total retirement center user guide

Total Retirement Center User Guide

A focus on Loan Monitoring and Ad i i iAdministration

Information provided for plan sponsor use to help meet fiduciary obligations.

10/5/2011Not intended for distribution to participants or for use as advertising or sales literature.

Information provided for plan sponsor use in meeting fiduciary obligations. Not intended for distribution to participants or for use as advertising or sales literature.Copyright © 2011 Massachusetts Mutual Life Insurance Company. All rights reserved.

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Information at Your Fingertips

This module of the Total Retirement Center (TRC) User Guide is d i d t id ith th f ll i i f tidesigned to provide you with the following information:

How to use the Loan Monitoring Report to track loansHow to use the Loan Monitoring Report to track loansHow to suspend loans, and reinstate them upon the

participant’s return to work.

Click here to go to your Loan Monitoring Report…Click here to go to your Loan Monitoring Report…

…or use “Quick Clicks” to go to Reports…or use “Quick Clicks” to go to Reportsgg

The loan statuses that require action by the Plan Administrator are in blue letters.

In this example there are no

The loan statuses that require action by the Plan Administrator are in blue letters.

In this example there are noIn this example there are no loans Pending Default or Pending Suspension End

In this example there are no loans Pending Default or Pending Suspension End

Click the loan status you want to view. Click the loan status you want to view.

For example, this one will bring up all the participant loans that are Pending Maturity.

For example, this one will bring up all the participant loans that are Pending Maturity.

A loan within thirty days of A loan within thirty days of its maturity date will show on this report summary. Click on the participant’s name for details.

its maturity date will show on this report summary. Click on the participant’s name for details.

On this screen, all the loan data is detailed. Notice the Maturity Date.

On this screen, all the loan data is detailed. Notice the Maturity Date.

MassMutual must receive Terry’s July 22nd payment before 08/21/2011, or it will default.

It is very important that plans submitting payments monthly pay close attention to this report.

MassMutual must receive Terry’s July 22nd payment before 08/21/2011, or it will default.

It is very important that plans submitting payments monthly pay close attention to this report.

On this report, there is one delinquent loan. Click on the participant’s name for details.On this report, there is one delinquent loan. Click on the participant’s name for details.

Let’s assume you are viewing this list in late November, 2011.

Charles’ last payment was for the 09/16/2010

Let’s assume you are viewing this list in late November, 2011.

Charles’ last payment was for the 09/16/2010Charles last payment was for the 09/16/2010 payment due date. A letter was sent to him on 11/14/2011. His loan will default on 12/31/2011 if no payments are made.

Let’s say Charles is on Medical Leave. You

Charles last payment was for the 09/16/2010 payment due date. A letter was sent to him on 11/14/2011. His loan will default on 12/31/2011 if no payments are made.

Let’s say Charles is on Medical Leave. You yneed to suspend his loan if he is not being paid. To do this, click Loan Administration.

yneed to suspend his loan if he is not being paid. To do this, click Loan Administration.

After choosing the type of leave, enter the Leave After choosing the type of leave, enter the Leave ,of Absence start date.

,of Absence start date.

You can suspend the loan until the participant returns You can suspend the loan until the participant returns to work by choosing Suspend Loan in the action box and clicking“Next”.

to work by choosing Suspend Loan in the action box and clicking“Next”.

Click Submit to complete the suspension of Loan #4. This step is important as if you do not hit “Submit”, the loan will NOT be suspended.

Click Submit to complete the suspension of Loan #4. This step is important as if you do not hit “Submit”, the loan will NOT be suspended.suspe ded

When Charles returns to work, the loan will need to be unsuspended and a balloon payment made to cover the missed payments, or refinanced to include the accrued interest.

suspe ded

When Charles returns to work, the loan will need to be unsuspended and a balloon payment made to cover the missed payments, or refinanced to include the accrued interest.

Once Charles returns, go into Loan Administration and enter the Return from Leave of Absence Date

Once Charles returns, go into Loan Administration and enter the Return from Leave of Absence DateLeave of Absence Date.Leave of Absence Date.

Charles has informed his Plan Administrator that he would like to refinance his loan, rather than make a balloon

Charles has informed his Plan Administrator that he would like to refinance his loan, rather than make a balloonthan make a balloon payment. After making your choice here, click the “Next” button.

than make a balloon payment. After making your choice here, click the “Next” button.

Thi fi thThi fi thThis screen confirms the action you have chosen. After reviewing, click “Continue to Preview.”

This screen confirms the action you have chosen. After reviewing, click “Continue to Preview.”

After reviewing, click “Submit”. Remember, clicking “Submit”

After reviewing, click “Submit”. Remember, clicking “Submit”Remember, clicking Submit completes the process. If it is not submitted, the loan will not

be unsuspended/refinanced.

Remember, clicking Submit completes the process. If it is not submitted, the loan will not

be unsuspended/refinanced.

Print this screen for yourPrint this screen for yourPrint this screen for your records, and send a Loan Refinance Request form to your account manager or MassMutual contact to

Print this screen for your records, and send a Loan Refinance Request form to your account manager or MassMutual contact to restart new loan payments.restart new loan payments.

Questions

Please contact your Account Manager or appropriate MassMutual associate.

Proceed to the Help Section of the Total Retirement Center for further information.

You may print or send this presentation by: clicking on “File”, then “Print” or “Send to.”

Thank you!

© 2011 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives.

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