Transition to MassMutual
As a member of Contra Costa County's 457 Deferred Compensation Plan, you're going to benefit from new changes in the partnership with MassMutual. More detailed information will be coming to you soon, but you can see the highlights of the enhancements below.
In order to facilitate the transition of assets from the old platform/program to the enhanced platform/program, there will be a required "blackout" period wherein access to Plan assets will be frozen. This "blackout" period may last for up to a week, though every effort will be made to expedite the transfer.
Please note this important information:
Post-Blackout Period - You will be able to access automated account services. More information will follow on accessing your account.
October 2014 - Your first enhanced quarterly statement of account from MassMutual's new program will be sent to you in mid-October and will reflex the changes to your account.
You will receive a brochure separately that contains:
If you are currently receiving periodic installment payments from your Deferred Compensation account, your payments will continue, but the timing of your payment may change. Please watch your mail for additional information regarding your payments.
We are committed to making this process as simple and seamless for you as possible. Please don't hesitate to contact us. We look forward to working with you and helping you plan for your retirement.
*The Guaranteed Interest Account ("GIA") invests in MassMutual's general investment account and is not a separate investment account or mutual fund. Participants are generally guaranteed preservation of principal and a stated rate of return and the book value of participants' accounts invested in the GIA are available for participant initiated transitions while the MassMutual group variable annuity contract (the "Investment Agreement") is active. If the Investment Agreement is fully or partially terminated, participants will receive the liquidation value of their investment in the GIA instead of the book value, determined in accordance with a formula contained in the Investment Agreement. The liquidation value may be more or less than the book value of a participant's investment in the GIA. Guarantees are based on the claimed-paying ability of the issuer.