n n n n - Live Mutual – MassMutual · you have questions, call 1-800-743-5274. 1 Past performance is no guarantee of future results

n n n n Elevate your retirement.The Elevator Constructors Annuity and 401(k) Retirement Plan may be the best way to work toward your personal retirement goals. But saving for retirement can be both challenging and complicated, depending on your financial situation. This guide can help make complicated choices about retirement and saving for it, simple. Take control of your retirement now by turning your dreams into plans.

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The Elevator Constructors Annuity and 401(k) Retirement Plan offers tax advantages, a variety of investment choices, and other features to make saving for retirement simple.

• The payroll deduction feature makes contributions easy and convenient.• Flexible investment choices allow you to choose how much to contribute and where to

invest your contributions.•Automatic rebalancing helps to keep your portfolio in line with your investment goals

through periodic rebalancing. Periodic rebalancing of your account helps ensure your investments stay aligned over time with the selected strategy you originally selected. For your convenience, you can initiate or discontinue this service at any time. Auto rebalancing is not recommended when using an asset allocation investment option.

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Achieving a successful retirement.

The main goal of the plan is to help you build toward a comfortable income during retirement. This guide provides important information on how to use features of the plan and make them work best for you. Be sure to read it carefully, and feel free to contact us if you have any questions.

1 Online: www.massmutual.com/iuec

2 Phone:

1-800-743-5274 Dedicated customer service representatives available Monday - Friday, 8 a.m. to 8 p.m. ET or automated phone line 24/7.

3 Rollover Specialists:

1-888-526-6905 Get help rolling in accounts from a prior retirement account, Monday – Friday, 8 a.m. to 6 p.m. ET. You are encouraged to compare the benefits and features of the different plans before consolidating your accounts. Things to consider include each plan's available investment options, guarantees, fees and expenses.

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Enrolling in the plan is easy.•Complete the 401(k) Contribution Enrollment, Investment Election and Beneficiary

Designation forms found in this book. Complete the information required; sign and date the form. Follow the return instructions on the bottom of the form.

•Once your enrollment form is processed through your employer, MassMutual will send you a confirmation report. You should keep this for your records.

•After you’ve received your confirmation, you can access your account and take advantage of all of our online tools at www.massmutual.com/iuec. Create your Username, Password and PIN. You will use the PIN on our voice response system.

Choosing investments that are right for you.Following the simple steps outlined in this guide may help you become more confident with your investment decisions.

If you don’t make a choice, your plan will invest your contributions in an asset allocation option on your behalf. This option is selected based on your date of birth and a projected retirement age of 65. (You may want to consider a different option if this is not your intended retirement age.) Offering professional management and monitoring as well as diversification all in one investment, it becomes more conservative as your retirement date approaches. You can change this option any time you wish.

Generally target retirement date (lifecycle) investment options are designed to be held beyond the presumed retirement date to offer a continuing investment option for the investor in retirement. The year in the investment option name refers to the approximate year an investor in the option would plan to retire and likely would stop making new contributions to the investment option. However, investors may choose a date other than their presumed retirement date to be more conservative or aggressive depending on their own risk tolerance.

Target retirement date (lifecycle) investment options are designed for participants who plan to withdraw the value of their accounts gradually after retirement. Each of these options follows its own asset allocation path (“glide path”) to progressively reduce its equity exposure and become more conservative over time. Options may not reach their most conservative allocation until after their target date. Others may reach their most conservative allocation in their target date year. Investors should consider their own personal risk tolerance, circumstances and financial situation. These options should not be selected solely on a single factor such as age or retirement date. Please consult the prospectus (if applicable) pertaining to the options to determine if their glide path is consistent with your long-term financial plan. Target retirement date investment options’ stated asset allocation may be subject to change.

Investments in these options are not guaranteed and you may experience losses, including losses near, at, or after the target date. Additionally, there is no guarantee that the options will provide adequate income at and through retirement.

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Understanding asset allocation.

Determining your asset allocation is an important first step in choosing investment options in your workplace retirement plan. Asset allocation is how you divide your savings among different investment types such as stocks, bonds, and short-term investments. Here we highlight four basic steps in developing your asset allocation strategy.

Step 1 – Understand the asset classes. Consider that your choices generally focus on three things: stocks, bonds and short-term investments. These three types of investments are known as the basic “asset classes”:

• Stocks, also called equities, are shares of ownership in a company.

• Bonds, also called fixed income investments, are loans made to governments or corporations.

• Short-term investments, also known as cash equivalents, are designed to maintain their dollar value. Examples include money market funds, certificates of deposit and Treasury bills.

Although the investment menu in your workplace plan may have many options, most will fall into these basic groups, or a combination of them. Please note that asset allocation doesn’t ensure a profit or protect against loss in a declining market, but it may be a sound strategy.

Why it’s important.Each asset class has different characteristics you should be aware of. Historically speaking, stocks have posed greater investment risk than the other asset classes, but have offered the potential for the highest return. Short-term

investments have offered lower returns in exchange for low investment risk. Bonds have tended to fall somewhere in the middle.

Step 2 – Know your tolerance for risk. How much risk you are comfortable with is an important consideration in choosing your asset allocation strategy. How do you feel about investment risk – the chance that your investments could lose money? You also need to think about inflation risk – the risk that conservative investments such as short-term investments may not keep pace with inflation.

Investing in more than one asset class – or a blend of them – may help to balance your risk. Mixing the various investment types can provide a balance of growth with preservation, because the markets for each investment don’t always move in the same direction as each other.1

Step 3 – Establish your time horizon. Your tolerance for risk must be considered in the context of your time horizon. Do you have quite a bit of time until you retire or are you getting closer? In the short term, the most volatile investments, such as stocks, can rise and fall dramatically. Past performance is not indicative of future performance.

If you need your money within the next few years, you might want to avoid putting a large percentage into a single asset class that could dip in value in the short term. On the other hand, assuming you have six years or more before you will need your money, you may consider investing a percentage of your savings in investments that offer greater potential for return. That’s because you have

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more time to potentially ride out short-term fluctuations in the value of your investments.

Step 4 – Determine your asset allocation strategy. The participant website offers tools and resources to help. To determine which strategy may be right for you, check out the Risk Quiz. Log into your account » My Account » Investment Selection » Risk Quiz.

Revisit your strategy once a year and after major life events to ensure it is still in line with your current needs and outlook. You may want to consider adjusting the proportions of stocks, bonds and short-term investments as you get closer to retirement. Remember, everyone’s situation will differ, and you should consult a financial advisor about your own particular situation.

Learn more.The right asset allocation strategy can help you maintain your confidence through market ups and downs. You can learn more about asset allocation at www.massmutual.com/iuec. If you have questions, call 1-800-743-5274.

1 http://www.sec.gov/investor/pubs/assetallocation.htmPast performance is no guarantee of future results. The information contained herein is not intended or written as specific legal or tax advice and may not be relied on for purposes of avoiding any federal tax penalties. Neither MassMutual nor any of its employees or representatives are authorized to give legal or tax advice. You must rely on the advice of your own independent tax counsel.

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Your plan's investment options.

