As filed with the Securities and Exchange Commission on March 25,April 26, 2024

Registration No. 333-[  ]333-276780

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM S-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Pre-Effective Amendment No. 1

 

 

 

LOGO

MassMutual Ascend Life Insurance Company

(Exact name of registrant as specified in its charter)

 

 

 

Ohio 6311 13-1935920

(State or other jurisdiction of

incorporation or organization)

 

(Primary Standard Industrial

Classification Code Number)

 

(I.R.S. Employer

Identification Number)

191 Rosa Parks Street, Cincinnati, Ohio 45202

(513) 361-9000

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

 

John P. Gruber

MassMutual Ascend Life Insurance Company

191 Rosa Parks Street, Cincinnati, Ohio 45202

(513) 361-9000

(Name and Address of Agent of Service)

 

 

Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.

 

Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
   Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Pursuant to Rule 429 under the Securities Act of 1933, the prospectuses contained herein also relate to Registration Statement No.: 333-270740.333-269395. Upon effectiveness, this Registration Statement, which is a new Registration Statement, will also act as a post-effective amendment to such earlier Registration Statement.

The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

 

 

 


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

Administrative Office: P.O. Box 5423, Cincinnati OH 45201-5423

Street Address: 191 Rosa Parks Street, Cincinnati OH 45202

Policy Administration: 1-800-789-6771

INDEX FRONTIER® 7 5 PLUS ANNUITY

With Return of Premium Guarantee

PROSPECTUS Dated [ ],DATED MAY 1, 2024

The Index Frontier 5 Plus® SM 7 annuity is an Individual Index-linked Modified Single Premium Deferred Annuity (the “Contract”)contract issued by MassMutual Ascend Life Insurance Company® (“MassMutual Ascend Life,” “we” or “us”).Company. It provides that we will pay annuity payout benefitsthe Annuity Payout Benefit to you in exchange for your purchase payments. The Contract offers youPurchase Payments. It also provides a Death Benefit that will never be less than the opportunity to allocate funds to indexed strategies for one-year periods (a “Term”) and a declared rate strategy (together with the indexed strategies, the “Crediting Strategies”). Indexed strategies provide returns based, in part, on the change in the valueReturn of a market index or the share price of an exchange-traded fund (an “Index”). The returns of an Index do not include reinvestment of any dividends.Premium Guarantee.

The Contract is a modified single premium deferred annuity. This means we will accept Purchase Payments only during the purchase payment period, which ends two months after the Contract Effective Date.

A glossary of defined terms used herein can be found in the Special Terms section starting on page 5 of this prospectus.

The Contract currently offers four Conserveyou the opportunity to allocate funds to Crediting Strategies four Growthfor one-year or five year Terms. The Crediting Strategies include Indexed Strategies and one Buffera Declared Rate Strategy.

Indexed Strategies. Indexed Strategies provide returns at the end of a 1-year or 5-year period (Term) based, in part, on the rise or fall of an Index, which may be a market index, such as the S&P 500 Index, or the share price of an exchange-traded fund, such as an iShares ETF by comparing the change in the Index value from the first day of the Term to the last day of the Term.

Conserve/0% Floor StrategiesIndexMaximum Loss/Floor of 0% Per Term
S&P 500 0% FloorS&P 500® IndexIf you allocate money at the start of a Term to a Conserve Strategy, you cannot lose that money during the Term due to a negative change in the Index.
SPDR Gold Shares 0% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate 0% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE 0% FlooriShares MSCI EAFE ETF
Growth/-10% Floor StrategiesIndexMaximum Loss/Floor of 10% Per Term
S&P 500 -10% FloorS&P 500® IndexIf you allocate money at the start of a Term to a Growth Strategy, you can lose up to 10% of that money during the Term due to a negative change in the Index.
SPDR Gold Shares -10% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate -10% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE -10% FlooriShares MSCI EAFE ETF
10% Buffer StrategyIndexEnd of Term Buffer of 10% Per Term
S&P 500 10% BufferS&P 500® IndexIf you allocate money at the start of a Term to a Buffer Strategy, at the end of the Term you can lose up to 90% of that money due to a negative change in the Index. At the end of the Term, 10% of the money you allocated is protected from loss. You can lose more than 90% of that money if you withdraw it before the end of the Term.

For this Contract, we currently offer twelve Indexed Strategies, which are detailed in the table on page 10. Each of these Indexed Strategies uses one of five Indexes: S&P 500® Index, iShares® MSCI EAFE ETF, SPDR® Gold Shares ETF, iShares® U.S. Real Estate ETF, and First Trust Barclays Edge Index. The returns of each Index, except the First Trust Barclays Edge Index, do not reflect the reinvestment of dividends, which means that the Index return will be less than what would be received by investing in the individual securities that make up the Index or ETF. The First Trust Barclays Edge Index deducts fees and costs when calculating Index performance, which also will reduce the Index return. Note: Not all Indexed Strategies are available for Contracts issued in Missouri or Nebraska,

One of three Positive Return Factors is used when calculating any increase in the value of an Indexed Strategy based on the performance of an Index: a Cap, an Upside Participation Rate, or a Trigger Rate. The Positive Return Factors are generally designed to limit the increase in the value of the Indexed Strategies at the end of a Term. A Cap is the maximum positive Index change that is taken into account to determine the Strategy value at the end of the Term and may limit the potential increase in Strategy value. An Upside Participation Rate is your share of any positive Index change taken into account to determine the Strategy value at the end of the Term. When the Upside Participation Rate is less than 100%, it will limit the potential increase in the value of an Indexed Strategy. For the Performance Trigger Strategies, a Trigger Rate is a specified rate credited to the Strategy when the Index change is zero or positive at the end of the Term. For the Dual Performance Trigger Strategy, a Trigger Rate is a specified rate credited to the Strategy when the Index change is zero, positive, or negative up to the Buffer at the end of a Term. A Trigger Rate may be more or less than any rise in the Index at the end of a Term.

One of two Negative Return Factors is used when decreasing the value of an Indexed Strategy based on the performance of an Index: a Buffer or a Floor. The Buffer is the negative index change to be disregarded when determining Strategy value at the end of the Term. A 10% Buffer causes the Company to assume the first 10% of any negative Index change, but your Strategy value will decrease by any negative return in excess of 10%. A 20% Buffer causes the Company to assume the first 20% of any negative Index change, but your Strategy value will decrease by any negative return in excess of -20%. The Floor is the maximum amount the Company will decrease your Strategy value at the end of the Term if there is a negative Index change. A -10% Floor limits the loss from any negative Index change to 10% when determining the Strategy value at the end of the Term.

Potential Loss. Every Indexed Strategy includes a risk of potential loss, which may include both your original principal and prior earnings. At the end of a Term for a 10% Buffer Strategy, you could lose up to 90% of your original principal and prior earnings. At the end of a Term for a 20% Buffer Strategy, you could lose up to 80% of your original principal and prior earnings. At the end of a Term for a -10% Floor Strategy you could lose up to 10% of your original principal and prior earnings. If before the end of a Term you take a withdrawal or Surrender the Contract, annuitize the Contract, make a Performance Lock election, or a Death Benefit becomes payable, the Daily Value Percentage calculation may result in losses for a -10% Floor Strategy that exceed the -10% Floor, losses for a 10% Buffer Strategy that do not receive the benefit of the 10% Buffer, and losses for a 20% Buffer Strategy that do not receive the benefit of the 20% Buffer. In extreme circumstances, an Indexed Strategy could have no value before the end of a Term due to the Daily Value Percentage, meaning that you would suffer a complete loss of your principal and any prior earnings in that Strategy if, before the end of the Term, you were to take a withdrawal or Surrender your Contract, annuitize, or elect a Performance Lock, or if we were to pay the Death Benefit. (See below for more information on the Daily Value Percentage.).

Availability of Crediting Strategies. The S&P 500 5-year 10% Buffer with Upside Participation Rate Indexed Strategy and the S&P 500 5-year 20% Buffer with Cap Indexed Strategy will only be available for Terms beginning in the first Contract Year. The S&P 500 1-Year -10% Floor with Cap Indexed Strategy and a Declared Rate Strategy will always be available. At the end of a Term, we may, stop offeringin our discretion, eliminate any particularother Crediting Strategy, other than the S&P 500 1-Year -10% Floor with Cap Indexed Strategy and a Declared Rate Strategy. The interest rate for the Declared Rate strategy may also change each term, but weit will always offer at least one Indexed Strategy. Consequently, anybe greater than 0%. The Cap for the S&P 500 1-Year -10% Floor with Cap Indexed Strategy listed above may notchange each term, but it will never be available afterless than 1%. We have the end ofright to replace the initial Term.Index associated with an Indexed StrategiesStrategy under

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certain circumstances. The S&P 500 1-Year -10% Floor with Cap Indexed Strategy or any other Indexed Strategy that may be available in the future may earn a return that is lower than the return your investments would have earned if they had been invested in the other currently available Indexed Strategies listed above. In addition, if we reduceor may offer less protection against loss than other currently available Indexed Strategies. A reduction in the available number of Indexavailable Indexed Strategies to just one Indexed Strategy, your ability to increase your Account Value could be significantly reduced.

In general, we will setor a higher Maximum Gain for a Growth Strategy than the Maximum Gain for a Conserve Strategy that uses the same Index, and we will set a higher Maximum Gain for the Buffer Strategy than for the Growth Strategy that uses the same Index.

The valuereplacement of an indexed strategy will increase if there is a positive changeunderlying Index could materially limit the growth potential of your investment in this Contract, and new Indexed Strategies offered in the applicable Index value during a Term. Any increase during a Term is subject to an upper limit calledfuture may offer less favorable Positive Return Factors and Negative Return Factors than currently available Indexed Strategies. In the Maximum Gain. At least 10 days before a Term starts,future, we will post the Maximum Gainmay offer new Indexed Strategies with Buffers that will applyare lower than 10% or Floors that are more negative. An allocation of funds to an Indexed Strategy for that Term on our website.with a lower Buffer or a more negative Floor could materially increase the loss potential related to this Contract. We can change the Maximum Gain for each new Term of an indexed strategy.

Before the end of a Term, any increase in the value of an indexed strategy is also subject to a vesting factor. The vesting factor limits the portion of the positive change in the Index that we take into account when we calculate the increase in the strategy value. The vesting factor varies depending on the day of the Term. It is 25% for any date within the first half of a Term, 50% for any date within the second half of a Term, and 100% at the end of a Term.

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The value of a Conserve/0% Floor Strategy will not decrease even if there isoffer a negative change in the applicable Index value during a Term.

The value of a Growth/-10% Floor Strategy will decrease if there is a negative change in the applicable Index value during a Term. Any decrease during a Term for a Growth Strategy is subject to a lower limit called the Maximum Loss. The Maximum Loss for each Term of a Growth Strategy is 10%. Each Growth Strategy includes a risk of potential loss of up to 10% of principal and any prior earnings each Term.

The value of a 10%new Buffer Strategy will decrease if there isthat offers less protection against loss than a negative change in5% Buffer or a Floor strategy that offers less protection against loss than a -20% Floor. For any Cap Strategy, the applicable Index Value that is larger than the Buffer during a Term. The Buffer is the portion of a negative Index Change for a Term that is disregarded when calculating Buffer Strategy losses. The Buffer varies depending on the day of the Term. The Buffer at the end of a Term is 10%. Before the end of the Term, the Buffer is calculated daily as a prorated share of the annual 10% Buffer. Each Buffer Strategy includes a risk of potential loss of principal and any prior earnings. At maximum, the Buffer protects 10% of principal and any prior earnings from loss each Term.

Note: The S&P 500 Buffer strategy is not available for Contracts issued prior to May 2020.

The Contract also offers a declared rate strategy, which earns interest during a Term at a fixed rate we set before that Term begins. The fixed interest rate varies from Term to Term, butCap will never be less than 1%. Note: The declared rate strategy is notFor any Upside Participation Rate Strategy, the Upside Participation Rate will never be less than 5%. For any Trigger Strategy, the Trigger Rate will never be less than 1%. If you choose to Surrender the Contract because of changes in the number and/or type of available for Contracts issued in Missouri.Indexed Strategies, your Surrender may be subject to Early Withdrawal Charges, Daily Value Percentage adjustments, taxes, and tax penalties. If you purchase another retirement contract, it may have different features, fees, and risks than this Contract.

Long Term Investment. The Contract is intended for long-term investment purposes and the Contract and its Indexed Strategies may not be appropriate for investors who plan to take withdrawals (including systematicautomated withdrawals and required minimum distributions) during the first sevenfive Contract Years. An early withdrawal charge may apply if youYears or who plan to take withdrawals from Indexed Strategies before the end of a withdrawal or SurrenderTerm.

Investment Base. The value of an Indexed Strategy is calculated using the ContractInvestment Base. The Investment Base is the amount applied to an Indexed Strategy at the beginning of a Term, adjusted proportionally for any withdrawals taken during the first seven Contract Years. That chargeTerm and any related Early Withdrawal Charge. During the Term, the Investment Base remains unchanged except for any proportional adjustments for withdrawals. A withdrawal reduces the Investment Base by the amount that is proportional to the reduction in the Strategy value on account of the withdrawal and any related Early Withdrawal Charge. This means the dollar amount of the proportional reduction in the Investment Base will reduce strategy values, includingbe more than the dollar amount of the withdrawal and the Early Withdrawal Charge if the Strategy value immediately before the withdrawal is less than the Investment Base. At the end of the Term, the applicable Positive Return Factor and Negative Return Factor are applied to the remaining Investment Base to determine the Strategy value for the Term.

Daily Value Percentage. Before the end of a Term, unless you have made a Performance Lock election, the value of an Indexed Strategy is the Investment Base increased or decreased by the Daily Value Percentage. The Daily Value Percentage is based on hypothetical options that represent the projected change in the Index over the full Term, and is equal to the Net Option Price, reduced by the Amortized Option Cost and the Trading Cost. The Daily Value Percentage is applied to determine Strategy values when you withdraw funds allocated to an Indexed Strategy or Surrender your Contract before the end of a Conserve/0% Floor Strategy.Term. The Daily Value Percentage is also applied if the Death Benefit or Annuity Payout value are determined before the end of a Term. Please see the Potential Loss paragraph above for more information.

Early Withdrawal Charge. During the first five Contract Years, an Early Withdrawal Charge applies if you Surrender your Contract. It also applies to any withdrawal in excess of the Free Withdrawal Allowance, including automatic withdrawals and withdrawals taken to satisfy a required distribution. The early withdrawal charge is 8% for withdrawals and Surrenders of the Contract in the first Contract Year and falls each Contract Year during the seven-yearfive-year period. Withdrawals and Surrenders may also be subject to income tax, and withdrawals and Surrenders before age 5912 may also be subject to an additional 10% penalty tax.

Declared Rate Strategy. The Declared Rate Strategy earns interest during a Term at a fixed rate we set before that Term begins. The fixed interest rate varies from Term to Term, but will never be less than the guaranteed minimum interest rate set out in the Declared Rate Strategy endorsement included in your Contract. The guaranteed minimum interest rate set out in the endorsement will always be greater than 0% and will be at least equal to the minimum interest rate required for fixed annuity contracts by state Standard Nonforfeiture Law that is in effect on the date that the Contract is issued. Each Term of the Declared Rate Strategy is one-year long. Note: The Declared Rate Strategy is not available for Contracts issued in Missouri.

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Risk Factors for this Contract appear on pages 12-1615-24 and pages A6-A10.A5-A12. Indexed annuity contracts are complex insurance and investment vehicles. You should speak with a financial advisor about the Index Frontier 75 Plus annuity and its features, benefits, risks, and fees,charges, and whether the Contract is appropriate for you based upon your financial situation and objectives.

Please read this prospectus before investing and keep it for future reference. It contains important information about your annuityContract and MassMutual Ascend Life that you ought to know before investing. It describes all material rights and obligations under the Contract. The provisions of the Contract includingmay vary from state to state. All material state variations.variations are identified in the State Variations section of this prospectus.

All guarantees under the Contract are the obligations of MassMutual Ascend Life and are subject to the credit worthiness and claims-paying ability of MassMutual Ascend Life.

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NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

The Contract is not insured by the FDIC (Federal Deposit Insurance Corporation) or the NCUSIF (National Credit Union Share Insurance Fund).

Although the Contract may be sold through relationships with banks or other financial institutions, the Contract is not a deposit or obligation of, or guaranteed by, such institutions or any federal regulatory agency.

The Contract is a security. It involves investment risk and may lose value.There is a risk of loss of principal under the Contract and that loss can become greater due to Early Withdrawal Charges.

All guarantees under the Contract are the obligations of MassMutual Ascend Life and are subject to the credit worthiness and claims-paying ability of MassMutual Ascend Life.

The Contract doesn’t invest in any equity, debt or other investments. If you buy this Contract, you aren’t investing directly in an Index, the stocks included in an Index, or the underlying investments or other assets held by an Index.

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by MassMutual Ascend Life Insurance Company. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”);MassMutual Ascend Life Insurance Company’sProductsis not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such partiesmake any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

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The iShares U.S. Real Estate ETF and the iShares MSCI EAFE ETF are distributed by BlackRock Investments, LLC. iShares®, BLACKROCK®, and the corresponding logos are registered and unregistered trademarks of BlackRock, Inc. and its affiliates (“BlackRock”), and these trademarks have been licensed for certain purposes by MassMutual Ascend Life Insurance Company. MassMutual Ascend Life annuity products are not sponsored, endorsed, sold or promoted by BlackRock, and purchasers of an annuity from MassMutual Ascend Life do not acquire any interest in the iShares U.S. Real Estate ETF or the iShares MSCI EAFE ETF nor enter into any relationship of any kind with BlackRock. BlackRock makes no representation or warranty, express or implied, to the owners of any MassMutual Ascend Life annuity product or any member of the public regarding the advisability of purchasing an annuity, nor does it have any liability for any errors, omissions, interruptions or use of the iShares U.S. Real Estate ETF or the iShares MSCI EAFE ETF or any data related thereto.

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The principal underwriter of the Contract is MM Ascend Life Investor Services, LLC. The offering of the Contract is intended to be continuous. The underwriter will use its best efforts to sell the Contract.

This prospectus is not an offering in any state, country, or jurisdiction in which we are not authorized to sell the Contract.

If you purchase a Contract, you may cancel it within 20 days after you receive it. If you purchase a Contract to replace an existing annuity contract or insurance policy, you have 30 days to cancel the Contract. The right to cancel period may be longer in some states. In manymost states, you will bear the risk of investment gain or lossany decreases in Indexed Strategy values before cancellation. The right to cancel is described more fully in the Right to Cancel section of this prospectus.

Our form number for the Contract is P1822317NW. Our form numbers for the strategy endorsements to the Contract are E1322417NW, E1322517NW, E1322617NW, E1322717NW, E1322817NW, E1322917NW, E1323017NW, E1829620NW, E1829720NW, and E1829820NW. The form numbers may vary by state. The Securities and Exchange Commission file number for the Contract is 333-[ ].

 

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Table of Contents

 

INDEX FRONTIER®7SECTION I Index Frontier 5 Plus ANNUITY INFORMATION

   5 

Special Terms

   5 

Special Terms Related to Daily Value Percentage

8

Summary

   79 

Risk Factors

   1215

Indexed Strategies

24

Indexes

31

Positive Return Factors and Negative Return Factors

37

Indexed Strategy Value at End of Term

39

Indexed Strategy Value Before End of Term

41

Indexed Strategy Value After Performance Lock Election

47

Declared Rate Strategy

50 

Purchase

   1751 

Initial Strategy Selections

   19

Declared Rate Strategy

19

Indexed Strategies

20

Vested Gains and Losses

22

Asymmetrical Impact of Index Changes on Growth and Buffer Strategies Using the Same Index

27

Examples—Impact of Withdrawals on Indexed Strategy Values

2852 

Strategy Renewals and ReallocationsSelections at Term End

   4153 

Cash Benefit

   4254 

Examples—Amount Available for WithdrawalFees and Charges

   4456 

Early Withdrawal Charge

   5056 

Annuity Payout Benefit

   5258 

Death Benefit

   5459 

Payout Options

   5661 

Processing ApplicationsPurchase Payments and Requests

   5963 

Right to Cancel (Free Look)

   6165 

Annual Statement and Confirmations

   6165 

Electronic Delivery

   6265 

Abandoned Property Requirements

   6266 

Owner

   6266 

Annuitant

   6367 

Beneficiary

   6367 

Other Contract Provisions

   64

Previous Notice Methods

64

State Variations

64

Index Replacement

6768 

Federal Tax Considerations

   68 

Premium and Other Taxes

   72 

Distribution of the Contracts

   72 

MassMutual Ascend Life’s General Account

   73 

Legal Matters

   7473 

Experts

   74 

The Registration Statement

   74 

Option Prices

74

Examples: Impact of Withdrawals on Contract Values and Amounts Realized

76

State Variations

105

SECTION II MASSMUTUAL ASCEND LIFE INFORMATION

   A-1 

 

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SECTION I

INDEX FRONTIER® 7 5 PLUS ANNUITY INFORMATION

Special TermsSPECIAL TERMS

In this prospectus, the following capitalized terms have the meanings set out below.

ACCOUNT VALUE. TheFor each day, the Account Value is the sum of the current values of each Crediting Strategy, plus the current value of the Purchase Payment Account, if any.

ANNUITANT. The natural person or persons on whose life the Annuity Payout Benefit is based.

ANNUITY PAYOUT BENEFIT. A series of periodic payments made under a Payout Option. The terms and conditions are described in the Annuity Payout Benefit section of this prospectus.

ANNUITY PAYOUT INITIATION DATE. The first day of the first payment interval for which payment of an Annuity Payout Benefit is to be made.

BAILOUT TRIGGER. The Maximum Gain for This is the next Term of an Indexed Strategy that triggers a waiver of Early Withdrawal Charges underdate we apply your Account Value to the Bailout right of an Indexed Strategy.Annuity Payout Benefit and calculate the payment amount.

BENEFICIARY. A person entitled to receive all or part of a Death Benefit that is to be paid under the Contract on account of a death before the Annuity Payout Initiation Date.

BUFFER. The portionFor an Indexed Strategy with a Buffer (a “Buffer Strategy”), the Buffer is the decrease in the value of a negativean Index Change for a Term that is disregarded when determining a Vested Lossthe loss for a Buffer Strategy.the Term. The Buffer varies depending onis also used to determine the daystrike price of the out-of-the-money put option that is part of the Daily Value Percentage calculation before the end of the Term. OnceFor each Term of a Buffer Strategy that we currently offer with this Contract, the final Market DayBuffer is either 10% or 20%. In the future, we may offer a new Buffer Strategy that offers more or less protection against loss than a 10% or 20% Buffer, but we will not offer a new Buffer Strategy that offers less protection against loss than a 5% Buffer.

CAP. For an Indexed Strategy with a Cap (a “Cap Strategy”), the Cap is the maximum positive Index change over the course of the Term has been reached,(measured at the Buffer is 10%. Before the final Market Day, the Buffer is equal to: 10% x ((365 – N) / 365), where N is equal to the number of days remaining until the final Market Daystart and end of the Term) that is taken into account to determine the Strategy value at the end of the Term. The Cap is also used to determine the strike price of the out-of-the-money call option that is part of the Daily Value Percentage calculation for that Strategy before the end of the Term. We post on our website (www.massmutualascend.com/RILArates) the Cap for each Term of a Cap Strategy at least 10 days before the next Term starts. The Cap for a Term will never be less than 1%.

CONTRACT. The annuity contract (including applicable endorsements and riders) that is a legally binding agreement between you and MassMutual Ascend Life, including applicable endorsements and riders.Life. In this prospectus, “Contracts” refers to all Index Frontier 5 Plus Annuity contracts.

CONTRACT ANNIVERSARY. The date in each year that is the annual anniversary of the Contract Effective Date. That date is set out on your Contract Specifications Page.

CONTRACT EFFECTIVE DATE. The date as of which the initial Purchase Payment is applied to the Contract. That date is set out on your Contract Specifications Page.

CONTRACT SPECIFICATIONS PAGE. The page in your Contract that contains details unique to your Contract.

CONTRACT YEAR. A 12-month period that starts on the Contract Effective Date or on a Contract Anniversary.

CREDITING STRATEGY.STRATEGY (STRATEGY). A specified method by which declared interest is set or gain or lossvalues are calculated. Each Indexed Strategy and Declared Rate Strategy is calculated for a Term.Crediting Strategy. The Crediting Strategies that are currently available are set out on the first page 10 of this prospectus.

DAILY VALUE PERCENTAGE. The Daily Value Percentage is used to determine the value of an Indexed Strategy before the end of a Term. The calculation of Strategy value using the Daily Value Percentage is relevant only if amounts allocated to an Indexed Strategy are not held to the end of the Term due to withdrawals, Surrender of the Contract, payment of the Death Benefit, annuitization, or if you have made a Performance Lock election. A negative Daily Value Percentage adjustment could result in significant loss, even if the Index is performing positively. For each day of a Term of an Indexed Strategy before the final Market Day of the Term, the Daily Value Percentage is equal to: (1) the Net Option Price for that day; minus (2) the Amortized Option Cost for that day; and minus (3) the Trading Cost for that day.

See the next section (Special Terms Related to Daily Value Percentage) for the definitions of Amortized Option Cost, Net Option Price, and Trading Cost.

DEATH BENEFIT. An amount that becomes payable if you die before the Annuity Payout Initiation Date and before the date that the Contract is Surrendered. The terms and conditions are described in the Death Benefit section of this prospectus.

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DECLARED RATE. A fixed interest rate set by us for a Term of the Declared Rate Strategy. The Declared Rate varies from Term to Term but will always be greater than 0%, will be at least equal to the minimum interest required for fixed annuity contracts by the State Standard Nonforfeiture Law that is in effect on the date that the Contract is issued, and will never be less than the guaranteed minimum interest rate set out in the Declared Rate Strategy endorsement included in your Contract. At least 10 days before the next Term starts, we will post the Declared Rate for that next Term on our website (www.massmutualascend.com/RILArates).

DECLARED RATE STRATEGY. A Crediting Strategy that credits interest at a Declared Rate. Note: The Declared Rate Strategy is not available for Contracts issued in Missouri.

EARLY WITHDRAWAL CHARGE. A charge deducted from the Account Value of your Contract if, during the first sevenfive Contract Years, you Surrender your Contract or you take a withdrawal in excess of the Free Withdrawal Allowance (including systematic withdrawals and required minimum distributions). in excess of the Free Withdrawal Allowance. The Early Withdrawal Charge does not apply to a withdrawal that qualifies for the Free Withdrawal Allowance or the amount, if any, that qualifies for another waiver. The Early Withdrawal Charge does not apply to an Annuity Payout Benefit or Death Benefit.

FLOOR. For an Indexed Strategy with a Floor (a “Floor Strategy”), the Floor is the maximum decrease in the value of an Index for a Term that is taken into account when determining the loss for the Term. The Floor is also used to determine the strike price of the out-of-the-money put option that is part of the Daily Value Percentage calculation before the end of the Term. For each Term of a Floor Strategy that we currently offer with this Contract, the Floor is -10%. In the future, we may offer a new Floor Strategy that offers more or less protection against loss than a -10% Floor but we will not offer a new Floor Strategy that offers less protection against loss than a -20% Floor.

FREE WITHDRAWAL ALLOWANCE. The total amount that may be taken as a withdrawal or Surrendered during a Contract Year without an Early Withdrawal Charge that wouldmight otherwise apply. This amount is described in the Free Withdrawal Allowance section of this prospectus. Like any other withdrawal, an amount withdrawn that is covered by the Free Withdrawal Allowance will reduce the value of an Indexed Strategy on a dollar-for dollar basis, and will proportionally reduce the Investment Base of a Strategy.

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INDEX. A stock market index or an exchange-traded fund.

INDEX CHANGE. The increase or decrease, if any, infund (ETF) used to calculate the applicable Index Value over a Termvalue of an Indexed Strategy.

INDEX VALUE. For Indexed Strategies The Index at the start of a Term is its level or price at the Market Close on the first day of that useTerm. If the S&P 500 Index,first day of that Term is not a Market Day, then the Index Valueat the start of a Term is its level or price at the closing valuelast Market Close before the first day of the Index. For Indexed StrategiesTerm. The Index at the end of a Term is its level or price at the final Market Close of that use the SPDR Gold Shares ETF, the iShares U.S. Real Estate ETF, or the iShares MSCI EAFE ETF, the Index Value is the fund’s closing share price on the NYSE Arca.Term.

INDEXED STRATEGY. A Crediting Strategy that provides a return based, in part, on changesthe net change in the level or price of an Index Value.for a Term.

INVESTMENT BASE. The base amount used to calculate the value of an Indexed Strategy. The Investment Base is the amount applied to an Indexed Strategy at the start of a current Term. ATerm, adjusted proportionally for any withdrawal during the Term and any related Early Withdrawal Charge reduces theCharge. An Investment Base proportionallyis not used to the reduction incalculate the value of that Indexed Strategy due to the withdrawal or charge. For example, if a withdrawal reduces the value of an Indexed Strategy by 15%, then it will reduce the Investment Base of that Strategy by 15%.Declared Rate Strategy.

MARKET CLOSE. The close of the regular or core trading session on the market used to measure a given Indexed Strategy.Index.

MARKET DAY. Each day that all markets that are used to measure the available Indexed StrategiesIndexes are open for regular trading.

MASSMUTUAL ASCEND LIFE (“WE,” “US,” “OUR,” “MMALIC”). MassMutual Ascend Life Insurance Company.

MAXIMUM GAIN.NEGATIVE RETURN FACTOR. The largest positive Index Change for a Term that is taken into accountFloor or Buffer used to determine the Vested Gainvalues for a given Indexed Strategy. We set the Maximum Gain for each Term of an Indexed Strategy beforeat the first dayend of thatthe Term. For a given Term, we may set a different Maximum Gain for amounts attributable to Purchase Payments received on different dates. The Maximum Gain can also be called a “Cap”.

MAXIMUM LOSS. The most negative Index Change for a Term that is taken into account to determine a Vested Loss for a given Conserve Strategy or Growth Strategy. The Maximum Loss for a Growth Strategy is a loss of 10% and will apply to all Terms of that Growth Strategy. The Maximum Loss for a Conserve Strategy is 0% and will apply to all Terms of that Conserve Strategy. The Maximum Loss can also be called a “Floor”.

OWNER (“YOU,” “YOURS”). The person(s) who possesses the ownership rights under the Contract. If there is more than one Owner, each Owner will be a joint owner of the Contract and each reference to Owner means joint owners.

PAYOUT OPTION. The form in which an Annuity Payout Benefit or a Death Benefit may be paid. Standard options are described in the Payout Options section of this prospectus.

PERFORMANCE LOCK. An election to lock in the Daily Value Percentage for the remainder of a Term of an Indexed Strategy. A Performance Lock election for a Term is effective on the second Market Close following our receipt of your Request in Good Order. After the second Market Close, the Indexed Strategy value before the end of the Term and the Indexed Strategy value at the end of the Term is equal to the remaining Investment Base increased or decreased by the locked Daily Value Percentage. The locked Daily Value Percentage is the Daily Value Percentage determined for that second Market Close. The Indexed Strategy value will still change if there is a change in the Investment Base. You can make a Performance Lock election once per Term and only for specific Indexed Strategies.

POSITIVE RETURN FACTOR. The Cap, Upside Participation Rate, or Trigger Rate used to determine values for an Indexed Strategy at the end of the Term.

PURCHASE PAYMENT. An amount received by us for the Contract. This amount is determined after deducting any taxes withheld from the deduction ofpayment and after deducting any fee charged by the person remitting payment and any taxes withheld from the payment.

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PURCHASE PAYMENT ACCOUNT. An account where a Purchase Payment is held from the dateuntil it is applied to the Contract until the firsta Crediting Strategy on a Strategy Application Date on or after that date.Date.

REQUEST IN GOOD ORDER. Information providedAn election or a request made that is:

 

complete and satisfactory to us;

 

sent to us on our form or in a manner satisfactory to us, which may, at our discretion, be by telephone or electronic means; and

 

received at our administrative office.

Information providedAn election or a request made is complete and satisfactory when we have received: (1) all the information and legal documentation that we require to process the informationelection or the request; and (2) instructions that are sufficiently clear that we do not need to exercise any discretion to process the informationelection or the request. If you have any questions, you should contact us or your registered representative before submitting your election or your request.

STRATEGY APPLICATION DATE. The 6th and 20th days of each month.

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SURRENDER. The termination of your Contract in exchange for its Surrender Value.

SURRENDER VALUE. TheFor each day, the Surrender Value is the Account Value on that day minus the Early Withdrawal Charge that would apply on a Surrender of the Contract. The Account Value will reflect the applicable Strategy values as calculated on that day, which will reflect the Daily Value Percentage whenever Surrender Value is measured before the end of a Term.

TAX-QUALIFIED CONTRACT. An annuity contract that is intended to qualify for special tax treatment for retirement savings. If your Contract is a Tax-Qualified Contract, the cover page of your Contract includes information about its tax qualification. If your Contract is not a Tax-Qualified Contract, the cover page of your Contract will identify it as a “Nonqualified Annuity.”

TERM. The period for which Contract values are allocated to a given Crediting Strategy, and over which interest or gain or loss isvalues are calculated. Each Term isTerms are one year long andor five years long. Each Term will start and end on a Strategy Application Date. A new Term will start on the date that the preceding Term ends.

VESTED GAIN.TRIGGER RATE. For an Indexed Strategy with a Trigger Rate (a “Trigger Strategy”), the Trigger Rate is the specified rate that is credited to the Strategy value when the Index change (measured at the start and end of the Term) qualifies for the Trigger Rate. In the case of a Performance Trigger Strategy, the Trigger Rate will be credited when the Index change is zero or positive at the end of the Term. In the case of a Dual Performance Trigger Strategy, the Trigger Rate will be credited if the Index change is zero, positive, or negative up to the Buffer at the end of the Term. The portionTrigger Rate is also used to determine the binary call option that is part of the Daily Value Percentage calculation for that Strategy before the end of the Term. We post on our website (www.massmutualascend.com/RILArates) the Trigger Rates for each Term of a Trigger Strategy at least 10 days before the next Term starts. The Trigger Rate for a Term will never be less than 1%.

UPSIDE PARTICIPATION RATE. For an Indexed Strategy with an Upside Participation Rate (an “Upside Participation Rate Strategy”), the Upside Participation Rate is your share of any positiverise in the Index Change for a Term taken into account to determine the Strategy value at the end of the Term. The Upside Participation Rate is also used to determine the Net Option Price that is part of the Daily Value Percentage calculation before the end of the Term. We post on our website (www.massmutualascend.com/RILArates) the Upside Participation Rate for each Term of an Upside Participation Rate Strategy at least 10 days before the next Term starts. The Upside Participation Rate for a Term will never be less than 5%. If the Index return is 10% and the Upside Participation Rate is 5%, then your Indexed Strategy value will only increase by 0.5% (10% times 5%).

