s
■ A++ (Superior), A.M. Best Company
■ Aa1 (Excellent), Moody’s Investors Service
■ AAA (Exceptionally Strong), Fitch Ratings
*Financial strength ratings are for Massachusetts Mutual Life Insurance Company and do
not apply to any separate investment accounts or mutual funds offered under the contract.
Ratings are as of October 1, 2007 and are subject to change.
쑺 Bricklayers and
Craftworkers
쑺 Pipefitters
쑺 Building Trades
쑺 Service Employees
쑺 Elevator Constructors
쑺 Graphic Communications
쑺 Iron Workers
쑺 Laborers
쑺 Plumbers
쑺 Sheet Metal Workers
쑺 Stationary Engineers
쑺 Steamfitters
쑺 Steel Workers
쑺 Longshoremen
쑺 Theatrical Stage
Employees and Actors
쑺 Operating Engineers
쑺 Teamsters
Our Commitment to Union Labor
MassMutual’s commitment to union labor goes
above and beyond helping union members to retire
comfortably. It drives MassMutual’s policy, and the
policy of MassMutual subsidiary Cornerstone Real
Estate Advisers LLC, with regard to contracting labor for
construction projects undertaken by the two companies.
For example, MassMutual and Cornerstone strive to
employ union labor for construction projects for all
properties 100% owned and occupied by MassMutual
and its subsidiaries and 100% MassMutual owned
investment real estate properties. MassMutual’s formal
policy also reflects an appreciation for the skill and
training of union labor, as well as covering guidelines
around subcontracting and wages.
The MassMutual
Investment Program
As plan fiduciaries, today’s retirement plan sponsors have tremendous
responsibilities with regard to plan investments. Sponsors must select and replace
investments in pursuit of a prudent, diversified array that allows plan participants to
construct portfolios in consideration of their individual needs. Sponsors also have
the responsibility to assess the quality of the selected group of investments on an
ongoing basis, and so much more.
Smart ArchitectureSM
MassMutual’s Smart Architecture is a rational and disciplined
methodology for identifying and screening available investment
options to help retirement plan fiduciaries satisfy their duties in
today’s environment. Through Smart Architecture methodology,
we strive to provide an investment program distinguished by
quality and diversity, offering:
SM
쑺 Wide range of asset classes and styles
쑺 Multiple managers
쑺 Institutional and retail investment options
쑺 Flexible product pricing options
Manager Identification
MassMutual identifies managers for inclusion in the
MassMutual Investment Program to fulfill specific investment
objectives. With a defined investment mandate, we examine
managers who strive for style consistency and whose risk
parameters are within a specific range. When the need arises
to conduct a manager search, we identify investment
managers based on the value they add in expanding the range
and depth of options on our investment platform and the
potential they have to satisfy the investment goals of our
clients’ retirement plans.
Investment Screening
The screening process we apply to our array of investment
types has a singular objective – creating and maintaining a
high-quality investment program based upon quantitative and
qualitative factors – all to help ensure that plan sponsors will
be able to provide their participants with the investment
resources to match their investment needs, personal risk
profiles and retirement timeframes.
We then evaluate every option in the program on an ongoing
basis using only high quality analytical tools. Results of these
analyses are reflected monthly and/or quarterly in various
qualitative and quantitative reports.
Participant Investment Strategies
Your members are likely quite diverse in terms of age,
accumulated assets, current allocations, risk tolerance and
retirement goals. As a result, your members require an
investment selection that is broad, diverse and rational in
providing solutions for a number of investment strategies.
Regardless of the investor profiles of your members, we will
help you make available a broad range of investments that
allow your members to create an asset allocation strategy
based upon their individual needs.
Third-Party Certification
At MassMutual we stand behind our Smart Architecture
Investment Program, which we believe is among the best in
the industry. And we don’t stand behind our program alone.
Mesirow Financial, one of the nation’s leading financial
services firms, specializing in quantitative analysis,
fundamental analysis and macroeconomic research, has
independently certified the soundness of MassMutual’s
investment identification, screening and monitoring processes.
