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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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Product Pricing
If the Request for Proposal (RFP) and Census Data meet our underwriting guidelines, our analysts will price the contract. The premium amount will be sent to the requester (broker) to be conveyed to the client on the designated quote date. The premium calculated is based on the plan specifications and participant data contained in the RFP.
If Massachusetts Mutual Life Insurance Company (MassMutual) is awarded the business, we will collect the complete and accurate final data for payment and processing and then reconcile the quote data to the final data. This part of the process often results in a premium adjustment (increase or decrease) because of changes in the data.
MassMutual will adjust the premium if we receive additional or amended participant data such as changes in status or age of participants, prior to the effective date of the contract. MassMutual reserves the right to decline additional or amended plan data, such as optional benefit forms that are not included in the RFP.
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.
05-030-10
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