massmutual pension planbenecontent.massmutual.com/spd/2013_eecbpension_spd.pdf · 2013-06-19 ·...

MassMutual Pension—Employee June 2013 of 52

MassMutual Pension Plan

Summary Plan Description for Employees

Effective January 1, 2013

This Summary Plan Description (SPD), published in June 2013, takes the place of any SPDs and Summaries of Material Modifications (SMMs) previously issued to you describing your benefits.


Table of Contents

Disclaimer .................................................................................................................................................................. 3

Introduction ................................................................................................................................................................ 4

Contact Information.................................................................................................................................................... 6

Eligibility .................................................................................................................................................................... 7

Benefit Formula .......................................................................................................................................................... 9

Accessing Your Account .......................................................................................................................................... 17

Distributions ............................................................................................................................................................. 19

Administrative Information ...................................................................................................................................... 24

Plan Information ....................................................................................................................................................... 27

ERISA Rights ........................................................................................................................................................... 29

Appendix A: MMEPP Provisions ............................................................................................................................ 31

Appendix B: HORP Provisions ................................................................................................................................ 40

Appendix C: Prior Babson Pension Plan Provisions ................................................................................................ 49

Note to Inactive Participants (including retired participants, beneficiaries and participants with deferred vested benefits): Information in the Disclaimer, Contact Information, Administrative Information and ERISA Rights sections describe certain benefit rights and features. Please retain prior Summary Plan Descriptions since Plan provisions in effect on your date of termination will apply. If you need additional information regarding the calculation of your benefit and other rights and features, see the Contact Information section.


Disclaimer

This Summary Plan Description (SPD) provides details of the pension benefit available through the MassMutual Pension Plan (the “Plan” or “Pension Plan”), also known as the Cash Balance Plan. This SPD contains detailed and important information about the Plan; every attempt has been made to communicate this information clearly and in easily understandable terms. This SPD replaces and supersedes all previous SPD versions and Summaries of Material Modifications (SMMs).

Benefits are determined under the terms of the Plan in effect at the time you terminate employment or retire. This SPD describes eligibility for employees of MassMutual and its participating affiliates. A separate SPD describes eligibility for career contract agents.

Benefits are based on Plan terms, current laws and regulations, which are subject to change. Massachusetts Mutual Life Insurance Company (“the Company” or “MassMutual”) reserves the right to modify, revoke, change, suspend or terminate any one or all plans, programs, policies, benefits or services described in this SPD or the underlying Plan documents at any time and from time to time, with or without notice. This SPD does not guarantee any particular benefit. Receipt of this SPD describing the Plan or option for which you are not eligible does not imply that you are eligible.

In the event of a discrepancy between descriptions in this SPD and information in relevant Plan documents, the Plan documents will govern.


Introduction

The MassMutual Pension Plan (MMPP), also known as the Cash Balance Plan, is a qualified retirement plan sponsored by MassMutual. It is a component of your total compensation. Along with the MassMutual Thrift Plan, Social Security and your personal savings, the Plan can provide income during your retirement years.

As of January 1, 2010, the Cash Balance Plan includes two subaccounts for the cash balance formula; one subaccount is for benefits earned on and after this date (New Cash Balance Account) and the second subaccount is for benefits earned before 2010 (Pre-2010 Cash Balance Account). There is a five-year transition period for employees who are not sunset-eligible and have 70 or more points on January 1, 2010 (see the New Transition Period section for details).

Sunset Benefits

The MMPP (formerly the Massachusetts Mutual Employee Pension Plan or MMEPP) has been in place since 1946 and was a traditional pension plan until June 1, 1999 when the Connecticut Mutual Home Office Employees’ Retirement Plan (HORP) merged into MMPP and the Plan converted to a cash balance formula. On this date, the MMEPP was renamed the MMPP. A sunset period for certain participants ran from June 1, 1999 through December 31, 2009.

If you were accruing benefits under the prior MMEPP or HORP as of May 31, 1999, or you were an active employee on May 31, 1999 and hired before January 1, 1999, you may be covered by the sunset provisions and additional benefits apply to you; be sure to read the sunset appendix that applies to you; Appendix A: MMEPP Provisions, or Appendix B: HORP Provisions.

If you were not accruing benefits under either the prior MMEPP or HORP on May 31, 1999 and were hired on or after January 1, 1999, you are earning benefits under the cash balance formula only; the sunset provisions do not apply to you.

If you previously were employed by MassMutual or Connecticut Mutual (CM) and were rehired after June 1, 1999, special provisions apply.

If you were a participant in the David L. Babson and Company Incorporated Pension Plan (referenced throughout as “prior Babson Pension Plan”), which merged into the MMPP on January 1, 2001, you may be eligible for additional benefits that accrued under that Babson Pension Plan. Refer to Appendix C: Prior Babson Pension Plan Provisions for more information.

The Cash Balance Pension Plan

A cash balance pension plan is a defined benefit plan in which your pension benefit is expressed as an account balance. An amount is allocated to your account each month, called a pay credit. The amount of the pay credit depends on your compensation and points. Points are based on your age and certain years while you were employed with MassMutual and eligible affiliates. The pay credit schedules are different for years before January 1, 2010 than for years beginning on and after January 1, 2010. Your account is also credited with interest each month, called an interest credit. A statement of your account is sent to you semiannually.

Because a pension plan has tax advantages, Internal Revenue Service (IRS) regulations apply to many of the Plan’s features. For example, you cannot take money out of the Plan while you are actively employed at MassMutual or one of its affiliates. Puerto Rico regulations apply to Plan features for participants who live in Puerto Rico or have Puerto Rico as their work location while accruing benefits.


To access information about your pension benefit online while you are an employee of MassMutual or a participating affiliate, log on to RetireSMARTSM at www.retiresmart.com and select the My Benefit tab.

For telephone access to information about your pension benefit, call 413-744-4015 or, toll-free, 800-743-5274. If you have questions about your account, call this number business days between 8 a.m. and 8 p.m., ET, and follow the systems prompts to speak with a customer service representative in the MassMutual Retirement Services Participant Information Center. If you are currently receiving an annuity or have terminated your employment and want to start receiving your benefit, call the Participant Information Center at 800-788-8781, business days between 8 a.m. and 8 p.m., ET.

MassMutual Pays for the Plan

MassMutual is the Plan Sponsor and pays the entire cost of the Plan. You do not contribute a single dollar to your pension benefit. MassMutual makes any required contributions and invests the Plan assets to meet the benefit obligations under the Plan, unlike the Thrift Plan in which participants direct investments (the Thrift Plan is described in a separate SPD). Plan assets are used to provide benefits to participants and their beneficiaries and to defray reasonable expenses of administering the Plan. During your working years, while your pension benefit is accumulating, it is not taxable income to you.

http://www.retiresmart.com/


Contact Information

Resource Participant Website Telephone MassMutual Defined Benefit Services PO Box 219035 Kansas City, MO 64121-9035

www.retiresmart.com Email: [email protected]

800-743-5274 413-744-4015 Ext. 44015 Customer Service Hours: 8 a.m. – 8 p.m., ET (business days) If you are receiving annuity payments: 800-788-8781 8 a.m. – 8 p.m., ET (business days)

MassMutual Benefits 1295 State Street, F205 Springfield, MA 01111-0001

To view on MutualExchange, go to myHR by selecting "I need To. . . " then "Find Policies and Benefits (myHR) Email: [email protected]

866-662-6448 413-744-6169 Ext. 46169

MassMutual Retirement Services (MMRS) is a division of MassMutual.


mailto:[email protected]

mailto:[email protected]


Eligibility

Eligible Participants

You are eligible for the benefits described in this booklet if you are an employee of one of the following: • Massachusetts Mutual Life Insurance Company • Babson Capital Finance, LLC • Babson Capital Management LLC • Cornerstone Real Estate Advisers LLC* • MassMutual International, LLC • The MassMutual Trust Company, FSB • Invicta Advisors LLC

* Employees of Cornerstone Real Estate Advisers LLC hired after 1993 were not eligible until 2001 and are eligible only for the cash balance provisions.

Career contract agents of MassMutual are eligible beginning March 1, 2001, but their benefits are described in a separate SPD.

Ineligible Participants

You are not eligible if you are a(n): • Any individual who is a leased employee or 1099/independent contractor who is subsequently determined to

be an employee; • General agent, including a formula general agent; • Agent who also holds a corporate contract addendum endorsed by MassMutual; • Agency general manager; • Broker; • Agency staff member; • Temporary or leased employee, including employees of professional employer organizations; • Intern or school-to-work program participant; • Person formerly under contract with or employed by an agent, a formula general agent, a general agent or

broker who is placed on MassMutual’s payroll during a transition period in which there is no general agent in the agency office;

• Employee of any MassMutual affiliate not specifically included above; or • Foreign national of an employer whose primary work location is outside of the US.

Contact the MassMutual Retirement Services Participant Information Center at 413-744-4015 or 800-743-5274 business days between 8 a.m. and 8 p.m., ET, if you have questions about your eligibility.


Joining the Plan

If you were an active employee on May 31, 1999, you began accruing a benefit under the cash balance formula on June 1, 1999.

If you were hired on June 1, 1999 or later, you automatically become a participant in the Cash Balance Plan on your date of hire. You do not have to work a minimum number of hours or be employed for a certain period to be eligible.

If you were an active employee on January 1, 2010, you began accruing a benefit under the new cash balance pay credit table on January 1, 2010.

You do not need to take any action to enroll in the Plan, but you should name a beneficiary.

Naming a Beneficiary

If you are married (as recognized by federal law), your spouse is automatically your only primary beneficiary. If you want to name someone other than or in addition to your spouse as your primary beneficiary, you are required by federal law to obtain written approval from your spouse, witnessed by a notary public. If you are under age 35 and have previously named someone other than your spouse, you must re-name a beneficiary on or after January 1 of the year you turn 35; otherwise, your spouse automatically becomes your beneficiary.

If you are employed anytime after September 30, 1998 and are not married, you may name anyone you choose as your beneficiary; if you do not have an election on file upon your death, your vested benefit will be paid to your estate.

You may always name anyone you want as your secondary beneficiary(ies).

To name or change your beneficiary, obtain a Pension Plan beneficiary form online on myHR (select Forms and then Benefit Forms) and send the completed form to the address listed on the form. (New employees can also find a copy of the form in the Welcome to MassMutual section of MyHR.)

To view your current beneficiary election, log on to RetireSMARTSM at www.retiresmart.com, select the My Benefit tab, select Benefit Projections, hover over the My Benefit tab again for the full menu of options and then select Employment Data from the drop down menu.

Note: If you do not require notarized spousal consent, you may also change your beneficiary on RetireSMARTSM at www.retiresmart.com (select the My Benefit tab, select Benefit Projections, hover over the My Benefit tab again for the full menu of options and then select Employment Data from the drop down menu). If your marital status is incorrect on RetireSMARTSM, send proper documentation (e.g., marriage certificate, death certificate, divorce decree, etc.) to Payroll at Mlist: CHR Payroll. It may take a few weeks for the updated status to appear on the website; to expedite your beneficiary change, print and submit a paper beneficiary form.

Note: If you are married and do not rename a beneficiary on or after January 1 of the year you turn age 35, your beneficiary is your federally recognized spouse, even if RetireSMARTSM reflects your prior election.




Benefit Formula

Your benefit is based on a specific formula. The cash balance formula is expressed as an account balance.

Account Balance = Pay Credits + Interest Credits

The cash balance formula has two subaccounts: • New Cash Balance Account, which is for benefits accrued on and after January 1, 2010, including pay

credits and interest credits earned on this account; and • Pre-2010 Cash Balance Account, which is for pay credits and interest credits accrued through December 31,

2009, plus interest credits on that amount earned after December 31, 2009.

If you are hired on or after January 1, 2010, you will only have a New Cash Balance Account.

If you do not qualify for sunset provisions, the formula is:

Cash Balance Account = Pre-2010 Cash Balance + New Cash Balance

If you qualify for the MMEPP or HORP sunset provisions, your benefit equals:

(Greater of Sunset Benefit or Pre-2010 Cash Balance Benefit) + New Cash Balance Benefit

Read the sunset appendix that applies to you; Appendix A: MMEPP Provisions or Appendix B: HORP Provisions.

If you qualify for the Babson Sunset, your benefit equals:

Babson Sunset Benefit + Pre-2010 Cash Balance Benefit + New Cash Balance Benefit

Read Appendix C: Prior Babson Pension Plan Provisions.

