Misplaced Pages

#272727

87-583: The Massachusetts Mutual Life Insurance Company , also known as MassMutual , is a Springfield, Massachusetts -based life insurance company. MassMutual provides financial products such as life insurance , disability income insurance , long term care insurance , and annuities. Major affiliate includes Barings LLC . MassMutual ranks at 100 in the 2022 Fortune 500 list of the largest United States corporations by total revenue. The company has revenues of $ 10.7 billion and assets under management of $ 312 billion (as of 2022). The company employs more than 7,000 in

174-646: A collection of Asian curiosities; the Springfield Science Museum , which features a life-size Tyrannosaurus Rex, an aquarium and the first American-made planetarium , designed and built (1937) by Frank Korkosz; the Amazing World of Dr. Seuss Museum , as Springfield is the birthplace of Theodor Geisel ; and the Lyman and Merrie Wood Museum of Springfield History, a museum about the multi-faceted city. The Connecticut Valley Historical Museum

261-540: A collection of rare artifacts that tell stories about the ill-fated ocean liner's passengers and crew. The Springfield Symphony Orchestra performs in Springfield Symphony Hall . In 2011, Springfield's music scene was eclectic. It featured a notable heavy rock scene, from which the bands Gaiah, Staind , All That Remains , Shadows Fall , and The Acacia Strain rose to national prominence. Jazz and blues rival rock in popularity. In 2010 and 2011

348-611: A company of his own in neighboring Massachusetts. Similar to Connecticut Mutual, this new enterprise grew into a mutual company . The popularity of mutual companies in the insurance industry had grown significantly between 1843 and MassMutual's creation. Approximately a dozen competing mutual companies, including Mutual Life Insurance Company of New York (1842), Mutual Life Insurance Company of New Jersey (1845), and Connecticut Mutual Life Insurance (1846), experienced promising success, because minimal amounts of working capital were required for operation. However, MassMutual's path followed

435-492: A decade. John Hall replaced Mr. Edgerly in March 1895 and helped MassMutual's assets exceed $ 50,000,000. In 1901, MassMutual began to offer policies whose proceeds would be paid over a fixed period or for life, compared to policies that were only payable in lump sums at death or maturity. Before Mr. Hall's death on September 3, 1908, he guided MassMutual through the late 19th century – particularly through numerous business scandals of

522-404: A different course when an 1851, Massachusetts state law required all insurance companies to take an initial stock subscription of $ 100,000. Rice met that requirement by recruiting 31 investors to purchase stock in his company to meet the mandatory subscription. After the company began operations and built sufficient reserves to meet regulatory requirements, the 31 stockholders were paid back in 1867,

609-448: A history spanning nearly four centuries, Springfield has been home to a number of legacy companies that were household names, including: Springfield's mosaic of ethnic communities have long played a role in its culinary institutions, with many newer smaller restaurants and several decades-old establishments in its downtown. Among its oldest institutions are Smith's Billiards, founded in 1902, which serves Theodore's Blues, Booze, & BBQ,

696-685: A location well suited for distribution, and in the past this has played a significant role in its economy. For this reason in the early 20th century it was the largest producer in New England of commercially produced cakes and pastries, and among the largest in bread—with one 1926 estimate of 1.4 million loaves of bread and 14 million breakfast rolls produced in the city on a weekly basis. Today Springfield's top five industries (in order, by number of workers) are: Education and Health Services; Trade and Transportation; Manufacturing; Tourism and Hospitality; and Professional & Business Services. Springfield

783-575: A luxury condominium building. The Hotel Kimball , (140 Chestnut Street), which hosted several U.S. Presidents as guests and once featured the United States' first commercial radio station (WBZ), has been converted into The Kimball Towers Condominiums . The former McIntosh Shoe Company (158 Chestnut Street), one of Springfield's finest examples of the Chicago School of Architecture , has been converted into industrial-style condominiums; and

870-627: A neighboring barbecue and music venue since 1979, recognized as the "Best Blues Club in the Country" in 2004 by the Blues Foundation . Other venues include The Student Prince Cafe , a long-running German restaurant at its downtown location since 1935, featured on Thrillist 's 2014 Editor's Choice bars, and a wide array of long-running acclaimed Italian restaurants such as Frigo's (1950), The Red Rose (1963), and Leone's (1988) and pastry shops like La Fiorentina (1947). In recent decades