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SPECIAL TERMS RELATED TO DAILY VALUE PERCENTAGE

AMORTIZED OPTION COST. The Amortized Option Cost is one part of the formula used to calculate the Daily Value Percentage, which is used to determine the value of an Indexed Strategy that is taken into account when determiningeach day before the value of that Indexed Strategy. For any dayfinal Market Day of a Term,Term. The Amortized Cost for a day is calculated as of the Vested Gainlast Market Close on or before that day. If the calculation day is not a Market Day, the Amortized Cost for that day is calculated as of the last Market Close before that day. The Amortized Option Cost is a percentage equal to: (1) any positive Index Changethe initial Net Option Price for the Term, but not exceeding the Maximum Gain setan Indexed Strategy for thatthe Term; multiplied by (2) the number of days remaining until the final Market Close of that Term divided by 365 days if that Term is one year long, or by 1,826 days if that term is five years long. The initial Net Option Price is the Net Option Price calculated as of the last market Close on or before the start of the Term.

NET OPTION PRICE. The Net Option Price is one part of the formula used to calculate the Daily Value Percentage, which is used to determine the value of an Indexed Strategy on each day before the final Market Day of a Term. The Net Option Price for a day is calculated as of the last Market Close on or before that day. If the calculation day is not a Market Day, the Net Option Price for that day is calculated as of the last Market Close before that day.

For Buffer Strategies with a Cap, the Net Option Price as of a Market Close is equal to: (1) the ATM Call Option Price calculated as of that Market Close; minus (2) the OTM Call Option Price calculated as of that Market Close; and minus (3) the OTM Put Option Price calculated as of that Market Close.

For Buffer Strategies with an Upside Participation Rate, the Net Option Price as of a Market Close is equal to: (1) the ATM Call Option Price calculated as of that Market Close multiplied by the Upside Participation Rate; minus (2) the OTM Put Option Price calculated as of that Market Close.

For Buffer Strategies with a Performance Trigger (other than a Dual Performance Trigger), the Net Option Price as of a Market Close is equal to: (1) the ATM Binary Call Option Price calculated as of the Market Close; minus (2) the OTM Put Option Price calculated as of the Market Close.

For Buffer Strategies with a Dual Performance Trigger, the Net Option Price as of a Market Close is equal to: (1) the ITM Binary Call Option Price calculated as of the Market Close; minus (2) the OTM Put Option Price calculated as of the Market Close.

For Floor Strategies with a -10% Floor with a Cap, the Net Option Price as of a Market Close is equal to: (1) the ATM Call Option Price calculated as of that Market Close; minus (2) the OTM Call Option Price calculated as of that Market Close; minus (3) the ATM Put Option Price calculated as of that Market Close; and plus (4) the OTM Put Option Price calculated as of that Market Close.

The option prices in these formulas reflect the possible future change in the Index over the remainder of the Term. The formulas take into account the applicable VestingPositive Return Factor for the Term, the Negative Return Factor, and the Index change required to qualify for the Trigger Rate.

Each option price is stated as a percentage of the Index calculated as of the last Market Close on or before the first day of the Term. The option price is an average of the bid-ask prices calculated for the hypothetical option.

ATM BINARY CALL OPTION PRICE. The calculated price of a hypothetical at-the-money binary call option (or collection of options) that day; and thenwill pay the holder an amount equal to the Trigger Rate multiplied by (3) the remaining Investment Base if the change in the Index for the Term is zero or is positive.

ATM CALL OPTION PRICE. The calculated price of a hypothetical at-the-money call option. The hypothetical at-the-money call option is one that will pay the holder an amount equal to the percentage rise, if any, in the Index from the last Market Close on or before the start of a Term to the final Market Close of that Term.

ATM PUT OPTION PRICE. The calculated price of a hypothetical at-the-money put option. The hypothetical at-the-money put option is one that will pay the holder an amount equal to the percentage fall, if any, in the Index from the last Market Close on or before the start of a Term to the final Market Close of that Term.

ITM BINARY CALL OPTION PRICE. The calculated price of a hypothetical in-the-money binary call option (or collection of options) that will pay the holder an amount equal to the Trigger Rate multiplied by the Investment Base if the change in the Index for the Term is zero, is positive, or is negative up to the Buffer.

OTM CALL OPTION PRICE. The calculated price of a hypothetical out-of-the-money call option. The hypothetical out-of-the-money call option is one that will pay the holder an amount equal to the percentage rise, if any, in the Index from the last Market Close on or before the start of a Term to the final Market Close of that Term, but only if and to the extent that rise exceeds the Cap for that Term.

VESTED LOSS.OTM PUT OPTION PRICE. The portioncalculated price of a hypothetical out-of-the-money put option. The hypothetical out-of-the-money put option is one that will pay the holder an amount equal to the percentage decrease, if any, negativein the Index Changefrom the last Market Close on or before the start of the Term to the final Market Close of the Term, but only to the extent the percentage decrease exceeds the Buffer or Floor for the TermTerm.

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TRADING COST. The Trading Cost is one part of the formula used to calculate the Daily Value Percentage, which is used to determine the value of an Indexed Strategy that is taken into account when determiningeach day before the value of that Indexed Strategy. For any dayfinal Market Day of a Term,Term. The Trading Cost is the Vested Lossestimated cost of selling the hypothetical options before the end of a Term. The Trading Cost for a day is equal to: (1) any negative Index Change fora percentage set by us from time to time based on market conditions. The Trading Cost reflects the Term, after taking into account either the Maximum Loss for each Term of that Indexed Strategy or the Buffer; multiplied by (2) the remaining Investment Base for that Term.

VESTING FACTOR. A factor used to determine a Vested Gain. Vesting Factors are described in the Vested Gainsaverage market difference between option bid-ask average prices and Losses section of this prospectus.option bid prices.

SummarySUMMARY

The MassMutual Ascend Life Index Frontier® 7 5 Plus annuity is aan individual modified single premium deferred indexed annuity contract that may help you accumulate retirement savings. The Contract is intended for long termlong-term investment purposes. The Contract is a legal agreement between you as the Owner and MassMutual Ascend Life as the issuing insurance company. In the Contract, you agree to make one or more Purchase Payments to us, and we agree to pay the Annuity Payout Benefit to you. If there is an applicable death before the Annuity Payout Initiation Date, we also agree to pay a Death Benefit that will never be less than the Return of Premium Guarantee.

Like all deferred annuities, the Contract has two periods. During the period prior to the Annuity Payout Initiation Date, your Contract may accumulate earnings on a tax-deferred basis. During the period that begins on the Annuity Payout Initiation Date, we will make payments under the selectedapplicable Payout Option.

The following chart describes the key features of the Contract.Contract are described in this Summary. Read this entire prospectus for more detailed information about the Contract.

Benefits (See Cash Benefit, Annuity Payout Benefit, and Death Benefit sections on pages 54, 57, and 59 for more details)

The Annuity Payout Benefit is a series of periodic payments made under a Payout Option. This benefit can provide you with income for a fixed period of time or for life. It is based on the Account Value on the Annuity Payout Initiation Date. The earliest Annuity Payout Initiation Date you may select is the first Contract Anniversary. Unless we agree to a later date, the latest Annuity Payout Initiation Date you may select is the Contract Anniversary following your 95th birthday or the 95th birthday of a joint owner, if earlier. If the Owner is not a human being, such as a trust or a corporation, then the Annuity Payout Initiation Date may not be later than the Contract Anniversary following the 95th birthday of the eldest Annuitant, unless we agree to a later date. The latest permitted date may change if an Owner changes.

The Cash Benefit lets you take out all of your Account Value (Surrender) or take out part of it (withdrawal). It is based on the Account Value on the date of the withdrawal or Surrender, reduced by any Early Withdrawal Charge. An Early Withdrawal Charge generally applies if you take money out during the first five Contract Years. You can Surrender your Contract or take a withdrawal before the Annuity Payout Initiation Date.

The Death Benefit is payable to your Beneficiaries if there is an applicable death before the Annuity Payout Initiation Date. It is based on the Death Benefit value. It will never be less than the Return of Premium Guarantee, which will be equal to your Purchase Payments, reduced proportionally for withdrawals, but not including amounts deducted for Early Withdrawal Charges.

When the Annuity Payout Benefit, the Cash Benefit, or the Death Benefit is determined on a date other than the end of the Term, the benefit will be based on the Daily Value Percentage of each Indexed Strategy (or the locked Daily Value Percentage if you have made a Performance Lock election). The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term.

A withdrawal from an Indexed Strategy, before the end of the Term, will reduce the Investment Base and the Death Benefit Return of Premium Guarantee by an amount that is proportional to the reduction in the Strategy value. If the Daily Value Percentage is negative, these proportional reductions could be significantly larger than the dollar amount of the withdrawal. A reduction in the Investment Base for a Term will reduce the gain from any future rise in the Index during that Term.

All benefits from the Contract are subject to income tax to the extent that they represent Contract earnings or pre-tax contributions. The taxable portion of Contract benefits may also be subject to an additional 10% penalty tax if received before age 5912.

Purchase Payments and Issue Age (See Purchase section on page 51 for more details)

The Contract is a modified single premium annuity. This means we will accept Purchase Payments only during the purchase payment period, which ends two months after the Contract Effective Date.

The initial Purchase Payment must be at least $25,000. Each additional Purchase Payment must be at least $10,000. You will need our prior approval if you want to make a Purchase Payment(s) of more than $1,000,000.

An Owner who is a natural person must be age 80 or younger on the Contract Effective Date.

Indexed Strategies (See Indexed Strategies section on page 24 for more details)

For this Contract, we currently offer twelve Indexed Strategies. Each of these Indexed Strategies uses one of five Indexes: S&P 500® Index, SPDR® Gold Shares ETF, iShares® MSCI EAFE ETF, iShares® U.S. Real Estate ETF, and First Trust Barclays Edge Index. Ten of these Indexed Strategies have one-year Terms and two have five-year terms. The returns of each Index, except the First Trust Barclays Edge Index, do not reflect the reinvestment of dividends. which means that the Index return will be less than what would be received by investing in the individual securities that make up the Index or in the ETF. The First Trust Barclays Edge Index deducts fees and costs when calculating Index performance, which will also

9


reduce the Index return. The S&P 500 1-Year -10% Floor with Cap will always be available. In future Terms, we may stop offering any other Indexed Strategy, we may modify the Positive Return Factor percentage for any Indexed Strategy, and we may offer new Indexed Strategies.

 

Benefits

•  The Annuity Payout Benefit is a series of periodic payments made under a Payout Option. This benefit can provide you with income for a fixed period of time or for life. It is based on the Account Value on the Annuity Payout Initiation Date.

•  The Cash Benefit lets you take out all of your Account Value (surrender) or take out part of it (withdrawal). An Early Withdrawal Charge generally applies if you take money out during the first seven Contract Years. You can Surrender your Contract or take a withdrawal before the Annuity Payout Initiation Date.

•  The Death Benefit is payable if you die before the Annuity Payout Initiation Date. This benefit is paid to your beneficiaries. It is based on the Death Benefit Value, which will never be less than your Purchase Payments, reduced proportionately for withdrawals.

Please see the Annuity Payout Benefit, Cash Benefit, and Death Benefit sections on pages [ ] for more information

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Purchase Payments

The Contract is a modified single premium annuity. This means we will accept Purchase Payments only during the purchase payment period, which ends two months after the Contract Effective Date. The initial Purchase Payment must be at least $25,000. Each additional Purchase Payment must be at least $10,000. You will need our prior approval if:

•  you are age 80 or younger and want to make a Purchase Payment(s) of more than $1,000,000; or

•  you are over age 80 and want to make a Purchase Payment(s) of more than $750,000.

Please see the Purchase section on page [ ] for more information.

Issue AgeEach Owner must be age 80 or younger on the Contract Effective Date. Please see the Purchase section on page [ ] for more information.
Indexed StrategiesWe currently offer nine Indexed Strategies.

Conserve/0% Floor StrategiesStrategy

 

Index

Term

Negative
Return Factor

Positive Return
Factor

S&P 500 0%1-Year -10% Floor with Cap

 S&P 500® Index

SPDR Gold Shares 0% Floor

  SPDR® Gold Shares ETF

iShares U.S. Real Estate 0% Floor

1-year
 

iShares U.S. Real Estate ETF

iShares MSCI EAFE 0%-10% Floor

 

iShares MSCI EAFE ETF

Growth/-10% Floor Strategies

Index

Cap

S&P 500 -10%1-Year Floor10% Buffer with Cap

S&P 5001-year10% BufferCap

S&P 500 1-Year 10% Buffer with Dual Performance Trigger*

S&P 5001-year10% BufferTrigger Rate

S&P 500 1-year 10% Buffer with Performance Trigger*

S&P 5001-year10% BufferTrigger Rate

S&P 500 1-year 20% Buffer with Performance Trigger*

 S&P 500® Index1-year20% BufferTrigger Rate

S&P 500 1-Year 20% Buffer with Cap*

S&P 5001-year20% BufferCap

S&P 500 5-Year 10% Buffer with Upside Participation Rate*

S&P 500®5-year10% BufferUpside Participation Rate

S&P 500 5-Year 20% Buffer with Cap*

S&P 5005-year20% BufferCap

SPDR Gold Shares 1-Year -10% Floor with Cap

 SPDR® Gold Shares ETF1-year-10% FloorCap

iShares U.S. Real Estate 1-Year -10% Floor with Cap

 

iShares U.S. Real Estate ETF

1-year-10% FloorCap

iShares MSCI EAFEEAFE1-Year -10% Floor with Cap

 

iShares MSCI EAFE ETF

1-year-10% FloorCap

First Trust Barclays Edge 1-Year10% Buffer Strategywith Cap*

 

Index

S&P 500 10% Buffer

First Trust Barclays Edge
  S&P 500® Index1-year10% BufferCap

For any Cap Strategy, the Cap will never be less than 1%. For any Upside Participation Rate Strategy, the Upside Participation Rate will never be less than 5%. For any Trigger Strategy, the Trigger Rate will never be less than 1%. We will not offer a new Floor Strategy that offers less protection against loss than a -20% Floor or a new Buffer Strategy that offers less protection against loss than a 5% Buffer.

A Performance Lock election may be made for any Term or Terms of the S&P 500 Indexed Strategies (excluding the three Trigger Strategies) and the First Trust Barclays Edge Indexed Strategy. If you make a Performance Lock election for a given Term of an eligible Strategy, you may not change or revoke that election or make a second election for that same Term of that same Strategy. A Performance Lock election will be based on the Daily Value Percentage at the second Market Close after it is received. The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term. A Performance Lock election means that you will not benefit from any rise in the Index during the balance of the Term and may earn less than you would have if you had not made a Performance Lock election.

 

*

Conserve/0% FloorThese 7 Strategies

•  The value of a Conserve Strategy will increase if there is a positive Index Change during a Term. Any positive Index Change is subject to the applicable Maximum Gain for the Term. Before the end of the Term, any positive Index Change is also subject to a Vesting Factor. A Vested Gain can never be more than the Maximum Gain for that Term.

•  The value of a Conserve Strategy will never decrease due to a negative Index Change during a Term.

Growth/-10% Floor Strategies

•  The value of a Growth Strategy will increase if there is a positive Index Change during a Term. Any positive Index Change is subject to the applicable Maximum Gain for the Term. Before the end of the Term, any positive Index Change is also subject to a Vesting Factor. A Vested Gain can never be more than the Maximum Gain for that Term.

•  The value of a Growth Strategy will decrease due to a negative Index Change during a Term. If you allocate money to a Growth Strategy, you can lose up to 10% of that money during the Term due to a negative Index Change.

10% Buffer Strategy

•  The value of the Buffer Strategy will increase if there is a positive Index Change during a Term. Any positive Index Change is subject to the applicable Maximum Gain for the Term. Before the end of the Term, any positive Index Change is also subject to a Vesting Factor. A Vested Gain can never be more than the Maximum Gain for that Term.

•  The value of the Buffer Strategy will decrease due to a negative Index Change during a Term. If you allocate money to the Buffer Strategy, at the end of the Term you can lose up to 90% of that money due to a negative Index Change. At the end of the Term, 10% of the money you allocated is protected from loss. You can lose more than 90% of that money if you withdraw it before the end of the Term.

Note: The S&P 500 Buffer strategy is are not available for Contracts issued prior to May 2020.

Please see the Indexed Strategies section on page [ ] for more information.in Missouri or Nebraska until such time as state approval is received.

The Contract does not invest in any equity, debt, or other investments. If you buy this Contract, you are not investing directly in an Index, in the stocks included in S&P 500 Index, in the stocks and bonds of the First Trust Barclays Edge Index, in the securities or other assets held by an iShares ETF or SPDR ETF, in any underlying index tracked by an iShares ETF or SPDR ETF, or in the securities or other assets held by any such underlying index. All benefits and guarantees under the Contract are the obligations of MassMutual Ascend Life and are subject to the credit worthiness and claims-paying ability of MassMutual Ascend Life.

8Indexed Strategy Value (See “Indexed Strategy Value at End of Term” and “Indexed Strategy Value Before End of Term” sections below for more details)

The value of an Indexed Strategy is determined each day throughout a Term. The method used to calculate the Strategy value depends on whether the value is being calculated at the end of a Term or during a Term, and whether a Performance Lock election has been made.

Once the last Market Day of the Term has been reached, unless a Performance Lock election has been made, the value of an Indexed Strategy is equal to the remaining Investment Base increased for any rise in the applicable Index over that Term or decreased for any fall in the applicable Index over that Term. Any increase for the Term is limited by the applicable Positive Return Factor percentage for the Term. Any decrease for the Term is limited by the applicable Negative Return Factor percentage.

On each day before the last Market Day of the Term, unless a Performance Lock election has been made, the value of an Indexed Strategy is equal to the remaining Investment Base increased or decreased by the Daily Value Percentage as of the most recent Market Close.

If a Performance Lock election has been made, then starting with the second Market Close following receipt of the election and continuing through the end of the Term, the value of the Indexed Strategy is equal to the remaining Investment Base increased or decreased by the Daily Value Percentage locked as of that second Market Close. Because a Performance Lock election is effective on the second Market Close following receipt of the election, you will not be able to determine in advance the locked Daily Value Percentage that will apply to the Indexed Strategy at the time you make a Performance Lock election.

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Investment Base(See Indexed Strategies section on page 24 for more details)

The value of an Indexed Strategy is calculated using the Investment Base. The Investment Base is not your Strategy value, Account Value, Surrender Value, Annuity Payout value, or Death Benefit value, but it is used to calculate those values.

At the start of a Term, the Investment Base of an Indexed Strategy is equal to the amount applied to that Strategy for that Term. The Investment Base will not change during a Term unless there is a withdrawal. For example, if $60,000 is applied to a given Indexed Strategy at the beginning of a Term, and there are no withdrawals, then the Investment Base throughout that Term will be $60,000.

A withdrawal reduces the Investment Base by the amount that is proportional to the reduction in the Strategy value on account of the withdrawal and any related Early Withdrawal Charge. For example, if a withdrawal and the related Early Withdrawal Charge are equal to 35% of the Strategy value, then the Investment Base for that Strategy will be reduced by 35%. The reduction in the value of the Indexed Strategy will be based on the Daily Value Percentage of the Indexed Strategy (or the locked Daily Value Percentage if you have made a Performance Lock election). The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term.

This means the dollar amount of the proportional reduction in the Investment Base could be greater than the dollar amount of the withdrawal and the Early Withdrawal Charge.

If the Daily Value Percentage is positive and the Strategy value immediately before the withdrawal is greater than the Investment Base, then the proportional reduction in the Investment Base will be less than the withdrawal and the related Early Withdrawal Charge.

If the Daily Value Percentage is negative and the Strategy value immediately before the withdrawal is less than the Investment Base, then the proportional reduction in the Investment Base will be greater than the withdrawal and the related Early Withdrawal Charge.

A reduction in the Investment Base for a Term will reduce the gain or loss from any future changes in the Index during that Term.

Indexed Strategy Value at End of a Term (See Indexed Strategy Value at End of Term section on page 39 for more details)

At the end of a Term, unless a Performance Lock election has been made, the value of an Indexed Strategy is equal to the remaining Investment Base increased or decreased based on the performance of the applicable Index and application of Positive Return Factors and Negative Return Factors at the end of the Term. If you have made a Performance Lock election, then the normal rules set out here do not apply, and the value at the end of a Term is determined as described under Performance Lock below.

Any increase in the value of an Indexed Strategy at the end of a Term is based on the value of the underlying Index on the final Market Day of the Term. This means that you may experience negative or flat performance for the Term even though the underlying Index rose throughout some or most of the Term.

Any increase for the Term may be limited by a Positive Return Factor. The Cap for a Term is the maximum positive Index change (measured at the beginning and end of the Term) that is taken into account to determine the Strategy value at the end of the Term. For example, if the Cap is 10% and the Index increases for the Term by 16%, the Cap limits the increase in Strategy value for the Term to 10%. The Upside Participation Rate for a Term is the portion of any positive Index change (measured at the beginning and end of the Term) that is taken into account to determine the Strategy value at the end of the Term. For example, if the Upside Participation Rate is 50% and the Index increases over the Term by 16%, the Upside Participation Rate limits the increase in Strategy value for the Term to 8%. The Trigger Rate for a Performance Trigger Strategy is the specified rate that is credited to the Strategy value when the Index change is zero or positive at the end of the Term. The Trigger Rate, for a Dual Performance Trigger Strategy is the specified rate that is credited to the Strategy value when the Index change is zero, positive, or negative up to the Buffer at the end of the Term. For example, if the Trigger Rate for a Performance Trigger Strategy is 11% and the Index increases over the Term by 16%, the increase in Strategy value for the Term is equal to the 11% Trigger Rate.

Any decrease for a Term is potentially limited by a Negative Return Factor. The Floor is the portion of any net fall in the Index for the Term that is taken into account to determine the Strategy value at the end of the Term. For example, if the Floor is -10% and the Index decreases for the Term by 20%, the Floor limits the decrease in Strategy value for the Term to -10%.

The Buffer is the portion of any net fall in the Index for the Term that is disregarded to determine Strategy value at the end of the Term. For example, if the Buffer is 10% and the Index decreases for the Term by 15%, the Buffer limits the decrease in Strategy value for the Term to -5%.

We set the applicable Positive Return Factor percentage for each Indexed Strategy prior to the start of each Term. This means each Positive Return Factor percentage may fluctuate from Term to Term. A Cap will never be less than 1%. An Upside Participation Rate will never be less than 5%. A Trigger Rate will never be less than 1%. At least 10 days before the next Term starts, we will post the Positive Return Factor percentages that will apply to the Indexed Strategies for that next Term on our website (www.massmutualascend.com/RILArates).

For each Term of each Floor Strategy that we currently offer with this Contract, the Floor is -10%. The Floor for these Indexed Strategies will not change. In a hypothetical worst-case scenario where the Index falls by 100% for the Term and the Floor is -10%, then the Strategy value at the end of the Term will be equal to the Investment Base decreased by 10%.

In the future, we may offer a new Floor Strategy that offers more or less protection against loss than a -10% Floor, but we will not offer a new Floor Strategy that offers less protection against loss than a -20% Floor.

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For each Term of each 10% Buffer Strategy that we currently offer with this Contract, the Buffer is 10% and for each Term of each 20% Buffer Strategy that we currently offer with this Contract, the Buffer is 20%. The Buffer for these Indexed Strategies will not change. In a hypothetical worst-case scenario where the Index falls by 100% for the Term and the Buffer is 10%, then the Strategy value at the end of the Term will be equal to the Investment Base decreased by 90%. In a hypothetical worst-case scenario where the Index falls by 100% over the Term and the Buffer is 20%, then the Strategy value at the end of the Term will be equal to the Investment Base decreased by 80%. In the future, we may offer a new Buffer Strategy that offers more or less protection against loss than current Buffers, but we will not offer a new Buffer Strategy that offers less protection against loss than a 5% Buffer.

For each Term of the Trigger Strategies, if the change in the Index does not qualify for the Trigger Rate, then the Strategy value at the end of the Term will be equal to the Investment Base decreased by any fall in the Index that exceeds the Buffer.

Indexed Strategy Value Before End of Term (See Indexed Strategy Value Before End of Term section on page 41 for more details)

Before the end of a Term, unless a Performance Lock election has been made, the value of an Indexed Strategy is equal to the Investment Base increased or decreased by the Daily Value Percentage. If you have made a Performance Lock election, then the normal rules set out here do not apply, and the value before the end of a Term is determined as described under Performance Lock below.

If you take a withdrawal or Surrender the Contract before the end of a Term, the application of the Daily Value Percentage may cause your losses to exceed the -10% Floor or you may not receive the benefit of the 10% Buffer or the 20% Buffer. In extreme circumstances, the total loss for an Indexed Strategy before the end of a Term could be 100%, meaning that you would suffer a complete loss of your principal and any prior earnings if you were to take a withdrawal or Surrender your Contract.

The Daily Value Percentage is intended to determine the value of an Indexed Strategy prior to the end of a Term using option values related to the positive and negative return factors of the Indexed Strategy. The Daily Value Percentage is equal to the Net Option Price, reduced by the Amortized Option Cost and the Trading Cost.

The Net Option Price is the calculated price of hypothetical options that represent the projected change in the applicable Index over the full Term. The calculated price takes into account the applicable Positive Return Factor for the Term, the Negative Return Factor, and Index change required to qualify for the Trigger Rate.

The Amortized Option Cost is the calculated price of those options at the start of the Term amortized over the Term.

The Trading Cost is the estimated cost of selling those options. It is a percentage set by us from time to time based on market conditions.

For example, if the Investment Base for a Strategy is $100,000 and the Daily Value Percentage is 8%, then the value of your Strategy on that day is equal to $108,000 ($100,000 Investment Base, increased by $100,000 x 8%). If the Investment Base for a Strategy is $100,000 and the Daily Value Percentage is -8%, then the value of your Strategy on that day is equal to $92,000 ($100,000 Investment Base, decreased by $100,000 x -8%). Any Strategy value before the end of the Term will almost always be less, perhaps significantly less, than the value suggested by the rise or fall of the Index.

Performance Lock(See Indexed Strategy Value After Performance Lock Election section on page 47 for more details)

A Performance Lock is an election to lock in the Daily Value Percentage for the remainder of a Term. A Performance Lock election may be made for any Term or Terms of the S&P 500 Indexed Strategies (excluding the three Trigger Strategies) and the First Trust Barclays Edge Indexed Strategy on or after date that state approval is received.

You may make a Performance Lock election for a Term of an eligible Strategy by a Request in Good Order. Once we receive your Request in Good Order, you may not change or revoke your Performance Lock election for the given Term of the eligible Strategy or make a second election for that same Term of that same Strategy.

A Performance Lock election for a Term is effective on the second Market Close following our receipt of your Request in Good Order. After the second Market Close, the Indexed Strategy value before the end of the Term and the Indexed Strategy value at the end of the Term is equal to the remaining Investment Base increased or decreased by the locked Daily Value Percentage. The locked Daily Value Percentage is the Daily Value Percentage as determined for that second Market Close. The Indexed Strategy value will change if there is a change in the Investment Base due to a withdrawal.

If you make a Performance Lock election, the Daily Value Percentage will be locked for the balance of the Term. This means that you will experience flat performance through the balance of the Term even if the Net Option Value increases, you will not benefit from the continued decline in the Daily Value Percentage, and your ending Strategy value will not be based on the ending Index value on the last day of the Term. As a result, the locked-in Strategy value could be lower than the value you otherwise would have received at the end of the Term. If the Daily Value Percentage is negative at the time of the Performance Lock election, you could be locking in a loss which could be significant.

Because a Performance Lock election is effective on the second Market Close after receipt of your Request in Good Order, you will not be able to determine in advance the locked Daily Value Percentage that will apply to the Indexed Strategy at the time you make a Performance Lock election. The Daily Value Percentage at the time the Performance Lock election becomes effective may be higher or lower than it was at the time you submitted your election.

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Your Request in Good Order for a Performance Lock election must be received by the third-to-last Market Close of the Term. You can make a Performance Lock election for an eligible Indexed Strategy once per Term.

If you make a Performance Lock election for an Indexed Strategy with a 5-year Term, the Term will always end on the next anniversary of the Term start date even if it otherwise would have continued for one or more additional years. For example, if the Term start date for the S&P 500 5-Year 10% Buffer with Upside Participation Rate Indexed Strategy was June 6, 2024, and you make a Performance Lock election that is effective on or before June 6, 2025, the Term for that Strategy will end on June 6, 2025. See the “Strategy Selections at Term End” section on page 53 for more information about how to select strategies for the next Term.

You are responsible for deciding whether to elect a Performance Lock and we are not responsible for any losses incurred as a result of your decision whether or not to elect a Performance Lock. You may access Daily Value Percentage information for the Indexed Strategies as of the previous day’s Market Close by calling 1-800-789-6771 or by accessing your account online at www.massmutualascend.com. A Performance Lock election is not effective until the second Market Close after receipt of your request, so you will not know your Daily Value Percentage on the day you make a Performance Lock election. Before electing a Performance Lock, you should consult with a financial advisor.

Declared Rate Strategy (See Declared Rate Strategy section on page 50 for more details)

Amounts held under the Declared Rate Strategy are credited with interest daily throughout a Term at a rate we set before that Term begins. This means the interest rate for the Declared Rate Strategy may change for each Term. Each Term of the Declared Rate Strategy is one year long. A Declared Rate will never be less than the guaranteed minimum interest rate set out in the Declared Rate Strategy endorsement included in your Contract. The guaranteed minimum interest rate set out in the endorsement will always be greater than 0% and will be at least equal to the minimum interest rate required for fixed annuity contracts by state Standard Nonforfeiture Law that is in effect on the date that the Contract is issued. At least 10 days before the next Term starts, we will post the Declared Rate that will apply to the Declared Rate Strategy for that next Term on our website (www.massmutualascend.com). A Declared Rate Strategy will always be available. Note: The Declared Rate Strategy is not available for Contracts issued in Missouri.

Strategy Renewals and Reallocations (See Strategy Selections at Term End section on page 53 for more details)

At the end of each Term, you may reallocate the ending values of the Crediting Strategies for that Term among the then available Strategies.

If you reallocate, then we will apply the ending values of the Crediting Strategies to a new Term of the Crediting Strategies that you select.

If you do not reallocate, then we will apply the ending value of each Crediting Strategy to a new Term of that same Strategy, as long as the same Strategy is available for a new Term.

If funds are allocated to any 1 year Indexed Strategy that will not be available for the next Term and you do not request a reallocation of those funds, we will apply the ending value of that Indexed Strategy as follows:

Indexed Strategy Value and Investment Base 

At the start of a Term, the value of an Indexed Strategy is equal to the Investment Base for that Term, which is the amount applied to that Strategy for that Term.

During a Term, a Vested Gain increases the Strategy value or a Vested Loss reduces the Strategy value.

A withdrawal reduces the Strategy value, including the value of any Conserve/0% Floor Strategy, by the amount of the withdrawal and related Early Withdrawal Charge. A withdrawal reduces the Investment Base by the portion of the Investment Base needed to pay for the withdrawal and related Early Withdrawal Charge. The reduction in the Investment Base is proportional to the reduction in the Strategy value. This means that we calculate the percentage of Strategy Value that is being withdrawn and we reduce your Investment Base by the same percentage. If you take a withdrawal when your Strategy Value is less than your Investment Base, the amount of Investment Base reduction will exceed the dollar amount of your withdrawal. For example, if your Strategy Value is $30,000 and you withdraw $12,000, you have withdrawn 40% of Strategy Value. If your Investment Base was $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your new Investment Base after the withdrawal would be $24,000 ($40,000 – $16,000). If your Strategy Value is greater than your Investment Base, the amount of the Investment Base reduction will be less than the dollar amount of the withdrawal.

Please see the Indexed Strategies section on page [ ] for more information.

Vested Gains and Losses1)

•  Each day of a Term, the value of anto another Indexed Strategy is adjusted for the Vested Gain or Loss since the start of that Term. We use the following formulas to calculate Vested Gains and Losses.

•  Vested Gain = any positive Index Change for the Term (but not exceeding the Maximum Gain set for the Term) x applicable Vesting Factor for that day x remaining Investment Base for the current Term.

•  Vested Loss = any negative Index Change for the Term (after taking into account either the Maximum Loss for the Term or the Buffer, as applicable) x remaining Investment Base for the current Term.

Please see the Vested Gains and Losses section on page [ ] for more information.

Maximum Gains

We set a Maximum Gain for each Indexed Strategy prior to the start of each Term. This means the Maximum Gain for an Indexed Strategy may change for each Term. At least 10 days before the next Term starts, we will post the Maximum Gain that will apply to an Indexed Strategy for that next Term on our website. The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Maximum Gain for each Indexed Strategy that will apply to Contracts issued prior to May 1, 2019. In general, we will set a higher Maximum Gain for a Growth/-10% Floor Strategy than the Maximum Gain for a Conserve/0% Floor Strategy that uses the same Index. In general, we will setindex as the prior Indexed Strategy, has protection against loss that is equal to or greater than that offered by the prior Indexed Strategy, and has a higher Maximum Gain for a 10% Buffer StrategyTerm that is no longer than the Maximum Gain for a Growth Strategy that uses the same Index.prior Indexed Strategy; or

Please see the Vested Gains and Losses section on page [ ] for more information.

Maximum Losses

The Maximum Loss for each Term of a Conserve Strategy is 0%.

The Maximum Loss for each Term of a Growth Strategy is a loss of 10%.

The Maximum Loss for each Term of the Buffer Strategy is a loss of 90%, or more than 90% if a withdrawal is taken before the end of the Term. In addition, your cumulative loss over Multiple Terms could exceed 90% of your investment.

Please see the Vested Gains and Losses section on page [ ] for more information.

BufferThe Buffer at the end of each Term of a Buffer Strategy is 10%. Before the end of each Term, the Buffer is calculated daily as a prorated share of the annual 10% Buffer. Please see the Vested Gains and Losses section on page [ ] for more information.

 

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Vesting Factors 

Vesting Factors for the Indexed Strategies are fixed and are applied as follows:

•  For a positive Index Change during a Term, the Vesting Factors are 25% for any date within the first six months of a Term; 50% for any date within the final six months of a Term but before the final Market Date of the Term; and 100% on or after the final Market Date of the Term. A Vesting Factor below 100% limits any positive increase during a Term.

•  For a negative Index Change during a Term, there is no Vesting Factor.

Please see the Vested Gains and Losses section on page [ ] for more information.

Declared Rate Strategy2)

Amounts held under the Declared Rate Strategy are credited with interest daily throughout a Term at a rate we set before that Term begins. This means the interest rate for the Declared Rate Strategy may change for each Term. A Declared Rate will never be less than 1%. At least 10 days before the next Term starts, we will post the Declared Rate that will apply to the Declared Rate Strategy for that next Term on our website. The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Declared Rate that will apply to Contracts issued prior to May 1, 2019.

Please see the Declared Rate Strategy section on page [ ] for more information.

Strategy Renewals

At the end of each Term of a given Crediting Strategy, we will apply the ending value of that Strategy to a new Term of that same Strategy. The amount applied to a new Term will not include any amount that is moved as part of a reallocation at the Term end.