Pay Credits

Pay credits are a percentage of your total eligible compensation:

Pay Credit = Monthly Compensation × Pay Credit %

Compensation

Compensation under the Cash Balance Plan generally includes your base pay, overtime, shift differential pay, spot bonus, Annual Incentive Plan (AIP) bonus, Short-Term Incentive (STI) bonus and Variable Incentive Compensation Pay (VICP), up to the IRS maximum annual compensation limit.

It includes amounts reported on your IRS Form W-2 for each calendar year and your before-tax contributions to the Thrift Plan and the Flex Benefits Plan. However, certain W-2 compensation is excluded, such as: • Imputed income (for example, the value of group term life insurance coverage over $50,000 or Group

Variable Universal Life (GVUL) basic coverage); • Value of gift certificates or employee recognition awards; • Taxable tuition reimbursement;


• Sign-on, referral and officer retention bonuses; • Severance pay and any pay unrelated to services; • Long-term incentive payments; and • Plan distributions.

The sunset benefits are based on a different definition of compensation, read the sunset appendix that applies to you; Appendix A: MMEPP Provisions, Appendix B: HORP Provisions or Appendix C: Prior Babson Pension Plan Provisions.

Pay Credit Percentage

To determine what percentage you will initially receive, MassMutual calculates your “points” based on your age, in whole years, as of January 1 of the year you are hired, and any prior service.

On the first January 1 after your hire date, your points only increase by one, unless you became an employee due to an acquisition or an affiliate becoming a participating company in the Plan, in which case your points increase by two. For each subsequent year of continued employment, your points increase by two.

Example: If you are hired on September 1 and you were age 40 as of January 1 of that year, you have 40 points (40 + 0 prior service = 40). As of the following January 1, you would have 41 points (40 + 1 = 41, previous year’s points plus an additional 1 for your age, but no addition for service because you have not yet completed one full year of service). After another year, on January 1, you will have 43 points (41 + 2 = 43, previous year’s points plus 2).

If you were an active employee on June 1, 1999, your points for 1999 and 2000 are based on your age as of January 1, 2000 plus your completed years of vesting service as of January 1, 2000. For each subsequent year of your continued employment (2001, 2002, 2003, etc.), your points are increased by two each January 1. If you were not an active employee on June 1, 1999 and your hire date is during 1999 but after June 1, your points for the remainder of 1999 and 2000 are based on your age as of January 1, 2000. For each subsequent year of your continued employment (2001, 2002, 2003, etc.), your points increased by two each January 1.

If you were employed at First Mercantile Trust Company on May 31, 2008, your service at First Mercantile Trust Company counts toward your points.

If you were employed at The Hartford and hired by MassMutual on January 1, 2013 due to the Company’s purchase of The Hartford’s retirement plans group business (including if you were hired by the Company by December 31, 2013 following the end of an approved leave from The Hartford’s retirement plans group business), you will receive service for calculating points for your service period recognized by The Hartford for benefit plan purposes.

If you were not an active employee on June 1, 1999 and you are rehired, your points will generally reflect prior service. Read the If You Are Rehired by MassMutual section.


New Cash Balance Account Pay Credit Percentage – For Benefits Accrued On and After January 1, 2010

The following table shows which pay credit percentages apply to your New Cash Balance Account on and after January 1, 2010:

New Cash Balance Account Pay Credit Percentage Table Points Pay Credit Percentage (Percentage of Eligible Compensation) Fewer than 50 4.50% 50 or More 6.00%

Example: If you have 51 points on January 1, 2013, each month during 2013 your total eligible monthly compensation will be multiplied by 6.0% and this amount will be allocated to your Cash Balance Account at the end of the month.

Pre-2010 Cash Balance Account Pay Credit Percentage

The following table shows which pay credit percentages were credited to your Pre-2010 Cash Balance Account:

Pre-2010 Cash Balance Account Pay Credit Percentage Table Points Pay Credit Percentage (Percentage of Eligible Compensation) Fewer than 30 3.00% 30 – 39 3.75% 40 – 49 5.00% 50 – 59 6.50% 60 – 69 8.00% 70 – 79 10.00% 80 or More 11.00%

New Transition Period

If you are a non-sunset employee with 70 points or more as of January 1, 2010, you qualify for a five-year transition period and will continue to earn pay credits based on the pre-2010 pay credit percentage table through December 31, 2014. For example, if you have 70 – 79 points on January 1, 2010, your pay credit percentage will be 10% from January 1, 2010 through December 31, 2014. If you have 80 or more points on January 1, 2010, your pay credit percentage will be 11% from January 1, 2010 through December 31, 2014. If you had 70-79 points as of January 1, 2010, you receive 10% pay credits during the entire five-year period, even if you reach 80 or more points during the transition period. Starting January 1, 2015, your pay credit percentage will be 6%. This transition period does not apply if you retired under the 1999 Early Retirement Program and subsequently returned to service.

A different transition period applied before January 1, 2010. Read the sunset appendix that applies to you: Appendix A: MMEPP Provisions or Appendix B: HORP Provisions.


Interest Credits

Interest Credit = Account Balance (first day of month) × Monthly Interest %

Your account also receives interest credits at the end of each month. Each interest credit is calculated as a percentage of your account balance at the beginning of the month; separate interest rates may apply for your New Cash Balance Account and your Pre-2010 Cash Balance Account. The monthly interest credits are based on the third segment interest rates of the IRC Section 417(e)(3) from August of the prior calendar year. However, in no event will the interest rate for your Pre-2010 Cash Balance Account be less than 4.52%. If you leave your benefit in the Plan when you terminate or retire, you continue to earn interest credits until you begin receiving your benefit.

Your Cash Balance Account

Your account grows monthly with both pay credits and interest credits while you are employed. Your vested account grows monthly with interest credits only after you terminate employment with MassMutual and if you have not taken a distribution. Once you receive a lump sum or begin receiving an annuity, interest credits stop.

Example Bob was born on October 1, 1973 and hired by MassMutual on January 2, 2008. Bob has a Pre-2010 Cash Balance Account of $3,600 and a New Cash Balance Account of $6,000 as of February 1, 2013, and was paid $4,000 in eligible compensation during the month of February 2013. Bob’s points total 43; he had 34 when he started (age (34) + service (0) = 34), plus 1 credited January 1, 2009, plus 2 credited each January 1 for 2010, 2011, 2012 and 2013, which equals 43 points. According to the New Cash Balance Account Pay Credit Percentage Table, Bob is eligible for a 4.50% pay credit of $4,000.

Monthly Compensation $4,000.00 Pay Credit Percent × 0.0450 New Cash Balance Account Pay Credit $180.00

Bob’s New Cash Balance Account will grow with a monthly interest credit of 0.3691% of $6,000.

New Cash Balance Account $6,000.00 Monthly Interest Credit Rate × 0.003691 New Cash Balance Account Interest Credit $22.15

Bob’s Pre-2010 Cash Balance Account will grow with a monthly interest credit of 0.3691% of $3,600.

Pre-2010 Cash Balance Account $3,600.00 Monthly Interest Credit Rate × 0.003691 Pre-2010 Cash Balance Account Interest Credit $13.29

Therefore, Bob’s Cash Balance Accounts grew by a total of $215.44 during February 2013.

2/1/13 New Cash Balance Account $6,000.00 New Cash Balance Account Pay Credit + $180.00 New Cash Balance Account Interest Credit + $22.15 New Cash Balance Account Balance $6,202.15 2/1/13 Pre-2010 Cash Balance Account $3,600.00 Pre-2010 Cash Balance Account Interest Credit + $13.29 Pre-2010 Cash Balance Account Balance $3,613.29

Bob’s total account balance as of March 1, 2013 is $9,815.44 New Cash Balance Account Balance $6,202.15 Pre-2010 Cash Balance Account Balance + $3,613.29 Total Cash Balance Account Balance $9,815.44

Each month, Bob’s account balances will grow; the New Cash Balance Account will increase by pay and interest credits, while the Pre-2010 Cash Balance Account will increase by interest credits only.


Your Accrued Benefit

If you do not qualify for the sunset benefit, your accrued benefit is the amount of monthly benefit that can be provided by your current Cash Balance Account (pre-2010 and new) at your normal retirement date.

If you qualify for the MMEPP or HORP sunset benefit, your accrued benefit that can be paid at your normal retirement date is the greater of: • Your accrued benefit earned under the prior Plan’s formula. Salary and service is credited through December

31, 2009, or your termination date if earlier; or • The amount of monthly benefit that can be provided by the Pre-2010 Cash Balance Account, adjusted for

cost-of-living increases at your normal retirement date; • Plus the amount of monthly benefit that can be provided by the New Cash Balance Account, adjusted for

cost-of-living increases at your normal retirement date.

If you qualify for the Babson Pension Plan sunset, your accrued benefit is your prior Babson Pension Plan accrued benefit plus the amount of monthly benefit that can be provided by your Cash Balance Account (pre-2010 and new) at your normal retirement date.

Be sure to read the sunset appendix that applies to you; Appendix A: MMEPP Provisions, Appendix B: HORP Provisions and Appendix C: Prior Babson Pension Plan Provisions.

If You Are Rehired by MassMutual

If you were accruing benefits under the prior Massachusetts Mutual Employee Pension Plan (MMEPP) or Connecticut Mutual Home Office Employees’ Retirement Plan (HORP) as of May 31, 1999, or you were an active employee on May 31, 1999 and hired before January 1, 1999, and you terminate employment and are subsequently rehired, your prior points will be restored and count toward your pay credit percentage. Additionally, you may be covered by the sunset provisions as described in the sunset appendix that applies to you; Appendix A: MMEPP Provisions, Appendix B: HORP Provisions and Appendix C: Prior Babson Pension Plan Provisions.

If you were first hired after January 1, 1999 and were accruing benefits under the MassMutual Pension Plan, then terminate employment and are subsequently rehired, your prior points will be restored and count toward your pay credit percentage.

If you terminated employment or retired from MassMutual before June 1, 1999, and are subsequently rehired on or after June 1, 1999, a Cash Balance Account will be established, starting with a zero balance. You will accrue pay credits and interest credits as if you were a new employee, with one exception: your prior service will be counted for calculating your initial points.

In addition: • If you have a deferred accrued benefit under the prior Plan, it will remain separate from your Cash Balance

Account. • If you elected an annuity, your payments may continue and they will remain separate from your Cash Balance

Account.


• If you took a lump-sum distribution and repay it (option available if you were originally hired before 1999), your prior accrued benefit under the Plan will be restored and will remain separate from your Cash Balance Account.

• If you took a lump-sum distribution and do not repay it, your prior accrued benefit under the Plan will not be restored. If you choose to repay your lump-sum distribution, you must repay it within five years of your rehire date.

If you terminated employment or retired from MassMutual on or after June 1, 1999, and you are rehired, your points will be adjusted to reflect your age as of January 1 of the year you return. If you left your benefit in the Plan, your Cash Balance Account continues to receive interest credits. Your Cash Balance Account will begin to receive pay credits as well.

If you were originally hired before January 1, 1999 and rehired while you are receiving a monthly pension benefit, you have a choice. You can work and continue to get your monthly pension benefit at the same time or you can suspend your monthly pension benefit and start it again when you terminate employment. You are required to complete a waiver of suspension of pension benefit form if you want your monthly pension benefit to continue. If you were first hired after 1998, your monthly pension benefit will automatically continue (it cannot be suspended).

Pre-Merger CM Service

If you left CM before the merger with MassMutual on February 29, 1996, and you are hired by MassMutual on or after June 1, 1999, any prior HORP benefit will remain separate. If you took a lump-sum distribution when you terminated, you may repay it within five years of your rehire date and your prior accrued benefit will be restored and remain separate from your Cash Balance Account.

A Cash Balance Account will be established for you, starting with a zero balance. Your prior service will count toward vesting and points.

David L. Babson and Company Incorporated Pension Plan (prior Babson Pension Plan) Benefit

If you were a participant in the David L. Babson and Company Incorporated Pension Plan before merging with the MassMutual Pension Plan on January 1, 2001, refer to Appendix C: Prior Babson Pension Plan Provisions for eligibility and benefit formula provisions under the prior Babson Pension Plan. On January 1, 2001, a Cash Balance Account was established beginning with a zero balance. Pay credits were determined as of January 1 by your age and years of service with Babson Capital.

Vesting

Vesting refers to your right to receive a benefit. It means your benefit is non-forfeitable — it belongs to you. On and after January 1, 2008, you become fully vested in the MMPP after completing three years of service. On or after January 1, 2009, you also become fully vested if you die while actively employed. If you leave before completing three years of service, you are not eligible for any portion of your benefit.

