Page 153 - MayDefComp

5/14/2020 Contract No. 061869-0001-0000
061869-0003-0000

With CITs, dedicated share classes for individual plans allow larger sponsors to benefit from flexible pricing, just as they do in a separately managed account. A dedicated share class
provides customized pricing, which allows sponsors to benefit from economies of scale in advisory fees and from the lower operating costs that come with a larger investment pool. 1

1 Excerpt from A-B Article, “What’s Old is New Again”, Jennifer DeLong

Vanguard Target Series – Asset Allocation Investments in Motion
The Vanguard Target Series are a way for participants to have a professionally managed portfolio designed for their retirement time horizon. Each option in this series follows its own
asset allocation path (“glide path”) to progressively reduce its equity exposure and become more conservative over time, reaching its most conservative allocation 10 years after the year
specified by the target date. Generally target date 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 (assuming a retirement age of 65) and likely would stop
making new contributions to the investment option. However, an investor may choose a date other than their presumed retirement date to be more conservative or aggressive depending
on their own risk tolerance.

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

3 Exp 4/01/2021