Page 155 - MayDefComp

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

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
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. | A
participant will be prohibited from transferring into most mutual funds and similar investment options if they have transferred into and out of the same option within the previous 60 days. Certain stable value,
guaranteed interest, fixed income and other investment options are not subject to this rule. This rule does not prohibit participants from transferring out of any option at any time.

© 2019 Massachusetts Mutual Life Insurance Company (MassMutual®), Springfield, MA 01111. All rights reserved. www.MassMutual.com. RS-44367-03
4 Exp 4/01/2021