n n n n - massmutualretire.massmutual.com/retire/custom/memphis/com_enroll... · 2020-05-08 · n n...
TRANSCRIPT
n n n n Create a plan for the retirement you want.City of Memphis 457(b) Deferred Compensation Plan may be the best way to work toward your personal retirement goals. But saving for retirement can be both challenging and complicated, depending on your financial situation. This guide can help make complicated choices about retirement and saving for it, simple. Take control of your retirement now by turning your dreams into plans.
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City of Memphis 457(b) Deferred Compensation Plan offers tax advantages, a variety of investment choices, and other features to make saving for retirement simple.
• The payroll deduction feature makes contributions easy and convenient.• Flexible investment choices allow you to choose how much to contribute and where to invest
your contributions.• Pre-tax contributions reduce your current taxable income before federal income taxes are
withheld.• Roth contributions let you save and invest after-tax dollars in the plan.• Automatic rebalancing helps to keep your portfolio in line with your investment goals
through periodic rebalancing. Periodic rebalancing of your account helps ensure your investments stay aligned over time with the selected strategy you originally selected. For your convenience, you can initiate or discontinue this service at any time. Auto rebalancing is not recommended when using an asset allocation investment option.
• Your vested account balance is always yours to take with you should you change employers. You may also have access to your account savings before you reach retirement age.
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Achieving a successful retirement.
The main goal of the plan is to help you build toward a comfortable income during retirement. This guide provides important information on how to use features of the plan and make them work best for you. Be sure to read it carefully, and feel free to contact us if you have any questions.
1 Online: www.massmutual.com/cityofmemphis
4 Mobile App:
Download the MassMutual RetireSMARTSM app to enroll and keep tabs on your account. Search for "RetireSmart" or "MassMutual" in your Apple App Store® or Google Play™.
2 Phone:
1-800-743-5274 Dedicated customer service representatives available Monday - Friday, 8 a.m. to 8 p.m. ET or automated phone line 24/7.
3 Rollover Specialists:
1-888-526-6905 Get help rolling in accounts from a prior retirement account, Monday – Friday, 8 a.m. to 8 p.m. ET. You are encouraged to compare the benefits and features of the different plans before consolidating your accounts. Things to consider include each plan's available investment options, guarantees, fees and expenses.
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Enrolling in the plan is easy.• Log in to www.massmutual.com/cityofmemphis and select “Register for Online Access.” You
can also enroll and create your account on our RetireSMARTSM mobile app.• Create your Username, Password and PIN. You will use the PIN on our voice response system.• Confirm your preference for E Notification of documents.• That’s it! Now you can access your account and take advantage of all our online tools.
Choosing investments that are right for you.Following the simple steps outlined in this guide may help you become more confident with your investment decisions.
If you don’t make a choice, your plan will invest your contributions in an asset allocation option on your behalf. This option is selected based on your date of birth and a projected retirement age of 65. (You may want to consider a different option if this is not your intended retirement age.) Offering professional management and monitoring as well as diversification all in one investment, it becomes more conservative as your retirement date approaches. You can change this option any time you wish.
Generally target retirement date (lifecycle) investment options are designed to be held beyond the presumed retirement date to offer a continuing investment option for the investor in retirement. The year in the investment option name refers to the approximate year an investor in the option would plan to retire and likely would stop making new contributions to the investment option. However, investors may choose a date other than their presumed retirement date to be more conservative or aggressive depending on their own risk tolerance. Target retirement date (lifecycle) investment options are designed for participants who plan to withdraw the value of their accounts gradually after retirement. Each of these options follows its own asset allocation path (“glide path”) to progressively reduce its equity exposure and become more conservative over time. Options may not reach their most conservative allocation until after their target date. Others may reach their most conservative allocation in their target date year. Investors should consider their own personal risk tolerance, circumstances and financial situation. These options should not be selected solely on a single factor such as age or retirement date. Please consult the prospectus (if applicable) pertaining to the options to determine if their glide path is consistent with your long-term financial plan. Target retirement date investment options’ stated asset allocation may be subject to change. A target date fund may not achieve its objective and/or you could lose money on your investment in the fund. You may experience losses near, at, or after the target date. There is no guarantee of the fund's principal value, including at the target date, or that the fund will provide adequate income at and through your retirement.
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Take control of your financial future by getting straightforward answers to complicated questions. Through easy-to-use online tools you can create a personalized action plan customized to meet your financial needs now, and in the future.
Your plan offers MassMutual RetireSmart Ready Managed Path – an easy-to-use online managed account service from Envestnet Retirement Solutions, LLC (ERS) that provides a suggested investment strategy that’s customized to you.
Using the online RetireSmart Ready Tool, you can access a personalized recommendation from ERS – both of investment allocation and savings rate – to help you meet your defined retirement objectives. ERS then monitors and rebalances your account on an ongoing basis to keep pace with your current situation.
Get started in 5 simple steps.
1. Log in to your retirement account at www.massmutual.com/cityofmemphis and select the RetireSmart Ready Tool
2. Review your assumptions and objectives, and make edits as needed. For an even more personalized strategy, add data such as outside retirement assets and risk tolerance information.
3. Select Managed Path, then read through the online information about ERS as Investment Manager, how they will manage your account, and fees that apply.
4. Review and accept ERS’s Advisory Services Agreement using an email verification process.
5. Confirm your strategy to activate Managed Path and adopt ERS’s suggested strategy.
Take the complexity out of investing.
W H O I S E R S ?
Envestnet Retirement Solutions, LLC (“ERS”) is a federally registered investment adviser and is the investment manager for your managed account. ERS is a subsidiary of its parent company Envestnet, Inc. (NYSE:ENV). ERS and Envestnet, Inc. are not affiliated with MassMutual or any of its subsidiaries.
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Understanding asset allocation.
Determining your asset allocation is an important first step in choosing investment options in your workplace retirement plan. Asset allocation is how you divide your savings among different investment types such as stocks, bonds, and short-term investments. Here we highlight four basic steps in developing your asset allocation strategy.
Step 1 – Understand the asset classes. Consider that your choices generally focus on three things: stocks, bonds and short-term investments. These three types of investments are known as the basic “asset classes”:
• Stocks, also called equities, are shares of ownership in a company.
• Bonds, also called fixed income investments, are loans made to governments or corporations.
• Short-term investments, also known as cash equivalents, are designed to maintain their dollar value. Examples include money market funds, certificates of deposit and Treasury bills.
Although the investment menu in your workplace plan may have many options, most will fall into these basic groups, or a combination of them. Please note that asset allocation doesn’t ensure a profit or protect against loss in a declining market, but it may be a sound strategy.
Why it’s important.Each asset class has different characteristics you should be aware of. Historically speaking, stocks have posed greater investment risk than the other asset classes, but have offered the potential for the highest return. Short-term
investments have offered lower returns in exchange for low investment risk. Bonds have tended to fall somewhere in the middle.
Step 2 – Know your tolerance for risk. How much risk you are comfortable with is an important consideration in choosing your asset allocation strategy. How do you feel about investment risk – the chance that your investments could lose money? You also need to think about inflation risk – the risk that conservative investments such as short-term investments may not keep pace with inflation.
Investing in more than one asset class – or a blend of them – may help to balance your risk. Mixing the various investment types can provide a balance of growth with preservation, because the markets for each investment don’t always move in the same direction as each other.1
Step 3 – Establish your time horizon. Your tolerance for risk must be considered in the context of your time horizon. Do you have quite a bit of time until you retire or are you getting closer? In the short term, the most volatile investments, such as stocks, can rise and fall dramatically. Past performance is not indicative of future performance.