As a result, plan sponsors can have even greater peace of
mind when selecting MassMutual and investments in its
Smart Architecture Program.
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A Commitment to
Service
A Commitment to Service
Our ongoing commitment to Taft-Hartley plans is demonstrated in a variety of tangible ways through the service we provide to our
union clients. We dedicate significant resources to meeting both your immediate and long-term needs:
Dedicated Regional Taft-Hartley Relationship Manager:
MassMutual is based in Massachusetts, and chances are that
your organization is not. Nonetheless, we understand the
need to have a more local point of contact on hand to help you
with plan questions, communications planning and the like.
We have experienced Taft-Hartley relationship managers and
retirement education specialists located across the country.
Your regional relationship manager will be your single point of
contact, leading a team of professionals to coordinate all of
your retirement needs, including plan design, compliance,
administration, investments, communications and education.
Experienced Taft-Hartley Conversion Team: We offer an
efficient conversion process managed by experts who focus
on every detail of the transition. Your assigned transition team
plans and facilitates a smooth transition from your prior
recordkeeper. MassMutual was first in the industry to achieve
a successful “zero blackout conversion,” and we strive to limit
the blackout period on every plan we convert to no more than
24 hours. This means your plan can be live on our system
within 24 hours after we receive the final records from your
current vendor. A dramatic example of our recordkeeping
strength, an accelerated conversion means making the switch
from your previous plan provider with limited interruption in
service to you or your union members.
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Knowledgeable Taft-Hartley Call Center: The mission of
our call center is to help your members meet their retirement
goals. Therefore, each of our representatives really listens to
the questions and concerns of your members and takes a
consultative role throughout the retirement plan process –
from enrollment into the plan and asset accumulation, through
retirement preparation and asset distribution.
Dedicated Taft-Hartley Service Team: In addition to our
Taft-Hartley relationship managers, conversion team and
knowledgeable call center, MassMutual also has a National
Accounts service team dedicated to the sole purpose of
meeting the needs of our Taft-Hartley clients. This team has
been in place for more than 10 years, and the experience
among service professionals that make up the team runs
deep. What this boils down to is that MassMutual’s TaftHartley clients are in good hands.
Freeing You to Focus on Other Tasks
You want your members to have the best possible
retirement benefits, but MassMutual understands that
plan management can be a challenge. Our blend of high
technology and highly personalized service streamlines
administration of the plan so you can concentrate on your
other responsibilities.
Technology-Enabled Plan Management
From the time members’ accounts are opened until they
receive their final distributions, MassMutual’s proprietary
recordkeeping system handles the key administrative
events. This blend of high technology and personalized
service for Taft-Hartley plans allows us to automate
functions and manage the daily details of your retirement
plan in accordance with the terms of your plan and your
instructions. This enables you and your Fund Office
to focus on your other priorities.
Designed for dynamic interactions, MassMutual’s secure
plan sponsor Web site, the Total Retirement Center (TRC),
gives you two-way, electronic information exchange
capabilities, and provides:
쑺 Easy transfers of contribution and demographic data
쑺 The latest investment performance information
쑺 Financial, member, loan and other reporting
쑺 Complete loan administration
쑺 E-mails alerting you of important plan activity
쑺 Detailed plan information and event summary
쑺 Industry and compliance updates
“Our funds have relationships with a number of service vendors…the staff at MassMutual seems
to provide the highest and most efficient level of service among them all.”
Carnell Joyner, Jr.
Fund Administrator
Local 1 I.A.T.S.E.
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Communications
A good communications program helps your members take the
actions they need to help meet their retirement goals. That is,
it helps them understand the savings behaviors they need to
exhibit now to be able to have the freedom to spend their
time in the way that is most meaningful to them in retirement.
Moreover, participants who feel comfortable that they are
taking appropriate actions to prepare for retirement feel more
confident and secure. They are also more appreciative of the
retirement benefit you provide.