957-653: A population of 699,162 in 2020. Springfield was founded in 1636, the first Springfield in the New World. In the late 1700s, during the American Revolution , Springfield was designated by George Washington as the site of the Springfield Armory because of its central location. Subsequently it was the site of Shays' Rebellion . The city would also play a pivotal role in the Civil War , as

SECTION 10

#1732772753273

1044-524: A protracted decline during the second half of the 20th century, due largely to the decommissioning of the Springfield Armory in 1969; poor city planning decisions, such as the location of the elevated I-91 along the city's Connecticut River front; and overall decline of industry throughout the northeastern United States . During the 1980s and 1990s, Springfield developed a national reputation for crime, political corruption, and cronyism. During

1131-856: A record net income with 37% net income over the previous year – $ 359.2 million. As profits increased through 1999, the company announced a new marketing name, MassMutual Financial Group. This was an attempt to strengthen the brand as a diversified financial services company. As Chairman and CEO, Robert Connell foresaw the importance of offering new products and services. Between 1999 and 2001, MassMutual and its domestic insurance subsidiaries launched 40 new products. By 2001, nearly 70% of revenues stemmed from these products. MassMutual's financial success continued in 2000 – total sales increased by 31% and total assets under management grew from 1999's $ 206.6 billion to $ 213.1 billion. Along with increased monetary growth, MassMutual expanded internationally. MassMutual International purchased CRC Protective Life of Hong Kong , which

1218-582: A stop on the Underground Railroad and home of abolitionist John Brown , widely known for his raid on Harpers Ferry , and for the Armory's manufacture of the famed " Springfield rifles " used ubiquitously by Union troops. Closing during the Lyndon B. Johnson administration, today the national park site features the largest collection of historic American firearms in the world. Today the city

1305-400: Is considered to have a "mature economy", which protects the city to a degree during recessions and inhibits it somewhat during bubbles. Springfield is considered to have one of America's top emerging multi-cultural markets—the city features a 33% Latino population with buying power that has increased over 295% from 1990 to 2006. As of 2006, more than 60% of Hispanic Springfielders had arrived in

1392-412: Is divided into 17 distinct neighborhoods; in alphabetical order, they are: According to the 2010 Census , Springfield had a population of 153,060, of which 72,573 (47.4%) were male and 80,487 (52.6%) were female. 73.0% of the population were over 18 years old, and 10.9% were over 65 years old; the median age was 32.2 years. The median age for males was 30.2 years and 34.1 years for females. According to

1479-522: Is home to the Commonwealth of Massachusetts' largest Fortune 100 company, MassMutual Financial Group. It is also home to the world's largest producer of handguns, Smith & Wesson , founded in 1852. It is home to Merriam Webster , the first and most widely read American–English dictionary, founded in 1806. Springfield is also home to the Commonwealth of Massachusetts' third largest employer, Baystate Health , with over 10,000 employees. Baystate

1566-489: Is known as The City of Homes for its attractive architecture, which differentiates it from most medium-size, Northeastern American cities. Most of Springfield's housing stock consists of Victorian " Painted Ladies " (similar to those found in San Francisco); however, Springfield also features Gilded Age mansions, urban condominiums buildings, brick apartment blocks, and more suburban post-World War II architecture (in

1653-703: Is relatively flat, and follows the north–south trajectory of the Connecticut River; however, as one moves eastward, the city becomes increasingly hilly. Aside from its rivers, Springfield's second most prominent topographical feature is the city's 735-acre (297 ha) Forest Park . Forest Park lies in the southwestern corner of the city, surrounded by Springfield's attractive garden districts, Forest Park and Forest Park Heights , which feature over 600 Victorian Painted Lady mansions. Forest Park also borders Longmeadow. Springfield shares borders with other suburbs such as East Longmeadow , Wilbraham , Ludlow and

1740-675: Is the largest in western New England , and the urban, economic, and media capital of Massachusetts' section of the Connecticut River Valley , colloquially known as the Pioneer Valley . Springfield has several nicknames—"The City of Firsts", due to the many innovations developed there , such as the first American dictionary , the first American gas-powered automobile , and the first machining lathe for interchangeable parts ; "The City of Homes", due to its Victorian residential architecture; and "Hoop City", as basketball

1827-599: Is the western campus of Tufts University School of Medicine . Baystate Health is in the midst of a $ 300 million addition; nicknamed "The Hospital of the Future", it is the largest construction project in New England. In addition to Baystate, Springfield features two other nationally ranked hospitals; Mercy Medical , run by The Sisters of Providence , and Shriners Hospital for Children. The following companies maintain their headquarters in Springfield: With

