Massachusetts Mutual Life Insurance Company 401(k) Review & Grade
Massmutual Thrift Plan
Springfield, MAFinance & Insurance13,590 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,693Employer $ per active participant
$10,601Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$4.3BNet plan assets, end of year
$198,143Average balance per account
Score breakdown
- Employer generosity20.4 / 5041th percentile for employer $ per participant
- Low cost22.9 / 2592th percentile for low admin cost vs. same-size plans
- Employee saving9.3 / 1562th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score50 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 41th |
| Lower admin cost | 92th |
| Employee saving | 62th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($4,399,924 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $33,723 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Massachusetts Mutual Life Insurance put in about $4,693 per active participant, below the typical peer ($5,179). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $63,775,163 |
| Participant (employee) contributions | $144,064,242 |
| Other contributions (incl. rollovers in) | $33,507,044 |
| Administrative expenses paid from the plan | $786,108 |
| Contract administrator fees | $10,800 |
| Other admin expenses | $40,200 |
| Benefits paid out | $432,082,081 |
| Net assets, start / end of year | $3.9B / $4.3B |
| Active participants, start / end of year | 13,502 / 13,678 |
| Participants with account balances | 21,856 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | KPMG LLP |
Largest service providers (Schedule C)
| Fid Inv Inst Ops | $745,908 reported compensation |
| Willis Towers Watson US LLC | $40,200 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250919133811NAL0003626418001, received 2025-09-19, EIN 04-1590850, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.