Page 107 - 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

5.16 (Continued) Accounting Additional Testing Performed by KPMG LLP:
operations associates reconcile Inspected management’s lookback documentation from
on a daily basis that trade activity
from Fundlinx equals cash activity 10/1/2019-12/31/2019 and determined that management
identified 59 reconciliations that were not independently quality
as fed from the administrative
recordkeeping systems (CAS and reviewed. For the 59 reconciliations, inspected the LAN folder
containing management’s supporting evidence and retroactive
PRS). The reconciliation is
documented on the “GA & MR review and determined whether the quality review was
completed. For a selection of 5 of the 59 reconciliations, KPMG
Daily Cash Suspense Reports”
and discrepancies are reperformed the applicable steps on the checklist and inspected
the retroactive review to determine that the reconciliation had
researched and resolved. The
verification is evidenced on the been completed and the review was documented on the
checklist.
daily “GA & MR Cashbook
Reconciliation & Disbursements
Checklists.” An independent team
member performs a quality
review evidenced in an oversight
section of the same checklists to
ensure the reconciliation was
complete and accurate. (DB &
DC)

Complementary User Entity Controls

Plan Sponsors should have controls in place to provide complete and properly authorized
distribution requests to MassMutual.
Plan Sponsors should have controls in place to ensure only authorized customer representatives
have access and are authorized to instruct MassMutual transactions on behalf of the Plan Sponsor
through the TRC and notify MassMutual of changes in a timely manner.

Plan Sponsors should have controls in place to provide complete and properly authorized contribution
and loan repayment information to MassMutual in accordance with their specific plan’s
requirements/criteria.

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