From January 1, 1989 to December 31, 2008, you became fully vested after five years of service. Before January 1, 1989, other vesting provisions applied.


If you: • Are rehired, generally any prior vesting service is recognized. If you were first hired before January 1, 1999,

prior service at MassMutual and Connecticut Mutual counts toward vesting. If you were first hired after January 1, 1999, terminate employment and are not rehired within 12 months of leaving, you will incur a “break-in-service.” If you are not vested and have a five-year break-in-service, you forfeit any non-vested pension benefit and all prior service. If your break-in-service is less than five years, each period of employment will be counted toward your total service.

• Were previously employed by an affiliate, that service may be recognized. • Were employed by First Mercantile Trust Company on May 31, 2008, your service at First Mercantile counts

towards vesting service. • Were employed at The Hartford and hired by MassMutual on January 1, 2013 due to the Company’s purchase

of The Hartford’s retirement plans group business (including if you were hired by the Company by December 31, 2013 following the end of an approved leave from The Hartford’s retirement plans group business), you will receive service for calculating points for your service period recognized by The Hartford for benefit plan purposes.

• Were fully vested under the prior MMEPP or the prior HORP provisions as of May 31, 1999, you are fully vested under the Cash Balance Account formula as well.

After June 1, 1999, vesting service is generally determined by the “elapsed time” method. After you have worked for one full year (either full- or part-time), you are credited with one year of service.

If you leave MassMutual but are rehired within 12 consecutive months, your service will include the period during which you were not employed.

If you have questions about prior service with an affiliate, contact the Participant Information Center at 413-744-4015 or 800-743-5274.

The sunset benefits are based on a different definition of service; read the sunset appendix that applies to you; Appendix A: MMEPP Provisions, Appendix B: HORP Provisions or Appendix C: Prior Babson Pension Plan Provisions.

Leaves of Absence

Paid Leave of Absence

If you are on an approved, paid leave of absence, you continue to accrue pension service during your leave period.

For an approved long-term disability, whether you earn a benefit while disabled under the group disability plan depends on your service. Beginning June 1, 1999, the following provisions apply: • If you have 10 or more years of service before your disability, then service continues to accrue and

compensation is based on your prior year’s average; or • If you have fewer than 10 years of service before your disability, then you are not eligible for accruals while

disabled.

Unpaid Leave of Absence

If you are on an approved, unpaid leave of absence, you will continue to accrue pension service during your leave period until the first anniversary of the day your leave period began, provided you remain absent from service without pay for any reason other than retirement, death or other termination of employment, at which point you will be considered severed from service.


Your severance from service date is the second anniversary of the first day of absence if you are on an unpaid leave because of one of the following: • Your pregnancy; • The birth of your child; • The placement of a child with you for adoption; or • The care of such child immediately following the child’s birth or placement for adoption.

However, during the period between the first and second anniversaries of the first day of absence, pension service does not accrue.

Military Leave

If you are called to active duty on or after January 1, 2003, your participation in the Cash Balance Plan continues although pay credits only apply for periods when you receive eligible compensation. If you die while performing qualified military service (effective for deaths occurring after January 1, 2007), your benefit becomes vested.


Accessing Your Account

You can access your Pension Plan information 24 hours a day, 365 days a year via MassMutual Retirement Services’ RetireSMARTSM website and the interactive voice response system. Note: RetireSMARTSM may be temporarily unavailable at certain times due to high demand or system maintenance. MassMutual accepts no responsibility for any losses resulting from an inability to access information systems on demand.

RetireSMARTSM can be accessed at www.retiresmart.com. The Pension Plan information is on the My Benefit tab of RetireSMARTSM.

Information is available in both English and Spanish from a touchtone telephone as follows: • Internally at Ext. 44014; • Locally at 413-744-4015; or • Toll-free at 800-743-5274.

User ID and Personal Identification Number (PIN)

When you access your account via the interactive voice system or RetireSMARTSM, you will be asked to enter your Social Security number and Personal Identification Number (PIN). You can create a unique user ID other than your Social Security number to access your account on RetireSMARTSM. (Choose “change ID/PIN” at the top of the screen.)

Initially, your PIN is the last six digits of your Social Security number. (Note: If this practice changes, you will be notified.) The first time you access your account you will be prompted to change this temporary PIN to a six- to eight-digit number of your choice.

If you have misplaced or forgotten your PIN, you can reset it on RetireSMARTSM by following the instructions, or you can call 800-743-5274 any business day between 8 a.m. and 8 p.m., ET, and, after entering your Social Security number, press the star (*) key to speak to a customer service representative. The representative will verify your identity before helping you set a new temporary PIN. You will be prompted to establish a security prompt and then change your temporary PIN immediately before accessing your account. If you subsequently forget your PIN, press the star (*) key then enter the security prompt you set up and then you will be able to re-set your PIN.

Functions You Can Perform on RetireSMARTSM

Through RetireSMARTSM or by calling 800-743-5274, you can do the following: • Get information on your vested accrued benefit (i.e., what your benefit would be if you terminate from the

Company). • Estimate your benefit at your normal retirement date or at an alternate retirement date. • Get information on your estimated Social Security benefit. • Change your PIN.

On RetireSMARTSM, you can perform the following additional functions: • Determine your financial goals and whether you will have enough to retire using the retirement calculator. • Map out your financial objectives in greater detail with the planning feature. • Explore the basics of retirement planning.



• Designate or change your beneficiary. • Change your user ID from your Social Security number to a unique user ID of your choice.

Participant Information Center

You can also speak to a customer service representative in MassMutual Retirement Services Participant Information Center (PIC) by calling 800-743-5274 on business days between 8 a.m. and 8 p.m., ET. When calling, you will initially hear information about your Thrift Plan balance, if any. After that you will be led through a series of prompts to reach a pension specialist. A representative is available to: • Answer questions you have about the Pension Plan. • Assist you in navigating RetireSMARTSM. • Help you get a new PIN if you have lost or forgotten yours. • Explain the payment options and tax consequences and provide estimates if you are considering terminating

or retiring from the Company.

If you are currently receiving an annuity or have terminated and want to start receiving your benefit, call the Participant Information Center at 800-788-8781, business days between 8 a.m. and 8 p.m., ET.


Distributions

When You Can Receive Your Pension Benefit

As long as you are vested, you can receive your benefit from the Plan at any time after you leave MassMutual, either when you retire or terminate your employment. Once your employment is terminated, you will no longer receive semi-annual Pension Plan statements or be able to project your benefit using RetireSMARTSM.

Normal Retirement Age and Normal Retirement Date

If you were actively employed on or after January 1, 2009, your normal retirement age is the later of age 65 and your age on the earlier of three years of service or your third anniversary of Plan participation. On and after June 1, 1999, but before January 1, 2009, normal retirement age was the later of age 65 and your age on the earlier of five years of service or your fifth anniversary of Plan participation. Before June 1, 1999, other normal retirement age provisions applied.

Your normal retirement date is the first of the month of or following your attainment of normal retirement age.

Payment Options

Your options for receiving your vested accrued benefit (see the Your Accrued Benefit and Vesting sections) when you retire or terminate depend on the value of your total vested accrued benefit. If the present value of your total vested accrued benefit is: • $1,000* or less, you will receive the full value in a single lump-sum payment (which may be eligible to be

rolled over; see the Lump-Sum Payment section below for a definition of lump-sum). You will receive a termination package with election forms; if you do not make an election within 60 days from notification of your options, your benefit will be automatically distributed to you as a lump sum.

• Greater than $1,000 but less than or equal to $5,000*, you may choose to: o Receive a lump-sum payment, which may be eligible to be rolled over; or o Leave your benefit in the Pension Plan until you request a distribution. However, you must begin

receiving distribution of your pension benefit no later than your normal retirement date. • Greater than $5,000, you may choose to:

o Receive a lump-sum payment, which may be eligible to be rolled over; o Leave your benefit in the Pension Plan until you request a distribution (no later than your normal

retirement date); or o Receive your benefit as an immediate annuity.

* On and after January 1, 1998, but before March 28, 2005, the value of $5,000 was used to determine if this provision applied; the right to leave your benefit in the Plan for amounts under $5,000 did not apply. Before January 1, 1998, the value of $3,500 was used to determine if this provision applied.

If the present value of your vested benefit is greater than $1,000, you will receive a deferred vested benefit statement, shortly after your termination has been processed, with information on how to obtain your termination package with your options and election forms. If you do not take any action, your vested benefit will remain in the Plan (no later than your normal retirement date) until you request a distribution.

If you terminate and leave your vested benefit in the Plan, your account grows only with interest credits and you must begin taking your benefit by your normal retirement date. MassMutual Retirement Services will notify you when you must begin receiving your benefit; therefore, it is important that you report any address changes (see the


Contact Information section for mailing information). Unless you elect otherwise (with spousal consent, if applicable), your benefit will be paid in a monthly single-life annuity (if you are not married) or a joint-and-50%-to-survivor-life annuity (if you are married).

You may choose anyone you want as your co-annuitant. However, if you are married (as recognized by federal law), the present value of your accrued benefit is greater than $5,000, and you elect any option other than a joint-and-survivor-life annuity with your spouse as co-annuitant, your spouse must consent to your election in the presence of a notary public. Spousal consent is not required for distributions of $5,000 or less.

Lump-Sum Payment

This option gives you a single lump-sum payment of your vested benefit, which can be distributed to you as cash, or may be eligible to be rolled over to an IRA, another eligible retirement plan or the MassMutual Thrift Plan. (Participants who live in Puerto Rico or have Puerto Rico as their primary work location may only roll distributions over to another Puerto Rico qualified plan.) If the present value of your total vested accrued benefit is less than $200, the Plan will pay the benefit to you as a lump-sum cash payment and will not facilitate a direct rollover. Any rollover to the Thrift Plan must be a direct rollover and must be within two years of termination of employment. See the Mandatory Tax Withholding and Direct Rollovers section. A lump-sum election is irrevocable and takes the place of any other pension payments. MassMutual pays the cost of any processing fee or check charge. Note: This option is only available if you terminate employment after September 30, 1998; this option is not available if you terminated on or before September 30, 1998; except for mandatory distributions as noted earlier.

Annuity

An annuity provides a guaranteed income for your lifetime. You may choose from the following annuity options: • A single-life annuity provides you with monthly payments for your lifetime. A single-life annuity generally

provides you with the largest amount of monthly income; however, it provides no benefit upon your death. • A joint-and-50%-to-survivor-life-annuity provides monthly payments to you for your lifetime. If you die

before your co-annuitant, the monthly payments reduce to one-half (50%) of the initial payment and continue to your co-annuitant for his or her lifetime.

• A joint-and-75%-to-survivor-life-annuity provides monthly payments to you for your lifetime. If you die before your co-annuitant, the monthly payments reduce to three-quarters (75%) of the initial payment and continue to your co-annuitant for his or her lifetime.

• A joint-and-100%-to-survivor-life annuity provides monthly payments to you for your lifetime. If you die before your co-annuitant, the monthly payments continue in the same amount (100%) to your co-annuitant for his or her lifetime.

Note: With these joint-and-survivor annuities, if your co-annuitant dies before you, no further payments are made upon your death.

The amount of your single-life annuity is based on your vested account balance and your attained age as of the date your annuity begins. The interest rate used to determine this annuity is based on the IRC Section 417(e)(3) interest rate from August of the prior calendar year. A mortality factor is also used. If you elect a joint-and-survivor-life annuity, your benefit will be actuarially adjusted because payments are paid over two people’s lives instead of one. All annuity forms of payment are actuarially equivalent. There are no sales commissions or deferred sales charges associated with an annuity paid from the Pension Plan.

Once your annuity payments start, interest credits stop and you cannot change your payment option or co-annuitant. If you have any questions once your annuity is in payment status, call the Participant Information Center at 800-788-8781, business days between 8 a.m. and 8 p.m., ET.


MMEPP, HORP, Prior Babson Pension Plan: Refer to Appendix A: MMEPP Provisions, Appendix B: HORP Provisions and/or Appendix C: Prior Babson Pension Plan Provisions for additional information on benefit features and options specifically related to these plans.

Benefit Estimates

You can run an estimate of your benefit on the My Benefit tab of RetireSMARTSM or by calling 800-743-5274. You can estimate your vested accrued benefit (i.e., what your benefit would be if you terminated employment before being eligible for retirement), your benefit at your Normal Retirement Date or an alternate retirement date, and your Social Security benefit.

