Mutual life insurer to offer 401(k) retirement plans to the NBCC’s 100,000 members
Jul 9, 2014
(Enfield, CT) – MassMutual’s Retirement has been endorsed as the preferred provider of 401(k) retirement plans by the National Black Chamber of Commerce (NBCC) to help meet the retirement savings needs of its 100,000 members and their employees across the United States.
“MassMutual is honored to serve the retirement planning needs of the NBCC’s members and their employees as they grow their businesses and become even more successful,” said Eric Wietsma, Senior Vice President, Sales and Worksite Education, for MassMutual’s Retirement Division. “Many of the NBCC’s members are small-business owners and MassMutual has unsurpassed expertise, resources and capabilities to meet the needs of this expanding marketplace.”
“MassMutual’s demonstrated expertise and capabilities in helping Americans create and protect wealth offers significant value for NBCC members and future members,” said Harry C. Alford, President and Chief Executive Officer of the NBCC. “Our affiliation with MassMutual provides our members with invaluable resources, not only for retirement planning but for their broader financial planning needs as well.”
As part of the endorsement, MassMutual is providing NBCC members with a variety of retirement planning educational tools, including access to the RetireSmart.com web site, retirement planning and income calculators, videos, product information, investment performance, research on consumers and businesses, and white papers on retirement issues. The educational materials are available to all NBCC members, regardless of whether or not they initiate a MassMutual retirement plan.
The NBCC is dedicated to economically empowering and sustaining African American communities by supporting and encouraging entrepreneurship and capitalistic activities, said Alford. He noted that Black entrepreneurs are a growing force in the U.S. economy.
There are currently 2.1 million Black-owned businesses in the United States that account for more than $138 billion in revenue each year, the U.S. Census Bureau reports. Black business owners account for 49.9 percent of all minority business owners, whose share of business ownership in the U.S. grew to 14.6 percent in 2012 from 11.5 percent in 2007, according to the Small Business Administration.
MassMutual’s research on small-business owners with fewer than 500 employees found that 60 percent of Black business owners had an established retirement plan, indicating a significant marketing opportunity. Of those participating in a retirement plan, Blacks were more likely to value educational tools on retirement planning and increase income deferrals for retirement savings when they received a raise than other minority groups.
“MassMutual has the resources to provide Black business owners and their employees with a broad range of educational tools and assistance with retirement planning,” Wietsma said. “We can connect with retirement plan participants on their own terms, from face-to-face meetings and direct response campaigns to our participant website and technology such as iPod Touch devices.”
MassMutual will proactively reach out to NBCC members through a broad network of affiliated financial advisors, including national and regional broker-dealer firms and MassMutual’s career agents. The insurer’s career agents offer a wide range of financial planning services to meet NBCC members’ personal and business needs.
For more information about MassMutual’s retirement plans or other financial services, NBCC members should contact their financial professional or contact MassMutual at 1-855-553-2180 or at www.massmutual.com/nbcc.
About the National Black Chamber of Commerce
The NBCC is a nonprofit, nonpartisan, nonsectarian organization dedicated to the economic empowerment of African American communities. 140 affiliated chapters are locally based throughout the nation as well as international affiliate chapters based in Bahamas, Brazil, Colombia, Ghana, Kenya, France, Botswana, Cameroon and Jamaica and businesses as well as individuals who may have chosen to be direct members with the national office.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
MassMutual’s Retirement has been serving retirement plans for more than 65 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 2.8 million participants.