If you need your money within the next few years, you might want to avoid putting a large percentage into a single asset class that could dip in value in the short term. On the other hand, assuming you have six years or more before you will need your money, you may consider investing a percentage of your savings in investments that offer greater potential for return. That’s because you have
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more time to potentially ride out short-term fluctuations in the value of your investments.
Step 4 – Determine your asset allocation strategy. The participant website offers tools and resources to help. To determine which strategy may be right for you, check out the Risk Quiz. Log into your account » My Account » Investment Selection » Risk Quiz.
Revisit your strategy once a year and after major life events to ensure it is still in line with your current needs and outlook. You may want to consider adjusting the proportions of stocks, bonds and short-term investments as you get closer to retirement. Remember, everyone’s situation will differ, and you should consult a financial advisor about your own particular situation.
Learn more.The right asset allocation strategy can help you maintain your confidence through market ups and downs. You can learn more about asset allocation at www.massmutual.com/cityofmemphis. If you have questions, call 1-800-743-5274.
1 http://www.sec.gov/investor/pubs/assetallocation.htmPast performance is no guarantee of future results. The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
This short, self-scoring investor profile and risk quiz is designed to suggest an investment strategy
that may be right for your retirement savings based on your personal risk tolerance and situation.
Circle the answer that best matches your needs.
S E C T I O N 1 : T I M E H O R I Z O N1. I plan to withdraw my money in 3 years or less and do not
want to lose any of it: a. Yes b. No
If you answered Yes to question 1, set your investment course
with a SHORT TERM STRATEGY.
2. My current age is:
a. Under 40 ........................................................................ 5
b. 40–54 ........................................................................ 3
c. 55 and over ....................................................................... 1
3. I expect to retire:
a. Not for at least 20 years ................................................ 5
b. In 5 to 20 years ................................................................ 3
c. Within 5 years ................................................................... 1
S E C T I O N 2 : R I S K T O L E R A N C E
Long-Term Goals
4. For this portfolio, my goal is:
a. To grow my assets aggressively ..................................... 5
b. To grow my assets with caution...................................... 3
c. To avoid losing money ..................................................... 1
5. What would I expect from this portfolio over time?
a. To generally keep pace with the stock market ............. 5
b. To make a decent profit,
but probably trail the stock market .............................. 3
c. To have a high degree of stability,
but only modest profits ................................................. 1
Short-Term Goals
6. Which of these statements best describes your attitude
about the performance of this portfolio over the next
three years?
a. I can live if I lose money ................................................. 5
b. I better at least break-even........................................... 3
c. I better end up with at least a little profit .................... 1
7. Which of these statements best describes your attitude
about the performance of this portfolio over the next
three months?
a. Who cares? One calendar quarter means nothing ..... 5
b. If I suffered a loss of greater than 10%,
I’d get concerned .......................................................... 3
c. I can tolerate only small short term losses .................. 1
Financial Situation
8. If I lost my job tomorrow, I would:
a. Have other sources of income
to last me more than six months ................................... 5
b. Have enough cash on hand to last
three to six months ......................................................... 3
c. Need to tap into my retirement
investment within 30 days ............................................. 1
9. Upon retirement my investment will represent:
a. A minor part (less than 25%)
of my retirement income ............................................. 5
b. An important part (25% – 75%)
of my retirement income .............................................. 3
c. The vast majority (over 75%)
of my retirement income .............................................. 1
S E C T I O N 3 : I N V E S T M E N T S T R AT E G Y
Add up your points from Questions 2-9 to determine which
investment strategy below is best for you.
M Y T O TA L : _______________________
Using this score, you may decide to choose a custom portfolio as outlined on the following pages.
Investor Profile Quiz
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0 - 8 Short Term9 - 17 Conservative
18 - 27 Moderate28 - 35 Aggressive36 - 40 Ultra Aggressive
Based on this “investment strategy,” you’re ready to consider how to divide your investments among the different asset classes.
Total Points Investment Strategy
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Your plan's investment options.
The portfolios below are built out of the investment options available in your plan*:
INVESTMENT PORTFOLIOS
ASSET CATEGORY INVESTMENT NAME Short Term Conservative Moderate Aggressive
Ultra Aggressive
Stable Value Fixed Interest Fund 95% 21% 6% 2%Intermediate Term Bond PIMCO Total Return Fund 3% 25% 17% 7%Intermediate Term Bond
TCW Total Return Bond Fund 2% 24% 17% 7%
High Yield Bond Ivy High Income FundAsset Allocation/Lifecycle
Vanguard Target Rtrmnt Incm Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2015 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2020 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2025 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2030 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2035 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2040 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2045 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2050 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2055 Fd
Asset Allocation/Lifecycle
Vanguard Target Rtrmnt 2060 Fd
Large Cap Value Edgar Lomax Value Funds 3% 6% 8% 10%
Large Cap CoreVanguard Institutional Indx Fd 5% 9% 13% 17%
Large Cap Core Parnassus Core Equity Fund 5% 9% 13% 17%Large Cap Growth Fidelity Contrafund 3% 6% 8% 10%
Mid Cap ValueJP Morgan Mid Cap Value Fund 1% 2% 1%
Mid Cap CoreVanguard Mid Cap Index Fund 1% 4% 4% 4%
Mid Cap CoreEaton Vance Atlanta Cap SMID-C 1% 3% 4% 4%
Small Cap ValueHarbor Small Cap Value Fund 2% 4% 5% 6%
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Your plan's investment options.
INVESTMENT PORTFOLIOS
ASSET CATEGORY INVESTMENT NAME Short Term Conservative Moderate Aggressive
Ultra Aggressive
Small Cap GrowthNeuberger Berman Genesis Fund 2% 2% 3% 4%
Small Cap GrowthBrown Capital Mgmt Small Co Fd 1% 2% 3% 3%
Intl/Global Large Value MFS Intl Intrinsic Value Fd 2% 5% 8% 10%Intl/Global Large Growth
AmerFunds EuroPacific Gr Fund 2% 3% 5% 5%
Intl/Global Large Growth
Invesco Oppenheimer Global Fd 1% 3% 4% 5%
REITsVanguard Real Estate Index Fd 2% 3% 4% 4%
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*Investment allocation strategies are a convenient way of allocating your account among certain of the plan’s individual investment options. Any investment allocation strategies included in these materials are not intended to be investment advice or recommendations to you and may or may not be appropriate for your circumstances. In applying investment allocation strategies to your individual circumstances, you should consider your other assets, income and investments as well as your risk tolerance. If you direct your contributions or current account balance to an investment allocation strategy, your contributions or account balance will be invested in each of the individual investment alternatives in the percentages indicated for the strategy. The plan may offer other investment options not included in the strategies and the individual investment alternatives included in the strategies may also be available on a stand-alone basis. The CustomChoice Strategies chart lists asset classes, along with their weightings in the allocation strategy.
Generally target retirement date (lifecycle) investment options are designed to be held beyond the presumed retirement date to offer a continuing investment option for the investor in retirement. The year in the investment option name refers to the approximate year an investor in the option would plan to retire and likely would stop making new contributions to the investment option. However, investors may choose a date other than their presumed retirement date to be more conservative or aggressive depending on their own risk tolerance.
Target retirement date (lifecycle) investment options are designed for participants who plan to withdraw the value of their accounts gradually after retirement. Each of these options follows its own asset allocation path (“glide path”) to progressively reduce its equity exposure and become more conservative over time. Options may not reach their most conservative allocation until after their target date. Others may reach their most conservative allocation in their target date year. Investors should consider their own personal risk tolerance, circumstances and financial situation. These options should not be selected solely on a single factor such as age or retirement date. Please consult the prospectus (if applicable) pertaining to the options to determine if their glide path is consistent with your long-term financial plan. Target retirement date investment options’ stated asset allocation may be subject to change. Investments in these options are not guaranteed and you may experience losses, including losses near, at, or after the target date. Additionally, there is no guarantee that the options will provide adequate income at and through retirement.
