MassMutual Transitions SelectSM II Variable Annuity
Issued by Massachusetts Mutual Life Insurance Company
Massachusetts Mutual Variable Annuity Separate Account 4
B-Share Contract
Summary Prospectus for New Investors – April 29, 2024
This Summary Prospectus summarizes key features of the MassMutual Transitions SelectSM II Variable Annuity (Contract), an individual deferred variable annuity contract issued by Massachusetts Mutual Life Insurance Company (‘‘MassMutual®,’’ ‘‘Company,’’ ‘‘we,’’ ‘‘us’’). You should read this Summary Prospectus carefully, particularly the section titled Important Information You Should Consider about the Contract.
Before you invest, you should review the prospectus for the MassMutual Transitions Select II Variable Annuity, which contains more information about the Contract, including its features, benefits, and risks. You can find the prospectus and other information about the Contract online at www.MassMutual.com/Transitions-Select-II. You can also obtain this information at no cost by calling (866) 645-2362 or sending an email request to MassMutual.services@zinnia.com.
This Summary Prospectus incorporates by reference the MassMutual Transitions Select II Variable Annuity’s prospectus and Statement of Additional Information (SAI), both dated April 29, 2024, as amended or supplemented. The SAI may be obtained, free of charge, in the same manner as the prospectus.
YOU MAY CANCEL YOUR CONTRACT WITHIN 10 DAYS OF RECEIVING IT WITHOUT PAYING FEES OR PENALTIES.
In some states this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review the prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
Additional information about certain investment products including variable annuities, has been prepared by the Securities and Exchange Commission staff and is available at www.investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
1
Accumulation Phase. Begins on the date the Contract is issued and ends on the date the Owner applies the full Contract Value to an Annuity Option or upon Contract termination.
Annuity Phase. The period that begins on the date Annuity Payments begin and ends with the last annuity payment.
Annuitant. The person(s) on whose life Annuity Payments are based, with the exception of the non-lifetime contingent option. See “The Annuity Phase – Non-Lifetime Contingent Option – Period Certain Annuity Option.” The term Annuitant also includes the joint Annuitant, if any. The Annuitant has no rights to the Contract.
Annuity Options. Options available for Annuity Payments.
Annuity Payments. Series of payments made pursuant to the Annuity Option(s) elected.
Business Day. Every day the New York Stock Exchange (NYSE), or its successor, is open for trading. Our Business Day ends at the Close of Business.
Close of Business. The time on a Business Day when the NYSE ends regular trading, usually at 4:00 p.m. Eastern Time. However, when the NYSE closes early or closes due to any emergency or SEC order, the Close of Business will occur at the same time.
Contingent Deferred Sales Charge (CDSC). A charge that may be assessed against each Purchase Payment withdrawn from the Contract.
Contract. The MassMutual Transitions Select II Variable Annuity; an individual flexible premium deferred variable annuity
contract.
Contract Anniversary. An anniversary of the Issue Date of the Contract.
Contract Value. The sum of your values in the Sub-Accounts and the DCA Fixed Account during the Accumulation Phase.
Contract Year. The first Contract Year is the annual period which begins on the Issue Date and ends on the last calendar day before the first Contract Anniversary. Subsequent Contract Years begin on subsequent Contract Anniversaries.
DCA Fixed Account. The DCA Fixed Account, which is part of the General Account, is a fixed account from which assets are systematically transferred to any Sub-Accounts you select.
Fund(s). The investment entities into which the assets of the Separate Account will be invested.
General Account. The Company’s General Investment Account, which supports the Company’s annuity and insurance obligations. The General Account’s assets include all the assets of the Company with the exception of the Separate Account and the Company’s other segregated asset accounts.
2
Good Order. An instruction or transaction request that we receive at our Service Center generally is considered in ‘‘Good Order’’ if:
(1) | we receive it within the time limits, if any, prescribed in this prospectus for a particular request or transaction; |
(2) | it includes all information necessary for us to execute the request or transaction; and |
(3) | it is signed by you or persons authorized to provide instruction to engage in the request or transaction. |
A request or transaction may be rejected or delayed if not in Good Order. Good Order generally means the actual receipt by our Service Center of the instructions related to the request or transaction in writing (or, when permitted, by telephone or Internet) along with all forms, information and supporting legal documentation we require to effect the request or transaction. This information generally includes to the extent applicable: the completed application or instruction form; your Contract number; the transaction amount (in dollars or percentage terms); the names and allocation to and/or from the Sub-Accounts affected by the request or transaction; the signatures of all Owners; if necessary, Social Security Number or Tax Identification number; tax certification; and any other information or supporting documentation we may require including consents, certifications and guarantees. Instructions must be complete and sufficiently clear so that we do not need to exercise any discretion to follow such instructions. We will not accept instructions that require additional requirements or burdens not provided for within the Contract. With respect to Purchase Payments, Good Order also generally includes receipt by us of sufficient funds to affect the purchase. We may, in our sole discretion, determine whether any particular request or transaction is in Good Order, and we reserve the right to change or waive any Good Order requirements at any time. If you have any questions you may contact our Service Center before submitting the form or request.
