The MassMutual Trust Company FSB and O.M. Financial Group LLC said they have announced a new program designed to help credit unions address employee benefit costs, while increasing their investment earning potential.
The O.M. Financial Earnings Enrichment program provides credit unions with a means to pre-fund a wide range of employee benefits with investments that may generate higher returns than traditional credit union investments, according to MassMutual and O.M. Financial.
O.M. Financial customizes and implements the program for credit unions, while MassMutual Trust provides investment management and administrative services, the firms said.
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"Credit unions are searching for ways to meet the challenges created by escalating employee benefit costs and subpar investment growth," said Joe Tripalin, O.M. Financial's national marketing director.
"This program can increase a credit union's earning potential. The credit union can then use the returns generated by the program to offset its employee benefit costs, which can improve its bottom line," Tripalin said.
"This initiative provides credit unions with the perfect blend of experience and expertise on a variety of levels," said Joe Rokowski, MassMutual Trust president.
MassMutual Trust said it provides investment services to clients nationwide with total client assets approaching $1 billion. O.M. Financial said it is an independent financial services company that has designed benefit-related programs for over 200 credit unions nationwide.
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