Note: Generally the benefit projections on RetireSMARTSM reflect both your qualified MassMutual Pension Plan benefit and any nonqualified MassMutual Excess Pension Plan benefit that is shown separately, if applicable. A portion of your total benefit may be payable from the nonqualified plan. Not all payment options shown are available from a nonqualified plan; in general, a nonqualified plan benefit is paid as a lump sum (except for sunset eligible participants who elected an annuity in 2008). The projections on RetireSMART do not reflect a qualified domestic relations order if any.

If you are nearing retirement and would like an estimate and other retirement-related information, review the retirement information on myHR (select myHR from the home page, then Life Events or Retirement and then Planning for Retirement) and then call the Participant Information Center toll-free at 800-743-5274 business days between 8 a.m. and 8 p.m., ET. When calling, you will initially hear information about your Thrift Plan balance, if any. After that, you will be led through a series of prompts to reach a pension specialist. For retirement counseling, active employees may also contact the Ayco Answerline® at 866-325-0092 between 9 a.m. and 5 p.m., ET; evening appointments are also available Monday – Thursday until 8 p.m., ET.

Required Distribution Date

If you are not actively employed at MassMutual, you must begin distribution of your account when you reach your normal retirement date, which is the first of the month, or the month that follows, the later of: • Age 65; or • Your age on the earlier of when you have three years of service or your third anniversary of Plan

participation.

If you are still actively employed at MassMutual after you attain your normal retirement date, your accrued benefit will equal the greater of the accrued benefit payable on your normal retirement date (or January 1, 2010, if later) increased actuarially for the period when you did not receive that benefit or your accrued benefit determined based on continued pay and interest credits upon your actual retirement date.

If you are an active employee, your benefit can begin the April 1 first following the year you turn age 70½ even if you are still employed. However, if you are an active employee, you can defer your benefit until your actual retirement date.

Mandatory Tax Withholding and Direct Rollovers

Your pension benefit is not taxed until you receive a direct distribution or payment from the Plan. When you leave, if you roll your vested lump-sum benefit to the MassMutual Thrift Plan, another eligible retirement plan or an IRA, you will continue to defer taxation until you receive a distribution. At that time, the amount received is subject to regular income tax. If you terminate from MassMutual before age 55 and receive a lump-sum distribution before age 59½, you will be subject to a 10% penalty tax. If you choose an annuity option, you will not be subject to a penalty tax regardless of when payments begin. MassMutual will provide the necessary forms


to elect an annuity or a lump-sum cash payment (including a rollover) and a Special Tax Notice, summarizing the tax implication of your options. These provisions also apply to your spouse or non-spouse beneficiary.

Disability

If you become disabled on or after June 1, 1999, and are receiving benefits from the MassMutual Employee Welfare Benefits Plan Long-Term Disability (LTD) Option, your benefit accrual depends on your years of vesting service as of the date of your disability, as defined by the LTD Option.

If you have 10 or more years of vesting service as of the date you become disabled, your Cash Balance Account continues to earn pay credits (based on your average monthly compensation earned during the 12 months immediately before your date of disability) and interest credits while you are disabled and receiving disability benefits under the LTD Plan, up to age 65.

If you have fewer than 10 years of vesting service, your Cash Balance Account only earns interest credits while you are disabled.

For disability information under the prior Babson Pension Plan, refer to Appendix C: Prior Babson Pension Plan Provisions.

Death Before Distribution Begins

If you die while employed by MassMutual or an eligible affiliate, you become vested in your benefit. If you die before distribution of your benefit begins, the value of your vested accrued benefit becomes payable to your federally recognized spouse (if married) or, if you were employed any time after September 30, 1998, to your beneficiary (see the Naming a Beneficiary section).

On or after March 28, 2008, if the present value of your vested accrued benefit is $1,000* or less, your beneficiary will receive the full value as a lump-sum payment within 60 days of receipt by the Plan of a death certificate.

If the present value of your vested accrued benefit is over $1,000*, payment options (see the Payment Options section for descriptions) and timing depend on your beneficiary, as follows: • If your beneficiary is your spouse (as recognized by federal law), the options are to:

o Receive a lump-sum payment; o Roll over the lump-sum payment to a traditional or Roth Individual Retirement Account (IRA); o Receive a single-life annuity if the present value of your vested accrued benefit is over $5,000; or o Postpone payments up until you would have turned age 65. (If no election is made by then, the benefit

will be paid in an annuity.) • If you are employed any time after September 30, 1998, and your beneficiary is a trust or estate, payment

must be made in a lump sum by the end of the fifth year after your death. • If you are employed any time after September 30, 1998, and your beneficiary is not your spouse, trust or

estate, the options are to: o Receive a single-life annuity but payments must begin by December 31 of the year following your death; o Roll over the account balance to an inherited IRA within five years following your death; or o Postpone payments up until December 31 of the fifth year following your death; at that time, your

beneficiary must take a lump-sum payment which is not eligible for rollover.

* On and after January 1, 1998, but before March 28, 2005, the value of $5,000 was used to determine if this provision applied; the right to leave your benefit in the Pension Plan for amounts under $5,000 did not apply. Before January 1, 1998, the value of $3,500 was used to determine if this provision applied.


Example: If you die in April 2013, your non-spouse beneficiary can elect an annuity by December 31, 2014 or a lump-sum distribution no later than December 31, 2018.

If your beneficiary dies before starting the benefit, the benefit will be paid to the individual designated by the beneficiary, and if none, the beneficiary’s estate.

Your beneficiary should call the Participant Information Center at 413-744-4015 or, toll-free, 800-743-5274 business days between 8 a.m. and 8 p.m., ET, to report your death. To speak with a customer service representative, enter your Social Security number then press the star key (*) when the system asks for your Personal Identification Number (PIN). Your beneficiary will be asked to submit a copy of your death certificate and applicable forms.

If your beneficiary elects to postpone payments, he or she can start the payments later by contacting the Participant Information Center at 800-788-8781, business days between 8 a.m. and 8 p.m., ET. Note: Beneficiaries of deceased participants cannot access their benefit on RetireSMARTSM or via the phone and will not receive semi-annual statements.

Note: If you qualify for the sunset benefit special provisions, the provisions apply as follows. (Survivors of Babson Pension Plan participants, refer to Appendix C: Prior Babson Pension Plan Provisions for available payment options.)

If you are married, the pre-retirement death benefit under the prior MMEPP is a joint-and-two-thirds-to-survivor-life annuity; under the prior HORP it is a 50% of your accrued benefit annuity. Instead of an annuity, your spouse may elect a lump-sum cash payment of any New Cash Balance Account plus the “greatest of:” • Your Pre-2010 Cash Balance Account; • The present value of the pre-retirement death benefit under the sunset benefit; or • The present value of the sunset benefit on the date of your death, which would have been payable to you at

your normal retirement age, which is the later of age 65 or your age on the earlier of when you have three years of service or your third anniversary of Plan participation.

For a non-spouse beneficiary, if you are employed any time after September 30, 1998, the pre-retirement death benefit will be paid in a lump sum to your beneficiary or your estate. However, a non-spouse beneficiary (excluding estates) may elect an annuity.


Administrative Information

Plan Termination

If the Plan is terminated (ended), all benefits of active participants will be vested and will be provided in accordance with the terms of the Plan, to the extent that Plan assets are sufficient. In the event there are excess assets after satisfying all liabilities, such assets will revert to MassMutual, subject to any applicable excise tax.

Your pension benefits under this Plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. If the Plan terminates without enough money to pay all benefits, the PBGC will step in to pay pension benefits. Most people receive all of the pension benefits they would have received under their plan, but some people may lose certain benefits.

The PBGC guarantee generally covers: • Normal and early retirement benefits; • Disability benefits if you become disabled before the Plan terminates; and • Certain benefits for your survivors.

The PBGC guarantee generally does not cover: • Benefits greater than the maximum guaranteed amount set by law for the Plan year in which the Plan

terminates; • Some or all of benefit increases and new benefits based on Plan provisions that have been in place for fewer

than five years at the time the Plan terminates; • Benefits that are not vested because you have not worked long enough for the company; • Benefits for which you have not met all of the requirements at the time the Plan terminates; • Certain early retirement payments (such as supplemental benefits that stop when you become eligible for

Social Security) that result in an early retirement monthly benefit greater than your monthly benefit at the Plan’s normal retirement age; and

• Non-pension benefits, such as health insurance, life insurance, certain death benefits, vacation pay and severance pay.

Even if some of your benefits are not guaranteed, you still may receive some of those benefits from the PBGC depending on how much money your Plan has and on how much the PBGC collects from employers.

For more information about the PBGC and the benefits it guarantees, contact: • Participant Information Center at 413-744-4015 or 800-743-5274; or • PBGC’s Technical Assistance Division

1200 K Street NW, Suite 930 Washington, DC 20005-4026 800-736-2444 or 202-326-4000 (TTY/TDD users may call the federal relay service toll-free at 800-877-8339 and ask to be connected to 800-736-2444).

Additional information about the PBGC’s pension insurance program is available through the PBGC’s website at www.pbgc.gov.

http://www.pbgc.gov/


Internal Revenue Service (IRS) Regulations

The MassMutual Pension Plan complies with U.S. IRS rules and regulations, which may limit benefit amounts. For example, in accordance with Code Section 401(a)(29), the Plan is subject to benefit limitations described in Code Section 435, to the extent these Code provisions apply to the Plan at the relevant time. The IRS adjusts limits from time to time and other rules may change. If you are affected by IRS limits, you will be notified by MassMutual Benefits or the Retirement Services division at the time your benefit is distributed.

The Plan also complies with Section 1165(a) of the 1994 Puerto Rico Code and Section 1081.01(a) of the 2011 Puerto Rico Code.

Assignment of Benefits

You cannot assign or transfer ownership of your pension benefit except in the event of a QDRO (see the Divorce section below). For example, you cannot use your benefit as collateral for a bank mortgage or car loan.

Divorce

The Retirement Equity Act (REA) of 1984 grants federally recognized spouses, former spouses and dependents certain rights to a participant’s qualified retirement plan benefits in the event of divorce. These rights can be assigned, created or recognized in a court-ordered Qualified Domestic Relations Order (QDRO). If a proposed order assigns a portion of your benefits to an alternate payee, the Plan Administrator or its delegate must review it to ensure it meets the MassMutual Pension Plan and legal provisions. The earliest date that an alternate payee can begin receiving a distribution from the Plan is generally when you reach age 50 if you are actively employed or when you terminate.

For information about QDROs or to get the Plan’s model order, call the Participant Information Center at 413-744-4015 or 800-743-5274 business days between 8 a.m. and 8 p.m., ET, before filing a proposed order with the court.

QDRO Guidelines

When divorce proceedings are in the negotiation stage, lawyers and the court may ask for information to ensure any final decree will comply with the Plan document. During this period, the Plan Administrator or its delegate may provide a model domestic relations order and may review proposed orders. MassMutual will comply with the QDRO guidelines of the Internal Revenue Service (IRS) and Department of Labor (DOL), which specify when and how information is provided. These guidelines may be revised from time to time; an up-to-date copy can be obtained from www.dol.gov/ebsa/publications/qdros.html.

Pending QDRO and Plan Activity

If you submit a domestic relations order to MassMutual for review, we will provide you, the alternate payee (generally your ex- or soon-to-be ex-spouse) and your respective attorneys, as applicable, written notification of receipt of the domestic relations order and the Plan’s procedures for determining its qualified status. In addition, we will determine whether the order is a QDRO and notify you and each alternate payee of the determination within a reasonable period after receipt of the domestic relations order. If you are not currently receiving benefit payments, MassMutual will not begin payments until it has completed its review. If you are currently receiving benefit payments, the payments will be adjusted to account for the payments assigned to for the alternate payee; if an order does not qualify under all of the IRS and Plan rules, payments will resume in full to you until a revised order is received. These restrictions do not apply to draft orders submitted for review.

http://www.dol.gov/ebsa/publications/qdros.html


Qualified Order

Once an order is determined to meet all of the IRS and Plan rules, it is deemed qualified. If your benefit is not currently in payment status, your alternate payee can contact the Participant Information Center at 800-788-8781, business days between 8 a.m. and 8 p.m., ET, to start his or her payments (once the QDRO allows for it). If you are currently receiving benefit payments, the payments will be adjusted as needed to comply with the order. If you are receiving a joint-and-to-survivor-life annuity with your alternate payee as the co-annuitant and the alternate payee provides an affidavit waiving the right to receive all of the survivor benefits under the Plan, your joint-and-to-survivor-life annuity will be recalculated as of a current date to provide you with single-life annuity.

