Page 108 - NovDefComp

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Defined Benefit and Defined Contribution

Recordkeeping Operations System

DB Plan Administration: Distributions and Payments

Control Objective 6
Controls provide reasonable assurance that defined benefit plan distributions and
payments are authorized and processed completely, accurately and timely.

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

6.1 All defined high complexity Inspected the AWD workflow for a selection of high complexity
benefit payment calculations benefit payments identified as a result of the plan Quality
required by the Quality Review Review sign-off and determined that payment calculations were
Process are reviewed by reviewed by an independent recordkeeping operations team
independent recordkeeping member and were evidenced by “Passed” status in AWD.
operations team member for
accuracy prior to processing. The No Exceptions Noted.
review is evidenced by “Passed”
status in AWD. (DB)

6.2 Access to establish Inspected an access list of personnel with the ability to establish
retirement payments in PAS is payments in PAS to determine whether access to establish
restricted to authorized retirement payments in PAS was restricted to authorized
recordkeeping operations personnel. Noted that 3 of the 19 personnel (total population)
associates. (DB) with access to establish payments were not recordkeeping
operations associates.
Exceptions Noted.
Management Response:
Management performed a lookback assessment for the 3
identified users during the period (10/1/2019-9/30/2020) and
determined that the users did not establish any retirement
payments in PAS. This exception was due to the lack of
communication by the PAS staff to the access team when these
users transferred within the organization. The access
authorization policy has been reinforced with PAS staff
responsible for maintaining and monitoring application access
credentials.
Additional Testing Performed by KPMG LLP:
Inspected management’s lookback documentation from
10/1/2019-9/30/2020 and determined that the three users did
not establish any retirement payments.

MassMutual Defined Benefit and Defined Control Objectives, Related Controls and Tests of
Contribution Recordkeeping Operations System Operating Effectiveness
60