Issue Date. The date on which the Contract becomes effective. The Issue Date is included in the Contract.
Non-Business Day. Any day when the NYSE is not open for trading.
Non-Qualified Contract. Your Contract is referred to as a Non-Qualified Contract if you purchase the Contract as an individual and not under a qualified plan such as an Individual Retirement Annuity (IRA), Roth IRA, or a corporate pension and profit sharing plan.
Owner. The person(s) or entity entitled to ownership rights under the Contract. We allow multiple Owners, subject to certain restrictions (see ‘‘Ownership’’). Where we describe multiple Owners, we refer to them as Joint Owners.
Purchase Payment(s). Any amount paid to us by you or on your behalf with respect to the Contract during the Accumulation Phase, which may be decreased by the assessment of any applicable Premium Tax.
Qualified Contract. Your Contract is referred to as a Qualified Contract if it is purchased under a qualified retirement plan (qualified plan) such as an Individual Retirement Annuity (IRA), Roth IRA, or a corporate pension and profit- sharing plan (including 401(k) plans and H.R. 10 plans).
Separate Account. The account that holds the assets underlying the Contract that are not allocated to the DCA Fixed Account. The assets of the Separate Account are kept separate from the assets of the General Account and the Company’s other separate accounts.
Service Center. MassMutual, PO Box 758511, Topeka, KS 66675-8550, (866) 645-2362, (fax) (785) 286-6106, (email) MassMutual.services@zinnia.com, MassMutual.com. (Overnight mail address: MassMutual, Mail Zone 511, 5801 SW 6th Ave., Topeka, KS 66636-0001.)
Sub-Account(s). The Separate Account assets are divided into Sub-Accounts. The assets of each Sub-Account will be invested in the shares of a single Fund.
Written Request. A written communication or instruction sent by you to the Company. A Written Request must be in Good Order and must be received by the Company’s Service Center. The Company may consent to receiving requests electronically or by telephone at the Service Center.
3
Important Information You Should Consider About the Contract
FEES AND EXPENSES |
LOCATION IN PROSPECTUS |
|||
Charges for Early Withdrawals |
If you withdraw money from your Contract within seven years following your last Purchase Payment, you may be assessed a Contingent Deferred Sales Charge (CDSC) of up to 7% of the Purchase Payment withdrawn (less a 10% free withdrawal amount), declining to 0% after the seventh year. |
Charges and Deductions – Contingent Deferred Sales Charge (CDSC) |
||
Transaction Charges |
Currently, we do not assess a charge to transfer Contract Value among the Sub-Accounts during the Accumulation Phase. However, we reserve the right to charge $20 per transfer in excess of 12 in a single calendar year. |
Charges and Deductions – Transfer Fee |
4
FEES AND EXPENSES |
LOCATION IN PROSPECTUS |
|||
Ongoing Fees and Expenses |
The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page(s) for information about the specific fees you will pay each year based on the options you have elected. |
Charges and Deductions |
||
Annual Fee |
Minimum |
Maximum |
||
Base Contract |
1.31%(1) |
1.31%(1) |
||
Investment options |
0.52%(2) |
1.74%(2) |
||
Optional benefits available for an additional charge (for a single optional benefit, if elected) |
0% |
0% |
||
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could result in the assessment of CDSCs that substantially increase costs. |
|
|||
Lowest Annual Cost: |
Highest Annual Cost: |
|||
$1,604 |
$2,546 |
|||
Assumes:
Investment of $100,000
5% annual appreciation
Least expensive Fund fees and expenses
No CDSC
No additional Purchase Payments, transfers, or withdrawals |
Assumes:
Investment of $100,000
5% annual appreciation
Most expensive Fund fees and expenses
No CDSC
No additional Purchase Payments, transfers, or withdrawals |
(1) | Represents the mortality and expense risk charge and administrative charge (charged as a percentage of average account value in the Separate Account on an annualized basis) and the annual contract maintenance charge (a fixed dollar amount that may be waived for certain Contract Value amounts) collected during the Contract Year that are attributable to the Contract divided by the total average net assets that are attributable to the Contract. |
(2) | As a percentage of Fund assets. |
5
RISKS |
LOCATION IN PROSPECTUS |
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Risk of Loss |
You can lose money by investing in this Contract, including loss of principal. |
Principal Risks of Investing in the Contract |
||
Not a Short-Term Investment |
This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.
