Plan sponsors will be able to tap into several new enhancements to MassMutual’s online Total Retirement Center, including:
- a one-stop site for participant termination processing, which is a new service for DB clients and offers a simpler way for TRS clients to instruct MassMutual to process retirement benefits for departing participants
- enhanced ad hoc reporting (providing downloadable participant reports based on age, employment status, years of service, and eligibility)
- new reports of upcoming retirements, required minimum distributions, and employee contributions (for DB plans that have them)
- online alerts to remind plan sponsors of quarterly plan contributions
In addition, MassMutual has enhanced tools on “The Journey,” its DB/DC participant Web site. The online toolkit has been expanded to include:
- an option for active participants to view a calculated accrued estimated benefit past normal retirement age – up to age 70 ½.
- the ability for vested participants who have left their companies to review their DB plan benefits online.
MassMutual also invites DB-sponsor prospects to experience this technology and welcomes the opportunity to set up their current DB plan on the MassMutual system to demonstrate the calculation engines. You can get additional information at www.massmutual.com/retire .
MassMutual Retirement Services currently provides services to some 750,000 participants.