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n n n n Retirement. It’s good for you.Montgomery County Union Employees Deferred Compensation Plan may be the best way to work toward your personal retirement goals. But saving for retirement can be both challenging and complicated, depending on your financial situation. This guide can help make complicated choices about retirement and saving for it, simple. Take control of your retirement now by turning your dreams into plans.
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Montgomery County Union is committed to helping you achieve more financial freedom in retirement, and they’ve made the move of automatically enrolling you in the plan. You will begin contributing 1.00% of your salary to your retirement account through convenient payroll deduction. If you do not want to participate, you can decline enrollment.
Montgomery County Union Employees Deferred Compensation Plan offers tax advantages, a variety of investment choices, and other features to make saving for retirement simple.
• The payroll deduction feature makes contributions easy and convenient.• Flexible investment choices allow you to choose how much to contribute and where to invest
your contributions.• Pre-tax contributions reduce your current taxable income before federal income taxes are
withheld.• Roth contributions let you save and invest after-tax dollars in the plan.• Automatic rebalancing helps to keep your portfolio in line with your investment goals
through periodic rebalancing. Periodic rebalancing of your account helps ensure your investments stay aligned over time with the selected strategy you originally selected. For your convenience, you can initiate or discontinue this service at any time. Auto rebalancing is not recommended when using an asset allocation investment option.
• Your vested account balance is always yours to take with you should you change employers. You may also have access to your account savings before you reach retirement age.
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Achieving a successful retirement.
The main goal of the plan is to help you build toward a comfortable income during retirement. This guide provides important information on how to use features of the plan and make them work best for you. Be sure to read it carefully, and feel free to contact us if you have any questions.
1 Online: www.retiresmart.com/mcuedcp
2 Phone:
1-800-743-5274 Dedicated customer service representatives available Monday - Friday, 8 a.m. to 8 p.m. ET or automated phone line 24/7.
3 Rollover Specialists:
1-888-526-6905 Get help rolling in accounts from a prior retirement account, Monday – Friday, 8 a.m. to 8 p.m. ET. You are encouraged to compare the benefits and features of the different plans before consolidating your accounts. Things to consider include each plan's available investment options, guarantees, fees and expenses.
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Access your account online.To access your account information and our online tools, or to decline enrollment, go to www.retiresmart.com/mcuedcp and select “Create Account” to create your Username, Password and PIN. You will use this PIN on our voice response phone system. You may also elect E Notification of participant statements and other plan-related documents.
Access your retirement account – anytime, anywhere.Your quarterly statements will be delivered to your online account - to access your statements, simply log into your account at www.retiresmart.com/mcuedcp, and your statement will be posted to your account in Portable Document Format (PDF). To view the PDF, it is required you have Adobe® Acrobat® viewer software installed on your personal computer. The software is available for download, free of charge, from the Adobe® website.
If you do not have the ability to access and retain PDF documents on your personal computer, then paper statements are available, free of charge, via U.S. mail - to elect paper delivery of your quarterly statements please contact our Participant Information Center at 1-800-743-5274 or change your election under the “My Preferences” tab on www.retiresmart.com/mcuedcp.
Choosing investments that are right for you.Following the simple steps outlined in this guide may help you become more confident with your investment decisions.
If you don’t make a choice, your plan will invest your contributions in an asset allocation option on your behalf. This option is selected based on your date of birth and a projected retirement age of 65. (You may want to consider a different option if this is not your intended retirement age.) Offering professional management and monitoring as well as diversification all in one investment, it becomes more conservative as your retirement date approaches. You can change this option any time you wish.
Generally target retirement date (lifecycle) investment options are designed to be held beyond the presumed retirement date to offer a continuing investment option for the investor in retirement. The year in the investment option name refers to the approximate year an investor in the option would plan to retire and likely would stop making new contributions to the investment option. However, investors may choose a date other than their presumed retirement date to be more conservative or aggressive depending on their own risk tolerance. Target retirement date (lifecycle) investment options are designed for participants who plan to withdraw the value of their accounts gradually after retirement. Each of these options follows its
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own asset allocation path (“glide path”) to progressively reduce its equity exposure and become more conservative over time. Options may not reach their most conservative allocation until after their target date. Others may reach their most conservative allocation in their target date year. Investors should consider their own personal risk tolerance, circumstances and financial situation. These options should not be selected solely on a single factor such as age or retirement date. Please consult the prospectus (if applicable) pertaining to the options to determine if their glide path is consistent with your long-term financial plan. Target retirement date investment options’ stated asset allocation may be subject to change. A target date fund may not achieve its objective and/or you could lose money on your investment in the fund. You may experience losses near, at, or after the target date. There is no guarantee of the fund's principal value, including at the target date, or that the fund will provide adequate income at and through your retirement.
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Understanding asset allocation.
Determining your asset allocation is an important first step in choosing investment options in your workplace retirement plan. Asset allocation is how you divide your savings among different investment types such as stocks, bonds, and short-term investments. Here we highlight four basic steps in developing your asset allocation strategy.
Step 1 – Understand the asset classes. Consider that your choices generally focus on three things: stocks, bonds and short-term investments. These three types of investments are known as the basic “asset classes”:
• Stocks, also called equities, are shares of ownership in a company.
• Bonds, also called fixed income investments, are loans made to governments or corporations.
• Short-term investments, also known as cash equivalents, are designed to maintain their dollar value. Examples include money market funds, certificates of deposit and Treasury bills.
Although the investment menu in your workplace plan may have many options, most will fall into these basic groups, or a combination of them. Please note that asset allocation doesn’t ensure a profit or protect against loss in a declining market, but it may be a sound strategy.
Why it’s important.Each asset class has different characteristics you should be aware of. Historically speaking, stocks have posed greater investment risk than the other asset classes, but have offered the potential for the highest return. Short-term
investments have offered lower returns in exchange for low investment risk. Bonds have tended to fall somewhere in the middle.
Step 2 – Know your tolerance for risk. How much risk you are comfortable with is an important consideration in choosing your asset allocation strategy. How do you feel about investment risk – the chance that your investments could lose money? You also need to think about inflation risk – the risk that conservative investments such as short-term investments may not keep pace with inflation.
Investing in more than one asset class – or a blend of them – may help to balance your risk. Mixing the various investment types can provide a balance of growth with preservation, because the markets for each investment don’t always move in the same direction as each other.1
Step 3 – Establish your time horizon. Your tolerance for risk must be considered in the context of your time horizon. Do you have quite a bit of time until you retire or are you getting closer? In the short term, the most volatile investments, such as stocks, can rise and fall dramatically. Past performance is not indicative of future performance.
If you need your money within the next few years, you might want to avoid putting a large percentage into a single asset class that could dip in value in the short term. On the other hand, assuming you have six years or more before you will need your money, you may consider investing a percentage of your savings in investments that offer greater potential for return. That’s because you have
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more time to potentially ride out short-term fluctuations in the value of your investments.
Step 4 – Determine your asset allocation strategy. The participant website offers tools and resources to help. To determine which strategy may be right for you, check out the Risk Quiz. Log into your account » My Account » Investment Selection » Risk Quiz.
Revisit your strategy once a year and after major life events to ensure it is still in line with your current needs and outlook. You may want to consider adjusting the proportions of stocks, bonds and short-term investments as you get closer to retirement. Remember, everyone’s situation will differ, and you should consult a financial advisor about your own particular situation.
Learn more.The right asset allocation strategy can help you maintain your confidence through market ups and downs. You can learn more about asset allocation at www.retiresmart.com/mcuedcp. If you have questions, call 1-800-743-5274.
1 http://www.sec.gov/investor/pubs/assetallocation.htmPast performance is no guarantee of future results. The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
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Your plan's investment options.
