Participants in the Springfield-based MassMutual’s retirement plans showed no signs of panic despite the decline in the S&P 500 Index, with 96 percent of participants either maintaining or increasing their savings rates, according to the company’s retirement services division recently released data for the quarter ended June 30.

The behavior may explain why MassMutual’s average participant account balance declined by only 3.26 percent, beating the S&P 500 Index by 8.14 percent, according to a statement. Male participants fared slightly better than females for the quarter (-2.7 percent compared to -5.5 percent) primarily as a result of the impact of higher average deferral rates.

"We are pleased to see that our participants are holding their course," said E. Heather Smiley, chief marketing officer for MassMutual’s retirement services division. "Participant behavior is consistent with MassMutual’s overall educational message and it appears that MassMutual participants are listening."