MassMutual is continually breaking ground with our
innovative approach to participant communications. Our
behavioral approach and communications process, coupled
with our data tracking and analytics capabilities, provide you
with the resources you need to help your members make the
savings decisions that are right for them.
Behavioral Economics Theory
At its most fundamental level, behavioral economics is the
study of why people make decisions and take action in such
a way that does not ultimately promote their own selfinterest. Behavioral research suggests that, while people
know they should be saving for retirement, they are biased
toward inertia and procrastination in retirement planning and
decision-making. These are barriers that plan sponsors need
to address.
MassMutual is a pioneer in applying behavioral economics to
identify new ways to help participants save for retirement.
Our research helps us to better understand your members so
that we can develop targeted communications designed to
turn intentions into action.
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A Proven Communication Process
Sporadic and haphazard communications rarely do much to
move the needle of employee action in any sort of meaningful
way, which is why MassMutual has developed a methodical
approach to running participant communications.
Study: The first step in our process is to truly understand
your plan. We have a dedicated team of analysts who
conduct research on our more than 4,000 plans and almost
1 million participants. Our analytics technology gives
analysts access to all of this data and the tools to do
thorough analysis. This analysis is supplemented with
information about industry trends and benchmarks for a
fuller understanding of your plan.
Listen: While it may sound basic, our process starts
with listening. We listen to you to understand your needs
for your plan. We strive to understand your members’
perceptions and attitudes toward retirement savings. It is
upon this foundation of understanding that an impactful
communications plan is built.
Solve: Given what we have learned about your needs
and those of your members, as well as the wealth of
information we have about success we have seen with
plans that are similar to yours, we then develop a strategy
to address your plan’s needs. We work with you to develop
communication that complements the natural tendencies,
attitudes and preferences of your participants. We deliver
targeted, relevant information designed to engage
participants in effective asset accumulation. Using a
variety of media, we focus on key messages that are
relevant, consistent and easy to act on. We know that
people are not always rational or consistent. However, we
do know that there are some systematic inconsistencies
in how people act. We tailor our communication to take
advantage of these things.
Take Action: Once the plan is in place, execution
on plan deliverables begins. Whether you are
running one campaign at a time, or multiple
campaigns targeted at different behavioral groups,
your MassMutual service team will help ensure
you are using appropriate messages for inspiring
the actions your participants need to take.
Measure: Measurement is the critical final step
in the MassMutual communications process. It is
by carefully measuring campaign results that
overall campaign success can be evaluated, and
meaningful campaign improvements be made for
the future.
Learn more...
about the power of MassMutual’s
retirement solutions. Contact your
retirement services professional or
call 877-333-4356.
The Power of Data
Using data as a means to measure success at the
end of our communications process is just the tip of
the iceberg. At MassMutual we believe that in order
to provide targeted and effective participant
communications, from start to finish, you need data.
This is exactly what we can get at with our analytics
tools. We are able to track, segment and target
communications strategies to drive appropriate
participant behavior.
Customized Member Statements:
In addition to our behavioral economics, communication process and data analytics, MassMutual
remains a pioneer with regard to statements, as
well. Our customized Taft-Hartley member
statements have become a key feature of our
program for Taft-Hartley plans. Our statements
were the first in the industry to itemize contributions
by contractor, making it simple for your members
to verify contributions for each job, and also to
provide members with their individual rates of
return. Additionally, our statements allow trustees
to incorporate messaging to members on subjects
of interest.
www.massmutual.com/retire
Contributions by contractors are itemized,
making it simple for your members to
verify contributions for each job.
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Massachusetts Mutual Life Insurance Company
and affiliates, Springfield, MA 01111-0001
www.massmutual.com
Securities offered through registered representatives of MML Investors
Services, Inc., 1295 State Street, Springfield, MA 01111.
© 2007 Massachusetts Mutual Life Insurance Company. All rights reserved.
MassMutual Financial Group is a marketing designation (or fleet name) for
Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates.
RSU2876 1107
C:06412-02