The portfolios below are built out of the investment options available in your plan*:
INVESTMENT PORTFOLIOS
ASSET CATEGORY INVESTMENT NAME Short Term Conservative Moderate Aggressive
Ultra Aggressive
Stable Value SAGIC Diversified Bond II 95% 21% 6% 2%Intermediate Term Bond
MFS Government Securities Fund 2% 16% 11% 5%
Intermediate Term Bond Amer Cent Infl Adjt Bond Fd 1% 17% 12% 4%Intermediate Term Bond
Dodge and Cox Income Fund 2% 16% 11% 5%
High Yield Bond Putnam High Yield FundAsset Allocation/Lifestyle
T. Rowe Price Retirmnt Bal Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2005 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2010 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2015 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2020 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2025 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2030 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2035 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2040 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2045 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2050 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2055 Fd
Asset Allocation/Lifecycle
T. Rowe Price Retirmnt 2060 Fd
Large Cap ValueHartford Dividend & Gr HLS Fd 3% 6% 8% 10%
Large Cap CoreNeuberger Berman Sustain Eq Fd 5% 9% 13% 17%
Large Cap Core Vanguard 500 Index Fund 5% 9% 13% 17%Large Cap Growth Fidelity Contrafund 1% 2% 3% 3%
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Your plan's investment options.
INVESTMENT PORTFOLIOS
ASSET CATEGORY INVESTMENT NAME Short Term Conservative Moderate Aggressive
Ultra Aggressive
Large Cap GrowthAmerican Fds Grth Fnd America 1% 2% 3% 3%
Large Cap GrowthHartford Capital Apprec HLS Fd 1% 2% 2% 4%
Mid Cap ValueGoldman Sachs Mid Cap Value Fd 1% 2% 1%
Mid Cap CoreVanguard Mid Cap Index Fund 2% 6% 6% 7%
Mid Cap Growth Hartford Midcap Fund 1% 2% 1%
Small Cap ValueAmerican Century Sm Cap Val Fd 1% 1% 2% 2%
Small Cap CoreVanguard Small Cap Index Fund 3% 6% 7% 9%
Small Cap GrowthInvesco Small Cap Growth Fund 1% 1%
Small Cap Growth Baron Small Cap Fund 1% 1% 1% 1%Intl/Global Large Core
American Funds New Prspctve Fd 4% 8% 12% 14%
Intl/Global Large Growth
AmerFunds EuroPacific Gr Fund 1% 2% 3%
Emerging Market Equity
Oppnhmr Developing Markets Fnd 1% 2% 3% 3%
REITsVanguard Real Estate Index Fd 2% 3% 4% 4%
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*Investment allocation strategies are a convenient way of allocating your account among certain of the plan’s individual investment options. Any investment allocation strategies included in these materials are not intended to be investment advice or recommendations to you and may or may not be appropriate for your circumstances. In applying investment allocation strategies to your individual circumstances, you should consider your other assets, income and investments as well as your risk tolerance. If you direct your contributions or current account balance to an investment allocation strategy, your contributions or account balance will be invested in each of the individual investment alternatives in the percentages indicated for the strategy. The plan may offer other investment options not included in the strategies and the individual investment alternatives included in the strategies may also be available on a stand-alone basis. The CustomChoice Strategies chart lists asset classes, along with their weightings in the allocation strategy.
RISK DISCLOSURES FOR CERTAIN ASSET CATEGORIES – PLEASE NOTE THAT YOUR PLAN MAY NOT OFFER ALL OF THE INVESTMENT TYPES DISCUSSED BELOW.
Please consider an investment option’s objectives, risks, fees and expenses carefully before investing. This and other information about the investment option can be found in the applicable prospectuses or summary prospectuses, if any, or fact sheets for the investment options listed, which are available from your plan sponsor, the participant website at www.retiresmart.com or by contacting our Participant Information Center at 1-800-743-5274 between 8:00 a.m. and 8:00 p.m. ET, Monday through Friday. Please read them carefully before investing.
If a retirement plan fully or partially terminates its investment in the Guaranteed Interest Account (GIA), Super Flex (SF) Guaranteed, Fixed Interest Account or Separate Account Guaranteed Interest Contract (SAGIC) investment options, the plan receives the liquidation value of its investment, which may either be more or less than the book value of its investment. As a result of this adjustment, a participant’s account balance may be either increased or decreased if the plan fully or partially terminates the contract with MassMutual.
Government/Retail Money Market Funds:
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Money Market Floating NAV:
You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions
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or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Risks of investing in bond and debt securities investments include the risk that a bond issuer will default by failing to repay principal and interest in a timely manner (credit risk) and/or the risk that the value of these securities will decline when interest rates increase (interest rate risk).
Risks of investing in inflation-protected bond investments include credit risk and interest rate risk. Neither the bond investment nor its yield is guaranteed by the U.S. Government.
High yield bond investments are generally subject to greater market fluctuations and risk of loss of income and principal than lower yielding debt securities investments.
Investments in value stocks may remain undervalued for extended periods of time, and the market may not recognize the intrinsic value of these securities.
Investments that track a benchmark index are professionally managed investments. However, the benchmark index itself is unmanaged and does not incur fees or expenses and cannot be purchased directly for investment.
Investments in growth stocks may experience price volatility due to their sensitivity to market fluctuations and dependence on future earnings expectations.
Investments in companies with small or mid market capitalization (“small caps” or “mid caps”) may be subject to special risks given their characteristic narrow markets, limited financial resources, and less liquid stocks, all of which may cause price volatility.
International/global investing can involve special risks, such as political changes and currency fluctuations. These risks are heightened in emerging markets. Other trading restrictions may apply. Please see the investment’s prospectus for more details.
A significant percentage of the underlying investments in aggressive asset allocation portfolio options have a higher than average risk exposure. Investors should consider their risk tolerance carefully before choosing such a strategy.
An investment with multiple underlying investments (which may include MassMutual RetireSmart and any other offered proprietary or non-proprietary asset-allocation, lifestyle, lifecycle or custom blended investments) may be subject to the expenses of those underlying investments in addition to those of the investment itself.
Investments may reside in the specialty category due to 1) allowable investment flexibility that precludes classification in standard asset categories and/or 2) investment concentration in a limited group of securities or industry sectors. Investments in this category may be more volatile than less-flexible and/or less-concentrated investments and may be appropriate as only a minor component in an investor's overall portfolio.
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Participants with a large ownership interest in a company or employer stock investment may have the potential to manipulate the value of units of this investment option through their trading practices. As a result, special transfer restrictions may apply. This type of investment option presents a higher degree of risk than diversified investment options under the plan because it invests in the securities of a single company.
Investments that invest more of their assets in a single issuer or industry sector (such as company stock or sector investments) involve additional risks, including unit price fluctuations, because of the increased concentration of investments.
A participant will be prohibited from transferring into most mutual funds and similar investments if they have transferred into and out of the same investment within the previous 60 days. Certain stable value, guaranteed interest, fixed income and other investments are not subject to this rule. This rule does not prohibit participants from transferring out of any investment at any time.
Excessive Trading Policy: MassMutual strongly discourages plan participants from engaging in excessive trading. The MassMutual Excessive Trading Policy helps protect the interests of long-term investors like you. If you would like to view the MassMutual Excessive Trading Policy, please visit MassMutual’s participant website at www.retiresmart.com. In addition, you cannot transfer into any investment options if you have already made a purchase followed by a sale (redemption) involving the same investment within the last sixty days.
Apple® and the Apple logo® are registered trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a registered trademark of Apple Inc.
Android, Google PlayTM and the Google Play logoTM are trademarks of Google Inc.
MassMutual RetireSmartSM is a registered service mark of MassMutual.
Plan HighlightsThis is a brief summary of the Montgomery County Union Employees Deferred Compensation Plan. If there are any discrepancies between this Plan Highlights and the plan document, the plan document will govern. Contact your plan administrator if you would like to see the plan document.
Eligibility and Enrollment• You are eligible to participate in the plan immediately upon employment.• You will automatically be enrolled in the Plan and 1% will be deducted from each
paycheck unless: 1) you elect to contribute at a different percentage rate. (By changing your deferral percentage, you will remove yourself from the automatic enrollment program) or 2) you change your contribution to "0" and decline participation in the Plan.
Your Contributions• Your contributions will be deducted automatically from your paycheck.• You may change your contribution at any time.• The current year IRS maximum contribution is $18,500• You may contribute up to an additional $6,000 (a catch-up contribution) if you
are or will be age 50 or older by the end of the year.• You may also qualify for special pre-retirement catch-up contributions of up to
$36,000 in the three (3) years before you reach normal retirement age*. You can take advantage of one or the other of these catch-up contributions, but not both, in any given year and plan provisions may vary.
• You may also make Roth and Rollover contributions.
*Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of: (1) Twice the annual limit ($36,000 in 2015 and 2016) or 2) the basic annual limit plus the amount of the basic limit not used in prior years (only allowed if not using age 50 or over catch-up contributions).
Investment Options• A wide range of investment options are available as part of your plan. Login to
your retirement account for specific details and plan offerings.• You can transfer existing assets among the plan’s available investment options or
change how your future contributions are invested at any time. You can perform transactions by calling our Participant Information Center at 1-800-743-5274, or by logging in to www.retiresmart.com/mcuedcp.
DistributionsDistributions are available in the following situations:
- Retirement- Separation from service- Attainment of age 70 1/2 - Death of Participant- Unforeseeable emergency (“hardship”) withdrawal (your plan may limit to a
portion of your account). Under Internal Revenue Code Section 457, anunforeseeable emergency is a severe financial hardship to the participant, resulting from a sudden and unexpected illness or accident of the participant or of a dependent of the participant. Foreseeable expenses such as transportation,education or the purchase of a new home are not considered unforeseeable emergencies.
Accessing your PLAN
Access your retirement account by visiting MassMutual’s RetireSMART website at www.retiresmart.com/mcuedcp
or by calling 1-800-743-5274, Monday–Friday, 8:00 a.m. — 8:00 p.m. ET
The information contained in this document is not intended or written as specific legal or tax advice and may not be relied on for purposes of avoiding any federal tax penalties. Neither MassMutual nor any of its employees or representatives are authorized to give legal or tax advice. You must rely on the advice of your own independent tax counsel.
Envestnet Retirement Solutions, LLC (ERS) is a federally registered investment adviser and is the investment manager for Managed Path. ERS is a subsidiary of its parent company Envestnet, Inc. (NYSE:ENV). ERS and Envestnet, Inc. are not affiliated with MassMutual or any of its subsidiaries. An annual fee equal to 50 basis points (0.50%) deducted on a monthly basis from your participant account, if you elect the managed account service from Envestnet Retirement Solutions.
© 2018 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com.
RS8887 1217 RS-43678-00
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ion
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erat
1-8
88-6
06-7
343.
If y
ou a
re c
urre
ntly
not
par
ticip
atin
g in
the
Plan
and
hav
e qu
estio
ns c
once
rnin
g pl
an p
rovi
sion
s, in
clud
ing
elig
ibili
ty re
quire
men
ts, c
onta
ct M
CU E
mpl
oyee
sDe
ferr
ed C
omp
Plan
at (
888)
555
-123
4 or
FOP
Lod
ge 3
5 18
512
Offic
e Pa
rk D
r., M
ontg
omer
y Vi
llage
MD
2088
6.
Lim
itatio
ns o
n In
stru
ctio
ns:
·Yo
u m
ay g
ive
inve
stm
ent i
nstru
ctio
ns o
n an
y da
y th
e N
ew Y
ork
Stoc
k Ex
chan
ge is
ope
n fo
r bus
ines
s.·
Any
trade
rest
rictio
ns s
peci
fic to
an
indi
vidu
al in
vest
men
t alte
rnat
ive
will
be
liste
d in
the
Com
para
tive
Char
t.
2
·If
the
Plan
offe
rs p
ublic
ly tr
aded
em
ploy
er s
ecur
ities
as
a de
sign
ated
inve
stm
ent a
ltern
ativ
e, c
erta
in d
iscr
etio
nary
tran
sact
ions
requ
este
d by
par
ticip
ants
who
are
offi
cers
,di
rect
ors,
or p
rinci
pal s
tock
hold
ers
that
invo
lve
empl
oyer
sec
uriti
es w
ill h
ave
tradi
ng re
stric
tions
impo
sed
as a
dditi
onal
repo
rting
of t
hose
tran
sact
ions
is re
quire
d.
Desi
gnat
ed In
vest
men
t Alte
rnat
ives
(DIA
): T
he P
lan
prov
ides
des
igna
ted
inve
stm
ent a
ltern
ativ
es in
to w
hich
you
can
dire
ct th
e in
vest
men
t of y
our P
lan
fund
s. T
he C
ompa
rativ
eCh
art b
elow
iden
tifie
s th
ese
desi
gnat
ed in
vest
men
t alte
rnat
ives
and
pro
vide
s in
form
atio
n re
gard
ing
the
alte
rnat
ives
.
Inve
stm
ent M
anag
er:
For i
nfor
mat
ion
rega
rdin
g th
e de
sign
ated
inve
stm
ent m
anag
er fo
r the
Pla
n (if
any
), pl
ease
con
tact
you
r Pla
n Sp
onso
r.
The
Plan
's S
elf-D
irect
ed B
roke
rage
Acc
ount
Opt
ion
Thro
ugh
your
pla
n ac
coun
t you
may
acc
ess
your
Sel
f Dire
cted
Bro
kera
ge A
ccou
nt (S
DBA)
, a s
epar
ate
inve
stm
ent v
ehic
le w
hich
pro
vide
s a
dire
ct li
nk to
Cha
rles
Schw
ab &
Co.
'sPe
rson
al C
hoic
e Re
tirem
ent A
ccou
nt (P
CRA)
. The
SDB
A gi
ves
you
the
oppo
rtuni
ty to
sel
ect a
nd m
anag
e in
vest
men
ts fr
om a
larg
er u
nive
rse
of in
vest
men
t opt
ions
. To
obta
in m
ore
info
rmat
ion
abou
t you
r SDB
A, in
clud
ing
any
fee
and
expe
nse
info
rmat
ion,
ple
ase
cont
act y
our P
lan
Spon
sor o
r SDB
A En
rollm
ent B
roch
ure.
Not
e: O
ffere
d th
roug
h Ch
arle
s Sc
hwab
& C
o. a
t an
addi
tiona
l cos
t. Ch
arle
s Sc
hwab
& C
o. is
not
an
affil
iate
or s
ubsi
diar
y of
Mas
sMut
ual.
This
opt
ion
is in
tend
ed fo
r kno
wle
dgea
ble
inve
stor
s. T
he le
vel o
f ris
k w
ill v
ary
depe
ndin
g on
the
inve
stm
ent c
hoic
es a
par
ticip
ant m
akes
.
Mas
sMut
ual m
ay a
sses
s an
ann
ual a
ccou
nt m
aint
enan
ce fe
e of
up
to $
100
annu
ally
for m
aint
aini
ng a
n SD
BA. T
he a
nnua
l fee
is s
ubtra
cted
from
you
r cor
e in
vest
men
t ass
ets.
Any
addi
tiona
l tra
ding
rest
rictio
ns o
r lim
itatio
ns im
pose
d on
the
amou
nts
that
may
be
inve
sted
in th
e SD
BA a
re d
iscl
osed
her
e:
The
max
imum
per
cent
age
of y
our a
ccou
nt th
at c
an b
e tra
nsfe
rred
to th
e SD
BA is
50.
0000
00%
.
Your
Pla
n ha
s th
e fo
llow
ing
initi
al m
inim
um tr
ansf
er re
quire
men
t: $5
000.
00
Subs
eque
nt tr
ansf
ers
may
be
mad
e of
at l
east
the
follo
win
g am
ount
: $10
00.0
0
A SD
BA o
ffere
d th
roug
h a
403(
b) p
lan
will
exc
lusi
vely
offe
r mut
ual f
unds
as
inve
stm
ent a
ltern
ativ
es.
For m
ore
info
rmat
ion
on h
ow to
est
ablis
h a
Self
Dire
cted
Bro
kera
ge A
ccou
nt g
o to
ww
w.re
tires
mar
t.com
or c
onta
ct th
e M
assM
utua
l Par
ticip
ant I
nfor
mat
ion
Cent
er a
t1-
888-
606-
7343
.
Glos
sary
of T
erm
s: P
leas
e vi
sit h
ttp://
ww
w.m
assm
utua
l.com
/glo
ssar
y fo
r a g
loss
ary
of in
vest
men
t ter
ms
rele
vant
to th
e in
vest
men
t opt
ions
und
er th
is P
lan.
Thi
s gl
ossa
ry is
inte
nded
to h
elp
you
bette
r und
erst
and
your
opt
ions
.