Alternate payees cannot access their benefit on RetireSMARTSM and will not receive semi-annual statements. In addition, the amount that is assigned to an alternate payee will not be reflected in your benefit shown on RetireSMARTSM or semi-annual statements (the amount will not be able to be calculated until you terminate employment or retire).

Claims Review Process

If your claim is denied or reduced, you have the right to know why this was done and to obtain copies of documents relating to the decision, without charge. You may also request a claim review.

MassMutual Benefits representatives are your contacts for review of claims for this Plan. To request a claim review, submit the original claim form and other supporting documentation to:

MassMutual Benefits 1295 State Street, F105 Springfield MA 01111-0001

A MassMutual Benefits representative will review your claim in a reasonable period and respond directly to you. If your claim is denied, wholly or in part, you will receive a written notice within 90 days of receipt of your request. The notice will include reference to the pertinent Plan provisions and any internal rules, guidelines or other criteria on which the decision is based. The 90 days may be extended for another 90 days if special circumstances warrant — if so, you will receive written notice of the extension before it starts. The extension notice will indicate why an extension is required and the date when a decision will be made. If you do not receive a response in the 90-day (or 180-day, if extended) period, you should consider your claim denied.

Denied-Claims Appeal Process and Final Decision

If, after review, your claim is still denied or reduced, you may submit an appeal to the Plan Administrator within 60 days after you receive the claim denial.

Appeals must be in writing, signed and dated. From the date your appeal is received, the Plan Administrator will: • Acknowledge receipt of your appeal; and • Within 60 days, review and make a final written decision on your denied or reduced claim.

Specific reasons for the decision and references to Plan provisions on which the decision was based will be given as well as information on your right to file suit. The 60-day period may be extended for another 60 days if the Plan Administrator finds that special circumstances warrant an extension. If an extension for review is required because of special circumstances, written notice will be furnished to you before the extension begins. If you do not receive a decision on your appeal by the end of the first 60-day period plus any required extension, you should consider your appeal denied. The decision of the Plan Administrator is final and binding.


Plan Information

The information presented in this SPD is intended to comply with the disclosure requirements of the regulations issued by the U.S. Department of Labor under the Employee Retirement Income Security Act (ERISA) of 1974.

Plan Name and Number

MassMutual Pension Plan, 001

Plan Administrator

The Plan Administrator is the Plan Administrative Committee, which is appointed by MassMutual’s Chief Executive Officer. The Plan Administrative Committee has the authority to control and manage the operations and administration of the Plan. You can reach the Plan Administrative Committee at:

Massachusetts Mutual Life Insurance Company Human Resources, Benefits 1295 State Street, F105 Springfield, MA 01111-0001 866-662-6448

Plan Sponsor

Massachusetts Mutual Life Insurance Company 1295 State Street Springfield, MA 01111-0001 866-662-6448

Employer Identification Number (EIN)

The EIN of Massachusetts Mutual Life Insurance Company is 04-1590850.

Plan Year

The plan year is January 1 through December 31.

Agent for Service of Legal Process

General Counsel of Massachusetts Mutual Life Insurance Company 1295 State Street Springfield, MA 01111-0001

If legal action is necessary to settle a claim, any action may also be served upon the Plan Administrator.

Plan Type and Funding

This Plan is a defined benefit pension plan providing retirement benefits funded by the Company. Assets are invested in Group Annuity Contract PF 1033, issued by MassMutual. Benefits and certain administrative


expenses are paid from Plan assets. The Company pays the entire cost of the Plan. You do not contribute to the Plan. The Company makes any required contributions and invests the Plan assets to meet Plan benefit obligations. Plan assets are used to provide benefits to participants and their beneficiaries and to defray reasonable expenses of administering the Plan. During your working years, while your pension benefit is accumulating, it is not taxable income to you.

Claims Administrator

The claims administrator is the Plan Administrator. The claims administrator has full discretion and fiduciary authority to determine claims and appeals arising under this Plan.

Type of Administration

MassMutual Benefits and the MassMutual Retirement Services division are responsible for the day-to-day operation of the Plan.

ERISA places certain responsibilities on the people who administer this Plan, referred to as fiduciaries. In administering the Plan, fiduciaries have a duty to act prudently, to act in your interests and the interests of other Plan participants and beneficiaries and to ensure the Plan is administered in accordance with Plan terms. In addition to the Plan Administrative Committee, the Investment Fiduciary Committee has responsibility for investment oversight.

Continuation of the Plan

Although MassMutual does not now intend to terminate the benefits described in this SPD, nevertheless it reserves the right to modify, revoke, change, suspend or terminate the Plan, policies, benefits or services described here or in the underlying Plan document at any time or from time to time, with or without notice.


ERISA Rights

As a Plan participant, you are entitled to certain rights and protections under the Employee Retirement Income Security Act (ERISA) of 1974, as amended. ERISA provides that you are entitled to the rights described in this section.

Receive Information about Plan and Benefits

You have the right to: • Examine, without charge, at the Plan Administrator’s office or other specified locations, such as worksites, all

documents governing the Plan. These include any insurance contracts and copies of the latest annual report (Form 5500 series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration (EBSA).

• Obtain, upon written request, copies of documents governing the operation of the Plan. These include copies of the latest annual report (Form 5500 series) and current Summary Plan Description. A reasonable charge may be required for the copies.

• Receive a summary of the Plan’s annual financial report (pension funding notice), which is required by law to be provided to each participant.

• Obtain a statement explaining your vested rights under the Plan and if you have a right to receive a benefit at your normal retirement age, as defined by the Plan. If you do not have vested rights, the statement will tell you how many more years you have to work to acquire vested rights. This statement must be requested in writing and is not required to be given more than once a year. The Plan must provide this statement free of charge.

Prudent Actions by Plan Fiduciaries

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called Plan fiduciaries, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a retirement benefit or exercising your rights under ERISA.

Enforce Your Rights

If your claim for a benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision (without charge) and to appeal any denial, all within certain time schedules. However, you may not begin any legal action, including proceedings before administrative agencies, until you have followed and exhausted the Plan’s claim and appeal procedures.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of a Plan document or the latest annual report and do not receive it within 30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the Plan Administrator’s control.

If you have a claim that is denied or ignored, in whole or in part, you may file suit in a state or federal court. In addition, if you disagree with the Plan’s decision or lack thereof, you may file suit in federal court. If you believe that Plan fiduciaries have misused the Plan’s money or if you believe that you have been discriminated against for


asserting your rights, you may seek assistance from the U.S. Department of Labor or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

Assistance with Questions

If you have any questions about the Plan, you should contact the Participant Information Center. If you have any issues or questions that are not addressed by the Participant Information Center, contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA or if you need assistance in getting documents from the Plan Administrator, you should contact the nearest office of Employee Benefits Security Administration (EBSA) or the national office at:

Division of Technical Assistance and Inquiries Employee Benefits Security Administration U.S. Department of Labor 200 Constitution Avenue NW Washington, DC 20210 866-444-3272

For more information about your rights and responsibilities under ERISA or for a list of EBSA offices, contact EBSA by visiting its Web site at www.dol.gov/ebsa.

http://www.dol.gov/ebsa


Appendix A: MMEPP Provisions

This appendix describes the sunset provisions under the Plan and benefit-formula provisions of the Massachusetts Mutual Employee Pension Plan (MMEPP) in effect on June 1, 1999.

Eligibility

If you were employed on December 31, 1998 (and still employed on May 31, 1999), or you were an active participant in the prior MMEPP on May 31, 1999: • You are eligible for an opening account balance, which is based on your accrued benefit as of May 31, 1999

under the prior MMEPP formula. • You may also be eligible for transition pay credits if you were active in the prior MMEPP on May 31, 1999

and were at least age 40 with 10 or more years of vesting service as of January 1, 2000. See the Transition Pay Credits Through December 31, 2009 section.

• You are eligible for a “sunset benefit,” which provides you with the “greater of” the monthly benefit that can be provided by your Pre-2010 Cash Balance Account or the benefit you would have received had the prior MMEPP formula remained in place until December 31, 2009, or the date you left MassMutual employment, if earlier.

How Your Opening Account Balance Was Calculated

Pre-2010 Opening Account Balance = Accrued Benefit × Present Value Factor

MassMutual calculated the present value of your benefit earned under the prior MMEPP as of May 31, 1999. This became your opening account balance under the Pre-2010 Cash Balance Account. If you were hired between June 1, 1998 and December 31, 1998, your opening account balance was calculated as if you were a participant in the prior MMEPP from your date of employment. The calculation was as follows: • Your monthly accrued benefit under the prior MMEPP payable at your normal retirement date (which was the

later of age 65 or five completed years of service) was determined based on your average pay, generally a five-year average, and Plan service as of May 31, 1999.

• A present value factor was determined assuming: o An effective annual interest rate of 6.75%; o A mortality factor based on life expectancy; o Benefit commencement at normal retirement date; and o Benefit increases through a cost-of-living adjustment (2% for prior MMEPP participants) for each year

following your normal retirement date.

Transition Pay Credits Through December 31, 2009

If you were active in the prior MMEPP on May 31, 1999, and you were at least age 40 with 10 or more years of vesting service as of January 1, 2000, your pay credits through December 31, 2009 are based on the Transition Pay Credit Percentage Table. Beginning January 1, 2010, the New Cash Balance Account Pay Credit Percentage Table is used to calculate pay credits.

The Transition Pay Credit Percentage Table provided additional pay credits based on your total compensation in excess of one-half of the Social Security Wage Base (SSWB). The SSWB is the maximum amount of compensation on which you and the company pay Social Security (FICA) taxes each year.


Transition Pay Credit Percentage Table

Points

Pay Credits Compensation up to one-half of Social Security Wage Base

Compensation over one-half of Social Security Wage Base

50 – 59 6.5% 13.0% 60 – 69 8.0% 16.0% 70 – 79 10.0% 20.0% 80 or More 11.0% 22.0%

No additional accruals will be made under this transition provision after December 31, 2009.

The “Sunset” Benefit

Your retirement benefit is calculated under the prior formula and then compared to your benefit under the Pre-2010 Cash Balance Account. You then receive whichever benefit is greater, plus your New Cash Balance Account.

If you elect a monthly annuity benefit, you receive the greater of: o Traditional prior MMEPP: Based on your attained age, your accrued benefit earned under the prior

Plan’s formula (including applicable early retirement factors). Salary and service is credited through December 31, 2009, or your termination date if earlier; or

o Pre-2010 Cash Balance Account: Based on your attained age, the amount of monthly benefit that can be provided by the Pre-2010 Cash Balance Account, adjusted for cost-of-living increases.

• PLUS the New Cash Balance Account: Based on your attained age, the amount of monthly benefit that can be provided by the New Cash Balance Account, adjusted for cost-of-living increases.

If you elect a lump-sum cash payment, you receive the greater of: o Traditional prior MMEPP: Based on your attained age, the present value of your accrued benefit that

would be paid at your normal retirement date under the prior Plan’s formula (including applicable cost-of-living increases). Salary and service were credited through December 31, 2009, or your termination date if earlier; or

o Pre-2010 Cash Balance Account. • PLUS the New Cash Balance Account.

Note: The following sunset provisions only apply to determine if your sunset benefit is the “greater of” benefit as compared to your Pre-2010 Cash Balance Account.


Sunset Benefit Formula

Your sunset benefit is calculated based on a formula described in this appendix. The formula calculates a single-life benefit (one that is payable during your lifetime only), payable at your normal retirement date (see the Normal Retirement Age and Normal Retirement Date sections). The formula uses these factors, each of which has a specific definition in the Plan: • Benefit service; • Benefit percentage; • Compensation, which is the average monthly compensation for the highest 60 consecutive months in the most

recent 120 consecutive months — sometimes called “highest five of the last ten,” because it includes your five consecutive years of highest pay within the last 10 consecutive years you worked (before January 1, 2010); and

• Social Security offset, which is based on the lesser of your vesting service or benefit service and your estimated Social Security benefit as of December 31, 2009, or your termination date, if earlier.

Benefit Service: You receive benefit service credit based on how many hours you work in a calendar year. If you work full-time, you receive the maximum credit of 1.0. If you work at least 1,000 hours, credit is based on all the hours you worked during the service year, divided by 2,080 standard annual hours, rounded up to the nearest tenth.

