According to a media release from the Springfield, Mass.-based company, the enhancements to its defined benefit platform will be introduced in pieces over the next few months – mostly via the Web.
MassMutual said the platform upgrades include the ability for plan sponsors to:
- view their current days’ assets by fund
- request customized reports
- gather interest rate and financial information
- update demographic data on their participants.
With enhanced modeling capabilities, MassMutual said, sponsors should be able to provide better service to each participant group – participants, vested-but-terminated participants and retirees.
The platform enhancements will also allow plan sponsors to get electronic alerts on their desktop with reminders about issues such as required plan contributions, MassMutual said.
The company said participants will have access to online benefit calculation tools allowing them to do projections based on an age or retirement date they select while terminated vested participants will have access to paper statements.