3
This
sec
tion
incl
udes
impo
rtant
info
rmat
ion
to h
elp
you
com
pare
the
inve
stm
ent a
ltern
ativ
es o
ffere
d un
der y
our P
lan.
If y
ou w
ant a
dditi
onal
info
rmat
ion
abou
t you
r inv
estm
ent
optio
ns, y
ou c
an g
o to
the
spec
ific
Inte
rnet
web
site
add
ress
es s
how
n be
low
or y
ou c
an c
onta
ct th
e M
assM
utua
l Par
ticip
ant I
nfor
mat
ion
Cent
er a
t 1-8
88-6
06-7
343.
If y
ou a
re
curr
ently
not
par
ticip
atin
g in
the
Plan
, con
tact
MCU
Em
ploy
ees
Defe
rred
Com
p Pl
an a
t (88
8) 5
55-1
234
or F
OP L
odge
35
1851
2 Of
fice
Park
Dr.,
Mon
tgom
ery
Villa
ge M
D 20
886.
To
help
ac
hiev
e lo
ng-te
rm re
tirem
ent s
ecur
ity, y
ou s
houl
d gi
ve c
aref
ul c
onsi
dera
tion
to th
e be
nefit
s of
a w
ell-b
alan
ced
and
dive
rsifi
ed in
vest
men
t por
tfolio
. Spr
eadi
ng y
our a
sset
s am
ong
diffe
rent
type
s of
inve
stm
ents
can
hel
p yo
u ac
hiev
e a
favo
rabl
e ra
te o
f ret
urn,
whi
le m
inim
izing
you
r ove
rall
risk
of lo
sing
mon
ey. T
his
is b
ecau
se m
arke
t or o
ther
eco
nom
ic
cond
ition
s th
at c
ause
one
cat
egor
y of
ass
ets,
or o
ne p
artic
ular
sec
urity
, to
perfo
rm v
ery
wel
l ofte
n ca
use
anot
her a
sset
cat
egor
y, o
r ano
ther
par
ticul
ar s
ecur
ity, t
o pe
rform
poo
rly.
If yo
u in
vest
mor
e th
an 2
0% o
f you
r ret
irem
ent s
avin
gs in
any
one
com
pany
, ind
ustry
or c
lass
of i
nves
tmen
t, yo
ur s
avin
gs m
ay n
ot b
e pr
oper
ly d
iver
sifie
d. A
lthou
gh d
iver
sific
atio
n is
no
t a g
uara
ntee
aga
inst
loss
, it i
s an
effe
ctiv
e st
rate
gy to
hel
p yo
u m
anag
e in
vest
men
t ris
k. In
dec
idin
g ho
w to
inve
st y
our r
etire
men
t sav
ings
, you
sho
uld
take
into
acc
ount
all
of
your
ass
ets,
incl
udin
g an
y re
tirem
ent s
avin
gs o
utsi
de o
f the
Pla
n. N
o si
ngle
app
roac
h is
righ
t for
eve
ryon
e be
caus
e, a
mon
g ot
her f
acto
rs, i
ndiv
idua
ls h
ave
diffe
rent
fina
ncia
l goa
ls,
diffe
rent
tim
e ho
rizon
s fo
r mee
ting
thei
r goa
ls, a
nd d
iffer
ent t
oler
ance
s fo
r ris
k. It
is a
lso
impo
rtant
to p
erio
dica
lly re
view
you
r inv
estm
ent p
ortfo
lio, y
our i
nves
tmen
t obj
ectiv
es, a
nd
the
inve
stm
ent a
ltern
ativ
es u
nder
the
Plan
to h
elp
ensu
re th
at y
our r
etire
men
t sav
ings
will
mee
t you
r ret
irem
ent g
oals
. Div
ersi
ficat
ion
does
not
ass
ure
a pr
ofit
and
does
not
pro
tect
ag
ains
t a lo
ss in
a d
eclin
ing
mar
ket.
Docu
men
t Sum
mar
y
This
sec
tion
focu
ses
on th
e pe
rform
ance
of i
nves
tmen
t alte
rnat
ives
that
hav
e a
fixed
or s
tate
d ra
te o
f ret
urn.
The
cha
rt sh
ows
the
annu
al ra
te o
f ret
urn
of e
ach
such
alte
rnat
ive,
the
term
or l
engt
h of
tim
e th
at y
ou w
ill e
arn
this
rate
of r
etur
n an
d ot
her i
nfor
mat
ion
rele
vant
to p
erfo
rman
ce.
4
Fixe
d Re
turn
Inve
stm
ents
Nam
e of
Inve
stm
ent
Type
of I
nves
tmen
tIn
vest
men
t Inc
eptio
n Da
teIn
vest
men
t Man
ager
Inve
stm
ent P
rofil
e
Annu
alRa
te o
fRe
turn
Term
Shar
ehol
der-
Type
Fee
s, R
estri
ctio
ns a
nd O
ther
CASH
SAGI
C Di
vers
ified
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d II
STAB
LE V
ALUE
Mas
sMut
ual
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%Qu
arte
rlyTh
e ra
te o
f ret
urn
liste
d w
as e
ffect
ive
begi
nnin
g on
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31/2
018,
is re
set Q
uarte
rly, a
nd is
calc
ulat
ed n
et o
f cer
tain
con
tract
exp
ense
s. U
nder
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term
s of
you
r gro
up a
nnui
tyco
ntra
ct, t
here
is a
gua
rant
eed
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imum
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ss in
tere
st ra
te o
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lthou
gh th
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etur
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nder
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ract
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nev
er fa
ll be
low
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he n
et ra
te o
fre
turn
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som
e in
stan
ces,
be
less
than
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fter a
pplic
able
exp
ense
s ar
e de
duct
edfro
m th
e co
ntra
ct. C
urre
nt ra
te o
f ret
urn
info
rmat
ion
is a
vaila
ble
by c
onta
ctin
g th
eM
assM
utua
l Par
ticip
ant I
nfor
mat
ion
Cent
er a
t 1-8
88-6
06-7
343.
If y
ou a
re c
urre
ntly
not
parti
cipa
ting
in th
e Pl
an, c
onta
ct M
CU E
mpl
oyee
s De
ferr
ed C
omp
Plan
at (
888)
555
-123
4 or
FOP
Lodg
e 35
185
12 O
ffice
Par
k Dr
., M
ontg
omer
y Vi
llage
MD
2088
6.
ww
w.M
assM
utua
l.com
/FF/
l350
5db2
This
sec
tion
focu
ses
on th
e pe
rform
ance
of i
nves
tmen
t alte
rnat
ives
that
do
not h
ave
a fix
ed o
r sta
ted
rate
of r
etur
n. T
he c
hart
show
s ho
w th
ese
alte
rnat
ives
hav
e pe
rform
ed o
ver
time
and
allo
ws
you
to c
ompa
re th
em w
ith a
n ap
prop
riate
ben
chm
ark
for t
he s
ame
time
perio
ds. P
ast p
erfo
rman
ce d
oes
not g
uara
ntee
how
the
inve
stm
ent a
ltern
ativ
e w
illpe
rform
in th
e fu
ture
. You
r inv
estm
ent i
n th
ese
alte
rnat
ives
cou
ld lo
se m
oney
.
Info
rmat
ion
abou
t an
inve
stm
ent a
ltern
ativ
e's
prin
cipa
l ris
ks is
ava
ilabl
e on
the
Inve
stm
ent P
rofil
e. Y
ou c
an o
btai
n a
spec
ific
Inve
stm
ent P
rofil
e us
ing
the
web
site
add
ress
prov
ided
for t
he s
peci
fic in
vest
men
t alte
rnat
ive
in th
e Co
mpa
rativ
e Ch
art.
This
cha
rt al
so s
how
s fe
e an
d ex
pens
e in
form
atio
n fo
r the
inve
stm
ent a
ltern
ativ
es u
nder
you
r Pla
n. It
sho
ws
the
Tota
l Ann
ual O
pera
ting
Expe
nse
whi
ch a
re e
xpen
ses
that
redu
ceth
e ra
te o
f ret
urn
of th
e in
vest
men
t alte
rnat
ive.
Any
sha
reho
lder
-type
fees
are
als
o di
sclo
sed.
