Products June 28, 2012

MassMutual Announces Revised Fiduciary Guide

To help retirement plan fiduciaries navigate the maze of changing regulatory requirements, MassMutual's Retirement Services Division updated its fiduciary guide.
 
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The 2012 Guide serves as a detailed toolkit to assist plan fiduciaries in determining their status and understanding their responsibilities. It helps them identify and undertake required actions, employ practical suggestions to keep their plan on track and fulfill their obligations, and consider voluntary actions they can take to improve their plan and mitigate risk.

“Plan fiduciaries play the lead role in safeguarding the rights of plan participants,” says Eric Leverson, assistant vice president with MassMutual Retirement Services. “With this important role, we want them to understand they are not alone when facing today’s maze of regulatory requirements. MassMutual’s ERISA [Employee Retirement Income Security Act] Advisory Services team offers ready access to knowledge and experience fiduciaries can use to help effectively manage their retirement plans.”

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MassMutual is also offering a fiduciary calendar, which includes important deadlines and information about new requirements.

More about the guide is here.

 

Products June 28, 2012

App Lets Employees “Quick Enroll” in 401(k)

J.P. Morgan Retirement Plan Services launched a mobile application for 401(k) plan participants.   
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The app allows users to access key account information, including the estimated annual income the individual is on track to receive in retirement.

The app also includes a “quick enroll” feature, which allows non-participants to enroll in their employer-sponsored retirement plan with a date of birth, last five digits of a Social Security number and zip code. The individual will then be able to start contributing a specified amount to the plan’s default investment option, which is typically a target-date fund (TDF).

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Future account transactions require full authentication, but participants can move between the mobile experience and full web experience without authenticating again.

“Inertia is extremely powerful, and many individuals don’t overcome the obstacle of resetting a password,” said Donn Hess, managing director and head of product development for J.P. Morgan Retirement Plan Services. “In this case, individuals can attend 401(k) plan informational meetings and enroll before they even leave the room. We want to eliminate any barriers to saving.”
 

 

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