In an effort to reduce costs and provide easier use, Members 1stFederal 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 itselected MassMutual's Retirement Services Division as the newprovider 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 ofservices, consolidated participant communications, state-of-the-arttechnology and a desire to make the plans easy to use forassociates in multiple locations.
|It partnered with Strategic Retirement Group Inc., a retirementplan investment consulting firm, to help with its search ofpotential providers.
|The credit union serves more than 200,000 members.
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