The
se fe
es a
re in
add
ition
to T
otal
Ann
ual O
pera
ting
Expe
nses
. Exp
ense
info
rmat
ion
is re
flect
ed a
s of
the
date
of t
his
repo
rt an
d m
ay c
hang
e ov
er ti
me.
Ple
ase
note
that
exp
ense
info
rmat
ion
for e
ach
inve
stm
ent a
ltern
ativ
e re
flect
ed o
n th
e In
vest
men
t Pro
file
isup
date
d fro
m ti
me
to ti
me.
Ple
ase
see
the
Inve
stm
ent P
rofil
e w
hich
incl
udes
cur
rent
exp
ense
info
rmat
ion
as w
ell a
s th
e da
te th
e ex
pens
es w
ere
mos
t rec
ently
upd
ated
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5
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n
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e of
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Wor
ld e
x-US
A0.
54%
$5.4
00.
54%
$5.4
0
ww
w.M
assM
utua
l.com
/FF/
rerfx
Oppn
hmr D
evel
opin
g M
arke
ts F
ndEM
ERGI
NG
MAR
KET
EQUI
TY12
/01/
1996
Oppe
nhei
mer
16.7
0%5.
38%
4.74
%14
.04%
4.52
%1.
62%
MSC
I Em
ergi
ng M
arke
ts Id
x1.
07%
$10.
701.
07%
$10.
70
ww
w.M
assM
utua
l.com
/FF/
odvy
x.pd
fVa
ngua
rd R
eal E
stat
e In
dex
FdRE
ITS
01/0
1/20
04Va
ngua
rd
0.30
%6.
62%
6.36
%1.
70%
6.76
%6.
13%
S&P
US R
EIT
TR0.
12%
$1.2
00.
12%
$1.2
0
ww
w.M
assM
utua
l.com
/FF/
vgsl
x.PD
F
12
*The
ben
chm
ark
sinc
e in
cept
ion
retu
rn is
cal
cula
ted
from
the
mon
th-e
nd o
f the
inve
stm
ent's
ince
ptio
n.
**Th
e N
et T
otal
Ann
ual O
pera
ting
Expe
nses
incl
ude
any
inve
stm
ent e
xpen
se w
aive
r/rei
mbu
rsem
ent a
rran
gem
ents
doc
umen
ted
in th
e in
vest
men
t's p
rosp
ectu
s an
d m
ay b
e lo
wer
than
the
Gros
s To
tal A
nnua
l Ope
ratin
g Ex
pens
es d
ue to
the
indi
cate
d ex
pens
e w
aive
rs o
r rei
mbu
rsem
ents
, whi
ch m
ay b
e su
bjec
t to
expi
ratio
n. A
dditi
onal
info
rmat
ion
rega
rdin
gin
vest
men
t exp
ense
wai
vers
spe
cific
to e
ach
inve
stm
ent i
s in
clud
ed in
this
doc
umen
t, if
avai
labl
e, in
clud
ing
whe
ther
the
wai
ver i
s co
ntra
ctua
l or v
olun
tary
and
its
date
of
expi
ratio
n. A
ll av
aila
ble
info
rmat
ion
abou
t inv
estm
ent e
xpen
se w
aive
rs is
cur
rent
and
com
plet
e as
of t
he d
ate
of th
is re
port.
If in
form
atio
n re
gard
ing
the
wai
vers
is in
com
plet
e, it
isbe
caus
e ou
r thi
rd-p
arty
dat
a pr
ovid
er w
as u
nabl
e to
mak
e th
e in
form
atio
n av
aila
ble.
For
som
e in
vest
men
ts, t
he N
et T
otal
Ann
ual O
pera
ting
Expe
nse
ratio
figu
re re
flect
s th
esu
btra
ctio
n of
inte
rest
exp
ense
, whi
ch re
sults
from
an
inve
stm
ent's
use
of c
erta
in o
ther
inve
stm
ents
. Thi
s ex
pens
e is
requ
ired
to b
e tre
ated
as
an in
vest
men
t exp
ense
for
acco
untin
g pu
rpos
es, b
ut is
not
pay
able
to th
e in
vest
men
t adv
iser
or s
ubad
vise
r (if
appl
icab
le).
For m
ore
info
rmat
ion,
ple
ase
see
the
inve
stm
ent p
rofil
e or
the
pros
pect
us th
atco
rres
pond
s to
the
inve
stm
ent,
whi
ch a
re b
oth
avai
labl
e fro
m M
assM
utua
l. Co
ntac
t the
Mas
sMut
ual P
artic
ipan
t Inf
orm
atio
n Ce
nter
at 1
-888
-606
-734
3. If
you
are
cur
rent
ly n
otpa
rtici
patin
g in
the
Plan
, con
tact
MCU
Em
ploy
ees
Defe
rred
Com
p Pl
an a
t (88
8) 5
55-1
234
or F
OP L
odge
35
1851
2 Of
fice
Park
Dr.,
Mon
tgom
ery
Villa
ge M
D 20
886.
Othe
r sha
re c
lass
es o
f an
inve
stm
ent o
r its
und
erly
ing
inve
stm
ent (
depe
ndin
g up
on th
e in
vest
men
t) m
ay h
ave
exis
ted
long
er, w
hich
may
acc
ount
for a
ny p
re-in
cept
ion
perfo
rman
ce s
how
n. If
pre
-ince
ptio
n pe
rform
ance
is s
how
n, it
is g
ener
ally
the
perfo
rman
ce o
f an
olde
r sha
re c
lass
of t
he in
vest
men
t its
elf o
r its
und
erly
ing
inve
stm
ent (
depe
ndin
gup
on th
e in
vest
men
t) ad
just
ed fo
r fee
s an
d ex
pens
es o
f the
new
er s
hare
cla
ss. H
owev
er, i
f usi
ng th
e ex
pens
es o
f the
new
er s
hare
cla
ss ra
ther
than
the
expe
nses
of t
he o
lder
shar
e cl
ass
(due
to lo
wer
exp
ense
s of
the
new
er s
hare
cla
ss) w
ould
resu
lt in
bet
ter p
erfo
rman
ce, t
hen
pre-
ince
ptio
n pe
rform
ance
repr
esen
ts th
at o
f the
old
er s
hare
cla
ss w
ithou
tan
y ex
pens
e ad
just
men
t.
The
cum
ulat
ive
effe
ct o
f fee
s an
d ex
pens
es c
an s
ubst
antia
lly re
duce
the
grow
th o
f you
r ret
irem
ent s
avin
gs. V
isit
the
U.S.
Dep
artm
ent o
f Lab
or's
Web
site
for a
n ex
ampl
e sh
owin
gth
e lo
ng-te
rm e
ffect
of f
ees
and
expe
nses
at h
ttps:
//ww
w.d
ol.g
ov/s
ites/
defa
ult/f
iles/
ebsa
/abo
ut-e
bsa/
our-
activ
ities
/reso
urce
-cen
ter/p
ublic
atio
ns/a
-look
-at-4
01k-
plan
-fees
.Fe
es a
nd e
xpen
ses
are
only
one
of m
any
fact
ors
to c
onsi
der w
hen
you
deci
de to
inve
st in
an
alte
rnat
ive.
You
may
als
o w
ant t
o th
ink
abou
t whe
ther
an
inve
stm
ent i
n a
parti
cula
rop
tion,
alo
ng w
ith y
our o
ther
inve
stm
ents
, will
hel
p yo
u ac
hiev
e yo
ur fi
nanc
ial g
oals
.
To o
btai
n ad
ditio
nal i
nfor
mat
ion
abou
t the
Pla
n's
desi
gnat
ed in
vest
men
t alte
rnat
ives
, ple
ase
obta
in th
e In
vest
men
t Pro
files
for t
he s
peci
fic in
vest
men
t alte
rnat
ives
you
are
inte
rest
ed in
usi
ng th
e w
eb s
ite a
ddre
sses
pro
vide
d in
the
Com
para
tive
Char
t or g
o to
ww
w.re
tires
mar
t.com
.
You
have
the
right
to re
ques
t the
follo
win
g in
form
atio
n re
latin
g to
the
Plan
's in
vest
men
t alte
rnat
ives
: cop
ies
of p
rosp
ectu
ses
or a
ny s
hort-
form
or s
umm
ary
pros
pect
us o
r sim
ilar
docu
men
ts, f
inan
cial
sta
tem
ents
or r
epor
ts, a
sta
tem
ent o
f the
val
ue o
f eac
h in
vest
men
t ava
ilabl
e un
der t
he P
lan
as w
ell a
s th
e va
luat
ion
date
, and
a li
st o
f the
ass
ets
that
mak
e up
the
portf
olio
of e
ach
inve
stm
ent u
nder
the
Plan
that
con
stitu
te "p
lan
asse
ts" w
ithin
the
mea
ning
of U
.S. D
epar
tmen
t of L
abor
regu
latio
ns a
nd th
e va
lue
of e
ach
of th
ese
asse
ts. I
nad
ditio
n, y
ou m
ay re
ques
t a fr
ee p
aper
cop
y of
the
info
rmat
ion
avai
labl
e on
the
web
site
(s) l
iste
d on
the
Com
para
tive
Char
ts a
bove
and
the
Glos
sary
of I
nves
tmen
t Ter
ms.
Thi
sin
form
atio
n ca
n be
obt
aine
d by
con
tact
ing
MCU
Em
ploy
ees
Defe
rred
Com
p Pl
an a
t (88
8) 5
55-1
234
or F
OP L
odge
35
1851
2 Of
fice
Park
Dr.,
Mon
tgom
ery
Villa
ge M
D 20
886
orM
assM
utua
l Par
ticip
ant I
nfor
mat
ion
Cent
er, P
.O. B
ox 2
1906
2, K
ansa
s Ci
ty,
MO
6412
1-90
62, 1
-888
-606
-734
3.
13
If fe
es/e
xpen
ses
are
incu
rred
for p
lan
adm
inis
tratio
n, s
uch
fees
/exp
ense
s m
ay b
e ch
arge
d to
the
Plan
. As
an in
divi
dual
acc
ount
Pla
n, th
ese
Adm
inis
trativ
e Fe
es m
ay b
e ch
arge
d ag
ains
t you
r acc
ount
bal
ance
to th
e ex
tent
they
are
not
cha
rged
aga
inst
forfe
iture
s or
pai
d by
the
Plan
Spo
nsor
. As
a re
sult,
you
r acc
ount
bal
ance
may
be
redu
ced
for y
our s
hare
of
any
Pla
n Ad
min
istra
tive
fees
cha
rged
aga
inst
you
r acc
ount
. The
se fe
es m
ay b
e ch
arge
d on
a p
ro ra
ta b
asis
(i.e
., ba
sed
on th
e re
lativ
e si
ze o
f eac
h pa
rtici
pant
and
ben
efic
iary
's
acco
unt)
and/
or a
per
cap
ita b
asis
(i.e
., ea
ch p
artic
ipan
t and
ben
efic
iary
is c
harg
ed th
e sa
me
fee)
. If P
lan
Adm
inis
trativ
e fe
es a
re c
harg
ed to
you
r acc
ount
bal
ance
, the
act
ual
dolla
r am
ount
will
be
repo
rted
to y
ou in
the
cale
ndar
qua
rter f
ollo
win
g th
e qu
arte
r in
whi
ch th
e ch
arge
occ
urs.
Ple
ase
refe
r to
your
qua
rterly
acc
ount
sta
tem
ent f
or in
form
atio
n on
an
y fe
es a
ctua
lly c
harg
ed to
you
r acc
ount
.
Plea
se n
ote
that
the
Plan
Adm
inis
trativ
e fe
es w
hich
app
ear b
elow
are
not
refle
cted
in th
e to
tal a
nnua
l ope
ratin
g ex
pens
es o
f any
of t
he P
lan'
s in
vest
men
t opt
ions
. How
ever
, in
addi
tion
to th
e Pl
an A
dmin
istra
tive
fee
amou
nts
liste
d in
this
sec
tion,
som
e of
the
Plan
's A
dmin
istra
tive
fees
may
hav
e be
en p
aid
thro
ugh
reve
nue
shar
ing
arra
ngem
ents
m
aint
aine
d w
ith o
ne o
r mor
e of
the
Plan
's in
vest
men
t opt
ions
in w
hich
you
may
be
inve
sted
.
Pro
Rata
Fee
sPl
an a
dmin
istra
tion
fees
/exp
ense
s th
at m
ay b
e ch
arge
d pr
o ra
ta in
clud
e, b
ut a
re n
ot li
mite
d to
, fee
s/ex
pens
es fo
r leg
al, a
ccou
ntin
g, a
udit,
com
plia
nce,
inte
rmed
iary
/adv
isor
, in
vest
men
t, re
cord
keep
ing,
and
trus
tee
serv
ices
(col
lect
ivel
y "P
lan
Adm
inis
tratio
n Fe
es").
Per C
apita
Fee
sPl
an a
dmin
istra
tion
fees
/exp
ense
s th
at m
ay b
e ch
arge
d on
a p
er c
apita
bas
is a
re fe
es/e
xpen
ses
for r
ecor
dkee
ping
ser
vice
s.
If th
e Pl
an's
Spo
nsor
nor
mal
ly p
ays
the
fees
for a
dmin
istra
tive
serv
ices
per
form
ed b
y M
assM
utua
l, an
d th
e pa
ymen
t is
over
due
in a
ccor
danc
e w
ith th
e Pl
an S
pons
or's
Ad
min
istra
tive
Serv
ices
Agr
eem
ent w
ith M
assM
utua
l, th
e Pl
an S
pons
or is
aut
horiz
ing
that
the
outs
tand
ing
expe
nses
will
be
dedu
cted
from
par
ticip
ants
' acc
ount
bal
ance
s on
a p
ro
rata
bas
is to
the
exte
nt a
llow
ed b
y th
e Pl
an's
Adm
inis
trativ
e Se
rvic
es A
gree
men
t. Yo
ur s
hare
of t
he o
verd
ue e
xpen
se w
ill b
e de
term
ined
by
mul
tiply
ing
the
fee
by a
ratio
that
is
equa
l to
the
valu
e of
you
r acc
ount
bal
ance
div
ided
by
the
valu
e of
all
acco
unt b
alan
ces
unde
r the
pla
n.
Cont
ract
Dis
cont
inua
nce
and
Term
inat
ion
Serv
ices
If at
som
e po
int i
n th
e fu
ture
the
Plan
dis
cont
inue
s th
e in
vest
men
t pro
vide
r rel
atio
nshi
p w
ith M
assM
utua
l eith
er b
y tra
nsiti
onin
g th
e Pl
an to
a n
ew re
cord
kee
per o
r bec
ause
of t
he
com
plet
e te
rmin
atio
n of
the
Plan
, add
ition
al fe
es m
ay b
e ch
arge
d de
pend
ing
on th
e te
rms
of th
e in
vest
men
t con
tract
/agr
eem
ent i
n ef
fect
at t
hat t
ime
and
certa
in a
dmin
istra
tive
serv
ices
per
form
ed in
con
junc
tion
with
the
even
t.
Whe
n in
vest
men
t con
tract
s ar
e di
scon
tinue
d, th
e pa
rtici
pant
s' a
ccou
nts
coul
d be
ass
esse
d co
ntra
ct s
urre
nder
cha
rges
, ter
min
atio
n as
set c
harg
es, o
r mar
ket v
alue
adj
ustm
ents
. Yo
ur P
lan'
s sp
ecifi
c in
vest
men
t con
tract
/agr
eem
ent w
ill id
entif
y w
hich
of t
hese
dis
cont
inua
nce
fees
are
in e
ffect
. The
dis
cont
inua
nce
fees
may
als
o be
dep
ende
nt o
n th
e co
nditi
ons
of th
e m
arke
t at t
he p
oint
in ti
me
the
inve
stm
ent c
ontra
ct/a
gree
men
t is
disc
ontin
ued.
If an
y sp
ecia
l rep
orts
are
requ
este
d du
ring
the
trans
ition
of t
he p
lan
to a
new
reco
rd k
eepe
r, a
$300
fee
may
be
char
ged
for e
ach
repo
rt.
Adju
stm
ent F
ees
On o
ccas
ion,
the
Plan
Spo
nsor
may
requ
est t
hat c
erta
in c
alcu
latio
ns b
e pe
rform
ed to
mak
e ad
just
men
ts to
spe
cific
par
ticip
ants
' acc
ount
s or
to c
alcu
late
and
allo
cate
ear
ning
s.
