Panorama Premier Variable Annuity
Issued by C.M. Life Insurance Company
C.M. Multi-Account A
Updating Summary Prospectus – April 29, 2024
This Summary Prospectus summarizes key features of the Panorama Premier Variable Annuity (Contract), an individual deferred variable annuity contract issued by C.M. Life Insurance Company (“C.M. Life,” “Company,” “we,” “us”).
The statutory prospectus for the Panorama Premier Variable Annuity contains more information about the Contract, including its features, benefits, and risks. You can find the current statutory prospectus and other information about the Contract online at www.MassMutual.com/PanoramaPremier. You can also obtain this information at no cost by calling (800) 272-2216 or sending an email request to ANNfax@MassMutual.com.
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. The period prior to the commencement of Annuity Payments during which Purchase Payments may be made.
Age. In this prospectus the term “Age,” except when discussed in regards to specific tax provisions, is defined as “insurance age,” which is a person’s age on his/her birthday nearest the date for which the Age is being determined. This means we calculate your Age based on your nearest birthday, which could be either your last birthday or your next. For example, Age 80 is generally the period of time between age 79 years, 6 months and 1 day and age 80 and 6 months.
Annuity Options. Options available for Annuity Payments.
Annuity Payments. Series of payments made pursuant to the Annuity Option(s) elected.
Contingent Deferred Sales Charge (CDSC). A charge that may be assessed against each Purchase Payment withdrawn from the Contract. (In some states referred to as surrender charge.)
Contract. The Panorama Premier Variable Annuity; a deferred individual variable annuity contract.
Contract Owner. The person(s) or entity entitled to ownership rights under the Contract. We allow multiple Contract Owners, subject to certain restrictions (see “Ownership”). Where we describe multiple Contract Owners, we refer to them as Joint Owners.
Contract Value. The sum of your values in the Sub-Accounts and the fixed accounts during the Accumulation Phase.
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.
Joint Owner. A person entitled to ownership rights under the Contract.
Purchase Payment(s). Any amount paid to us by you or on your behalf with respect to the Contract during the Accumulation Phase.
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, tax-sheltered annuity plan (TSA or TSA plan), corporate pension and profit-sharing plan (including 401(k) plans and H.R. 10 plans), or a governmental 457(b) deferred compensation plan. For information on the types of qualified plans for which the Contract is available, see “Taxes – Qualified Contracts.”
Separate Account. The account that holds the assets underlying the Contracts that are not allocated to our General Account. The assets of the Separate Account are kept separate from the assets of the General Account and the Company’s other separate accounts.
Sub-Account. 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.
2
Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since May 1, 2023. This may not reflect all changes that have occurred since you purchased your Contract. |
|
Fund Addition |
Invesco V.I. Equity and Income Fund was added as an investment option on April 29, 2024. |
Fund Merger |
Invesco V.I. Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund after the close of the New York Stock Exchange on April 26, 2024. |
Sub-Adviser Change |
T. Rowe Price Associates, Inc. no longer serves as sub-adviser to the MML Equity Fund. |
Updates to Annual Contribution Limits |
Annual contribution limits for certain tax-Qualified Contracts have been updated. |
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 each Purchase Payment or apply Contract Value to Annuity Options E or F, you may be assessed a Contingent Deferred Sales Charge (CDSC) of up to 7% of the amount withdrawn (less up to a 10% free withdrawal amount) or applied to Annuity Options E or F, 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 assess a charge equal to the lesser of $20 or 2% of the amount transferred for each transfer after the first 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 for information about the specific fees you will pay each year based on the options you elected. |
Charges and Deductions |
||
Annual Fee |
Minimum |
Maximum |
||
Base Contract |
1.40%(1) |
1.50%(1) |
||
Investment options (Fund fees and expenses) |
0.43%(2) |
1.74%(2) |
||
Optional benefits available for an additional charge (for a single optional benefit, if elected) |
0.15%(3) |
0.15%(4) |
||
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:(5) |
|||
$1,612 |
$3,156 |
|||
Assumes:
Investment of $100,000
5% annual appreciation
Least expensive Fund fees and expenses
No optional benefits
No CDSC
No additional Purchase Payments, transfers, or withdrawals |
Assumes:
Investment of $100,000
5% annual appreciation
Most expensive combination of optional benefits and 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 the daily value of the Contract Value allocated to the Funds on an annualized basis. |
(3) | This charge is the lowest current charge for the optional benefit available with this contract. It is the current charge for the Ratchet Death Benefit. |
(4) | This charge is the highest current charge for the optional benefit available with this contract. It is the current charge for the Ratchet Death Benefit. |
(5) | The calculation of the highest annual cost assumes election of the Ratchet Death Benefit. |
5
RISKS |
LOCATION IN PROSPECTUS |
|||
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 |
An investment in the Contract is subject to the risks related to the Depositor (C.M. Life). Any obligations (including under any fixed account investment option), guarantees, and benefits of the Contract are subject to the claims-paying ability of C.M. Life. If C.M. Life experiences financial distress, it may not be able to meet its obligations to you. More information about C.M. Life, including its financial strength ratings, is available by request by calling (800) 272-2216 or by visiting www.MassMutual.com/ratings. |
Principal Risks of Investing in the Contract |
RESTRICTIONS |
LOCATION IN PROSPECTUS |
|||
Investments |
Currently, there is no charge when you transfer Contract Value among Sub-Accounts. However, C.M. Life reserves the right to assess a charge equal to the lesser of $20 or 2% of the amount transferred for each transfer after the first 12 in a single calendar year.
