Page 82 - NovDefComp

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Defined Benefit and Defined Contribution

Recordkeeping Operations System

DC and DB Plan Administration: Plan Installation

Control Objective 1
Controls provide reasonable assurance that plan documents are authorized and plan
set-up is performed completely, accurately, and timely.

Controls Specified by
MassMutual Business Testing Performed by KPMG LLP and Results of Tests
1.1 Funds from a prior Inspected “Administrative Services Agreements,” “TPA New
recordkeeper/investment manager Business Application”, “Investment Agreements”, and
are accepted and entered into appropriate Matrix agreement and the New Business checklist
PRS only after the Contract for a selection of DC plans and determined that funds were
Effective Date and receipt of the only accepted from the prior recordkeeper/investment manager
authorized “Administrative after the Contract Effective Date and provided there was an
Services Agreement,” the “TPA authorized “Administrative Services Agreement,” “TPA New
New Business Application” or the Business Application” or a signed “Investment Agreement”
signed “Investment Agreement” from the Plan Sponsor.
from the Plan Sponsor. (DC)
No Exceptions Noted.

1.2 Funds from a prior Inspected the “Administrative Services Agreement,”
recordkeeper/investment manager “Investment Allocation Letter” and CAS/Matrix system
are accepted and entered into screenshots for a selection DB plans and determined that there
CAS or Matrix only after the was authorized documentation from the Plan Sponsor prior to
Contract/ trust document Effective accepting funds from a prior recordkeeper/investment
Date and asset allocation manager.
instructions are received and
authorized by the Plan Sponsor No Exceptions Noted.
via an “Investment Allocation
Letter,” “Services Agreement,” or
appropriate Matrix agreement.
(DB)

1.3 Established installation Inspected installation timelines and documents for a selection
timelines and documents are of DB and DC plans and determined that the assigned
reviewed by new business Transition Manager reviewed established installation timelines
associates to determine that plans and documents and determined that plans were installed in
are installed in accordance with accordance with the agreed upon timeframe.
the agreed upon timeframe. No Exceptions Noted.
Changes and updates are
documented on the installation
timeline as necessary. (DB & DC)

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