Page 144 - FebDefComp

2/24/2020 Contract No. 061869-0001-0000
061869-0003-0000

These investment options are designed for participants who plan to withdraw the value of their accounts gradually after retirement. Investments in these options are not guaranteed and
you may experience losses, including losses near, at, or after the target date. Additionally, there is no guarantee that the options will provide adequate income at and through your
retirement.

Any money remaining in the Oppenheimer International Bond Fund and any investment selections for contributions designated to the Oppenheimer International Bond Fund on or
after April 30, 2020 will be moved as follows:

PARTICIPANT YEAR OF BIRTH RANGE VANGUARD TARGET OPTION
on or before 1947 ……………………….……> Vanguard Target Retirement Income
between 1948-1954..…………………………> Vanguard Target Retirement 2015
between 1955-1964.………………………….> Vanguard Target Retirement 2025
between 1965-1974…………………………..> Vanguard Target Retirement 2035
between 1975-1984…………………………..> Vanguard Target Retirement 2045
on or after 1985 ………………………….…...> Vanguard Target Retirement 2055

The date ranges currently applicable to these investments may change over time. Please contact your MassMutual Retirement Services Representative for additional information.

If you would like to change your investment percentages or are not currently participating in the plan and wish to enroll*, please visit the participant website at www.retiresmart.com or
call 1-800-743-5274 for information or assistance. If your plan requires paper forms, please contact your Benefits Department to obtain the correct forms. If you do not wish to enroll at
this time, you may disregard this change notice.

Looking for additional information?
In light of these changes, this may be a good time to review your investments. MassMutual offers retirement planning educational tools and information to help you make investment
decisions and manage your retirement savings. Visit our participant website at www.retiresmart.com to find the information you need. You may also call our automated phone line at 1-
800-743-5274 to access account information anytime. Customer Service Representatives are available via the automated phone line, Monday-Friday 8 a.m. to 8 p.m. ET to answer your
questions and guide you through transactions.

*Receipt of this communication does not imply eligibility for participation in the plan. For questions regarding eligibility, please contact your plan’s sponsor.

This notice describes changes being made by your plan sponsor to the Plan's investment options. As a result, these changes will alter how your account is invested after the effective date of the change. The new
investment options that were selected to replace the existing investment options have characteristics, including level of risk and rate of return, that are reasonably similar to the characteristics of the existing
investment options. With information previously or concurrently provided to you regarding the plan’s existing and new investment options, you may consider whether you want to have the existing investments
in your account automatically transferred to the new investment options. If you do not want to invest in the comparable new investment options, then you can make changes to the investment of your account prior
to the transition as described in this notice. If you have previously exercised discretion over the investment of your account and you do not provide affirmative investment instructions contrary to the change prior
to the effective date of the change, you will be treated as having affirmatively elected to invest your account in the new investment options. |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 web site 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. | 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 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. | 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. Participants must submit purchase transactions for
global and international investment options before 2:30 p.m. ET in order to receive that day’s price. 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 RetireSMART Target Date funds 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

3 Exp 4/01/2021