The portfolios below are built out of the investment options available in your plan*:

INVESTMENT PORTFOLIOS

ASSET CATEGORY INVESTMENT NAME Short Term Conservative Moderate Aggressive

Ultra Aggressive

Stable Value Fixed Income Fund 95% 21% 6% 2%Intermediate Term Bond Prm Cr Bnd Fd (Barings) 5% 49% 34% 14%Asset Allocation/Lifestyle

Oppenheimer Global Alloc Fund

Asset Allocation/Lifestyle

Vanguard Balanced Index Fund

Asset Allocation/Lifecycle

T. Rowe Price Retirmnt 2010 Fd









Large Cap ValueSel Dvrsfd Val Fd (Brdywn/TRP) 4% 7% 10% 12%

Large Cap Core Vanguard 500 Index Fund 10% 18% 26% 34%Large Cap Growth Sel Gr Opps Fd (Sands/JSP) 4% 8% 10% 12%

Mid Cap ValueSelect Am Cent Mid Cap Val Fd 1% 4% 5% 4%

Mid Cap GrowthSel Md Cp Gr Fd (TRP/Frontier) 1% 4% 5% 5%

Small Cap ValueSl SmCoVl Fd(Fed Cl/TRP/INVSC) 2% 4% 5% 6%

Small Cap GrowthJanus Henderson Venture Fd 3% 4% 6% 7%

Intl/Global Large Growth

AmerFunds EuroPacific Gr Fund 5% 11% 17% 20%

Intl/Global Small/Mid Cap

Oppenheimer Global Op-port Fund

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*Investment allocation strategies are a convenient way of allocating your account among certain of the plan’s individual investment options. Any investment allocation strategies included in these materials are not intended to be investment advice or recommendations to you and may or may not be appropriate for your circumstances. In applying investment allocation strategies to your individual circumstances, you should consider your other assets, income and investments as well as your risk tolerance. If you direct your contributions or current account balance to an investment allocation strategy, your contributions or account balance will be invested in each of the individual investment alternatives in the percentages indicated for the strategy. The plan may offer other investment options not included in the strategies and the individual investment alternatives included in the strategies may also be available on a stand-alone basis. The CustomChoice Strategies chart lists asset classes, along with their weightings in the allocation strategy.

RISK DISCLOSURES FOR CERTAIN ASSET CATEGORIES – PLEASE NOTE THAT YOUR PLAN MAY NOT OFFER ALL OF THE INVESTMENT TYPES DISCUSSED BELOW.

Please consider an investment option’s objectives, risks, fees and expenses carefully before investing. This and other information about the investment option can be found in the applicable prospectuses or summary prospectuses, if any, or fact sheets for the investment options listed, which are available from your plan sponsor, the participant website at www.retiresmart.com or by contacting our Participant Information Center at 1-800-743-5274 between 8:00 a.m. and 8:00 p.m. ET, Monday through Friday. Please read them carefully before investing.

If a retirement plan fully or partially terminates its investment in the Guaranteed Interest Account (GIA), Super Flex (SF) Guaranteed, Fixed Interest Account or Separate Account Guaranteed Interest Contract (SAGIC) investment options, the plan receives the liquidation value of its investment, which may either be more or less than the book value of its investment. As a result of this adjustment, a participant’s account balance may be either increased or decreased if the plan fully or partially terminates the contract with MassMutual.

Government/Retail Money Market Funds:

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. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. 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.

Money Market Floating NAV:

You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions

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or other factors. 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.

Risks of investing in bond and debt securities investments include the risk that a bond issuer will default by failing to repay principal and interest in a timely manner (credit risk) and/or the risk that the value of these securities will decline when interest rates increase (interest rate risk).

Risks of investing in inflation-protected bond investments include credit risk and interest rate risk. Neither the bond investment nor its yield is guaranteed by the U.S. Government.

High yield bond investments are generally subject to greater market fluctuations and risk of loss of income and principal than lower yielding debt securities investments.

Investments in value stocks may remain undervalued for extended periods of time, and the market may not recognize the intrinsic value of these securities.

Investments that track a benchmark index are professionally managed investments. However, the benchmark index itself is unmanaged and does not incur fees or expenses and cannot be purchased directly for investment.

Investments in growth stocks may experience price volatility due to their sensitivity to market fluctuations and dependence on future earnings expectations.

Investments in companies with small or mid market capitalization (“small caps” or “mid caps”) may be subject to special risks given their characteristic narrow markets, limited financial resources, and less liquid stocks, all of which may cause price volatility.

International/global investing can involve special risks, such as political changes and currency fluctuations. These risks are heightened in emerging markets. Other trading restrictions may apply. Please see the investment’s prospectus for more details.

A significant percentage of the underlying investments in aggressive asset allocation portfolio options have a higher than average risk exposure. Investors should consider their risk tolerance carefully before choosing such a strategy.

An investment with multiple underlying investments (which may include MassMutual RetireSmart and any other offered proprietary or non-proprietary asset-allocation, lifestyle, lifecycle or custom blended investments) may be subject to the expenses of those underlying investments in addition to those of the investment itself.

Investments may reside in the specialty category due to 1) allowable investment flexibility that precludes classification in standard asset categories and/or 2) investment concentration in a limited group of securities or industry sectors. Investments in this category may be more volatile than less-flexible and/or less-concentrated investments and may be appropriate as only a minor component in an investor's overall portfolio.

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Participants with a large ownership interest in a company or employer stock investment may have the potential to manipulate the value of units of this investment option through their trading practices. As a result, special transfer restrictions may apply. This type of investment option presents a higher degree of risk than diversified investment options under the plan because it invests in the securities of a single company.

Investments that invest more of their assets in a single issuer or industry sector (such as company stock or sector investments) involve additional risks, including unit price fluctuations, because of the increased concentration of investments.

A participant will be prohibited from transferring into most mutual funds and similar investments if they have transferred into and out of the same investment within the previous 60 days. Certain stable value, guaranteed interest, fixed income and other investments are not subject to this rule. This rule does not prohibit participants from transferring out of any investment at any time.

Excessive Trading Policy: MassMutual strongly discourages plan participants from engaging in excessive trading. The MassMutual Excessive Trading Policy helps protect the interests of long-term investors like you. If you would like to view the MassMutual Excessive Trading Policy, please visit MassMutual’s participant website at www.retiresmart.com. In addition, you cannot transfer into any investment options if you have already made a purchase followed by a sale (redemption) involving the same investment within the last sixty days.

Apple® and the Apple logo® are registered trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a registered trademark of Apple Inc.

Android, Google PlayTM and the Google Play logoTM are trademarks of Google Inc.

MassMutual RetireSmartSM is a registered service mark of MassMutual.

