MassMutual's enhanced DB plan termination services offering provides existing retirement plan advisers and sponsors with resources, education and consulting, including:
- Consultation for amending plan documents;
- Assistance with interim investment philosophy;
- Data management;
- Final accrued benefit calculations;
- Preparation of reports for filing with the government;
- Participant communication;
- Lump sum payments to participants; and
- Participant Distribution Education Assistance
- Customized benefit election kits
- Registered retirement specialists available through Participant Information Center
"MassMutual's Retirement Services Division steadily improved its DB product suite to help advisors and the plans they serve create better retirement solutions for their employees," states Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC.
In conjunction with the new service model, MassMutual developed a brochure to help retirement plan sponsors understand the different considerations involved in terminating a DB plan.