MassMutual Speeds Retirement Plan Enrollment

The retirement services division of Massachusetts Mutual Life Insurance Company (MassMutual) has announced that a new feature for its participant Web site will allow retirement plan participants to enroll in their employers' 401(k) plan more quickly.

On the home page a new tool, ExpressEnroll, allows employees to join their retirement plan online. ExpressEnroll eases the process by providing preset contribution rates and asset allocations employees can keep if they choose or later modify.

"ExpressEnroll changes the participants' experience from one that can be complex and confusing to one that is easy and simple," says Elaine A. Sarsynski, executive vice president of MassMutual's retirement services division. "This enhancement helps to overcome what can be a barrier to joining the plan and helps them get a faster start toward financial security in retirement."

Paul Steven Henry, vice president of product development, explains Express-Enroll provides simple steps for enrolling: confirm the preset contribution rate; confirm the preset investment allocation; and enroll. "The site allows more confident or less time-constrained investors to explore their investment options and plan out their investment strategy in detail before enrolling," says Henry.

Once enrolled, employees receive guidance on other ways they can use the Web site, such as for investment education, changing investments or contribution rates, retirement planning, or updating beneficiaries.