SOCIAL SECURITY NUMBER FIRST NAME LAST NAME MI

STREET ADDRESS E-MAIL ADDRESS

CITY STATE ZIP

BIRTH DATE MARITAL STATUS

MARRIED SINGLE OR LEGALLY SEPARATED

BENEFICIARY

Beneficiary Form

BENEFICIARY DESIGNATION (Check one box only)

1. Spouse Primary Beneficiary: I would like my spouse to receive my entire account balance at my death.

Spouse’s Name: _______________________________________________Spouse’s Social Security # _______-______-_______ Spouse’s Date of Birth:_____/_____/_____

2. Non-Spouse or Multiple Primary Beneficiaries: I would like the following person(s) to receive my account balance upon my death:

(If division is other than equal shares, write in percentages.)

mo day yr

PRIMARY BENEFICIARY NAME RELATIONSHIP SOCIAL SECURITY NUMBER PERCENT



PARTICIPANT SIGNATURE:

I, the participant, certify that the above information is correct and I understand this beneficiary designation supersedes any previous designation.

PARTICIPANT DATE

GENERAL INFORMATION: Please complete this form, including your signature and the date. Keep a copy for your records and forward the original to the fund office at the address at the bottom of the page.

• Retain a copy for your records.

• Forward original to: NEI Benefit Plans, 19 Campus Boulvard, Suite 200, Newton Square, PA 19073.

• Forward a copy to your employer.

SPOUSE’S SIGNATURE DATE NOTARY PUBLIC’S SIGNATURE DATE DATE COMMISSION EXPIRES

If you are married and you have NOT elected your spouse as primary beneficiary, please have your spouse provide consent below.

SPOUSAL CONSENT: I understand that I have a legal right to a death benefit equal to the participant’s entire account balance. I consent to waive that legal right in accordance with the beneficiary designation set forth above. I further understand and acknowledge that if I sign this form, no death benefit will be payable to me except as provided above. I acknowledge that I have a right to limit my consent only to a specific beneficiary and that I voluntarily elect to relinquish such right.

Elevator Constructors Annuity and 401(k) Retirement Plan

Account Number 60041-1

RS2197_ 60041-1 818 C:RS-NR999

SECONDARY BENEFICIARY DESIGNATION

I would like the following person(s) to receive my account balance upon my death and the death of my primary beneficiary(ies).

SECONDARY BENEFICIARY NAME RELATIONSHIP SOCIAL SECURITY NUMBER PERCENT

SECONDARY BENEFICIARY NAME RELATIONSHIP SOCIAL SECURITY NUMBER PERCENT

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INVEST_ELEC

PARTICIPANT INFORMATION

SOCIAL SECURITY NUMBER FIRST NAME LAST NAME MI

STREET ADDRESS E-MAIL ADDRESS

CITY STATE ZIP

BIRTH DATE PAYROLL FREQUENCY MARITAL STATUS GENDER (OPTIONAL)

MONTHLY (12/YR) SEMI-MONTHLY (24/YR) BI-WEEKLY (26/YR) WEEKLY (52/YR) MARRIED SINGLE OR LEGALLY SEPARATED MALE FEMALE

EMPLOYEE SURVIVING BENEFICIARY (ATTACH NOTICE OF DEATH FORM) ALTERNATE PAYEE (ATTACH QDRO FORM)

Investment Election Form (page 1 of 2)

The Elevator Constructors Annuity and 401(k) Retirement Plan

60041-1-1

PLAN ADMINISTRATOR USE ONLY HIRE DATE _____/_____/_____ PLAN ENTRY DATE _____/_____/_____ If Employer Vesting: Total Years of Service as of the end of the computation period: __________

INVESTMENT SELECTION 2 Easy Options to Invest Your Retirement Contribution

Option 1 Choose a Target Asset Allocation Investment Options

100% to Retirement 2010 (TRP)



Target Asset Allocation investment options are single solutions that offer professional management and monitoring as well as diversification – all in one investment.

Each investment option has an automatic process that invests more conservatively as retirement nears and the options are named to coincide with a particular

retirement date. Your plan is designed to invest your contributions into one of these options as the default investment based on your date of birth and a projected

retirement age of 65. You may always choose new investment options at any time.

Until you make your investment option selection, all of your contributions will be invested in the T. Rowe Price Target Asset Allocation Date Funds.

Option 2 Choose Your Own

Total contributions must add up to 100% 100%

Investment OptionsAll Contributions

(ENTER WHOLE PERCENTAGES; 1% MINIMUM IN INVESTMENTS SELECTED; MULTIPLES OF 1% THEREAFTER)



OR

Fixed Income Fund ______%

Prm Cr Bnd Fd (Barings) ______%

Oppenheimer Global Alloc Fund ______%

Vanguard Balanced Index Fund ______%

Sel Dvrsfd Val Fd (Loomis Sayles/Brandywine) ______%

Vanguard 500 Index Fund ______%

Sel Gr Oppts Fund (Sands/JSP) ______%

Sel Systmc/Am Century Mid Cap Value Fd ______%

Sel Md Cp Grwth Fd (TRP/Frontier) ______%

Sel Sm Co Val Fd (Fed Clov/TRP/INVSC) ______%

Janus Venture Fund ______%

AmerFunds EuroPacific Gr Fund ______%

Oppenheimer Global Opport Fund ______%

TRowe Price Retirement 2010 Fund ______%





INVESTMENT SELECTION

PARTICIPANT SIGNATURE:

I, the participant, certify that the above information is correct.

PARTICIPANT DATE

Investment Election Form (page 2 of 2)

MAIL TO: MassMutual Retirement Services, PO Box 219062, Kansas City, MO 64121-9062

OVERNIGHT MAIL TO: MassMutual Retirement Services, 430 W 7th Street, Kansas City, MO 64105

After receipt of this form, MassMutual will send you an Investment Selection Confirmation report. You should keep a copy of this form for your records.

To get the most out of your Plan . . . you may also roll over your eligible distributions from your prior employer’s qualified plan.

Investors should consider an investment’s objectives, risks, charges and expenses carefully before investing. For this and other information, see a fact sheet or the applicable prospectus available from your plan sponsor at www.massmutual.com/iuec or by contacting our Participant Information Center at 1-800-743-5274 between 8:00 a.m. and 8:00 p.m. ET, Monday through Friday. Read it carefully before investing.

I understand I may revoke this election at anytime or I may change this election as allowed by the Plan. I understand that the maximum annual limit on contributions is determined under the Plan document and the Internal Revenue Code. Any amounts contributed may be reduced or returned to me as required by these limitations.

RS2200 60041-1-1 1217 C:RS-43374-00

© 2017 Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.

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401(k) Contribution Enrollment/Deferral Change FormUnless your employer provides you with its own Enrollment/Deferral Change Form, use this form to notify your employer to start your 401(k) contributions, change your 401(k) contribution rate, suspend your 401(k) contributions or resume your 401(k) contributions. Your employer will use this form to update payroll. By electing to make contributions to the Plan, you are authorizing your employer to withhold those contributions from your pay.

General Information (Please print or type)

Employee’s Name:

Employer Name:

Local Number:

Employee SS#: ________/ _____/ _______ Employee’s Phone Number: (_____)

Employee’s Address:

Employee’s Birthdate: ______/ ______/ ______ Hire Date ______/ ______/ ______

Employee Enrollment or Deferral Change (Please check only one box and provide requested information where indicated)

START: I want to start my participation in the plan and my contribution rate will be _____% or $__________,per pay period. It will become effective coincident with the first payroll of the following month.

RESUME: I want to resume my participation in the plan and increase my contributions from zero to_____% or$__________, per pay period. Please execute this request as soon as administratively possible.

