Wednesday, March 3, 2021

Frequently Asked Annuity Questions


Q. What is my Defined Contribution Annuity/Pension Account and who is Mass Mutual? 
A. The Defined Contribution Plan is a type of retirement plan into which your employer makes contributions based on your time worked. Your Defined Contribution Plan is completely separate from your regular Pension Plan. Mass Mutual is a Financial Services Company that holds your funds in your Defined Contribution Account.
Q. What is Mass Mutual's contact information? 
A. Phone: (800) 743-5274
Website: www.retiresmart.com
Q. How often will I receive statements from Mass Mutual?
A. Mass Mutual will mail you a statement each quarter.
Q. How does my Defined Contribution Annuity Account get funded? 
A. Your account is funded by employer contributions made on your behalf. The contributions are based on your time worked.
Q. Can I make contributions into my account? 
A. No, only your employer is permitted to make contributions for you.
Q. When can I withdraw, or roll over funds from my account? 
A. One of the following 4 instances must apply in order to withdraw funds from your account:

1. You are Retired and at least 55 years of age
(or)
2. You become Permanently Disabled (must be recognized by Trustees)
(or)
3. You experience a 3 year break in service
(or)
4. Upon your death
Q. Is it possible to take out a loan or hardship withdrawal on my account? 
A. No, the plan does not allow for loans or hardship withdrawals at this time.
Q. How can I change the funds where my money is invested? 
A. There are 13 different funds to choose from and you can either go online to: www.retiresmart.com or call Mass Mutual at: (800) 743-5274 to change the way your money is invested.
Contact the Fund Office at (248) 347-3100 or (800) 572-8553 for specific information regarding your Defined Contribution Account.