SECTION 20

#1732772753273

1914-580: The 2010 Census , there were 61,706 housing units in Springfield, of which 56,752 were occupied. This was the highest average of home occupancy among the four distinct Western New England metropolises (the other three being Hartford, New Haven, and Bridgeport, Connecticut ). Also as of 2010, Springfield features the highest average homeowner occupancy ratio among the four Western New England metropolises at 50%—73,232 Springfielders live in owner-occupied units, versus 74,111 in rental units. By comparison, as of

2001-718: The American College Chartered Life Underwriter designation. Total life insurance in force doubled from $ 2.7 billion to $ 5.4 billion between 1948 and 1957. James R. Martin was named president in 1968. Martin led MassMutual to invest in various projects, including $ 75 million invested in a Springfield, Mass. office to support efforts for rejuvenating urban development in Springfield. MassMutual began to offer flextime for employees in 1968. While MassMutual focused on life insurance , policyowners began to invest money into money market funds . MassMutual responded by forming its own money market in

2088-699: The City Beautiful movement. The Quadrangle's five distinct collections include the Dr. Seuss National Memorial Sculpture Garden ; the largest collection of Chinese cloisonne outside of China; and the original casting of Augustus Saint Gaudens 's most famous sculpture, Puritan . The Quadrangle's five museums are the Museum of Fine Arts, which features a large Impressionist collection; the George Walter Vincent Smith Art Museum,

2175-687: The Mason–Dixon line . For the next several decades, MassMutual's expansion continued to mirror that of the United States. By the time MassMutual was established, 9,000 miles (14,000 km) of functioning railroad lines had been built, giving MassMutual the opportunity to establish agencies in New York City , Cleveland , Chicago , and Detroit by 1855. MassMutual reached the West Coast in 1868 and established an office in San Francisco before

2262-557: The Transcontinental Railroad was completed in 1869. Across the industry, sales of life insurance policies began to substantially increase by the late 1850s. Sales reached $ 200 million by 1862, then tripled to just under $ 600 million by the end of the Civil War. Westward expansion and increased marketing efforts of the insurance industry were largely responsible for this growth. Another effort that contributed to

2349-581: The provision upon creation. As the Armstrong Investigation settled, all MassMutual policies issued after October 1, 1907 earned value according to the American Experience Table of Mortality and 3% interest. MassMutual also began to offer new services and policies to attract customers. In 1914, the company instituted a premium waiver in the event of disability, and designed policies with clauses that provided income in

2436-434: The tornado left three dead, hundreds injured, and over 500 homeless in the city alone. The tornado caused hundreds of millions of dollars worth of damage to Springfield and wrought significant destruction in a 39-mile-long (63 km) path from Westfield to Charlton, Massachusetts . It was the first deadly tornado to strike Massachusetts since May 29, 1995. Neighborhoods of Springfield, Massachusetts Springfield

2523-517: The "Windsor Indian" who, running 20 miles from Windsor, Connecticut , to the settlement, was able to give advance warning of the attack. The original settlement—today's downtown Springfield—was located atop bluffs at the confluence of four rivers, at the nexus of trade routes to Boston , Albany , New York City , and Montreal , and with some of the northeastern United States' most fertile soil. In 1777, Springfield's location at numerous crossroads led George Washington and Henry Knox to establish

2610-723: The 1980s after the federal legislation began to oversee employee pensions as the Employee Retirement Income Security Act was passed in September 1974. In addition to universal life policies being introduced in 1981, MassMutual's group pension unit was upgraded to a division the same year. By early 1984, the US economy rebounded and the country entered one of the longest periods of sustained economic growth since World War II . The group pension division's assets had reached $ 5 billion – making MassMutual one of

2697-488: The 19th century version of tontines . The report also recommended a prohibition on political campaign contributions by such corporations. It is credited with launching the political career of Charles Evans Hughes . It conducted 51 investigatory sessions and its recommendations were incorporated into eight New York State statutes . Numerous other states soon followed suit. A tontine is an investment plan for raising capital in which each subscriber pays an agreed sum into