CHANGE: I want to change my rate of contributions to_____% or $__________, per pay period. Please executethis request as soon as administratively possible.

SUSPEND: I want to suspend my participation in the plan and reduce my contributions to zero. Please executethis request as soon as administratively possible.

(Note: Participants employed by Otis may only make a percentage election.)

Catch-Up Contributions. Generally, your elective deferrals may not exceed the “applicable dollar amount” as established by the IRS in a calendar year. If your elective deferrals reach the IRS’ applicable dollar limit during the calendar year, your employer will cease making elective deferrals to the plan for the remainder of the calendar year. However, if you attain age 50 or older by the end of the calendar year, you may make “Catch-Up Contributions” under the plan until you reach the IRS’ applicable dollar amount for Catch-Up Contributions. If you are age 50 or older by the end of the calendar year and wish to make Catch-Up Contributions to the plan if and when you reach the IRS’ applicable dollar limit for elective deferrals, please check the box below:

YES, I will be age 50 or older in the calendar year and I wish to make Catch-Up Contributions when and if myelective deferrals reach the IRS applicable dollar limit.

Employee Signature Date

RSU3227 117 RSU3227RSU3227

118C:RSNR999

SUMMARY

The Trustees of the Elevator Constructors Annuity and 401(k) Retirement Plan (the “Plan”) would

like to inform you of your rights in regards to the investment options offered within your 401(k)

Account. If all or a portion of your 401(k) Account is invested in the current Default Option (i.e., the

T. Rowe Price Retirement Fund series), you may not yet have exercised your right under the Plan to

direct how assets in your 401(k) Account are invested. This Notice is to remind you that if you have

not made investment elections at this time, you are free to do so at any time.

While you do not have to direct how your 401(k) Account is invested, you should note that you may

direct all or a portion of the assets in your 401(k) Account out of the Default Option at any time.

There are no restrictions on directing assets out of the Default Option, and your 401(k) Account will

not be charged additional fees or expenses when, or if, you do so.

You may direct that all or a portion of your 401(k) Account

be placed in one or more of the investment options offered

by the Trustees.

The Elevator Constructors Annuity and 401(k) Retirement Plan is designed to comply with Section

404(c) of ERISA. Generally, this means that the Plan provides a variety of investment options in

which you may invest your 401(k) Account. To review investment options currently available to you,

please log on to www.massmutual.com/iuec or call 1-800-743-5274 for up-to-date investment

information. You may direct that all or a portion of your 401(k) Account be placed in one or more of

the investment options in whole percentages.

Elevator Constructors Annuity and 401(k) Retirement Plan

2018 Annual Notice Regarding Your Right to Direct Investments in Your 401(k) Account*

If you have made an investment election with respect to your 401(k) Account,

the following information may not apply to you.

*Your Individual Account may consist of three sub-accounts: a Non-Elective Annuity Contribution Account

(“Annuity Account”) comprised of non-elective employer contributions which are invested on your behalf

by the Board of Trustees; an Elective Contribution Account (“401(k) Account”) comprised of your elective

401(k) deferrals, and a Qualifying Rollover Distribution Account (“Rollover Account”) comprised of eligible

rollover distributions you may have made to this Plan from a qualified plan of your former employer. This

Notice only relates to your right to direct your investments in your 401(k) Account and your Rollover Ac-

count. For more information, please consult your Summary Plan Description.

If you do not direct how you want your 401(k) Account to be

invested, it will be invested in the age appropriate T. Rowe Price

Retirement Fund, the Plan’s Default Option, as described below:

If you choose not to direct the investment of all or any portion of your contributions to your

401(k) Account, the contributions will be invested in the Plan’s “Default Option,” the T. Rowe Price

Retirement Fund series.

Each T. Rowe Price Retirement Fund is a diversified mix of stocks, bonds, and cash that

automatically becomes more conservative over time. Experienced investment professionals

carefully select and manage the mix of investments to help investors best meet their changing

needs as they near retirement.

Generally target retirement date (lifecycle) investment options, like the T. Rowe Price Retirement

Fund series, are designed to be held beyond the presumed retirement date to offer a continuing

investment option for the investor in retirement. The year in the investment option name refers to

the approximate year an investor in the option would plan to retire and likely would stop making

new contributions to the Plan.

Target retirement date (lifecycle) investment options are designed for participants who plan to

withdraw the value of their accounts gradually after retirement. Each of these options follows its

own asset allocation path (“glide path”) to progressively reduce its equity exposure and become

more conservative over time. Options may not reach their most conservative allocation until

after their target date. Others may reach their most conservative allocation in their target date

year. Investors should consider their own personal risk tolerance, circumstances and financial

situation. These options should not be selected solely on a single factor such as age or retirement

date. Please consult the prospectus (if applicable) pertaining to the options to determine if their

glide path is consistent with your long-term financial plan. A target retirement date (lifecycle)

investment option may not achieve its objective and/or you could lose money on your investment

in the fund. You may experience losses near, at, or after the target date. There is no guarantee

of the fund’s principal value, including at the target date, or that the fund will provide adequate

income at and through your retirement.

D E F A U L T I N V E S T M E N T O P T I O N

T. Rowe Price Retirement 2010 Fund





T . R O W E P R I C E R E T I R E M E N T F U N D S E R I E S

Fund Description


The T. Rowe Price Retirement 2010 Fund is currently invested in a moderately conservative mix of individual stock, bond, and cash securities that seeks a more stable rate of growth than that of a broad investment in the stock market. The fund manager diversifies this fund primarily among stocks and intermediate to long-term fixed-income securities. Stocks will typically be a majority of the fund unless the fund manager sees the stock market as particularly unattractive. Each Retirement Target Fund becomes more conservative over time.


The T. Rowe Price Retirement 2020 Fund is currently invested in a growth-oriented mix of individual stock, bond, and cash securities that seeks to earn a good portion of the long-term growth of the stock market without full market risk. The fund manager diversifies this fund primarily among various stock investments as long as stock market valuations are favorable versus long-term bond yields. A small portion of the fund is also invested in long-term, fixed-income securities. Each Retirement Target Fund becomes more conservative over time.


The T. Rowe Price Retirement 2030 Fund is currently invested in an aggressive, growth-oriented mix of individual stock, bond, and cash securities that seeks to earn the high returns typically associated with the stock market over time. The fund manager diversifies this fund primarily among various stock investments in both domestic and foreign markets, typically investing only a minor portion of the fund in fixed-income securities. Each Retirement Target Fund becomes more conservative over time.


The T. Rowe Price Retirement 2040 Fund is currently invested in an aggressive, growth-oriented mix of individual stock, bond, and cash securities that seeks to earn the high returns typically associated with the stock market over time. The fund manager diversifies this fund almost entirely among various stock investments in both domestic and foreign markets, typically investing only a minor portion of the fund in fixed income securities. Each Retirement Target Fund becomes more conservative over time.


The T. Rowe Price Retirement 2050 Fund is currently invested in an aggressive, growth-oriented mix of individual stock, bond, and cash securities that seeks to earn the high returns typically associated with the stock market over time. The fund manager diversifies this fund almost entirely among various stock investments in both domestic and foreign markets, typically investing only a minor portion of the fund in fixed income securities. Each Retirement Target Fund becomes more conservative over time.

