MassMutual’s MapMyFinances financial wellness tool solidifies decision by national TPA firm
SPRINGFIELD, Mass., July 24, 2017 – Nova 401(k) Associates, a third-party administrator (TPA) looking to enhance its employees’ overall financial wellness, has selected Massachusetts Mutual Life Insurance Company (MassMutual) as the recordkeeper for its $8.5 million 401(k) plan.
The Houston, Texas-based TPA serves retirement plans nationwide and works with a wide range of retirement plan providers. However, when it came to reviewing recordkeeping services for its own 401(k), Nova selected MassMutual because of its demonstrated retirement plan capabilities and MapMyFinances, a financial wellness platform and educational tool introduced earlier this year.
“We’re in the retirement plans business. We’re the proverbial fly on the wall when it comes to everyone’s products. No other provider offers a financial wellness tool that’s as easy to use and as effective for workers to enhance their financial security as MassMutual’s MapMyFinances,” said Russ Hooker, Executive Vice President of Nova. Nova serves as TPA to several MassMutual retirement plans with a combined $1 billion plus in assets under administration.
“Nova is a terrific partner with tremendous insight into the retirement plans marketplace,” said Lynn Roy, Head of TPA Market Development for MassMutual’s Workplace Solutions unit. “We’re honored that Nova chose MassMutual and recognized the tremendous value that MapMyFinances brings to the workplace.”
MapMyFinances is available automatically at no additional cost through employers that use MassMutual’s 401(k) or other defined contribution retirement plan services, voluntary insurance benefits or both. The tool provides users with a personalized financial wellness score to help them assess their overall financial situation and provides guidance to help workers prioritize their benefits choices based on their family situation and budget.
Although Nova is firmly entrenched in the retirement plans marketplace, Hooker said, the firm’s 100-plus employees need as much help assessing their personal financial needs and making the best benefits choices as workers at any other company. Guidance about personal finances and benefits is appreciated by employees at every level of the organization, he said.
MapMyFinances can use information regarding an employer’s available benefits, including retirement plans, health plans and other insurance protection. In addition to such benefits as a defined contribution retirement plan, employers can make available to their employees certain MassMutual products and services through the tool, such as life, accident or critical illness insurance, if certain conditions are met. The technology platform can also connect to products and services not offered by MassMutual.
Recently, Health Savings Account services became available through MapMyFinances. Hooker lauded the decision, pointing out that HSAs offer tremendous value to both employers and employees with high-deductible healthcare plans.
“We’re excited about offering MapMyFinances to Nova to help employees enhance both their short-term and long-term financial wellness,” Roy said. “Nova’s decision to offer MapMyFinances is testament to its market-leading capabilities to help workers begin building financial wellness.”