The choice is yours. MassMutual Thrift Plan New Investment Options

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1 Retirement only seems far off. Start planning for your future today so you can Retiresmart. The choice is yours MassMutual Thrift Plan New Investment Options Effective March 1, 2011, two new investment options will be added to the plan. The new options are: Premier Inflation-Protected and Income (Babson Capital) and Commodity Real Return Strategy (PIMCO). In addition, two investment options will be discontinued from the plan. The discontinued option are: Premier Money Market (Babson Capital) and MM Plan Inflation-Protected Bond (Babson Capital). Any money remaining in the discontinued options and any investment selections for contributions designated to the discontinued options on or after March 1, 2011, will be moved as follows: Discontinued Investment Option New or Existing Investment Option Premier Money Market (Babson Capital) A Fixed Interest Account MM Plan Inflation-Protected Bond (Babson Capital)..... A Premier Inflation-Protected and Income (Babson Capital) In light of these changes, this may be a good time to review your investments. MassMutual offers retirement planning tools and information to help you make investment decisions and manage your retirement savings. If you wish to change your investment options for future contributions, or transfer existing balances between investment options, log on to or call You can also take advantage of financial education and counseling services offered through Ayco. The Ayco Answerline service is a phone-based service provided at no cost to you. You can call Monday through Friday from 9 a.m. to 5 p.m. ET to speak with a counselor. You can also make evening appointments Monday through Thursday until 8 p.m. ET. The Answerline counselors can review strategies associated with the new investment offerings and discuss how these funds may fit in with your risk tolerance and overall financial picture. Investors should consider an investment s objectives, risks, charges and expenses carefully before investing. For this and other information on any of the investment options listed, see a fact sheet or the applicable prospectus available from MassMutual by logging on to or by calling Read it carefully before investing. insure invest retire Retirement Strategies

2 Investment lineup As of March 1, 2011 STABLE VALUE Fixed Interest Account Portfolio managed by: Babson Capital Management LLC. Objective: Generally, a fixed rate of return for a specified period of time. Portfolio: Invests in MassMutual s general investment account and is backed by MassMutual s general assets. It is designed to provide stable, long-term investment growth. The diversified portfolio is composed primarily of high quality, fixed-income investments including public bonds, private placements, commercial mortgage loans and short-term investments. *DISCONTINUED* Premier Money Market (Babson Capital) Portfolio managed by: Babson Capital Management LLC. Objective: Seeks to maximize current income to the extent consistent with liquidity and the preservation of capital by investing in a diversified portfolio of money market instruments. Portfolio: Invests in high quality debt instruments that have a remaining maturity not exceeding 397 days. The investment option invests principally in the following types of short-term securities: commercial paper and other corporate obligations; securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities; and certificates of deposit and bankers acceptances. Securities issued by U.S. Government agencies or instrumentalities may not be guaranteed by the U.S. Treasury. INTERMEDIATE TERM BOND *DISCONTINUED* MM Plan Inflation-Protected Bond (Babson Capital) Portfolio managed by: Babson Capital Management LLC. Objective: Seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Portfolio: Normally invests at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-u.s. governments, their agencies or governmentsponsored enterprises, and corporations. The investment option may invest up to 20% of its net assets in non- U.S. holdings, but will normally hedge foreign currency exposure to reduce the risk of loss due to fluctuations in currency exchange rates. It may normally invest up to 20% of its net assets in holdings that are not inflation-indexed. Non-inflation-indexed holdings may include corporate bonds, U.S. government and agency bonds, cash and short-term investments, futures, options and other derivatives and up to 15% in restricted or illiquid securities. Premier Core Bond (Babson Capital) Portfolio managed by: Babson Capital Management LLC. Objective: Seeks to achieve a high total rate of return consistent with prudent investment risk and the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities. Portfolio: Normally invests at least 80% of its net assets in investment grade fixed income debt securities, including: U.S. dollar-denominated corporate obligations, securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, U.S. dollar-denominated bonds of