MapMyBenefitsSM provides customized recommendations at the workplace for health care coverage, insurance protection and retirement savings
ENFIELD, Conn. – MassMutual is launching a new patent-pending employee benefits guidance tool to help Americans make decisions about their financial needs, including health care coverage, insurance protection and retirement savings, based on their personal financial situations.
Within minutes, MapMyBenefitsSM provides personalized guidance to help employees prioritize their health care, insurance and retirement benefits, and make the most of each benefit dollar based on their life stage, financial goals and personal financial situation. This all-inclusive approach to financial planning at the workplace combines retirement readiness, healthcare coverage and preparation for life’s unforeseen events.
“MapMyBenefits is a powerful planning tool designed to help both employers and employees as they navigate an increasingly complex employee benefits environment,” said Elaine Sarsynski, Executive Vice President, Retirement Services and Worksite Insurance. “We believe MapMyBenefits is the most comprehensive benefits planning tool available through employers. The tool has been designed with the goal of enhancing productivity at the workplace by helping employees better manage their personal finances and potentially reduce the stress over financial issues that all-too-often spills over into their jobs.”
Nearly one in four employees say personal financial problems have become a distraction at work, according to a 2014 survey of financial wellness issues conducted by PricewaterhouseCoopers.1 Money issues have consistently topped Americans’ list of biggest stressors since 2007, the American Psychological Association reports.2
Meanwhile, managing personal finances – especially selecting employee benefits – has become more complicated as employers make benefits available on a voluntary rather than employer-paid basis, according to Sarsynski. That puts more responsibility on the shoulders of employees to assess their financial needs, determine what they can afford and ultimately, use all of this valuable planning information to make the best benefit choices available, she said.
MapMyBenefits is being introduced as more employers focus on the financial wellness of their employees. A recent Aon Hewitt survey found that nine out of 10 large employers want to introduce or expand financial wellness programs this year.3
The tool is available through financial advisors, third party administrators and benefits specialists who serve the retirement plan and employee benefits needs of employers and their employees.
MapMyBenefits includes benefits made available by an employer to employees, including products offered by MassMutual and other providers. Currently, MassMutual is making several employee benefits products available through MapMyBenefits, including 401(k) and other defined contribution retirement plans, and life insurance. Additional insurance products are in the planning stages.
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 recommendations about individual coverage and savings needs. Employee’s personal financial obligations and budgets also figure into the equation and benefits priorities. In some instances, if an employee chooses not to enter personal financial information, MapMyBenefits can provide projections on personal financial obligations such as mortgage costs, college tuition or retirement income.
The analysis can vary widely based on the unique needs of each employee and his or her personal financial planning goals, according to Tina Wilson, Senior Vice President, Product Management. For instance, a modestly compensated employee may have a greater need for health care coverage but less of a need for retirement savings because Social Security typically replaces a relatively high percentage of his or her salary at retirement, Wilson explained. Conversely, highly compensated employees may need to increase contributions to their 401(k) to continue their lifestyles when they retire, she said.
Helping employees make the best financial decisions for their individual needs is a boon to employers.
“A happier, more secure employee is a productive employee,” Wilson said. “MassMutual, by making the MapMyBenefits tool available, is working to provide both employers and their employees with access to personal financial planning opportunities that may lead to the best possible financial outcomes available to employees.”
For more information about MassMutual’s Retirement Services Division, please contact your financial professional or call MassMutual at 1-800-874-2502, option 4.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
1 PricewaterhouseCoopers, 2014 Employee Financial Wellness Survey, http://www.pwc.com/en_US/us/private-company-services/publications/assets/pwc-employee-financial-wellness-survey-2014-results.pdf
2 American Psychological Association, “Stress in America” survey, 2015, http://www.apa.org/news/press/releases/stress/2014/stress-report.pdf
3 Aon Hewitt, “2015 Hot Topics in Retirement” report, http://www.aon.com/attachments/human-capital-consulting/hot-topics-retirement-2015.pdf