When you sign up for Managed Path, you are allowing ERS to exercise discretionary control over your account and make adjustments for you down the road. This means that ERS will make all the investment decisions for you in this account. As time goes on, ERS will use the current information in the RetireSmart Ready Tool to make sure your investments continue to be tailored to your current situation, and make changes as needed to help keep you on target. You can check in as much or as little as you like, but it’s always a good idea to periodically review your account.
RISK DISCLOSURES FOR CERTAIN ASSET CATEGORIES – PLEASE NOTE THAT YOUR PLAN MAY NOT OFFER ALL OF THE INVESTMENT TYPES DISCUSSED BELOW.
Please consider an investment option’s objectives, risks, fees and expenses carefully before investing. This and other information about the investment option can be found in the applicable prospectuses or summary prospectuses, if any, or fact sheets for the investment options listed, which are available from
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your plan sponsor, the participant website at www.retiresmart.com or by contacting our Participant Information Center at 1-800-743-5274 between 8:00 a.m. and 8:00 p.m. ET, Monday through Friday. Please read them carefully before investing.
If a retirement plan fully or partially terminates its investment in the Guaranteed Interest Account (GIA), Super Flex (SF) Guaranteed, Fixed Interest Account or Separate Account Guaranteed Interest Contract (SAGIC) investment options, the plan receives the liquidation value of its investment, which may either be more or less than the book value of its investment. As a result of this adjustment, a participant’s account balance may be either increased or decreased if the plan fully or partially terminates the contract with MassMutual.
Government/Retail Money Market Funds:
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Money Market Floating NAV:
You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Risks of investing in bond and debt securities investments include the risk that a bond issuer will default by failing to repay principal and interest in a timely manner (credit risk) and/or the risk that the value of these securities will decline when interest rates increase (interest rate risk).
Risks of investing in inflation-protected bond investments include credit risk and interest rate risk. Neither the bond investment nor its yield is guaranteed by the U.S. Government.
High yield bond investments are generally subject to greater market fluctuations and risk of loss of income and principal than lower yielding debt securities investments.
Investments in value stocks may remain undervalued for extended periods of time, and the market may not recognize the intrinsic value of these securities.
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Investments that track a benchmark index are professionally managed investments. However, the benchmark index itself is unmanaged and does not incur fees or expenses and cannot be purchased directly for investment.
Investments in growth stocks may experience price volatility due to their sensitivity to market fluctuations and dependence on future earnings expectations.
Investments in companies with small or mid market capitalization (“small caps” or “mid caps”) may be subject to special risks given their characteristic narrow markets, limited financial resources, and less liquid stocks, all of which may cause price volatility.
International/global investing can involve special risks, such as political changes and currency fluctuations. These risks are heightened in emerging markets. Other trading restrictions may apply. Please see the investment’s prospectus for more details.
A significant percentage of the underlying investments in aggressive asset allocation portfolio options have a higher than average risk exposure. Investors should consider their risk tolerance carefully before choosing such a strategy.
An investment with multiple underlying investments (which may include MassMutual RetireSmart and any other offered proprietary or non-proprietary asset-allocation, lifestyle, lifecycle or custom blended investments) may be subject to the expenses of those underlying investments in addition to those of the investment itself.
Investments may reside in the specialty category due to 1) allowable investment flexibility that precludes classification in standard asset categories and/or 2) investment concentration in a limited group of securities or industry sectors. Investments in this category may be more volatile than less-flexible and/or less-concentrated investments and may be appropriate as only a minor component in an investor's overall portfolio.
Participants with a large ownership interest in a company or employer stock investment may have the potential to manipulate the value of units of this investment option through their trading practices. As a result, special transfer restrictions may apply. This type of investment option presents a higher degree of risk than diversified investment options under the plan because it invests in the securities of a single company.
Investments that invest more of their assets in a single issuer or industry sector (such as company stock or sector investments) involve additional risks, including unit price fluctuations, because of the increased concentration of investments.
A participant will be prohibited from transferring into most mutual funds and similar investments if they have transferred into and out of the same investment within the previous 60 days. Certain stable value, guaranteed interest, fixed income and other investments are not subject to this rule. This rule does not prohibit participants from transferring out of any investment at any time.
Excessive Trading Policy: MassMutual strongly discourages plan participants from engaging in excessive trading. The MassMutual Excessive Trading Policy helps protect the interests of long-term
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investors like you. If you would like to view the MassMutual Excessive Trading Policy, please visit MassMutual’s participant website at www.retiresmart.com. In addition, you cannot transfer into any investment options if you have already made a purchase followed by a sale (redemption) involving the same investment within the last sixty days.
Apple® and the Apple logo® are registered trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a registered trademark of Apple Inc.
Android, Google PlayTM and the Google Play logoTM are trademarks of Google Inc.
MassMutual RetireSmartSM is a registered service mark of MassMutual.
City of Memphis 457(b) Deferred Compensation Plan
Eligibility All employees may join the plan except
independent contractors.
Enrollment
Employees may begin participating in
the plan immediately.
Employee contributions
Pre-tax contributions
Through payroll deduction, you may make pre-tax
contributions up to the IRS maximum contribution
limit. Traditional pre-tax contributions are
deducted from your paycheck before tax
calculations occur.1
• You may contribute up to the IRS maximum
contribution limit. The maximum annual
contribution limit is $19,500 for the
current plan year.
Roth contributions
Through payroll deduction, you may make
Roth contributions up to the IRS maximum
contribution limit. Roth contributions are
deducted from your paycheck on an after-tax
basis. The earnings on your Roth contributions
grow tax-deferred and such earnings may be
distributed tax free if certain conditions are
met. Read your Summary Plan Description for
more details.
Catch-up contributions
50+ catch-up
Employees age 50 or older by the end of the
plan year may be able to contribute catch-up
contributions. The IRS limit for catch-up
contributions is $6,500 for the current plan
year. Catch-up contributions will not be
considered as catch-up unless the IRS maximum
contribution limit has been reached first.
Pre-retirement catch-up
The pre-retirement catch-up provision allows
you to make additional contributions during the
three years prior to, but not including, the year
in which you will reach normal retirement age
based upon the total amount of contributions
that you could have made in prior years, but
did not.
Building a Brilliant Retirement.
1 Taxes are assessed when you withdraw the money from the plan.2 Federal and state taxes on pre-tax contribution and potential earnings will be assessed when money is withdrawn from
the Plan. Please be sure to consult your tax advisor for specific questions about your individual circumstances before any withdrawal. If you take a withdrawal prior to age 59½, you may also be subject to a 10% tax penalty.
RS8428 120 C:RS-42126-02
Changing contributions
You may increase or decrease your
contributions by logging on to
www.MassMutual.com/cityofmemphis
or by calling the Participant Information
Center at 1-800-743-5274. Customer
Service Representatives are available
Monday – Friday, 7 a.m. – 7 p.m. CT.
Changing investment
fund options
Re-allocate your existing balances, or change
your future investment allocation mix at any
time, subject to certain restrictions imposed
by the mutual fund.
Rollovers
At any time, you may transfer eligible rollover
balances into the plan, provided the money is
from a qualified retirement plan or an IRA. For
rollover assistance, call 1-888-526-6905.
Withdrawals2
Withdrawals from your account balance include:
termination, disability, hardships, retirement
and death.
Loans
You may borrow money from the plan by taking
up to one loan at a time. Your maximum loan
balance may not exceed the lesser of one half
of your vested account balance or $50,000.
You may not initiate a loan for less than $1,000.
Your loan is secured by your remaining
account balance.