Elevator Constructors Annuity

and 401(k) Retirement Plan

Provisional Safe Harbor Notification

You are receiving this Notice because you are either participating in or are eligible to participate in

the Elevator Constructors Annuity and 401(k) Retirement Plan (i.e. “the Plan”). The Plan and the

collective bargaining agreement between your employer and the IUEC permits you and requires

your employer to make contributions to your account. The Internal Revenue Service requires 401(k)

plans that will or may use a “safe harbor” structure rather than perform nondiscrimination 401(k)

contribution testing, to inform employees who are eligible to make 401(k) contributions to the Plan

of their rights and obligations under the Plan.

For the 2018 Plan Year, the Board of Trustees may elect to consider the contributions employers

make to the Plan (non-elective employer contributions to Participants’ Annuity Accounts) as Safe

Harbor Non-Elective Contributions. This information is conditional at this point, and may not

come into effect until later on in the 2018 Plan Year, if at all, and is predicated based on the Board

of Trustees’ direction. If the Board of Trustees makes the election, the election would apply to all

employer Annuity contributions equaling 3% of compensation or greater, which are made to the

Plan by employers pursuant to the terms of their collective bargaining agreements with the IUEC

and can change from time to time.

If the Board of Trustees elect this “safe harbor,” it would mean that 401(k) deferred salary

contributions would not have to be tested for 2018, to determine whether the contributions

discriminate in favor of highly compensated employees.

Great news! Based on current results of the Plan’s annual non-discrimination testing, you will

be able to contribute up to the IRS plan maximum in 2018. This means that you

can contribute up to $18,500 in 2018 (or up to $24,500 if you will be age 50 or older

during 2018). To change your contribution amount, contact your current employer.

© 2018 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com.

RSU3476a 718 C:RS-43375-00

The following points apply to the contributions under the Plan:

1 | You may make pre-tax deferred salary contributions to your account up to the maximum

allowed by law or $18,500 for 2018, and an additional “catch-up” contribution of $6,000

for workers reaching age 50 in 2018 or older. For highly compensated employees, the

amount of their pre-tax deferred salary contributions may have to be limited in order

to avoid discrimination in favor of highly compensated employees.

2 | Deferred salary contributions may consist of the following types of compensation:

W-2 Gross income, Box 1, including elective deferrals, fringe benefits, bonuses,

overtime, commissions, and compensation paid prior to participation date.

3 | The Plan will deposit salary deferrals to your account each pay period. The amount

of these deferrals is determined and authorized by you via the “401(k) Enrollment —

Deferral Change Form,” which can be found at www.massmutual.com/iuec.

4 | You may change your salary deferral contribution amount at any time by completing

the “401(k) Enrollment — Deferral Change Form” found at www.massmutual.com/iuec.

5 | Both your deferred salary contributions and your employer’s Annuity contributions are

100% immediately vested. For further information on these contributions or the Plan,

refer to your Summary Plan Description.

6 | For rules regarding when you may receive a distribution of your Annuity Account, 401(k)

Account or Rollover Account, please refer to your Summary Plan Description.

Additional information regarding the Elevator Constructors Annuity and 401(k) Retirement Plan can be obtained by writing to the Elevator Constructors

Annuity and 401(k) Plan, c/o NEI Pension Fund, 19 Campus Blvd., Suite 200, Newtown Square, PA 19073-3288 or by phone at 1-800-743-5274.

Questions?

Contact the MassMutual Participant Information Center at 1-800-743-5274,

Monday-Friday 8 a.m. to 8 p.m. ET, or visit www.massmutual.com/iuec.

Plan

:Ele

vato

r Con

stru

ctor

s An

nuity

and

401

(k) R

etire

men

t Pla

n Ac

coun

t Num

ber:

6004

1-1-

1Su

bscr

iptio

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uste

es, E

CA &

401

(k)

Crea

ted:

06/1

6/20

18

You

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vidu

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lan

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you

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sta

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pro

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info

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that

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allo

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ou to

mak

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form

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whe

n se

lect

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and

man

agin

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vest

men

ts. T

his

disc

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re s

tate

men

t adv

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you

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mat

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rega

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ses

asso

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our p

artic

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in th

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lan

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sect

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info

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erat

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form

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divi

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n re

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ses

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may

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you

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in th

isdi

sclo

sure

sta

tem

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f the

Pla

n ch

arge

s pa

rtici

pant

s an

d be

nefic

iarie

s fo

r the

exp

ense

s as

soci

ated

with

indi

vidu

al tr

ansa

ctio

ns.

Plea

se b

e m

indf

ul th

at:

·An

inve

stm

ent's

pas

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form

ance

is n

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aran

tee

of fu

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resu

lts.

·To

hel

p ac

hiev

e lo

ng-te

rm re

tirem

ent s

ecur

ity, y

ou s

houl

d gi

ve c

aref

ul c

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tion

to th

e be

nefit

s of

a w

ell-b

alan

ced

and

dive

rsifi

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vest

men

t por

tfolio

.·

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are

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e of

sev

eral

fact

ors

you

shou

ld c

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hen

mak

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inve

stm

ent d

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ions

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mor

e in

form

atio

n an

d an

exa

mpl

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mon

stra

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the

long

-term

effe

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f fee

san

d ex

pens

es, p

leas

e vi

sit:

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ww

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fees

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Inve

stm

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o di

rect

you

r Pla

n in

vest

men

ts, y

ou m

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ake

your

ele

ctio

n at

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w.re

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mar

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assM

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l Par

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Cent

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1-8

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If y

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re c

urre

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Plan

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hav

e qu

estio

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once

rnin

g pl

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elig

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ans

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19 C

ampu

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uite

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tow

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1907

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Lim

itatio

ns o

n In

stru

ctio

ns:

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u m

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ive

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stm

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ctio

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n an

y da

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ew Y

ork

Stoc

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chan

ge is

ope

n fo

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ines

s.·

Any

trade

rest

rictio

ns s

peci

fic to

an

indi

vidu

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vest

men

t alte

rnat

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will

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liste

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Com

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tive

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the

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ublic

ly tr

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erta

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tran

sact

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este

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par

ticip

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who

are

offi

cers

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rect

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rinci

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hold

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empl

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tran

sact

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quire

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Desi

gnat

ed In

vest

men

t Alte

rnat

ives

(DIA

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he P

lan

prov

ides

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igna

ted

inve

stm

ent a

ltern

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dire

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lan

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ompa

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alte

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stm

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anag

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onso

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Glos

sary

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erm

s: P

leas

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utua

l.com

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ssar

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loss

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vest

men

t ter

ms

rele

vant

to th

e in

vest

men

t opt

ions

und

er th

is P

lan.

Thi

s gl

ossa

ry is

inte

nded

to h

elp

you

bette

r und

erst

and

your

opt

ions

.

This

sec

tion

incl

udes

impo

rtant

info

rmat

ion

to h

elp

you

com

pare

the

inve

stm

ent a

ltern

ativ

es o

ffere

d un

der y

our P

lan.