C.M. Life reserves 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 |
||
Optional Benefits |
The Annual Ratchet Death Benefit was only available if the Contract Owner purchased a Contract on or after May 1, 2000 and was under Age 80.
Withdrawals may negatively impact the Annual Ratchet Death Benefit. |
Death Benefit – Ratchet Death Benefit |
6
TAXES |
LOCATION IN PROSPECTUS |
|||
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 |
|||
Investment Professional Compensation |
Your registered representative may have received 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 have helped these registered representatives and their supervisors qualify for such benefits.
This conflict of interest may have influenced your registered representative to offer or recommend this Contract over another investment. |
Other Information – Distribution |
||
Exchanges |
Because the Contract is no longer sold, you would not be affected by a scenario in which you are asked to replace an existing annuity contract you own with a new purchase of this Contract. However, 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 |
7
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 prospectuses and other information about the Funds online at www.MassMutual.com/PanoramaPremier. You can also request this information at no cost by calling (800) 272-2216 or sending an email request to ANNfax@MassMutual.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 (Initial Class)(1) |
0.97
%
|
18.32
%
|
10.27
%
|
7.32
%
|
Asset Allocation |
MML Balanced Allocation Fund (Initial Class)(1) |
0.85
%
|
12.47
%
|
6.44
%
|
4.95
%
|
Asset Allocation |
MML Conservative Allocation Fund (Initial Class)(1) |
0.82
%
|
11.65
%
|
5.54
%
|
4.37
%
|
Asset Allocation |
MML Growth Allocation Fund (Initial Class)(1) |
0.90
%
|
15.98
%
|
8.95
%
|
6.48
%
|
Asset Allocation |
MML Moderate Allocation Fund (Initial Class)(1) |
0.86
%
|
13.90
%
|
7.29
%
|
5.50
%
|
Money Market |
Invesco V.I. U.S. Government Money Portfolio (Series I)(2)(3) |
0.63
%
|
4.54
%
|
1.54
%
|
0.94
%
|
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. Core Plus Bond Fund (Series I)(4) |
0.61
%
(*)
|
6.14
%
|
–3.41
%
|
1.89
%
|
Fixed Income |
Invesco V.I. Global Strategic Income Fund (Series I) |
0.92
%
(*)
|
8.88
%
|
1.30
%
|
1.50
%
|
Fixed Income |
MML High Yield Fund (Service Class I) |
1.21
%
(*)
|
12.82
%
|
4.78
%
|
4.26
%
|
Fixed Income |
MML Inflation-Protected and Income Fund (Initial Class) |
0.61
%
(*)
|
5.43
%
|
3.19
%
|
2.48
%
|
8
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 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 |
Invesco V.I. Equity and Income Fund (Series I)(5)(6)(7) |
0.57
%
|
10.56
%
|
9.93
%
|
7.06
%
|
Balanced |
MML Blend Fund (Initial Class)(1) |
0.50
%
|
17.62
%
|
9.10
%
|
7.55
%
|
Large Cap Value |
MML Equity Fund (Initial Class) |
0.44
%
|
9.32
%
|
11.99
%
|
8.34
%
|
Large Cap Value |
MML Equity Income Fund (Initial Class) |
0.79
%
|
9.54
%
|
11.20
%
|
7.86
%
|
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 (Initial Class) |
0.71
%
|
9.19
%
|
12.00
%
|
8.79
%
|
Large Cap Blend |
Fidelity® VIP Contrafund® Portfolio (Initial Class) |
0.56
%
|
33.45
%
|
16.65
%
|
11.61
%
|
Large Cap Blend |
Invesco V.I. Diversified Dividend Fund (Series I) |
0.68
%
|
9.04
%
|
9.81
%
|
7.80
%
|
Large Cap Blend |
