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MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Defined Benefit and Defined Contribution
Recordkeeping Operations System
DC and DB Plan Administration: Contributions
Control Objective 7
Controls provide reasonable assurance that contributions and collections are
processed completely, accurately and timely.
Controls Specified by Testing Performed by KPMG LLP and Results of Tests
MassMutual Business
7.1 CAS and PRS have edit Observed the error message generated in CAS upon an
checks that prevent posting of attempted posting of DB contributions to a Plan which was not
received contributions to Plans established and noted that CAS prevented posting of received
which are not established. (DB & contributions to Plans which were not established.
DC)
Observed the error message in PRS generated upon an
attempted posting of DC contributions to a Plan which was not
established and noted that PRS prevented posting of received
contributions to Plans which were not established.
No Exceptions Noted.
7.2 CAS and PRS have edit Observed in CAS, the real-time error messages generated by
checks including contract status, CAS upon the attempted processing of a DB contribution to a
participant identity, effective fund outside of plan parameters and noted that CAS prevented
date, and contribution processing of DB contributions entered outside of specified
reconciliation that prevent parameters.
processing of contributions Observed in PRS, the error messages generated upon the
entered outside of specified
parameters. (DB & DC) attempted processing of a DC contribution to an account outside
of plan parameters and noted that PRS prevented processing of
DC contributions entered outside of specified parameters.
No Exceptions Noted.
7.3 PRS system configurations Observed entry of a contribution allocation to a selected contract
validate that the amounts input and noted that the PRS system checked that the amounts input
by source category (i.e. by source category totaled the client allocation total entered or
employee, employer, rollover displayed a discrepancy when they did not.
and loan) total to the client
allocation total amount entered Observed an attempt to make a contribution allocation to a
selected contract when the holding account was not sufficient to
and prevents processing of a
contribution when the amount in fund the contribution file received and noted that the allocation
was prevented.
the holding account is not
sufficient to fund the contribution No Exceptions Noted.
file received. (DC)
MassMutual Defined Benefit and Defined Control Objectives, Related Controls and Tests of
Contribution Recordkeeping Operations System Operating Effectiveness
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