Employers can now enroll in their employer’s defined contribution (DC) plan anytime, anywhere with their smartphones using an enhanced mobile application from Massachusetts Mutual Life Insurance Company (MassMutual).
MassMutual’s RetireSMART Mobile App not only allows users to enroll in their employer’s DC plan, but also determine how much to contribute from each paycheck and then select their investments. Once enrolled, plan participants also can alter their current investment strategy by changing investment options, rebalance existing accounts within different investments, increase their contributions or request assistance in consolidating their retirement savings accounts.
Log in includes state-of-the-art authentication features, including fingerprint and facial recognition.
Participants in retirement plans featuring automatic enrollment that have downloaded the app will be notified by the app of their auto enrollment date, allowing them to decline participation as well. Participants can also access information about automatic contribution increases and make changes as they see fit. The app can be used to access pre-login educational tools such as a savings calculator but allows broader access to information and capabilities once users enroll in their plan.
The RetireSmart app also allows retirement savers to link to RetireSmart.com, an online site that provides information and tools to help retirement savers reach their goals, and access investment information such as annual reports, prospectus and regulatory publications. Login assistance and contact information is also available through the app.
“Today’s fast-paced work environment and lifestyles can make it challenging to enroll in employer benefit plans, including retirement savings, and then manage those benefits,” says Rob Toole, lead of Digital at MassMutual. “MassMutual’s RetireSMART app has been enhanced with those challenges in mind to encourage workers to enroll in their 401(k) or other retirement savings plan whenever it’s convenient for them to do so.”The app is available free for Apple and Android smartphones through the Apple App Store and Google Play app store, respectively, to workers whose employer sponsors a MassMutual DC retirement plan. The app can be downloaded by searching “RetireSmart” or “MassMutual” in the Apple or Google app stores.