Products November 29, 2010

MassMutual Improves Plan Document Management

MassMutual's Retirement Services Division announced improvements to its system for third-party administrators (TPAs) that automates and simplifies plan document processing.
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According to a press release, 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; 
  • 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; and 
  • Technical support by MassMutual’s ERISA Advisory Services Team. 

The service is available to all TPAs regardless of whether they have retirement plans on MassMutual’s platform.

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Products November 29, 2010

OneAmerica Launches Trust Offering

The Companies of OneAmerica have launched Premier Trust for plans with assets of $5 million and above.
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A news release said the new offering is being provided through McCready and Keene, Inc., the actuarial and consulting firm acquired by AUL parent OneAmerica in July (see “OneAmerica to Acquire Plan Actuary”).  It will be marketed by the sales force of American United Life Insurance Company (AUL).

According to the company, the offering features fee transparency, flexibility and a number of other benefits to financial advisers and sponsors.

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The program uses open architecture to provide access to more mutual funds, or plan sponsors can choose from a pre-screened line-up of 200 investment options from 30 companies under OptionOne. In addition, the program offers a customized approach based on an open investment platform and quarterly due diligence reporting, the news release said.

The program will use fee-based advisers to distribute Premier Trust initially. Registered representatives affiliated with broker/dealers will have access to the program in the first quarter of 2011.

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