MassMutual Retirement Services Launches Enhanced Plan Document Management Solution for Third-Party Administrators

SPRINGFIELD, Mass., Nov. 29, 2010 /PRNewswire/ -- MassMutual's Retirement Services Division recently introduced an enhanced system for third-party administrators (TPAs) that automates and simplifies plan document processing to help TPAs save valuable time and reduce complexity. The processing system is available to all TPAs and offers unlimited use for one rate.

"At MassMutual, we know keeping plan documents up-to-date for clients is a critical part of the services TPAs provide. Our pilot program has resulted in positive feedback and now, with the enhanced system, TPAs can take advantage of a state-of-the-art plan document management solution," says Mike McKenzie, corporate vice president and head of operations for MassMutual's Retirement Services Division. "We're happy to offer this valuable resource to help third-party administrators provide the best service possible to their clients," he adds.  

Benefits of the new system include:

• Quick and convenient plan amendment processing
• Ability to create customized templates and designs at the TPA level so that many provisions can be pre-populated
• Robust tracking, monitoring and review of plan documents and amendment histories
• Batch processing of regulatory amendments and required participant notices
• Easy conversion from DC prototype to volume-submitter documents and vice versa
• Software upgrades coordinated by MassMutual independently from a TPA's system
• Technical support by MassMutual's ERISA Advisory Services Team, bringing an average of 25 years experience to the plan document process

"MassMutual always offers innovative tools and resources to help TPA firms like ours improve our service and relationships with plan sponsors and participants. We get flexible, real-time plan document updating capabilities for our firm, which is a great time-saver and allows us to focus more on serving our clients. Especially impressive is the system's portability and customization," says Philip E. Yanulis, president and chief executive officer, PKY Associates, Syracuse, N.Y., a member of MassMutual's select network of third-party administrators.

The service is available to all TPAs regardless of whether they have retirement plans on MassMutual's platform. To request additional information or a demonstration of the new document services processing system, please contact Steve Witkun at (413) 744-0744.

For more information about MassMutual Retirement Services, please contact your retirement plan services representative or call MassMutual at (888) 626-4911.

About MassMutual

MassMutual's Retirement Services Division has been serving retirement plans for more than 60 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 1.5 million participants.

Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders.  The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

For more information, visit massmutual.com.

SOURCE MassMutual Retirement Services