Page 124 - NovDefComp

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Defined Benefit and Defined Contribution

Recordkeeping Operations System

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

7.11 (Continued) Accounting Additional Testing Performed by KPMG LLP:
operations associates reconcile Inspected management’s lookback documentation from
the total amount of the Debit
ACH transfers and lockbox 10/1/2019-12/31/2019 and determined that management
identified 59 reconciliations that were not independently quality
receipts (checks and wires)
reported on the “Daily Cash reviewed. For the 59 reconciliations, inspected the LAN folder
containing management’s supporting evidence and retroactive
Suspense Report” to the total
amount of receipts in PRS as review and determined whether the quality review was
completed. For a selection of 5 of the 59 reconciliations, KPMG
reported on the “PRS Lockbox
Receipts Report.” Discrepancies reperformed the applicable steps on the checklist and inspected
the retroactive review to determine that the reconciliation had
are researched and resolved in a
timely manner. The been completed and the review was documented on the
checklist.
reconciliation is evidenced on
reconciliation sheets and by
sign-off on the “GA & MR
Cashbook Reconciliation &
Disbursement 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. (DC)

7.12 Contribution instructions Inspected supporting authorized contribution instructions
received through the mail, e-mail received through the mail, e-mail or fax and the a recordkeeping
or fax are entered into CAS by operations associate sign-offs, system transaction logs or
recordkeeping operations appropriate AWD quality control status for a selection of DB
associates and are reviewed for contributions and determined that an independent team member
accuracy of entry after input by reviewed the accuracy of entry prior to processing the
an independent team member contribution transactions within 5 business days if received in
and if in good order are entered good order.
within 5 business days of No Exceptions Noted.
receipt. The post-entry review is
evidenced by “Passed” status in
AWD or signature on the CAS
report generated for the day.
(DB)

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