Please see the Strategy Renewals and Reallocations at Term End section on page [ ] for more information.

Strategy ReallocationsAt the end of a Term, you may reallocate the ending values of the Crediting Strategies for that Term among the Strategies. Please see the Strategy Renewals and Reallocations at Term End section on page [ ] for more information.
Access to Your Money Through Withdrawals

You may take a withdrawal from your Contract at any time prior to the Annuity Payout Initiation Date.

•  During the first seven Contract Years, unless you qualify for the Free Withdrawal Allowance or the bailout right as described below, an Early Withdrawal Charge will apply.

•  A withdrawal from an Indexed Strategy will reduce the value of that Strategy on a dollar-for-dollar basis. A withdrawal from an Indexed Strategy during a Term will proportionally reduce the Investment Base used to calculate any subsequent Vested Gain or Loss in that Term.

•  In addition to any applicable Early Withdrawal Charge, a withdrawal may be subject to income tax, and a withdrawal before age 5912 may also be subject to an additional 10% penalty tax.

Please see the Early Withdrawal Charge section on page [ ] for more information.

The S&P 500 5-Year 10% Buffer with Upside Participation Rate Indexed Strategy and the S&P 500 5-year 20% Buffer with Cap Indexed Strategy are only available for a Term that starts in the first Contract Year. At the end of a Term for the S&P 5-Year 10% Buffer with Upside Participation Rate Indexed Strategy, if you do not reallocate, then we will apply the ending value of that Indexed Strategy to a new Term of the S&P 500 1-year 10% Buffer with Cap Indexed Strategy. If the S&P 500 1-year 10% Buffer with Cap Indexed Strategy is not available, then we will apply the ending value as set forth above for a 1-year Strategy. At the end of a Term for the S&P 5-Year 20% Buffer with Cap Indexed Strategy, if you do not reallocate, then we will apply the ending value of that Indexed Strategy to a new Term of the S&P 500 1-year 20% Buffer with Cap Indexed Strategy. If the S&P 500 1-year 20% Buffer with Cap Indexed Strategy is not available, then we will apply the ending value as set forth above for a 1-year Strategy.

You cannot reallocate your value among Crediting Strategies during a Term. If you elect a Performance Lock, you will not be able to reallocate the locked value until the end of a Term. If you make a Performance Lock election for an S&P 500 5-year Strategy, the Term will always end on the next anniversary of the Term start date even if it otherwise would have continued for one or more additional years. We will send you written notice at least 30 days before the end of a Term to provide you with the opportunity to make a reallocation. However, you will not know the Positive Return Factor percentages and Declared Rates applicable to a new Term until 10 days before the end of the current Term. You should consider this information before finalizing your renewal or reallocation decision. Your reallocation election must be received by the last Market Close of a Term.

Access to Your Money through Withdrawals (See Cash Benefit section on page 54 for more details)

You may take a withdrawal from your Contract at any time prior to the Annuity Payout Initiation Date. During the first five Contract Years, an Early Withdrawal Charge will apply unless (a) your withdrawal qualifies for the Free Withdrawal Allowance or (b) the withdrawal qualifies for a waiver (as explained in the “Early Withdrawal Charge—Early Withdrawal Charge Waiver” section). A withdrawal from a Crediting Strategy will reduce the Account Value by the amount of the withdrawal, including any tax withholding and any applicable Early Withdrawal Charge. A withdrawal from an Indexed Strategy during a Term will be based on the Daily Value Percentage of the Indexed Strategy (or the locked Daily Value Percentage if you have made a Performance Lock election). The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term. The withdrawal from an Indexed Strategy will reduce the Investment Base, and the Death Benefit Return of Premium Guarantee, by an amount that is proportional to the reduction in the Strategy value. If the Daily Value Percentage is negative, these

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Early Withdrawal ChargeAn Early Withdrawal Charge applies during the first seven Contract Years if you Surrender your Contract or withdraw an amount in excess of the Free Withdrawal Allowance. The charge is equal to the amount subject to the charge multiplied by the applicable rate set out below.

proportional reductions could be significantly larger than the dollar amount of the withdrawal. A reduction in the Investment Base for a Term will reduce the gain from any future rise in the Index during that Term.

You may designate the Crediting Strategy or Strategies from which a withdrawal will be taken by a Request in Good Order prior to the date of the withdrawal. If you do not make a designation, we will take the withdrawal from the Crediting Strategies in the following order:

 

Contract Year

  1  2  3  4  5  6  7  8+ 

Early Withdrawal Charge Rate

   8  7  6  5  4  3  2  0

first from the Purchase Payment Account;

 

If you take a withdrawal from your Contract, the amount subject to the charge is the amount you withdraw plus any amount needed to pay the Early Withdrawal Charge. If you Surrender your Contract, the amount subject to the charge is your Account Value.

When you request a withdrawal, we will reduce the amount we pay you by the amount of the Early Withdrawal Charge. If you instruct us to pay you the specific withdrawal amount, we will instead reduce your Account Value by both the requested specific withdrawal amount, as well as the amount of the Early Withdrawal Charge. In this case, since you opted not to pay the Early Withdrawal Charge out of your withdrawal proceeds, we treat the Early Withdrawal Charge as an additional requested withdrawal. We will apply the Early Withdrawal Charge to both the specified withdrawal amount, as well as any amounts we withdraw to cover your Early Withdrawal Charges. The Early Withdrawal Charge does not apply to (1) a withdrawal that qualifies for the Free Withdrawal Allowance; (2) to any withdrawal under the Bailout right; or (3) the amount, if any, that qualifies for another waiver. Please see the Early Withdrawal Charge section below for more information.

For example, if after using their Free Withdrawal Allowance a contractholder requested that an additional $10,000 be withdrawn from their Account Value when a 9% Early Withdrawal Charge was in effect, a $900 Early Withdrawal Charge would apply (9% of $10,000 withdrawn). The contractholder would receive $9,100 ($10,000 - $900), minus any income tax withholding.

Similarly, if a contractholder instead requested that they receive a net amount of $10,000 from their account in the same circumstances, we would treat the Early Withdrawal Charge amount as an additional requested withdrawal subject to an Early Withdrawal Charge. This means that we will “gross up” your requested withdrawal to cover applicable Early Withdrawal Charges (and any income tax withholding). If we assume that no income tax withholding applies, the withdrawal would be grossed up to $10,989, calculated by dividing the net amount requested by 1 minus the Early Withdrawal Charge rate ($10,000 / (1 – 0.09)). The Early Withdrawal Charge would be $989 (9% of the $10,989 withdrawal), and the contractholder would receive $10,000 ($10,989 - $989).

Free Withdrawal AllowanceThe Free Withdrawal Allowance lets you withdraw some money from your Contract without the imposition of the Early Withdrawal Charge. For the first Contract Year, the Free Withdrawal Allowance is an amount equal to 10% of the total Purchase Payments received by us. For each subsequent Contract Year, the Free Withdrawal Allowance is equal to 10% of the Account Value as of the most recent Contract Anniversary. The Free Withdrawal Allowance is non-cumulative and you may not carry over any unused portion to other Contract Years. Like any other withdrawal, an amount withdrawn that is covered by the Free Withdrawal Allowance will reduce the value of a Crediting Strategy on a dollar-for dollar basis, and will proportionally reduce the Investment Base of a Strategy. Please see the Early Withdrawal Charge section on page [ ] for more information.
Bailout RightWe will waive the Early Withdrawal Charge on an amount you withdraw if: (1) you withdraw it at the end of a Term from an Indexed Strategy; and (2) either the Maximum Gain for such Indexed Strategy for the next Term is less than the Bailout Trigger for the current Term, or such Indexed Strategy will not be available for the next Term. If the Bailout right will apply at the end of a Term, we will notify you at least 30 days before the end of that Term. The Bailout right does not apply to your initial Term. Please see the Early Withdrawal Charge section on page [ ] for more information.

then from the Declared Rate Strategy; and

then proportionally from Indexed Strategies having the shortest Terms (meaning the withdrawal will be taken proportionally from Indexed Strategies with 1-year Terms, and then proportionally from Indexed Strategies with 5-year Terms).

A withdrawal will reduce the amount payable upon Surrender, applied to the Annuity Payout Benefit, or payable as the Death Benefit.

The amount withdrawn is subject to income tax to the extent that it represents Contract earnings or pre-tax contributions. The taxable portion of a withdrawal may also be subject to an additional 10% penalty tax if received before age 5912..

Early Withdrawal Charge (See Early Withdrawal Charge section on page 56 for more details)

During the first five Contract Years, an Early Withdrawal Charge applies if you Surrender your Contract or withdraw an amount in excess of the Free Withdrawal Allowance. The Early Withdrawal Charge is equal to the amount subject to the Early Withdrawal Charge multiplied by the applicable rate set out below.

Contract Year

   1   2   3   4   5   6+ 

Early Withdrawal Charge Rate

   8  7  6  5  4  0

If you take a withdrawal from your Contract, the amount subject to the Early Withdrawal Charge is the amount you withdraw plus any amount needed to pay the Early Withdrawal Charge. If you Surrender your Contract, the amount subject to the Early Withdrawal Charge is your Account Value.

When you request a withdrawal, you can instruct us to reduce the amount we pay you by the amount of the Early Withdrawal Charge. If you instead instruct us to pay you the specific withdrawal amount, we will reduce your Account Value by both the requested specific withdrawal amount, as well as the amount of the Early Withdrawal Charge. In this case, since you opted not to pay the Early Withdrawal Charge out of your withdrawal proceeds, we treat the Early Withdrawal Charge as an additional requested withdrawal. We will apply the Early Withdrawal Charge rate to both the specified withdrawal amount, as well as any amounts we withdraw to cover your Early Withdrawal Charges. The Early Withdrawal Charge does not apply to a withdrawal that qualifies for the Free Withdrawal Allowance or the amount, if any, that qualifies for another waiver.

For example, if after using your Free Withdrawal Allowance you request that an additional $10,000 be withdrawn from your Account Value when an 8% Early Withdrawal Charge was in effect, a $800 Early Withdrawal Charge would apply (8% of $10,000 withdrawn). You would receive $9,200 ($10,000 - $800), minus any income tax withholding.

Similarly, if you request a net amount of $10,000 from your Account Value in the same circumstances, we will treat the Early Withdrawal Charge amount as an additional requested withdrawal subject to an Early Withdrawal Charge. This means that we will “gross up” your requested withdrawal to cover applicable Early Withdrawal Charges (and any income tax withholding). If we assume that no income tax withholding applies, the withdrawal would be grossed up to $10,870, calculated by dividing the net amount requested by 1 minus the Early Withdrawal Charge rate ($10,000 / (1 – 0.08)). The Early Withdrawal Charge would be $870 (8% of the $10,870 withdrawal), and you would receive $10,000 ($10,870 - $870).

Early Withdrawal Charges will reduce Indexed Strategy values and may result in losses that exceed the Floor or reduce the effect of the Buffer.

Free Withdrawal Allowance (See Early Withdrawal Charge section on page 56 for more details)

The Early Withdrawal Charge does not apply to the Free Withdrawal Allowance.

For the first Contract Year, the Free Withdrawal Allowance is an amount equal to 10% of the total Purchase Payments received by us.

For each subsequent Contract Year, the Free Withdrawal Allowance is equal to 10% of the Account Value as of the most recent Contract Anniversary.

Payout Options (See Payout Options section on page 61 for more details)

During the period that begins on the Annuity Payout Initiation Date, we will make payments under the applicable Payout Option.

Your Contract offers different Payout Options. After the first payment is made, you cannot change the Payout Option(s) or any fixed period you selected. The Payout Options are listed below.

Fixed Period Payout

Life Payout

Life Payout with Payments for at Least a Fixed Period

Joint and One-Half Survivor Payout

 

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Payout Options

Like all annuity contracts, the Contract offers a range of Payout Options, which provide payments for your lifetime or for a fixed period. After payments begin, you cannot change the Payout Option or any fixed period you selected. The standard Payout Options are listed below.

•  Fixed Period Payout

•  Life Payout

•  Life Payout with Payments for at Least a Fixed Period

•  Joint and One-half Survivor Payout

Please see the Payout Options section on page [ ] for more information.

Death Benefit

A Death Benefit is payable under the Contract if you die before the Annuity Payout Initiation Date. If the Owner is a non-natural person, such as a trust or a corporation, then a Death Benefit is payable under the Contract if an Annuitant dies before the Annuity Payout Initiation Date.

The Death Benefit Value is the greater of: (1) the Account Value as of the applicable date; or (2) your Purchase Payment(s) reduced proportionally for all withdrawals, but not including amounts applied to pay Early Withdrawal Charges.

Please see the Death Benefit section on page [ ] for more information.

Tax Deferral

The Contract is generally tax deferred, which means that you are not taxed on the earnings in your Contract until the money is paid to you. Contracts owned by non-natural owners, such as trusts and corporations, are subject to special rules.

A tax-qualified retirement plan such as an IRA also provides tax deferral. Buying the Contract within a tax-qualified retirement plan does not give you any extra tax benefits. There should be reasons other than tax deferral for buying the Contract within a tax-qualified retirement plan.

Please see the Federal Tax Considerations section on page [ ] for more information.

Right to Cancel

If you purchase a Contract, you may cancel it within 20 days after you receive it. If you purchase a Contract to replace an existing annuity contract or insurance policy, you have 30 days to cancel the Contract. The right to cancel period may be longer in some states. In many states, you will bear the risk of investment gain or loss before cancellation.

Please see the Right to Cancel (Free Look) section on page [ ] for more information.

Risk FactorsDeath Benefit (See Death Benefit section on page 59 for more details)

A Death Benefit is payable under the Contract if there is an applicable death before the Annuity Payout Initiation Date. I

The Death Benefit value is the greater of: (1) the Account Value as of the applicable date; or (2) the Return of Premium Guarantee, which will be equal to your Purchase Payment(s) reduced proportionally for all withdrawals, but not including amounts deducted to pay Early Withdrawal Charges.

Tax Deferral (See Federal Tax Considerations section on page 68 for more details)

The Contract involves certain risksis generally tax deferred, which means that you are not taxed on the earnings in your Contract until the money is paid to you. If a non-tax-qualified Contract is owned by a non-natural person, such as a partnership, limited liability company, or corporation, it is subject to special rules and generally will not qualify for tax deferral. These special rules may also apply to a non-tax-qualified Contract owned by certain irrevocable trusts that have charitable or other non-natural beneficiaries.

A tax-qualified retirement plan such as an IRA also provides tax deferral. Buying the Contract within a tax-qualified retirement plan does not give you any extra tax benefits. There should be reasons other than tax deferral for buying the Contract within a tax-qualified retirement plan.

Right to Cancel (See Right to Cancel (Free Look) section on page 64 for more details)

If you purchase a Contract, you may cancel it within 20 days after you receive it. If you purchase a Contract to replace an existing annuity contract or insurance policy, you have 30 days to cancel the Contract. The right to cancel period may be longer in some states. If you cancel your Contract, you will receive a refund. The amount of the refund will depend on where you live. In some states, the refund amount is equal to the Purchase Payments. In that case, no adjustment will be made for the Daily Value Percentage and no Early Withdrawal Charges will apply to the amount refunded. In other states, the refund amount is equal to the Account Value on the day that we receive a cancellation request. In this case, you would bear the risk of changes in Indexed Strategy values before cancellation because an adjustment will be made for the Daily Value Percentage, but no Early Withdrawal Charges will apply to the amount refunded. Unless required by state law, we do not refund any Early Withdrawal Charges assessed during the free look period that relate to a withdrawal taken before you cancel the Contract. See the Right to Cancel (Free Look) section for more information about your cancellation rights and the State Variations section of this prospectus for more information about state variations that apply to cancellation rights.

There may be tax consequences if you cancel the Contract. You should seek advice on tax questions based on your particular circumstances from a tax advisor.

RISK FACTORS

You should understand the risks associated with the Contract before purchasingyou purchase it. You should carefully consider your income needs and risk tolerance to determine whether the Contract or a particular Indexed Strategy is appropriate for you. The level of risk you bear and your Contract’s potential investment performance will differ depending on the Crediting Strategies you choose.

Loss of Principal Related to Indexed Strategies

Loss Due to Poor Index Performance

There is a significant risk of loss of principal and prior earnings due to the fall of an Index if you allocate your Account Value to an Indexed Strategy. Such a loss may be substantial. This risk exists because, at the end of that Term, you can lose up to 10% of the money allocated to a -10% Floor Strategy, 90% of the money allocated to a 10% Buffer Strategy, or 80% of the money allocated to a 20% Buffer Strategy. If you allocate money to one or more Indexed Strategies over multiple Terms, you may lose money each Term, which may result in a cumulative loss that is greater than 90% for a 10% Buffer Strategy, greater than 80% for a 20% Buffer strategy, or greater than 10% for a -10% Floor Strategy of your principal and any prior earnings.

The S&P 500 1-Year -10% Floor with Cap Indexed Strategy will always be available. At the end of a Term, we may stop offering any other Indexed Strategy. Consequently, any other Indexed Strategy described in this prospectus may not be available after the end of the initial Term. The S&P 500 5-year 10% Buffer with Upside Participation Rate Indexed Strategy, and the S&P 500 5-year 20% Buffer with Cap Indexed Strategy will only be available for Terms beginning in the first Contract Year. We have the right to replace the Index associated with an Indexed Strategy under certain circumstances.

In the future, we may offer a new Strategy with a Floor that is more or less negative than -10%, or that has a Buffer of more or less than 10%. However, we will not offer a new Buffer Strategy that offers less protection against loss than a 5% Buffer, or a Floor Strategy that offers less protection against loss than a -20% Floor.

The risk of loss of principal will be greater if you allocate money to a Strategy with a lower Floor or less of a Buffer. In the worst case scenario, if we could eliminate all of the current Indexed Strategies and offer only new Indexed Strategies with more negative Floors, or lesser Buffers subject to the limits noted above, then your risk of loss of principal would increase unless you allocate all of your money to the Declared Rate Strategy and you may earn a return that is lower than the return your investments would have earned if they had been invested in the other Indexed Strategies that are

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currently available. In addition, a reduction in the number of Indexed Strategies that are available may reduce your opportunity to increase your Account Value. If you choose to Surrender the Contract because of changes in the number and/or type of available Indexed Strategies, your Surrender may be subject to withdrawal charges, Daily Value Percentage adjustments, taxes, and tax penalties. If you purchase another retirement contract, it may have different features, fees, and risks than this Contract.

Loss Due to Negative Daily Value Percentage Adjustment

If, before the end of the Term, you were to take a withdrawal or Surrender the Contract, annuitize, or elect a Performance Lock, or if we were to pay the Death Benefit, the Daily Value Percentage calculation may cause the value of a Strategy to be even less than 90% of the money allocated to a -10% Floor Strategy, or even less than 10% for money allocated to a 10% Buffer Strategy, or even less than 20% for money allocated to a 20% Buffer Strategy. In extreme circumstances, the total loss for an Indexed Strategy before the end of a Term could be 100% due to the Daily Value Percentage, meaning that you would suffer a complete loss of your principal and any prior earnings in a Strategy if, before the end of the Term, you were to take a withdrawal or Surrender the Contract, annuitize, or elect a Performance Lock, or if we were to pay the Death Benefit.

Loss of Principal Related to Early Withdrawal Charge

There is also a risk of loss of principal and prior earnings if you take a withdrawal from your Contract or Surrender it during the first five Contract Years and an Early Withdrawal Charge applies. This risk exists for each Crediting Strategy, including the Declared Rate Strategy. An Early Withdrawal Charge will reduce the value of the Strategy. This reduction may exceed any prior earnings.

Long-Term Nature of Contract

The Contract is a deferred annuity, which means the Annuity Payout Benefit will begin on a future date. We designed the Contract to be a long-term investment that you can use to help build a retirement nest egg and provide income for retirement. The limitations, adjustments and charges included in the Contract reflect its long-term nature.

The Contract and its Indexed Strategies may not be appropriate for investors who plan to take withdrawals (including automated withdrawals and required minimum distributions) during the first five Contract Years, because of the assessment of Early Withdrawal Charges, or who plan to take withdrawals during Indexed Strategy Terms, because of the application of the Daily Value Percentage.

Limits on Strategy Value at End of Term

Any increase in the value of an Indexed Strategy at the end of a Term is based on the value of the underlying Index at the final Market Close of the Term.

If the Index rises for the Term and a Cap applies, then the Strategy value at the end of the Term can never be more than the Investment Base increased by the Cap for that Term even if the Index has risen by more than the Cap.

If the Index rises for the Term and an Upside Participation Rate applies, then the Strategy value at the end of the Term will be the Investment Base increased by your share of the rise in the Index. Your share of any rise in the Index is equal to the Upside Participation Rate for that Term multiplied by the rise in the Index.

If the Index rises for the Term of a Trigger Strategy, then the Strategy value at the end of the Term will be the Investment Base increased by the Trigger Rate for that Term even if the Index has risen by more than the Trigger Rate.

Due to these limitations, in many cases the return on money allocated to an Indexed Strategy with a Cap or Trigger Rate will not fully reflect the corresponding rise in the Index for the Term and the return on money allocated to an Indexed Strategy with an Upside Participation Rate that is less than 100% will never reflect the entire corresponding rise in the Index for the Term.

Index Changes Over the Course of Term

At the end of a Term, unless you have made a Performance Lock election, we measure the Index change by comparing the Index value on the first day of the Term to the Index value on the last day of the Term. This means that if the Index value is lower on the last day of the Term, you may experience negative or flat performance even if the Index rose through some, or most, of the Term.

The Contract offers you the opportunity to allocate funds to Indexed Strategies for one year or five-year Terms. For Indexed Strategies with five-year Terms, changes in Strategy value as a direct result of Index performance will only be measured on the first day and the last day of a five-year period and not annually.

Limits on Strategy Value Before End of Term

Before the end of a Term, we calculate the value of an Indexed Strategy using a Daily Value Percentage that is not tied directly to the underlying Index. The purpose of this calculation is to shift any potential investment loss on the Company’s general account assets that support the indexed option guarantees from the Company to you when paying amounts removed prematurely from an Indexed Strategy. The Daily Value Percentage is applied when you take a withdrawal, or Surrender your Contract, annuitize it, elect a Performance Lock, or if we pay the Death Benefit on a date other than the end of a Term. The Daily Value Percentage includes the prices of hypothetical options. Such option prices will vary from day to day.

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Any Strategy value before the end of a Term will almost always be less, perhaps significantly less, than the value suggested by the rise or fall of the Index. You will bear the risk that the Daily Value Percentage may decrease the Strategy value before the end of a Term. In extreme circumstances, the total loss for an Indexed Strategy before the end of a Term could be 100%, meaning that you would suffer a complete loss of your principal and any prior earnings if you were to take a withdrawal Surrender the Contract, annuitize it, or elect a Performance Lock, or if we were to pay the Death Benefit.

The Daily Value Percentage includes deductions for the Amortized Option Cost and the Trading Cost, which means that any Strategy value before the end of a Term will almost always be less, perhaps significantly less, than the value suggested by the rise or fall of the Index. Because the Amortized Option Cost is a decreasing value, its negative impact on Strategy values will be more pronounced at the start of a Term than at the end of that Term. In addition, even if the Index rises, the Strategy value may be less than the Investment Base due to these deductions.

Strategy values are used to calculate the amount locked in upon election of a Performance Lock, amount available for withdrawals, the amount payable upon Surrender, applied to the Annuity Payout Benefit, or payable as the Death Benefit. Accordingly, the Amortized Option Cost and Trading Cost will have a negative effect on such amounts taken before the end of a Term.

For more information on how we determine the prices of hypothetical options, see the Option Prices section of this Prospectus.

No Increases in Value After Performance Lock

If you make a Performance Lock election, the Daily Value Percentage will be locked for the balance of the Term. This means that you will experience flat performance through the balance of the Term even if the Net Option Value increases, you will not benefit from the continued decline in the Daily Value Percentage, and your ending Strategy value will not be based on the ending Index value on the last day of the Term.

You may access Daily Value Percentage information for the Indexed Strategies as of the previous day’s Market Close by calling 1-800-789-6771 or by accessing your account online at www.massmutualascend.com. Before electing a Performance Lock, you should consult with a financial advisor.

A Performance Lock election is not effective until the second market close after the receipt of your request so you will not be able to determine the Daily Value Percentage that will be locked in. You bear the risk that the Daily Value Percentage that is locked in will be lower than the Daily Value Percentage you last obtained, and lower than the potential Strategy value you would receive at the end of the Term. If you exercise the Performance Lock feature at a time when the Strategy value has declined, you will lock in any loss, which could be significant.

Limits on Reallocations

You can only reallocate money among Crediting Strategies at the end of a Term. If you want to take money out of a Crediting Strategy during a Term, you must take a withdrawal or Surrender your Contract. If you choose to take a withdrawal or Surrender the Contract, your withdrawal or Surrender could result in significant loss due to Early Withdrawal Charges, Daily Value Percentage adjustments, taxes, and tax penalties. A withdrawal before the end of a Term will proportionally reduce the Investment Base for an Indexed Strategy and the Return of Premium Guarantee for the Death Benefit, and this proportional reduction could be larger than the dollar amount of the withdrawal.

Effect of Surrenders

If you Surrender your Contract at any time during the first five Contract Years and an Early Withdrawal Charge applies, the amount payable will reflect a deduction for the charge. All or some portion of a withdrawal may be subject to federal and state income taxes and, if taken before age 591/2, may be subject to a 10% federal penalty tax. If you Surrender your Contract at the end of a Term, the amount payable will reflect any rise or fall of the applicable Indexes for the Term, applicable Positive Return Factor percentages and Negative Return Factor percentages and any Early Withdrawal Charge. If you Surrender your Contract before the end of a Term, the amount payable will reflect the applicable Daily Value Percentage, which could significantly reduce the amount you receive upon Surrender, and any Early Withdrawal Charge.

Effect of All Withdrawals

If you take a withdrawal at any time, we will reduce your Account Value by an amount equal to that withdrawal. If you take a withdrawal during the first five Contract Years and an Early Withdrawal Charge applies, we will also reduce your Account Value by the amount of the Early Withdrawal Charge. A reduction in the Account Value will reduce the amount payable upon Surrender, applied to the Annuity Payout Benefit, or payable as the Death Benefit. In addition, a withdrawal will proportionally reduce the Return of Premium Guarantee for the Death Benefit, and this proportional reduction could be larger than the dollar amount of the withdrawal.

Each withdrawal from an Indexed Strategy, including withdrawals available under the Free Withdrawal Allowance, withdrawals that qualify for a waiver of the Early Withdrawal Charge, withdrawals under an automatic withdrawal program and withdrawals to satisfy a required distribution, will reduce the Strategy value by the dollar amount of the withdrawal and any related Early Withdrawal Charge. If taken from an Indexed Strategy before the end of a Term, the reduction in Strategy value is determined by the Daily Value Percentage on the date of the withdrawal, or on the locked Daily Value Percentage if you have made a Performance Lock election. Unless you have made a Performance Lock election (which, except for withdrawals, freezes the Strategy value until the end of the Term), a withdrawal before the end of the Term should almost always result in a greater reduction in Strategy value than if the withdrawal had happened at the end of the Term under otherwise identical circumstances. The Investment Base used to calculate the Strategy value through the end of that Term will be reduced in proportion to the reduction in Strategy Value. This means the dollar amount of the proportional reduction in the Investment Base will be more, maybe significantly more, than the dollar amount of the withdrawal and the Early Withdrawal Charge if the Strategy value immediately before the withdrawal is less than the Investment Base. A reduction in the Investment Base will limit the effect of any rise or fall in the Index for the remainder of the Term.

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All or some portion of a withdrawal may be subject to federal and state income taxes and, if taken before age 5912, may be subject to a 10% federal penalty tax. For a further discussion of the tax treatment of withdrawals and Surrenders, please see the Federal Tax Considerations section on page 68.

Early Withdrawal Charges will reduce Indexed Strategy values and may result in losses that exceed the Floor or reduce the protection of the Buffer.

Timing and Effect of Withdrawals Before End of Term

Before taking a withdrawal you should consider the dates on which the Term(s) of your Indexed Strategies end relative to the timing of that withdrawal.

If you take a withdrawal from an Indexed Strategy before the end of a Term, we will immediately reduce the Investment Base for that Indexed Strategy.

The reduction will be proportional to the reduction in the Strategy value, which means that the proportional reduction in the Investment Base could be larger than the dollar amount of the withdrawal.

Reductions to the Investment Base will have a negative effect on any increases in the Indexed Strategy value for the remainder of that Term, but will reduce any decreases in the Indexed Strategy value for the remainder of that Term.

Once the Investment Base for an Indexed Strategy is reduced due to a withdrawal before the end of a Term, it will not increase at any time during the remainder of that Term.

Each withdrawal from an Indexed Strategy before the end of a Term, including withdrawals available under the Free Withdrawal Allowance, withdrawals that qualify for a waiver of the Early Withdrawal Charge, withdrawals under an automatic withdrawal program and withdrawals to satisfy a required distribution, will proportionally reduce the Investment Base.

In order for you to avoid the application of the Daily Value Percentage in calculating the value of an Indexed Strategy, you need to schedule withdrawals to coincide with Term end dates. The Contract is intended for long-term investment purposes and the Contract and its Indexed Strategies may not be appropriate for investors who plan to take withdrawals (including automated withdrawals and required minimum distributions) during the first five Contract Years, because of the assessment of Early Withdrawal Charges, or who plan to take withdrawals during Indexed Strategy Terms, because of the application of the Daily Value Percentage.

No Ability to Determine Contract Values in Advance

We will process any withdrawal request at the first Market Close after receipt of your Request in Good Order. This means you will not be able to determine in advance the amount of the proportional reduction in the Investment Base due to the withdrawal. Likewise, you will not be able to determine in advance the amount payable upon Surrender, to be applied to the Annuity Payout Benefit or payable as the Death Benefit.

A Performance Lock election is effective on the second Market Close after receipt of your Request in Good Order. This means you will not be able to determine in advance the locked Daily Value Percentage that will be applicable to the Indexed Strategy at the time you make a Performance Lock election. The Daily Value Percentage may be higher or lower at the time the Performance Lock election becomes effective than it was when you submitted your Request in Good Order.

Changes in Positive Return Factors and Trading Cost

We set the Positive Return Factor percentage for each new Term of an Indexed Strategy. The Positive Return Factor percentage for a new Term of an Indexed Strategy may be lower than its Positive Return Factor percentage for the current Term. A Cap may be as low as 1%. A Trigger Rate may be as low as 1%. An Upside Participation Rate may be as low as 5%. You risk the possibility that the Positive Return Factor percentage for a new Term may be lower than you would find acceptable.

You bear the risk of any negative effect on the Daily Value Percentage and Indexed Strategy values of an increase in the Trading Cost.

Changes in Declared Rates

We set a Declared Rate for each new one-year Term of the Declared Rate Strategy. The Declared Rate will never be less than the guaranteed minimum interest rate set out in the Declared Rate Strategy endorsement included in your Contract. The guaranteed minimum interest rate set out in the endorsement will always be greater than 0% and will be at least equal to the minimum interest rate required for fixed annuity contracts by state Standard Nonforfeiture Law that is in effect on the date that the Contract is issued. You risk the possibility that the Declared Rate for a new Term may be lower than you would find acceptable.

Unavailable Indexed Strategies

At the end of a Term, we may stop offering any Indexed Strategy other than the S&P 500 1-year -10% Floor with Cap Indexed Strategy. Consequently, any other Indexed Strategy you selected may not be available after the end of a Term. In such an event, the Company will amend the prospectus. At least 30 days before the end of each Term, we will send you a written notice with information about the Indexed Strategies that will be available for the next Term.

We may establish minimum and maximum amounts or percentages that may be applied to a given Indexed Strategy. This means that an Indexed Strategy you selected may not be available after the end of a Term because the amount to be applied to that Strategy is less than the minimum we

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set for the new Term. Likewise, the amount to be applied to an Indexed Strategy may be limited by the maximum we set for the new Term, and the amount over that maximum would be reallocated. At least 30 days before the end of each Term, we will send you a written notice with information about any maximum or minimum that will apply for the next Term. No minimum or maximum shall apply to the Declared Rate Strategy or the S&P 500 1-year -10% Floor with Cap Indexed Strategy. If funds cannot be applied to a Strategy due to the minimum or maximum we set for the next Term and you do not request a reallocation of those funds, we will apply the funds to the Declared Rate Strategy.

In these cases, the funds that we allocate to the Declared Rate Strategy may earn a return that is lower than the return those funds would have earned if they had been applied to the Indexed Strategy you selected.

If you choose to Surrender your Contract because a certain Indexed Strategy is no longer available, you may be subject to an Early Withdrawal Charge. There may be tax consequences if you Surrender your Contract. You should seek advice on tax questions based on your particular circumstances from a tax advisor.

The S&P 500 5-year 10% Buffer with Upside Participation Rate Indexed Strategy and the S&P 500 5-year 20% Buffer with Cap Indexed Strategy are not available for Terms that begin after the first Contract Year. At the end of a Term for the S&P 5-Year 10% Buffer with Upside Participation Rate Indexed Strategy, if you do not reallocate, then we will apply the ending value of that Indexed Strategy to a new Term of the S&P 500 1-year 10% Buffer with Cap Indexed Strategy. If the S&P 500 1-year 10% Buffer with Cap Indexed Strategy is not available, then we will apply the ending value as set forth below for a 1-year Strategy. At the end of a Term for the S&P 5-Year 20% Buffer with Cap Indexed Strategy, if you do not reallocate, then we will apply the ending value of that Indexed Strategy to a new Term of the S&P 500 1-year 20% Buffer with Cap Indexed Strategy. If the S&P 500 1-year 20% Buffer with Cap Indexed Strategy is not available, then we will apply the ending value as set forth below for a 1-year Strategy.

If funds are allocated to a 1-year Indexed Strategy that will not be available for the next Term and you do not request a reallocation of those funds, we will apply the ending value of that Indexed Strategy as follows:

1)

to another Indexed Strategy that uses the same index as the prior Indexed Strategy, has protection against loss that is equal to or greater than that offered by the prior Indexed Strategy, and has a Term that is no longer than the prior Indexed Strategy; or

2)

to the Declared Rate Strategy.

Replacement of an Index

We have the right to replace an Index if it is discontinued, we are no longer able to use it, its calculation changes substantially, we determine that hedging instruments are difficult to acquire, or the cost of hedging becomes excessive. We may do so at the end of a Term or during a Term. If we replace an Index, we will provide notice to you and amend the prospectus. If we replace an Index during a Term, we will calculate any rise or fall in the Index using the old Index up until the replacement date. After the replacement date, we will calculate any rise or fall in the Index using the new Index but with a modified start of Term value for the new Index. The modified start of Term value for the new Index will reflect the rise or fall in the Index for the old Index from the start of the Term to the replacement date. The performance of the new Index may not be as good as the performance of the old Index. As a result, funds allocated to an Indexed Strategy may earn a return that is lower than the return they would have earned or experience losses greater than the losses they would have experienced if there had been no replacement.