foreign issuers, securities subject to resale pursuant to Rule 144A, and mortgage-backed and other asset-backed securities. Securities issued by U.S. Government agencies or instrumentalities may not be guaranteed by the U.S. Treasury. The investment option may invest up to 10% of its total assets in below investment grade debt securities ( junk bonds ). The investment option may also invest in money market securities, including commercial paper. The investment option also uses derivative investments for hedging purposes or to seek its investment objective. *NEW* Premier Inflation-Protected and Income (Babson Capital) Portfolio managed by: Babson Capital Management LLC. Objective: Seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Portfolio: Invests in a portfolio of securities expected to provide an attractive rate of real return. Normally invests at least 80% of its net assets in inflation-indexed bonds and other income-producing securities. The investment option may hold a portion of its assets in cash. The investment option may also 2

3 Investment lineup continued invest in other income-producing securities of any kind, issued by governmental or private issuers. The investment option will maintain an average credit quality of A or better (determined on the basis of the credit ratings of the investment option s investments at the time of their purchase). The investment option may invest up to 20% of its assets in non-u.s. holdings, but will normally (though it will not necessarily) hedge foreign-currency risk back to the U.S. dollar. HIGH YIELD BOND Premier High Yield (Babson Capital) Portfolio managed by: Babson Capital Management LLC. Objective: Seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities. Portfolio: Under normal circumstances, the investment option will invest at least 80% of its net assets in lower rated fixed income securities, which are commonly known as junk bonds. It invests primarily in high yield U.S. fixed income securities which may include Rule 144A private placements. The investment option may also invest in, among other things, convertible securities, preferred stocks, warrants, bank loans and other fixed income securities, of both U.S. and foreign issuers. The investment option also uses derivative investments for hedging purposes or to seek its investment objective. LARGE CAP VALUE Premier Core Value Equity (Babson/Loomis Sayles/Barrow Hanley/OFI Inst) Portfolio managed by: Babson Capital Management LLC/Loomis, Sayles & Company, L.P./Barrow, Hanley, Mewhinney & Strauss, Inc./OFI Institutional Asset Management, Inc. Objective: Seeks to achieve long-term growth of capital and income. Portfolio: Invests approximately 20% in MassMutual Premier Enhanced Index Value Fund, 21% in MassMutual Select Diversified Value Fund, and 59% in MassMutual Premier Value Fund. Asset allocation is subject to change. Following a value-oriented, risk-averse investment strategy, the managers seek high quality stocks selling at discounted valuation levels. Select Fundamental Value (Wellington) Portfolio managed by: Wellington Management Company, LLP Objective: Seeks long-term total return. Portfolio: Under normal circumstances, the investment option invests at least 80% of its net assets in equity securities. Although the investment option may invest in companies with a broad range of market capitalizations, the investment option will tend to focus on companies with large capitalizations (generally having market capitalizations above $2 billion). The investment option may invest up to 20% of its total assets in the securities of foreign issuers. Foreign securities may include securities of issuers in both developed and emerging countries, and may consist of securities denominated in U.S. dollars or in foreign currencies. In pursuing its investment strategy, the investment option may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures and swap contracts. Select Large Cap Value (Davis) Portfolio managed by: Davis Selected Advisers, L.P. Objective: Seeks both capital growth and income. Portfolio: Normally invests at least 80% of its net assets in common stock of companies with market capitalizations, at the time of purchase, of at least $5 billion. The investment option s strategy is to select these companies for the longterm. LARGE CAP CORE Select Indexed Equity (Northern Trust) Portfolio managed by: Northern Trust Investments, N.A. Objective: Seeks to approximate as closely as practicable (before fees and expenses) the capitalization-weighted total rate of return of that portion of the U.S. market for publiclytraded common stocks composed of larger-capitalized companies. Portfolio: The investment option seeks to achieve its objective by investing at least 80% of its net assets in the equity securities of companies that make 3