The
fee
for s
uch
a se
rvic
e is
$75
per
hou
r.
14
© 2
018
Mas
sach
uset
ts M
utua
l Life
Insu
ranc
e Co
mpa
ny, S
prin
gfie
ld, M
A. A
ll rig
hts
rese
rved
. ww
w.m
assm
utua
l.com
.
RS48
94 8
11C:
2171
5-06
If th
e Pl
an's
Spo
nsor
dire
cts
Mas
sMut
ual t
o de
duct
the
adju
stm
ent f
ee fr
om p
artic
ipan
ts' a
ccou
nt b
alan
ces,
the
fee
will
be
dedu
cted
on
a pr
o ra
ta b
asis
. You
r sha
re o
f the
ex
pens
e w
ill b
e de
term
ined
by
mul
tiply
ing
the
fee
by a
ratio
that
is e
qual
to th
e va
lue
of y
our a
ccou
nt b
alan
ce d
ivid
ed b
y th
e va
lue
of a
ll pa
rtici
pant
s' a
ccou
nt b
alan
ces
unde
r the
pl
an.
In a
dditi
on, t
here
may
be
othe
r adm
inis
trativ
e se
rvic
es p
erfo
rmed
by
serv
ice
prov
ider
s ou
tsid
e of
Mas
sMut
ual d
urin
g th
e ne
xt 1
2 m
onth
s. H
owev
er, i
t is
unkn
own
at th
is ti
me
if an
y se
rvic
es b
y ot
her s
ervi
ce p
rovi
ders
will
be
requ
ired,
wha
t fee
s m
ay b
e ch
arge
d an
d w
heth
er th
ose
fees
will
be
paid
from
pla
n as
sets
. Exa
mpl
es o
f oth
er a
dmin
istra
tive
serv
ices
th
at m
ay o
ccur
out
side
of M
assM
utua
l and
that
may
be
paid
by
plan
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0
Charles Schwab & Co. Inc.
Self-Directed Brokerage Account Provider
Instructions and General Information for the Self-Directed
Brokerage Account
Your employer has arranged with Massachusetts Mutual Life Insurance Company (“MassMutual”) to offer you a
Self-Directed Brokerage Account (SDBA) through Charles Schwab & Co., Inc. Member SIPC (“Schwab”). The
Schwab Personal Choice Retirement Account (PCRA) provides you with the ability to invest in a wide variety of
investments, including stocks, bonds, exchange-traded funds and mutual funds. Please review this information
carefully.
Note: The PCRA is offered through Charles Schwab & Co.. Charles Schwab & Co. is not an affiliate or subsidiary of
MassMutual. This option is intended for knowledgeable investors and the level of risk will vary depending on the
investment choices a participant makes.
Fees and Limits
There is no annual charge from Schwab to open or maintain a PCRA account. To obtain more information about
the PCRA, including any applicable annual maintenance fees, commissions and/or transaction fees, please contact
your Plan Sponsor, review the Participant Fee Disclosure statement and refer to the Schwab Pricing Summary
attached to this information booklet.
Instructions for Opening an Account
Activating Your Schwab PCRA
� Log onto www.schwab.com/pcraopen
� Enter your plan’s account number (xxxx-x)* as the Retirement Plan ID, sdba (lower case) as your Plan
Password, and your Social Security Number. Click on “Login” then choose “Open New PCRA
Account”
� Complete and submit the online PCRA Electronic Account Opening Application to open your Schwab
PCRA and obtain your account number
� Once you submit the form electronically, your account will be open, and you will receive your
Schwab PCRA account number on the screen soon after.
You will receive a Schwab PCRA Welcome Kit that confirms your account number and explains the details
of investing through the Schwab PCRA.
Activating Your Schwab Web Access. You will need to activate your account for online access.
� Go to www.schwab.com
� Click the “New User” tab, then click the “Register” button to activate your account for online access.
� Fill in the required information. You will need your new Schwab PCRA number for this step.
� Establish a login and password for your account
� Once your Schwab PCRA is activated, you can place trades and manage your account through Schwab's
electronic channels, such as Schwab.com, mobile applications (via iPhone®
, Apple Watch™, iPad®
, Android
and Kindle Fire) and automated phone services.
If you are already a Schwab client, log in with your ID and password. From the Select Account drop-down
menu, choose your Schwab PCRA account number.
Charles Schwab & Co. Inc.
Self-Directed Brokerage Account Provider
Should you have any questions about the completion of your online application, activating your Web access or any
other general investment-related inquiries, please contact Schwab’s PCRA Call Center toll free at 1-888-393-7272
between the hours of 9 a.m. and 7:30 p.m. ET.
A variety of information is available on Schwab.com to help you learn about and select investments,
including Schwab Equity Ratings™ an independent, third-party research from leading providers such as
Credit Suisse, Argus Research, Standard & Poor’s, Morningstar®, Reuters, MarketEdge® and JP Morgan
Fixed Income Research. Equity, mutual fund and fixed income screener tools are also available, as well as
online or in-person investing workshops.
Investment Advisor Instructions
If you currently have an Investment Advisor, and you would like your Investment Advisor to provide services with
respect to your Schwab SDBA, please contact your Investment Advisor to discuss whether or not he or she currently
maintains an Investment Advisor Services Agreement with Schwab Advisor Services. Once you have spoken to your
Investment Advisor, please contact Schwab at 1-888-393-7272 to obtain any forms that may be needed to help
continue your Investment Advisor’s services at Schwab (if applicable).
Questions?
For more information on how to establish a self-directed brokerage account go to www.RetireSMART.com or
contact MassMutual’s Participant Information Center at 1-877-908-5576 between the hours of 8 a.m. and 8
p.m. ET.
* Your plan’s account number is on the top right corner of your Participant Fee Disclosure statement included
in this enrollment package.
Schwab PCRA Pricing Summary–January 2018 | Page 1 of 3
Commissions and Transaction Fees1
Equities
Stocks and Third-Party Exchange-Traded Funds (ETFs) ETFs (including Schwab ETFsTM) participating in per Executed Trade* Schwab ETF OneSourceTM per Executed Trade3
Trading Channel Commission Trading Channel Commission
Electronic2 $4.95 Electronic $0
Broker-AssistedElectronic commission, plus $25
Broker-AssistedElectronic commission, plus $25
*These fees also apply to trades of Canadian stocks, American Depositary Receipts, and stocks of foreign-incorporated companies that are listed on U.S. or Canadian exchanges or whose trades clear and settle in the U.S. or Canada.
Mutual Funds4
Some funds may also charge sales and/or redemption fees. Please read the prospectuses for details. You can buy shares directly
from a fund company or its principal underwriter or distributor without paying Schwab’s transaction or services charges (except
Schwab Funds®).
No-Transaction-Fee Funds (includes funds available Transaction-Fee Funds5 through the Mutual Fund OneSource® service)5
Trading Channel Transaction Fee Trading Channel Transaction Fee
Electronic $0 Electronic $50 per buy, $0 per sell
Broker-Assisted $25 service charge per trade may apply
Broker-Assisted Electronic fee, plus $25 service charge per trade
Note: For information about offshore funds (funds registered outside the U.S. for purchase by non-U.S. persons only), please call the Schwab PCRA Call Center.
Investors should consider carefully information contained in the prospectus, including investment objectives, risks, trading policies, charges, and expenses. You can request a prospectus by calling Schwab’s dedicated PCRA Call Center at 1-888-393-PCRA (7272). You may also request a prospectus online at www.schwab.com/prospectus. Please read the prospectus carefully before investing.
Schwab provides a broad range of value-added services, some of which have associated fees. This document provides you with a ��������������������������������������������� ������ �������������trade orders placed in your Schwab PCRA. This pricing summary supersedes any prior pricing summaries, pricing guides, and notices that you may have received. Schwab reserves the right to change or waive fees at our discretion.
Schwab Personal Choice Retirement Account® (PCRA)
Pricing Summary — Effective January 1, 2018
Schwab PCRA Pricing Summary–January 2018 | Page 2 of 3
Options6
Options per Executed Trade
Trading Channel Commission
Electronic $4.95, plus $0.65 per contract
Broker-Assisted Electronic commission, plus $25 Note: Stock or option trades resulting from an option exercise or assignment will be subject to the corresponding electronic commission pricing schedule. Pricing for Combined Equity and Option Orders Equity plus option leg orders ( includes Buy/Writes, Sell/Writes, and Unwinds): $0.65 per contract for the option leg, plus $4.95 commission for the equity leg. (There is no base commission for the option leg.)
