With today’s market disruption driven by the COVID-19 outbreak, quality pension administration is essential. Sophisticated benefits, actuarial, and investment work rely on quality data to make the most precise estimates, calculations, and, ultimately, recommendations to strategically manage the costs and risks associated with successful pension plan administration. Simple and quick access to plan information is particularly necessary during times of market uncertainty like the current environment.
In What to Know About DB Plan Administration on PLANSPONSOR.com, I had the opportunity to share MassMutual’s point of view on the key elements of successful plan administration. Here are some additional insights for your consideration:
When it comes to defined benefit plan administration, plan sponsors are held to a set of standards outlined by ERISA law. To ensure these standards are met, it can be extremely helpful for plan sponsors to partner with a team of pension experts. Generally, such a team delivers integrated defined benefit plan services in partnership with investment advisors. Together, pension experts and investment advisers, help plan sponsors strategically manage their plans in the following areas:
- Administration and compliance
- Actuarial consulting and investment management
- Employee services and financial wellness
In our experience, sponsors benefit when partnering with a recordkeeper with a demonstrated commitment to the business, actuarial expertise, and exemplary plan administration. The quality data management and robust reporting capabilities offered by experienced recordkeepers give lift to all other areas of defined benefit plan administration – actuarial forecasting and investment oversight, simplified compliance reporting, and an enhanced employee experience. At MassMutual, we leverage modern systems to administer our clients’ plans to make reporting, governance, regulatory compliance, and employee services simple for our customers.
From an ERISA standpoint, here’s an outline of administration and compliance events we help sponsors meet during the course of the year.
In addition, quality administration can improve service delivery to participants. Here at MassMutual, participants have access to their plan information online and through our call center. With the most up to date participant data on our system, we are able to provide benefit estimates expediently and at no additional cost. And, when we also administer the DC plan, we can provide a holistic point of view and experience for the participant.
For more information on how we can help make pension plan administration easier for plan sponsors, please contact us today.