If y

ou w

ant a

dditi

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info

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abou

t you

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estm

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optio

ns, y

ou c

an g

o to

the

spec

ific

Inte

rnet

web

site

add

ress

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how

n be

low

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an c

onta

ct th

e M

assM

utua

l Par

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mat

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er a

t 1-8

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If y

ou a

re

curr

ently

not

par

ticip

atin

g in

the

Plan

, con

tact

NEI

Ben

efit

Plan

s at

(610

) 325

-910

0 or

NEI

Ben

efit

Plan

s 19

Cam

pus

Blvd

. Sui

te 2

00, N

ewto

wn

Squa

re P

A 19

073-

3288

. To

help

ach

ieve

lo

ng-te

rm re

tirem

ent s

ecur

ity, y

ou s

houl

d gi

ve c

aref

ul c

onsi

dera

tion

to th

e be

nefit

s of

a w

ell-b

alan

ced

and

dive

rsifi

ed in

vest

men

t por

tfolio

. Spr

eadi

ng y

our a

sset

s am

ong

diffe

rent

ty

pes

of in

vest

men

ts c

an h

elp

you

achi

eve

a fa

vora

ble

rate

of r

etur

n, w

hile

min

imizi

ng y

our o

vera

ll ris

k of

losi

ng m

oney

. Thi

s is

bec

ause

mar

ket o

r oth

er e

cono

mic

con

ditio

ns th

at

caus

e on

e ca

tego

ry o

f ass

ets,

or o

ne p

artic

ular

sec

urity

, to

perfo

rm v

ery

wel

l ofte

n ca

use

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sset

cat

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y, o

r ano

ther

par

ticul

ar s

ecur

ity, t

o pe

rform

poo

rly. I

f you

inve

st

mor

e th

an 2

0% o

f you

r ret

irem

ent s

avin

gs in

any

one

com

pany

, ind

ustry

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lass

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nves

tmen

t, yo

ur s

avin

gs m

ay n

ot b

e pr

oper

ly d

iver

sifie

d. A

lthou

gh d

iver

sific

atio

n is

not

a

guar

ante

e ag

ains

t los

s, it

is a

n ef

fect

ive

stra

tegy

to h

elp

you

man

age

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ent r

isk.

In d

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ing

how

to in

vest

you

r ret

irem

ent s

avin

gs, y

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houl

d ta

ke in

to a

ccou

nt a

ll of

you

r as

sets

, inc

ludi

ng a

ny re

tirem

ent s

avin

gs o

utsi

de o

f the

Pla

n. N

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ngle

app

roac

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eve

ryon

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caus

e, a

mon

g ot

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rent

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ncia

l goa

ls,

diffe

rent

tim

e ho

rizon

s fo

r mee

ting

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r goa

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nd d

iffer

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ance

s fo

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is a

lso

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lio, y

our i

nves

tmen

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ectiv

es, a

nd

the

inve

stm

ent a

ltern

ativ

es u

nder

the

Plan

to h

elp

ensu

re th

at y

our r

etire

men

t sav

ings

will

mee

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does

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ass

ure

a pr

ofit

and

does

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pro

tect

ag

ains

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ss in

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ket.

Docu

men

t Sum

mar

y

This

sec

tion

focu

ses

on th

e pe

rform

ance

of i

nves

tmen

t alte

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that

hav

e a

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tim

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at y

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atio

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ava

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con

tact

ing

the

Mas

sMut

ual P

artic

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t Inf

orm

atio

n Ce

nter

at 1

-888

-606

-734

3. If

you

are

cur

rent

ly n

otpa

rtici

patin

g in

the

Plan

, con

tact

NEI

Ben

efit

Plan

s at

(610

) 325

-910

0 or

NEI

Ben

efit

Plan

s19

Cam

pus

Blvd

. Sui

te 2

00, N

ewto

wn

Squa

re P

A 19

073-

3288

.

ww

w.M

assM

utua

l.com

/FF/

RM35

00.P

DF

This

sec

tion

focu

ses

on th

e pe

rform

ance

of i

nves

tmen

t alte

rnat

ives

that

do

not h

ave

a fix

ed o

r sta

ted

rate

of r

etur

n. T

he c

hart

show

s ho

w th

ese

alte

rnat

ives

hav

e pe

rform

ed o

ver

time

and

allo

ws

you

to c

ompa

re th

em w

ith a

n ap

prop

riate

ben

chm

ark

for t

he s

ame

time

perio

ds. P

ast p

erfo

rman

ce d

oes

not g

uara

ntee

how

the

inve

stm

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Important Disclosures

©2017 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar not its content providers are responsible for any damages or losses arising from any use of information. Past Performance is no guarantee of future performance. Visit our investment website at www.moringstar.com. RS-04746-10

Current performance may be lower or higher than return data quoted herein. For more current information, including month-end performance, please call 877-474-5016 or visit ww.massmutual.com/retire. The investment return and the principal value of an investment will fluctuate; so an investor's shares/units, when redeemed, may be worth more or less than their original cost. Investment portfolio statistics change over time. The investment is not FDIC-insured, may lose value and is not guaranteed by a bank or other financial institution. Some plan investments may be made available through an unregistered group annuity contract issued to your plan by the Massachusetts Mutual Life Insurance Company ("MassMutual"). If that is the case, those plan investments 1.) may be in a separate investment account of MassMutual that purchases shares/units of one or more underlying investments, or 2.) may be invested directly in the investment via a separate arrangement between your plan and a trust company. Pre-inception Returns For newer share classes, Morningstar may provide adjusted historical returns based on the oldest surviving share class of a fund with at least three years of performance history. This enables companies to showcase the complete history of an investment. Morningstar calculates these returns by adjusting the initial share class performance for any difference in fee structure. However, if using the expenses of the newer share class rather than the expenses of the older share class would result in better performance, then pre-inception performance represents that of the older share class without any expense adjustment. The fees and expenses are referenced in the report’s Operations section. Adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the investment itself. Performance These figures reflect performance without adjusting for sales charges or the effects of taxation. They are adjusted, however, to reflect all actual ongoing fund expenses and assume reinvestment of dividends and capital gains. Returns are compared to an appropriate benchmark peer group to help investors evaluate performance. The investment's performance is generally compared with that of an index. The index is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses nor can it be invested in directly. An investment’s portfolio may differ significantly from the securities in the index. The Index may not be the same as the comparative index noted in the investment’s prospectus (if applicable). Gross Expense Ratio/Net Expense Ratio Expense ratios reflect the percentage of the investment’s assets paid for operating expenses and management fees. In contrast to net expense ratios, gross expense ratios do not reflect any fee waivers in effect during the time period, which are typically disclosed alongside the expense ratios themselves. Net expense ratios reflect the fees actually borne by investors during the period they are in effect. Investment expense information (including waiver information) is pulled from an investment’s most recent prospectus, if applicable. If an additional separate investment account fee applies, it is added to the gross and net expense ratio listed in the prospectus or other source of the expense information and factored into the performance of the separate investment account. Unitized Plan Fund If this is a unitized plan fund, it will invest in shares of the referenced underlying investment. Depending on the level of administrative services revenue (“ASR”)generated from the underlying investment and MassMutual’s target ASR for the plan, on a periodic basis MassMutual will make adjustments to the unitized plan fund’s expense to cause each unitized plan fund to produce ASR equal to the target ASR. If the ASR MassMutual receives from the underlying investment is more than MassMutual’s target ASR, MassMutual will allocate to the unitized plan fund a share of the revenue MassMutual received from the underlying investment so that the net expense of the unitized plan fund equals MassMutual’s target revenue. If the ASR MassMutual receives from an

