In an effort to reduce costs and provide easier use, Members 1st Federal Credit Union said it has consolidated its defined benefit, 401(k) and 457 retirement plans with a single provider.
The $2.2 billion credit union in Mechanicsburg, Pa., said it selected MassMutual's Retirement Services Division as the new provider for its defined benefit and defined contribution plans, which have total combined assets of nearly $30 million.
Members 1st said it was seeking a comprehensive array of services, consolidated participant communications, state-of-the-art technology and a desire to make the plans easy to use for associates in multiple locations.
It partnered with Strategic Retirement Group Inc., a retirement plan investment consulting firm, to help with its search of potential providers.
The credit union serves more than 200,000 members.