CDSCs may apply for up to seven years following your last Purchase Payment.
If CDSCs apply, they will reduce the value of your Contract if you withdraw money during that time. The benefits of tax deferral also mean the Contract is more beneficial to investors with a long time horizon. |
Principal Risks of Investing in the Contract |
||
Risks Associated with Investment Options |
An investment in this Contract is subject to the risk of poor investment performance of the Funds you choose and can vary depending upon the performance of the Funds available under the Contract.
Each Fund has its own unique risks.
You should review the prospectuses for the available Funds before making an investment decision. |
Principal Risks of Investing in the Contract |
||
Insurance Company Risks |
Any obligations (including under any fixed account investment option), guarantees, and benefits of the Contract are subject to the claims-paying ability of MassMutual. If MassMutual experiences financial distress, it may not be able to meet its obligations to you. More information about MassMutual, including its financial strength ratings, is available at www.MassMutual.com/ratings. |
Principal Risks of Investing in the Contract |
RESTRICTIONS |
LOCATION IN PROSPECTUS |
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Investments |
Currently, there is no charge when you transfer Contract Value among Sub-Accounts. However, we reserve the right to charge $20 per transfer in excess of 12 in a single calendar year.
We reserve the right to remove or substitute Funds as investment options that are available under the Contract.
We reserve the right to limit transfers if frequent or large transfers occur. |
General Information about Massachusetts Mutual Life Insurance Company, the Separate Account and the Investment Choices - The Funds |
6
TAXES |
LOCATION IN PROSPECTUS |
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Tax Implications |
You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Contract.
If you purchase the Contract through a qualified retirement plan or individual retirement annuity (IRA), you do not receive any additional tax deferral.
Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may have to pay an additional income tax if you take a withdrawal before age 59½. Earnings for this purpose consist of Contract Value in excess of your after-tax investment in the Contract. |
Taxes |
CONFLICTS OF INTEREST |
LOCATION IN PROSPECTUS |
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Investment Professional Compensation |
Your registered representative may receive compensation, in the form of commissions, for selling this Contract to you. If your registered representative is also a MassMutual insurance agent, they are also eligible for certain cash and non-cash benefits from MassMutual. Cash compensation includes bonuses and allowances based on factors such as sales, productivity and persistency (contract retention). Non-cash compensation includes various recognition items such as prizes and awards as well as attendance at, and payment of the costs associated with attendance at, conferences, seminars and recognition trips, and also includes contributions to certain individual plans such as pension and medical plans. Sales of the Contract may help these registered representatives and their supervisors qualify for such benefits.
This conflict of interest may influence your registered representative to offer or recommend this Contract over another investment. |
Distribution |
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Exchanges |
In general you should be aware that some investment professionals may have a financial incentive to offer you a new contract in place of the one you already own. Thus, in general, you should only exchange your annuity contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new annuity rather than continue to own the existing annuity. |
N/A |
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A list of the Funds in which you may invest is provided at the back of this Summary Prospectus. See “Appendix A – Funds Available Under the Contract.”
Accumulation Phase
During the Accumulation Phase, subject to certain restrictions, you may apply Purchase Payments to the Contract and allocate the Purchase Payments:
∘ | among the Sub-Accounts of the Separate Account, each of which invests in a mutual fund (Fund), with each Fund having its own investment strategy, investment adviser, expense ratio and returns, and |
∘ | the DCA Fixed Account for a scheduled term of six or 12 months. Assets allocated to the DCA Fixed Account are credited with a fixed rate of interest and are systematically transferred to Sub-Accounts that you select. |
Annuity Phase
During the Annuity Phase, you may receive annuity payments under the Contract by applying your Contract Value to a payment option.