underlying investment is less than MassMutual’s target ASR, MassMutual will redeem shares or units from the underlying investment such that the amount of the revenue received from the underlying investment for administrative services and the redeemed share or units equals MassMutual’s target revenue. As a result of this process, the reported performance and expenses of the unitized plan fund is based on but not identical to the performance and expenses reported for the underlying investment. Maximum Sales Charge/12b-1 Fee/Redemption Fee Maximum Sales Charges and Redemption Fees are waived for MassMutual retirement plan participants. In addition, 12b-1 Fees are a component of the Net and Gross Expense Ratio; they are not in addition to the overall expense ratio. Morningstar Proprietary Statistics Some Morningstar proprietary calculations, including the Morningstar Rating, Morningstar Return, and Morningstar Risk may be calculated based on pre-inception returns. Please see the pre-inception returns disclosure (above) for more details. For definitions of these statistics, please visit www.MassMutual.com/FF/mstrdisclosure.pdf. Morningstar Rating™ This brings load-adjustments, performance (returns) and risk together into one evaluation. To determine a fund's star rating for a given time period (three, five, or 10 years), the fund's risk-adjusted return is plotted on a bell curve: If the fund scores in the top 10% of its category, it receives 5 stars (Highest); if it falls in the next 22.5% it receives 4 stars (Above Average); a place in the middle 35% earns 3 stars (Average); those lower still, in the next 22.5%, receive 2 stars (Below Average); and the bottom 10% get only 1 star (Lowest). The Overall Morningstar Rating is a weighted average of the available three-, five-, and 10-year ratings. Investment Risk Money market investments are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these investments seek to preserve the value of your investment at $1.00 per share, it cannot guarantee that it will do so. The fund’s sponsor has no legal obligation to provide financial support to a money market option; and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in a money market option. Risks of investing in debt securities investments include the risk that a bond issuer will default by failing to repay principal and interest in a timely manner (credit risk) and/or the risk that the value of these securities will decline when interest rates increase (interest rate risk). Risks of investing in inflation-protected bond investments include credit risk and interest rate risk. Neither the bond investment nor its yield is guaranteed by the U.S. government. High-yield bond investments are generally subject to greater market fluctuations and risk of loss of income and principal than lower-yielding debt securities investments. Investments that track a benchmark index are professionally managed. However, the benchmark index itself is unmanaged and does not incur fees or expenses and cannot be purchased directly. Investments in value stocks may remain undervalued for extended periods of time, and the market may not recognize the intrinsic value of these securities. Investments in growth stocks may experience price volatility due to their sensitivity to market fluctuations and dependence on future earnings expectations. Investments in companies with small or mid market capitalization (“small caps” or “mid caps”) may be subject to special risks given their characteristic narrow markets, limited financial resources, and less liquid stocks, all of which may cause price volatility. International/global investing can involve special risks, such as political changes and currency fluctuations. These risks are heightened in emerging markets. A significant percentage of the underlying investments in aggressive asset allocation portfolio investments have a

higher than average risk exposure. Investors should consider their risk tolerance carefully before choosing such a strategy. An investment with multiple underlying investments (which may include MM RetireSMARTSM and any other offered proprietary or non-proprietary asset-allocation, lifestyle (risk based), lifecycle (target date) or custom blended investments) may be subject to the expenses of those underlying investments in addition to those of the investment itself. Investments may reside in the specialty category due to 1) allowable investment flexibility that precludes classification in standard asset categories and/or 2) investment concentration in a limited group of securities or industry sectors. Investments in this category may be more volatile than less-flexible and/or less-concentrated investments and may be appropriate as only a minor component in an investor's overall portfolio. Participants with a large ownership interest in a company or employer stock investment may have the potential to manipulate the value of units of this investment option through their trading practices. As a result, special transfer restrictions may apply. This type of investment option presents a higher degree of risk than diversified investment options under the plan because it invests in the securities of a single company. Investments that invest more of their assets in a single issuer or industry sector (such as company stock or sector investments) involve additional risks, including unit price fluctuations, because of the increased concentration of investments. A participant will be prohibited from transferring into most mutual funds and similar investments if they have transferred into and out of the same investment within the previous 60 days. Certain stable value, guaranteed interest, fixed income and other investments are not subject to this rule. This rule does not prohibit participants from transferring out of any investment at any time. Target Date (lifecycle) Generally these investment options are designed to be held beyond the presumed retirement date to offer a continuing investment option for the investor in retirement. The year in the investment option name refers to the approximate year an investor in the option would plan to retire and likely would stop making new contributions to the investment option. However, investors may choose a date other than their presumed retirement date to be more conservative or aggressive depending on their own risk tolerance. They are designed for participants who plan to withdraw the value of their accounts gradually after retirement. Each of these options follows its own asset allocation path (“glide path”) to progressively reduce its equity exposure and become more conservative over time. Options may not reach their most conservative allocation until after their target date. Others may reach their most conservative allocation in their target date year. Investors should consider their own personal risk tolerance, circumstances and financial situation. These options should not be selected solely on a single factor such as age or retirement date. Please consult the prospectus (if applicable) pertaining to the options to determine if their glide path is consistent with your long-term financial plan. Target retirement date investment options’ stated asset allocation may be subject to change. Investments in these options are not guaranteed and you may experience losses, including losses near, at, or after the target date. Additionally, there is no guarantee that the options will provide adequate income at and through retirement. Investors should consider an investment’s objectives, risks, charges and expenses carefully before investing. For this and other information, see a fact sheet (investment profile) or the prospectus, if applicable. You may obtain a prospectus or fact sheet from your plan sponsor or visiting www.retiresmart.com. Read it carefully before investing.

Release Date: 06-30-2018

T. Rowe Price Retirement I 2010 I TRPAX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2010 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar Risk. . .

Investment Objective & StrategyFrom investment’s prospectus

The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. The fund's allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. It is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement.

Fees and Expenses as of 10-01-17

Prospectus Net Expense Ratio 0.42%Total Annual Operating Expense 0.55%Maximum Sales Charge .12b-1 Fee .Redemption Fee/Term .

Waiver Data Type Exp. Date %

ExpenseRatio Contractual 09-30-19 0.13

Operations and Management

Fund Inception Date 09-29-15Portfolio Manager(s) Jerome A. Clark, CFA

Wyatt A. Lee, CFAName of Issuer T. Rowe PriceTelephone 800-638-8790Web Site www.troweprice.com

Benchmark Description: Morningstar Lifetime Mod 2010 TR USD

The index measures the performance of a portfolio of globalequities, bonds and traditional inflation hedges such ascommodities and TIPS. This portfolio is held in proportionsappropriate for a US investor who is near retirement. TheModerate risk profile is for investors who are comfortable withaverage exposure to equity market volatility.