Involuntary Termination of Contract

If your Account Value on any anniversary of the initial Strategy Application Date is below the minimum value of $5,000 for any reason, we may terminate your Contract on that anniversary. If your Contract has Terms that end on the same date because you made only one Purchase Payment, any involuntary termination will occur on that date. If your Contract has Terms that end on different dates because you made more than one Purchase Payment, any involuntary termination will occur on one of those dates, which will be the end of one Term but not the end of the other Terms. In this case, the Surrender Value payable upon termination of your Contract will reflect the Daily Value Percentages used to calculate the values of Indexed Strategies with Terms that are not ending on the termination date.

No Direct Investment in S&P 500 Index

When you allocate money to an Indexed Strategy that uses the S&P 500 Index, you will not be investing in that Index, or in any stock included in that Index. The S&P 500 Index is calculated without taking into account dividends paid on stocks that make up the S&P 500 Index. In addition, because the performance of an S&P 500 Indexed Strategy is linked to the performance of the S&P 500 Index and not the performance of the stocks included in the Index, your return may be less than that of a direct investment in such stocks. In addition, due to the same limitations, your return may be less than that of a direct investment in a fund that tracks the S&P 500 Index.

No Direct Investment in SPDR Gold Shares ETF. When you allocate money to an Indexed Strategy that uses the SPDR Gold Shares ETF, you will not be investing in that exchange-traded fund or in gold. In addition, because the performance of the SPDR Gold Shares ETF is linked to the performance of the share price of the ETF, which is determined by trading on the exchange, and not the performance of its investment portfolio, its underlying index or the components of that index, your return may be less than that of a direct investment in the securities or other assets held by the fund or a direct investment in the components of the fund’s underlying index. In addition, due to the same limitations, your return may be less than that of a direct investment in the fund.

No Direct Investment in an iShares ETF

When you allocate money to an Indexed Strategy that uses the iShares MSCI EAFE ETF or iShares U.S. Real Estate ETF, you will not be investing

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in that exchange-traded fund, the securities or other assets held by the fund, in any underlying index tracked by the fund, or in the securities or other assets held by such underlying index. In addition, because the performance of an iShares ETF is linked to the performance of the share price of the ETF, which is determined by trading on the exchange, and not the performance of its investment portfolio, its underlying index or the components of that index, your return may be less than that of a direct investment in the securities or other assets held by the fund or a direct investment in the components of the fund’s underlying index. In addition, due to the same limitations, your return may be less than that of a direct investment in the fund.

No Direct Investment in First Trust Barclays Edge Index

When you allocate money to an Indexed Strategy that uses the First Trust Barclays Edge Index, you will not be investing in that Index, or in any stock or bonds included in that Index. The First Trust Barclays Edge Index is calculated assuming that dividends paid on stocks that make up the First Trust Barclays Edge Index are reinvested. In addition, because the performance of the First Trust Barclays Edge Indexed Strategy is linked to the performance of the First Trust Barclays Edge Index and not the performance of the stocks and bonds included in the Index, your return may be less than that of a direct investment in such stocks and bonds. In addition, due to the same limitations, your return may be less than that of a direct investment in a fund that tracks the First Trust Barclays Edge Index.

Divergence of Performance

The performance of an Indexed Strategy will diverge from the performance of the underlying Index because changes in the value of an Indexed Strategy at the end of a Term are subject to Positive Return Factors and Negative Return Factors, or the Index change required to qualify for the Trigger Rate and because changes in the value of an Indexed Strategy before the end of a Term are based on the Daily Value Percentage.

Market Risk Related to Indexes

Money allocated to an Indexed Strategy that uses the S&P 500 Index or the First Trust Barclays Edge Index is subject to the risk that the market value of the underlying securities that comprise the applicable Index may decline over a Term. Likewise, money allocated to an Indexed Strategy that uses the iShares MSCI EAFE ETF, the iShares U.S. Real Estate ETF, or the SPDR Gold Shares ETF is subject to the risk that the fund’s share price may decline over a Term. The level of the S&P 500 Index and the First Trust Barclays Edge Index and the share prices of the iShares MSCI EAFE ETF, the iShares U.S. Real Estate ETF, and the SPDR Gold Shares ETF may be volatile. Any such market loss in an amount limited by the Floor or Buffer will be reflected in the Indexed Strategy value. For example, for a Floor Strategy with a floor of -10%, the Indexed Strategy value will be reduced at the end of the Term by the fall in the Index, not to exceed -10%. For a 10% Buffer Strategy, the Indexed Strategy value will be reduced by any amount by which the fall in the Index at the end of the Term exceeds the 10% Buffer. For a 20% Buffer Strategy, the Indexed Strategy value will be reduced by any amount by which the fall in the Index at the end of the Term exceeds the 20% Buffer. For each type of Indexed Strategy, this risk applies even if you do not take a withdrawal before the end of a Term.

Geopolitical conflicts could also create economic disruption, including increased market volatility, and presents economic uncertainty. The full impact and duration of these events are difficult to determine in advance. Any such impact could adversely affect the performance of the securities that comprise the Indexes and may lead to losses on your investment in the Indexed Strategies.

The historical performance of an Index does not guarantee future results.

S&P 500 Index. The S&P 500® Index is designed to reflect the large-cap sector of the U.S. equity market and, due to its composition, it also represents the U.S. equity market in general. Any positive change in the S&P 500 Index over a Term will be lower than the total return on an investment in the stocks that comprise the S&P 500 Index because such total return will reflect dividend payments on those stocks and the S&P 500 Index will not reflect those dividend payments. More information about the S&P 500 Index is set out in the Indexes section of this prospectus.

The S&P 500 Index is subject to multiple principal investment risks, such as those related to its investments in large-capitalization companies. The S&P 500 Index tracks a subset of the U.S. stock market, which could cause the S&P 500 Index to perform differently from the overall stock market. In general, large-capitalization companies may be unable to respond quickly to new competitive challenges and may not be able to attain the high growth rate of successful smaller companies. In addition, the S&P 500 Index may, at times, become focused in stocks of a particular market sector, which would subject the S&P 500 Index to proportionately higher exposure to the risks of that sector.

iShares MSCI EAFE ETF. The iShares MSCI EAFE ETF is an exchange traded fund that seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada (MSCI EAFE Index). This underlying index includes stocks from Europe, Australia, Asia and the Far East. It may include large- or mid-capitalization companies. The share price of the iShares MSCI EAFE ETF is tied to the performance of large- and mid-capitalization developed market equites, excluding the U.S. and Canada. The share price may not replicate the performance of the fund, its underlying index, or the components of that index. More information about the iShares MSCI EAFE ETF is set out in the Indexes section of this prospectus. To learn more about the iShares MSCI EAFE ETF, visit iShares.com and search ticker symbol EFA.

The fund is subject to several principal investment risks, such as those related to its investments in large-capitalization and mid-capitalization foreign companies. In general, large-capitalization companies may be unable to respond quickly to new competitive challenges, and may not be able to attain the high growth rate of successful smaller companies. Generally, the securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. Mid-capitalization companies are also more likely to fail than larger companies. Securities issued by non-U.S. companies are subject to the risks related to investments in foreign markets (e.g., increased price volatility; changing currency

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exchange rates; and greater political, regulatory, and economic uncertainty). Because the fund is an ETF, it is also exposed to the risks associated with the operation of any ETF. The value of its shares, which are valued based on their trading prices in the secondary market, may change rapidly and unpredictably and may trade at premiums or discounts to the fund’s net asset value.

The principal investment risks of the fund are described in the fund’s prospectus, including the following risks: asset class risk, authorized participant concentration risk, concentration risk, currency risk, cyber security risk, equity securities risk, financials sector risk, geographic risk, index-related risk, issuer risk, large-capitalization companies risk, management risk, market risk, market trading risk, mid-capitalization companies risk, national closed market trading risk, non-U.S. securities risk, operational risk, passive investment risk, reliance on trading partners risk, risk of investing in developed countries, risk of investing in Japan, securities lending risk, structural risk, tracking error risk and valuation risk.

iShares U.S. Real Estate ETF. The iShares U.S. Real Estate ETF is an exchange traded fund that seeks to track the investment results of an index composed of U.S. equities in the real estate sector (Dow Jones U.S. Real Estate Index). This underlying index may include large-, mid- or small-capitalization companies. A significant portion of the underlying index is represented by real estate investment trusts (REITs), but the components are likely to change over time. The share price of the iShares U.S. Real Estate ETF is tied to the performance of the real estate sector. The share price may not replicate the performance of the fund, its underlying index, or the components of that index. More information about the iShares U.S. Real Estate ETF is set out in the Indexes section of this prospectus. To learn more about the iShares U.S. Real Estate ETF, visit iShares.com and search ticker symbol IYR.

The fund is subject to several principal investment risks, such as those related to its investments in large-, mid- and small-capitalization U.S. companies in the real estate sector. In general, large-capitalization companies may be unable to respond quickly to new competitive challenges, and may not be able to attain the high growth rate of successful smaller companies. Generally, the securities of smaller companies (including mid- and small-capitalization companies) may be more volatile and may involve more risk than the securities of larger companies. Smaller companies are also more likely to fail than larger companies. Companies that invest in real estate are highly sensitive to the risks of owning real estate, to general and local economic conditions and developments in the real estate market, and to changes in interest rates. Many companies that invest in real estate utilize leverage (and some may be highly leveraged), which increases investment risk, and could potentially magnify the fund’s losses. Because the fund is an ETF, it is also exposed to the risks associated with the operation of any ETF. The value of its shares, which are valued based on their trading prices in the secondary market, may change rapidly and unpredictably and may trade at premiums or discounts to the fund’s net asset value.

The principal investment risks of the fund are described in the fund’s prospectus, including the following risks: asset class risk, authorized participant concentration risk, concentration risk, cyber security risk, dividend risk, equity securities risk, index-related risk, issuer risk, large-capitalization companies risk, management risk, market risk, market trading risk, mid-capitalization companies risk, operational risk, passive investment risk, real estate investment risk, risk of investing in the United States, securities lending risk and tracking error risk.

SPDR Gold Shares ETF. The SPDR Gold Shares ETF represents units of beneficial interest in, and ownership of, the SPDR Gold Trust, an exchange traded fund that holds gold bullion. The investment objective of the trust is for the shares to reflect the performance of the price of gold bullion, less the trust’s expenses. The shares are designed to mirror as closely as possible the price of gold, and the value of the shares relates directly to the value of the gold held by the trust, less its liabilities. The price of gold has fluctuated widely over the past several years and the shares have experienced significant price fluctuations. The value of the gold held by the trust is determined using the London Bullion Market Association (LBMA) Gold Price PM. The Gold Shares trade on the NYSE Arca under the symbol GLD. For more information, visit www.spdrgoldshares.com.

The fund is subject to several principal investment risks related to the price of gold. The price of gold has fluctuated widely over the past several years and the shares have experienced significant price fluctuations. Several factors may affect the price of gold, including:

Global gold supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology, and industrial applications, purchases made by investors in the form of bars, coins, and other gold products, forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold producing countries such as China, the United States and Australia.

Global or regional political, economic, or financial events and situations, especially those unexpected in nature;

Investors’ expectations with respect to the rate of inflation;

Currency exchange rates;

Interest rates;

Investment and trading activities of hedge funds and commodity funds; and

Other economic variables such as income growth, economic output, and monetary policies.

The principal investment risks of the fund are described in the fund’s prospectus, including the following risks: price risk, passive investment risk, trading market risk, risk of loss, damage, theft, or restriction on access, and risks related to the fund’s ETF structure.

First Trust Barclays Edge Index. The First Trust Barclays Edge Index is designed to combine capital strength and value equity investment methodologies with a mix of US Treasury futures indexes for the potential to provide stable returns over time. The First Trust Barclays Edge Index consists of an equity component that combines stocks from the Capital Strength Index and the Value Line® Dividend Index. The Capital Strength Index starts with the largest 500 companies in the NASDAQ US benchmark index and then reduces the selection universe by screening for

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companies that meet minimum criteria including cash and/or short-term investments on their balance sheets, low debt-to-market cap ratios and attractive return-on-equity. It then selects the top 50 names from this smaller universe based on low historical volatility. The Value Line Dividend Index starts with the universe of stocks published in its The Value Line Investment Survey publication and then selects those with a Value Line® Safety Rank of 1 or 2, with attractive dividends and market cap of one billion dollars or above. It then equally weights all stocks that meet those conditions (generally, around 160-200 stocks). The First Trust Barclays Edge Index then combines the stocks represented in The Capital Strength Index and the Value Line Dividend Index with an equal-weight assigned to each underlying index and rebalanced back to equal-weight on a monthly basis. Furthermore, since the index is on an excess return basis (i.e., it returns the index performance in excess of risk-free rates), the risk-free return is deducted from the equity underliers. The risk-free rate used in this calculation is the U.S. Fed Funds Rate published by the Federal Reserve of New York (ticker: FEDL01) for each day divided by 360 as outlined in the Index Rulebook. No such adjustment is needed to the US Treasury futures indexes as these securities returns are naturally on an excess return basis.

The Index uses an optimizer to evaluate its exposure to stocks and US Treasury futures indexes on a daily basis to target a 7% volatility level. This volatility control mechanism aims to target or limit the volatility of the index return over time by adjusting the exposure of the index constituents through a rules-based process called mean-variance optimization. The optimizer defines risk using both shorter and longer term measures of historical realized volatility. It then seeks to determine the allocations between the equity and US Treasury futures index that produce the highest expected return for the target volatility level, subject to constraints. Depending on the constraints of the optimizer at the time, the Index may or may not allocate to the US Treasury futures indexes. When the volatility measures are low, the index can have exposure greater than 100%. However, the optimizer is constrained such that the exposure can never be greater than 225%. Likewise, when volatility is high, the index exposure can be less than 100%. In addition, the First Trust Barclays Edge Index generally rebalances based on end-of-day values in the event there is a deviation in the index component weights of 10% or more, on an absolute basis, from the previous index rebalance value.

The performance of the First Trust Barclays Edge Index reflects the deduction of operating costs and rebalancing costs from the valuation of the underlying indexes. These costs, deducted as an annualized percentage on a daily basis, are fixed for the underlying indexes. The operating costs for the First Trust Barclays Edge Index range from 0.20% to 0.60%, and the rebalancing costs for the First Trust Barclays Edge Index range from 0.02% to 0.03%. The operating costs represent an estimate of the costs that would be incurred to buy and sell the index components. The rebalancing costs represent an estimate of the costs that would be incurred each time the Index rebalances due to changes in weightings of the Index components. The deduction of these costs occurs at the First Trust Barclays Edge Index level (i.e., the return on the First Trust Barclays Edge Index is reduced based on the applicable operating and rebalancing costs).

The principal risks of the First Trust Barclays Edge Index include:

DEBT SECURITIES RISK. Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by a portfolio may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.

EQUITY SECURITIES RISK. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry, or sector of the market.

INFLATION RISK. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of a portfolio’s assets and distributions may decline.

INTEREST RATE RISK. Interest rate risk is the risk that the value of the debt securities in an underlying portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. A portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Higher market interest rates may reduce returns for the First Trust Barclays Edge Index. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration.

MARKET RISK. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. In addition, local, regional, or global events such as war, acts of terrorism, spread

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of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the market and investment portfolios. For example, the coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, had negative impacts, and in many cases severe impacts, on markets worldwide. As this global pandemic illustrated, such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. These events also adversely affect the prices and liquidity of portfolio securities or other instruments and could result in disruptions in the trading markets.

REIT RISK. REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT’s future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors’ collective perceptions of future earnings, the value of a portfolio that holds REITs will generally decline when investors anticipate or experience rising interest rates.

U.S. GOVERNMENT SECURITIES RISK. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.

VOLATILITY CONTROL RISK. Volatility is a measure of the extent of variation in the returns of an asset over a period of time. The Index may reduce its exposure to one or more markets during periods of volatility in order to mitigate volatility in the value of the Index. During times when the Index reduces its market exposure in response to volatility, the Index will not fully participate in the growth in that market. Reducing market exposure during periods of volatility may mitigate the impact of short-term, significant market fluctuations in the Index’s return, but may also cause the Index to not fully participate in recoveries in those markets. There is no guarantee that any volatility control methodology will be successful.

Market Risk Related to Option Prices

Before the end of a Term, money allocated to an Indexed Strategy is subject to the risk that changes in the related option prices may have a negative effect on the value of the Indexed Strategy. This risk applies only if you take a withdrawal or surrender your Contract before the end of a Term.

Performance Lock Risk

If you make a Performance Lock election, you will no longer participate in the positive or negative performance of the Index over the remainder of the Term. This means the value of the Indexed Strategy cannot increase for the remainder of the Term, even if the Index rises over the remainder of the Term.

A Performance Lock election is effective on the second Market Close after receipt of your Request in Good Order. This means you will not be able to determine in advance the gain or loss applicable to the Indexed Strategy when electing a Performance Lock. The gain or loss may be higher or lower at the time the Performance Lock election goes effective than it was when you submitted your Request in Good Order.

Regulatory Risk

MassMutual Ascend Life is not an investment company. Neither MassMutual Ascend Life nor the separate account that we established in connection with the Contracts is registered as an investment company under the Investment Company Act of 1940. The protections provided to investors by that Act are not applicable to the Contract.

Reliance on Our Claims-Paying Ability

No company other than MassMutual Ascend Life has any legal responsibility to pay amounts owed under the Contract. You should look to the financial strength of MassMutual Ascend Life for its claims-paying ability.

Our general account assets fund the guarantees provided in the Contracts. The assets are subject to our general business operation liabilities and claims of our creditors and may lose value. We established a non-unitized separate account for the purpose of supporting our obligation to adjust the Indexed Strategy values based on the Daily Value Percentage or rise or fall of the Index. The assets in the non-unitized separate account are not chargeable with liabilities arising out of any other business that we conduct but may lose value. The non-unitized separate account differs from the unitized separate accounts that support our variable annuity contracts. As a result, unlike the owner of a traditional variable annuity who has a

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beneficial interest in, and participates in the performance of, the assets of the related unitized separate account, you do not have any interest in or claim on the assets in the non-unitized separate account and you will not participate in any way in the performance of assets held in that account.

Various factors, such as those listed below, could materially affect our business, financial condition, cash flows or future results and, in turn, our financial strength and claims-paying ability. A more complete discussion of these factors appears on pages A6-A10.

Financial losses including those resulting from the following events:

Adverse developments in financial markets and deterioration in global economic conditions

Unfavorable interest rate environments

Losses on our investment portfolio

Loss of market share due to intense competition

Ineffectiveness of risk management policies

Changes in applicable law and regulations

Inability to obtain or collect on reinsurance

A downgrade or potential downgrade in our financial strength ratings

Variations from actual experience and management’s estimates and assumptions that could result in inadequate reserves

Significant variations in the amount of capital we must hold to meet statutory capital requirements

Legal actions and regulatory proceedings

Difficulties with technology or data security

Failure to protect confidentiality of customer information

Failure to maintain effective and efficient information systems

Occurrence of catastrophic events, public health crises (e.g., the COVID-19 pandemic), terrorism or military actions

We continue to be subject to significant state solvency regulations that require us to reserve amounts to pay our contractual guarantees. Please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risks Primarily Related to MMALIC’s Financial Strength and Claims-Paying Ability,” and “Financial Statements”, and “Regulation” for additional financial information about the company and the state solvency regulations to which we are subject.

INDEXED STRATEGIES

The Indexed Strategies provide returns that are based, in part, upon changes in an Index. The Indexed Strategies do not earn interest at a fixed rate. Unlike a traditional variable annuity, the values of the Indexed Strategies are not based on the investment performance of underlying portfolios.

Unless you have made a Performance Lock election, any increase in the value of an Indexed Strategy at the end of a Term is based on the change in the applicable Index since the start of that Term and the applicable Positive Return Factor percentage for that Term. At the end of a Term, any decrease in the value of an Indexed Strategy is determined based on the fall in the applicable Index since the start of that Term and the applicable Negative Return Factor percentage.

If you have made a Performance Lock election, any increase or decrease in the value of an Indexed Strategy before the end of a Term is based on the calculated price of hypothetical options related to the possible future change in the applicable Index over the Term, the initial cost of those options, and the trading cost related to those options. The calculated price of those options takes into account the Cap or the Trigger Rate for the Term and the Floor, the Buffer, and the Index change required to qualify for the Trigger Rate.

If you have made a Performance Lock election, then beginning at the second Market Close following receipt of your election and continuing through the end of the Term, any increase or decrease in the value of an Indexed Strategy is locked in based on the Daily Value Percentage, which is the calculated price of hypothetical options related to the possible future change in the applicable Index over the Term, the initial cost of those options, and the trading cost related to those options, all as determined at that second Market Close.

Each Indexed Strategy has a Positive Return Factor percentage for each Term. We will set a new Positive Return Factor percentage for each Indexed Strategy prior to the start of each Term.

The applicable Negative Return Factor percentage for a Strategy will not change from Term to Term. For each Term of an Indexed Strategy with a Buffer that we currently offer, the Buffer is 10% or 20%. For each Term of the Indexed Strategies with a Floor that we currently offer, the Floor is -10%.

Each Term it is possible for you to lose a portion of the money you allocated to any Indexed Strategy at the end of a Term or if you take a withdrawal before the end of a Term. In extreme circumstances, it is possible for you to lose all of the money you allocated to any Indexed Strategy if you Surrender your Contract before the end of a Term.

Available Indexed Strategies

For this Contract, we currently offer twelve Indexed Strategies. Each of these Indexed Strategies uses one of five Indexes: S&P 500® Index, SPDR® Gold Shares ETF, iShares® MSCI EAFE ETF, iShares® U.S. Real Estate ETF, and First Trust Barclays Edge Index. Ten of these Indexed Strategies have one-year Terms and two have five-year Terms. The returns of each Index, except the First Trust Barclays Edge Index, do not reflect the

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reinvestment of dividends, which means that the Index return will be less than what would be received by an investing in the individual securities that make up the Index. The First Trust Barclays Edge Index deducts fees and costs when calculating Index performance, which also will reduce the Index return. The S&P 500 1-Year -10% Floor with Cap Indexed Strategy will always be available. In future Terms, we may stop offering any other Indexed Strategy, we may modify the Positive Return Factor percentage for any Indexed Strategy, and we may offer new Indexed Strategies.

Strategy

Index

Term

Negative
Return
Factor

Positive Return
Factor

S&P 500 1-Year -10% Floor with Cap

S&P 500®1-year-10% FloorCap

S&P 500 1-Year 10% Buffer with Cap

S&P 5001-year10% Buffer

Cap

S&P 500 1-Year 10% Buffer with Dual Performance Trigger*

S&P 5001-year10% BufferTrigger Rate

S&P 500 1-year 10% Buffer with Performance Trigger*

S&P 5001-year10% BufferTrigger Rate

S&P 500 1-year 20% Buffer with Performance Trigger*

S&P 500®1-year20% BufferTrigger Rate

S&P 500 1-Year 20% Buffer with Cap*

S&P 5001-year20% BufferCap

S&P 500 5-Year 10% Buffer with Upside Participation Rate*

S&P 500®5-year10% BufferUpside Participation Rate

S&P 500 5-Year 20% Buffer with Cap*

S&P 5005-year20% BufferCap

SPDR Gold Shares 1-Year -10% Floor with Cap

SPDR Gold Shares ETF1-year-10% FloorCap

iShares U.S. Real Estate 1-Year -10% Floor with Cap

iShares U.S. Real Estate ETF1-year-10% FloorCap

iShares MSCI EAFE1-Year -10% Floor with Cap

iShares MSCI EAFE ETF1-year-10% FloorCap

First Trust Barclays Edge 1-Year 10% Buffer with Cap*

First Trust Barclays Edge1-year10% BufferCap

A Performance Lock election may be made for any Term or Terms of the S&P 500 Indexed Strategies (excluding the three Trigger Strategies) and the First Trust Barclays Edge Indexed Strategy. If you make a Performance Lock election for a given Term of an eligible Strategy, you may not change or revoke that election or make a second election for that same Term of that same Strategy.

*

These 7 Strategies are not available for Contracts issued in Missouri or Nebraska until such time as state approval is received.

Possible Changes in Indexed Strategies

The S&P 500 1-Year -10% Floor with Cap Indexed Strategy will always be available. At the end of a Term, we may stop offering any other Indexed Strategy. Consequently, any other Indexed Strategy listed above may not be available after the end of the initial Term. We have the right to replace the Index associated with an Indexed Strategy under certain circumstances.

In the future, we may offer new Indexed Strategies. Any new Buffer Strategy will offer protection against loss at least equal to a 5% Buffer. Any new Floor Strategy will offer protection against loss at least equal to a -20% Floor.

Indexed Strategies that may be available in the future may earn a return that is lower than the return your investments would have earned if they had been invested in the other Indexed Strategies that are currently available. In addition, any reduction in the available number of Indexed Strategies may reduce your opportunity to increase your Account Value.

Considerations in Choosing an Indexed Strategy

When choosing among Indexed Strategies, you should consider the characteristics and risk profiles of the Indexes, which are discussed in the Indexes section of this prospectus. You should also consider Term lengths. It is generally more difficult to predict Index performance over a longer Term. In addition, you cannot reallocate funds among Strategies before the end of a Term, and the only way to exit a Strategy before the end of a Term is to take a withdrawal or Surrender your Contract.

When choosing among Indexed Strategies that use the same Index, you should also consider how the Positive Return Factors may affect the potential return.

A Cap Strategy provides you with the opportunity to participate fully in any rise in the Index up to the Cap, but you will not participate in any rise in the Index in excess of the Cap.

An Upside Participation Rate Strategy provides you with the opportunity to share in any rise in the Index without a Cap, but your share of any rise is limited by the rate at which you participate in the rise and may be less than 100%.

A Performance Trigger Strategy provides you with the opportunity to receive the Trigger Rate when the change in the Index over the course of a Term is zero or positive, or in the case of the Dual Performance Trigger Strategy, is zero, positive, or negative up to the Buffer. However, you will not

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participate in any rise in the Index in excess of the Trigger Rate.If we assume the Upside Participation Rate is less than 100%, here is how the performance will compare for similar Indexed Strategies with a Cap, Upside Participation Rate, and Trigger Rate each with a 10% Buffer.

In any Term where the rise in the Index is less than the Cap, the Cap Strategy will always perform better than the corresponding Upside Participation Rate Strategy.

In any Term where the rise in the Index is more than the Cap, but less than the Cap divided by the Upside Participation Rate, the Cap Strategy will always perform better than the corresponding Upside Participation Rate Strategy.

In any Term where the rise in the Index is more than the Cap and equal to the Cap divided by the Upside Participation Rate, the Cap Strategy and Upside Participation rate Strategy will perform the same.

In any Term where the rise in the Index is more than the Cap and is more than the Cap divided by the Upside Participation Rate, the Upside Participation Rate Strategy will always perform better than the Cap Strategy.

Any increase in the value of a Trigger Strategy will equal the Trigger Rate multiplied by the remaining Investment Base. This means that the performance of a Trigger Strategy will only perform better than other Strategies if the Trigger Rate is higher than the returns of the other Strategies after a Cap or Upside Participation Rate has been applied.

In any Term where the Index falls by more than 10%, the Cap Strategy, Upside Participation Rate Strategy, or Trigger Strategy will produce the same results at the end of the Term because they have the same 10% Buffer. However, before the end of the Term, due to different option pricing, they may have different Daily Value Percentages and returns.

In any Term where the Index falls by 10% or less, the Dual Performance Trigger Strategy will perform better than the Cap Strategy, Upside Participation Rate Strategy, and Performance Trigger Strategy because the return of the Dual Performance Trigger Strategy will be positive, in an amount equal to the Trigger Rate, while the Cap Strategy, Upside Participation Rate Strategy, and Performance Trigger Strategy will be zero at the end of the Term because there is no positive return and they have the same 10% Buffer.

When choosing among Indexed Strategies that use the same Index, you should also consider how Negative Return Factors may affect your potential risk of loss.

A Buffer Strategy protects you against losses up to the Buffer amount, but you are subject to any loss in excess of the Buffer.

A Floor Strategy limits your loss to the Floor amount, and you will be protected against any loss beyond the Floor.

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Examples. These examples are intended to help you understand the interplay between Positive Return Factors for Indexed Strategies with similar Terms in different market environments and how this interplay affects the comparative performance of Indexed Strategies that use the same Index. The example assumes that each strategy has downside protection in the form of a 10% Buffer.

      Return at end of Term   

Index rise
over Term

  16% Cap  75% Upside
Participation Rate
  11% Trigger
Rate for Performance
Trigger
Strategy
  8% Trigger
Rate for Dual
Performance
Trigger
Strategy
  

Explanation

4%  4%  3%  11%  8%  The Cap Strategy has a better return than the Upside Participation Rate Strategy because the 4% rise in the Index is less than the 16% Cap while the Upside Participation Rate captures only 75% of the 4% rise in the Index. Positive Index changes can only produce positive returns for the Performance Trigger Strategy and the Dual Performance Trigger Strategy that amount to 11% and 8%, respectively.
14%  14%  10.5%  11%  8%  The Cap Strategy has a better return than the Upside Participation Rate Strategy because the 14% rise in the Index is less than the 16% Cap, but more than 10.5% (the 14% rise in the Index multiplied by the 75% Upside Participation Rate). Positive Index changes can only produce positive returns for the Performance Trigger Strategy and the Dual Performance Trigger Strategy that amount to 11% and 8%, respectively.
16%  16%  12%  11%  8%  The Cap Strategy has a better return than the Upside Participation Rate Strategy because the 16% rise in the Index is fully captured by the 16% Cap while the Upside Participation Rate captures only 75% of the 16% Index rise. Positive Index changes can only produce positive returns for the Performance Trigger Strategy and the Dual Performance Trigger Strategy that amount to 11% and 8%, respectively.
20%  16%  15%  11%  8%  The Cap Strategy has a better return than the Upside Participation Rate Strategy because the Cap Strategy caps the 20% Index rise at 16% while the Upside Participation Rate captures only 75% of the 20% Index rise. Positive Index changes can only produce positive returns for the Performance Trigger Strategy and the Dual Performance Trigger Strategy that amount to 11% and 8%, respectively.
0%  0%  0%  11%  8%  Performance Trigger Strategies and Dual Performance Trigger Strategies are the only Indexed Strategies that change in value when the Index Change is zero. The Performance Trigger Strategy outperforms the Dual Performance Trigger Strategy in this case because the Trigger Rate is higher for the Performance Trigger Strategy.
-10%  0%  0%  0%  8%  The Dual Performance Trigger Strategy provides a better return than all the other options because a positive Trigger Rate is credited when Index losses do not exceed the Buffer.
-30%  -20%  -20%  -20%  -20%  All Strategies have the same negative return because the Index loss exceeded the Buffer.

See the “Examples: Impact of Withdrawals on Contract Values and Amounts Realized” section below for more information about the interplay between Positive Return Factors for Indexed Strategies with different Terms in different market environments. See the “Indexed Strategy Value at End of Term” section below for more examples for each type of Indexed Strategy.

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Term

Each Term of an Indexed Strategy will start and end on a Strategy Application Date. Each Term is either one year long or five years long. A new Term will start at the end of the preceding Term.

If you make only one Purchase Payment or you make all of your Purchase Payments before the initial Strategy Application Date, then each Term of each Indexed Strategy will end on the same date in any given year. If you make a Purchase Payment after the initial Strategy Application Date, then your Purchase Payments will be applied to the Indexed Strategies on different Strategy Application Dates. In this case, an Indexed Strategy may have Terms that end on different dates in any given year.

Examples. These examples show how a Contract with multiple Purchase Payments may have Terms that end on different dates.

You make your initial Purchase Payment on March 10 and another Purchase Payment on March 17. You allocate both payments to the same Indexed Strategy and both payments are applied on March 20. Each Term of that Indexed Strategy will start and end on March 20.

You make your initial Purchase Payment on May 2 and another Purchase Payment on June 14. You allocate both payments to the same Indexed Strategy. Your initial Purchase Payment is applied on May 6 and the other Purchase Payment is applied on June 20. That Indexed Strategy will have a Term that starts and ends on May 6 and another Term that starts and ends on June 20.

Investment Base

The value of an Indexed Strategy is calculated using the Investment Base. The Investment Base is not your Account Value, Surrender Value, Annuity Payout value, or Death Benefit value, but it is used to calculate those values.

The Investment Base is the amount applied to the Strategy at the start of the current Term, reduced proportionally for each withdrawal and related Early Withdrawal Charge during the current Term.

A withdrawal and the Related Early Withdrawal Charge reduce the Investment Base by an amount that is proportional to the reduction in the value of the Indexed Strategy due to the withdrawal and the charge. The reduction in the value of the Indexed Strategy will be based on the Daily Value Percentage of the Indexed Strategy (or the locked Daily Value Percentage if you have made a Performance Lock election). The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term.

If the Daily Value Percentage is positive and the Strategy value immediately before the withdrawal is greater than the Investment Base, then the reduction in the Investment Base will be less than the withdrawal and the related Early Withdrawal Charge.

If the Daily Value Percentage is negative and the Strategy value immediately before the withdrawal is less than the Investment Base, then the reduction in the Investment Base will be more than the withdrawal and the related Early Withdrawal Charge.

A reduction in the Investment Base for a Term will reduce the gain or loss from any future changes in the Index during that Term.

Here are the formulas that we use to calculate a reduction in the Investment Base for a withdrawal.

Withdrawal as a percentage of Strategy value = withdrawal and related charge / Strategy value before withdrawal

Reduction in Investment Base = Investment Base before withdrawal x withdrawal as a percentage of Strategy value

Investment Base after withdrawal = Investment Base before withdrawal – reduction in Investment Base

Indexed Strategy Value

At the end of a Term, unless you have made a Performance Lock election, the value of an Indexed Strategy is equal to:

the Investment Base at the end of the Term; plus

any increase for a rise in the Index for the Term (measured at the start and end of the Term, or for the Dual Performance Trigger Strategy, any fall in the Index that does not exceed the Buffer), adjusted for the applicable Positive Return Factor percentage; or minus

any decrease for a fall in the Index for the Term (measured at the start and end of the Term) adjusted for the applicable Negative Return Factor percentage.

In this formula, the Investment Base at the end of the Term is equal to the amount applied to the Strategy at the start of that Term, reduced proportionally for each withdrawal and related Early Withdrawal Charge that you took during that Term. After we calculate the Investment Base at the end of the Term, we calculate any increase or decrease for the Index performance over that Term. Any increase for the Term (or for the Dual Performance Trigger Strategy, any fall in the Index that does not exceed the Buffer) is subject to the applicable Positive Return Factor percentage for that Term. Any decrease for the Term is subject to the applicable Negative Return Factor percentage.

Examples. At the end of a Term, the Investment Base in an Index Strategy is $5,000. You take a $1,000 withdrawal and no Early Withdrawal Charge applies to the withdrawal.