You must repay loans within five years. However,
if the loan is to acquire a principal residence of
the participant, the loan repayment period may
be up to 15 years. The interest rate on your loan
will be the prime rate +2%. You pay back the
principal and interest directly to your account
through payroll deduction. If you don’t repay
your loan, the IRS considers the unpaid amount
to be a taxable payment made to you.
Beneficiaries
You must designate a beneficiary and
keep it updated by logging on to
www.MassMutual.com/cityofmemphis.
Contact MassMutual®
For one-on-one Plan assistance and
questions, contact your MassMutual
Education Specialist:
Austin Maness
901-864-8211
You may also log on to
www.MassMutual.com/cityofmemphis,
or call the Participant Information Center
at 1-800-743-5274. Customer Service
Representatives are available
Monday – Friday, 7 a.m. – 7 p.m. CT.
Mobile App
Download the RetireSMART app, you’ll be able
to keep tabs on your retirement account and
change your contribution amount to save more
no matter where you are. To find the app, search
for “RetireSMART” or “MassMutual” in your
Apple or Android app store.
© 2020 Massachusetts Mutual Life Insurance Company (MassMutual®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com.
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lte
rna
tive
s in
clu
din
g in
vest
me
nt
pe
rfo
rma
nc
e, o
pe
rati
ng
exp
en
ses,
fe
es,
tra
de
rest
ric
tio
ns,
an
d a
n in
du
stry
be
nc
hm
ark
re
lati
ve t
o e
ac
h n
on
-fix
ed
inte
rest
inve
stm
en
t to
he
lp y
ou
ma
ke in
vest
me
nt
de
cis
ion
s. I
f th
e P
lan
ha
s ta
rge
t d
ate
or
life
cyc
le in
vest
me
nt
allo
ca
tio
n a
lte
rna
tive
s, t
his
dis
clo
sure
sta
tem
en
t w
ill in
clu
de
a T
arg
et
Da
te A
sse
t A
lloc
ati
on
In
vest
me
nt
Alt
ern
ati
ves
sec
tio
n p
rovi
din
g in
form
ati
on
on
ho
w t
he
inve
stm
en
t
allo
ca
tio
n w
ill c
ha
ng
e o
ver
tim
e, w
he
n it
will
re
ac
h it
s m
ost
co
nse
rva
tive
ass
et
allo
ca
tio
n, t
he
re
leva
nc
e o
f a
ny
da
tes
use
d t
o d
esc
rib
e t
he
inve
stm
en
t a
nd
th
e p
art
icip
an
t a
ge
gro
up
s fo
r w
ho
m t
he
inve
stm
en
t a
lte
rna
tive
is d
esi
gn
ed
. If
you
r P
lan
's a
dm
inis
tra
tive
exp
en
ses
co
uld
be
de
du
cte
d f
rom
yo
ur
ac
co
un
t b
ala
nc
e, t
his
dis
clo
sure
sta
tem
en
t w
ill
inc
lud
e a
n A
dm
inis
tra
tive
Exp
en
ses
sec
tio
n. T
he
Ad
min
istr
ati
ve E
xpe
nse
s se
cti
on
pro
vid
es
info
rma
tio
n r
eg
ard
ing
ch
arg
es
for
ad
min
istr
ati
ve e
xpe
nse
s in
cu
rre
d o
n a
Pla
n-w
ide
ba
sis
tha
t m
ay
be
de
du
cte
d f
rom
yo
ur
ac
co
un
t. A
n I
nd
ivid
ua
l Exp
en
ses
sec
tio
n r
eg
ard
ing
ind
ivid
ua
l exp
en
ses
tha
t m
ay
be
de
du
cte
d f
rom
yo
ur
ac
co
un
t, w
ill a
lso
be
inc
lud
ed
in t
his
dis
clo
sure
sta
tem
en
t if
th
e P
lan
ch
arg
es
pa
rtic
ipa
nts
an
d b
en
efi
cia
rie
s fo
r th
e e
xpe
nse
s a
sso
cia
ted
wit
h in
div
idu
al t
ran
sac
tio
ns.
Ple
ase
be
min
dfu
l th
at:
·A
n in
vest
me
nt'
s p
ast
pe
rfo
rma
nc
e is
no
gu
ara
nte
e o
f fu
ture
re
sult
s.
·T
o h
elp
ac
hie
ve lo
ng
-te
rm r
eti
rem
en
t se
cu
rity
, yo
u s
ho
uld
giv
e c
are
ful c
on
sid
era
tio
n t
o t
he
be
ne
fits
of
a w
ell-
ba
lan
ce
d a
nd
div
ers
ifie
d in
vest
me
nt
po
rtfo
lio.
·Fe
es
are
on
ly o
ne
of
seve
ral f
ac
tors
yo
u s
ho
uld
co
nsi
de
r w
he
n m
aki
ng
inve
stm
en
t d
ec
isio
ns.
Fo
r m
ore
info
rma
tio
n a
nd
an
exa
mp
le d
em
on
stra
tin
g t
he
lon
g-t
erm
eff
ec
t o
f fe
es
an
d e
xpe
nse
s, p
lea
se v
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ps:
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sa/o
ur-
ac
tivi
tie
s/re
sou
rce
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nte
r/p
ub
lica
tio
ns/
a-l
oo
k-a
t-40
1k-p
lan
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es.
pd
f a
nd
htt
ps:
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ww
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v/a
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sa/o
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tivi
tie
s/re
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__In
vest
me
nt
Inst
ruc
tio
ns:
In
ord
er
to d
ire
ct
you
r P
lan
inve
stm
en
ts, y
ou
mu
st m
ake
yo
ur
ele
cti
on
at
ww
w.m
ass
mu
tua
l.co
m/c
ityo
fme
mp
his
or
co
nta
ct
the
Ma
ssM
utu
al P
art
icip
an
t
Info
rma
tio
n C
en
ter
at
1-88
8-60
6-73
43. I
f yo
u a
re c
urr
en
tly
no
t p
art
icip
ati
ng
in t
he
Pla
n a
nd
ha
ve q
ue
stio
ns
co
nc
ern
ing
pla
n p
rovi
sio
ns,
inc
lud
ing
elig
ibili
ty r
eq
uir
em
en
ts, c
on
tac
t
Ma
ssM
utu
al R
eti
rem
en
t S
erv
ice
s a
t (8
00)
743-
5274
or
PO
Bo
x 21
9062
, Ka
nsa
s C
ity
MO
641
21.
Lim
ita
tio
ns
on
In
stru
cti
on
s:
· Y
ou
ma
y g
ive
inve
stm
en
t in
stru
cti
on
s o
n a
ny
da
y th
e N
ew
Yo
rk S
toc
k E
xch
an
ge
is o
pe
n f
or
bu
sin
ess
.
· A
ny
tra
de
re
stri
cti
on
s sp
ec
ific
to
an
ind
ivid
ua
l in
vest
me
nt
alt
ern
ati
ve w
ill b
e li
ste
d in
th
e C
om
pa
rati
ve C
ha
rt.
2
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____
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____
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____
____
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· If
th
e P
lan
off
ers
pu
blic
ly t
rad
ed
em
plo
yer
sec
uri
tie
s a
s a
de
sig
na
ted
inve
stm
en
t a
lte
rna
tive
, ce
rta
in d
isc
reti
on
ary
tra
nsa
cti
on
s re
qu
est
ed
by
pa
rtic
ipa
nts
wh
o a
re o
ffic
ers
,
dir
ec
tors
, or
pri
nc
ipa
l sto
ckh
old
ers
th
at
invo
lve
em
plo
yer
sec
uri
tie
s w
ill h
ave
tra
din
g r
est
ric
tio
ns
imp
ose
d a
s a
dd
itio
na
l re
po
rtin
g o
f th
ose
tra
nsa
cti
on
s is
re
qu
ire
d.
