MassMutual Launches Benefits Guidance Tool

MapMyBenefits provides each employee with a customized needs analysis and recommendations based on the information about his or her personal situation.

MassMutual launched an employee benefits guidance tool that helps retirement savers make important financial decisions.

The new MapMyBenefits tool provides customized recommendations and guidance about health care coverage, insurance protection and retirement savings, according to MassMutual. The tool is responsive to individuals’ personal financial situation, the firm notes, and it’s designed to be easy to use. Insight from the tool can be applied across different demographic groups and according to life stage and other individualized circumstances.

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MapMyBenefits analyzes basic information provided by the employee about his or her personal financial situation, including income and expenses, as well as current insurance coverage and retirement savings. Information about existing employer-provided coverage and employer-sponsored retirement plans such as 401(k)s are preloaded by MassMutual into the tool’s data bank. Employees are also asked about other coverages and retirement savings they may have outside the workplace in order to render the best possible guidance.

MapMyBenefits provides each employee with a customized needs analysis and recommendations based on the information about his or her personal situation, and then makes suggestions about individual coverage and savings needs.

“This all-inclusive approach to financial planning at the workplace combines retirement readiness, health care coverage and preparation for life’s unforeseen events,” explains Elaine Sarsynski, executive vice president for retirement services and work-site insurance. “MapMyBenefits is a powerful planning tool designed to help both employers and employees as they navigate an increasingly complex employee benefits environment.”

Sarsynski points to PricewaterhouseCoopers research showing nearly one in four employees “say personal financial problems have become a distraction at work,” and figures from the American Psychological Association suggesting money issues have “consistently topped Americans’ list of biggest stressors since 2007.”

MassMutual hopes MapMyBenefits will help more employers focus on the financial wellness of their employees. The tool is available through financial advisers, third-party administrators (TPAs) and benefits specialist consultants. Currently, MassMutual is making several employee benefits products available through MapMyBenefits, including 401(k) and other defined contribution (DC) retirement plans, and life insurance. Additional insurance products are in the planning stages.

(b)lines Ask the Experts – What Is Gamification?

“A representative from the recordkeeper for our 403(b) plan referred to the concept of ‘gamification’ the other day.

“I pretended to know what she was talking about, but, in reality, I did not have a clue! What is gamification and should I care?” 

Michael A. Webb, vice president, Cammack Retirement Group, answers:

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The Experts are not terribly surprised that you have not heard of the term, as it is a little-used, yet cutting-edge, concept in retirement plan communication. If you would guess that it has something to do with games, you would be correct.

Gamification is the use of game concepts/processes in non-game contexts to engage users. In retirement plans, the context is using games to attempt to influence participants to take appropriate actions, such as enrolling in the plan or increasing one’s savings to the plan. The thinking is that many individuals spend more time playing computer games than thinking about retirement, so merging the two may motivate participants who would otherwise not pay attention to their retirement plans at all. In short, it is an effort to make planning for retirement fun!

A handful of recordkeepers have rolled out such games in an effort to engage participants. Will gamiifcation work? Only time will tell, but it is promising to see that entities are thinking outside the box in an effort to address the longstanding problem of lack of retirement plan engagement among employees.

Thank you for your question!

 

NOTE: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.

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