A northeastern insurer has announced a new product for retirement plan participants.
The Retirement Services Division of MassMutual Life Insurance Co., Springfield, Mass., said it intends to roll its RetireSmart participant statement later this year. Highlights of the product include:
* A design that incorporates input on layout and content provided by MassMutual participants and sponsors.
* The ability of plan participants with multiple defined contribution plan accounts (and administered by MassMutual under the same sponsor) to receive a single statement that provides information on all accounts.
* Gross and net expense ratios on the investment performance section.
* Front-page activity summary and investment performance data, plus information on contributions, account activity and beneficiaries.
* A new statement section that includes messaging to help participants make informed saving and investing decisions.
* Icons (Allocate, Consolidate, Plan, Save) to help participants identify action steps to consider related to contributions, investments and plan activity.
* A “green” e-delivery option to preserve resources, facilitate storage, and share content electronically with trusted parties such as the participant’s financial advisor.
* The ability to view current statements by logging into The Journey, MassMutual’s participant Web site.
MassMutual participants will receive the newly-designed statement automatically as part of their standard quarterly statement mailing later in 2010.