In addition to a front-page activity summary and investment performance data, new detail requested by participants has been added on contributions, account activity, and beneficiaries, according to the announcement. A new RetireSmart section of the statement includes messaging designed to help participants make more informed saving and investing decisions based on their specific needs.
Colorful icons (Allocate, Consolidate, Plan, Save) help participants identify important action steps to consider related to contributions, investments and plan activity. MassMutual said the new, participant-friendly design incorporates specific input on layout and content provided by MassMutual participants and sponsors.
Participants with multiple defined contribution plan accounts administered by MassMutual under the same sponsor will receive a single statement that provides information on all of the accounts.
In addition, the investment performance section includes gross and net expense ratios.
A “green” e-delivery option is available to preserve resources, facilitate storage, and provide easy access and ease of sharing electronically with trusted parties such as the participant’s financial adviser. Participants will also be able to view their current statement by logging into The Journey, MassMutual’s participant Web site.
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