∘ | Depending on the payment option you select, payments may continue for the life of one or two annuitants or for a specified period between 10 and 30 years. The payments will remain the same throughout the Annuity Phase, unless you elect either of the Joint and 2/3 Survivor Annuity Options, which reduce payments on the death of the first Annuitant. |
∘ | Unless you purchased your Contract through a qualified retirement plan or individual retirement annuity (IRA), you may elect to apply part of your Contract Value to an Annuity Option, so that you are participating in both the Accumulation Phase and the Annuity Phase simultaneously. |
When you elect to receive Annuity Payments, the Contract Value is applied to an Annuity Option and you may no longer be able to withdraw money at will from that portion of the Contract. If you apply your full Contract Value to an Annuity Option, the Accumulation Phase will end, and the Return of Purchase Payment Death Benefit will terminate.
You may elect to apply part of the Contract Value from your Non-Qualified Contract to an Annuity Option instead of your full Contract Value. If you elect to apply a portion of your Contract Value to an Annuity Option, the amount applied will be treated as a withdrawal for purposes of calculating the Return of Purchase Payment Death Benefit. If you choose to apply part of your Contract Value to an Annuity Option, it may have adverse tax consequences.
8
| Accessing your money. During the Accumulation Phase, you may make a partial or full withdrawal of your Contract Value by submitting a partial withdrawal form or full withdrawal form acceptable to us in Good Order to our Service Center. You may also submit the requests by other means that we authorize, such as email, telephone or fax. Contact our Service Center for details. |
All withdrawals are subject to the limitations described in the prospectus. Withdrawal rights during the Annuity Phase will depend on the Annuity Option selected. |
| Tax treatment. You may transfer Contract Value among Sub-Accounts without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are generally taxed only when (1) you make a partial or full withdrawal; (2) you receive an Annuity Payment under the Contract; or (3) upon payment of the death benefit. |
| Death Benefit. Your Contract includes a death benefit that will pay your designated beneficiaries the greater of (1) the Contract Value, as determined as of the Close of Business on the Business Day on which we receive both due proof of death and an election of the payment method in Good Order at our Service Center, or (2) the total Purchase Payments reduced by an adjustment for any withdrawals. |
Once the Annuity Phase commences, payments upon death may be available to Beneficiaries depending upon the Annuity Option elected. |
| Additional Benefits and Services. We make certain additional services available under the Contract at no additional charge: |
The Separate Account Dollar Cost Averaging Program allows you to transfer a set amount from a Sub-Account to any other Sub-Account on a regular schedule. The Automatic Rebalancing Program automatically rebalances your Contract Value among your selected Sub-Accounts in order to restore your allocation to the original level. You may participate only in one Program at a time, and you may not participate in either Program if any Contract Value is allocated to the DCA Fixed Account. |
The Systematic Withdrawal Program allows you to set up automatic periodic withdrawals from your Contract Value. We will take any withdrawal under this program proportionally from your Contract Value in your selected investment choices. |
The Terminal Illness Withdrawal Benefit allows you to withdraw all or a portion of your Contract Value without incurring a Contingent Deferred Sales Charge (CDSC) if we receive a Written Request in Good Order that certain conditions are met. |
The Nursing Home and Hospital Withdrawal Benefit allows you to withdraw all or a portion of your Contract Value without incurring a CDSC if we receive a Written Request in Good Order that you (or the Annuitant, if the Owner of the Contract is not a natural person) have been admitted to a licensed nursing care facility or an accredited hospital and certain other conditions are satisfied. See the prospectus for a full explanation of the required conditions. |
The Terminal Illness Withdrawal Benefit and the Nursing Home and Hospital Withdrawal Benefit are not available in all states. |
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Benefits Available Under the Contract
The following table summarizes information about the benefits available under the Contract.
Benefit |
Purpose |
Benefit is Standard or Optional |
Fee |
Restrictions/Limitations |
Death Benefit |
Upon your death, we will pay |
Standard |
None |
This benefit terminates upon full surrender of the Contract or full annuitization of the Contract Value.
Withdrawals reduce the death benefit |
Automatic Rebalancing Program |
Automatically rebalances the Sub-Accounts you select to maintain your original percentage allocation of Contract Value |
Optional |
None |
Cannot use if the DCA Fixed Account or Separate Account Dollar Cost Averaging Program are in effect. |
DCA Fixed Account |
Automatically transfers a specific amount of Contract Value from the DCA Fixed Account to the Sub-Accounts you have selected, at set intervals over a period of either six or twelve months |
Optional |
None |
Cannot use if the Automatic Rebalancing Program, Separate Account Dollar Cost Averaging Program or AIP are in effect.
Must apply a Purchase Payment of at
You cannot transfer current Contract Value into the DCA Fixed Account.