MassMutual - Misplaced Pages Continue

2784-616: The 2010 Census, New Haven features an owner occupancy rate of 31%; Hartford of 26%; and Bridgeport of 43%. In terms of race and ethnicity, Springfield is 51.8% White , 22.3% Black or African American, 0.6% American Indian and Alaska Native, 2.4% Asian (1.2% Vietnamese, 0.3% Chinese, 0.2% Indian, 0.1% Cambodian, 0.1% Filipino, 0.1% Korean, 0.1% Pakistani, 0.1% Laotian), 0.1% Native Hawaiian and Other Pacific Islander, 18.0% from Some Other Race, and 4.7% from Two or More Races (1.5% White and Black or African American; 1.0% White and Some Other Race). Hispanics and Latinos of any race made up 38.8% of

2871-461: The FBI, and indexed by NeighborhoodScout showed between 2010 and 2018 the violent crime rate for Springfield decreased by approximately 52.5%, whereas the property crime rate declined by 54%; both rates remain more than twice their respective state averages, as of 2018. Distribution of Greater Springfield NECTA Labor Force (2016) Springfield's vicinity to both Boston and New York City lends it

2958-579: The Sixteen Acres and Pine Point neighborhoods). While Springfield's architecture is attractive, much of its built-environment stems from the 19th and early 20th centuries when the city experienced a period of "intense and concentrated prosperity"—today, its Victorian architecture can be found in various states of rehabilitation and disrepair. As of 2011, Springfield's housing prices are considerably lower than nearby New England cities which do not feature such intricate architecture. In Metro Center, stands

3045-658: The Springfield-headquartered Hampden Bank sponsored the Hoops City Jazz & Art Festival, a three-day event that drew approximately 30,000 people to Metro Center to hear varieties of different jazz music—from smooth jazz, to hard bop, to New Orleans-style jazz. Headliners included Springfield great Taj Mahal , the Average White Band , and Poncho Sanchez . In addition to its nickname The City of Firsts , Springfield

3132-441: The United States , had charged the expense of an immense costume ball that year to the corporate account. The investigation uncovered a series of corrupt practices used by the company. The report came to the conclusion that “A cancer can not be cured by treating the symptoms. Complete mutualization, to be paid for at a price only commensurate with its dividends is, in my opinion, the only sure measure of relief." The findings led to

3219-482: The United States' National Armory at Springfield , which produced the first American musket in 1794, and later the famous Springfield rifle . From 1777 until its closing during the Vietnam War , the Springfield Armory attracted skilled laborers to Springfield, making it the United States' longtime center for precision manufacturing. The near-capture of the armory during Shays' Rebellion of 1787 led directly to

3306-472: The United States' City Crime Rankings—its second-lowest ranking in recent years, (in 2009, it ranked 51st). Springfield's 2010 crime rating of 142 is down approximately 50% from its heights in the late 1990s and 2000s. The Urban Land Institute stated in 2010 that "the perception of crime [in Springfield] appears to be worse than the reality". By another measure, crime and population data collected by

3393-516: The United States, and a total of 10,614 internationally. Massachusetts Mutual Life Insurance Company (MassMutual) began operation on May 15, 1851 in Springfield, Massachusetts . It was founded by George W. Rice , who subscribed for a guarantee capital of $ 100,000. As an insurance agent who sold policies for Connecticut Mutual Life Insurance Company in Hartford, Connecticut, Rice wanted to open

3480-537: The United States, with over $ 1 billion in assets around 1900. After continued elaborate activities by the executives at the company, allegations of corruption occurred. The investigation by the New York Insurance Department began after an accumulation of complaints by consumers and other insurers, and was catalyzed by rumors that James Hazen Hyde , a vice president and expected next corporate president of The Equitable Life Assurance Society of

3567-408: The United States. The city of Springfield itself is home to Springfield College , Western New England University , American International College , and Springfield Technical Community College , among other higher educational institutions. The area that would become Springfield was historically inhabited by indigenous people, with documented middle archaic period sites, a ceramic workshop site from

MassMutual - Misplaced Pages Continue

3654-577: The Woodland period in south Springfield, and the contact period Long Hill site, excavated in 1895. At the time of European contact at settlement, the Springfield area was inhabited by the Agawam tribe, who sold land to English settlers. Springfield was founded in 1636 by English Puritan William Pynchon as "Agawam Plantation" under the administration of the Connecticut Colony . In 1641 it

