Page 105 - NovDefComp

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Defined Benefit and Defined Contribution

Recordkeeping Operations System

Controls Specified by
MassMutual Business Testing Performed by KPMG LLP and Results of Tests

5.14 (Continued) Accounting Additional Testing Performed by KPMG LLP:
operations associates review Inspected management’s lookback documentation from
individual wires and the total ACH
batches daily for disbursements 10/1/2019-12/31/2019 and determined that management
identified 59 reconciliations that were not independently quality
processed on PRS to TCC.
Adjustments to the batch totals reviewed. For the 59 reconciliations, inspected the LAN folder
containing management’s supporting evidence and retroactive
and discrepancies are
researched and resolved in a review and determined whether the quality review was
completed. For a selection of 5 of the 59 reconciliations, KPMG
timely manner. The verification is
evidenced by the reconciliation reperformed the applicable steps on the checklist and inspected
the retroactive review to determine that the reconciliation had
calculation and by sign-off on the
on the “GA & MR Daily Cash been completed and the review was documented on the
checklist.
Suspense Disbursement Reports”
sections pertaining to ACH and
wires. In addition, sign-off is also
indicated on the “GA & MR
Cashbook Reconciliation &
Disbursements Checklists.” An
independent MassMutual team
member performs a quality
review evidenced in an oversight
section of the same checklist to
ensure the reconciliation was
complete and accurate. (DC)

5.15 Accounting operations Inspected a semi-annual listing of outstanding checks,
associates reviews the list of supporting Plan Sponsor informative correspondence for a
outstanding checks from selection of the outstanding checks and Account Transaction
Financial Services Team (FST) reports and determined that a semi-annual review over
on a semi-annual basis and outstanding checks was conducted and that fulfillment
provides the list of outstanding associates sent informative letters to Plan Sponsors and that a
checks to the Account Managers. CIO associate returned the assets to the respective plans.
Cashbooks and Imaging No Exceptions Noted.
Operations (CIO) returns the
assets to the respective plans
and fulfillment associates send
informative letters to the Plan
Sponsors informing them of the
actions taken by MassMutual.
(DC)

MassMutual Defined Benefit and Defined Control Objectives, Related Controls and Tests of
Contribution Recordkeeping Operations System Operating Effectiveness
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