No unscheduled transfers may be made from the DCA Fixed Account. |
Separate Account Dollar Cost Averaging Program |
Automatically transfers a |
Optional |
None |
Cannot use if the Automatic |
Systematic Withdrawal Program |
Automatically withdraws a specific amount of Contract Value proportionally from all Sub-Accounts you have selected |
Optional |
None |
In order to participate in this program: |
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Benefit |
Purpose |
Benefit is Standard or Optional |
Fee |
Restrictions/Limitations |
Terminal Illness |
Allows withdrawal of some or all Contract Value without incurring a CDSC if diagnosed with a terminal illness or terminal condition |
Optional |
None |
You cannot be diagnosed with the
Each withdrawal request must be
We require proof that you are
May not be available in all states. |
Nursing Home and |
Allows withdrawal of some or |
Optional |
None |
Confinement must begin after the
Each withdrawal request must be
Each withdrawal request must be
Confinement must be for at least 90
Cannot use with Systematic
May not be available in all states. |
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Non-Qualified Contracts (Contracts purchased using after-tax dollars) |
Qualified Contracts |
|
Minimum Initial Premium |
$
10,000
|
$
5,000
|
Minimum Subsequent Premiums |
$
500
|
$
500
|
Maximum Total Premiums |
$
1,500,000
|
$
1,500,000
|
We have the right to reject any Purchase Payment. Additional Purchase Payments of less than $500 are subject to our approval. Total Purchase Payments more than $1,500,000 require home office approval.
After your initial Purchase Payment, you are allowed to make subsequent Purchase Payments, but you are not generally required to make any additional Purchase Payments under your Contract.
| Initial Purchase Payment: Your registered representative must determine that the Contract is suitable for you and forward your Purchase Payment and information to us. If your information and Purchase Payment are complete when we receive it at our Service Center, or once it becomes complete, we will credit your Purchase Payment to your Contract within two Business Days. If your information is not complete, we may delay issuing your Contract and crediting your Purchase Payment while we obtain the missing information. If we do not have the necessary information to issue your Contract within five Business Days, we will either return your Purchase Payment or ask your permission to retain your Purchase Payment until we receive all necessary information. |
| Additional Purchase Payments: Any additional Purchase Payment that we receive at one of our Purchase Payment processing service centers on a Business Day before the Close of Business will be credited to your Contract on the same Business Day. If we receive your Additional Purchase Payment on a Non-Business Day or after the Close of Business, we will credit your Purchase Payment to the Contract on the next Business Day. See the prospectus for additional requirements. |
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Surrendering Your Contract or Making Withdrawals: Accessing the Money in Your Contract
Limitations on withdrawal amounts |
The minimum withdrawal amount is the lesser of $100 or your entire Contract Value in a Sub-Account, if less. We reserve the right to increase the minimum withdrawal amount to $500.
At least $2,000 in Contract Value must remain following a partial withdrawal, except for certain withdrawals taken under a Systematic Withdrawal Program. See the prospectus for additional details. |
CDSCs and taxes |
We may impose a CDSC and there may be tax implications when you take a withdrawal. |
Negative impact of withdrawal on other benefits and guarantees of your Contract |
A partial withdrawal will reduce the amount of the death benefit payable to your designated beneficiaries during the Accumulation Phase. |
Internal Revenue Code or Retirement Plan Restrictions |
Depending on the circumstances, the Internal Revenue Code or your retirement plan may restrict your ability to take withdrawals. |
A withdrawal is effective on the Business Day we receive in Good Order at our Service Center; 1) a partial withdrawal form or full withdrawal form acceptable to us; and 2) a letter of acceptance, if applicable. If we receive these documents on a Non-Business Day or after the Close of Business, the withdrawal will be effective the next Business Day. Withdrawals requested by email, telephone or fax are effective on the Business Day we receive the request in Good Order. If we receive the request after Close of Business, the withdrawal will be effective the next Business Day. We will pay any withdrawal amount within seven calendar days.
13
Additional Information about Fees
The following tables describe the fees and expenses you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract specifications page(s) for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract Value between investment options. State Premium Taxes may also be deducted.
Annual Transaction Expenses |
Maximum |
Current |
Contingent Deferred Sales Charge (CDSC)(1) |
7%
|
7%
|
(1) | The CDSC percentage charged is based on the number of full years from when the purchase payment is applied to the Contract to the date it is withdrawn. See ‘‘Charges and Deductions – Contingent Deferred Sales Charge’’ in the prospectus for more information. |
Transfer Fee |
$20 per transfer for each additional transfer in excess of the 12 free transfers per calendar year |
$
0
|
The next table describes fees and expenses you will pay each year during the time you own the Contract, not including underlying Fund fees and expenses. If you choose to purchase an optional benefit, you will pay additional charges, as shown below.
