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.