Springfield, Mass.-based MassMutual's Retirement Services Division has introduced an enhanced system to automate and simplify plan document processing for third-party administrators (TPA).
MassMutual says the system includes quick and convenient plan amendment processing; the 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; and batch processing of regulatory amendments and required participant notices.
The company also promises easy conversion from DC prototype to volume-submitter documents and vice versa, software upgrades coordinated by MassMutual independently from the TPA's system, and technical support by MassMutual's ERISA Advisory Services Team.
"With the enhanced system, TPAs can take advantage of a state-of-the-art plan document management solution," says Mike McKenzie, corporate VP and head of operations for MassMutual's Retirement Services Division, in a statement.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio