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Terminal Funding Annuity Contracts
If you are terminating your defined benefit plan or, for another reason, wish to purchase annuities earned under your defined benefit plan, we can provide a single premium, non-participating, annuity contract that constitutes our irrevocable commitment to provide the benefits purchased. Annuitants will receive a certificate from Massachusetts Mutual Life Insurance Company (MassMutual).
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Administrative Services
Upon the sale of the contract, all of the same information gathered for pricing is needed to install and administer the contract. In addition, information necessary to make payments and stay in touch with the participants under the contract is required. These items include mailing address, payment address and Electronic Funds Transfer (EFT) instructions, tax withholding, and beneficiary information (name, address, social security number, etc.).
In most cases, the payment data for participants receiving benefits is obtained from the plan's current paying agent in machine-readable form. This accelerates the set-up process. However, Massachusetts Mutual Life Insurance Company (MassMutual) will still need to validate the accuracy of the data.
MassMutual has made a significant investment in technology to support all retirement plan clients. Working with some of the leading systems experts in the country, we have implemented a record-keeping system that provides accurate, timely service. We have an advanced repetitive payment system that supports checks and electronic funds transfer with or without transaction confirmations or notices. All required tax forms are provided to the payees each year.
MassMutual has a Participant Information Center that participants may call on weekdays between the hours of 8 a.m. and 5 p.m. ET. Our knowledgeable staff will answer participants' questions and accept requests for benefit estimates, address changes, etc.
Prefer to speak to someone about terminal funding annuity contracts?
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Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual), 1295 State Street, Springfield, MA 01111-0001 and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company, 100 Bright Meadow Boulevard, Enfield, CT 06082. Principal Underwriters: MML Distributors, LLC (MMLD) and MML Investors Services, Members FINRA (www.finra.org) and SiPC (www.sipc.org). MMLD and MML Investors Services are subsidiaries of Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, MA 01111-0001.
05-032-10
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