De
sig
na
ted
In
vest
me
nt
Alt
ern
ati
ves
(DIA
): T
he
Pla
n p
rovi
de
s d
esi
gn
ate
d in
vest
me
nt
alt
ern
ati
ves
into
wh
ich
yo
u c
an
dir
ec
t th
e in
vest
me
nt
of
you
r P
lan
fu
nd
s. T
he
Co
mp
ara
tive
Ch
art
be
low
ide
nti
fie
s th
ese
de
sig
na
ted
inve
stm
en
t a
lte
rna
tive
s a
nd
pro
vid
es
info
rma
tio
n r
eg
ard
ing
th
e a
lte
rna
tive
s.
Inve
stm
en
t M
an
ag
er:
Fo
r in
form
ati
on
re
ga
rdin
g t
he
de
sig
na
ted
inve
stm
en
t m
an
ag
er
for
the
Pla
n (
if a
ny)
, ple
ase
co
nta
ct
you
r P
lan
Sp
on
sor.
Life
In
sura
nc
e: T
he
Pla
n a
llow
s fo
r th
e p
urc
ha
se o
f lif
e in
sura
nc
e a
s a
n in
cid
en
tal b
en
efi
t u
nd
er
the
Pla
n. T
he
life
insu
ran
ce
po
licy
is h
eld
as
an
inve
stm
en
t fo
r th
e p
art
icip
an
t. F
or
info
rma
tio
n a
bo
ut
the
fe
es
an
d e
xpe
nse
s a
sso
cia
ted
wit
h t
he
life
insu
ran
ce
po
licie
s o
ffe
red
un
de
r th
e p
lan
, ple
ase
co
nta
ct
Ma
ssM
utu
al R
eti
rem
en
t S
erv
ice
s a
t (8
00)
743-
5274
or
PO
Bo
x 21
9062
, Ka
nsa
s C
ity
MO
641
21.
Glo
ssa
ry o
f T
erm
s: P
lea
se v
isit
htt
p:/
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w.m
ass
mu
tua
l.co
m/g
loss
ary
fo
r a
glo
ssa
ry o
f in
vest
me
nt
term
s re
leva
nt
to t
he
inve
stm
en
t o
pti
on
s u
nd
er
this
Pla
n. T
his
glo
ssa
ry is
inte
nd
ed
to
he
lp y
ou
be
tte
r u
nd
ers
tan
d y
ou
r o
pti
on
s.
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____
____
____
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his
se
cti
on
inc
lud
es
imp
ort
an
t in
form
ati
on
to
he
lp y
ou
co
mp
are
th
e in
vest
me
nt
alt
ern
ati
ves
off
ere
d u
nd
er
you
r P
lan
. If
you
wa
nt
ad
dit
ion
al i
nfo
rma
tio
n a
bo
ut
you
r in
vest
me
nt
op
tio
ns,
yo
u c
an
go
to
th
e s
pe
cif
ic I
nte
rne
t w
eb
sit
e a
dd
ress
es
sho
wn
be
low
or
you
ca
n c
on
tac
t th
e M
ass
Mu
tua
l Pa
rtic
ipa
nt
Info
rma
tio
n C
en
ter
at
1-88
8-60
6-73
43. I
f yo
u a
re
cu
rre
ntl
y n
ot
pa
rtic
ipa
tin
g in
th
e P
lan
, co
nta
ct
Ma
ssM
utu
al R
eti
rem
en
t S
erv
ice
s a
t (8
00)
743-
5274
or
PO
Bo
x 21
9062
, Ka
nsa
s C
ity
MO
641
21. T
o h
elp
ac
hie
ve lo
ng
-te
rm r
eti
rem
en
t
sec
uri
ty, y
ou
sh
ou
ld g
ive
ca
refu
l co
nsi
de
rati
on
to
th
e b
en
efi
ts o
f a
we
ll-b
ala
nc
ed
an
d d
ive
rsif
ied
inve
stm
en
t p
ort
folio
. Sp
rea
din
g y
ou
r a
sse
ts a
mo
ng
dif
fere
nt
typ
es
of
inve
stm
en
ts
ca
n h
elp
yo
u a
ch
ieve
a f
avo
rab
le r
ate
of
retu
rn, w
hile
min
imiz
ing
yo
ur
ove
rall
risk
of
losi
ng
mo
ne
y. T
his
is b
ec
au
se m
ark
et
or
oth
er
ec
on
om
ic c
on
dit
ion
s th
at
ca
use
on
e c
ate
go
ry o
f
ass
ets
, or
on
e p
art
icu
lar
sec
uri
ty, t
o p
erf
orm
ve
ry w
ell
oft
en
ca
use
an
oth
er
ass
et
ca
teg
ory
, or
an
oth
er
pa
rtic
ula
r se
cu
rity
, to
pe
rfo
rm p
oo
rly.
If
you
inve
st m
ore
th
an
20%
of
you
r
reti
rem
en
t sa
vin
gs
in a
ny
on
e c
om
pa
ny,
ind
ust
ry o
r c
lass
of
inve
stm
en
t, y
ou
r sa
vin
gs
ma
y n
ot
be
pro
pe
rly
div
ers
ifie
d. A
lth
ou
gh
div
ers
ific
ati
on
is n
ot
a g
ua
ran
tee
ag
ain
st lo
ss, i
t is
an
eff
ec
tive
str
ate
gy
to h
elp
yo
u m
an
ag
e in
vest
me
nt
risk
. In
de
cid
ing
ho
w t
o in
vest
yo
ur
reti
rem
en
t sa
vin
gs,
yo
u s
ho
uld
ta
ke in
to a
cc
ou
nt
all
of
you
r a
sse
ts, i
nc
lud
ing
an
y
reti
rem
en
t sa
vin
gs
ou
tsid
e o
f th
e P
lan
. No
sin
gle
ap
pro
ac
h is
rig
ht
for
eve
ryo
ne
be
ca
use
, am
on
g o
the
r fa
cto
rs, i
nd
ivid
ua
ls h
ave
dif
fere
nt
fin
an
cia
l go
als
, dif
fere
nt
tim
e h
ori
zon
s fo
r
me
eti
ng
th
eir
go
als
, an
d d
iffe
ren
t to
lera
nc
es
for
risk
. It
is a
lso
imp
ort
an
t to
pe
rio
dic
ally
re
vie
w y
ou
r in
vest
me
nt
po
rtfo
lio, y
ou
r in
vest
me
nt
ob
jec
tive
s, a
nd
th
e in
vest
me
nt
alt
ern
ati
ves
un
de
r th
e P
lan
to
he
lp e
nsu
re t
ha
t yo
ur
reti
rem
en
t sa
vin
gs
will
me
et
you
r re
tire
me
nt
go
als
. Div
ers
ific
ati
on
do
es
no
t a
ssu
re a
pro
fit
an
d d
oe
s n
ot
pro
tec
t a
ga
inst
a lo
ss
in a
de
clin
ing
ma
rke
t.
Do
cu
me
nt
Su
mm
ary
Th
is s
ec
tio
n f
oc
use
s o
n t
he
pe
rfo
rma
nc
e o
f in
vest
me
nt
alt
ern
ati
ves
tha
t h
ave
a f
ixe
d o
r st
ate
d r
ate
of
retu
rn. T
he
ch
art
sh
ow
s th
e a
nn
ua
l ra
te o
f re
turn
of
ea
ch
su
ch
alt
ern
ati
ve,
the
te
rm o
r le
ng
th o
f ti
me
th
at
you
will
ea
rn t
his
ra
te o
f re
turn
an
d o
the
r in
form
ati
on
re
leva
nt
to p
erf
orm
an
ce
.
