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MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Defined Benefit and Defined Contribution Recordkeeping

Investment Service Operations System

Descriptionof Operations

Background

Investment Options
The Company offers a selection of investment options to satisfy various investment objectives. Investment
elections are established during plan installation as directed by the Plan Sponsor and/or participants.
During the period from October 1, 2019 through September 30, 2020, the available investment options were
classified as follows:

Separate and Pooled SIAs with various objectives and strategies
Direct Mutual Fund, outside funds, Common Collective Investment Trusts (CIT)
Self-Directed Brokerage Accounts
MMRS offers both registered products and group annuity contracts. With group annuity investments, plans
purchase units of SIAs, which in turn purchase shares of the corresponding mutual funds or other similar
investments. With registered product investments, plans invest directly in mutual funds or other similar
investments. Mutual funds are registered investment companies with the Securities and Exchange
Commission and, accordingly, are subject to annual audits of their financial statements by an independent
auditor. Such funds are open-end, diversified investment management companies with corresponding risks
and objectives. Mutual fund prospectuses and supplements are sent to all Plan Sponsors upon initial
allocation of monies and certain other business events, including annual updates.
Participants in DC registered product investments also receive mutual fund prospectuses upon initial
allocation of monies, but do not receive supplements or annual updates thereafter. Participants in group
annuity investments receive investment profiles or “fund fact sheets” in lieu of prospectuses. CITs are not
mutual funds. Units of a CIT are securities that are exempt from registration. Management of the trust is
subject to fiduciary duty and prohibited transaction rules. Prospectuses are not required for CITs.
The transaction processing, trustee services and other administrative services for the separate and portfolio
SIAs is performed by State Street Corporation (SSC) and includes, but is not limited to, asset custody and
control, asset valuation, income accrual and collections, corporate actions, securities lending and transfer
agent. SSC values the SIAs on a daily basis through a unit value calculation. SSC is not included in the
scope of this report.
The MassMutual Select Funds (MMSF) are subadvised by asset managers unaffiliated with MassMutual,
including well-known institutional and retail managers as well as specialized investment boutiques. MMSF
include the MassMutual RetireSMART SM Funds target-date series, and the MassMutual RetireSMART SM
Funds risk-based series, both of which invest in MMSF, MassMutual Premier Funds, and/or Invesco.
The MassMutual Premier Funds (MMPF) are subadvised by asset managers affiliated with MassMutual
and currently include Barings and Invesco. For both MMSF and MMPF, MassMutual serves as the
investment adviser and the subadvisers handle the day-to-day portfolio management for each fund.
Annual and Semi-Annual reports of the MMSF and MMPF, including portfolios of investments are sent to
Plan Sponsors. Interest income is recorded on an accrual basis, discounts are accreted, and premiums are
amortized using the scientific method. Dividend income is recorded on the ex-dividend date. The interest
and dividend income is recorded in receivable accounts until the cash is received.

MassMutual Defined Benefit and Defined Description of the System Provided by
Contribution Investment Service Operations MassMutual
System
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