MapMyBenefits provides each employee with a customized needs analysis and recommendations based on information about his or her personal situation, and then makes suggestions about individual coverage and savings needs.
“This all-inclusive approach to financial planning at the workplace combines retirement readiness, health care coverage and preparation for life’s unforeseen events,” explains Elaine Sarsynski, executive vice president for retirement services and work-site insurance. “MapMyBenefits is a powerful planning tool designed to help both employers and employees as they navigate an increasingly complex employee benefits environment.”
The new MapMyBenefits tool provides customized recommendations and guidance about health care coverage, insurance protection and retirement savings, according to MassMutual. The tool is responsive to individuals’ personal financial situation, the firm notes, and it’s designed to be easy to use. Insight from the tool can be applied across different demographic groups and according to life stage and other individualized circumstances.
MapMyBenefits analyzes basic information provided by the employee about his or her personal financial situation, including income and expenses, as well as current insurance coverage and retirement savings. Information about existing employer-provided coverage and employer-sponsored retirement plans such as 401(k)s are preloaded by MassMutual into the tool’s data bank. Employees are also asked about other coverages and retirement savings they may have outside the workplace in order to render the best possible guidance.
Sarsynski points to PricewaterhouseCoopers research showing nearly one in four employees “say personal financial problems have become a distraction at work,” and figures from the American Psychological Association suggesting money issues have “consistently topped Americans’ list of biggest stressors since 2007.”
MassMutual hopes MapMyBenefits will help more employers focus on the financial wellness of their employees. The tool is available through financial advisers, third-party administrators (TPAs) and benefits specialist consultants. Currently, MassMutual is making several employee benefits products available through MapMyBenefits, including 401(k) and other defined contribution (DC) retirement plans, and life insurance. Additional insurance products are in the planning stages.