3
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Fix
ed
Re
turn
In
vest
me
nts
Na
me
of
Inve
stm
en
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Typ
e o
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vest
me
nt
Inve
stm
en
t In
ce
pti
on
Da
te
Inve
stm
en
t M
an
ag
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Inve
stm
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t P
rofi
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An
nu
al
Ra
te o
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Re
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Te
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ha
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old
er-
Typ
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Fix
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In
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Ma
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Th
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ate
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nd
is
ca
lcu
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et
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ce
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on
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exp
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Un
de
r th
e t
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ur
gro
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co
ntr
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re is
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ua
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ate
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lth
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gh
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retu
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rovi
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nd
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the
co
ntr
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elo
w 0
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et
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ay,
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th
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0.0
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fte
r a
pp
lica
ble
exp
en
ses
are
de
du
cte
d
fro
m t
he
co
ntr
ac
t. C
urr
en
t ra
te o
f re
turn
info
rma
tio
n is
ava
ilab
le b
y c
on
tac
tin
g t
he
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et
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fig
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re
fle
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th
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sub
tra
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on
of
inte
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exp
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se, w
hic
h r
esu
lts
fro
m a
n in
vest
me
nt'
s u
se o
f c
ert
ain
oth
er
inve
stm
en
ts. T
his
exp
en
se is
re
qu
ire
d t
o b
e t
rea
ted
as
an
inve
stm
en
t e
xpe
nse
fo
r
ac
co
un
tin
g p
urp
ose
s, b
ut
is n
ot
pa
yab
le t
o t
he
inve
stm
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t a
dvi
ser
or
sub
ad
vise
r (i
f a
pp
lica
ble
). F
or
mo
re in
form
ati
on
, ple
ase
se
e t
he
inve
stm
en
t p
rofi
le o
r th
e p
rosp
ec
tus
tha
t
co
rre
spo
nd
s to
th
e in
vest
me
nt,
wh
ich
are
bo
th a
vaila
ble
fro
m M
ass
Mu
tua
l. C
on
tac
t th
e M
ass
Mu
tua
l Pa
rtic
ipa
nt
Info
rma
tio
n C
en
ter
at
1-88
8-60
6-73
43. I
f yo
u a
re c
urr
en
tly
no
t
pa
rtic
ipa
tin
g in
th
e P
lan
, co
nta
ct
Ma
ssM
utu
al R
eti
rem
en
t S
erv
ice
s a
t (8
00)
743-
5274
or
PO
Bo
x 21
9062
, Ka
nsa
s C
ity
MO
641
21.
Oth
er
sha
re c
lass
es
of
an
inve
stm
en
t o
r it
s u
nd
erl
yin
g in
vest
me
nt
(de
pe
nd
ing
up
on
th
e in
vest
me
nt)
ma
y h
ave
exi
ste
d lo
ng
er,
wh
ich
ma
y a
cc
ou
nt
for
an
y p
re-i
nc
ep
tio
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pe
rfo
rma
nc
e s
ho
wn
. If
pre
-in
ce
pti
on
pe
rfo
rma
nc
e is
sh
ow
n, i
t is
ge
ne
rally
th
e p
erf
orm
an
ce
of
an
old
er
sha
re c
lass
of
the
inve
stm
en
t it
self
or
its
un
de
rlyi
ng
inve
stm
en
t (d
ep
en
din
g
up
on
th
e in
vest
me
nt)
ad
just
ed
fo
r fe
es
an
d e
xpe
nse
s o
f th
e n
ew
er
sha
re c
lass
. Ho
we
ver,
if u
sin
g t
he
exp
en
ses
of
the
ne
we
r sh
are
cla
ss r
ath
er
tha
n t
he
exp
en
ses
of
the
old
er
sha
re c
lass
(d
ue
to
low
er
exp
en
ses
of
the
ne
we
r sh
are
cla
ss)
wo
uld
re
sult
in b
ett
er
pe
rfo
rma
nc
e, t
he
n p
re-i
nc
ep
tio
n p
erf
orm
an
ce
re
pre
sen
ts t
ha
t o
f th
e o
lde
r sh
are
cla
ss w
ith
ou
t
an
y e
xpe
nse
ad
just
me
nt.
Th
e c
um
ula
tive
eff
ec
t o
f fe
es
an
d e
xpe
nse
s c
an
su
bst
an
tia
lly r
ed
uc
e t
he
gro
wth
of
you
r re
tire
me
nt
savi
ng
s. V
isit
th
e U
.S. D
ep
art
me
nt
of
Lab
or'
s W
eb
site
fo
r a
n e
xam
ple
sh
ow
ing
the
lon
g-t
erm
eff
ec
t o
f fe
es
an
d e
xpe
nse
s a
t h
ttp
s://
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/file
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bsa
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viti
es/
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en
ter/
pu
blic
ati
on
s/a
-lo
ok-
at-
401k
-pla
n-f
ee
s.p
df.
Fee
s a
nd
exp
en
ses
are
on
ly o
ne
of
ma
ny
fac
tors
to
co
nsi
de
r w
he
n y
ou
de
cid
e t
o in
vest
in a
n a
lte
rna
tive
. Yo
u m
ay
als
o w
an
t to
th
ink
ab
ou
t w
he
the
r a
n in
vest
me
nt
in a
pa
rtic
ula
r
op
tio
n, a
lon
g w
ith
yo
ur
oth
er
inve
stm
en
ts, w
ill h
elp
yo
u a
ch
ieve
yo
ur
fin
an
cia
l go
als
.
To
ob
tain
ad
dit
ion
al i
nfo
rma
tio
n a
bo
ut
the
Pla
n's
de
sig
na
ted
inve
stm
en
t a
lte
rna
tive
s, p
lea
se o
bta
in t
he
In
vest
me
nt
Pro
file
s fo
r th
e s
pe
cif
ic in
vest
me
nt
alt
ern
ati
ves
you
are
inte
rest
ed
in u
sin
g t
he
we
b s
ite
ad
dre
sse
s p
rovi
de
d in
th
e C
om
pa
rati
ve C
ha
rt o
r g
o t
o w
ww
.ma
ssm
utu
al.c
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/cit
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ph
is.
Yo
u h
ave
th
e r
igh
t to
re
qu
est
th
e f
ollo
win
g in
form
ati
on
re
lati
ng
to
th
e P
lan
's in
vest
me
nt
alt
ern
ati
ves:
co
pie
s o
f p
rosp
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tuse
s o
r a
ny
sho
rt-f
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or
sum
ma
ry p
rosp
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sim
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cu
me
nts
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an
cia
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en
ts o
r re
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a s
tate
me
nt
of
the
va
lue
of
ea
ch
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stm
en
t a
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ble
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de
r th
e P
lan
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ll a
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on
da
te, a
nd
a li
st o
f th
e a
sse
ts t
ha
t m
ake
up
the
po
rtfo
lio o
f e
ac
h in
vest
me
nt
un
de
r th
e P
lan
th
at
co
nst
itu
te "
pla
n a
sse
ts"
wit
hin
th
e m
ea
nin
g o
f U
.S. D
ep
art
me
nt
of
Lab
or
reg
ula
tio
ns
an
d t
he
va
lue
of
ea
ch
of
the
se a
sse
ts. I
n
ad
dit
ion
, yo
u m
ay
req
ue
st a
fre
e p
ap
er
co
py
of
the
info
rma
tio
n a
vaila
ble
on
th
e w
eb
sit
e(s
) lis
ted
on
th
e C
om
pa
rati
ve C
ha
rts
ab
ove
an
d t
he
Glo
ssa
ry o
f In
vest
me
nt
Te
rms.