4 Investment lineup continued up the S&P 500 Index. The investment option generally purchases and sells securities in order to allocate the investment option s investments among stocks in proportions that approximately match their index weights. This is the primary strategy used by the investment option to achieve a capitalization-weighted total rate of return. Each company s shares contribute to the investment option s overall return in the same proportion as the value of the company s shares that contribute to the return of the S&P 500 Index. However, the Sub-Adviser, Northern Trust Investments, N.A., uses a process known as optimization, which is a statistical sampling technique. Therefore, the investment option may not hold every stock in the Index. The investment option may also invest in other instruments, the performance of which is expected to correspond to the Index. The investment option may also use derivatives, such as index futures and options. The subadviser seeks a correlation between the performance of the investment option, before expenses, and the S&P 500 Index of 98% or better. Premier Main Street (OFI Inst) Portfolio managed by: OFI Institutional Asset Management, Inc. Objective: Seeks a high total return. Portfolio: Invests mainly in common stocks of U.S. companies of different capitalization ranges, presently focusing on large-capitalization issuers. In selecting securities for purchase or sale for the investment option, the Sub-Adviser, OFI Institutional, uses an investment process that uses multi-factor quantitative models to rank approximately 3,000 stocks on a daily basis. While the process may change over time or vary in particular cases, in general the selection process currently uses a multi-factor quantitative model. The investment option uses both top down and bottom up quantitative models. The portfolio is then constructed and continuously monitored based on the quantitative investment models. Security weightings are determined according to capitalization outlook, stock ranking and benchmark weighting. The investment option aims to maintain a broadly diversified portfolio that limits idiosyncratic company-specific risks and is scalable, efficient and adaptable. LARGE CAP GROWTH Select Aggressive Growth (Sands/Delaware) Portfolio managed by: Sands Capital Management, LLC/ Delaware Management Company. Objective: Seeks longterm capital appreciation. Portfolio: Seeks to achieve its objective by investing primarily in U.S. common stocks and other equity securities. Under normal market conditions, the investment option invests at least 80% of its net assets in equity securities. Premier Capital Appreciation (OFI) Portfolio managed by: OppenheimerFunds, Inc. Objective: Seeks long-term capital appreciation. Portfolio: Invests mainly in common stocks of growth companies. These may be newer companies or established companies of any capitalization range that the portfolio manager believes may appreciate in value over the long-term. Growth America (American) Portfolio managed by: Capital Research and Management Company. Objective: To provide growth of capital Portfolio: Invests primarily in common stocks of companies that appear to offer superior opportunities for growth of capital. MID CAP VALUE Select Mid-Cap Value (NFJ/Systematic) Portfolio managed by: NFJ Investment Group LLC/Systematic Financial Management, L.P. Objective: Seeks growth of capital over the long-term. Portfolio: The investment option seeks to achieve its objective by investing, under normal conditions, at least 80% of its net assets in the stocks of mid-cap companies. Mid-cap companies are defined as those with market capitalizations in the range of $500 million to $5 billion at the time of purchase or whose market capitalizations, at the time of purchase, fall within the range of companies in the Russell Midcap Value Index. 4

5 Investment lineup continued MID CAP GROWTH Select Mid Cap Growth Equity II (T. Rowe Price/ Frontier) Portfolio managed by: T. Rowe Price Associates, Inc./Frontier Capital Management Company, LLC. Objective: Seeks growth of capital over the longterm. Portfolio: Seeks to achieve its objective by investing, under normal conditions, at least 80% of its net assets in a broadly diversified portfolio of common stocks of midcap companies whose earnings the subadviser expects to grow at a faster rate than the average company. MULTI-CAP VALUE Select Focused Value (Harris) Portfolio managed by: Harris Associates L.P. Objective: Seeks growth of capital over the long-term. Portfolio: Invests primarily in a non-diversified portfolio of U.S. equity securities. As a non-diversified investment option, it is not limited in the percentage of its assets that it may invest in any one company. This means that it may hold larger positions in a smaller number of stocks than a diversified investment option. SMALL CAP VALUE Select Small Co. Value (Fed Clov/TRP/Earnest) Portfolio managed by: Clover Capital Management, Inc./T. Rowe Price Associates, Inc./Earnest Partners, LLC. Objective: Seeks to achieve long-term growth of capital by investing primarily in a diversified portfolio of equity securities of smaller companies. Portfolio: The investment option invests primarily in stocks, securities convertible into stocks and other securities, such as warrants and stock rights, whose value is based