3741-481: The arms industry of the Armory, as well as from private companies such as Smith & Wesson , established by Horace Smith and Daniel B. Wesson . Similarly, the industrial economy led Thomas and Charles Wason to establish the Wason Manufacturing Company , which produced the first manufactured sleeping car . The largest railcar works in New England, Wason produced 100 cars a day at its peak;

3828-449: The biggest managers in the United States. The investment management group issued $ 693 million in commercial mortgage pass-through certificates in 1985 – the largest commercial loan issue to date. Assets stood at $ 15.7 billion and rose to $ 25.1 billion by 1989. Individual life insurance in force was $ 81.5 billion in 1989 – up from $ 54.1 billion in 1985. Despite the huge growth of the group pension and financial products divisions, MassMutual

3915-575: The city has also become home to a number of cuisines not found elsewhere in the region, including Cajun restaurant Chef Wayne's Big Mamou, Lebanese restaurant Nadim's Downtown, local chain Puerto Rican Bakery, and a host of other Greek, Jamaican, Mexican, and Vietnamese venues. Springfield is home to five distinct museums at the Quadrangle , along with the ornate Springfield City Library —an architecturally significant example of

4002-460: The city of Chicopee (which constituted one of Springfield's most populous neighborhoods until it separated and became an independent municipality in 1852). The Connecticut state line is only 4 miles (6 km) south of Springfield, beside the wealthy suburb of Longmeadow , which itself separated from Springfield in 1783. Springfield's densely urban Metro Center district surrounding Main Street

4089-605: The city of Chicopee. The small cities of Agawam and West Springfield lie less than a mile (1.6 km) from Springfield's Metro Center, across the Connecticut River. The City of Springfield also owns the Springfield Country Club, located in the autonomous city of West Springfield, which separated from Springfield in 1774. Springfield, like other cities in southern New England, has a hot-summer humid continental climate ( Köppen : Dfa ) with four distinct seasons and precipitation evenly distributed throughout

4176-681: The city since 1986. With 25 universities and colleges within a 15-mile (24 km) radius from Springfield, including several universities and liberal arts colleges , and more than six institutions within the city itself, the Hartford–Springfield metropolitan area has been dubbed the Knowledge Corridor by regional educators, civic authorities, and businessmen—touting its 32 universities and liberal arts colleges , numerous highly regarded hospitals, and nearly 120,000 students. The Knowledge Corridor universities and colleges provide

4263-494: The company was eventually purchased by Brill in 1907 and closed during the Depression in 1937. Among numerous other industries, during the first half of the 20th century Springfield also produced brass goods, chemicals, clothing and knit goods, paper goods, watches, boilers, engines, manufacturing machinery, silverware, jewelry, skates, carriages, buttons, needles, toys, and printed books and magazines. Springfield underwent

4350-472: The company's global workforce. As of 2016, MassMutual Life Insurance holds Fortune 500's 76th place – up from 2015's 94th. As of 2022, MassMutual Life Insurance holds the 100th place on the Fortune 500 list. MassMutual owns Tremont Capital Management , a feeder fund that fed investors' money to Bernard Madoff 's Ponzi scheme and ultimately lost $ 3.3 billion in the resulting scandal . Irving Picard ,

4437-409: The country. On the occasions that hurricanes have hit New England, Springfield's inland, upriver location has caused its damages to be considerably less than shoreline cities like New Haven, Connecticut , and Providence, Rhode Island . On June 1, 2011, Springfield was directly struck by the second-largest tornado ever to hit Massachusetts . With wind speeds exceeding 160 mph (257 km/h),

SECTION 50

#1732772753273

4524-578: The creation of the Armstrong Commission to investigate such practices across the industry. Spearheaded by William Armstrong , a State Senator, the commission began work in 1905. The Armstrong Committee eventually issued a report highlighting a number of questionable practices. The legislature in New York and several other states adopted many of the recommendations, including a restriction on policies with lengthy deferred payouts, including

4611-555: The development of insurance products and services for workers. The war placed high production demands on the country's industrial workforce . As jobs were quickly created and unions strengthened, MassMutual entered the group marketplace in 1946, offering policies and managing pensions. The first group product was a pension and insurance policy for Brown-Forman Distillers – the Kentucky-based company that produced Jack Daniel's whiskey. MassMutual maintained internal development as

4698-427: The early 20th century. The 1906 Armstrong Committee investigation in 1905 uncovered the questionable financial practices of several New York life insurance companies. While MassMutual was not a specific target, the investigation required insurance companies to distribute dividends annually, to restrict the size of agents' commissions, and to regulate the nature of their investments. Policies were also required to state