Annual Contract Expenses |
Maximum |
Current |
Administrative Expenses(1) |
$40 per Contract Year |
$40 per Contract Year |
Base Contract Expenses |
1.30%(2) |
1.30%(2) |
(1) | This represents the annual contract maintenance charge. Currently, we waive this charge if, when we are to make the deduction, your Contract Value is $100,000 or more. We assess the charge on each Contract Anniversary and when you make a full withdrawal. For Contracts issued in New York, the charge is deducted on a pro-rated basis for full withdrawals. |
(2) | The Base Contract Expenses represent the sum of the mortality and expense risk charge and the administrative charge. The current and maximum mortality and expense risk charge is 1.15% annually and the current and maximum administrative charge is 0.15% annually. These charges are a percentage of average account value in the Separate Account on an annualized basis. |
Annual Fund Operating Expenses
The next item shows the minimum and maximum operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. A complete list of Funds available under the Contract, including their annual expenses, may be found in Appendix A.
Charge |
Minimum |
Maximum |
Range of annual Fund operating expenses (including management fees, distribution and/or service (12b-1) fees and other expenses)(1) |
0.52%
|
1.74%
|
(1) | The Fund expenses used to prepare this table were provided to us by the Funds. We have not independently verified such information provided to us by Funds that are not affiliated with us. |
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These examples are intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, base Contract expenses, and Fund operating expenses.
These examples assume that you invest $100,000 in the Contract for the time periods indicated. The examples also assume that your investment has a 5% return each year and that you selected one of two Sub-Accounts – the one that invests in the Fund with the maximum operating expenses or the one that invests in the Fund with the minimum operating expenses. Although your actual costs may be higher or lower based on these assumptions, your costs would be:
Current Expenses |
Maximum Expenses |
|||||||
Years |
1 |
3 |
5 |
10 |
1 |
3 |
5 |
10 |
If you withdraw all of your Contract Value at the end of each year shown |
|
|
|
|
|
|
|
|
Maximum Fund operating expenses |
$9,340 |
$15,600 |
$20,308 |
$33,226 |
$9,340 |
$15,600 |
$20,308 |
$33,226 |
Minimum Fund operating expenses |
$8,120 |
$11,935 |
$14,197 |
$21,038 |
$8,120 |
$11,935 |
$14,197 |
$21,038 |
If you do not withdraw any of your Contract Value at the end of each year shown |
||||||||
Maximum Fund operating expenses |
$3,040 |
$9,300 |
$15,808 |
$33,226 |
$3,040 |
$ 9,300 |
$15,808 |
$33,226 |
Minimum Fund operating expenses |
$1,820 |
$5,635 |
$9,697 |
$21,038 |
$1,820 |
$ 5,635 |
$ 9,697 |
$21,038 |
If you decide to begin the Annuity Phase at the end of each year shown |
|
|
|
|
|
|
|
|
Maximum Fund operating expenses |
N/A |
N/A |
$15,808 |
$33,226 |
N/A |
N/A |
$15,808 |
$33,226 |
Minimum Fund operating expenses |
N/A |
N/A |
$9,697 |
$21,038 |
N/A |
N/A |
$9,697 |
$21,038 |
We estimate that the annual contract maintenance charge under the current expenses and maximum expenses would be $0 or, as percentage, 0.00%.
The examples should not be considered a representation of past or future expenses. Your actual expenses may be higher or lower than those shown in the examples. The assumed 5% annual rate of return is purely hypothetical. Actual returns may be greater or less than the assumed hypothetical return.
15
Funds Available Under the Contract
The following is a list of Funds currently available under the Contract. The list of Funds is subject to change, as discussed in the prospectus for the Contract. Before you invest, you should review the prospectuses for the Funds. These prospectuses contain more information about the Funds and their risks and may be amended from time to time. You can find the prospectuses and other information about the Funds online at www.MassMutual.com/Transitions-Select-II. You can also request this information at no cost by calling (866) 645-2362 or sending an email request to MassMutual.services@zinnia.com.
The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Fund’s past performance is not necessarily an indication of future performance.