on stock prices. Normally, the investment option invests at least 80% of its net assets in the securities of companies whose market capitalizations, at the time of purchase, are included in the range of companies in the Russell 2000 Index or the S&P SmallCap 600 Index. SMALL CAP CORE Premier Small Company Opportunities II (OFI) Portfolio managed by: OFI Institutional Asset Management, Inc. Objective: Seeks to achieve long-term capital appreciation through investment primarily in common stocks of smaller, faster-growing companies whose securities at the time of purchase are considered by the subadviser to be realistically valued. Portfolio: Invests mainly in common stocks of small-capitalization ( small-cap ) U.S. companies that the subadviser believes have favorable business trends or prospects. Normally invests at least 80% of its net assets in the securities of small-cap companies. Small-cap companies are defined as those companies whose market capitalizations, at the time of purchase, are included in the range of companies in the Russell 2000 Index or the S&P SmallCap 600 Index. SMALL CAP GROWTH Select Small Cap Growth (W&R/Wellington) Portfolio managed by: Waddell & Reed Investment Management Company/ Wellington Management Company, LLP. Objective: Seeks long-term capital appreciation. Portfolio: Seeks to achieve its objective by investing primarily in common stocks and equity securities of smaller companies which the managers believe offer potential for long-term growth. The investment option may maintain cash reserves for liquidity and defensive purposes. Normally, the investment option invests at least 80% of its net assets in the securities of companies whose market capitalizations, at the time of purchase, fall within the range of companies in the Russell 2000 Index or the S&P SmallCap 600 Index. The range of capitalizations of companies included in each index will fluctuate as market prices increase or decrease. 5

6 Investment lineup continued INTERNATIONAL/GLOBAL LARGE CORE Select Overseas (MFS/Harris/AllianceBernstein) Portfolio managed by: Massachusetts Financial Services Company (MFS )/Harris Associates, L.P. Objective: Seeks growth of capital over the long-term by investing in both foreign and domestic equity securities. Portfolio: Seeks to achieve its objective by investing at least 80% of its net assets in stocks of foreign companies, including companies located in Europe, Latin America and Asia. INTERNATIONAL/GLOBAL LARGE GROWTH Premier International Equity (OFI) Portfolio managed by: OFI Institutional Asset Management, Inc. Objective: Seeks to achieve a high total rate of return over the long term by investing in a diversified portfolio of foreign and domestic equity securities. Portfolio: Seeks to achieve its objective by having at least 80% of its net assets invested in stocks traded primarily in foreign markets, including markets in Europe, Latin America and Asia. EMERGING MARKET EQUITY Premier Strategic Emerging Markets Portfolio managed by: Baring International Investment Limited. Objective: Seeks long-term capital growth. Portfolio: Normally invests at least 80% of its net assets in investments tied economically to emerging market countries. The investment option defines an emerging market country as one whose economy or markets are generally considered emerging or developing, and is not classified as a developed country according to MSCI Barra. The investment option considers an investment to be tied economically to an emerging market country if it is headquartered, trades on an exchange or has a substantial portion of its assets in or derives a substantial portion of its revenues from emerging market countries. The investment option will invest primarily in equity investments, which include stocks, securities convertible into stocks, equity-based derivatives and other securities and instruments, including options, warrants and stock rights, whose values are based on stock prices. The investment option may use derivatives for both hedging and nonhedging purposes, including for purposes of enhancing returns. The investment option may invest in preferred stock, American Depositary Receipts ( ADRs ), European Depositary Receipts ( EDRs ) and Global Depositary Receipts ( GDRs ). The investment option may also invest in exchange traded funds. The investment option will generally invest a substantial portion of its assets in largecap companies. However, at times, the investment option may invest to a greater extent in small- to mid-cap companies, the share prices of which may be more volatile than those of large-cap companies. The investment option will generally emphasize investments in growth companies. The investment option is non-diversified, which means that it may hold larger positions in a smaller number of stocks than a diversified fund. As a result, an increase or decrease in the value of a single stock could have a greater impact on the investment option s net asset value and its total return. ASSET ALLOCATION/LIFESTYLE Premier Balanced (Babson Capital) Portfolio managed by: Babson Capital Management LLC. Objective: Seeks to achieve a high total rate of return over an extended period of time consistent with the preservation of capital by investing in a diversified portfolio of equity securities, fixed income securities and money market instruments. Portfolio: The investment option consists of three segments: the Money Market Segment, which seeks to meet liquidity needs by investing in diverse money market instruments, the Core Bond Segment, which invests primarily in investment grade fixed income instruments, and the Core Equity Segment, which invests primarily in stocks of large capitalization companies. It adjusts the mix of investments among these three market segments based on the judgment of the subadviser. These adjustments normally will be made in a gradual manner 6

7 Investment lineup continued over a period of time. Under normal circumstances, at least 20% and no more than 40% of the Fund s total assets will be invested in the Core Bond Segment, at least 50% and no more than 70% of the Fund s total assets will be invested in the Core Equity Segment, and no more than 30% of the Fund s total assets will be invested in the Money Market Segment. ASSET ALLOCATION/LIFECYCLE Destination Retirement Income Allocation managed by: MassMutual. Objective: Seeks to achieve high current income and, as a secondary objective, capital appreciation. Portfolio: Seeks to achieve its investment objective by investing in a combination of equity, fixed income and money market investment options advised by MassMutual or a control affiliate of MassMutual using an asset allocation strategy designed for investors already in retirement. Destination Retirement 2010 Allocation managed by: MassMutual. Objective: Seeks to achieve as high a total rate of return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Portfolio: Seeks to achieve its investment objective by investing in a combination of equity, fixed income and money market investment options advised by MassMutual or a control affiliate of MassMutual using an asset allocation strategy designed for investors expecting to retire around the year Destination Retirement 2020 Allocation managed by: MassMutual. Objective: Seeks to achieve as high a total rate of return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Portfolio: Seeks to achieve its investment objective by investing in a combination of equity, fixed income and money market investment options advised by MassMutual or a control affiliate of MassMutual using an asset allocation strategy designed for investors expecting to retire around the year Destination Retirement 2030 Allocation managed by: MassMutual. Objective: Seeks to achieve as high a total rate of return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Portfolio: Seeks to achieve its investment objective by investing in a combination of equity, fixed income and money market investment options advised by MassMutual or a control affiliate of MassMutual using an asset allocation strategy designed for investors expecting to retire around the year Destination Retirement 2040 Allocation managed by: MassMutual. Objective: Seeks to achieve as high a total rate of return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Portfolio: Seeks to achieve its investment objective by investing in a combination of equity, fixed income and money market investment options advised by MassMutual or a control affiliate of MassMutual using an asset allocation strategy designed for investors expecting to retire around the year Destination Retirement 2050 Allocation managed by: MassMutual. Objective: Seeks to achieve as high a total rate of return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Portfolio: Seeks to achieve its investment objective by investing in a combination of equity, fixed income and money market investment options advised by MassMutual or a control affiliate of MassMutual using an asset allocation strategy designed for investors expecting to retire around the year SPECIALTY *NEW* Commodity Real Return Strategy (PIMCO) Portfolio managed by: Pacific Investment Management Company LLC. Objective: Seeks maximum real return, consistent with prudent investment management. Portfolio: The investment option seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative 7

8 Investment lineup continued instruments backed by a portfolio of inflation-indexed securities and other Fixed Income Instruments. The investment option invests in commodity-linked derivative instruments that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities. The investment option may also invest in common and preferred stocks as well as convertible securities of issuers in commodity-related industries. The investment option will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes and through investments in the PIMCO Cayman Commodity Fund I Ltd., a wholly-owned subsidiary of the investment option organized under the laws of the Cayman Islands (the Subsidiary ). The investment option may also gain exposure to commodity markets by investing in the Subsidiary. The Subsidiary