Page 117 - 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

6.13 (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 10/1/2019-12/31/2019 and determined that management
identified 59 reconciliations that were not independently quality
activity as fed from the
administrative recordkeeping reviewed. For the 59 reconciliations, inspected the LAN folder
containing management’s supporting evidence and retroactive
systems (CAS and PRS). The
reconciliation is documented on review and determined whether the quality review was
completed. For a selection of 5 of the 59 reconciliations, KPMG
the “GA & MR Daily Cash
Suspense Reports” and reperformed the applicable steps on the checklist and inspected
the retroactive review to determine that the reconciliation had
discrepancies are researched
and resolved. The verification is been completed and the review was documented on the
checklist.
evidenced on the 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)

6.14 Effective 10/1/2019 to Inspected the “Daily Participant Payment Report” and AWD
12/19/2019, on a daily basis, a workflow screens for a selection of days from 10/1/2019 through
Daily Participant Payment Report 12/19/2019 to determine that they were reviewed for
was generated directly from the completeness and accuracy to the documentation received for
SE2 site to obtain the lump sum processing and that the payment was entered into CAS using
payments processed for the prior the SE2 payment date. Additionally, determined that any
day. The payment information on discrepancies were researched and resolved.
the report is compared to the
open items in AWD for No Exceptions Noted.
completeness and accuracy to
the documentation received for
processing and the payment is
entered into CAS using the SE2
payment date. The process is
reviewed for accuracy by an
independent team member as
evidenced by "Passed" status in
AWD. Any discrepancies are
resolved with SE2.

Effective 12/20/2019 all repetitive
payments are processed on PAS.
(DB)

MassMutual Defined Benefit and Defined Control Objectives, Related Controls and Tests of
Contribution Recordkeeping Operations System Operating Effectiveness
69