Th
is
info
rma
tio
n c
an
be
ob
tain
ed
by
co
nta
cti
ng
Ma
ssM
utu
al R
eti
rem
en
t S
erv
ice
s a
t (8
00)
743-
5274
or
PO
Bo
x 21
9062
, Ka
nsa
s C
ity
MO
641
21 o
r M
ass
Mu
tua
l Pa
rtic
ipa
nt
Info
rma
tio
n
Ce
nte
r, P
.O. B
ox
2190
62, K
an
sas
Cit
y, M
O 6
4121
-906
2, 1
-888
-606
-734
3.
11
A�d���iin�
i�s�t�r
���i
�i__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
If f
ee
s/e
xpe
nse
s a
re in
cu
rre
d f
or
pla
n a
dm
inis
tra
tio
n, s
uc
h f
ee
s/e
xpe
nse
s m
ay
be
ch
arg
ed
to
th
e P
lan
. As
an
ind
ivid
ua
l ac
co
un
t P
lan
, th
ese
Ad
min
istr
ati
ve F
ee
s m
ay
be
ch
arg
ed
ag
ain
st y
ou
r a
cc
ou
nt
ba
lan
ce
to
th
e e
xte
nt
the
y a
re n
ot
ch
arg
ed
ag
ain
st f
orf
eit
ure
s o
r p
aid
by
the
Pla
n S
po
nso
r. A
s a
re
sult
, yo
ur
ac
co
un
t b
ala
nc
e m
ay
be
re
du
ce
d f
or
you
r sh
are
of
an
y P
lan
Ad
min
istr
ati
ve f
ee
s c
ha
rge
d a
ga
inst
yo
ur
ac
co
un
t. T
he
se f
ee
s m
ay
be
ch
arg
ed
on
a p
ro r
ata
ba
sis
(i.e
., b
ase
d o
n t
he
re
lati
ve s
ize
of
ea
ch
pa
rtic
ipa
nt
an
d b
en
efi
cia
ry's
ac
co
un
t) a
nd
/or
a p
er
ca
pit
a b
asi
s (i
.e.,
ea
ch
pa
rtic
ipa
nt
an
d b
en
efi
cia
ry is
ch
arg
ed
th
e s
am
e f
ee
). I
f P
lan
Ad
min
istr
ati
ve f
ee
s a
re c
ha
rge
d t
o y
ou
r a
cc
ou
nt
ba
lan
ce
, th
e a
ctu
al
do
llar
am
ou
nt
will
be
re
po
rte
d t
o y
ou
in t
he
ca
len
da
r q
ua
rte
r fo
llow
ing
th
e q
ua
rte
r in
wh
ich
th
e c
ha
rge
oc
cu
rs. P
lea
se r
efe
r to
yo
ur
qu
art
erl
y a
cc
ou
nt
sta
tem
en
t fo
r in
form
ati
on
on
an
y fe
es
ac
tua
lly c
ha
rge
d t
o y
ou
r a
cc
ou
nt.
Ple
ase
no
te t
ha
t th
e P
lan
Ad
min
istr
ati
ve f
ee
s w
hic
h a
pp
ea
r b
elo
w a
re n
ot
refl
ec
ted
in t
he
to
tal a
nn
ua
l op
era
tin
g e
xpe
nse
s o
f a
ny
of
the
Pla
n's
inve
stm
en
t o
pti
on
s. H
ow
eve
r, in
ad
dit
ion
to
th
e P
lan
Ad
min
istr
ati
ve f
ee
am
ou
nts
list
ed
in t
his
se
cti
on
, so
me
of
the
Pla
n's
Ad
min
istr
ati
ve f
ee
s m
ay
ha
ve b
ee
n p
aid
th
rou
gh
re
ven
ue
sh
ari
ng
arr
an
ge
me
nts
ma
inta
ine
d w
ith
on
e o
r m
ore
of
the
Pla
n's
inve
stm
en
t o
pti
on
s in
wh
ich
yo
u m
ay
be
inve
ste
d.
Pro
Ra
ta F
ee
s
Pla
n a
dm
inis
tra
tio
n f
ee
s/e
xpe
nse
s th
at
ma
y b
e c
ha
rge
d p
ro r
ata
inc
lud
e, b
ut
are
no
t lim
ite
d t
o, f
ee
s/e
xpe
nse
s fo
r le
ga
l, a
cc
ou
nti
ng
, au
dit
, co
mp
lian
ce
, in
term
ed
iary
/ad
viso
r,
inve
stm
en
t, r
ec
ord
kee
pin
g, a
nd
tru
ste
e s
erv
ice
s (c
olle
cti
vely
"P
lan
Ad
min
istr
ati
on
Fe
es"
).
Pe
r C
ap
ita
Fe
es
Pla
n a
dm
inis
tra
tio
n f
ee
s/e
xpe
nse
s th
at
ma
y b
e c
ha
rge
d o
n a
pe
r c
ap
ita
ba
sis
are
fe
es/
exp
en
ses
for
rec
ord
kee
pin
g s
erv
ice
s.
If t
he
Pla
n's
Sp
on
sor
no
rma
lly p
ays
th
e f
ee
s fo
r a
dm
inis
tra
tive
se
rvic
es
pe
rfo
rme
d b
y M
ass
Mu
tua
l, a
nd
th
e p
aym
en
t is
ove
rdu
e in
ac
co
rda
nc
e w
ith
th
e P
lan
Sp
on
sor'
s
Ad
min
istr
ati
ve S
erv
ice
s A
gre
em
en
t w
ith
Ma
ssM
utu
al,
the
Pla
n S
po
nso
r is
au
tho
rizi
ng
th
at
the
ou
tsta
nd
ing
exp
en
ses
will
be
de
du
cte
d f
rom
pa
rtic
ipa
nts
' a
cc
ou
nt
ba
lan
ce
s o
n a
pro
rata
ba
sis
to t
he
ext
en
t a
llow
ed
by
the
Pla
n's
Ad
min
istr
ati
ve S
erv
ice
s A
gre
em
en
t. Y
ou
r sh
are
of
the
ove
rdu
e e
xpe
nse
will
be
de
term
ine
d b
y m
ult
iply
ing
th
e f
ee
by
a r
ati
o t
ha
t is
eq
ua
l to
th
e v
alu
e o
f yo
ur
ac
co
un
t b
ala
nc
e d
ivid
ed
by
the
va
lue
of
all
ac
co
un
t b
ala
nc
es
un
de
r th
e p
lan
.
Co
ntr
ac
t D
isc
on
tin
ua
nc
e a
nd
Te
rmin
ati
on
Se
rvic
es
If a
t so
me
po
int
in t
he
fu
ture
th
e P
lan
dis
co
nti
nu
es
the
inve
stm
en
t p
rovi
de
r re
lati
on
ship
wit
h M
ass
Mu
tua
l eit
he
r b
y tr
an
siti
on
ing
th
e P
lan
to
a n
ew
re
co
rd k
ee
pe
r o
r b
ec
au
se o
f th
e
co
mp
lete
te
rmin
ati
on
of
the
Pla
n, a
dd
itio
na
l fe
es
ma
y b
e c
ha
rge
d d
ep
en
din
g o
n t
he
te
rms
of
the
inve
stm
en
t c
on
tra
ct/
ag
ree
me
nt
in e
ffe
ct
at
tha
t ti
me
an
d c
ert
ain
ad
min
istr
ati
ve
serv
ice
s p
erf
orm
ed
in c
on
jun
cti
on
wit
h t
he
eve
nt.
Wh
en
inve
stm
en
t c
on
tra
cts
are
dis
co
nti
nu
ed
, th
e p
art
icip
an
ts'
ac
co
un
ts c
ou
ld b
e a
sse
sse
d c
on
tra
ct
surr
en
de
r c
ha
rge
s, t
erm
ina
tio
n a
sse
t c
ha
rge
s, o
r m
ark
et
valu
e a
dju
stm
en
ts.
