MassMutual’s Retirement Services Division reported a 76% increase in nonprofit retirement plan sales through Oct. 31, when compared to the same period last year.

Hugh O'Toole

The company attributes some of its increased sales to several nonprofit “sub-niches,” including charitable 501c(3) organizations, private education and religious organizations, according to a statement from Hugh O’Toole, senior vice president and head of sales and client management for MassMutual’s Retirement Services Division.

The company, which serves about 1 million retirement plan participants, also saw “tremendous growth” in the healthcare market, he said.

“We recently completed the consolidation of $100 million in retirement plan assets from 403(b), 401(a), 457(b) and 457(f) retirement plans for a large healthcare organization with more than 3,200 employees,” says M. Palmer Whitney, national managing director for MassMutual’s nonprofit market.

He noted that “the nonprofit market presents unique challenges and the regulatory environment can be overwhelming for plan sponsors.”