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A complicated enrollment process shouldn’t prevent Americans from
joining their employers’ retirement plan, at least in the view of
Massachusetts Mutual Life Insurance Company.
Thus, the Retirement Services Division of MassMutual has changed its participant Web site, The JourneySM, to enable retirement plan participants to enroll in their employers’ 401(k) with just two clicks of the mouse.
A new tool on the site’s home page, ExpressEnroll, provides preset contribution rates and asset allocations that employees can keep for now and modify later.
In fact, these are the only steps enrollees need to follow using ExpressEnroll:
1. Confirm the preset contribution rate.
2. Confirm the preset investment allocation.
3. Enroll.
Elaine A. Sarsynski, executive vice president of MassMutual’s Retirement Services Division, said ExpressEnroll transforms a participant’s enrollment experience from complex and confusing to easy and simple.
“This enhancement helps to overcome what can be a barrier to joining the plan and helps them get a faster start toward financial security in retirement,” she said.
Once enrolled, employees receive guidance on other ways they can use The Journey Web site, such as for investment education, changing investments or contribution rates, retirement planning, or updating beneficiaries.
“With ExpressEnroll, it is our hope that newly eligible employees will enroll sooner in their employers’ retirement plans and get an earlier start at saving for retirement,” said Paul Steven Henry, vice president of product development for MassMutual’s Retirement Services Division.
Henry noted that The Journey site also allows more confident investors to explore their investment options and plan out their investment strategy in detail before enrolling.
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