When a plan is closed out in a standard termination, any benefit that is payable as an annuity under the provisions of the plan must be provided in annuity form through the purchase, from an insurer, of a single premium, non-participating, non-surrenderable annuity contract that constitutes an irrevocable commitment by the insurer to provide the benefits purchased. Contracts for an Internal Revenue Code section (IRC) 401(a) qualified defined benefit plans are available at this time.

The selection of an annuity provider for purposes of a pension benefit distribution is a fiduciary decision governed by the Employee Retirement Income Security Act (ERISA). In discharging obligations to act solely in the interest of participants and beneficiaries, fiduciaries choosing an annuity provider must take steps to obtain the safest annuity available, unless under the circumstances it would be in the interests of participants and beneficiaries to do otherwise. Massachusetts Mutual Life Insurance Company (MassMutual) has a long track record of exceptional financial strength and is well capitalized and highly liquid. MassMutual's investment portfolio, which consists primarily of investment grade bonds, commercial mortgage loans and policy loans, is well diversified. In addition, MassMutual carefully manages the relationship of assets and liabilities.