is advised by PIMCO, and has the same investment objective as the investment option. Under normal circumstances, the investment option will seek to maintain notional exposure to one or more commodity indices within 5% (plus or minus) of the value of the investment option s net assets. The investment option is non-diversified and may invest its assets in particular sectors of the commodities market. The investment option may invest up to 10% of its total assets in high yield securities ( junk bonds ) rated B or higher by Moody s Investors Service, Inc., or equivalently rated by Standard & Poor s Ratings Services or Fitch, Inc., or, if unrated, determined by PIMCO to be of comparable quality. The investment option may invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar denominated securities of foreign issuers. The investment option may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries. The investment option will normally limit its foreign currency exposure (from non-u.s. dollardenominated securities or currencies) to 20% of its total assets. The investment option may also invest up to 10% of its total assets in preferred stocks. REITS Real Estate (OFI) Portfolio managed by: Cornerstone Real Estate Advisers LLC. Objective: Seeks total return through investment in real estate securities. Portfolio: Under normal market conditions, invests at least 80% of the value of its net assets (including borrowings for investment purposes) in common stocks and other equity securities of real estate companies. The investment option primarily invests in real estate investment trusts ( REITs ) but may also invest in real estate operating companies ( REOCs ) and other real estate related securities. 8

9 Important Notice This communication is not a summary plan description (SPD), but represents a summary of material modifications (SMM) for the MassMutual Thrift Plan, governed by the Employee Retirement Income Security Act of 1974 (ERISA). Please keep this communication with your SPD for this plan. SPDs are available on MyHR, MassMutual s benefits and human resources home page, under SPD Source. You may request a printed copy of any SPD by calling MassMutual Benefits at MassMutual reserves the right to modify, revoke, change, suspend or terminate any one or all of the plans, programs, policies, benefits, or services described in this SMM or the underlying plan documents at any time or from time to time, with or without notice. Receipt of this material does not imply eligibility for any one or all of the plans and programs described. 9

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12 Investors should consider an investment s objectives, risks, charges and expenses carefully before investing. For this and other information, see the prospectus available from MassMutual by calling Read it carefully before investing. RISK DISCLOSURES FOR CERTAIN ASSET CATEGORIES PLEASE NOTE THAT YOUR PLAN MAY NOT OFFER ALL OF THE INVESTMENT OPTIONS DISCUSSED BELOW. If a retirement plan fully or partially terminates its investment in The Guaranteed Interest Account (GIA), SF Guaranteed, Fixed Interest Account or SAGIC investment option, 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. Money market investments are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these investments seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market option. 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. Investment option(s) 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 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. You cannot transfer into international/global investment options if you have already made a purchase followed by a sale (redemption) involving the same investment within the last sixty days. In addition, you may not request a transfer into international/global investment options between 2:30 and 4 p.m. ET. 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 option with underlying investments (multi-investment options, which may include Select Destination Retirement Series, Journey Options and any other offered proprietary or non-proprietary asset-allocation, lifestyle, lifecycle or custom blended options) may be subject to the expenses of those underlying investments in addition to those of the investment option itself. Investments may reside in the specialty category due to 1) allowable investment flexibility that precludes classification in standard asset categories and/or 2) investment concentration in a limited group of securities or industry sectors). Investments in this category may be more volatile than less-flexible and/or less-concentrated investments and may be appropriate as only a minor component in an investor s overall portfolio. Participants with a large ownership interest in a company or employer stock investment option 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. Securities offered through registered representatives of MML Investors Services, Inc., member FINRA and SIPC ( and State Street, Springfield, MA Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives b 211 C: