August 6, 2012 (PLANSPONSOR.com) - MassMutual's Retirement Services Division has enhanced its defined contribution (DC) plan participant statements to help paint a clearer picture of participant retirement readiness.
The revised second quarter RetireSmart Ready statement provides participants with a new perspective around retirement outcomes, by clearly gauging the likelihood of reaching their retirement goals based on their current strategies.
The action-inspiring RetireSmart Ready information is designed to help participants review a simple action plan to keep them on track. Participants can implement the action plan online by logging into their MassMutual retirement plan account, or through MassMutual's participant call center. On average, participants who implement the optional changes proposed by using MassMutual's RetireSmart Ready tool improve their likelihood of being retirement ready by nearly 40%, according to the firm.
"MassMutual Retirement Services is dedicated to helping participants retire on their own terms by making it easier to take action," said Tina Wilson, CFA, AIF, vice president of product development for MassMutual's Retirement Services Division. "We firmly believe that when a participant understands the outcomes of their actions, it can go a long way towards motivating them to get - and stay - on track.”
MassMutual's Smart tools and services are designed to work together in an integrated fashion. Each is based on and provides the same personalized data. The PlanSmart Analysis report assesses the percentage of employees who are on track to replace a specified level of income in retirement, and the RetireSmart Ready Tool helps participants determine their chances for a successful retirement based on their income replacement needs.
More information on the tools is available here.