The tool then analyzes the information, including data about existing employer-provided coverage and employer-sponsored retirement plans such as 401(k)s that 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.

The tool then provides each employee with a customized needs analysis and recommendations based on the information about his or her personal situation then makes recommendations about individual coverage and savings needs. The tool is available through financial advisers, third-party administrators, and benefits specialist consultants.

One aim of MapMyBenefits is to improve workplace productivity by helping employees better manage their finances and thus relieve financial stress that can spill over onto the job.

A Pricewaterhouse Coopers survey of financial wellness issues in 2014 found that almost one out of every four employees said that personal financial problems have become a distraction at work. In addition, the American Psychological Association has reported that money issues have consistently been at the top of Americans' lists of biggest stressors since 2007.

The situation has become more complicated as it gets tougher to choose employee benefits that are available on a voluntary basis rather than with the employer paying to provide them.

With more costs coming directly out of the employee's pocket, it's tougher to decide which benefits are necessary and cost-effective and which simply are unaffordable. That maximizes pressures on the employee to make the right decisions.

MapMyBenefits is aimed at helping employees make benefit dollars go farther through better decisions, based on their life stage, financial goals and personal financial situation. This approach to financial planning at the workplace takes an overall approach, combining retirement readiness, healthcare coverage and planning for financial surprises.