Service at MassMutual also includes excused absences, such as vacation, occasional illness, short-term disability, jury duty, qualified military service and personal or family leave. However, service after December 31, 2009, is not included in this calculation.

In a year you were hired, rehired or terminated and regularly scheduled to work at least 20 hours a week, you received partial credit for that year, based on all the hours you worked, including overtime, divided by 2,080. For example, if you worked 700 hours in a calendar year, you were credited with 0.40 benefit service (700 ÷ 2,080 = 0.337, rounded up to the nearest tenth to equal 0.40).

For exempt employees (non-overtime-eligible), credit was based on the actual weeks worked times 45 hours.

Your benefit service before January 1, 1989 was determined based on working a minimum of 1,000 hours in your pension anniversary year (generally, the 12-month period measured from your date of hire). Your benefit service after January 1, 1989 is based on the greater of pension anniversary year or calendar year.

If you were retirement eligible as of December 31, 2009, you may have received special benefit service credit for 2009.

Benefit Percentage: To calculate the sunset benefit, the following percentages are used: • 1⅔% for each year of benefit service earned before 1974; plus • 2% for each year of benefit service beginning in 1974, through the next 25 years of service; plus • ¾% for each year of benefit service after 1973 in excess of 25 years.

Compensation: Compensation used in the sunset calculation is generally your base pay and does not include overtime, shift differentials and bonuses, such as those paid through the AIP Program, but does include amounts you contribute before tax to the Thrift Plan and Flex Benefits Plan up to the IRS maximum annual compensation limit. Compensation after December 31, 2009 is not included in this calculation.


The compensation used in sunset benefit calculations after January 1, 2001, for any employee who is not an officer of the Company and who is receiving the sales related Variable Incentive Compensation (VICP) or a successor sales incentive plan also includes the amount of any payment made under the VICP. For years before January 1, 2001 similar provisions applied for Retirement Services Managing Directors, Directors of Institutional Sales, Regional Sales Consultants, Regional Annuity Directors, Disability Income Sales Representatives and MMLISI Regional Sales Consultants.

The compensation for part-time employees is based on the hourly rate, calculated to be equivalent to a full-time rate. If you earn $15.00 per hour and you are employed in an office where the standard hours worked per week are 40, the monthly compensation used in the benefit calculation is:

$15.00 × 40 hours × 52 weeks ÷ 12 months = $2,600.00

Social Security Offset: The sunset benefit formula has a Social Security offset (reduction), a common provision in defined benefit plans. The offset represents a portion of the Social Security benefit provided by the Social Security taxes MassMutual has paid toward your total retirement income.

Offset Percentage Calculation: Beginning in 1974, 2% times the lesser of years of service or benefit service up to a maximum of 25 (service before 1974 and after 2009 is not included in this calculation.)

The resulting amount is then multiplied by the amount of your estimated Social Security benefit as of December 31, 2009. The estimated Social Security benefit used in the calculation of your sunset benefit is based solely on your MassMutual compensation using Social Security Administration guidelines.

Vesting: Under the prior MMEPP provisions, service for vesting was calculated using an “hours-of-service” method. Generally, you received a year of vesting service if you worked 1,000 hours in your first year of employment and each subsequent calendar year. If you were an active Plan participant but not vested as of May 31, 1999, your years of vesting service are calculated using the “hours-of-service” or “elapsed time” method, whichever provides the quicker vesting.


General Formula for the Normal Retirement Age Pension Benefit

In general, the formula to calculate your frozen accrued sunset benefit (as a single-life annuity) is:

Benefit Service times Benefit Percentage times Average Monthly Compensation minus Social Security Offset

Example

Assumptions Brian is a full-time employee who is not married. He has 21 years of benefit service and 20 years of vesting service for Social Security offset purposes. He has an average monthly compensation of $4,000 when he retires at age 60. At that time, he has an estimated Social Security benefit at age 65 of $1,000.

Benefit Percent of Eligible Compensation Benefit Service (maximum 25 years) 21 years Times Benefit Percentage 2% Equals Benefit Service Percentage 42% Times Average Monthly Compensation $4,000 Equals Benefit Percent of Eligible Compensation $1,680

Social Security Offset Determined by lesser of benefit service and years of service (maximum 25 years) and estimated Social Security benefit

Lesser of Benefit Service and Years of Service 20 years Times 2% 2% Equals Social Security Offset Percentage 40% Times Estimated Social Security Benefit $1,000 Equals Social Security Offset $400

Frozen Accrued Sunset Monthly Single-Life Annuity Payable at Normal Retirement Date

Benefit Percent of Eligible Compensation - Social Security Offset

$1,280 = $1,680 - $400

In this example: Brian’s monthly sunset benefit is $1,280 beginning at age 60 and continuing for his lifetime. The $1,280 payment is based on the single-life annuity option. Other payment options result in decreased monthly amounts. Since Brian’s benefit begins at age 60 and he has at least 10 years of vesting service his benefit will be paid at 100%.

Benefits are also available to eligible participants before age 60 or to those with fewer years of service and result in a smaller monthly payment; see the following section.

Prior MMEPP and HORP Benefits

If you are a participant who accrued a benefit under both the prior MMEPP and the prior HORP, you are considered a dual-status participant. The sunset benefit only continued to accrue under the plan formula (the prior MMEPP or HORP) in which you were accruing a benefit as of May 31, 1999, through December 31, 2009. Your accrued benefit under each plan (the prior MMEPP and HORP) was used to determine your opening account balances for your Pre-2010 Cash Balance Account. Service under both plans is used to determine your points (also see Appendix B: HORP Provisions).


Rehire and Benefits Under the Prior MMEPP and HORP

If you were covered under the sunset provisions as of June 1, 1999, and were subsequently rehired before December 31, 2009, you returned to the sunset provisions of the Plan and, if eligible, resumed sunset transition pay credits. • If you elected an annuity, you chose whether to continue or suspend your payments. • If you took a lump-sum distribution and repaid it, your prior accrued benefit was reinstated and your Pre-2010

Cash Balance Account was credited with the amount repaid. • If you took a lump-sum distribution and did not repay it within five years, your beginning Pre-2010 Cash

Balance Account balance was reestablished but beginning with a zero balance and you resumed accruing a benefit under the sunset provisions through December 31, 2009.

If you retired under the 1999 Early Retirement Program, you did not earn any additional sunset benefits. Also, you will not receive sunset transition pay credits.

Distribution

Early Retirement

You may begin your benefits early if you meet certain age and vesting service requirements. If you meet these requirements, your benefit is reduced; you will receive a percentage of your benefit as an annuity. The age and service requirements as well as the percentage of the benefit you will receive are shown in the following table:

Table A

Age Minimum Years of Vesting Service Percentage of Accrued Sunset Benefit Payable as an Annuity

50 15 60% 51 14 64% 52 13 68% 53 12 72% 54 11 76% 55 10 80% 56 10 84% 57 10 88% 58 10 92% 59 10 96% 60 – 64 10 100% 65 and Older 5 100% Percentages in this table are effective October 1, 1995.

When you terminate employment having met the age and service requirements described in the first two columns, the percentage of your accrued sunset benefit payable will be the percentage shown in the third column above. The percentage of your benefit shown in the third column is based on your age when you start receiving your benefit. While the sunset benefit is frozen as of December 31, 2009, your age and service will continue to be taken into account in meeting these criteria until your actual retirement date.


If you terminate before meeting the requirements in Table A, the percentage of your benefit you are entitled to when termination benefits are paid is shown in the following table (Table B); there is no “bridge annuity” or “optional to age 62” benefit.

Table B Percentage of Accrued Sunset Benefit Payable as an Annuity

Age

Effective January 1, 2010, If You Were Hired on or after August 1, 1983*

If You Were Hired Before August 1, 1983

25 4.4% N/A 30 6.3% N/A 35 9.0% 16.80% 40 12.9% 21.50% 45 18.7% 27.90% 50 27.4% 36.87% 51 29.6% 39.07% 52 32.0% 41.44% 53 34.7% 44.00% 54 37.7% 46.77% 55 40.9% 49.77% 56 44.4% 53.02% 57 48.3% 56.55% 58 52.7% 60.39% 59 57.4% 64.59% 60 62.7% 69.18% 61 68.6% 74.21% 62 75.2% 79.73% 63 82.5% 85.82% 64 90.8% 92.55% 65 100% 100% * The percentage of accrued sunset benefit payable as an annuity shown is effective for early retirements during the 2010 calendar year.

The percentage will change each year based on the change in the mortality assumption as mandated by regulation.

The percentage of sunset benefit payable is affected by your actual age, in years and whole months, when your benefit begins. For example, if your birthday is November 5 and your benefit begins on the December 1 following your 55th birthday, you would receive an annuity equal to 80% of the accrued sunset benefit — see Table A where “exactly” age 55 and 10 years of service corresponds to 80%. However, if your benefit begins at age 55 and three months — for example, if your birthday is November 5 and your benefit begins March 1 following your 55th birthday — you would receive an annuity equal to 81% of the accrued sunset benefit, from Table A.

Benefit commencement between ages 50 to 54 is available only if you were actively employed on or after October 1, 1995. Benefit commencement before age 50 is only available if you were actively employed on or after October 1, 1998.


Late Retirement

Late retirement occurs if you continue to work at MassMutual past your normal retirement age, which is the later of age 65 or your age on the earlier of when you have three years of service or your third anniversary of Plan participation. You only accrue benefits under these sunset provisions until December 31, 2009; as of January 1, 2010, future benefits are earned under the cash balance formula only.

Disability

If you are a MMEPP participant who became disabled before June 1, 1999, and you are receiving long-term disability benefits under the MassMutual Employee Welfare Benefits Plan Long-Term Disability (LTD) option, you continue to earn cash balance pay credits up to your normal retirement age (based on your recognized compensation under the MMEPP) and interest credits regardless of your years of vesting service. Your sunset benefit continues to accrue as well. If you become disabled on or after June 1, 1999 (and are receiving LTD benefits under the MassMutual Employee Welfare Benefits Plan), your sunset benefit continues to accrue only if you have 10 or more years of vesting service as of the date of your disability.

Payment Options

In addition to the options described in the Distributions section in this SPD, the following additional annuity options are available: • A joint-and-two-thirds-to-survivor-life annuity provides monthly payments while you and your co-annuitant

are both living. Upon the death of either, it reduces to two-thirds and is paid each month for the lifetime of the survivor.

• A partial-joint-and-to-survivor-life annuity is similar to the joint-and-50%-to-survivor-life annuity and level payment joint-and-to-survivor-life annuity, but permits selection of the amount of the survivor annuity either as a dollar amount or as a percentage of your annuity.

• A single-life annuity with stipulated payments provides monthly payments for your lifetime, with “stipulated,” or guaranteed, payments for 60 or 120 months. If all the stipulated payments have not been made before your death, the remaining payments are made to your beneficiary. This form of payment is also called a 5-year or 10-year-certain-and-continuous, “C and C,” because it guarantees a certain number of payments be paid to you or your beneficiary, but pays a continuous benefit to you until death.

• An additional payment option, referred to as a “bridge annuity,” “optional to age 62” or “supplemental annuity,” is available if you meet the age and service requirements for early retirement under Table A above when you terminate employment and you elect a pension commencement date before age 62. The option “bridges” your income until you are eligible to receive Social Security income. It provides a higher income from the Pension Plan before you reach age 62 and then a reduced income, based on an estimate of your Social Security income, at age 62. You can elect a bridge annuity in conjunction with any of the annuity options described in this SPD.

Cost-of-Living Adjustments

Annuity payments from the Pension Plan may be adjusted for the cost of living, from 0% - 2% annually. Any adjustment is based on a review of the cost of living, using the United States Government’s Consumer Price Index (CPI). A comparison of the average CPIs for the months of April, May and June in the two preceding years is used to determine any change for the following year.

Any cost-of-living adjustments are made on January 1 to pensioners age 62 or older. If you retire before age 62, the first adjustment is made on January 1 following your 62nd birthday. If you die, your co-annuitant will receive the adjustment starting on January 1 following the date on which you would have reached age 62.


Lump-Sum Cash Payment

If you elect a lump-sum cash payment, you will receive the “greater of” the present value of your sunset benefit or your Pre-2010 Cash Balance Account, plus any New Cash Balance Account. The present value of your accrued sunset benefit is based on the benefit that would be paid at your normal retirement date under the sunset formula (including cost-of-living increases). The interest rate used to convert your benefit at the time you take it is set annually each January 1. It is based on the IRC Section 417(e)(3) interest rate from August of the prior calendar year.