4785-473: The early 21st century, Springfield saw long-term revitalization projects and several large projects, including the $ 1 billion New Haven–Hartford–Springfield intercity rail ; a $ 1 billion MGM casino ., and the $ 95 million redevelopment of Springfield Union Station. In December 2022, Springfield was designated by the National Park Service as an American World War II Heritage City,

4872-535: The eastern Chicopee River , and the eastern Mill River . At the 2020 census , the city's population was 155,929, making it the third most populous city in the U.S. state of Massachusetts and the fourth most populous city in New England after Boston , Worcester , and Providence . Metropolitan Springfield , as one of two metropolitan areas in Massachusetts (the other being Greater Boston ), had

4959-419: The event of disability in 1918. Despite the adverse effects of the influenza epidemic in 1918, MassMutual maintained steady growth. The company employed 400 home office employees as the amount of insurance in force passed $ 1 billion in 1924. However, MassMutual began to feel the direct effects of the stock market crash in 1929. As the economy plunged 22% in a matter of days and 30% of the country's workforce

5046-587: The fertile Connecticut River Valley , surrounded by mountains, bluffs, and rolling hills in all cardinal directions, Springfield sits on the eastern bank of the Connecticut River, near its confluence with two major tributary rivers—the western Westfield River , which flows into the Connecticut opposite Springfield's South End Bridge; and the eastern Chicopee River , which flows into the Connecticut less than 0.5 mi (0.8 km) north of Springfield, in

5133-505: The firm issued its first pension trust policy in 1938. As the Great Depression faded from the United States in 1939, the start of World War II spurred the country's industrial and economic progression, workforce and insurance demands. Former actuary Alexander MacLean began his MassMutual presidency in 1945. Once the United States became heavily involved with World War II and unemployment significantly decreased, MacLean oversaw

5220-468: The first American gasoline-powered car (1893, Duryea Brothers ); the first successful motorcycle company (1901, " Indian "); one of America's first commercial radio stations (1921, WBZ , broadcast from the Hotel Kimball ); and most famously, the world's second-most-popular sport, basketball (1891, Dr. James Naismith ). Springfield would play major roles in machine production, initially driven by

5307-558: The first in the Commonwealth of Massachusetts and one of only 18 communities in the country. According to the United States Census Bureau , the city has a total area of 33.1 square miles (85.7 km ), of which 31.9 square miles (82.5 km ) are land and 1.2 square miles (3.1 km ), or 3.65%, are water. Once nicknamed "The City in a Forest", Springfield features over 4.0 square miles (10.4 km ) of urban parkland, 12% of its total land area. Located in

SECTION 60

#1732772753273

5394-404: The first six months of 2010. In 2012, MassMutual agreed to purchase The Hartford's Retirement Plans business, ultimately acquiring it January 1, 2013. This acquisition built on MassMutual's record retirement business growth, added complementary markets and distribution capabilities, and nearly doubled the number of retirement plan participants MassMutual served. Haven Life Insurance Agency, LLC

5481-449: The formation of the U.S. Constitutional Convention . During the 19th and 20th centuries, Springfielders produced many innovations, including the first American-English dictionary (1805, Merriam-Webster ); the first use of interchangeable parts and the assembly line in manufacturing (1819, Thomas Blanchard ); the first American horseless car (1825, Thomas Blanchard); the mass production of vulcanized rubber (1844, Charles Goodyear );

5568-429: The fund, and thereafter receives an annuity. As members die, their shares devolve to the other participants, and so the value of each annuity increases. On the death of the last member, the scheme is wound up. After an initial introduction in 1868 in the United States, they soon grew in popularity, to the point that by 1905, two-thirds of the life insurance in the United States was in the form of tontines. Tontine insurance

5655-653: The ground . During that attack, three-quarters of the original settlement was burned to the ground, with many of Springfield's residents survived by taking refuge in John Pynchon's brick house, the "Old Fort", the first such house to be built in the Connecticut River Valley. Out of the siege, Miles Morgan and his sons were lauded as heroes; as one of the few homesteads to survive the attack, alerting troops in Hadley, as well as Toto, often referred to as

5742-484: The high snowfall amounts and blustery wind averages of nearby cities such as Worcester, Massachusetts , and Albany, New York . Springfield's summers are very warm and sometimes humid. During summer, several times per month, on hot days afternoon thunderstorms will develop when unstable warm air collides with approaching cold fronts . The daily average in July is around 74 °F (23 °C). Usually several days during

