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MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Defined Benefit and Defined Contribution
Recordkeeping Operations System
DC Plan Administration: Administrative Expenses
Control Objective 3
Controls provide reasonable assurance that administrative expenses are calculated
and processed accurately.
Controls Specified by
MassMutual Business Testing Performed by KPMG LLP and Results of Tests
3.1 PRS automatically calculates For all expense types and a selection of contracts, inspected
and bills or deducts administrative monthly expense statements and respective parameters
expenses from plan assets based within PRS, and reperformed expense charge calculations
on expense parameters set up in and determined that PRS correctly calculated, billed or
PRS. (DC) deducted administrative expenses from plan assets.
Additionally, traced the administrative fees to the PRS system
to determine the administrative fee was accurately reflected in
the plan.
No Exceptions Noted.
Complementary User Entity Controls
Plan Sponsors should have controls in place to review monthly expense statements and notify
MassMutual of any discrepancies.
MassMutual Defined Benefit and Defined Control Objectives, Related Controls and Tests of
Contribution Recordkeeping Operations System Operating Effectiveness
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