Springfield — The Retirement Services division of Springfield-based Massachusetts Mutual Life Insurance Co. (MassMutual) announced that a newly designed feature for its participant Web site, The Journey, will enable retirement plan participants to enroll in their employers' 401(k) plan more quickly and easily than ever before.
On the home page, a new tool—ExpressEnroll—enables employees to join their retirement plan with two clicks of their mouse. ExpressEnroll makes the process easy by providing pre-set contribution rates and asset allocations that employees can keep if they choose to, or later modify, according to MassMutual.
"MassMutual's new ExpressEnroll changes the participant's experience from one that can be complex and confusing to one that is easy and simple," says Elaine Sarsynski, executive VP of MassMutual's Retirement Services division. "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."
According to Paul Steven Henry, VP of product development, ExpressEnroll provides simple steps for enrolling: confirm the pre-set contribution rate, confirm the pre-set investment allocation and enroll.
"The site also allows more confident or less time-constrained investors to explore their investment options and plan out their investment strategy in detail before enrolling," says Henry.
Once enrolled, employees receive guidance on other ways they can use The Journey, 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," adds Henry.
Source: Massachusetts Mutual Life Insurance Co.
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