Frequently Asked Questions (FAQ’s)
Can I Roll Other Retirement Accounts into the Deferred Compensation Plan?
If you have an existing 457 deferred compensation or retirement plan account with a prior employer or a traditional IRA, you may transfer (rollover) that account into the Plan at any time.
Can I Stop My Contributions and Restart Later?
You may start, stop, increase or decrease your contribution. You may stop contributing at any time and start again at a later date.
What’s the Impact to My Taxes?
Your current taxable income is reduced by the amount you contribute. For example: If your annual salary is $24,000 and you contribute $2,000 to the Plan, your taxable income is shown as $22,000 on your W-2 form.
What Are My Investment Choices?
The Plan offers a wide variety of investment choices to meet your needs, including a General (Declared Rate) Account which provides a credited rate of interest. You may direct your contributions into one or more of the available investment choices.
Will I Receive Regular Statements?
You will receive a comprehensive Statement of Account from Mass Mutual each quarter. The statement will show your account balance at the beginning of the period, any activity in your account during the period, the amount of any earnings, contributions, and your account balance at the end of the period. Also included with your statement is historical investment option performance and an informative newsletter written for retirement investors.
When Can I Access My Assets?
Your account assets may be withdrawn from your Deferred Compensation Plan under the following circumstances:
· Separation from County Service
· Unforeseeable emergency (“hardship”)
· Death of participant
Do I Have Toll Free Account Access?
In addition to your local representative, you can call Mass Mutual's Account Access Line at 1-800-528-9009 for prompt, professional service. You can speak with a Customer Service Associate or utilize the automated voice or touch-tone system for a variety of account inquiries and financial transactions, including:
· Transferring assets between investment choices
· Changing the allocation of investment elections
· Obtaining information on investment choices
Can I Reach Mass Mutual on the Web?
Mass Mutual's secure website allows you to view your personal account, make a variety of inquiries and financial transactions, and obtain educational information. You can reach Mass Mutual's interactive website at Mass Mutual's interactive website .
Who Can I Talk To About My Account or Enrolling in Deferred Compensation?
Your local Mass Mutual Representative, Derelle Phillips, will be in attendance at all open enrollment meetings. She can provide you with information to help you make informed decisions about your retirement planning strategy. You can also contact the local Mass Mutual office at 461-5540 to arrange for a one-on-one personal consultation.
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