The total retirement statement includes:
- a summary of the current DC account balance, DB benefit projection and Social Security estimate
- an estimate of the total monthly benefit at age 65
- an illustration of the current income replacement ratio, pointing out potential gaps
- a projected growth of total monthly benefit depending on retirement date.
The new annual statements will be introduced throughout 2001 beginning in January to the more than 70 clients who have both their defined contribution (DC) and defined benefit (DB) plans administered by MassMutual Retirement Services.
The new statements are available in addition to the DC/DB statements currently produced for plan participants.
The new total retirement statement has received the DALBAR Seal for Communications, the first ever awarded to a total retirement statement.
In October, MassMutual Retirement Services received DALBAR’s Seal for Communications for its defined benefit (DB) statement, the first ever awarded to a defined benefit statement.
– Nevin Adams email@example.com