5829-511: The increased selling of life insurance policies was the passing of a non-forfeiture law by the Massachusetts legislature in 1861. The law forbade companies from canceling policies, even if premium payments were not received from policyholders, and stated that policies would be converted to term-life policies and companies were to pay any death claims that occurred during this term period. As the industry continued to grow, so did MassMutual, and by 1873 – just over 20 years since their first $ 1,000 policy

5916-507: The late 1970s. William Clark, who had taken over as MassMutual's president in 1980, reorganized the company changing investment policies and introducing several new products – including universal life policies in 1981. MML Investors Services was founded in 1981, offering mutual funds and other non-insurance products. MassMutual then reorganized in 1983 into four divisions: individual products, group life and health, group pensions, and investments. Group pensions became particularly important in

6003-426: The population (33.2% Puerto Rican, 1.7% Dominican, 1.0% Mexican, 0.5% Guatemalan, 0.3% Cuban, 0.2% Colombian, 0.2% Spanish, 0.2% Salvadoran, 0.1% Peruvian, 0.1% Ecuadorian, 0.1% Panamanian, 0.1% Costa Rican, 0.1% Honduran). Non-Hispanic Whites were 36.7% of the population in 2010, down from 84.1% in 1970. Data is from the 2009–2013 American Community Survey 5-Year Estimates. In 2010, Springfield ranked 35th in

6090-466: The postwar economy boomed by decentralizing operations through field agents. The company's home office staff, consisting of 1,350 employees, served a client base of more than 700,000 customers. MassMutual's general and district agencies contributed towards the company's growth – assets totaled $ 1.4 billion, with $ 3 billion of insurance in force by 1951. In addition, MassMutual instituted a training program for field agents and encouraged its workers to complete

6177-529: The receiver who is recovering money from the Ponzi scheme, extracted a settlement from Tremont worth over one billion dollars. Springfield, Massachusetts Springfield is the most populous city in and the seat of Hampden County, Massachusetts , United States. Springfield sits on the eastern bank of the Connecticut River near its confluence with three rivers: the western Westfield River ,

6264-514: The red-brick, former Milton Bradley toy factory is now Stockbridge Court Apartments (45 Willow Street). In the Ridgewood Historic District, the 1950s-futurist Mulberry House (101 Mulberry Street), is now a condominium building that features some of the finest views of Springfield. Armstrong Investigation The Equitable Life Assurance Society of the United States had grown to be one of the largest insurance companies in

6351-404: The region with an educated workforce, which yields a yearly GDP of over $ 100 billion—more than at least 16 U.S. States. Hartford–Springfield has become home to a number of biotech firms and high-speed computing centers. As of 2009 Springfield ranks as the 24th most important high-tech center in the United States with approximately 14,000 high-tech jobs. In 2010, the median household income

6438-515: The stock was retired, and MassMutual functioned as a mutual company. MassMutual's first president was Caleb Rice , appointed in 1851. A cousin of founder George W. Rice, Caleb Rice served as president of MassMutual for 22 years, making him the longest-serving president in the company's history. As a former lawyer and Sheriff of Hampden County, Massachusetts , Rice served on the Massachusetts House of Representatives for five years and

6525-472: The summer exceed 90 °F (32 °C), constituting a " heat wave ". Spring and fall temperatures are usually pleasant, with mild days and crisp, cool nights. Precipitation averages 45.85 inches (1,165 mm) annually, and snowfall averages 40.5 inches (103 cm), most of which falls from mid-December to early March. Although not unheard of, extreme weather events like hurricanes and tornadoes occur infrequently in Springfield compared with other areas in

6612-500: The two prominent skyscrapers, Tower Square, and Monarch Place , the latter of which is the tallest building in Massachusetts outside of Boston. Many of the city's Victorian buildings including former hotels, factories, and other institutions have been converted into apartment buildings and luxury condominiums. For example, Springfield's ornate Classical High School (235 State Street), with its immense Victorian atrium—where Dr. Seuss, Timothy Leary, and Taj Mahal all went to high school—is now

6699-465: The year, but the intensity (and sometimes the duration) of warmer periods is greater than in northern areas. Winters are cold with a daily average in January of around 26 °F (−3 °C). During winter, nor'easter storms can drop significant snowfalls on Springfield and the Connecticut River Valley . Temperatures below 0 °F (−18 °C) can occur each year, though the area does not experience

