Products July 21, 2015

MassMutual Lets Call Center Reps, Participants Co-Browse

The firm wants to make it easier for participants to interact with their retirement plan websites.
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MassMutual is introducing website co-browsing for call center representatives and participants.

The goal is to allow call center employees—with the permission of participants—to view what the participant is seeing when answering questions about information on retirement plan websites. Security options also allow web users to block sensitive information during the co-browsing session.

Co-browsing will enable call center reps to resolve issues more quickly, typically on the first call, MassMutual says. Specifically, it will enable reps to guide participants through navigating websites, downloading and filling out forms, answering questions, reviewing account data, adding or changing beneficiaries, executing transactions and understanding complex products and services.

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“Co-browsing enables MassMutual service and call center staffers to see what our clients are seeing on their computer screens, answer questions and help guide them through their online experience,” says Eric Wietsma, senior vice president, retirement services sales and worksite education at MassMutual.

The firm surveyed participants about their satisfaction with co-browsing and found that 78% liked the experience, compared to 74% who spoke to a rep on the phone only, 69% via online chat, 54% by email and 47% through self-service on the web.

Compliance July 21, 2015

IRS Revises Determination Letter Program

Going forward, individually designed retirement plans may only receive a determination letter for initial plan qualification and for qualification upon plan termination.
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As has been reported by some law firms and certain Internal Revenue Service (IRS) officials, the agency is eliminating the staggered five-year determination letter remedial amendment cycles for individually designed retirement plans.

In IRS announcement 2015-19, the agency says it needs to more efficiently direct its limited resources. Effective January 1, 2017, the scope of the determination letter program for individually designed plans will be limited to initial plan qualification and qualification upon plan termination.              

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Although, as of that date, the IRS will no longer accept determination letter applications based on the five-year remedial amendment cycles, sponsors of Cycle A plans will continue to be permitted to submit determination letter applications during the period beginning February 1, 2016, and ending January 31, 2017.

The IRS is requesting comments on specific issues relating to the implementation of these changes to the determination letter program.  According to the announcement, the Department of the Treasury and the IRS are considering ways to make it easier for plan sponsors to comply with the qualified plan document requirements. This may include, in appropriate circumstances, providing model amendments, not requiring certain plan provisions or amendments to be adopted if and for so long as they are not relevant to a particular plan (for example, because of the type of plan, employer, or benefits offered), or expanding plan sponsors’ options to document qualification requirements through incorporation by reference.

The IRS has already expanded its preapproved plans program to include defined benefit plans with cash balance plan features and defined contribution plans with employee stock ownership plan (ESOP) features. And 403(b) plan providers expect that within a year or so preapproved 403(b) plans will be available for plan sponsors to adopt.

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