Assume that the Index had increased by 20% at the end of the Term, and a Cap of 10%, an Upside Participation Rate of 50%, or a Trigger Rate of 10% was in place:

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At Final Market Close of Term

Rise in Index

+20%

Increase as a Percentage

+10% (10% Cap, or 50% Par Rate x 20%, or 10% Trigger Rate)

Dollar Amount of Increase

+$500 ($5,000 x 10%)

Strategy value before Withdrawal

$5,500 ($5,000 + $500)

Withdrawal Amount

$1,000

Strategy value at Term End

$4,500 ($5,500 - $1,000)

If in this example an Early Withdrawal Charge of 5% applied to the entire withdrawal amount and you requested a net amount of $1,000, your withdrawal amount would have been $1,053 ($1,000 / (1 – 0.05)), resulting in a Strategy value at Term End of $4,447 ($5,500 - $1,053).

Assume that the Index had decreased by 20% at the end of the Term, and either a Buffer of 10% or a 10% Floor was in place:

   

At Final Market Close of Term

   

10% Buffer

  

-10% Floor

Fall in Index

  -20%  -20%

Decrease as a Percentage

  -10% (20% fall minus 10% Buffer)  -10% (-10% Floor)

Dollar Amount of Decrease

  -$500 ($5,000 x -10%)  -$500 ($5,000 x -10%)

Strategy value before Withdrawal

  $4,500 ($5,000 - $500)  $4,500 ($5,000 - $500)

Withdrawal Amount

  $1,000  $1,000

Strategy value at Term End

  $3,500 ($4,500 - $1,000)  $3,500 ($4,500 - $1,000)

If in this example an Early Withdrawal Charge of 5% applied to the entire withdrawal amount and you requested a net amount of $1,000, your withdrawal amount would have been $1,053 ($1,000 / (1 – 0.05)), resulting in a Strategy value at Term End of $3,447 ($4,500 - $1,053) for the Buffer Strategy and the Floor Strategy.

On each day before the end of a Term, unless you have made a Performance Lock election, the value of an Indexed Strategy is equal to:

the Investment Base on that day; plus

any increase for a positive Daily Value Percentage; or minus

any decrease for a negative Daily Value Percentage.

In this formula, the Investment Base on each day before the end of the Term is equal to the amount applied to the Strategy at the start of that Term, reduced proportionally for each withdrawal and related Early Withdrawal Charge that you took on or before that day. After we calculate the Investment Base on that day, we calculate any increase for a positive Daily Value Percentage or any decrease for a negative Daily Value Percentage.

A withdrawal and the related Early Withdrawal Charge reduce the value of an Indexed Strategy by an amount equal to the withdrawal and the charge.

Examples. You allocate $5,000 to an Indexed Strategy at the start of a Term. This means the Investment Base at the start of the Term is $5,000. You take a $1,000 withdrawal and no Early Withdrawal Charge applies to the withdrawal.

Assume that the Daily Value Percentage is 5% on the withdrawal date.

The increase for the Daily Value Percentage is equal to $250 ($5,000 x 5%).

The Strategy value on the withdrawal date is $5,250 ($5,000 + $250).

The Strategy value after the withdrawal is $4,250 ($5,250 - $1,000).

The withdrawal as a percentage of the Strategy value is 19.05% ($1,000 / $5,250).

The reduction in the Investment Base is $952 ($5,000 x 19.05%).

The Investment Base after the withdrawal is $4,048 ($5,000 - $952).

Because the Strategy value on the withdrawal date was more than the Investment Base, the reduction in the Investment Base is only $952, which is less than the $1000 withdrawal.

If in this example an Early Withdrawal Charge of 5% applied to the entire withdrawal amount and you requested a net amount of $1,000:

The increase for the Daily Value Percentage is equal to $250 ($5,000 x 5%).

The Strategy value on the withdrawal date is $5,250 ($5,000 + $250).

The total amount withdrawn is $1,053 ($1,000 / (1 – 0.05)).

The Strategy value after the withdrawal is $4,197 ($5,250 - $1,053).

The withdrawal as a percentage of the Strategy value is 20.05% ($1,053 / $5,250).

The reduction in the Investment Base is $1,003 ($5,000 x 20.05%).

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The Investment Base after the withdrawal is $3,997 ($5,000 - $1,003).

Because the Strategy value on the withdrawal date was more than the Investment Base, the reduction in the Investment Base was $1,003, which is less than the $1,053 withdrawal.

Assume that the Daily Value Percentage is -10% on the withdrawal date.

The reduction for the Daily Value Percentage is equal to $500 ($5,000 x -10%).

The Strategy value on the withdrawal date is $4,500 ($5,000 - $500).

The Strategy value after the withdrawal is $3,500 ($4,500 - $1,000).

The withdrawal as a percentage of the Strategy value is 22.22% ($1,000 / $4,500).

The reduction in the Investment Base is $1,111 ($5,000 x 22.22%).

The Investment Base after the withdrawal is $3,889 ($5,000 - $1,111).

Because the Strategy value on the withdrawal date was less than the Investment Base, the reduction in the Investment Base was $1,111, which is greater than the $1,000 withdrawal.

If in this example an Early Withdrawal Charge of 5% applied to the entire withdrawal amount and you requested a net amount of $1,000:

The reduction for the Daily Value Percentage is equal to $500 ($5,000 x 10%).

The Strategy value on the withdrawal date is $4,500 ($5,000 - $500).

The total amount withdrawn is $1,053 ($1,000 / (1 - 0.05)).

The Strategy value after the withdrawal is $3,447 ($4,500 - $1,053).

The withdrawal as a percentage of the Strategy value is 23.39% ($1,053 / $4,500).

The reduction in the Investment Base is $1,170 ($5,000 x 23.39%).

The Investment Base after the withdrawal is $3,830 ($5,000 - $1,170).

Because the Strategy value on the withdrawal date was less than the Investment Base, the reduction in the Investment Base was $1,170, which is greater than the $1,053 withdrawal.

Performance Lock

Performance Lock is an election to lock in the Daily Value Percentage for the remainder of a Term of an Indexed Strategy. You can make a Performance Lock election once per Term for each S&P 500 Strategy (excluding the three Trigger Strategies) and for each First Trust Barclays Edge Strategy.

You may make a Performance Lock election by a Request in Good Order. Once we receive your Request in Good Order, a Performance Lock election for a Term cannot be changed or revoked. You may access Daily Value Percentage information for the Indexed Strategies as of the previous day’s Market Close by calling 1-800-789-6771 or by accessing your account online at www.massmutualascend.com.

A Performance Lock election for a Term is effective on the second Market Close following our receipt of your Request in Good Order. After the second Market Close, the Strategy value before the end of the Term and the Strategy value at the end of the Term is based on the Daily Value Percentage as locked at that second Market Close. This means that the Daily Value Percentage as of that second Market Close will apply from that date on through the end of the Term.

Because a Performance Lock election is effective on the second Market Close following receipt of the election, you will not be able to determine in advance the locked Daily Value Percentage that will apply to the Indexed Strategy at the time you make a Performance Lock election. The locked Daily Value Percentage could be negative, even if it is positive on the day you request a Performance Lock. The locked Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term. When you elect a Performance Lock, your ending Strategy value will not be based on the ending Index value on the last day of the Term, which means you will not benefit from any rise in the Index during the balance of the Term and may earn less than you would have if you had not made a Performance Lock election. If the Daily Value Percentage is negative, you could lock in a loss, and the loss could be significant. Before electing a Performance Lock, you should consult with a financial advisor.

Beginning on that second Market Close and continuing through the end of the Term, the value of an Indexed Strategy is equal to:

the Investment Base on that day; plus

any increase for a positive Daily Value Percentage, as locked on that second Market Close; or minus

any decrease for a negative Daily Value Percentage, as locked on that second Market Close.

After a Performance Lock election is effective, except for withdrawals and Early Withdrawal Charges, the value of a locked Strategy will not change until the start of the next Term.

A Performance Lock election does not affect the Investment Base, so the Indexed Strategy value will still change if the Investment Base is reduced by a withdrawal.

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If you make a Performance Lock election for the S&P 500 5-Year 10% Buffer with Upside Participation Rate Indexed Strategy before the last year of the Term, that Term will end on the next anniversary of the Term start date. If you take no action and do not send us a reallocation request by that anniversary, then we will apply the ending value of the S&P 500 5-Year 10% Buffer with Upside Participation Rate Indexed Strategy to a new Term of the S&P 500 1-Year 10% Buffer with Cap Indexed Strategy. If the S&P 500 1-year 10% Buffer with Cap Indexed Strategy is not available, then we will apply the ending value in accordance with the unavailable/ default allocation provisions for a 1-year Indexed Strategy.

If you make a Performance Lock election for the S&P 500 5-Year 20% Buffer with Cap Indexed Strategy before the last year of the Term, that Term will end on the next anniversary of the Term start date. If you take no action and do not send us a reallocation request by that anniversary, then we will apply the ending value of the S&P 500 5-Year 20% Buffer with Cap Indexed Strategy to a new Term of the S&P 500 1-Year 20% Buffer with Cap Indexed Strategy. If the S&P 500 1-year 20% Buffer with Cap Indexed Strategy is not available, then we will apply the ending value in accordance with the unavailable/ default allocation provisions for a 1-year Indexed Strategy.

Examples. You allocate $5,000 to an Indexed Strategy at the start of a Term. This means the Investment Base at the start of the Term is $5,000. You make a Performance Lock election, and on the second Market Close following receipt of that election the Daily Value Percentage is 5%.

Assume that you take no withdrawals.

The increase for the locked Daily Value Percentage is equal to $250 ($5,000 x 5%).

On the second Market Close following receipt of the Performance Lock election, the Strategy value is $5,250 ($5,000 + $250).

The Strategy value on each following day of the Term remains $5,250 because the Daily Value Percentage is locked. No further changes in the Daily Value Percentage are taken into account.

The ending Strategy value is $5,250. The normal calculation based on the percentage change in the Index over the 1-year Term does not apply.

Assume you take a $1,000 withdrawal after the Performance Lock election is effective, and no Early Withdrawal Charge applies to the withdrawal:

The increase for the locked Daily Value Percentage is equal to $250 ($5,000 x 5%).

On the second Market Close following receipt of the Performance Lock election, the Strategy value is $5,250 ($5,000 + $250).

Until the withdrawal, the Strategy value on each following day of the Term remains $5,250 because the Daily Value Percentage is locked. No further changes in the Net Option Value, Amortized Option Cost, or trading cost are taken into account.

Immediately, after the $1,000 withdrawal, the Strategy value is $4,250 ($5,250 – $1,000).

The withdrawal as a percentage of the Strategy value is 19.05% ($1,000 / $5,250)

The proportionate reduction in the Investment Base is $952 ($5,000 x 19.05%).

The Investment Base after the withdrawal is $4,048 ($5,000 – $952).

Because the Strategy value on the withdrawal date was more than the Investment Base, the reduction in the Investment Base was $952, which is less than the $1,000 withdrawal.

After the withdrawal, on each following day for the Term, the increase for the locked Daily Value Percentage is equal to $202 ($4,048 x 5%).

After the withdrawal, on each day of the Term, the Strategy value is $4,250 ($4,048 + $202). The Strategy value is the Investment Base after the withdrawal ($4,048) plus the increase for the locked Daily Value Percentage ($202).

The ending Strategy value is $4,250. The normal calculation based on the percentage change in the Index over the 1-year Term does not apply.

See the Indexed Strategy Value After Performance Lock section below for more examples.

INDEXES

The returns of each Index, except the First Trust Barclays Edge Index, do not reflect the reinvestment of dividends. Any allocation to an Indexed Strategy does not represent an investment in an Index or in any securities or other assets included in an Index.

S&P 500 Index

The S&P 500® Index is designed to reflect the large-cap sector of the U.S. equity market and, due to its composition, it also represents the U.S. equity market in general. It includes 500 leading companies and captures approximately 80% coverage of available market capitalization. The S&P 500 Index does not include dividends declared by any of the companies in this index. Consequently, any positive change in the Index over the Term will be lower than the total return on a direct investment in the stocks that comprise the S&P 500 Index.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by MassMutual Ascend Life. Standard & Poor’s®, S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). MassMutual Ascend Life products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties makes any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruption of the S&P 500 Index.

For more information, visit www.US.SPIndices.com.

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SPDR Gold Shares ETF

The SPDR Gold Shares represent units of beneficial interest in, and ownership of, the SPDR Gold Trust, an exchange traded fund that holds gold bullion. The investment objective of the trust is for the shares to reflect the performance of the price of gold bullion, less the trust’s expenses. The shares are designed to mirror as closely as possible the price of gold, and the value of the shares relates directly to the value of the gold held by the trust, less its liabilities. The value of the gold held by the trust is determined using the London Bullion Market Association (LBMA) Gold Price PM.

The Gold Shares trade on the NYSE Arca under the symbol GLD. For more information, visit www.spdrgoldshares.com.

iShares MSCI EAFE ETF

The iShares MSCI EAFE ETF is an exchange traded fund that seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada (MSCI EAFE Index). This underlying index includes stocks from Europe, Australia, Asia and the Far East. It may include large or mid capitalization companies. The components of the underlying index, and the degree to which these components represent certain industries and/or countries, are likely to change over time. The fund’s adviser uses an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the underlying index. The fund’s performance will be reduced by its expenses and fees.

The fund’s shares trade on the NYSE Arca under the symbol EFA.

The iShares MSCI EAFE ETF is distributed by BlackRock Investments, LLC. iShares®, BLACKROCK®, and the corresponding logos are registered and unregistered trademarks of BlackRock, Inc. and its affiliates (“BlackRock”), and these trademarks have been licensed for certain purposes by MassMutual Ascend Life Insurance Company. MassMutual Ascend Life annuity products are not sponsored, endorsed, sold, or promoted by BlackRock, and purchasers of an annuity from MassMutual Ascend Life do not acquire any interest in the iShares MSCI EAFE ETF nor enter into any relationship of any kind with BlackRock. BlackRock makes no representation or warranty, express or implied, to the owners of any MassMutual Ascend Life annuity product or any member of the public regarding the advisability of purchasing an annuity, nor does it have any liability for any errors, omissions, interruptions or use of the iShares MSCI EAFE ETF or any data related thereto.

iShares U.S. Real Estate ETF

The iShares U.S. Real Estate ETF is an exchange traded fund that seeks to track the investment results of an index composed of U.S. equities in the real estate sector (Dow Jones U.S. Real Estate Index). This underlying index may include large-, mid- or small-capitalization companies. A significant portion of the underlying index is represented by real estate investment trusts (REITs), but the components are likely to change over time. The fund’s adviser uses an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the underlying index. The fund’s performance will be reduced by its expenses and fees.

The fund’s shares trade on the NYSE Arca under the symbol IYR.

The iShares U.S. Real Estate ETF is distributed by BlackRock Investments, LLC. iShares®, BLACKROCK®, and the corresponding logos are registered and unregistered trademarks of BlackRock, Inc. and its affiliates (“BlackRock”), and these trademarks have been licensed for certain purposes by MassMutual Ascend Life Insurance Company. MassMutual Ascend Life annuity products are not sponsored, endorsed, sold or promoted by BlackRock, and purchasers of an annuity from MassMutual Ascend Life do not acquire any interest in the iShares U.S. Real Estate ETF nor enter into any relationship of any kind with BlackRock. BlackRock makes no representation or warranty, express or implied, to the owners of any MassMutual Ascend Life annuity product or any member of the public regarding the advisability of purchasing an annuity, nor does it have any liability for any errors, omissions, interruptions or use of the iShares U.S. Real Estate ETF or any data related thereto.

First Trust Barclays Edge Index

The First Trust Barclays Edge Index is designed to combine capital strength and value equity investment methodologies with a mix of US Treasury futures indexes for the potential to provide stable returns over time.

The First Trust Barclays Edge Index consists of an equity component that combines stocks from the Capital Strength Index and the Value Line® Dividend Index. The Capital Strength Index starts with the largest 500 companies in the NASDAQ US benchmark index and then reduces the selection universe by screening for companies that meet minimum criteria including cash and/or short-term investments on their balance sheets, low debt-to-market cap ratios and attractive return-on-equity. It then selects the top 50 names from this smaller universe based on low historical volatility. The Value Line Dividend Index starts with the universe of stocks published in its The Value Line Investment Survey publication and then selects those with a Value Line® Safety Rank of 1 or 2, with attractive dividends and market cap of one billion dollars or above. It then equally weights all stocks that meet those conditions (generally, around 160-200 stocks). The First Trust Barclays Edge Index then combines the stocks represented in The Capital Strength Index and the Value Line Dividend Index with an equal-weight assigned to each underlying index and rebalanced back to equal-weight on a monthly basis. Furthermore, since the index is on an excess return basis (i.e., it returns the index performance in excess of risk-free rates), the risk-free return is deducted from the equity underliers. The risk-free rate used in this calculation is the U.S. Fed Funds Rate

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published by the Federal Reserve of New York (ticker: FEDL01) for each day divided by 360 as outlined in the Index Rulebook. No such adjustment is needed to the US Treasury futures indexes as these securities returns are naturally on an excess return basis.

The Index uses an optimizer to evaluate its exposure to stocks and US Treasury futures indexes on a daily basis to target a 7% volatility level. This volatility control mechanism aims to target or limit the volatility of the index return over time by adjusting the exposure of the index constituents through a rules-based process called mean-variance optimization. The optimizer defines risk using both shorter and longer term measures of historical realized volatility. It then seeks to determine the allocations between the equity and US Treasury futures index that produce the highest expected return for the target volatility level, subject to constraints. Depending on the constraints of the optimizer at the time, the Index may or may not allocate to the US Treasury futures indexes. When the volatility measures are low, the index can have exposure greater than 100%. However, the optimizer is constrained such that the exposure can never be greater than 225%. Likewise, when volatility is high, the index exposure can be less than 100%. In addition, the First Trust Barclays Edge Index generally rebalances based on end-of-day values in the event there is a deviation in the index component weights of 10% or more, on an absolute basis, from the previous index rebalance value. Note: The First Trust Barclays Edge Index Strategy is not available in Missouri or Nebraska until such time as state approval is received. For more information visit https://www.ftindexingsolutions.com.

The performance of the First Trust Barclays Edge Index reflects the deduction of operating costs and rebalancing costs from the valuation of the underlying indexes. These costs, deducted as an annualized percentage on a daily basis, are fixed for the underlying indexes. The operating costs for the First Trust Barclays Edge Index range from 0.20% to 0.60%, and the rebalancing costs for the First Trust Barclays Edge Index range from 0.02% to 0.03%. The operating costs represent an estimate of the costs that would be incurred to buy and sell the index components. The rebalancing costs represent an estimate of the costs that would be incurred each time the Index rebalances due to changes in weightings of the Index components. The deduction of these costs occurs at the First Trust Barclays Edge Index level (i.e., the return on the First Trust Barclays Edge Index is reduced based on the applicable operating and rebalancing costs).

The First Trust Barclays Edge Index is a custom index created for use in annuities issued by MassMutual Ascend Life Insurance Company. The Index sponsor and the Company have an exclusive agreement in place for this purpose but the Index sponsor could license the First Trust Barclays Edge Index for additional use at some point in the future once the exclusive time period is complete. The First Trust Barclays Edge Index has no performance history prior to April 14, 2023.

The First Trust Barclays Edge Index (“FTIS Index”) is a product of FT Indexing Solutions LLC (“FTIS”) and is administered and calculated by Bloomberg Index Services Limited and its affiliates (collectively, “BISL”). FIRST TRUST® is a trademark of First Trust Portfolios L.P. (collectively, with FTIS and their respective affiliates, “First Trust”). The foregoing index and trademark have been licensed for use for certain purposes by Barclays, Bloomberg, and MassMutual Ascend Life Insurance Company (“MassMutual Ascend”) in connection with the FTIS Index and MassMutual Ascend’s products.

The Capital Strength Index (“Nasdaq Index”) is a product of Nasdaq, Inc. (collectively, with its affiliates, “Nasdaq”). NASDAQ®. CAPTIAL STRENGTH INDEX , NQCAPST, and NQCAPSTTTM are trademarks of Nasdaq. The foregoing index and trademarks have been licensed for use for certain purposes by FTIS and MassMutual Ascend in connection with the FTIS Index and MassMutual Ascend’s products.

The Value Line Dividend Index (“Value Line Index”) is a product of Value Line, Inc. (“Value Line”). VALUE LINE® and VALUE LINE DIVIDEND INDEX are trademarks or registered trademarks of Value Line. The foregoing index and trademarks have been licensed for use for certain purposes by FTIS and MassMutual Ascend in connection with the FTIS Index and MassMutual Ascend’s products. The FTIS Index is not sponsored, endorsed, recommended, sold, or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in the FTIS Index.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. Bloomberg Finance L.P., BISL and their affiliates (“Bloomberg”) are not affiliated with First Trust or Barclays. Bloomberg’s relationship to First Trust and Barclays is only (1) in the licensing of the FIRST TRUST®, BARCLAYS®, and FIRST TRUST BARCLAYS EDGE INDEX trademarks and (2) to act as the administrator and calculation agent of the FTIS Index, which is the property of FTIS.

MassMutual Ascend’s products are not issued, sponsored, endorsed, sold, recommended, or promoted by First Trust, Bloomberg, Nasdaq, Value Line, or their respective affiliates (collectively, the “Companies”). The Companies have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to MassMutual Ascend’s products. The Companies make no representation or warranty, express or implied, to the owners of any product based on the FTIS Index, Barclays Indices, Nasdaq Index, or Value Line Index, or to any member of the public regarding the advisability of investing in securities generally or in products based on the FTIS Index, Barclays Indices, Nasdaq Indices, or Value Line Index particularly, or the ability of the FTIS Index, Barclays Indices, Nasdaq Indices, or Value Line Index to track general stock market performance. The Companies’ only relationship to MassMutual Ascend is in the licensing of the certain trademarks, trade names, and service marks and the use of the FTIS Index, Barclays Indices, Nasdaq Indices, and Value Line Indices, which are determined, composed, and calculated without regard to MassMutual Ascend or MassMutual Ascend’s products. The Companies have no obligation to take the needs of MassMutual Ascend, or the owners of MassMutual Ascend’s products, or the sponsors or owners of products based on the FTIS Index, Barclays Indices, Nasdaq Index, or Value Line Index into consideration when determining, composing, or calculating the FTIS Index, Barclays Indices, Nasdaq Index, and Value Line Index. The Companies are not responsible for and have not participated in the determination or calculation of MassMutual Ascend’s products. There are no assurances from the Companies that products based on the FTIS Index, Barclays Indices, Nasdaq Index, or Value Line Index will accurately track index performance or provide positive investment returns. The Companies have no liability in connection with the administration, marketing, or trading

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of MassMutual Ascend’s products. The Companies are not investment advisors. Inclusion of a security or financial instrument within an index is not a recommendation by the Companies to buy, sell, or hold such security or financial instrument, nor is it considered to be investment advice.

THE COMPANIES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS, COMPLETENESS, AND/OR UNINTERRUPTED CALCULATION OF MASSMUTUAL ASCEND’S PRODUCTS, FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, VALUE LINE INDEX, OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS. THE COMPANIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS IN MASSMUTUAL ASCEND’S PRODUCTS, FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, OR VALUE LINE INDEX. THE COMPANIES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY MASSMUTUAL ASCEND OWNERS OF MASSMUTUAL ASCEND’S PRODUCTS OR OF PRODUCTS BASED ON THE FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, OR VALUE LINE INDEX, OR BY ANY OTHER PERSON OR ENTITY FROM THE USE OF THE FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, OR VALUE LINE INDEX, OR ANY DATA INCLUDED THEREIN. THE COMPANIES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO MASSMUTUAL ASCEND’S PRODUCTS, FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, VALUE LINE INDEX, OR ANY DATA INCLUDED THEREIN, WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE COMPANIES BE SUBJECT TO ANY DAMAGES OR HAVE ANY LIABILITY FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OR LOSSES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE. EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN MASSMUTUAL ASCEND AND THE COMPANIES.

Neither Barclays Bank PLC (“BB PLC”) nor any of its affiliates (collectively ‘Barclays’) is the issuer or producer of MassMutual Ascend’s products and Barclays has no responsibilities, obligations, or duties to investors in MassMutual Ascend’s products. The Barclays US 2Y Treasury Futures Index, Barclays US 5Y Treasury Futures Index, Barclays US 10Y Treasury Futures Index, and Barclays Switch USD Signal Index (collectively, the “Indices”), together with any Barclays indices that are components of the Indices, are trademarks owned by Barclays and, together with any component indices and index data, are licensed for use by MassMutual Ascend as the issuer or producer of MassMutual Ascend’s products (the ‘Issuer’).

Barclays’ only relationship with the Issuer in respect of the Indices is the licensing of the Indices, which are administered, compiled, and published by BB PLC in its role as the index sponsor (the ‘Index Sponsor’) without regard to the Issuer or MassMutual Ascend’s products or investors in MassMutual Ascend’s products. Additionally, MassMutual Ascend as issuer or producer of MassMutual Ascend’s products may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with MassMutual Ascend’s products. Investors acquire MassMutual Ascend’s products from MassMutual Ascend and investors neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in MassMutual Ascend’s products. MassMutual Ascend’s products are not sponsored, endorsed, sold, or promoted by Barclays and Barclays makes no representation regarding the advisability of MassMutual Ascend’s products or use of the Indices or any data included therein. Barclays shall not be liable in any way to the Issuer, investors or to other third parties in respect of the use or accuracy of the Indices or any data included therein.

Barclays Index Administration (“BINDA”), a distinct function within BB PLC, is responsible for day-to-day governance of BB PLC’s activities as Index Sponsor.

To protect the integrity of Barclays’ indices, BB PLC has in place a control framework designed to identify and remove and/or mitigate (as appropriate) conflicts of interest. Within the control framework, BINDA has the following specific responsibilities:

oversight of any third-party index calculation agent;

acting as approvals body for index lifecycle events (index launch, change and retirement); and

resolving unforeseen index calculation issues where discretion or interpretation may be required (for example: upon the occurrence of market disruption events).

To promote the independence of BINDA, the function is operationally separate from BB PLC’s sales, trading and structuring desks, investment managers, and other business units that have, or may be perceived to have, interests that may conflict with the independence or integrity of Barclays’ indices.

Notwithstanding the foregoing, potential conflicts of interest exist as a consequence of BB PLC providing indices alongside its other businesses. Please note the following in relation to Barclays’ indices.

BB PLC may act in multiple capacities with respect to a particular index including, but not limited to, functioning as index sponsor, index administrator, index owner and licensor.

Sales, trading, or structuring desks in BB PLC may launch products linked to the performance of an index. These products are typically hedged by BB PLC’s trading desks. In hedging an index, a trading desk may purchase or sell constituents of that index. These purchases or sales may affect the prices of the index constituents which could in turn affect the level of that index.

BB PLC may establish investment funds that track an index or otherwise use an index for portfolio or asset allocation decisions.

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The Index Sponsor is under no obligation to continue the administration, compilation and publication of the Indices of the level of the Indices. While the Index Sponsor currently employs the methodology ascribed to the Indices (and application of such methodology shall be conclusive and binding), no assurance can be given that market, regulatory, juridical, financial, fiscal or other circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting any constituent within the Index) will not arise that would, in the view of the Index Sponsor, necessitate an adjustment, modification or change of such methodology. In certain circumstances, the Index Sponsor may suspend or terminate the Indices. The Index Sponsor has appointed a third-party agent (the ‘Index Calculation Agent’) to calculate and maintain the Indices. While the Index Sponsor is responsible for the operation of the Indices, certain aspects have thus been outsourced to the Index Calculation Agent.

Barclays

1.

makes no representation or warranty, express or implied, to the Issuer or any member of the public regarding the advisability of investing in transactions generally or the ability of the Indices to track the performance of any market or underlying assets or data; and

2.

has no obligation to take the needs of the Issuer into consideration in administering, compiling, or publishing the Indices.

Barclays has no obligation or liability in connection with administration, marketing, or trading of MassMutual Ascend’s products.

The licensing agreement between FTIS and BB PLC is solely for the benefit of FTIS and Barclays and not for the benefit of the owners of MassMutual Ascend’s products, investors or other third parties.

BARCLAYS DOES NOT GUARANTEE, AND SHALL HAVE NO LIABILITY TO THE PURCHASERS AND TRADERS, AS THE CASE MAY BE, OF THE TRANSACTION OR TO THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE INDICES OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDICES. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES INCLUDING, WITHOUT LIMITATION, THE INDICES OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL BARCLAYS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES SAVE TO THE EXTENT THAT SUCH EXCLUSION OF LIABILITY IS PROHIBITED BY LAW.

None of the information supplied by Barclays and used in this publication may be reproduced in any manner without the prior written permission of Barclays Bank PLC, Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

Index Values

For Indexed Strategies that use the S&P 500 Index or the First Trust Barclays Edge Index, the Index is the level of the S&P 500 Index or the First Trust Barclays Edge Index at the applicable Market Close. For Indexed Strategies that use the SPDR Gold Shares ETF, iShares MSCI EAFE ETF or the iShares U.S. Real Estate ETF, the Index is the applicable exchange-traded fund’s share price on the NYSE Arca at the applicable Market Close.

We will use consistent sources to obtain the values of an Index. We currently obtain the values for the S&P 500 Index and the SPDR Gold Shares ETF from S&P Dow Jones Indices LLC, the values for the iShares MSCI EAFE ETF and iShares U.S. Real Estate ETF from BlackRock, Inc., and the values for the First Trust Barclays Edge Index from Bloomberg Index Services Limited. If those sources are no longer available, we will select an alternative published source(s) to obtain such values.

Index Replacement

We may replace an Index if it is discontinued, we are no longer able to use it, its calculation changes substantially, we determine that hedging instruments are difficult to acquire, or the cost of hedging becomes excessive. We may do so at the end of a Term or during a Term. We will notify you in writing at least 30 days before we replace an Index.

We would attempt to choose a replacement Index that is similar to the old Index. To determine if a new Index is similar, we will consider factors such as asset class, index composition, strategy, or methodology inherent to the index and index liquidity.

If we replace an Index during a Term, we will calculate the rise and fall in the Index using the old Index up until the replacement date. After the replacement date, we will calculate the rise and fall in the Index using the new Index, but with a modified start of Term value for the new Index. The modified start of Term value for the new index will reflect the rise or fall in the Index for the old Index from the start of the Term to the replacement date.

If we replace an Index, the Positive Return Factor percentage for the Term and the Negative Return Factor percentage will not change.

Example. These examples are intended to show how we would calculate the Strategy value on any day during a Term if we have replaced an Index during the Term. These examples assume: (1) you allocate $50,000 to an Indexed Strategy with a Cap of 8%; and (2) the replacement is made on day 90 of the Term, and (3) no Performance Lock election has been made. To simplify the examples, we assume that you take no withdrawals during the Term.

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Example 1. This example illustrates a situation where the old Index has risen at the time of its replacement.

 

Loss of Principal Related to Growth Strategy and Buffer Strategy due to Negative

Change in Index Changeson Replacement Date for Old Index

Old Index at Term start

  1000

There is a significant riskOld Index on replacement date

1050

Rise or fall of loss of principal and related earnings due to negativeold Index Changes if you allocate your Purchase Payment(s) to a Growth/-10% Floor Strategy or 10% Buffer Strategy. Such a loss may be substantial.on replacement date

(1050 - 1000) /1000 = 5.00%

The 5% rise in the old Index on the replacement date is then used to calculate the modified start of Term value for the new Index.

 

This risk exists for each Growth Strategy because you agree to absorb any loss in the Index during the Term up to the Maximum Loss of 10%. This risk exists for each Buffer Strategy because you agree to absorb any loss in the Index that exceeds the Buffer. This risk of loss does not exist if you allocate your Purchase Payment(s) to the Declared Rate Strategy or to a Conserve/0% Floor Strategy.

If you allocate money to a Growth Strategy, you may lose up to 10% at the end of each Term. If you allocate money to a Growth Strategy over multiple Terms, you may lose up to 10% each Term, which may result in a cumulative loss that is greater than 10%.

If you allocate money to a Buffer Strategy, you may lose up to 90% at the end of each Term. If you allocate money to a Buffer Strategy and withdraw it before the end of the Term, you may lose more than 90% because the Buffer is less than 10% until the end of the Term. If you allocate money to a Buffer Strategy over multiple Terms, you may lose up to 90% at the end of each Term, which may result in a cumulative loss that is greater than 90%.

12


Loss

Modified Start of Principal Related to Early Withdrawal ChargeTerm Value for New Index

Rise in old Index on replacement date

  There is also a risk of loss of principal and related earnings if you take a withdrawal from your Contract or Surrender it during the first seven Contract Years. This risk exists for each Strategy because an Early Withdrawal Charge may apply. A withdrawal from any Strategy, including any Conserve/0% Floor Strategy, when an Early Withdrawal Charge applies, will reduce the value of the Strategy. This reduction will occur even if there is a Vested Gain on the date of the withdrawal. An Early Withdrawal Charge may reduce the value of an Indexed Strategy by more than increases in the value of the Indexed Strategy resulting from Vested Gains in the current and prior Terms.5.00%
Long-Term Nature of Contract

New Index on replacement date

  The Contract is a deferred annuity, which means the Annuity Payout Benefit will begin on a future date. We designed the Contract to be a long-term investment that you can use to help build a retirement nest egg and provide income for retirement. The limitations and charges included in the Contract reflect its long-term nature.1785
Limits on Investment Return

Modified start of Term value for new Index

  

Any increase in the value of an Indexed Strategy over a Term is limited by a Maximum Gain. Any increase in the value of an Indexed Strategy before the end of a Term is also limited by a Vesting Factor, which will be less than 100%. Due to these limitations, in many cases the return on money allocated to an Indexed Strategy will not fully reflect the corresponding positive Index Change for a Term.1785 / (100% + 5.00%) = 1700

The modified start of Term value for the new Index is then used to calculate the Indexed Strategy value on any date after the replacement date, including the value at the Term end.

 

The value of an Indexed Strategy only captures an Index Value at the applicable Market Close. You will bear the risk that an Index Value might be significantly lower at that Market Close than at another point during the Term.

We measure the Index Change by comparing the Index Value on the first day of the Term to the Index Value on the last day of the Term. This means that if the Index Value is lower on the last day of the Term, you may experience negative or flat performance even if the Index experienced gains through some, or most, of the Term.

Limits on ReallocationsYou cannot reallocate money among the Crediting Strategies prior to the end of a Term. If you want to take money out of Strategy during a Term, you must take a withdrawal from that Strategy or Surrender your Contract.Early Withdrawal ChargeIf you withdraw money from or Surrender the Contract during the first seven Contract Years, we will deduct an Early Withdrawal Charge unless the Free Withdrawal Allowance or Bailout right applies. Deduction of the Early Withdrawal Charge may result in loss of principal and any prior earnings. An Early Withdrawal Charge will reduce Strategy values, including Conserve/0% Floor Strategy values.Timing of Withdrawals, Surrender, Annuity Payout Initiation Date, or Death Benefit Claim

You should take into consideration the dates on which the Term(s) of your Indexed Strategies end relative to the timing of a withdrawal or Surrender, the Annuity Payout Initiation Date, or the submission of a Death Benefit claim.