Equities - Foreign Stock
Foreign Stock Transactions* Foreign Stock Transactions Trades Placed on the U.S. Over-The-Counter Market Trades Placed Directly on a Foreign Exchange
Trading Channel Transaction Fee Trading Channel Transaction Fee
Electronic $4.95, plus a $50 foreign transaction fee7 Electronic Not available
Broker-Assisted$79.95; electronic commission of $4.95, plus $25 for broker assis-tance, plus a $50 foreign transaction fee
Broker-Assisted The greater of $100 or 0.75% of principal, with no maximum
*These fees also apply to trades of foreign ordinary shares placed directly on a foreign exchange or on the U.S. over-the-counter market.
Fixed Income Investments8
��������������������������������������� ���������������������������������������������������������������������������������������
transaction. When Schwab acts as principal, the mark-up is included in the bond price.
Product TypeElectronic Commission or Mark-up
Broker-Assisted Commission or Mark-up
��������������������������� ����������������� $0 (a selling concession is included in the original offering price)
Treasury Bills, Notes, Bonds9, and TIPS (Secondary and Auction)
$0 $25
Secondary transactions for Corporate Bonds, Municipal Bonds, Government Agencies, Zero-Coupon Treasuries � ���������������������������� ����������������
$1 per bond ($10 minimum/ $250 maximum)
Electronic commission, plus $25 per trade
Preferred REITS Stock commissions and minimums apply for secondary transactions.
Commercial Paper, Foreign Bonds, Asset-Backed Securities, Mortgage-Backed Securities and Unit Investment Trusts
These are specialty products - please call 1-888-393-PCRA for information.
Note: Large block transactions (orders of more than 250 bonds) may be eligible for special handling and/or pricing -- please call the Schwab PCRA Call Center for information.
Our commissions and mark-ups may be slightly less than our published schedule (shown above) due to rounding.
Schwab PCRA Pricing Summary–January 2018 | Page 3 of 3
Exchange Process Fee
This is a fee Schwab charges to offset fees imposed on us by national securities and self-regulatory organizations or by U.S. option exchanges.
The Securities and Exchange Commission (SEC) assesses transaction fees on national securities exchanges and self-regulatory organizations based on the aggregate dollar amount of sales of certain securities. The SEC recalculates the amount of this fee periodically—at least once per year but sometimes more often. National securities exchanges and self-regulatory organizations offset the transaction fees by charging their member broker-dealers such as Schwab, and we, in turn, offset this fee by charging you an Exchange Process Fee for covered sell transactions.
U.S. option exchanges charge Schwab and other broker-dealers per-contract fees for purchase and sales of exchange-listed options. The exchanges may charge these fees even on transactions executed on other exchanges, which can result in multiple fees being imposed on Schwab for a single transaction. Schwab offsets these fees by charging you a single Exchange Process Fee for each covered transaction.
������������������������������������������� ������������������������������������������������������������������������������������������charged both by the U.S. option exchanges and by the national securities and self-regulatory organizations.
Schwab’s Exchange Process Fee will rise or fall periodically depending upon the rate set by the SEC or by the U.S. option exchanges, as applicable.
Notes:
• This pricing summary applies only to the PCRA accounts held at Charles Schwab & Co., Inc., and established on behalf of retirement plan participants. You can obtain more information about PCRA commissions and transaction fees by calling Schwab’s dedicated PCRA Call Center at 1-888-393-PCRA (7272), Monday through Friday, 9:00 am through 7:30 pm (ET). Or, view the current Charles Schwab Pricing Guide for Retirement Plan and Health Savings Accounts on www.schwab.com for a more complete description of all other commissions and transaction fees.
• Your PCRA is a cash-up-front account. For all purchases, we require cleared funds in the account. When you’re selling, we require securities on deposit. It is your responsibility to avoid overspending your account. If your account becomes overspent, Schwab reserves the right to liquidate a portion of your account to cover the debit balance. If liquidation is necessary, a broker-assisted fee of $25 will apply.
1 Excluding mutual funds, commissionable trades that execute over more than one day will be charged a separate commission for each additional day; each separate commission will apply to the portion of the trade executed on the corresponding additional day. Electronic trade orders for which price or quantity are changed by the client, and as a result execute over multiple trades on the same day, are each charged a separate commission.
2 Trades placed through Schwab’s electronic channels, such as Schwab.com, mobile applications, and automated phone services. Certain securities may not be available through all electronic trading channels. Up to 999,999 shares can be placed per trade.
3 Conditions apply: Trades in ETFs available through Schwab ETF OneSource ( including Schwab ETFs™) are available without commissions when placed online through a Schwab account. Service charges apply for trade orders placed through a broker ($25). An exchange processing fee applies to sell transactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover (not including Schwab ETFs). Schwab reserves the right to change the ETFs we make available without commissions. All ETFs are subject to manage-ment fees and expenses. Please see the Charles Schwab Pricing Guide for Retirement Plan and Health Savings Accounts (the “Pricing Guide”) for additional information. As of 01/01/2018, Schwab ETF OneSource had 254 ETFs.
� ������������� ��������� �� ������������� ����������������������������������������������������������������������������������������������������than their original cost. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV).
Charles Schwab & Co., Inc. receives remuneration from third-party ETF companies participating in Schwab ETF OneSource™ for recordkeeping, shareholder services, and other administrative services, including program development and maintenance.
� ����������� ���������� �������������������������� ��������������������������������������������������������������������������������schwab.com/SchwabETFs.
Third-party Schwab ETF OneSource shares purchased may not be immediately marginable at Schwab.4 Charles Schwab & Co., Inc. (Member SIPC) receives remuneration from fund companies for recordkeeping and shareholder services and for other administrative services for shares purchased through Schwab’s Mutual Fund OneSource® program. Schwab also may receive remuneration from transaction-fee fund companies for certain administrative services.
Trades in no-load mutual funds available through OneSource ( including Schwab Funds®), as well as certain other funds, are available without transaction fees when placed through Schwab’s electronic channels such as, Schwab.com, mobile applications, or automated phone services. Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds. Funds are also subject to management fees and expenses.
Schwab’s short-term redemption fee will be charged on redemption of funds purchased through Schwab’s Mutual Fund OneSource® service (and certain other funds with no transaction fee) and held for 90 days or less. Schwab reserves the right to exempt some funds from this fee, including certain Schwab Funds®, which may charge a separate redemption fee, and funds that accommodate short-term trading.
5 Standard fees apply on both transactions when placing simultaneous orders to sell one or more transaction-fee fund(s) and purchase additional transaction-fee fund(s) with the proceeds.
6 Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled “Characteristics and Risks of Standardized Options” before considering any option transaction. Call Schwab at 1-888-383-PCRA (7272) to request a current copy. Supporting documentation for any claims or statistical information is available upon request.
7 Transactions in foreign ordinary shares incur additional custody, clearing, and settlement expenses. A foreign transaction fee is added to trades placed on the U.S. over-the-counter market through the online or automated phone channels. The commission and foreign transaction fee will be combined ������������������������������������������������� ������������������
8 �������������������������������� ������������������������������������������� �������������9 Schwab reserves the right to act as principal on any Bond transaction. In secondary market principal transactions the price will be subject to our ������������� ����������������� ������������������������������������������������������������ ��������������������������������������������bid-ask spread. When trading as principal, Schwab may also be holding the security in its own account prior to selling it to you and, therefore, may make (or lose) money depending on whether the price of the security has risen or fallen while Schwab has held it.
Schwab Personal Choice Retirement Account® (PCRA) is offered through Charles Schwab & Co., Inc. (Schwab), a registered broker-dealer that also provides other brokerage and custody services to its customers.
©2018 Charles Schwab & Co., Inc., (Member SIPC). All rights reserved. MR (0217-TNMG) MKT38796IPCRA-12 (01/18)
Notes:
35
©2018 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. RSD4004 C:RS-41859-01
MassMutual
PO Box 219062Kansas City, MO 64121-9062