Invesco V.I. Main Street Fund® (Series I) |
0.80
%
(*)
|
23.22
%
|
13.57
%
|
10.02
%
|
Large Cap Blend |
MML Equity Index Fund (Class I) |
0.43
%
|
25.75
%
|
15.21
%
|
11.57
%
|
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
%
|
9
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Large Cap Blend |
MML Sustainable Equity Fund (Initial Class) |
0.56
%
|
24.51
%
|
14.72
%
|
10.97
%
|
Large Cap Growth |
Invesco V.I. Capital Appreciation Fund (Series I) |
0.80
%
(*)
|
35.38
%
|
16.40
%
|
11.56
%
|
Large Cap Growth |
MML Blue Chip Growth Fund (Initial Class) |
0.78
%
|
49.53
%
|
12.93
%
|
12.05
%
|
Large Cap Growth |
MML Large Cap Growth Fund (Initial Class) |
0.69
%
|
51.71
%
|
17.75
%
|
12.98
%
|
Small/Mid-Cap Value |
MML Mid Cap Value Fund (Initial Class) |
0.89
%
|
5.97
%
|
11.11
%
|
8.83
%
|
Small/Mid-Cap Value |
MML Small/Mid Cap Value Fund (Initial Class) |
0.82
%
|
17.12
%
|
11.06
%
|
7.75
%
|
Small/Mid-Cap Blend |
MML Small Cap Equity Fund (Initial Class) |
0.73
%
|
17.81
%
|
13.18
%
|
9.09
%
|
Small/Mid-Cap Growth |
Invesco V.I. Discovery Mid Cap Growth Fund (Series I) |
0.87
%
|
13.15
%
|
12.77
%
|
9.79
%
|
Small/Mid-Cap Growth |
MML Mid Cap Growth Fund (Initial Class) |
0.82
%
|
22.64
%
|
11.38
%
|
10.40
%
|
Small/Mid-Cap Growth |
MML Small Cap Growth Equity Fund (Initial Class) |
1.08
%
(*)
|
16.84
%
|
11.91
%
|
8.80
%
|
International/Global |
Invesco Oppenheimer V.I. International Growth Fund (Series I) |
1.00
%
(*)
|
21.06
%
|
8.72
%
|
3.80
%
|
International/Global |
Invesco V.I. Global Fund (Series I) |
0.82
%
|
34.73
%
|
12.30
%
|
8.47
%
|
International/Global |
MML Foreign Fund (Initial Class) |
0.95
%
|
16.22
%
|
6.11
%
|
2.22
%
|
International/Global |
MML Global Fund (Class II) |
0.83
%
|
14.37
%
|
10.46
%
|
7.39
%
|
Specialty(8) |
Invesco V.I. Health Care Fund (Series I) |
0.98
%
|
3.02
%
|
8.75
%
|
6.87
%
|
10
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Specialty(8) |
Invesco V.I. Technology Fund (Series I) |
0.98
%
|
46.94
%
|
14.92
%
|
12.24
%
|
Specialty(8) |
MML Managed Volatility Fund (Initial Class) |
1.06
%
|
12.87
%
|
5.74
%
|
4.36
%
|
Specialty(8) |
PIMCO CommodityRealReturn® Strategy Portfolio (Advisor Class) |
1.58
%
(*)
|
–7.93
%
|
8.46
%
|
–0.90
%
|
Specialty(8) |
VY® CBRE Global Real Estate Portfolio (Class S) |
1.15
%
(*)
|
12.33
%
|
5.90
%
|
4.23
%
|
(*) | 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) | Unavailable in Contracts issued on or after January 19, 2008. |
(4) | Effective May 1, 2009 and after, you may not allocate any new money to this Fund via Purchase Payments or transfers. |
(5) | Invesco V.I. Equity and Income Fund was added as an investment option on April 29, 2024. |
(6) | Invesco V.I. Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund after the close of the New York Stock Exchange on April 26, 2024. |
(7) | Unavailable in Contracts issued on or after April 30, 2012. |
(8) | 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. |
11
This Summary Prospectus incorporates by reference the Panorama Premier 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 C.M. Multi-Account A.
You can find the statutory prospectus and SAI at www.MassMutual.com/PanoramaPremier. You can also obtain this information at no cost by calling (800) 272-2216 or by sending an email request to ANNfax@MassMutual.com.
EDGAR Contract Identifier: C000021289