Since the present value of your accrued sunset benefit is based on a normal retirement date benefit, it does not include the value of the “early retirement” factors in Table A. Economic conditions and your individual circumstances will determine if the annuity is a greater value.


Appendix B: HORP Provisions

This appendix describes the sunset provisions under the Plan and benefit formula provisions that apply to active participants of the Connecticut Mutual Home Office Employees’ Retirement Plan (HORP) as of June 1, 1999.

Eligibility

If you were employed on December 31, 1998 (and still employed on May 31, 1999), or you were an active participant in the prior HORP on May 31, 1999: • You are eligible for an opening account balance, which is based on your accrued benefit as of May 31, 1999

under the prior HORP formula; • You may also be eligible for transition pay credits if you were active in the prior HORP on May 31, 1999 and

were at least age 40 with 10 or more years of vesting service as of January 1, 2000. See the Transition Pay Credits Through December 31, 2009 section.

• You are eligible for a “sunset benefit,” which provides you with the “greater of” the monthly benefit that can be provided by your Pre-2010 Cash Balance Account or the benefit you would have received had the prior HORP formulas remained in place until December 31, 2009, or the date you left MassMutual employment, if earlier.

How Your Opening Account Balance Was Calculated

Pre-2010 Opening Account Balance = Accrued Benefit × Present Value Factor

MassMutual calculated the present value of your benefit earned under HORP as of May 31, 1999. This became your opening account balance under the Pre-2010 Cash Balance Account. If you were hired between June 1, 1998 and December 31, 1998, your opening account balance was calculated as if you were a participant in the prior MMEPP from your date of employment. The calculation was as follows: • Your monthly accrued benefit under HORP payable at your normal retirement date (which was the later of

age 65 or five completed years of service) was determined based on your average pay, generally a five-year average, and Plan service as of May 31, 1999.

• A present value factor was determined assuming: o An effective annual interest rate of 6.75%; o A mortality factor based on life expectancy; o Benefit commencement at normal retirement date; and o Benefit increases through a cost-of-living adjustment (3% for HORP participants) for each year following

your normal retirement date.

Transition Pay Credits Through December 31, 2009

If you were active in the prior HORP on May 31, 1999, and you were at least age 40 with 10 or more years of vesting service as of January 1, 2000, your pay credits through December 31, 2009 are based on the Transition Pay Credit Percentage Table. Beginning January 1, 2010, the New Cash Balance Account Pay Credit Percentage Table is used to calculate pay credits.

The Transition Pay Credit Percentage Table provided additional pay credits based on your total compensation in excess of one-half of the Social Security Wage Base (SSWB). The SSWB is the maximum amount of compensation on which you and the company pay Social Security (FICA) taxes each year.


Transition Pay Credit Percentage Table

Points

Pay Credits Compensation up to one-half of Social Security Wage Base

Compensation over one-half of Social Security Wage Base

50 – 59 6.5% 13.0% 60 – 69 8.0% 16.0% 70 – 79 10.0% 20.0% 80 or More 11.0% 22.0%

No additional accruals will be made under this transition provision after December 31, 2009.

The “Sunset” Benefit

HORP was merged in the Pension Plan, which was amended on June 1, 1999 to change to a cash balance formula and add a sunset provision to ensure that employees nearing retirement would receive the benefit they may have been anticipating. Your retirement benefit is calculated under the prior formula and then compared to your benefit under the Pre-2010 Cash Balance Account. You then receive whichever benefit is greater, plus your New Cash Balance Account.

If you elect a monthly annuity benefit, you receive the greater of: o Traditional prior HORP: Based on your attained age, your accrued benefit earned under the HORP

formula (including applicable early retirement factors). Salary and service is credited through December 31, 2009, or your termination date if earlier; or

o Pre-2010 Cash Balance Account: Based on your attained age, the amount of monthly benefit that can be provided by the Pre-2010 Cash Balance Account, adjusted for cost-of-living increases.

• PLUS the New Cash Balance Account: Based on your attained age, the amount of monthly benefit that can be provided by the New Cash Balance Account, adjusted for cost-of-living increases.

If you elect a lump-sum cash payment, you receive the greater of: o Traditional prior HORP: Based on your attained age, the present value of your accrued benefit that

would be paid at your normal retirement date under the HORP formula (including applicable cost-of-living increases). Salary and service were credited through December 31, 2009, or your termination date if earlier; or

o Pre-2010 Cash Balance Account. • PLUS the New Cash Balance Account.

Note: The following sunset provisions only apply to determine if your sunset benefit is the “greater of” benefit as compared to your Pre-2010 Cash Balance Account.


Sunset Benefit Formula

Your sunset benefit is calculated based on a formula as described in this appendix. The formula calculates a single-life annuity benefit (one that is payable during your lifetime only), payable at your normal retirement date (see the Normal Retirement Age and Normal Retirement Date sections). The formula uses these factors, each of which has a specific definition in the Plan: • Years of participation; • Benefit percentage; • Compensation (up to December 31, 2009), which is the greatest of:

o Compensation during the five consecutive Plan years of home office employment when compensation was the highest, divided by five. If there are fewer than five consecutive Plan years of home office employment, the average will be based on the longest period of consecutive years available.

o Compensation during the final five years of home office employment before termination, retirement or death, divided by five. If there are fewer than five full years of home office employment, the average will be based on the years and fractions available.

o Compensation that is the average monthly compensation for the highest 60 consecutive months in the most recent 120 consecutive months.

In any calendar year for which only a portion of the year is to be included, compensation used will be the annual compensation prorated for the portion of the year being included.

• Social Security offset, which is based on your years of participation and estimated Social Security benefit as of December 31, 2009, or your termination date, if earlier.

Years of Participation: The total years and fractions between the date you begin employment (or re-employment) as a home office employee and the date you terminate employment as a home office employee.

It includes periods: • As a home office employee or branch office manager; • Of authorized leaves of absence, military leave, vacations; • While covered under short-term disability; • Of absences of less than one year if employment is resumed; and • For which back pay was awarded.

It excludes periods: • As an agent or general agent of a company; • As an employee of a general agent or branch office manager; • As a member of the board of directors of a company; • While receiving long-term disability benefits under the Employee Welfare Benefits Plan long-term disability

option unless you return to work once your disability benefits cease; • While employed by a corporation within the controlled group; • While employed as a leased employee for a company; • After December 31, 2009.

Benefit Percentage: To calculate the sunset benefit, the following percentages are used: • 2% for each of the first 20 years of participation; plus • 1% for each of the next 20 years of participation.


Compensation: Compensation used in the sunset benefit is generally your base pay, overtime, shift differentials and some bonuses earned during the Plan year. For example, it excludes non-recurring compensation, performance-related bonuses (such as AIP) in excess of 50% of the target for non-market driven bonuses or if you have a market-driven target, it excludes the entire bonus. Compensation also excludes any compensation in excess of government-regulated maximums, FLEX pay, severance pay, unused vacation pay and unearned income, such as moving expenses, education reimbursements and tax “gross-up.” There is an IRS limit on annual compensation. In addition, compensation after December 31, 2009 is not included in this calculation.

Social Security Offset: The sunset benefit formula has a Social Security offset (reduction), a common provision in defined benefit plans. The offset represents a portion of the Social Security benefit provided by the Social Security taxes MassMutual and Connecticut Mutual have paid toward your total retirement income.

Offset Percentage Calculation

1.25% × Years of Participation (up to a maximum of 40 years)

The resulting amount is then multiplied by the amount of your estimated Social Security benefit as of December 31, 2009.

Estimated Social Security benefits due to retirement or death are assumed payable at: • The later of age 62 or attained age for retirement or death before age 65; or • Retirement age (attained age) for retirement or death on or after age 65.

Estimated Social Security benefits due to termination are assumed payable at Social Security retirement age.

The Social Security benefit, for purposes of this Plan, are as of December 31, 2009 and will be based on your compensation, which is subject to Social Security taxes during your years of participation only. The estimated Social Security benefit used in the calculation is based on your pre-merger Connecticut Mutual and post-merger MassMutual compensation only, using Social Security guidelines. Compensation and years of participation after 2009 are not included in this calculation.

General Formula for the Normal Retirement Age Pension Benefit

In general, the formula to calculate your frozen accrued sunset benefit (as a single-life annuity) is:

Years of Participation times Benefit Percentage times Average Monthly Compensation minus Social Security Offset


Example

Assumptions Bill is a full-time employee who is not married. He has 20 years of participation and 20 years of service for Social Security offset purposes. He has an average monthly compensation of $4,000 when he retires at age 60. At that time, he has an estimated Social Security benefit at age 62 of $1,000.

Benefit Percent of Eligible Compensation Years of Participation 20 Times Benefit Percentage 2% Equals Years of Participation Percentage 40% Times Average Monthly Compensation $4,000 Equals Benefit Percent of Eligible Compensation $1,600

Social Security Offset Determined by years of participation and estimated Social Security benefit

Years of Participation 20 Times 1.25% 1.25% Equals Social Security Offset Percentage 25% Times Estimated Social Security Benefit $1,000 Equals Social Security Offset $250

Frozen Accrued Sunset Monthly Single-Life Annuity Payable at Normal Retirement Date

Benefit Percent of Eligible Compensation - Social Security Offset

$1,350 $1,600 - $250

In this example: Bill’s monthly sunset benefit is $1,350 beginning at age 60 and continuing for his lifetime. The $1,350 payment is based on the single-life annuity option. Other payment options result in decreased monthly amounts. Since Bill’s benefit begins at age 60 and he has at least 10 years of service his benefit will be paid at 100%.

Benefits are also available before age 60 to eligible participants and result in a smaller monthly payment than at age 60 or older; see the following section.

Prior MMEPP and HORP Benefits

If you are a participant who accrued a benefit under both the prior MMEPP and the HORP, you are considered a dual-status participant. The sunset benefit only continued to accrue under the plan formula (the prior MMEPP or HORP) in which you were accruing a benefit as of May 31, 1999, through December 31, 2009. Your accrued benefit under each plan (the prior MMEPP and HORP) was used to determine your opening account balances for your Pre-2010 Cash Balance Account. In addition, if you are active on or after January 1, 2010, you will have a New Cash Balance Account. Service under both plans is used to determine your points.


Rehire and Benefits Under the Prior MMEPP and HORP

If you were covered under the sunset provisions as of June 1, 1999, and were subsequently rehired before December 31, 2009, you returned to the sunset provisions of the Plan and, if eligible, resumed sunset transition pay credits. • If you elected an annuity, you chose whether to continue or suspend your payments. • If you took a lump-sum distribution and repaid it, your prior accrued benefit was reinstated and your Pre-2010

Cash Balance Account was credited with the amount repaid. • If you took a lump-sum distribution and did not repay it within five years, your beginning Pre-2010 Cash

Balance Account balance was zero and you resumed accruing a benefit under the sunset provisions through December 31, 2009.

If you retired under the 1999 Early Retirement Program, you did not earn any additional sunset benefits. Also, you will not receive transition pay credits.

Distribution

Early Retirement

You may begin your benefits early if you terminate employment on or after January 1, 2004: • Your age plus your years of services equals 65 or more; • You are at least 50 years old; and • You have at least 10 years of service.

While your sunset benefit is frozen as of December 31, 2009, your age and service will continue to count to meet these criteria until your actual retirement date.

If you begin your benefit early, your benefit is reduced; you will receive a percentage of your accrued HORP benefit payable as an annuity, as described in the following table:

Table A Percentage of Accrued Sunset Benefit Payable as an Annuity

Age If You Have at Least 15 Years of Service

If You Have at Least 10 But Fewer than 15 Years of Service

50 60.0% 60.0% 51 64.0% 64.0% 52 68.0% 68.0% 53 72.0% 72.0% 54 76.0% 76.0% 55 85.3% 76.0% 56 87.9% 76.6% 57 90.6% 81.7% 58 93.6% 87.3% 59 96.7% 93.4% 60 and Older 100.0% 100.0%


If you terminate before meeting the requirements shown for Table A, you will receive a percentage of your accrued HORP benefit payable as an annuity, as described in the following table:

Table B Age Percentage of Accrued Sunset Benefit Payable as an Annuity 25 4.4% 30 6.3% 35 9.0% 40 12.9% 45 18.7% 50 27.4% 51 29.6% 52 32.0% 53 34.7% 54 37.7% 55 40.9% 56 44.4% 57 48.3% 58 52.7% 59 57.4% 60 62.7% 61 68.6% 62 75.2% 63 82.5% 64 90.8% 65 100.0%

The percentage of sunset benefit payable is affected by your actual age, in years and whole months, when your benefit begins. For example, if your birthday is November 5 and your benefit begins on the December 1 following your 55th birthday with at least 15 years of service, you would receive an annuity equal to 85.3% of the accrued sunset benefit — see Table A where “exactly” age 55 and 15 years of service corresponds to 85.3%. However, if your benefit begins at age 55 and six months — for example, if your birthday is November 5 and your benefit begins June 1 following your 55th birthday — you would receive an annuity equal to 86.6% of the accrued sunset benefit.

