SPRINGFIELD, Mass., Oct. 14 /PRNewswire/ -- As part of its commitment to keeping advisors and plan fiduciaries abreast of new legislative and regulatory requirements, MassMutual's Retirement Services Division has just published a white paper entitled "The New World of 403(b): A Guide to Best Practices for Plan Fiduciaries." The white paper takes a deep dive into the latest 403(b) regulations and the impact on fiduciary duties, Form 5500 reporting/audit requirements and Internal Revenue Service (IRS) regulations.
Today, nonprofit employers and plan administrators need to have more oversight and control over their 403(b) retirement plans than ever before. The white paper chronicles changes in 403(b) regulations and helps advisors identify issues with the recent changes so they can help ensure that their clients understand their obligations in order to maintain compliance.
"MassMutual is committed to preparing its clients for the ever-changing regulations around all retirement planning products and nonprofit plans are no exception," says M. Palmer Whitney, national managing director, not-for-profit market, MassMutual's Retirement Services Division. "The nonprofit market has seen some drastic changes in recent years. MassMutual recognizes how important it is for advisors to help their nonprofit plan sponsors understand best practices in navigating their new fiduciary responsibilities and establishing processes to limit the plan sponsor's fiduciary liability," adds Whitney.
Plan sponsors have taken initial steps toward complying with the regulatory changes, but many are still concerned about their liabilities and how to mitigate risk. This white paper provides advisors and plan fiduciaries with the tools to help answer these important questions and identify potential implications to their organization and employees.
"We understand it can be challenging for plan sponsors to keep up on regulatory changes when the changes happen so frequently. At MassMutual, we are here to support advisors so they are equipped to help plan sponsors comply with the new regulations, maximize the benefits of their 403(b) plan, and help prepare participants for a successful path to retirement," adds Whitney.
For more information about MassMutual Retirement Services or to obtain a copy of the white paper, please contact your MassMutual sales representative or MassMutual's advisor support team at 1-866-444-2601. You may also download the white paper at https://wwwrs.massmutual.com/retire/pdffolder/rs4655.pdf.
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 one 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.
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Contact: Lisa Reilly
SOURCE MassMutual Retirement Services