For example, a withdrawal from an Indexed Strategy before the end of a Term will lock in the existing Vested Gain or Loss. In addition, due to the Vesting Factors that we use to calculate Vested Gains, increase in the value of an Indexed Strategy before the end of a Term will be less than the corresponding positive Index Change.

No Ability to Determine Strategy Values in AdvanceIf you request a withdrawal from an Indexed Strategy, we will process the withdrawal at the first Market Close after receipt of your Request in Good Order. This means you will not be able to determine in advance the value of an Indexed Strategy or the amount of any Vested Gain or Vested Loss. Likewise, you will not be able to determine in advance the amount payable upon Surrender, applied to the Annuity Payout Benefit, or payable as the Death Benefit.Changes in Declared RatesWe set a Declared Rate for each new Term of the Declared Rate Strategy. The Declared Rate may be as low as 1%. You risk the possibility that the Declared Rate for a new Term may be lower than you would find acceptable.Changes in Maximum GainsWe set a Maximum Gain for each new Term of an Indexed Strategy. The Maximum Gain for a new Term of an Indexed Strategy may be lower than its Maximum Gain for the current Term and may be as low as 1%. You risk the possibility that the Maximum Gain for a new Term may be lower than you would find acceptable.

13


Unavailable

Indexed StrategiesStrategy Value at Term End

Investment Base at Term start

  At the$50,000

Modified start of Term value for new Index

1700

Value of new Index at Term end of a Term, we may stop offering any Indexed Strategy and, consequently, an Indexed Strategy you selected may not be available after the end of a Term. An Indexed Strategy you selected also may not be available after the end of a Term due to minimums and maximums that we set. In that case, if you do not withdraw the funds pursuant to your Bailout Right or reallocate them to another Crediting Strategy, then we will reallocate the applicable funds to a default Strategy. The funds allocated to a default Strategy may earn a return that is lower than the return they would have earned if there had been no reallocation, but will not increase the risk of loss of principal and any prior earnings.

1853

Rise in new Index

(1853 - 1700) /1700) = 9.00%

Cap

8.00%
Unavailable Declared Rate Strategy

Rise in new Index limited by Cap

  At the end of a Term, we may stop offering the Declared Rate Strategy and, consequently, only Indexed Strategies, which may earn 0% for any Term, will be available after the end of the Term. In this case, we will offer at least one Indexed Strategy with a Maximum Loss of 0%. Unlike a Declared Rate Strategy, no earnings are guaranteed for an Indexed Strategy.8.00%
Replacement of an Index

Increase as a percentage

  We have the right to replace an Index if it is discontinued or we are no longer able to use it, its calculation changes substantially, or we determine that hedging instruments are difficult to acquire or the cost of hedging becomes excessive. We may do so at the end of a Term or during a Term. If we replace an Index during a Term, we will calculate Vested Gains and Losses using the old Index up until the replacement date. After the replacement date, we will calculate Vested Gains and Losses using the new Index. The performance of the new Index may not be as good as the performance of the old Index. As a result, funds allocated to an Indexed Strategy may earn a return that is lower than the return they would have earned if there had been no replacement.8.00% x 100% = 8.00%
Involuntary Termination

Dollar amount of Contractincrease

  If your Account Value falls below the minimum value of $5,000 for any reason, we may terminate your Contract. For example, we may terminate your Contract if a loss on a Growth/-10% Floor Strategy or a 10% Buffer Strategy causes your Account Value to fall below $5,000.$50,000 x 8.00% = $4,000
No Direct Investment in the Market

Strategy value at Term end

  

When you allocate money to an Indexed Strategy that uses the S&P 500 Index, you will not be investing in that Index, or in any stock included in that Index. Index Changes for these Strategies are calculated without taking into account dividends paid on stocks that make up the S&P 500 Index.$50,000 + $4,000 = $54,000

Example 2. This example illustrates a situation where the old Index has fallen at the time of its replacement.

 

When you allocate money to an Indexed Strategy that uses the SPDR Gold Shares ETF, you will not be investing in that exchange-traded fund or in gold. Index Changes for these Strategies are calculated without taking into account dividends paid by the SPDR Gold Shares ETF.

When you allocate money to an Indexed Strategy that uses the iShares U.S. Real Estate ETF, you will not be investing in that exchange-traded fund, in the securities or other assets that it holds, or in any real estate investment trust. Index Changes for these Strategies are calculated without taking into account dividends paid by the iShares U.S. Real Estate ETF.

When you allocate money to an Indexed Strategy that uses the iShares MSCI EAFE ETF, you will not be investing in that exchange-traded fund or in the securities or other assets that it holds, or in any stock included in the MSCI EAFE Index. Index Changes for these Strategies are calculated without taking into account dividends paid by the iShares MSCI EAFE ETF.

Because changes in the value of an Indexed Strategy are subject to Maximum Gains and either Maximum Losses or a Buffer, as applicable, and may be subject to a Vesting Factor, the performance of an Indexed Strategy may diverge from the performance of the Index.

14


Market Risk

Change in Index on Replacement Date for Old Index

Old Index at Term start

  1000

Money allocated to a Growth/-10% Floor Strategy or 10% Buffer Strategy that uses the S&P 500Old Index is subject to the risk that the market value of the underlying securities that comprise the S&P 500on replacement date

950

Change in old Index may decline. For a Growth Strategy, you will absorb any such market loss up to the amount of the Maximum Loss of 10%. For a Buffer Strategy, you will absorb any such market loss to the extent it exceeds the Buffer. In addition, any positive change in the Index Value over a Term will be lower than the total return on an investment in the stocks that comprise the S&P 500 Index because the total return will reflect dividend payments on those stocks and the Index Values will not reflect those dividend payments. Because the return on an Indexed Strategy that uses the S&P 500 Index will be subject to limitations and will be linked to its performance and not the performance of the underlying stocks, your return may be less than that of a direct investment in such stocks. In addition, due to the same limitations, your return may be less than that of a direct investment in a fund that tracks the S&P 500replacement date

(950 - 1000) / 1000 = -5.00%

The 5% fall in the old Index on the replacement date is then used to calculate the modified start of Term value for the new Index.

 

Money allocated to a Growth/-10% Floor Strategy that uses the SPDR Gold Shares ETF is subject to the risk that its share price may decline. You will absorb any such market loss up to the amount of the Maximum Loss of 10%. The share price of the SPDR Gold Shares ETF is tied to the price of gold, which has fluctuated widely over the past several years. The share price may not replicate the performance of gold. In addition, because the return on any indexed strategy that uses the SPDR Gold Shares ETF will be subject to limitations and will be linked to the performance of the SPDR Gold Shares ETF and not the performance of the price of gold, your return may be less than that of another investment linked directly to the fund’s performance or the price of gold. In addition, due to the same limitations, your return may be less than that of a direct investment in the SPDR Gold Shares ETF.

Money allocated to a Growth/-10% Floor Strategy that uses the iShares U.S. Real Estate ETF is subject to the risk that its share price may decline. You will absorb any such market loss up to the amount of the Maximum Loss of 10%. The share price of the iShares U.S. Real Estate ETF is tied to the performance of the real estate sector, which is highly sensitive to general and local economic conditions and developments, characterized by intense competition and periodic overbuilding, and subject to risks associated with leverage. The share price may not replicate the performance of the fund, its underlying index, or the components of that index. In addition, because the return on any indexed strategy that uses the iShares U.S. Real Estate ETF will be subject to limitations and will be linked to the performance of the iShares U.S. Real Estate ETF and not the performance of its underlying index or the components of that index, your return may be less than that of another investment linked directly to the performance of the fund, its underlying index, or a direct investment in such components. In addition, due to the same limitations, your return may be less than that of a direct investment in the iShares U.S. Real Estate ETF.

Money allocated to a Growth/-10% Floor Strategy that uses the iShares MSCI EAFE ETF is subject to the risk that its share price may decline. You will absorb any such market loss up to the amount of the Maximum Loss of 10%. The share price of the iShares MSCI EAFE ETF is tied to the performance of large- and mid-capitalization developed market equities, excluding the U.S. and Canada. The share price may not replicate the performance of the fund, its underlying index, or the components of that index. In addition, because the return on any indexed strategy that uses the iShares MSCI EAFE ETF will be subject to limitations and will be linked to the performance of the iShares MSCI EAFE ETF and not the performance of its underlying index or the components of that index, your return may be less than that of another investment linked directly to the performance of the fund, its underlying index, or a direct investment in such components. In addition, due to the same limitations, your return may be less than that of a direct investment in the iShares MSCI EAFE ETF.

[Geopolitical conflicts could also create economic disruption, including increased market volatility, and presents economic uncertainty. The full impact and duration of these events are difficult to determine. Any such impact could adversely affect the performance of the securities that comprise the Indexes and may lead to losses on your investment in the Indexed Strategies.

The historical performance of an Index does not guarantee future results.]

15


Regulatory Risk

Modified Start of Term Value for New Index

Change in old Index on replacement date

  MassMutual Ascend Life is not an investment company and is not registered as an investment company under the Investment Company Act of 1940. The protections provided to investors by that Act are not applicable to the Contract.-5.00%
Reliance

New Index on Our Claims-Paying Abilityreplacement date

  1786

No company other than MassMutual Ascend Life has any legal responsibility to pay amounts owed under the Contract. You should look to the financial strengthModified start of MassMutual Ascend LifeTerm value for its claims- paying ability.new Index

1786 / (100% - 5.00%) = 1880

The modified start of Term value for the new Index is then used to calculate the Indexed Strategy value on any date after the replacement date, including the value at the Term end.

 

Various factors, such as those listed below, could materially affect our business, financial condition, cash flows or future results and, in turn, our financial strength and claims-paying ability. A more complete discussion of these factors appears on pages A6-A10.

•  Adverse developments in financial markets and deterioration in global economic conditions

•  Unfavorable interest rate environments

•  Losses on our investment portfolio

•  Loss of market share due to intense competition

•  Ineffectiveness of risk management policies

•  Changes in applicable law and regulations

•  Inability to obtain reinsurance or to collect on reinsurance

•  Downgrade or potential downgrade in our financial strength rating

•  Variations from actual experience and management’s estimates and assumptions

•  The amount of capital we must hold to meet our statutory requirements can vary significantly from time to time

•  Legal actions and regulatory proceedings

•  Difficulties with technology or data security

•  Failure to protect the confidentiality of customer information

•  Failure to maintain effective and efficient information systems

•  Occurrence of catastrophic events, public health crises (e.g., the COVID-19 pandemic), terrorism or military actions

[The economic impacts of the COVID-19 pandemic may negatively affect our financial condition and results of operations. The extent to which the COVID-19 pandemic impacts financial markets, the global economy, and our financial strength and claims-paying ability will depend on future developments that cannot be predicted with certainty. We continue to be subject to significant state solvency regulations that require us to reserve amounts to pay our contractual guarantees. Please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors Related to MMALIC’s Business,” and “Financial Statements”, and “Regulation” for additional financial information about the company and the state solvency regulations to which we are subject. ]

16


Business Disruption and Cyber Security Risks

Indexed Strategy Value at Term End

Investment Base at Term start

$50,000

Modified start of Term value for new Index

1880

Value of new Index at Term end

1598

Change in new Index

(1598 -1800) /1700) = -15.00%

Floor

-10%

Change in new Index limited by Floor

-10.00%

Change as a percentage

-10.00% x 100% = -10.00%

Dollar amount of change

$50,000 x -10.00% = -$5,000 

Strategy value at Term end

$50,000 - $5,000 = $45,000 

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POSITIVE RETURN FACTORS AND NEGATIVE RETURN FACTORS

We set limits for the increase and reduction in the value of an Indexed Strategy for a Term. We limit increases with a Positive Return Factor. We limit reductions with a Negative Return Factor. For information about the current Positive Return Factors offered for new Contracts, please contact your registered representative or refer to our website (www.massmutualascend.com/RILArates).

Caps. The Cap for an Indexed Strategy is the maximum positive Index change over the course of a Term (measured at the start and end of the Term) that is taken into account to determine the Strategy value at the end of that Term. Before the end of a Term, the Cap is reflected in the formulas that we use to calculate the Net Option Price.

The Cap will vary among Indexed Strategies.

The Cap for a given Indexed Strategy will vary from Term to Term.

We guarantee that the Cap for a Term of an Indexed Strategy will never be less than 1%.

For each Term, your return on an Indexed Strategy with a Cap may be less than any rise in the Index over that Term.

For each Term, your return on an Indexed Strategy with a Cap may be less than the Cap for that Term.

Upside Participation Rate. The Upside Participation Rate for an Indexed Strategy is your share of any positive Index change (measured at the beginning and end of the Term) that is taken into account to determine the Strategy value at the end of that Term. Before the end of a Term, the Upside Participation Rate is reflected in the formulas that we use to calculate Net Option Price.

The Upside Participation Rate for a given Indexed Strategy will vary from Term to Term.

We guarantee that the Upside Participation Rate for a Term of an Indexed Strategy will never be less than 5%.

For each Term, your return on an Upside Participation Rate Strategy of less than 100% will be less than any rise in the Index over that Term.

Trigger Rate. The Trigger Rate for an Indexed Strategy is the specified rate that is credited to the Strategy value when the Index change (measured at the start and end of the Term) qualifies for the Trigger Rate. In the case of the Performance Trigger Strategy, the Trigger Rate will be credited when the Index change is zero or positive at the end of the Term. In the case of the Dual Performance Trigger Strategy, the Trigger Rate will be credited if the Index change is zero, positive, or negative up to the Buffer at the end of the Term. Before the end of a Term, the Trigger Rate and the Index change required to qualify for the Trigger Rate are reflected in the formulas that we use to calculate the Net Option Price.

The Trigger Rate will vary among Indexed Strategies.

The Trigger Rate for a given Indexed Strategy will vary from Term to Term.

We guarantee that the Trigger Rate for a Term of a Trigger Strategy will never be less than 1%.

For each Term, the Trigger Rate on a Dual Performance Trigger Strategy will be less than the Trigger Rate for that Term on a Performance Trigger Strategy.

Positive Return Factors. We set each Index’s Positive Return Factor percentage based on the length of the Term, the cost of hedging, interest rates, the Index change required to qualify for the Trigger Rate, and other market factors. On a non-discriminatory basis, we may also take into account the amount of the Purchase Payments received for a Contract. The Positive Return Factor percentages for Contracts with larger Purchase Payments may be higher than the Positive Return Factor percentages for Contracts with smaller Purchase Payments. You may obtain information regarding these Positive Return Factors by calling 1-800-789-6771 or on our website (www.massmutualascend.com/RILArates).

Positive Return Factors for Initial Terms. Each Purchase Payment is applied to an initial Term of a Strategy on the first Strategy Application Date on or after the date that the payment is received. The Positive Return Factor percentages for each Strategy Application Date may vary. The Positive Return Factor percentages for the first Strategy Application Date will be available on our website (www.massmutualascend.com/RILArates) on the date you signed the application (as long as we receive the application for the Contract within eight days after the date you sign it) and before the date of any Purchase Payment to which the Positive Return Factor percentages will apply. If we receive the application for the Contract within eight days after the date you sign it, we will guarantee the Positive Return Factor percentages in effect on the date you signed the application for three Strategy Application Dates from the date of the application.

If we receive the signed application within eight days after the date you sign it, then for any1- year Indexed Strategy:

For an initial Term starting on the first Strategy Application Date on or after the application date, the Positive Return Factor percentage will be the Positive Return Factor percentage in effect on the date you signed the application.

For an initial Term starting on one of the next two Strategy Application Dates, the Positive Return Factor percentage will be the higher of the Positive Return Factor percentage in effect on the date you signed the application or the Positive Return Factor percentage otherwise in effect for that Strategy Application Date.

37


For any initial Term starting on a later Strategy Application Date, the Positive Return Factor percentage will be the Positive Return Factor percentage in effect for that Strategy Application Date.

If we receive the signed application within eight days after the date you sign it, then for any5-year Indexed Strategy:

For an initial Term starting on the first Strategy Application Date on or after the application date or one of the next two Strategy Application Dates, the Upside Participation Rate will be the Upside Participation Rate in effect on the date you signed the application.

For any initial Term starting on a later Strategy Application Date, the Upside Participation Rate will be the Upside Participation Rate in effect for that Strategy Application Date.

If we receive the signed application more than eight days after the date you sign it, then the guarantee does not apply and the Positive Return Factor percentage for each Initial Term will be the Positive Return Factor percentage in effect for that Strategy Application Date.

Example1: You sign an application for a Contract on May 1 and allocate all of your Purchase Payments to the S&P 500 10% Buffer with Cap Strategy. On the date of the application, the Cap for the first Strategy Application Date (May 6) is 8%. We receive the application and the first Purchase Payment from you on May 8 and the second Purchase Payment from you on May 23. The Cap for the second Strategy Application Date is 10% (May 20) and the Cap for the third Strategy Application Date is 7% (June 6).

In this case, the initial 1-year Term for the first Purchase Payment would begin on May 20 and would have an 10% Cap (the higher of the May 6 rate or the May 20 rate). The initial 1-year Term for the second Purchase Payment would begin on June 6 and would have an 8% Cap (the higher of the May 6 rate or the June 6 rate).

If we had not received your signed application until May 10 (more than eight days after the date you signed the application), then you would not qualify for the rate guarantee, and the initial 1-year Term for the first Purchase Payment received on May 8 would have a 10% Cap (the May 20 rate effective for Purchase Payments received between May 7 and May 20), and the initial 1-year Term for the second Purchase Payment received on May 23 would have a 7% Cap (the June 6 rate effective for Purchase Payments received between May 21 and June 6).

Example 2: You sign an application for a Contract on May 1 and allocate all of your Purchase Payments to the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy. On the date of the application, the Upside Participation Rate for the first Strategy Application Date (May 6) is 105%. We receive the application and the first Purchase Payment from you on May 8 and the second Purchase Payment from you on May 23. The Upside Participation Rates for the next two Strategy Application Dates are 110% (May 20) and 95% (June 6).

In this case, the initial 5-year Term for the first Purchase Payment would begin on May 20 and would have a 105% Participation Rate (the May 6 rate), and the initial 5-year Term for the second Purchase Payment would have a 105% Participation Rate (the May 6 rate).

If we had not received your signed application until May 10 (more than eight days after the date you signed the application), then the initial 5-year Term for the first Purchase Payment would have a 110% Participation Rate (the May 20 rate), and the initial 5-year Term for the second Purchase Payment would have a 95% Participation Rate (the June 6 rate).

Positive Return Factors for Subsequent Terms. At least 30 days before the end of each Term, we will send you a written notice with information about the Indexed Strategies that will be available for the next Term and will indicate the date by which the Positive Return Factor percentages will be posted on our website. The Positive Return Factor percentages for the next Term will be available on our website (www.massmutualascend.com/RILArates) at least 10 days before the start of the Term. You should consider this information before finalizing your renewal or reallocation decision.

Floor. The Floor for an Indexed Strategy is the portion of any net fall in the Index for the Term (measured at the start and end of the Term) that is taken into account to determine the Strategy value at the end of that Term. For each Term of each Floor Strategy that we currently offer for this Contract, the Floor is -10%. Before the end of a Term, the -10% Floor is reflected in the formulas that we use to calculate the Net Option Price.

The Floor for an Indexed Strategy that is available on the Contract Effective Date will not change.

In the future, we may offer a new Floor Strategy that offers more or less protection against loss than a -10% Floor, but we will not offer a new Floor Strategy that offers less protection against loss than a -20% Floor.

Buffer. The Buffer for an Indexed Strategy is the portion of any net fall in the Index for the Term (measured at the start and end of the Term) that is disregarded when determining the Strategy value at the end of that Term. Before the end of a Term, the Buffer is reflected in the formulas that we use to calculate the Net Option Price.

For each Term of each 10% Buffer Strategy that we currently offer for this Contract, the Buffer is 10% and for each Term of each 20% Buffer Strategy that we currently offer with this Contract, the Buffer is 20%. The Buffer for an Indexed Strategy that is available on the Contract Effective Date will not change.

In the future, we may offer a new Buffer Strategy that offers more or less protection against loss than a 10% Buffer or a 20% Buffer, but we will not offer a new Buffer Strategy that offers less protection against loss than a 5% Buffer.

38


INDEXED STRATEGY VALUE AT END OF TERM

On or after the final Market Day of a Term, unless you have made a Performance Lock election, the value of an Indexed Strategy is the Investment Base increased based on the performance of the applicable Index (after application of Positive Return Factors) or decreased for any net fall in the applicable Index (after application of Negative Return Factors) over that Term. If you have made a Performance Lock election, then the normal rules set out in this section do not apply, and the value at the end of a Term is determined as described under Indexed Strategy Value After Performance Lock Election section on page 47.

Any increase or decrease is based on the rise or fall in the applicable Index since the start of that Term. This rise or fall is expressed as a percentage of the Index at the start of the Term. It is measured from the Index at the last Market Close on or before the first day of that Term to the Index at the final Market Close of the Term.

Example. The Index was 1000 at the last Market Close on or before for first day of a Term.

If the Index at the final Market Close of the Term is 1065, then the Index has risen by 6.5% ((1065 - 1000) / 1000).

If the Index at the final Market Close of the Term is 925, then the Index has fallen by 7.5% ((925 - 1000) / 1000).

Floor with Cap Strategy

In the absence of a Performance Lock election, here are the formulas that we use to calculate the Strategy value at the end of a Term of an Indexed Strategy with a Floor.

Strategy value at end of Term = Investment Base + dollar amount of increase or decrease

Dollar amount of increase or decrease = Investment Base x increase or decrease percentage

Increase percentage = any net rise in the Index for the Term, but never more than the Cap

Decrease percentage = any net fall in the Index for the Term, but never more than the Floor

Example 1. At the beginning of a Term, you allocate $100,000 to an Indexed Strategy with a 14% Cap and a -10% Floor. You do not take any withdrawals during that Term, which means your Investment Base at the end of that Term is $100,000. You have not made a Performance Lock election.

  

We rely on technology, including interconnected computer systems and data storage networks and digital communications, to conduct our business activities. Because our business is highly dependent upon the effective operationAt Final Market Close of our computer systems and thoseTerm

At Final Market Close of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions) and cyber attacks. Cyber attacks may be systemic (e.g., affecting the internet, cloud services,Term

Rise or other infrastructure)fall in Index+16%–16%
Increase or targeted (e.g., failures indecrease percentage+14% (16% > 14% Cap)–10% (-16%< -10%)
Dollar amount of increase or breachdecrease+14,000 ($100,000 x 14%)–10,000 ($100,000 x –10%)
Strategy value at end of our systems or those of third parties on whom we rely, including ransomware and malware attacks).Term$114,000 ($100,000 + $14,000)$90,000 ($100, 000 - $10,000)

Buffer with Cap Strategy

In the absence of a Performance Lock election, here are the formulas that we use to calculate the Strategy value at the end of a Term of an Indexed Strategy with a 10% Buffer and a Cap.

Strategy value at end of Term = Investment Base + dollar amount of increase or decrease

Dollar amount of increase or decrease = Investment Base x increase or decrease percentage

Increase percentage = any net rise in the Index for the Term, but never more than the Cap

Decrease percentage for the Buffer Strategy = any net fall in the Index for the Term to the extent that it is greater than the Buffer

Example. At the beginning of a Term, you allocate $100,000 to an Indexed Strategy with a 13% Cap and a 10% Buffer. You do not take any withdrawals during that Term, which means that your Investment Base at the end of that Term is $100,000. You have not made a Performance Lock election.

 

Cyber security risks include, but are not limited to, the loss, theft, misuse, corruption, and destructionAt Final Market Close of data maintained onlineTerm

At Final Market Close of Term

Rise or digitally, denial-of-service attacks, attacks on our website (or websites on which we rely), disruptionfall in Index+16%–16%
Increase or decrease percentage+13% (16% > 13% Cap)–6% (-16% - -10%)
Dollar amount of routine business operations, and unauthorized releaseincrease or decrease+13,000 ($100,000 x 13%)–6,000 ($100,000 x –6%)

39


At Final Market Close of confidential information. The riskTerm

At Final Market Close of cyber attacks may be higher during periodsTerm

Strategy value at end of geopolitical turmoil. Due to the increasing sophistication of cyber attacks, a cyber security breach could occur and persist for an extended period of time without detection.Term$113,000 ($100,000 + $13,000)$94,000 ($100,000 - $6,000) 

Buffer with Upside Participation Rate Strategy

In the absence of a Performance Lock election, here are the formulas that we use to calculate the Strategy value at the end of a Term of an Indexed Strategy with a 10% Buffer and an Upside Participation Rate.

Strategy value at end of Term = Investment Base + dollar amount of increase or decrease

Dollar amount of increase or decrease = Investment Base x increase or decrease percentage

Increase percentage = any net rise in the Index for the Term x Upside Participation Rate

Decrease percentage for the Buffer with Upside Participation Rate Strategy = any net fall in the Index for the Term to the extent it is greater than the Buffer

Example. At the beginning of a Term, you allocate $100,00 to a 10% Buffer with Upside Participation Rate Strategy and the Upside Participation Rate for the Term is 105%. You do not take any withdrawals during that Term, which means your Investment Base at the end of that Term is $100,000. You have not made a Performance Lock election.

 

Systems failures and cyber security incidents affecting us, our affiliates, intermediaries, service providers, and other third parties on whom we rely may adversely affect your Contract values and interfere with our ability to process transactions and calculate Contract values. Systems failures and cyber security breaches may cause us to be unable to process orders from our website, cause us to be unable to calculate Index values, cause the releaseAt Final Market Close of Term

At Final Market Close of Term

Rise or possible destructionfall in Index+16%–16%
Increase or decrease percentage+16.8% (105% of confidential and/16%)–6% (-16% - -10%)
Dollar amount of increase or business information, impede order processing or cause other operational issues, subject us and our service providers and intermediaries to regulatory fines, litigation, and financial losses, and/or cause reputational damage.decrease+16,800 ($100,000 x 16.8%)–6,000 ($100,000 x –6%)
Strategy value at end of Term$116,800 ($100,000 + $16,800)$94,000 ($100,000 - $6,000) 

Buffer with Performance Trigger Strategy

Here are the formulas that we use to calculate the Strategy value at the end of a Term of a Buffer with Performance Trigger Strategy.

Strategy value at end of Term = Investment Base + dollar amount of increase or decrease

Dollar amount of increase or decrease = Investment Base x increase or decrease percentage

Increase percentage = the Trigger Rate, applied when Index returns are positive or zero

Decrease percentage = any net fall in the Index for the Term to the extent it is greater than the Buffer

Example. At the beginning of a Term, you allocate $100,000 to a 10% Buffer with Performance Trigger Strategy and the Trigger Rate for the Term is 11%. You do not take any withdrawals during that Term, which means your Investment Base at the end of that Term is $100,000.

   

At Final Market Close of
Term

  

At Final Market Close of
Term

  

At Final Market Close of
Term

  

At Final Market Close of
Term

Rise or fall in Index  +16%  0%  –6%  –16%
Increase or decrease percentage  +11% (11% Trigger Rate)  +11% (11% Trigger Rate)  0% (–6%> -10%)  –6% (–16%< -10%)
Dollar amount of increase or decrease  +11,000 ($100,000 x 11%)  +11,000 ($100,000 x 11%)  0 ($100,000 x 0%)  –6,000 ($100,000 x –6%)
Strategy value at end of Term  $111,000 ($100,000 + $11,000)  $111,000 ($100,000 + $11,000)  $100,000 ($100, 000-$0)  $94,000 ($100, 000-$6,000)

Buffer with Dual Performance Trigger Strategy

Here are the formulas that we use to calculate the Strategy value at the end of a Term of a Buffer with Dual Performance Trigger Strategy.

Strategy value at end of Term = Investment Base + dollar amount of increase or decrease

40


Dollar amount of increase or decrease = Investment Base x increase or decrease percentage

Increase percentage = the Trigger Rate, applied when Index returns are zero, positive, or negative but do not exceed the Buffer

Decrease percentage = any net fall in the Index for the Term to the extent it is greater than the Buffer

Example. At the beginning of a Term, you allocate $100,000 to a 10% Buffer with Dual Performance Trigger Strategy and the Trigger Rate for the Term is 8%. Because this is a Dual Performance Trigger Strategy, the Index change must be zero, positive, or negative up to the 10% Buffer in order to qualify for the Trigger Rate. You do not take any withdrawals during that Term, which means your Investment Base at the end of that Term is $100,000.

   At Final Market Close of
Term
  At Final Market Close
of Term
  At Final Market Close of
Term
  At Final Market Close of
Term
Rise or fall in Index  +16%  0%  –6%  –16%
Increase or decrease percentage  +8% (8% Trigger Rate)  +8% (8% Trigger Rate)  +8% (8% Trigger Rate)  –6% (–16%< -10%)
Dollar amount of increase
or decrease
  +8,000 ($100,000 x 8%)  +8,000 ($100,000 x 8%)  +8,000 ($100,000 x 8%)  –6,000 ($100,000 x –6%)
Strategy value at end of
Term
  $108,000 ($100,000 +
$8,000)
  $108,000 ($100,000 +
$8,000)
  $108,000 ($100,000 +
$8,000)
  $94,000 ($100, 000 –
$6,000) 

INDEXED STRATEGY VALUE BEFORE END OF TERM

Before the final Market Day of a Term, unless you have made a Performance Lock election, the value of an Indexed Strategy is the Investment Base increased or decreased by the Daily Value Percentage. If you have made a Performance Lock election, then the normal rules set out in this section do not apply, and the value after the effective date of the Performance Lock election through the end of the Term is determined as described under Indexed Strategy Value After Performance Lock Election section below.

In the absence of a Performance Lock election, here are the formulas that we use to calculate the Strategy value before the end of a Term.

Strategy value before end of Term = Investment Base + dollar amount of increase or decrease

Dollar amount of increase or decrease = Investment Base x Daily Value Percentage

Daily Value Percentage = Net Option Price – Amortized Option Cost – Trading Cost

Net Option Price

The Net Option Price is one part of the formula used to calculate the Daily Value Percentage. The Net Option Price is based on the calculated prices of hypothetical options that represent the projected changes in the Index over the full Term. The model we use to price those options is described in the Option Prices section of this prospectus.

Net Option Price for a Floor with Cap Strategy

For an Indexed Strategy with a Cap and a -10% Floor, four option prices are included in the calculation of the Net Option Price.

ATM Call Option Price, which represents the possible rise in the Index

OTM Call Option Price, which is subtracted in order to limit any rise in the Index by the Cap

ATM Put Option Price, which is subtracted to represent the possible fall in the Index; and

OTM Put Option Price, which is added to limit any fall in the Index to the Floor.

The Net Option Price as of a Market Close is a percentage equal to: (1) the ATM Call Option Price at the Market Close; minus (2) the OTM Call Option Price at the Market Close; (3) minus the ATM Put Option Price at the Market Close; and (4) plus the OTM Put Option Price at the Market Close.

It is important to note that the Net Option Price will almost always be less than any rise in the Index because, when we calculate the Net Option Price, we subtract the amount by which the ATM Put Option Price exceeds the OTM Put Option Price, and the ATM Put Option Price always exceeds the OTM Put Option Price because the ATM Put Option Price represents the constant present potential for a fall in the Index before the end of the Term, while the OTM Put Option Price represents the lesser/included potential for a change in the Index of more than the -10% Floor.

Net Option Price for a Buffer with Cap Strategy

For an Indexed Strategy with a Cap and a Buffer, three option prices are included in the calculation of the Net Option Price.

41


ATM Call Option Price, which represents the possible rise in the Index

OTM Call Option Price, which is subtracted in order to limit any rise in the Index by the Cap

OTM Put Option Price, which represents the possible fall in the Index and is limited by the Buffer in order to reflect your share in any such fall.

The Net Option Price as of a Market Close is a percentage equal to: (1) the ATM Call Option Price at the Market Close; minus (2) the OTM Call Option Price at the Market Close; and (3) minus the OTM Put Option Price at the Market Close.

It is important to note that the Net Option Price will almost always be less than any rise in the Index because, when we calculate the Net Option Price, we subtract the OTM Put Option Price, and the OTM Put Option Price is always above zero because it is always possible for the value of the Index to fall before the end of the Term.

Net Option Price for Buffer with Upside Participation Rate Strategy

For a Buffer with Upside Participation Rate Strategy, two option prices are included in the calculation of the Net Option Price.

ATM Call Option Price, which represents the possible rise in the Index and is multiplied by the Upside Participation Rate in order to reflect your share in any such rise

OTM Put Option Price, which represents the possible fall in the Index and is limited by the Buffer in order to reflect your share in any such fall.

The Net Option Price as of a Market Close is a percentage equal to: (1) the ATM Call Option Price for the Market Close multiplied by the Upside Participation Rate; minus (2) the OTM Put Option Price for the Market Close

It is important to note that the Net Option Price will almost always be less than any rise in the Index because, when we calculate the Net Option Price, we subtract the OTM Put Option Price, and the OTM Put Option Price is always above zero because it is always possible for the value of the Index to fall before the end of the Term.

Net Option Price for Buffer with Performance Trigger Strategy

For a Buffer with Performance Trigger Strategy, two option prices are included in the calculation of the Net Option Price.

ATM Binary Call Option Price, which represents the possibility of a payment equal to the Trigger Rate if the Index rise will be zero or greater

OTM Put Option Price, which is subtracted and represents the possible fall in the Index but only to the extent that such fall exceeds the Buffer.

The Net Option Price as of a Market Close is a percentage equal to: (1) the value of the ATM Binary Call Option calculated for the Market Close; minus (2) the value of the OTM Put Option calculated for the Market Close.

It is important to note that the Net Option Price will almost always be less than the Trigger Rate because, when we calculate the Net Option Price, we subtract the OTM Put Option Price, and the OTM Put Option Price is always above zero because it is always possible for the value of the Index to fall before the end of the Term.

Net Option Price for Buffer with Dual Performance Trigger Strategy

For a Buffer with Dual Performance Trigger Strategy, two option prices are included in the calculation of the Net Option Price.

ITM Binary Call Option Price, which represents the possibility of a payment equal to the Trigger Rate if the change in the Index for the Term will be zero, positive, or negative but not exceeding the Buffer

OTM Put Option Price, which is subtracted and represents the possible fall in the Index but only to the extent that such fall exceeds the Buffer.

The Net Option Price as of a Market Close is a percentage equal to: (1) the value of the ITM Binary Call Option calculated for the Market Close; minus (2) the value of the OTM Put Option calculated for the Market Close.

42


It is important to note that the Net Option Price will almost always be less than the Trigger Rate because, when we calculate the Net Option Price, we subtract the OTM Put Option Price, and the OTM Put Option Price is always above zero because it is always possible for a fall in the value of the Index to exceed the Buffer before the end of the Term.

Amortized Option Cost

The Amortized Option Cost is one part of the formula used to calculate the Daily Value Percentage. The Amortized Option Cost starts with the Net Option Price at the beginning of a Term, which is calculated using the formulas set out above. That Net Option Price is then multiplied by the time remaining in the Term as a percentage of the length of the Term.