6786-464: Was $ 35,236. Median income for the family was $ 51,110. The per capita income was $ 16,863. About 21.3% of families and 26.8% of the population were below the poverty line, including 40.0% of those under age 18 and 17.5% of those age 65 or over. The City of Springfield is the economic center of Western Massachusetts. It features the Pioneer Valley 's largest concentration of retail, manufacturing, entertainment, banking, legal, and medical groups. Springfield

6873-558: Was created as a subsidiary of MassMutual in 2015 with offices in New York. Haven Life exclusively sells term life policies. In July 2020, Canadian-owned, Denver-based Empower Retirement announced it would be purchasing MassMutual's retirement plan business for $ 4.4 billion plus a contingency payout. In April 2022, Massachusetts-based Fidelity Investments announced it would be the record keeping service provider of MassMutual's corporate 401K plan. A total of 11,593 employees make up

6960-511: Was faced with unemployment, death claims and policy lapses drastically increased due to an unusual number of suicides and general economic hardship. MassMutual became a last resort for people needing financial help as The Great Depression took over the United States – and the world – from 1929–1932. While the Great Depression was an economic downfall for the country, MassMutual was able to develop new products and services. MassMutual introduced its first family-income policy in 1930. Eight years later,

7047-444: Was invented in Springfield in 1891 by Canadian James Naismith . Hartford , the capital of Connecticut , lies 24 miles (39 km) south of Springfield, on the western bank of the Connecticut River. The Hartford–Springfield region is known as the Knowledge Corridor because it hosts over 160,000 university students and over 32 universities and liberal arts colleges —the second-highest concentration of higher-learning institutions in

7134-555: Was issued on August 2, 1851– the company held $ 4,501,909 in assets. Caleb Rice's presidency of MassMutual came to an end in 1873 when he was succeeded by E.W. Bond, who held the position for 13 years. Bond was replaced in 1886 by Colonel Martin Van Buren Edgerly, who started his career with MassMutual in 1859. He was the first major example of MassMutual's tendency to look from within to promote and enforce inward leadership. Edgerly oversaw MassMutual's growth for nearly

7221-517: Was later elected as the first mayor of Springfield, Massachusetts from 1852 to 1853. MassMutual began to sell policies to homeowners and workers throughout New England . As westward expansion grew, fueled by excitement from the California Gold Rush (1848–1855) and railroad development, MassMutual agents began to sell high-premium insurance policies to railway and steamship workers, gold-rush adventurers, and people relocating south of

7308-761: Was one of the Quadrangle's five museums until 2009. In 2017 the Amazing World of Dr. Seuss Museum opened in the former location, the William Pynchon Memorial Building. The collections of the Connecticut Valley Historical Museum are now located in the Lyman and Merrie Wood Museum of Springfield History. Springfield's Indian Orchard neighborhood is home to the RMS Titanic Historical Society's Titanic Museum , which displays

7395-645: Was renamed after Pynchon's hometown of Springfield, Essex , England, following incidents, including trade disputes as well as Captain John Mason's hostilities toward native tribes, which precipitated the settlement's joining the Massachusetts Bay Colony . During its early existence, Springfield flourished both as an agricultural settlement and as a trading post, although its prosperity waned dramatically during (and after) King Philip's War in 1675, when natives laid siege to it and burned it to

7482-689: Was renamed as MassMutual Asia. Back in the United States, MassMutual Trust Company was created in 2000, offering investment services and estate planning, in Hartford, Connecticut . Despite the loss of MassMutual's subsidiary OppenheimerFunds' New York offices on September 11, 2001, the subsidiary recovered well, posting strong results along with its parent company for the year. In 2001, MassMutual Financial Group's assets under management reached $ 234 billion. MassMutual's profit in 2005 rose from $ 753 million to $ 810 million. Under CEO and President Roger Crandall, MassMutual whole life insurance sales rose 28% during

7569-525: Was still essentially seen as an insurance company. The 1990s brought on new opportunities for business advancement, branding, and acquisition. By this time, MassMutual was positioned as the 12th-largest insurance company in the United States based on total assets. MassMutual continued its diversification efforts through 1996 by creating Antares Leveraged Capital Corporation — a commercial finance unit providing lending services. By this time, assets of MassMutual surpassed $ 100 billion. In 1998, MassMutual posted

#272727