Page 128 - 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

7.14 (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 10/1/2019-12/31/2019 and determined that management
identified 59 reconciliations that were not independently quality
cash 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 &
DC)

Complementary User Entity Controls
Plan Sponsors should have controls in place to review their Financial Reports and notify
MassMutual in a timely manner if a contribution is not received or discrepancies are identified.
Plan Sponsors should have controls in place to provide complete, properly authorized and timely
contribution and loan repayment information to MassMutual in accordance with their specific plan’s
requirements/criteria.
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.

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