Benefit commencement under Table A before age 55 is only available if you were actively employed on or after January 1, 2004. Benefit commencement under Table B before age 55 is only available if you were actively employed on or after October 1, 1998.

Late Retirement

Late retirement occurs if you continue to work at MassMutual past your normal retirement age, which is the later of age 65 or your age on the earlier of when you have three years of service or your third anniversary of Plan participation. You only accrue benefits under these sunset provisions until December 31, 2009; as of January 1, 2010, future benefits are earned under the cash balance formula only.


Payment Options

In addition to the options described in Distributions section in this SPD, the following additional annuity options are available: • A joint-and-two-thirds-to-survivor-life annuity provides monthly payments while you and your co-annuitant

are both living. Upon the death of either, it reduces to two-thirds and is paid each month for the lifetime of the survivor.

• A partial-joint-and-to-survivor-life annuity is similar to the joint-and-50%-to-survivor-life annuity and level payment joint-and-to-survivor-life annuity, but permits selection of the amount of the survivor annuity either as a dollar amount or as a percentage of your annuity.

• A single-life annuity with stipulated payments provides monthly payments for your lifetime, with “stipulated,” or guaranteed, payments for 60 or 120 months. If all the stipulated payments have not been made before your death, the remaining payments are made to your beneficiary. This form of payment is also called a 5-year or 10-year-certain-and-continuous, “C and C,” because it guarantees a certain number of payments be paid to you or your beneficiary, but pays a continuous benefit to you until death.

• An additional payment options, referred to as a “bridge annuity,” “optional to age 62” or “supplemental annuity,” are available if you meet the age and service requirements for early retirement under Table A above when you terminate employment and you elect a pension commencement date before age 62. The option “bridges” your income until you are eligible to receive Social Security income. It provides a higher income from the Pension Plan before you reach age 62 and then a reduced income, based on an estimate of your Social Security income, at age 62. You can elect a bridge annuity in conjunction with any of the annuity options described in this SPD.

• Supplemental Annuity Payment Options, as follows:

Standard Supplement Level Income Uniform Total Income Monthly Before age 62 you receive your

basic Plan benefit plus the supplement. At and after age 62, you receive your basic Plan benefit only. The supplement ceases, even if you do not apply for Social Security at age 62.

You receive the basic Plan benefit for your entire life. The supplement is actuarially adjusted so that it is payable until you die.

This option attempts to provide a level total income throughout retirement. Your basic Plan benefit is actuarially adjusted to provide a larger Plan benefit before age 62 and a reduced payment once Social Security becomes payable The supplement is not included in this option.

Before Age 62 At/After Age 62 Before Age 62 At/After Age 62 Before Age 62 At/After Age 62 Basic Benefit $1,350 $1,350 $1,350 $1,350 $2,204 $1,204 Supplement $250 $0 $48 $48 $0 $0 $1,600 $1,350 $1,398 $1,398 $2,204 $1,204 Actual Social Security Benefit

$0 $1,000 $0 $1,000 $0 $1,000

Total Income $1,600 $2,350 $1,398 $2,398 $2,204 $2,204


Cost-of-Living Adjustments

A Cost-of-Living Adjustment (COLA) may be made each January 1 to all annuity benefits being paid at that time provided no adjustment will be made before you turn age 55. The adjustment will be based on the change in the consumer price index for urban consumers measured from September of the preceding Plan year to September of the Plan year preceding that Plan year. The adjustment may be from 0% to 3% (rounded to the nearest 1/10th of 1%) of the benefit payable annually. Benefits beginning after January of the preceding Plan year will receive a pro rata share of the adjustment.

Lump-Sum Cash Payment

If you elect a lump-sum cash payment, you will receive the “greater of” the present value of your sunset benefit or your Pre-2010 Cash Balance Account, plus any New Cash Balance Account. The present value of your accrued sunset benefit is based on the benefit that would be paid at your normal retirement date under the sunset formula (including cost-of-living increases). The interest rate used to convert your benefit at the time you take it is set annually each January 1. It is based on the IRC Section 417(e)(3) interest rate from August of the prior calendar year.

Since the present value of your accrued sunset benefit is based on a normal retirement date benefit, it does not include the value of the “early retirement” factors in Table A. Economic conditions and your individual circumstances will determine if the annuity is a greater value.


Appendix C: Prior Babson Pension Plan Provisions

This appendix describes the benefit formula provisions of the David L. Babson and Company Incorporated Pension Plan (referenced throughout as the prior Babson Pension Plan) in effect on December 31, 2000. If you were employed by David L. Babson & Company Inc. (now Babson Capital Management LLC) and participated in the prior Babson Pension Plan on December 31, 2000, your prior Babson Pension Plan benefit was frozen on that date as you began accruing a benefit using the cash balance formula on January 1, 2001. Your prior Babson Pension Plan benefit is adjusted only for compensation through December 31, 2009 or your date of termination (or disability) if earlier. Your prior Babson Pension Plan benefit is in addition to your cash balance benefit. Only certain employees employed by Babson Capital before 2000 at its Cambridge worksite were eligible for the prior Babson Pension Plan.

Eligibility

You are eligible for the prior Babson Pension Plan benefit if you were employed by David L. Babson & Company Inc. (now Babson Capital Management LLC) and participated in the prior Babson Pension Plan on December 31, 2000 (or were eligible and excluded by the IRS annual compensation limit).

Benefit Formula

Your total MassMutual pension benefit is based on your prior Babson Pension Plan benefit and your cash balance benefit, as follows:

Total MassMutual Pension Benefit = Prior Babson Pension Plan benefit + Pre-2010 Cash Balance Account + New Cash Balance Account

Prior Babson Pension Plan Benefit

Your prior Babson Pension Plan benefit is calculated based on a formula. In general, if you retire on or after your normal retirement date, your prior Babson Pension Plan benefit is calculated as follows and is the “greater of” benefit: • 11⁄5% of your average annual compensation multiplied by your years of benefit service, up to a maximum of

30 years; or • $133.33 multiplied by your years of benefit service, up to a maximum of 15 years.

The formula calculates a single-life annuity (one that is payable during your lifetime only), payable at your normal or deferred retirement date. Your normal retirement date is the first day of the month following or coinciding with age 65, which is your normal retirement age.

The prior Babson Pension Plan benefit formula uses these factors, each of which has a specific definition in the Plan as follows: • Benefit service, which you received based on the elapsed time method—how many years and days of service

you worked before January 1, 2001; no additional benefit service is credited after December 31, 2000. • Compensation, which is the average compensation for the five completed consecutive calendar years of

highest pay within the last ten calendar years you were an active employee before December 31, 2009. If you were employed less than five consecutive calendar years, then compensation is the average for the consecutive calendar years during which you were an active employee. Note: Compensation is adjusted only through December 31, 2009.


Compensation used in the prior Babson Pension Plan benefit formula effective on or after January 1, 1998 is generally your wages, salaries (including incentive compensation for marketing and client service employees), fees for professional services and other amounts received for personal services when rendered on account of employment with Babson Capital or an affiliate company, plus any amount contributed to an employee benefit plan under a salary reduction agreement (except certain pre-tax transportation expenses) where the amounts are not included as income. There is an IRS annual compensation limit.

Excluded from compensation amounts are: • Any paid bonuses or incentives (with the exception of incentive compensation for marketing and client

service employees); • Supplemental long-term disability payments; • Reimbursement for company parking, tuition, child care and moving expenses; • Your share of Medicare taxes; • Income attributable to group term life insurance, receipt of restricted stock, the exercise of a stock option or

stock appreciation right; and • Compensation after December 31, 2009.

If you did not accrue any benefits under the prior Babson Pension Plan on or after January 1, 1997, due to the prior Babson Pension Plan exclusion of highly-compensated employees with compensation in excess of $150,000, your normal retirement pension will be calculated under the prior Babson Pension Plan formula as if you terminated employment on December 31, 1996. However, compensation for the period beginning January 1, 2001 and ending December 31, 2009 will be used.

Distributions

• Normal retirement: If you retire and begin benefits on your normal retirement date, you will receive, on a monthly basis, the amount equal to your accrued prior Babson Pension Plan benefit determined as of the date of your retirement, plus your cash balance benefit*.

• Early Retirement: If you retire early (after attaining age 55) and begin benefits on the first day of any month before your normal retirement date, you will receive, on a monthly basis, the amount equal to your accrued prior Babson Pension Plan benefit determined as of the date of your early retirement reduced by 0.4% for each month by which the date of commencement of benefits precedes your normal retirement date, plus your cash balance benefit*.

• Termination Before Retirement: If you terminate before age 55 and are vested, you may elect the actuarial equivalent of your vested accrued prior Babson Pension Plan benefit based on Table A below, plus your cash balance benefit*.

• Late Retirement: If you continue to work at MassMutual past your normal retirement age, your prior Babson Pension Plan benefit, which was credited with compensation increases through the Babson transition period, ended December 31, 2009 (or your date of termination or disability if earlier), plus your cash balance benefit*, which will continue to accrue until your retirement date.

* The form of distribution applies to your total Plan benefit, which includes your prior Babson Pension Plan benefit and cash balance benefit (New Cash Balance Account and Pre-2010 Cash Balance Account balances).


The amount of the accrued benefit you will receive is a percentage of your accrued benefit payable as an annuity, based on your age when the benefit begins, as follows:

Table A

Age Effective January 1, 2010, Percentage of Accrued Benefit Payable as an Annuity*

25 4.4% 30 6.3% 35 9.0% 40 12.9% 45 18.7% 50 27.4% 51 29.6% 52 32.0% 53 34.7% 54 37.7% 55 40.9% 56 44.4% 57 48.3% 58 52.7% 59 57.4% 60 62.7% 61 68.6% 62 75.2% 63 82.5% 64 90.8% 65 100.0% * The percentage of accrued sunset benefit payable as an annuity shown is effective for early retirements during the 2010 calendar year.

The percentage will change each year based on the change in the mortality assumption as mandated by regulation.

Payment Options

You may elect to receive your benefit in the form of an annuity or a lump-sum cash payment. The form of distribution applies to your total Plan benefit, which includes your prior Babson Pension Plan benefit and cash balance benefit (Pre-2010 Cash Balance Account plus New Cash Balance Account). Note: Your benefit will be paid in a monthly single-life annuity (if you are single) or a joint-and-50%-to-survivor-life annuity (if you are married), unless you elect otherwise. If you are married and elect an option other than a joint-and-survivor-life annuity with your federally recognized spouse as a co-annuitant, your spouse must consent in writing in the presence of a notary public.

Lump-Sum Payment

If you elect a lump-sum payment, the sum of your cash balance benefit (Pre-2010 Cash Balance Account plus New Cash Balance Account) plus the present value of your prior Babson Pension Plan benefit will be paid. The present value of your accrued prior Babson Pension Plan benefit is based on the benefit that would be paid at your normal retirement age under the prior Babson Pension Plan benefit formula. The interest rate used to convert your


benefit at the time you take it is set annually each January 1. It is based on the IRC Section 417(e)(3) interest rate from August of the prior calendar year.

Annuity

If you elect an annuity, the value of your cash balance benefit plus your prior Babson Pension Plan benefit will be used to determine the monthly benefit amount. You will have the same annuity options described in the Distributions section.

Death Benefit

If you die before beginning to receive your benefit and you were employed by Babson Capital (formerly known as David L. Babson & Company Inc.) as of January 1, 2001, your federally recognized spouse will have the option to elect an annuity or lump-sum cash payment equal to your prior Babson Pension Plan benefit plus your cash balance benefit. If you are not married or have designated a beneficiary other than your spouse (with spousal consent), your beneficiary will receive a lump-sum cash payment equal to your cash balance benefit.

If you die on or before age 55, your survivor benefit will begin on the first day of the month coinciding with or next following the date you would have attained age 55 or your normal retirement date as elected by your survivor.

If you die after age 55, your survivor benefit will begin on the first day of the month coinciding with or next following the date you died or your normal retirement date as elected by your survivor.

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