Are there any trading restrictions?

Account balance transfers are subject to certain limitations designed to discourage short-term trading strategies that are inconsistent with sound retirement planning. Please refer to MassMutual's Excessive Trading Policy for details.


Is there a fee for requesting balance transfers to other investment options?

There are no fees charged when transferring balances between MassMutual's investment options.

Why is money still deposited into my old investments after I requested a balance transfer?

Money is still deposited into your old investments because no changes were requested to your future investment selection. Balance transfers and investment selections are independent of each other. A balance transfer and an investment selection change must be processed to affect both current and future contributions. For contributions to be deposited into your new investment, process a future investment selection change.

When does my transfer request become effective?

Account balance transfers requested on a business day before 4pm Eastern Time will be processed using the value as of the close of the stock market on that day. Transfers requested on or after 4pm Eastern Time, or on a weekend or holiday, will be processed using the value as of the close of the stock market on the following business day, unless your plan provides otherwise.

 

Account balance transfers involving global and international investments must be requested by 2:30 pm Eastern Time to be processed using the value as of the close of the stock market on that day. Transfers involving global and international investments requested on or after 2:30 pm Eastern Time, or on a weekend or holiday, will be processed using the value as of the close of the stock market on the following business day, unless your plan provides otherwise.

How do I roll other retirement plans into my MassMutual account?

Once you log into the RetireSmart, review the detailed instructions listed under Rollover Opportunity from any page within My Account or refer to Help for more information.


How Can I Reduce My Credit Card Debt?

The most effective way to get out of debt - and stay out of debt - is to attack it automatically and head on. You need to prioritize it, just as much as coming up with your rent check each month. Here are some steps to help you squash credit card debt.

 

Stick with Cash:If you want to get out of credit card debt, you’ll need to set aside the cards and stick with cash. Unlike using a credit card, using dollar bills physically limits you from overspending. Studies show we save 20% when we use cash instead of credit. Psychologically it’s more painful to use cash, too, which works in our favor!

 

Pay More Than the Minimum. Paying just the minimum - especially on high interest credit card debt - is like being on a treadmill to nowhere. Best to pay at least double or triple the minimum if you can’t pay off your card in full. Your credit card statements now must outline how much you have to pay each month to be debt-free in 3 years.

 

Take Advantage of Surprise Cash: If you are struggling with debt, put half of any and all surprise money you receive toward your debt. If your goal is to save more, put half towards savings and the rest towards rewarding yourself.

 

Consider Debt Management. If your debt is completely out of hand and you need some coaching, consider entering a debt management program offered at a non-profit, such as the National Foundation for Credit Counseling or Money Management International. Credit counselors will work on your behalf to reduce your monthly payments to a more manageable level, getting you out of debt slowly but surely. You can also consider free online sites like ReadyForZero.com, which help you to come up with a debt reduction plan you implement on your own.

 

Farnoosh Torabi is an independent speaker and is not an employee of MassMutual Financial Group; The information within this Q&A is solely the opinions of the speaker, an independent orator, which is not an employee of MassMutual Financial Group.

I'm in the market for a new car. When is it a good idea to go with new vs. used?

There are a number of variables to consider before buying a car. It is true that a brand new car can depreciate anywhere from 30 to 40% as soon as you drive it off the lot, which is why many auto experts preach the value of buying a used vehicle. But that is just a rule of thumb. It’s important to weigh all the present factors such as APR, warranty, and other incentives.

 

If, in your situation, financing a new car results in a lower APR and better warranty, then you may be better off with buying new. Just make sure to do all the calculations and that you can comfortably afford the monthly payments. Also, if you can maintain this car for the next seven to ten years, you don’t have to worry so much about the immediate depreciation. You’ll have gotten enough bang for your buck by then!

 

Farnoosh Torabi is an independent speaker and is not an employee of MassMutual Financial Group; The information within this Q&A is solely the opinions of the speaker, an independent orator, which is not an employee of MassMutual Financial Group.

What Happens to My Retirement Assets in the Event of a Divorce?

What happens to your retirement assets, such as your 401(k) greatly depends on which state you file for divorce. Nine states, such as California and Nevada, are so-called “Community Property” states, where each spouse is considered an equal owner of all marital property, including retirement plans. Assets in divorce are typically split 50/50, in the absence of a prenuptial agreement in these states.

 

The remaining states, on the other hand, are “Equitable Distribution” states, where divorce settlements are intended to be “fair and equitable,” not necessarily equal. Courts take into consideration a number of factors including the length of the marriage and income of each spouse in determining how to allocate assets in a settlement. It helps to have an experienced divorce attorney guide you through the process if you’re interested in protecting your retirement savings or receiving part of a spouse’s benefits.

 

In the event that you do divide retirement assets, you’ll need to fill out a QDRO (Qualified Distributions Relations Order), which establishes the legal right for qualified retirement assets to be transferred from one spouse’s account to the other’s IRA without it being considered an early withdrawal, which would otherwise carry penalties. Again, the expertise of an attorney should prove beneficial in this legal process.

 

Farnoosh Torabi is an independent speaker and is not an employee of MassMutual Financial Group; The information within this Q&A is solely the opinions of the speaker, an independent orator, which is not an employee of MassMutual Financial Group.

Are there any trading restrictions?

Account balance transfers are subject to certain limitations designed to discourage short-term trading strategies that are inconsistent with sound retirement planning. Please refer to MassMutual's Excessive Trading Policy for details.


Changing/Correcting Names and Dates

Changes or corrections to your name, dates, birth, hire or participation, must be submitted through your Benefits Coordinator.

We Can Help

Contact us for personalized assistance.

For immediate assistance, contact our Participant Information Center at 1-800-743-5274

Monday through Friday Between 8 a.m. and 9 p.m. ET.

After entering in your Social Security Number and PIN, press “1” for account information and to speak with a representative.

Retired or Terminated Participants, contact a Retirement Specialist at 1-800-743-5274

Monday through Friday Between 8 a.m. and 6 p.m. ET.

After entering in your Social Security Number and PIN, press “2” to speak with a representative.