Category Description: Target-Date 2000-2010

Target-date portfolios provide diversified exposure to stocks,bonds, and cash for those investors who have a specific datein mind (in this case, the years 2000-2010) for retirement. Theseportfolios aim to provide investors with an optimal level of returnand risk, based solely on the target date. Management adjuststhe allocation among asset classes to more-conservative mixesas the target date approaches, following a preset glide path. Atarget-date portfolio is part of a series of funds offering multipleretirement dates to investors.

Allocation of Assets

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Years Until Retirement

% AllocationBondsStocksCashOther

PerformanceTrailing Returns YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Investment Return % -0.17 5.01 . . . 7.89Benchmark Return % 0.10 5.44 . . . 6.77Category Average % -0.32 4.37 . . . 6.53........................................................................................................................................................................................................................Morningstar Rating™ . . . . . .# of Funds in Category . . . . . .

Quarter End Returns as of 06-30-18 YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Fund Return % -0.17 5.01 . . . 7.89Standardized Return % -0.17 5.01 . . . 7.89

Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. For performance data current to the most recent month-end please visit the website listedunder Operations and Management on this page.

Portfolio Analysis as of 03-31-18Composition as of 03-31-18 % Assets

U.S. Stocks 25.8Non-U.S. Stocks 13.3Bonds 56.1Cash 3.0Other 1.7

Morningstar Style Box™ as of 03-31-18(EQ) ; 03-31-18(F-I)

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Top 10 Holdings as of 03-31-18 % Assets

T. Rowe Price New Income I 22.03T. Rowe Price Equity Index 500 I 19.25T. Rowe Price Ltd Dur Infl Focus Bd I 16.28T. Rowe Price Emerging Markets Bond I 4.40T. Rowe Price Dynamic Global Bond I 4.18.......................................................................................................T. Rowe Price Intl Bd (USD Hdgd) I 4.04T. Rowe Price Overseas Stock I 3.86T. Rowe Price International Value Eq I 3.81T. Rowe Price US Treasury Long-Term I 3.61T. Rowe Price High Yield I 3.35

.......................................................................................................Total Number of Holdings 20Annual Turnover Ratio % 19.00Total Fund Assets ($mil) 542.28

Morningstar Sectors as of 03-31-18 % Fund S&P 500 %

h Cyclical 38.46 32.99........................................................................................................r Basic Materials 4.77 2.45t Consumer Cyclical 11.13 12.01y Financial Services 19.01 16.20u Real Estate 3.55 2.33

j Sensitive 37.33 42.69........................................................................................................i Communication Services 3.52 3.28o Energy 5.18 6.34p Industrials 11.14 10.18a Technology 17.49 22.89

k Defensive 24.22 24.33........................................................................................................s Consumer Defensive 8.76 7.39d Healthcare 12.78 13.99f Utilities 2.68 2.95

Principal Risks as of 03-31-18Credit and Counterparty, Foreign Securities, Loss of Money, Not FDIC Insured, Interest Rate, Equity Securities, Restricted/IlliquidSecurities, Management, Target Date, Small Cap, Mid-Cap

©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use ofinformation. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com ß

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T. Rowe Price Retirement I 2020 I TRBRX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2020 TR USD



The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. The fund's allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. It is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement.









The index measures the performance of a portfolio of globalequities, bonds and traditional inflation hedges such ascommodities and TIPS. This portfolio is held in proportionsappropriate for a US investor who is about ten years away fromretirement. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.

Category Description: Target-Date 2020



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Investment Return % 0.40 7.19 . . . 10.29Benchmark Return % -0.07 6.54 . . . 8.30Category Average % -0.25 5.65 . . . 7.64........................................................................................................................................................................................................................Morningstar Rating™ . . . . . .# of Funds in Category . . . . . .


Fund Return % 0.40 7.19 . . . 10.29Standardized Return % 0.40 7.19 . . . 10.29





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T. Rowe Price New Income I 17.77T. Rowe Price Equity Index 500 I 16.17T. Rowe Price Ltd Dur Infl Focus Bd I 7.61T. Rowe Price Growth Stock I 5.81T. Rowe Price Value I 5.79.......................................................................................................T. Rowe Price Overseas Stock I 5.45T. Rowe Price International Value Eq I 5.41T. Rowe Price International Stock I 4.81T. Rowe Price US Treasury Long-Term I 3.52T. Rowe Price Dynamic Global Bond I 3.33

.......................................................................................................Total Number of Holdings 22Annual Turnover Ratio % 11.60Total Fund Assets ($mil) 3,805.03







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T. Rowe Price Retirement I 2030 I TRPCX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2030 TR USD












The index measures the performance of a portfolio of globalequities, bonds and traditional inflation hedges such ascommodities and TIPS. This portfolio is held in proportionsappropriate for a US investor who is about 20 years away fromretirement. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.




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Investment Return % 0.93 9.06 . . . 12.33Benchmark Return % 0.15 8.64 . . . 10.87Category Average % 0.04 7.88 . . . 10.16........................................................................................................................................................................................................................Morningstar Rating™ . . . . . .# of Funds in Category . . . . . .







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T. Rowe Price New Income I 12.41T. Rowe Price Value I 12.35T. Rowe Price Growth Stock I 12.09T. Rowe Price Equity Index 500 I 11.18T. Rowe Price Overseas Stock I 7.02.......................................................................................................T. Rowe Price International Value Eq I 6.92T. Rowe Price International Stock I 6.15T. Rowe Price Emerging Markets Stock I 3.25T. Rowe Price Mid-Cap Growth I 3.23T. Rowe Price US Treasury Long-Term I 3.09








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T. Rowe Price Retirement I 2040 I TRPDX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2040 TR USD
















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T. Rowe Price Value I 17.26T. Rowe Price Growth Stock I 16.77T. Rowe Price Overseas Stock I 8.20T. Rowe Price International Value Eq I 8.02T. Rowe Price New Income I 7.44.......................................................................................................T. Rowe Price Equity Index 500 I 7.25T. Rowe Price International Stock I 7.14T. Rowe Price Emerging Markets Stock I 3.77T. Rowe Price Mid-Cap Growth I 3.72T. Rowe Price Mid-Cap Value I 3.48








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T. Rowe Price Retirement I 2050 I TRPMX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMorningstar Lifetime Mod 2050 TR USD
















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T. Rowe Price Value I 18.29T. Rowe Price Growth Stock I 17.86T. Rowe Price Overseas Stock I 8.50T. Rowe Price International Value Eq I 8.26T. Rowe Price International Stock I 7.37.......................................................................................................T. Rowe Price Equity Index 500 I 6.43T. Rowe Price New Income I 5.99T. Rowe Price Emerging Markets Stock I 3.99T. Rowe Price Mid-Cap Growth I 3.84T. Rowe Price Mid-Cap Value I 3.61








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©2018 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. RSD4004 C:RS-41859-00

MassMutual

PO Box 219062Kansas City, MO 64121-9062

Documents

n n n n - Live Mutual – MassMutual · you have questions, call 1-800-743-5274. 1 Past performance is no guarantee of future results