The Amortized Option Cost as of a Market Close is a percentage equal to: (1) the Net Option Price for the Strategy at the beginning of the Term; multiplied by (2) the number of days remaining until the final Market Close of the Term divided by 365 for a one-year Term or by 1,826 days for a 5-year Term.

Trading Cost

The Trading Cost is one part of the formula used to calculate the Daily Value Percentage. The Trading Cost as of a Market Close is the estimated cost of selling the hypothetical options before the end of a Term. It is a percentage that reflects the average market difference between option average bid-ask prices and option bid prices. We may change the Trading Cost at any time due to changes in option prices.

Daily Value Percentage Examples

Examples. Here are two examples that show how the Daily Value Percentage formula works for Indexed Strategies with a 1-year Term. In each example, we calculate the Daily Value Percentage for the Market Close on day 90 of a one-year Term. Before the end of a Term, the Strategy value determined using the Daily Value Percentage will almost always be less than the value suggested on that date by the rise or fall of the Index and the end of Term calculation method.

Assumptions

Option Price Assumptions  Price at Start of Term (as a
Percentage of Index at Start
of Term)
  Price at Current Market Close (as a
Percentage of Index at Start of Term)
 

ATM Call Option Price

   6.00  7.47

OTM Call Option Price

   1.15  1.81

ATM Put Option Price

   5.40  3.36

OTM Put Option Price

   4.50  2.80

Strategy Assumptions

  

Investment Base for each Strategy

  $100,000 

Cap

   11

Days remaining to last Market Day of Term

   275 

 

The preventative actions we take to reduce the frequency and severity of cyber security incidents and protect our computer systems may be insufficient to prevent a cyber security breach from impacting our operations or your Contract values. There can be no assurance that we or our service providers and intermediaries will be able to avoid cyber security breaches affecting your Contract.Trading Cost Assumption

0.15

Example 1: -10% Floor with Cap Strategy

Current ATM Call Option Price – Current OTM Call Option Price

5.66%(7.47% –1.81%

Current ATM Put Option Price – Current OTM Put Option Price

– 0.56%(3.36% –2.80%

Net Option Price

= 5.10%

Initial ATM Call Option Price – Initial OTM Call Option Price

4.85%(6.00% –1.15%

Initial ATM Put Option Price – Initial OTM Put Option Price

– 0.90%(5.40% –4.50%

Net Option Price

= 3.95%

Amortization Factor for days remaining to final Market Day of Term


x
75.34%

(275 / 365

Amortized Option Cost

= 2.98%

43


Net Option Price

   5.10 

Amortized Option Cost

   2.98 

Assumed Trading Cost

   – 0.15 

Daily Value Percentage

   = 1.97 
   

Dollar amount of increase

  $1,970  ($100,000 x 1.970%) 

Value of Floor Strategy

  $101,970  ($100,000 + $1,970

In the above example, the Strategy value increased by 1.97% by day 90 even though the Index value has increased by 4% (1000 to 1040) over the same period. This reflects the impact of the method we use to calculate a Strategy value before the end of a Term.

By comparison, if the value of the Strategy on day 90 of the Term were to be determined based the end of Term value calculation method, the Strategy value would reflect the full 4% increase in the index ($100,000 + ($100,000 x 4% increase percentage) = $104,000) because the increase does not exceed the 11% Cap. We will always calculate the Strategy value before the end of a Term using the Daily Value Percentage illustrated by the above example and not based on the rise or fall of the Index.

Example 2: 10% Buffer with Cap Strategy

Current ATM Call Option Price – Current OTM Call Option Price

   5.66%    (7.47%-1.81%

Current OTM Put Option Price

   –2.80%   

Net Option Price

   = 2.86%   

Initial ATM Call Option Price – Initial OTM Call Option Price

   4.85%    (6.00%-1.15%

Initial OTM Put Option Price

   – 4.50%   

Net Option Price

   = 0.35%   

Amortization Factor for days remaining to final Market Day of Term

   x75.34%    (275 / 365

Amortized Option Cost

   0.26%   

Net Option Price

   2.86%   

Amortized Option Cost

   –0.26%   

Assumed Trading Cost

   – 0.15%   

Daily Value Percentage

   = 2.45%   
  

 

 

   

Dollar amount of increase

  $2,450   ($100,000 x 2.45%

Value of Buffer Strategy

  $102,450   ($100,000 + $2,450

In the above example, the Strategy value has increased by 2.45% by day 90 even though the Index value has increased by 4% (1000 to 1040) over the same period. This reflects the impact of the method we use to calculate a Strategy value before the end of a Term.

By comparison, if the value of the Strategy on day 90 of the Term were to be determined based the end of Term value calculation method, the Strategy value would reflect the full 4% increase in the Index ($100,000 + ($100,000 x 4% increase percentage) = $104,000) because the increase does not exceed the 11% Cap. We will always calculate the Strategy value before the end of a Term using the Daily Value Percentage illustrated by the above example and not based on the rise or fall of the Index.

Example. Here is an example that shows how the Daily Value Percentage formula works with a five-year 10% Buffer with Upside Participation Rate Strategy. In this example, we calculate the Daily Value Percentage for the Market Close on day 1644 of a five-year Term. Before the end of a Term, the Strategy value determined using the Daily Value Percentage will almost always be less than the value suggested on that date by the rise or fall of the Index and the end of Term calculation method.

Assumptions for Example 3

44


Option Price Assumptions  Price at Start
of Term (as a
Percentage of
Index at Start of
Term)
   Price at Current
Market Close (as a
Percentage of Index
at Start of Term)
     

ATM Call Option Price

   23.65%    22.20%   

OTM Put Option Price

   3.04%    0.01%   

Strategy Assumptions

      

Investment Base for each Strategy

      $100,000 

Upside Participation Rate for five-year Term

       125% 

Days remaining to last Market Day of five-year Term

       182 

Trading Cost Assumption

   0.80%     

Index at Start of Term

   1000     

Index at Current Market Close

   1200     

Example 3: 10% Buffer with Upside Participation Rate Strategy

Current ATM Call Option Price x Upside Participation Rate

   27.75%    (125% of 22.20%

Current OTM Put Option Price

   – 0.01%   
  

 

 

   

Net Option Price

   =27.74%   

Initial ATM Call Option Price x Upside Participation Rate

   29.57%    (125% of 23.65%

Initial OTM Put Option Price

   – 3.04%   

Net Option Price

   = 26.53%   

Amortization Factor for days remaining to final Market Day of Term

   x 9.97%    (182 / 1826
  

 

 

   

Amortized Option Cost

   2.64%   

Net Option Price

   27.74%   

Amortized Option Cost

   –2.64%   

Assumed Trading Cost

   – 0.80%   
  

 

 

   

Daily Value Percentage

   = 24.30%   
  

 

 

   

Increase as a dollar amount

  $24,300   ($100,000 x 24.30%

Value of 10% Buffer with Upside Participation Rate Strategy

  $124,300   ($100,000 + $24,300

In the above example, the Strategy value increased by 24.30% by day 1,644 even though the Participation Rate of 125% multiplied by the increase in the Index of 20% (1000 to 1200) over the same period equals 25%. This reflects the impact of the method we use to calculate a Strategy value before the end of a Term.

By comparison, if the value of the Strategy on day 1,644 of the Term were to be determined based the end of Term value calculation method, the Strategy value would reflect 125% of the 20% increase in the Index ($100,000 + ($100,000 x 25% increase percentage) = $125,000). We will always calculate the Strategy value before the end of a Term using the Daily Value Percentage illustrated by the above example and not by the rise or fall of the Index.

Example. Here is an example that shows how the Daily Value Percentage formula works for a 10% Buffer with Performance Trigger Indexed Strategy. In this example, we calculate the Daily Value Percentage for the Market Close on day 146 of a one-year Term. Before the end of a Term, the Strategy value determined using the Daily Value Percentage will almost always be less than the value suggested on that date by the rise or fall of the Index and the end of Term calculation method.

Assumptions for Example 4

Option Price Assumptions  Price at Start
of Term (as a
Percentage of
Index at Start of
Term)
   Price at Current
Market Close (as a
Percentage of Index
at Start of Term)
 

ATM Binary Call Option Price

   5.97%    10.04% 

OTM Put Option Price

   1.48%    0.03% 

Strategy Assumptions

    

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Option Price Assumptions  Price at Start
of Term (as a
Percentage of
Index at Start of
Term)
   Price at Current
Market Close (as a
Percentage of Index
at Start of Term)
     

Investment Base for each Strategy

      $100,000 

Trigger Rate

       11% 

Days remaining to last Market Day of Term

       219 

Trading Cost Assumption

   0.15%     

Index at Start of Term

   1000     

Index at Current Market Close

   1200     

Example 4: 10% Buffer with Performance Trigger Strategy

Current ATM Binary Call Option Price

   10.04%   

Current OTM Put Option Price

   – 0.03%   

Net Option Price

   =10.021%   

Initial ATM Binary Call Option Price

   5.97%   

Initial OTM Put Option Price

   – 1.48%   

Net Option Cost

   =4.49%   

Amortization Factor for days remaining to final Market Day of Term

   X 60%   

Amortized Option Cost

   2.69%   

Net Option Price

   10.01%   

Amortized Option Cost

   –2.69%   

Assumed Trading Cost

   – 0.15%   

Daily Value Percentage

   = 7.17%   

Increase as a dollar amount

  $7,170   ($100,000 x 7.17%

Value of 10% Buffer with Performance Trigger Strategy

  $107,170   ($100,000 + $7,170

In the above example, the Strategy value increased by 7.17% by day 146 even though the Index value has increased by 20% (1000 to 1200) over the same period. This reflects the impact of the method we use to calculate a Strategy value before the end of a Term.

By comparison, if the value of the Strategy on day 146 of the Term were to be determined based the end of Term value calculation method, the Strategy value would reflect an increase of 11% matching the Trigger Rate ($100,000 + ($100,000 x 11% increase percentage) = $111,000). We will always calculate the Strategy value before the end of a term using the Daily Value Percentage illustrated by the above example and not by the rise or fall of the Index.

Example. Here is an example that shows how the Daily Value Percentage formula works for a 10% Buffer with Dual Performance Trigger Indexed Strategy. In this example, we calculate the Daily Value Percentage for the Market Close on day 146 of a one-year Term. Before the end of a Term, the Strategy value determined using the Daily Value Percentage will almost always be less than the value suggested on that date by the rise or fall of the Index and the end of Term calculation method.

Assumptions for Example 5

Option Price Assumptions  Price at Start
of Term (as a
Percentage of
Index at Start of
Term)
   Price at Current
Market Close (as a
Percentage of Index
at Start of Term)
     

ITM Binary Call Option Price

   6.03%    7.68%   

OTM Put Option Price

   1.48%    0.03%   

Strategy Assumptions

      

Investment Base for each Strategy

      $100,000 

Trigger Rate

       8% 

Days remaining to last Market Day of Term

       219 

Trading Cost Assumption

   0.15%     

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Option Price AssumptionsPrice at Start
of Term (as a
Percentage of
Index at Start of
Term)
Price at Current
Market Close (as a
Percentage of Index
at Start of Term)

Index at Start of Term

1000

Index at Current Market Close

1200

Example 5: 10% Buffer with Dual Performance Trigger Strategy

Current ITM Binary Call Option Price

   7.68 

Current OTM Put Option Price

   – 0.03 
  

 

 

  

Net Option Price

   = 7.65 

Initial ITM Binary Call Option Price

   6.03 

Initial OTM Put Option Price

   – 1.48 

Net Option Cost

   =4.55 

Amortization Factor for days remaining to final Market Day of Term

   x 60 
  

 

 

  

Amortized Option Cost

   2.73 

Net Option Price

   7.65 

Amortized Option Cost

   –2.73 

Assumed Trading Cost

   – 0.15 
  

 

 

  

Daily Value Percentage

   = 4.77 
  

 

 

  

Increase as a dollar amount

  $4,770  ($100,000 x 4.77%) 

Value of 10% Buffer with Dual Performance Trigger Strategy

  $104,770  ($100,000 + $4,770

In the above example, the Strategy value increased by 4.77% by day 146 even though the Index value has increased by 20% (1000 to 1200) over the same period. This reflects the impact of the method we use to calculate a Strategy value before the end of a Term.

By comparison, if the value of the Strategy on day 146 of the Term were to be determined based the end of Term value calculation method, the Strategy value would reflect an increase of 8% matching the Trigger Rate ($100,000 + ($100,000 x 8% increase percentage) = $108,000). We will always calculate the Strategy value before the end of a term using the Daily Value Percentage illustrated by the above example and not by the rise or fall of the Index.

Maximum Loss Before the End of a Term

If you Surrender your Contract or take a withdrawal before the end of a Term, there is no set maximum loss because the Indexed Strategy value is determined using the Daily Value Percentage. The loss on a Floor Strategy may exceed the Floor, a 10% Buffer Strategy may not receive the benefit of the 10% Buffer, and a 20% Buffer Strategy may not receive the benefit of the 20% Buffer because the use of the Daily Value Percentage means that the Amortized Option Cost and Trading Cost are subtracted from the Strategy value. The Amortized Option Cost and Trading Cost are determined each time the Daily Value Percentage is calculated. As a result, in extreme circumstances, the total loss for an Indexed Strategy could be 100%, meaning that you would suffer a complete loss of your principal and any prior earnings.

INDEXED STRATEGY VALUE AFTER PERFORMANCE LOCK ELECTION

For an S&P 500 Strategy (excluding the three Trigger Strategies) or a First Trust Barclays Edge Strategy, you may make a Performance Lock election. If you do so, then the normal rules described in the Indexed Strategy Value at End of Term section and the Indexed Strategy Value Before End of Term section do not apply. Instead, beginning on the second Market Close following the receipt of the Performance Lock election, the Daily Value Percentage used to calculate the Strategy value through the end of the Term is locked in.

Your Request in Good Order for a Performance Lock election must be received by the third-to-last Market Close of the Term.

If you make a Performance Lock election, here are the formulas that we use to calculate the Strategy value through the end of the Term.

Strategy value before or at end of Term = Investment Base + dollar amount of increase or decrease

Dollar amount of increase or decrease = Investment Base x locked Daily Value Percentage

Locked Daily Value Percentage = Net Option Price – Amortized Option Cost – Trading Cost, all as determined at the second Market Close following receipt of the Performance Lock election

Performance Lock Examples

47


Examples. Here are examples that show how the Performance Lock election works for S&P 500 or First Trust Barclays Edge Strategies.

Assumptions

Option Price Assumptions Price at Start of Term (as a
Percentage of Index at Start of Term)
  Price on Lock Effective Date (as a
Percentage of Index at Start of Term)
 

ATM Call Option Price

  6.00  7.47

OTM Call Option Price

  1.15  1.81

ATM Put Option Price

  5.40  3.36

OTM Put Option Price

  4.50  2.80

Strategy Assumptions

  

Investment Base for each Strategy

  $100,000 

Cap for one-year Term

   11

Floor

   -10

Buffer

   10

Days remaining to last Market Day of one-year Term on Lock Effective Date

   275 

Trading Cost Assumption

0.15

Example 1: -10% Floor with Cap Strategy

Lock effective date ATM Call Option Price – OTM Call Option Price

   5.66%    (7.47% – 1.81%

Lock effective date ATM Put Option Price—ATM Put Option Price

   – 0.56%    (3.36% – 2.80%

Net Option Price on Lock effective date

   = 5.10%   

Initial ATM Call Option Price – Initial OTM Call Option Price

   4.85%    (6.00% – 1.15%

Initial ATM Put Option Price – Initial OTM Put Option Price

   – 0.90%    (5.40% – 4.50%

Net Option Price

   = 3.95%   

Amortization Factor for days remaining from Lock effective date to final Market Day of Term

   x 75.34%    (275 / 365

Amortized Option Cost on Lock effective date

   = 2.98%   

Net Option Price

   5.10%   

Amortized Option Cost

   – 2.98%   

Assumed Trading Cost

   – 0.15%   

Locked Daily Value Percentage

   = 1.97%   

Dollar amount of increase at Term end

  $1,970   ($100,000 x 1.970%

Value of -10% Floor with Cap Strategy at Term end

  $101,970   ($100,000 + $1,970

Example 2: 10% Buffer with Cap Strategy

Lock effective date ATM Call Option Price – OTM Call Option Price

5.66%(7.47%-1.81%

Lock effective date OTM Put Option Price

–2.80%

Net Option Price on Lock effective date

= 2.86%

Initial ATM Call Option Price – Initial OTM Call Option Price

4.85%(6.00%-1.15%

Initial OTM Put Option Price

– 4.50%

Net Option Price

= 0.35%

Amortization Factor for days remaining from Lock effective date to final Market Day of Term

x 75.34%(275 / 365

Amortized Option Cost on Lock effective date

0.26%

Net Option Price

2.86%

Amortized Option Cost

–0.26%

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Assumed Trading Cost

   – 0.15 

Locked Daily Value Percentage

   = 2.45 
  

 

 

  

Dollar amount of increase at Term end

  $2,450  ($100,000 x 2.45%) 

Value of 10% Buffer with Cap Strategy at Term end

  $102,450  ($100,000 + $2,450

Example. Here is an example that shows how the Performance Lock election works for a 10% Buffer with Performance Trigger Indexed Strategy. In this example, we assume that the Performance Lock election is effective on day 146 of a one-year Term.

Assumptions for Example 3

Option Price Assumptions  Price at Start
of Term (as a
Percentage
of Index at
Start of
Term)
  Price on Lock
Effective
Date (as a
Percentage of
Index at Start
of Term)
    

ATM Binary Call Option Price

   5.97  10.04 

OTM Put Option Price

   1.48  0.03 

Strategy Assumptions

    

Investment Base for each Strategy

    $100,000 

Trigger Rate

     11

Days remaining from Lock Effective Date to last Market Day of Term

     219 

Trading Cost Assumption

   0.15  

Index at Start of Term

   1000   

Index at Current Market Close

   1200   

Example 3: 10% Buffer with Performance Trigger Strategy

Lock Effective Date ATM Binary Call Option Price

   10.04 

Lock Effective Date OTM Put Option Price

   – 0.03 
  

 

 

  

Net Option Price on Lock Effective Date

   =10.01 

Initial ATM Binary Call Option Price

   5.97 

Initial OTM Put Option Price

   – 1.48 

Net Option Price

   =4.49 

Amortization Factor for days remaining from Lock Effective Date to final Market Day of Term

   X 60 
  

 

 

  

Amortized Option Cost on Lock Effective Date

   2.69 

Net Option Price

   10.01 

Amortized Option Cost

   –2.69 

Assumed Trading Cost

   – 0.15 
  

 

 

  

Locked Daily Value Percentage

   = 7.17 
  

 

 

  

Increase as a dollar amount

  $7,170  ($100,000 x 7.17%) 

Value of 10% Buffer with Performance Trigger Strategy

  $107,170  ($100,000 + $7,170

Example. Here is an example that shows how the Performance Lock election works for a 10% Buffer with Dual Performance Trigger Indexed Strategy. In this example, we assume that the Performance Lock election is effective on day 146 of a one-year Term.

Assumptions for Example 4

Option Price Assumptions  Price at Start
of Term (as a
Percentage
of Index at
Start of
Term)
  Price on
Lock
Effective
Date (as a
Percentage
of Index at
Start of
Term)
 

ITM Binary Call Option Price

   6.03  7.68

49


Option Price Assumptions  Price at Start
of Term (as a
Percentage
of Index at
Start of
Term)
  Price on Lock
Effective Date (as
a Percentage of
Index at Start of
Term)
    

OTM Put Option Price

   1.48  0.03 

Strategy Assumptions

    

Investment Base for each Strategy

    $100,000 

Trigger Rate

     8

Days remaining from Lock Effective Date to last Market Day of Term

     219 

Trading Cost Assumption

   0.15  

Index at Start of Term

   1000   

Index at Current Market Close

   1200   

Example 4: 10% Buffer with Dual Performance Trigger Strategy

Lock Effective Date ITM Binary Call Option Price

   7.68 

Lock Effective Date OTM Put Option Price

   – 0.03 
  

 

 

  

Net Option Price on Lock Effective Date

   = 7.65 

Initial ITM Binary Call Option Price

   6.03 

Initial OTM Put Option Price

   – 1.48 

Net Option Price

   =4.55 

Amortization Factor for days remaining from Lock Effective Date to final Market Day of Term

   x 60 
  

 

 

  

Amortized Option Cost on Lock Effective Date

   2.73 

Net Option Price

   7.65 

Amortized Option Cost

   –2.73 

Assumed Trading Cost

   – 0.15 
  

 

 

  

Locked Daily Value Percentage

   = 4.77 
  

 

 

  

Increase as a dollar amount

  $4,770  ($100,000 x 4.77%) 

Value of 10% Buffer with Dual Performance Trigger Strategy

  $104,770  ($100,000 + $4,770

DECLARED RATE STRATEGY

The Declared Rate Strategy is credited with interest daily that is results in an effective yield equal to the Declared Rate with annual compounding. Note: The Declared Rate Strategy is not available for Contracts issued in Missouri.

Declared Rates

We will set the Declared Rate for a Term before that Term starts. It will be guaranteed for the entire Term.

As long as we receive your application for the Contract within eight days after you sign it, the Declared Rate for the Term that begins on the first Strategy Application Date will be available on our website (www.massmutualascend.com/RILArates) on the date you signed the application and before the date of any Purchase Payment to which the Declared Rate will apply. If we receive the application for the Contract within eight days after the date you sign it, we will guarantee the Declared Rate on the date you signed the application for three Strategy Application Dates from the date of the application.

If we receive the signed application within eight days after the date you sign it, then:

For an initial Term starting on the first Strategy Application Date on or after the application date, the Declared Rate will be the rate in effect on the date you signed the application.

For an initial Term starting on one of the next two Strategy Application Dates, the Declared Rate will be the higher of the rate in effect on the date you signed the application or the rate otherwise in effect for that Strategy Application Date.

For any initial Term starting on a later Strategy Application Date, the Declared Rate will be the rate in effect for that Strategy Application Date.

If we receive the signed application more than eight days after the date you sign it, then the guarantee does not apply and the Declared Rate for each Initial Term will be the Declared Rate in effect for that Strategy Application Date.

50


We may set a different Declared Rate for each subsequent Term. For a Term, different rates may apply with respect to amounts attributable to Purchase Payments received on different dates.

At least 10 days before the next Term starts, we will post the Declared Rate that will apply to the Declared Rate Strategy for that next Term on our website (www.massmutualascend.com/RILArates). You should consider this renewal information before finalizing your renewal or reallocation decision.

In any event, the Declared Rate for a Term will never be less than the guaranteed minimum interest rate set out in the Declared Rate Strategy endorsement included in your Contract. If you purchase a Contract to replace an existing annuity contract or insurance policy, you have 30 days to cancel the Contract. The right to cancel period may be longer in some states. The guaranteed minimum interest rate set out in the endorsement will always be greater than 0% and will be at least equal to the minimum interest rate required for fixed annuity contracts by state Standard Nonforfeiture Law that is in effect on the date that the Contract is issued.

Term

Each Term of the Declared Rate Strategy is one year long and will start and end on a Strategy Application Date. A new Term will start at the end of the preceding Term.

If you make only one Purchase Payment or you make all of your Purchase Payments before the initial Strategy Application Date, then each Term of the Declared Rate Strategy will end on the same date in any given year. If you make a Purchase Payment after the initial Strategy Application Date, then your Purchase Payments will be applied to the Crediting Strategies on different Strategy Application Dates. In this case, the Declared Rate Strategy will have Terms that end on different dates in any given year.

Declared Rate Strategy Value

The value of the Declared Rate Strategy is equal to:

the amounts applied to the Strategy at the start of the current Term; minus

each withdrawal and related Early Withdrawal Charge taken from the Strategy during the current Term; plus

interest that we have credited on the balances in the Strategy for the current Term.

The rise or fall of an Index does not affect the value of the Declared Rate Strategy. A withdrawal from the Declared Rate Strategy and the related Early Withdrawal Charge reduces the Declared Rate Strategy value by an amount equal to the withdrawal and the charge.

PURCHASE

You may purchase a Contract only through a registered representative of a broker-dealer that has a selling agreement with our affiliated underwriter, MM Ascend Life Investor Services, LLC.

Any Owner or Annuitant must be age 80 or younger on the Contract Effective Date. To determine eligibility, we will use the person’s age on his/her last birthday. We may make exceptions with respect to the maximum issue age in our discretion.

The Contract is not available in all states. To find out if it is available in the state where you live, ask your registered representative. The Contract may not be available for purchase during certain periods. There are a number of reasons why the Contract periodically may not be available, including that we want to limit the volume of sales of the Contract. You may wish to speak to your registered representative about how this may affect your purchase. For example, in order to purchase the Contract, you may be required to submit your application prior to a specific date. In that case, if there is a delay because your application is incomplete or otherwise not in good order, you might not be able to purchase the Contract. Your broker-dealer may impose conditions on the purchase of the Contract, such as a lower maximum issue age, than we or other selling firms impose. In addition, Selling Broker-Dealers may not make certain indexed strategies available. If you have any questions, you should contact your Selling Agent or his or her Selling Broker Dealer. We reserve the right to reject any application in our discretion. We also reserve the right to discontinue the sale of the Contracts at any time.

Purchase Payments

The Contract is a modified single premium annuity contract. This means you may make one or more Purchase Payments during the purchase payment period. The purchase payment period begins on the Contract Effective Date. It will end two months after the Contract Effective Date.

17


We must receive your initial Purchase Payment on or before the Contract Effective Date. We must receive each additional Purchase Payment on or before the last day of the purchase payment period. We will not accept any Purchase Payment that we receive after the date that the Contract is cancelled or Surrendered or after a death for which a Death Benefit is payable.

The initial Purchase Payment must be at least $25,000. Each additional Purchase Payment must be at least $10,000. You will need our prior approval if you are age 80 or younger and want to make a Purchase Payment(s) of more than $1,000,000; or you are over age 80 and want to make a Purchase Payment(s) of more than $750,000.$1,000,000.

51


We reserve the right to refuse a Purchase Payment made in the form of a personal check in excess of $100,000. We may accept a Purchase Payment over $100,000 made in other forms, such as EFT/wire transfers, or certified checks or other checks written by financial institutions. We will not accept a Purchase PaymentPayment(s) made with cash, money orders, or traveler’s checks.

Exchanges, Transfers, or Rollovers

If you own an annuity or tax-qualified account, you may be able to exchange it for an Index Frontier 5 Plus annuity, directly transfer it to an Index Frontier 5 Plus annuity, or roll it over to an Index Frontier 5 Plus annuity without paying taxes. Before you do, compare the benefits, features, and costs of each annuity or account. You may pay an early withdrawal charge under the old annuity or account. You may also pay a sales charge under the new annuity or account, or you may pay an early withdrawal charge if you later take withdrawals from the new annuity or account.your Index Frontier 5 Plus annuity. Please note that some financial professionals may have a financial incentive to offer this Contract in place of the one the investor already owns. Ask your registered representative whether an exchange, transfer, or rollover would be advantageous, based on the features, benefits, and charges of the Index Frontier 5 Plus annuity.

If you purchase your Contract with an exchange, transfer, or rollover, a delay in processing the exchange, transfer, or rollover may delay the issuance of your new Contract or prevent the application of additional Purchase Payments to your existingnew Contract.

You should only exchange your existing contract for this Contract if you determine after comparing the features, fees, and risks of both contracts that it is preferable for you to purchase this Contract rather than continuing to own your existing contract.

Application of Purchase Payments

Each Purchase Payment will be held in the Purchase Payment Account until it is applied to a Crediting Strategy on a Strategy Application Date. On each Strategy Application Date, we will apply the then current balance of the Purchase Payment Account to the Crediting Strategies you selected.

We will credit interest daily on amounts held in the Purchase Payment Account at the annual effective rate set out in your Contract. This rate will never be less than the guaranteed minimum interest rate set out in the Declared Rate Strategy endorsement included in your Contract. The guaranteed minimum interest rate set out in the endorsement will always be greater than 0% and will be at least equal to the minimum interest rate required for fixed annuity contracts by state Standard Nonforfeiture Law that is in effect on the date that the Contract is issued.

In certain states, we are required to give back your Purchase Payment(s) if you decide to cancel your Contract during the free look period. If we are required by law to refund your Purchase Payment(s), we reserve the right to hold your Purchase Payment(s) in the Purchase Payment Account until the first Strategy Application Date on or after the end of the free look period.

We If we do so and you cancel your Contract before that Strategy Application Date, we will creditrefund your Purchase Payment(s) but you will forfeit any interest daily on amounts held incredited to the Purchase Payment Account ator other increase in the annual effective rate set out in your Contract. This rate will be at least 1%.Account Value.

Purchase Payment Account Value

On any day, the value of the Purchase Payment Account is equal to:

 

Purchase Payments received by us plus interest earned daily; minus

 

the premium tax or other tax that may apply to the Purchase Payments; and minus

 

each withdrawal and related Early Withdrawal Charge taken from the Purchase Payment Account since the last Strategy Application Date.

Unforeseen Processing Delays

We are exposed to risks related to natural and man-made disasters and catastrophes, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster or catastrophe, including a pandemic (such as the COVID-19 pandemic), could affect the ability or willingness of our employees or the employees of our service providers to perform their job responsibilities. While many of our employees and the employees of our service providers are able to work remotely, those remote work arrangements may result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from contract owners. Catastrophic events may negatively affect the computer and other systems on which we rely, impact our ability to calculate values under your Contract, or have other possible negative impacts. There can be no assurance that our service providers will be able to successfully avoid negative impacts associated with natural and man-made disasters and catastrophes.

18


A processing delay will not affect the effective date as of which we process transactions, including orders from contract owners, the date that a Term begins or ends, or the values used to process the transaction.

Initial Strategy SelectionsINITIAL STRATEGY SELECTIONS

You make your initial selection of Crediting Strategies in your purchase application. Your initial selection is set out on your Contract Specifications Page.

52


Your initial selection will also apply to each subsequent Purchase Payment. If you wish to change your selection for a specific Purchase Payment, we must receive youra Request in Good Order withthat identifies the Crediting Strategies you selectedare selecting for that Purchase Payment before the Strategy Application Date that applies to that Purchase Payment.

When you select a Crediting Strategy, you must also indicate the percentage of the Purchase Payment that you wish to allocate to that Crediting Strategy. All allocations must be in whole percentages that total 100%. We reserve the right to round amounts up or down to make whole percentages, and to reduce or increase amounts proportionally in order to total 100%.

Currently there are no limitations on the amounts that may be applied to a Crediting Strategy.

The S&P 500 5-year 10% Buffer with Upside Participation Rate Indexed Strategy and the S&P 500 5-year 20% Buffer with Cap Indexed Strategy are only available for Terms that begin in the first Contract Year.

We may establish minimum and maximum amounts or percentages that may be applied to a given Crediting Strategy for any future Term in our discretion. We will notify you of any such minimum or maximum. The Company will not establish minimum and maximum amounts or percentages for the S&P 500 1-Year -10% Floor with Cap Indexed Strategy in the future. Selling Broker-Dealers may separately establish minimum and maximum amounts or percentages that they will allow to be allocated to a given Crediting Strategy for the initial Terms, and they may choose not to discuss or offer certain strategies for the initial Terms. We may limit the availability of a Strategy for a Term that would extend beyond the Annuity Payout Initiation Date. All Strategies may not be available in all states.

Declared Rate StrategySTRATEGY SELECTIONS AT TERM END

Note: The Declared Rate Strategy is not available for Contracts issued in Missouri.

The Declared Rate Strategy earns interest at a fixed rate with annual compounding. Interest will be credited daily to amounts held under the Declared Rate Strategy.

We will set the Declared Rate for a Term before that Term starts. It is guaranteed for the entire Term. At least 10 days before the initial Term starts, we will post the Declared Rate that will apply to the Declared Rate Strategy for that Term on our website (www.massmutualascend.com/RILArates).

If you are not satisfied with the Declared Rate offered for your initial Term, you may rescind your Contract by returning it and giving written notice of your decision to rescind. You will have 20 days in which to rescind your Contract. The rescission period will end at midnight of the 20th day after the date on which your initial Term starts. If you exercise this rescission right, we will return your Purchase Payment(s), without any adjustment for the Early Withdrawal Charge.

We may set a different Declared Rate for each subsequent Term. For a Term, different rates may apply with respect to amounts attributable to Purchase Payments received on different dates. At least 10 days before the next Term starts, we will post the Declared Rate that will apply to the Declared Rate Strategy for that next Term on our website (www.massmutualascend.com/RILArates). The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Declared Rate that will apply to Contracts issued prior to May 1, 2019.

In any event, the Declared Rate for a Term will never be less than the guaranteed minimum interest rate set out in the Declared Rate Strategy endorsement included in your Contract. This rate will be at least 1% per year.

Term

Each Term of the Declared Rate Strategy is one year long and will start and end on a Strategy Application Date. A new Term will start at the end of the preceding Term.

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If you make only one Purchase Payment or you make all of your Purchase Payments before the initial Strategy Application Date, then each Term of the Declared Rate Strategy will end on the same date in any given year. If you make a Purchase Payment after the initial Strategy Application Date, then your Purchase Payments will be applied to the Crediting Strategies on different Strategy Application Dates. In this case, the Declared Rate Strategy will have Terms that end on different dates in any given year.

Examples. These examples show how a Contract with multiple Purchase Payments may have Terms that end on different dates.

You make your initial Purchase Payment on March 10 and another Purchase Payment on March 17. You allocate both payments to the Declared Rate Strategy and both payments are applied on March 20. Each Term of the Declared Rate Strategy will start and end on March 20.

You make your initial Purchase Payment on May 2 and another Purchase Payment on June 14. You allocate both payments to the Declared Rate Strategy. Your initial Purchase Payment is applied on May 6 and the other Purchase Payment is applied on June 20. The Declared Rate Strategy will have Terms that start and end on May 6 and other Terms that start and end on June 20.

Declared Rate Strategy Value

The value of the Declared Rate Strategy is equal to:

the amounts applied to the Strategy at the start of the current Term; minus

each withdrawal and related Early Withdrawal Charge taken from the Strategy during the current Term; plus

interest that we have credited on the balances in the Strategy for the current Term.

Indexed Strategies

The Indexed Strategies provide returns that are based, in part, upon changes in an Index Value. The Indexed Strategies do not earn interest at a fixed rate. Unlike a traditional variable annuity, the values of the Indexed Strategies are not based on the investment performance of underlying portfolios.

Each Indexed Strategy has a Maximum Gain for each Term.

We will set a new Maximum Gain for each Indexed Strategy prior to the start of each Term. In general, the Maximum Gain for a Growth Strategy will be higher than the Maximum Gain for a Conserve Strategy using the same Index, and the Maximum Gain for a Buffer Strategy will be higher than the Maximum Gain for a Growth Strategy using the same Index.

Each Conserve Strategy and Growth Strategy has a Maximum Loss for each Term.

The Maximum Loss for each Term of a Conserve Strategy is 0%. The Maximum Loss for each Term of a Growth Strategy is a loss of 10%.

Each Buffer Strategy has a Buffer for each Term.