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Asset Allocation |
MML Aggressive Allocation Fund (Service Class)(1) |
1.22
%
|
17.97
%
|
10.00
%
|
7.05
%
|
Asset Allocation |
MML American Funds Core Allocation Fund (Service Class I)(1) |
1.00
%
|
14.37
%
|
7.94
%
|
6.44
%
|
Asset Allocation |
MML Balanced Allocation Fund (Service Class)(1) |
1.10
%
|
12.26
%
|
6.20
%
|
4.69
%
|
Asset Allocation |
MML Conservative Allocation Fund (Service Class)(1) |
1.07
%
|
11.32
%
|
5.28
%
|
4.11
%
|
Asset Allocation |
MML Growth Allocation Fund (Service Class)(1) |
1.15
%
|
15.83
%
|
8.70
%
|
6.23
%
|
Asset Allocation |
MML Moderate Allocation Fund (Service Class)(1) |
1.11
%
|
13.62
%
|
7.02
%
|
5.24
%
|
Money Market |
MML U.S. Government Money Market Fund (Initial Class)(2) |
0.52
%
|
4.64
%
|
1.54
%
|
0.95
%
|
Fixed Income |
Invesco V.I. Global Strategic Income Fund (Series II) |
1.17
%
(*)
|
8.60
%
|
1.04
%
|
1.25
%
|
Fixed Income |
MML Dynamic Bond Fund (Service Class I) |
0.82
%
(*)
|
7.79
%
|
0.72
%
|
—
|
Fixed Income |
MML High Yield Fund (Service Class I) |
1.21
%
(*)
|
12.82
%
|
4.78
%
|
4.26
%
|
16
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Fixed Income |
MML Inflation-Protected and Income Fund (Service Class) |
0.86
%
(*)
|
5.05
%
|
2.91
%
|
2.22
%
|
Fixed Income |
MML Managed Bond Fund (Service Class) |
0.70
%
|
6.43
%
|
1.32
%
|
1.78
%
|
Fixed Income |
MML Short-Duration Bond Fund (Service Class I) |
0.83
%
|
6.70
%
|
1.06
%
|
1.32
%
|
Fixed Income |
MML Total Return Bond Fund (Service Class I) |
0.88
%
|
5.20
%
|
0.79
%
|
1.29
%
|
Balanced |
MML Blend Fund (Service Class)(1) |
0.75
%
|
17.32
%
|
8.83
%
|
7.29
%
|
Large Cap Value |
MML Equity Fund (Service Class) |
0.69
%
|
9.05
%
|
11.71
%
|
8.07
%
|
Large Cap Value |
MML Equity Income Fund (Service Class) |
1.04
%
|
9.28
%
|
10.92
%
|
7.58
%
|
Large Cap Value |
MML Fundamental Value Fund (Service Class I) |
1.05
%
|
13.41
%
|
11.86
%
|
8.13
%
|
Large Cap Value |
MML Income & Growth Fund (Service Class) |
0.96
%
|
8.98
%
|
11.73
%
|
8.52
%
|
Large Cap Blend |
Fidelity® VIP Contrafund® Portfolio (Service Class 2) |
0.81
%
|
33.12
%
|
16.36
%
|
11.33
%
|
Large Cap Blend |
Invesco V.I. Main Street Fund® (Series II) |
1.05
%
(*)
|
22.83
%
|
13.28
%
|
9.74
%
|
Large Cap Blend |
MML Focused Equity Fund (Service Class I) |
1.12
%
|
9.69
%
|
13.14
%
|
10.55
%
|
Large Cap Blend |
MML Fundamental Equity Fund (Service Class I) |
1.06
%
|
22.76
%
|
14.68
%
|
11.94
%
|
Large Cap Blend |
MML Sustainable Equity Fund (Service Class) |
0.81
%
|
24.20
%
|
14.44
%
|
10.69
%
|
Large Cap Growth |
MML American Funds Growth Fund (Service Class I)(3)(4) |
1.02
%
|
37.96
%
|
18.17
%
|
13.87
%
|
17
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Large Cap Growth |
MML Blue Chip Growth Fund (Service Class) |
1.03
%
|
49.09
%
|
12.64
%
|
11.76
%
|
Large Cap Growth |
MML Large Cap Growth Fund (Service Class) |
0.94
%
|
51.37
%
|
17.47
%
|
12.70
%
|
Small/Mid-Cap Value |
MML Mid Cap Value Fund (Service Class) |
1.14
%
|
5.70
%
|
10.84
%
|
8.56
%
|
Small/Mid-Cap Value |
MML Small Company Value Fund (Service Class I) |
1.24
%
(*)
|
15.92
%
|
10.94
%
|
7.35
%
|
Small/Mid-Cap Value |
MML Small/Mid Cap Value Fund (Service Class) |
1.07
%
|
16.89
%
|
10.79
%
|
7.48
%
|
Small/Mid-Cap Blend |
MML Small Cap Equity Fund (Service Class) |
0.98
%
|
17.52
%
|
12.89
%
|
8.81
%
|
Small/Mid-Cap Growth |
Invesco V.I. Discovery Mid Cap Growth Fund (Series II) |
1.12
%
|
12.85
%
|
12.47
%
|
9.51
%
|
Small/Mid-Cap Growth |
MML Mid Cap Growth Fund (Service Class) |
1.07
%
|
22.34
%
|
11.12
%
|
10.13
%
|
Small/Mid-Cap Growth |
MML Small Cap Growth Equity Fund (Service Class) |
1.33
%
(*)
|
16.55
%
|
11.63
%
|
8.53
%
|
International/Global |
Invesco Oppenheimer V.I. International Growth Fund (Series II) |