Yo
ur
Pla
n's
sp
ec
ific
inve
stm
en
t c
on
tra
ct/
ag
ree
me
nt
will
ide
nti
fy w
hic
h o
f th
ese
dis
co
nti
nu
an
ce
fe
es
are
in e
ffe
ct.
Th
e d
isc
on
tin
ua
nc
e f
ee
s m
ay
als
o b
e d
ep
en
de
nt
on
th
e
co
nd
itio
ns
of
the
ma
rke
t a
t th
e p
oin
t in
tim
e t
he
inve
stm
en
t c
on
tra
ct/
ag
ree
me
nt
is d
isc
on
tin
ue
d.
If a
ny
spe
cia
l re
po
rts
are
re
qu
est
ed
du
rin
g t
he
tra
nsi
tio
n o
f th
e p
lan
to
a n
ew
re
co
rd k
ee
pe
r, a
$30
0 fe
e m
ay
be
ch
arg
ed
fo
r e
ac
h r
ep
ort
.
Ad
just
me
nt
Fee
s
On
oc
ca
sio
n, t
he
Pla
n S
po
nso
r m
ay
req
ue
st t
ha
t c
ert
ain
ca
lcu
lati
on
s b
e p
erf
orm
ed
to
ma
ke a
dju
stm
en
ts t
o s
pe
cif
ic p
art
icip
an
ts' a
cc
ou
nts
or
to c
alc
ula
te a
nd
allo
ca
te e
arn
ing
s.
Th
e f
ee
fo
r su
ch
a s
erv
ice
is $
75 p
er
ho
ur.
12
© 2
018
Mas
sach
uset
ts M
utua
l Li
fe I
nsur
ance
Com
pany
, S
prin
gfie
ld,
MA
. A
ll r
ight
s re
serv
ed.
ww
w.m
assm
utua
l.co
m.
RS
4894
811
C:2
1715
-06
Aid���lEnv
E�d�i�d
���l
�liv�
e�E��
��ie
____
____
____
____
____
____
____
____
____
____
____
____
____
__
If t
he
Pla
n's
Sp
on
sor
dir
ec
ts M
ass
Mu
tua
l to
de
du
ct
the
ad
just
me
nt
fee
fro
m p
art
icip
an
ts'
ac
co
un
t b
ala
nc
es,
th
e f
ee
will
be
de
du
cte
d o
n a
pro
ra
ta b
asi
s. Y
ou
r sh
are
of
the
exp
en
se w
ill b
e d
ete
rmin
ed
by
mu
ltip
lyin
g t
he
fe
e b
y a
ra
tio
th
at
is e
qu
al t
o t
he
va
lue
of
you
r a
cc
ou
nt
ba
lan
ce
div
ide
d b
y th
e v
alu
e o
f a
ll p
art
icip
an
ts' a
cc
ou
nt
ba
lan
ce
s u
nd
er
the
pla
n.
In a
dd
itio
n, t
he
re m
ay
be
oth
er
ad
min
istr
ati
ve s
erv
ice
s p
erf
orm
ed
by
serv
ice
pro
vid
ers
ou
tsid
e o
f M
ass
Mu
tua
l du
rin
g t
he
ne
xt 1
2 m
on
ths.
Ho
we
ver,
it is
un
kno
wn
at
this
tim
e if
an
y
serv
ice
s b
y o
the
r se
rvic
e p
rovi
de
rs w
ill b
e r
eq
uir
ed
, wh
at
fee
s m
ay
be
ch
arg
ed
an
d w
he
the
r th
ose
fe
es
will
be
pa
id f
rom
pla
n a
sse
ts. E
xam
ple
s o
f o
the
r a
dm
inis
tra
tive
se
rvic
es
tha
t m
ay
oc
cu
r o
uts
ide
of
Ma
ssM
utu
al a
nd
th
at
ma
y b
e p
aid
by
pla
n a
sse
ts if
no
t p
aid
by
the
Pla
n S
po
nso
r in
clu
de
bu
t a
re n
ot
limit
ed
to
: le
ga
l se
rvic
es;
th
ird
pa
rty
ad
min
istr
ato
r
serv
ice
s; a
cc
ou
nti
ng
se
rvic
es;
pla
n a
ud
its;
an
d in
term
ed
iary
/ad
viso
r se
rvic
es.
If
an
y fe
es
for
serv
ice
s p
erf
orm
ed
ou
tsid
e o
f M
ass
Mu
tua
l are
to
be
de
du
cte
d f
rom
pa
rtic
ipa
nt
ac
co
un
ts, t
he
y m
ay
be
de
du
cte
d o
n a
pro
ra
ta o
r a
pe
r c
ap
ita
ba
sis.
Th
e P
lan
Sp
on
sor
will
dir
ec
t w
hic
h a
lloc
ati
on
me
tho
d w
ill b
e u
sed
wh
en
th
e f
ee
fo
r th
e s
erv
ice
is s
ub
mit
ted
fo
r
pa
yme
nt
to t
he
se
rvic
e p
rovi
de
r o
r re
imb
urs
em
en
t to
th
e P
lan
Sp
on
sor.
I�i�d�i�
v�i�d�
��l�
l__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
Th
e P
lan
ma
y im
po
se c
ert
ain
ch
arg
es
ag
ain
st in
div
idu
al p
art
icip
an
ts' a
cc
ou
nts
ra
the
r th
an
ch
arg
e t
he
m a
ga
inst
th
e P
lan
as
a w
ho
le. T
he
se c
ha
rge
s m
ay
ari
se b
ase
d o
n y
ou
r u
se
of
a f
ea
ture
ava
ilab
le u
nd
er
the
Pla
n (
e.g
., p
art
icip
an
t lo
an
s), o
r b
ase
d o
n t
he
ap
plic
ati
on
of
ap
plic
ab
le la
w (
e.g
., p
roc
ess
ing
a q
ua
lifie
d d
om
est
ic r
ela
tio
ns
ord
er
in c
ase
of
a
div
orc
e).
An
y fe
e o
r e
xpe
nse
ch
arg
ed
ag
ain
st y
ou
r a
cc
ou
nt
will
be
re
po
rte
d t
o y
ou
in y
ou
r q
ua
rte
rly
ac
co
un
t st
ate
me
nt
in t
he
ca
len
da
r q
ua
rte
r fo
llow
ing
th
e q
ua
rte
r in
wh
ich
th
e
ch
arg
e o
cc
urs
(a
nd
/or,
as
ap
plic
ab
le, i
n a
ny
tra
nsa
cti
on
sta
tem
en
t).
Ac
tivi
ty T
ype
Cu
rre
nt
Fee
s
Insu
ffic
ien
t Fu
nd
s$7
5
Loa
n P
roc
ess
ing
(e
lec
tro
nic
)$1
25
Loa
n P
roc
ess
ing
(p
ap
er)
$125
Re
pro
ce
ssin
g (
ad
just
me
nt)
$75
Sp
ec
ial M
aili
ng
$40
Ma
na
ge
d A
cc
ou
nts
: Th
is is
an
an
nu
al f
ee
eq
ua
l to
50
ba
sis
po
ints
(0.
50%
) d
ed
uc
ted
on
a m
on
thly
ba
sis
fro
m y
ou
r p
art
icip
an
t a
cc
ou
nt
if y
ou
ele
ct
the
ma
na
ge
d a
cc
ou
nt
serv
ice
fro
m E
nve
stn
et
Re
tire
me
nt
So
luti
on
s.
Notes:
29
Notes:
30
Notes:
31
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