1.25
%
(*)
|
20.64
%
|
8.43
%
|
3.57
%
|
International/Global |
Invesco V.I. Global Fund (Series II) |
1.07
%
|
34.45
%
|
12.02
%
|
8.20
%
|
International/Global |
MML Foreign Fund (Service Class) |
1.20
%
|
15.97
%
|
5.83
%
|
1.97
%
|
International/Global |
MML Global Fund (Service Class I) |
1.08
%
|
14.08
%
|
10.18
%
|
7.09
%
|
International/Global |
MML International Equity Fund (Service Class I) |
1.20
%
(*)
|
18.27
%
|
7.84
%
|
—
|
International/Global |
MML Strategic Emerging Markets Fund (Service Class I) |
1.50
%
(*)
|
10.40
%
|
1.68
%
|
0.87
%
|
18
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Specialty(5) |
Macquarie VIP Asset Strategy Series (Service Class)(6) |
0.85
%
(*)
|
13.94
%
|
8.27
%
|
3.48
%
|
Specialty(5) |
MML Managed Volatility Fund (Service Class) |
1.31
%
|
12.59
%
|
5.47
%
|
4.10
%
|
(*) | These Funds and their investment advisers have entered into contractual fee waivers or expense reimbursements. These temporary fee reductions are reflected in their current expenses. Those contractual arrangements are designed to reduce the Fund’s total current expenses for Owners and will continue past the current year. |
(1) | These are fund-of-funds investment choices. They are known as fund-of-funds because they invest in other underlying funds. A fund offered in a fund-of-funds structure may have higher expenses than a direct investment in its underlying funds because a fund-of-funds bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests. |
(2) | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The yield of this Fund may become very low during periods of low interest rates. After deduction of Separate Account charges, the yield in the division that invests in this Fund could be negative. |
(3) | The Fund is a “feeder” fund, meaning that it does not buy investment securities directly, but instead invests in shares of a corresponding “master” fund, which in turn purchases investment securities. A fund offered in a master feeder structure may have higher expenses than those of a fund which invests directly in securities because the “feeder” fund bears its own expenses in addition to those of the “master” fund. You should read the Fund prospectuses for more information about this “feeder” fund. |
(4) | The MML American Funds Growth Fund invests all of its assets in the Class 1 shares of the American Funds Insurance Series® – Growth Fund. However, this Fund is not available directly as investment choices under your MassMutual variable product. You should read the prospectus along with the prospectus for the MML American Funds Growth Fund. |
(5) | Specialty funds are an all-encompassing category that consists of funds that forgo broad diversification to concentrate on a certain segment of the economy or a specific targeted strategy. For example, sector funds are targeted strategy funds aimed at specific sectors of the economy, such as financial, technology, healthcare, and so on. Sector funds can, therefore, be more volatile than a more diversified equity fund since the stocks in a given sector tend to be highly correlated with each other. |
(6) | Macquarie VIP Asset Strategy Series formerly known as Delaware Ivy VIP Asset Strategy. |
19
This Summary Prospectus incorporates by reference the MassMutual Transitions Select II Contract’s statutory prospectus and Statement of Additional Information (SAI), both dated April 29, 2024, as amended or supplemented. The SAI includes additional information about the Massachusetts Mutual Variable Annuity Separate Account. The SAI may be obtained, free of charge, upon request. You may request a copy of the SAI by phone or by email as described on the Front Cover Page of this Summary Prospectus.
EDGAR Contract Identifier: C000156212