The Buffer at the end of each Term is 10%. Before the end of each Term, the Buffer is calculated daily as a prorated share of the annual 10% Buffer.

Changes in the value of an Indexed Strategy reflect the change in the applicable Index Value since the start of the applicable Term, the Maximum Gain we set for that Indexed Strategy for that Term, the applicable Vesting Factor, and the applicable Buffer or Maximum Loss for that Indexed Strategy. If you select a Growth Strategy or a Buffer Strategy, then each Term it is possible for you to lose a portion of your Purchase Payment(s) and any earnings allocated to that Indexed Strategy.

See Vested Gains and Losses section below for additional details.

The Indexed Strategies that are currently available are listed below. You may allocate your funds to any of the Indexed Strategies, subject to the procedures disclosed in this prospectus.

Conserve/0% Floor Strategies

Index

Maximum Loss/Floor of 0%

S&P 500 0% FloorS&P 500® IndexIf you allocate money at the start of a Term to a Conserve Strategy, you cannot lose that money during the Term due to a negative change in the Index.
SPDR Gold Shares 0% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate 0% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE 0% FlooriShares MSCI EAFE ETF

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Growth/-10% Floor StrategiesIndexMaximum Loss/Floor of 10%
S&P 500 -10% FloorS&P 500® IndexIf you allocate money at the start of a Term to a Growth Strategy, you can lose up to 10% of that money during the Term due to a negative change in the Index.
SPDR Gold Shares -10% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate -10% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE -10% FlooriShares MSCI EAFE ETF
10% Buffer StrategyIndexEnd of Term Buffer of 10%
S&P 500 10% BufferS&P 500® IndexIf you allocate money at the start of a Term to a Buffer Strategy, at the end of the Term you can lose up to 90% of that money due to a negative change in the Index. At the end of the Term, 10% of the money you allocated is protected from loss. You can lose more than 90% of that money if you withdraw it before the end of the Term.

Note: The S&P 500 Buffer strategy is not available for Contracts issued prior to May 2020.

An Early Withdrawal Charge may apply if you take a withdrawal during the first seven Contract Years. That charge will reduce Strategy values, including the value of a Conserve/0% Floor Strategy.

Term

Each Term of an Indexed Strategy is one year long and will start and end on a Strategy Application Date. A new Term will start at the end of the preceding Term.

If you make only one Purchase Payment or you make all of your Purchase Payments before the initial Strategy Application Date, then each Term of each Indexed Strategy will end on the same date in any given year. If you make a Purchase Payment after the initial Strategy Application Date, then your Purchase Payments will be applied to the Crediting Strategies on different Strategy Application Dates. In this case, an Indexed Strategy may have Terms that end on different dates in any given year.

Examples. These examples show how a Contract with multiple Purchase Payments may have Terms that end on different dates.

You make your initial Purchase Payment on March 10 and another Purchase Payment on March 17. You allocate both payments to the same Indexed Strategy and both payments are applied on March 20. Each Term of that Indexed Strategy will start and end on March 20.

You make your initial Purchase Payment on May 2 and another Purchase Payment on June 14. You allocate both payments to the same Indexed Strategy. Your initial Purchase Payment is applied on May 6 and the other Purchase Payment is applied on June 20. That Indexed Strategy will have Terms that start and end on May 6 and other Terms that start and end on June 20.

Indexed Strategy Value

The value of an Indexed Strategy is equal to:

the Investment Base for that Term, which is the amount applied to the Strategy at the start of the current Term; minus

the portion of that Investment Base that is taken from the Strategy to pay for each withdrawal and related Early Withdrawal Charge during the current Term; and plus or minus

the Vested Gain or Loss for that Term on the remaining portion of the Investment Base.

The portion of the Investment Base that is taken from an Indexed Strategy to pay for a withdrawal and any related Early Withdrawal Charge is proportional to the reduction in the value of the Indexed Strategy for the withdrawal and any related charge. This means that we calculate the percentage of Strategy Value that is being withdrawn and we reduce the Investment Base by the same percentage.

A withdrawal and any related charge will reduce the value of an Indexed Strategy by an amount equal to the withdrawal and any charge.

But the reduction in the Investment Base to pay for a withdrawal and any related charge is proportional to the reduction in the value of the Indexed Strategy. For example, if the withdrawal and any related charge reduces the value of an Indexed Strategy by 15%, then it will reduce the Investment Base by 15%.

If there is a Vested Gain, then the portion of the Investment Base taken will be less than the withdrawal and any related charge. With a Vested Gain, the Indexed Strategy value will be higher than the Investment Base. For example, a 15% reduction in the Investment Base will be less than a 15% reduction in the Strategy value.

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If there is a Vested Loss, then the portion of the Investment Base taken will be greater than the withdrawal and any related charge. With a Vested Loss, the Investment Base will be higher than Indexed Strategy value. For example, a 15% reduction in the Investment Base will be greater than a 15% reduction in the Strategy value.

Here are the formulas that we use to calculate a proportional reduction in the Investment Base for a withdrawal and the remaining Investment Base.

Percentage reduction in Strategy value = withdrawal plus any related Early Withdrawal Charge / Strategy value immediately before the withdrawal

Proportionate reduction in Investment Base = Investment Base immediately before the withdrawal x percentage reduction in Strategy value

Remaining Investment Base = Investment Base immediately before the withdrawal - reduction in Investment Base

Examples. You allocate $5,000 to an Indexed Strategy at the start of a Term. This means the Investment Base for the Term is $5,000. You take a $1,000 withdrawal and that amount includes the amount needed to pay any related Early Withdrawal Charge that applies to the withdrawal.

Assume at the time of your withdrawal that you have a Vested Gain of 5%.

The Vested Gain is equal to $250 ($5,000 x 0.05).

The Strategy value on the withdrawal date is $5,250 ($5,000 + $250).

The withdrawal (including any related Early Withdrawal Charge) reduces the Strategy value by $1,000.

The Strategy value after the withdrawal is $4,250 ($5,250 - $1,000).

The percentage reduction in the Strategy value is 19.05% ($1,000 / $5,250).

The proportionate reduction in the Investment Base is $952 ($5,000 x 0.1905).

The remaining Investment Base is $4,048 ($5,000 - $952).

Due to the Vested Gain, the proportionate reduction in the Investment Base ($952) is less than the withdrawal and related charge ($1,000). This means, after the withdrawal, the Investment Base is $4,048 rather than $4,000.

Assume at the time of your withdrawal that you have a Vested Loss of 10%.

The Vested Loss is equal to $500 ($5,000 x 0.10).

The Strategy value on the withdrawal date is $4,500 ($5,000 - $500).

The withdrawal (including any related Early Withdrawal Charge) reduces the Strategy value by $1,000.

The Strategy value after the withdrawal is $3,500 ($4,500 - $1,000).

The percentage reduction in the Strategy value is 22.22% ($1,000 / $4,500).

The proportionate reduction in the Investment Base is $1,111 ($5,000 x 0.2222).

The remaining Investment Base is $3,889 ($5,000 - $1,111).

Due to the Vested Loss, the proportionate reduction in the Investment Base ($1,111) is greater than the withdrawal and related charge ($1,000). This means, after the withdrawal, the Investment Base is $3,889 rather than $4,000.

Vested Gains and Losses

Overview

Each day of a Term, the value of an Indexed Strategy includes the Vested Gain or Loss, if any, since the start of that Term. Vested Gain or Loss is calculated on the remaining Investment Base for that Term.

Here is the formula that we use to calculate the amount of the Vested Gain or Loss.

Amount of Vested Gain or Loss = remaining Investment Base x Vested Gain or Loss percentage

Example. At the beginning of a Term in Contract Year 10, your entire Account Value of $100,000 is allocated to a Growth/-10% Floor Strategy. You do not take any withdrawals during that Term. You Surrender your Contract at the end of that Term. No Early Withdrawal Charge applies to a Surrender in Contract Year 10.

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If the Vested Gain is 4%, then the Strategy value includes a $4,000 Vested Gain ($100,000 x 0.04). The amount payable upon Surrender will be $104,000 ($100,000 + $4,000).

If the Vested Loss is 3%, then the Strategy value includes a $3,000 Vested Loss ($100,000 x 0.03). The amount payable upon Surrender will be $97,000 ($100,000 - $3,000).

If in this example your Surrender occurs in Contract Year 4 instead, when a 5% Early Withdrawal Charge applies, the amount payable upon Surrender is reduced by applicable Early Withdrawal Charges. For this example, we assume that the Account Value was $100,000 on the most recent Contract Anniversary.

If the Vested Gain is 4%, then the amount payable is reduced by Early Withdrawal Charges of $4,700, calculated as 5% of the Strategy Value minus the Free Withdrawal Allowance (5% x ($104,000 – ($100,000 x 10%))). The amount payable upon Surrender will be $99,300 ($104,000 - $4,700).

If the Vested Loss is 3%, then the amount payable is reduced by Early Withdrawal Charges of $4,350, calculated as 5% of the Strategy Value minus the Free Withdrawal Allowance (5% x ($97,000 – ($100,000 x 10%))). The amount payable upon Surrender will be $92,650 ($97,000 - $4,350).

Index Change. Before we can calculate the Vested Gain or Loss since the start of a Term, we must determine the Index Change since the start of that Term. The Index Change is the increase or decrease in the applicable Index Value. This increase or decrease is expressed as a percentage of the applicable Index Value at the start of that Term. It is measured from the Index Value at the start of that Term to the Index Value at the last Market Close on or before the date the Index Change is determined.

Example. The Index Value was 1000 at the start of a Term.

If the Index Value at the applicable Market Close is 1065, then there is a positive Index Change of 6.5% ((1065 - 1000) / 1000).

If the Index Value at the applicable Market Close is 925, then there is a negative Index Change of 7.5% ((925 - 1000) / 1000).

Indexes. The S&P 500® Index is designed to reflect the large-cap sector of the U.S. equity market and, due to its composition, it also represents the U.S. equity market in general. It includes 500 leading companies and captures approximately 80% coverage of available market capitalization. The S&P 500 Index does not include dividends declared by any of the companies in this Index. Consequently, any positive change in the Index Value over a Term will be lower than the total return on a direct investment in the stocks that comprise the S&P 500 Index. The S&P 500 Index is a product of S&P Dow Jones Indices LLC. For more information, visit www.US.SPIndices.com.

The SPDR Gold Shares represent units of beneficial interest in, and ownership of, the SPDR Gold Trust, an exchange traded fund that holds gold bullion. The investment objective of the trust is for the shares to reflect the performance of the price of gold bullion, less the trust’s expenses. The shares are designed to mirror as closely as possible the price of gold, and the value of the shares relates directly to the value of the gold held by the trust, less its liabilities. The price of gold has fluctuated widely over the past several years and the shares have experienced significant price fluctuations. The value of the gold held by the trust is determined using the London Bullion Market Association (LBMA) Gold Price PM. The Gold Shares trade on the NYSE Arca under the symbol GLD. For more information, visit www.spdrgoldshares.com.

The iShares U.S. Real Estate ETF is an exchange traded fund that seeks to track the investment performance of the Dow Jones U.S. Real Estate Index. This underlying index measures the performance of the real estate sector in the U.S. equity market. A significant portion of the underlying index is represented by real estate investment trusts (REITs), but the components are likely to change over time. The fund’s adviser uses an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the underlying index. The fund is subject to certain risks including the risk that it may not replicate the performance of the underlying index and those risks associated with concentrated investment in REITS. The fund’s performance will be reduced by its expenses and fees. The fund’s shares trade on the NYSE Arca under the symbol IYR. For more information, visit www.iShares.com and search ticker symbol IYR.

The iShares MSCI EAFE ETF is an exchange traded fund that seeks to track the investment results of an index composed of large-and mid-capitalization developed market equities, excluding the U.S. and Canada (MSCI EAFE Index). This underlying index includes stocks from Europe, Australasia and the Far East. The components of the underlying index, and the degree to which these components represent certain industries and/or countries, are likely to change over time. The fund’s adviser uses an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar

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to that of the underlying index. The fund is subject to certain risks including the risk that it may not replicate the performance of the underlying index and those risks associated with investment in non-U.S. issuers. The fund’s performance will be reduced by its expenses and fees. The fund’s shares trade on the NYSE Arca under the symbol EFA. For more information, visit www.iShares.com and search ticker symbol EFA.

Index Values. Index Values are determined at each Market Close. An Index Value at the start of a Term is its value at the last Market Close on or before the first day of that Term. An Index Value at the end of a Term, is its value atyou may choose to reallocate your money among the Market Close on the last Market Day of that Term. We will use consistent sources to obtain the closing values of an Index. We currently obtain the closing values for the S&P 500 Index and the SPDR Gold Shares ETF from S&P Dow Jones Indices LLC and the closing values for the iShares MSCI EAFE ETF and the iShares U.S. Real Estate ETF from BlackRock, Inc. If those sources are no longer available, we will select an alternative published source(s) to obtain such values.

Market Close. A Market Close is the close of the regularCrediting Strategies or core trading session on the market used to measure an Index Change for a give Indexed Strategy.

Market Day. A Market Day is each day that all markets that are used to measure Index Changes for available Indexed Strategies are open for regular trading.

Vested Gain

The Vested Gain is the portion of any positive Index Change that is taken into account when determining the value of an Indexed Strategy. Here is the formula that we use to calculate a Vested Gain for any day of a Term.

Vested Gain = any positive Index Change since the start of the current Term (but not exceeding the Maximum Gain set for the Term) x applicable Vesting Factor for that day x remaining Investment Base for the current Term

Maximum Gain. The Maximum Gain for an Indexed Strategy is the largest positive Index Change for a Term that is taken into account to determine the Vested Gain for that Indexed Strategy for that Term. For example, if the Maximum Gain for a Term is 5% and the Index Change at the end of that Term is positive 8%, then the Vested Gain for that Term is 5%.

The Maximum Gain will vary between Indexed Strategies.

The Maximum Gain for a given Indexed Strategy will vary between Terms.

We guarantee that the Maximum Gain for a Term of an Indexed Strategy will never be less than 1%.

For each Term, your return on an Indexed Strategyyou may be less than any positive Index Change over that Term.

For each Term, your return on an Indexed Strategy may be less than the Maximum Gain.

We set the Maximum Gain for each Indexed Strategy based on the cost of hedging, interest rates, and other market factors, and the Purchase Payments received for a Contract. In general, the Maximum Gain we set for a Growth/-10% Floor Strategy will be higher than the Maximum Gain we set for the corresponding Conserve/0% Floor Strategy , and the Maximum Gain for a 10% Buffer Strategy will be higher than the Maximum Gain for the corresponding Growth Strategy. Likewise, we may set Maximum Gains for Contracts with larger Purchase Payments that are higher than Maximum Gains for Contracts with smaller Purchase Payments.

Each Purchase Payment is applied to an initial Term of a Strategy on the first Strategy Application Date on or after the date that the payment is received. The Maximum Gain for each Strategy Application Date may vary. The Maximum Gain for the first Strategy Application Date will be available on our website (www.massmutualascend.com/RILArates) on the date you signed the application (as long as we receive the application for the Contract within eight days after the date you sign it) and before the date of any Purchase Payment to which the Maximum Gain will apply. If we receive the application for the Contract within eight days after the date you sign it, we will guarantee the Maximum Gain in effect on the date you signed the application for three Strategy Application Dates from the date of the application.

If we receive the signed application within eight days after the date you sign it, then for any Indexed Strategy:

For an initial Term starting on the first Strategy Application Date on or after the application date, the Maximum Gain will be the Maximum Gain in effect on the date you signed the application.

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For an initial Term starting on one of the next two Strategy Application Dates, the Maximum Gain will be the higher of the Maximum Gain in effect on the date you signed the application or the Maximum Gain otherwise in effect for that Strategy Application Date.

For any initial Term starting on a later Strategy Application Date, the Maximum Gain will be the Maximum Gain in effect for that Strategy Application Date.

If we receive the signed application more than eight days after the date you sign it, then the guarantee does not apply and the Maximum Gain for each Initial Term will be the Maximum Gain in effect for that Strategy Application Date.

Example : You sign an application for a Contract on May 1 and allocate all of your Purchase Payments to the S&P 500 -10% Floor Strategy. On the date of the application, the Maximum Gain for the first Strategy Application Date (May 6) is 13%. We receive the application and the first Purchase Payment from you on May 8 and the second Purchase Payment from you on May 23. The Maximum Gains for the next two Strategy Application Dates are 14% (May 20) and 12% (June 6).

In this case, the initial 1-year Term for the first Purchase Payment would begin on May 20 and would have a 14% Maximum Gain (the higher of the May 6 rate or the May 20 rate). The initial 1-year Term for the second Purchase Payment would begin on June 6 and would have an 13% Maximum Gain (the higher of the May 6 rate or the June 6 rate).

If we had not received your signed application until May 10 (more than eight days after the date you signed the application), then you would not qualify for the rate guarantee, and the initial 1-year Term for the first Purchase Payment received on May 8 would have a 14% Maximum Gain (the May 20 rate effective for Purchase Payments received between May 7 and May 20), and the initial 1-year Term for the second Purchase Payment received on May 23 would have a 12% Maximum Gain (the June 6 rate effective for Purchase Payments received between May 21 and June 6).

Once your Contract is effective, we will send you a written notice at least 30 days before the end of each Term with information about the Indexed Strategies that will be available for the next Term. At least 10 days before the next Term starts, we will post the Maximum Gain that will apply to an Indexed Strategy for that next Term on our website (www.massmutualascend.com/RILArates). The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Maximum Gain for each Indexed Strategy that will apply to Contracts issued prior to May 1, 2019.

Because we can change the Maximum Gain that applies to an Indexed Strategy, the Contract has a Bailout right that allows youchoose to take no action. If you do not send us a withdrawal without incurring an Early Withdrawal Charge under certain circumstances. See Bailout Right discussionreallocation request, your current allocations will automatically continue in the Early Withdrawal Charge section below.

Vesting Factor. The Vesting Factor varies depending on the day of thenew Term for which the Vested Gain is calculated. A Vesting Factor limits the portion of a positive Index Change that is taken into account when calculating the Vested Gain for a given Indexed Strategy for a given Term.

Vesting Factor

Dates within first six months of a Term

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Dates within the final six months of a Term but before the final Market Day of that Term

50

On the final Market Day of a Term

100

A Market Day is each day that all markets that are used to measure Index Changes for available Indexes Strategies are open for regular trading.

Months are measured from the first day of the Term. For example, if a Term starts on January 20, the final six months of that Term will begin on July 20.

If any date in a Term is after the final Market Day of that Term, then a 100% Vesting Factor applies on that date when Vested Gain for that Term is calculated. For example, if a Term ends on a Monday when the markets are closed due to a holiday, then the final Market Day of that Term is the Friday before that holiday. If an automatic transaction is scheduled for Saturday, then the 100% Vesting Factor applies to that transaction.

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Example. On the date of Surrender, your entire Account Value of $100,000 is allocated to the S&P 500 Growth/-10% Floor Strategy, which has a 12% Maximum Gain for the Term. You Surrender your Contract in month 9 of that Term, which means a Vesting Factor of 50% applies. For this example, we assume that you did not take any withdrawals before you Surrender your Contract. Assume there is a positive Index Change of 15% at the date on which you Surrender your Contract. Because the Index Change exceeds the Maximum Gain, the Maximum Gain applies and limits the Index Change to 12%. As a result, the Vested Gain is 6% (12% x 0.50). The Investment Base on the date of Surrender is $100,000. The Vested Gain that applies upon Surrender will be $6,000 ($100,000 x 0.06) and the amount payable will be $106,000 minus any related Early Withdrawal Charge.

Vested Loss

The Vested Loss is the portion of any negative Index Change that is taken into account when determining the value of an Indexed Strategy. Here is the formula that we use to calculate a Vested Loss for any day of a Term.

Vested Loss = any negative Index Change since the start of the current Term (after taking into account either the Maximum Loss for each Term or the Buffer, as applicable) x remaining Investment Base for the current Term

Maximum Loss. The Maximum Loss for a Conserve/0% Floor Strategy or a Growth/-10% Floor Strategy is the most negative Index Change for a Term that is taken into account to determine the Vested Loss for that Indexed Strategy for that Term. For example, if the Maximum Loss for a Term is 10% and the negative Index Change at the end of that Term is 14%, then the Vested Loss for that Term is 10%.

The Maximum Loss for each Term of a Conserve Strategy is 0%. This means that the value of a Conserve Strategy will not decrease due to a negative Index Change.

The Maximum Loss for each Term of a Growth Strategy is a loss of 10%. This means that the value of a Growth Strategy will not decrease by more than 10% during a Term due to a negative Index Change.

The Maximum Loss will not vary depending on the day of the Term. This means that for a Growth Strategy, the Maximum Loss throughout the Term is 10%.

Buffer. The Buffer is the portion of a negative Index Change for a Term that is disregarded when determining a Vested Loss for a 10% Buffer Strategy. The Buffer varies depending on the day of the Term. The Buffer at the end of a Term is 10%. Before the end of the Term, the Buffer is calculated dailylong as a prorated share of the annual 10% Buffer. For example, when 40% of a Term has elapsed, the Buffer on that day equals 40% of the Buffer that would apply at the end of the Term. When 80% of a Term has elapsed, the Buffer on that day equals 80% of the Buffer that would apply at the end of the Term. As a result, a negative Index Change of 15% would produce different Vested Losses at the following junctures:

Day 146 of Term:

Days Remaining to last Market Day of Term: 219

Buffer: 10% x (365-219)/365 = 4%

Vested Loss: 15% - 4% = 11%

Day 292 of Term:

Days Remaining to last Market Day of Term: 73

Buffer: 10% x (365-73)/365 = 8%

Vested Loss: 15% - 8% = 7%

End of Term:

Buffer: 10%

Vested Loss: 15% -10% = 5%

No Vesting Factor. A Vesting Factor does not apply when the Vested Loss is calculated. This means that all of the negative Index Change is taken into account when calculating the Vested Loss for a given Indexed Strategy for a given Term.

Example. On the date of Surrender, your entire Account Value of $100,000 is allocated to the S&P 500 Growth Strategy, which has a 10% Maximum Loss. You Surrender your Contract before the end of a Term. For this example, we assume that you did not take any withdrawals before you Surrender your Contract. Assume there is a negative Index Change of 12.5% on the day that you Surrender your Contract. Because the Index Change exceeds the Maximum Loss, the Maximum Loss applies and limits the Index Change to 10%. As a result, the Vested Loss is 10%. The Investment Base on the date of Surrender is $100,000. The Vested Loss that applies upon Surrender will be $10,000 ($100,000 x 0.10 = $10,000) and the amount payable will be $90,000 minus any related Early Withdrawal Charge.

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Effect of Vested Gains and Losses

Here is a summary of the effect of Vested Gains and Losses in various situations.

Vested GainA Vested Gain increases the Indexed Strategy value.If you take a withdrawal, the Investment Base will be reduced by less than the actual amount of the withdrawal and any related Early Withdrawal Charge because of the Vested Gain.
Vested LossA Vested Loss reduces the Indexed Strategy value.If you take a withdrawal, the Investment Base will be reduced by more than the actual amount of the withdrawal and any related Early Withdrawal Charge because of the Vested Loss.
Additional InformationAny change in an Indexed Strategy value will affect the Account Value, which is used to determine the Surrender Value, the Annuity Payout Value and the Death Benefit Value.If you take a withdrawal, you will receive the amount you requested and the Indexed Strategy value will be reduced by the amount of the withdrawal and any related Early Withdrawal Charge.

Asymmetrical Impact of Index Changes on Growth and Buffer Strategies Using the Same Index

A Growth/-10% Floor Strategy and a 10% Buffer Strategy that use the same Index will often perform differently over identical time periods. These divergent results are produced by variations in the methods used to calculate Vested Gains and Vested Losses for Growth Strategies and Buffer Strategies. You should consider these variations if you are choosing between a Growth Strategy and a Buffer Strategy, and whether either is consistent with your income needs and risk tolerance. Currently, the only Index used by both a Growth Strategy and a Buffer Strategy is the S&P 500 Index.

Vested Gain Variations

Vested Gains for Growth Strategies and Buffer Strategies are calculated using the same formula, but that formula can produce different results when different Maximum Gains are applied. The Maximum Gain for a Buffer Strategy generally will be higher than the Maximum Gain for a Growth Strategy that uses the same Index. This is because the maximum amount of money you can lose is larger for a Buffer Strategy than a Growth Strategy.

For example, if we set a 12% Maximum Gain for the S&P 500 Growth Strategy and a 14% Maximum Gain for the S&P 500 Buffer Strategy, then the Vested Gains for identical investments in these two strategies would be the same over any period that the Index Value increased up to 12%, but would diverge over any period that the Index Value increased by more than 12%. During any such period, the Vested Gains for the Growth Strategy would be capped at 12%, while the Vested Gains for the Buffer Strategy may reach as high as 14%. As a result, it is possible for the Buffer Strategy to increase in value to a greater extent than the Growth Strategy.

Vested Loss Variations

The formulas used to calculate Vested Losses for Growth Strategies and Buffer Strategies are similar, except Vested Losses for a Growth Strategy are limited by a Maximum Loss, while Vested Losses for a Buffer Strategy are limited by a Buffer. The 10% Maximum Loss for a Growth Strategy does not change throughout the Term, which means that any negative Index Change between 0% and -10% is taken into account whenever Vested Loss is calculated. The amount of the Buffer for a Buffer Strategy increases each day during the course of each Term, culminating with a 10% Buffer at the end of each Term. This means that any a negative Index Change from 0 to -10% is disregarded when calculating Vested Loss at the end of the Term, but a smaller portion of a negative Index Change is disregarded when measuring a Vested Loss before the end of the Term.

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The differences in the impact of negative Index Changes on a Growth Strategy and a Buffer Strategy using the same Index over the same Term depends on two variables: the size of the negative Index Change and the size of the Buffer on the date that the Vested Losses are measured.

The following chart illustrates how changes to these two variables impact Vested Losses for a Growth Strategy and a Buffer Strategy using the same Index over the same Term:

   Impact of Negative Index Changes on Growth and Buffer Strategy Values Throughout Term 
   Vested Loss on: 
   Day 73  Day 146  Day 219  Day 292  End of Term 
   (20% of Term
Elapsed)
  (40% of Term
Elapsed)
  (60% of Term
Elapsed)
  (80% of Term
Elapsed)
  (100% of Term
Elapsed)
 

Index Change

  Growth
Strategy
  Buffer
Strategy
2% Buffer
  Growth
Strategy
  Buffer
Strategy
4% Buffer
  Growth
Strategy
  Buffer
Strategy
6% Buffer
  Growth
Strategy
  Buffer
Strategy
8% Buffer
  Growth
Strategy
  Buffer
Strategy
10% Buffer
 

0%

   0  0  0  0  0  0  0  0  0  0

-2%

   -2  0  -2  0  -2  0  -2  0  -2  0

-4%

   -4  -2  -4  0  -4  0  -4  0  -4  0

-6%

   -6  -4  -6  -2  -6  0  -6  0  -6  0

-8%

   -8  -6  -8  -4  -8  -2  -8  0  -8  0

-10%

   -10  -8  -10  -6  -10  -4  -10  -2  -10  0

-12%

   -10  -10  -10  -8  -10  -6  -10  -4  -10  -2

-14%

   -10  -12  -10  -10  -10  -8  -10  -6  -10  -4

-16%

   -10  -14  -10  -12  -10  -10  -10  -8  -10  -6

-18%

   -10  -16  -10  -14  -10  -12  -10  -10  -10  -8

-20%

   -10  -18  -10  -16  -10  -14  -10  -12  -10  -10

-22%

   -10  -20  -10  -18  -10  -16  -10  -14  -10  -12

In general, Growth Strategies are designed to protect against larger negative Index Changes, while Buffer Strategies are designed to protect against smaller negative Index Changes. When identical investments are made in a Growth Strategy and a Buffer Strategy using the same Index over the same Term, a negative change in the Index produces the following results:

a negative Index Change between 0% and -10%, measured on any day, would have a greater negative impact on the Growth Strategy

a negative Index Change between -10% and -20% could have a greater negative impact on either strategy, depending on the Index Change and the size of the Buffer on the day the Index Change is measured

a negative Index Change below -20%, measured on any day, would have a greater negative impact on the Buffer Strategy

See Examples - Impact of Withdrawals on Contract Values and Amounts Realized section below for examples that illustrate these concepts.

Examples - Impact of Withdrawals on Contract Values and Amounts Realized

These examples are intended to show you how a withdrawal from an Indexed Strategy before the end of the Term affects the Indexed Strategy values, Vested Gains and Losses, and amounts realized at the end of the Term. These examples assume that you allocate a $50,000 Purchase Payment to the S&P 500 Growth/-10% Floor Strategy and a $50,000 Purchase Payment to the S&P 500 10% Buffer Strategy. The examples assume that the withdrawals are covered by the Free Withdrawal Allowance and therefore no Early Withdrawal Charges apply. If Early Withdrawal Charges did apply, the amounts realized at the end of the Term would be reduced by both the withdrawal and the amount of the Early Withdrawal Charge.

28


Example A: Withdrawal When Index Rising Steadily

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  1040  1040
Positive Index Change  (1040 - 1000) / 1000 = 4.00%  (1040 - 1000) / 1000 = 4.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  4.00%  4.00%
Vesting Factor on Day 146  25%  25%
Vested Gain as a Percentage  4.00% x 25% = 1.00% Vested Gain  4.00% x 25% = 1.00% Vested Gain
Vested Gain in Dollars  $50,000 x 1.00% = $500 Vested Gain  $50,000 x 1.00% = $500 Vested Gain
Strategy Value before Withdrawal  $50,000 + $500 = $50,500  $50,000 + $500 = $50,500
Amount Withdrawn  $5,000  $5,000
Percentage Reduction in Strategy Value  $5,000 / $50,500 = 9.90%  $5,000 / $50,500 = 9.90%
Proportional Reduction in Investment Base  $50,000 x .0990 = $4,950  $50,000 x .0990 = $4,950
Remaining Investment Base after Withdrawal  $50,000 - $4,950 = $45,050   $50,000 - $4,950 = $45,050 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $45,050  $45,050
Index Value at Term Start  1000  1000
Index Value at Term End  1130  1130
Positive Index Change  (1130 - 1000) / 1000 = 13.00%  (1130 - 1000) / 1000 = 13.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  12.00%  13.00%
Vesting Factor at Term End  100%  100%
Vested Gain as a Percentage  12.00% x 100% = 12.00% Vested Gain  13% x 100% = 13.00% Vested Gain
Vested Gain in Dollars  $45,050 x 12.00% = $5,406 Vested Gain  $45,050 x 13.00% = $5,857 Vested Gain
Strategy Value at Term End  $45,050 + $5,406 = $50,456  $45,050 + $5,857 = $50,907

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $55,456 ($5,000 withdrawal plus the $50,456 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $56,000 ($50,000 Investment Base plus $6,000 gain ($50,000 x 12.00%)).

This hypothetical Strategy value of $56,000 exceeds the amount realized of $55,456 because:

the gain at the time of the withdrawal caused the reduction in the Investment Base to be less than the actual amount withdrawn ($5,000 - $4,950 = $50); and

the subsequent gain at the term end was calculated on a smaller Investment Base, which caused that gain to be smaller than the hypothetical gain ($5,406 - $6,000 = -$594).

The result for the S&P 500 Growth Strategy ($50 - $594 = -$544) is equal to the difference between the hypothetical Strategy value and the amount realized ($56,000 - $544 = $55,456).

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $55,907 ($5,000 withdrawal plus the $50,907 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $56,500 ($50,000 Investment Base plus $6,500 gain ($50,000 x 13%)). This hypothetical Strategy value exceeds the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

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Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $451 in this example. The amount you realized under the Buffer Strategy ($55,907) exceeds the amount you realized under the Growth Strategy ($55,456) because the Growth Strategy had a lower Maximum Gain, and the Index Change at the end of the Term exceeded the Growth Strategy’s lower Maximum Gain.

30


Example B: Withdrawal When Index Falls and Then Rises

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  880  880
Negative Index Change  (880 - 1000) / 1000 = -12.00%  (880 - 1000) / 1000 = -12.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer on Day 146 of Term  N/A  10% x (365-219)/365 = 4.00% Buffer
Negative Index Change Absorbed by Buffer  N/A  -4.00%
Negative Index Change after Buffer  N/A  -12.00% - (-4.00)% = -8.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -8.00% x 100% = 8.00% Vested Loss
Vested Loss in Dollars  $50,000 x 10.00% = $5,000 Vested Loss  $50,000 x 8.00% = $4,000 Vested Loss
Strategy Value before Withdrawal  $50,000 - $5,000 = $45,000   $50,000 - $4,000 = $46,000 
Amount Withdrawn*  $4,945  $5,055
Percentage Reduction in Strategy Value  $4,945 / $45,000 = 10.99%  $5,055 / $46,000 = 10.99%
Proportional Reduction in Investment Base  $50,000 x .1099 = $5,495  $50,000 x .1099 = $5,495
Remaining Investment Base after Withdrawal  $50,000 - $5,495 = $44,505   $50,000 - $5,495 = $44,505 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $44,505  $44,505
Index Value at Term Start  1000  1000
Index Value at Term End  1130  1130
Positive Index Change  (1130 - 1000) / 1000 = 13%  (1130 - 1000) / 1000 = 13%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  12.00%  13.00%
Vesting Factor at Term End  100%  100%
Vested Gain as a Percentage  12.00% x 100% = 12.00% Vested Gain  13.00% x 100% = 13.00% Vested Gain
Vested Gain in Dollars  $44,505 x 12.00% = $5,341 Vested Gain  $44,505 x 13.00% = $5,786 Vested Gain
Strategy Value at Term End  $44,505 + $5,341 = $49,846  $44,505 + $5,786 = $50,291

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $91,000 ($45,000 + $46,000). The S&P 500 Growth Strategy value was 49.45% of that total value ($45,000 / $91,000 = 49.45%), so 49.45% of the $10,000 withdrawal ($4,945) was taken from it. The S&P 500 Buffer Strategy value was 50.55% of that total value ($46,000 / $91,000 = 50.55%), so 50.55% of the $10,000 withdrawal ($5,055) was taken from it.

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $54,791 ($4,945 withdrawal plus the $49,846 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $56,000 ($50,000 Investment Base plus $6,000 gain ($50,000 x 12.00%)).

This hypothetical Strategy value of $56,000 exceeds the amount realized of $54,791 because:

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the loss at the time of the withdrawal caused the reduction in the Investment Base to be greater than the actual amount withdrawn ($4,945 - $5,495 = -$550); and

the subsequent gain at the term end was calculated on a smaller Investment Base, which caused that gain to be smaller than the hypothetical gain ($5,341 - $6,000 = -$659).

The result for the S&P 500 Growth Strategy (-$550 + -$659 = -$1,209) is equal to the difference between the hypothetical Strategy value and the amount realized ($56,000 - $1,209 = $54,791).

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $55,346 ($5,055 withdrawal plus the $50,291 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $56,500 ($50,000 Investment Base plus $6,500 gain ($50,000 x 13.00%)). This hypothetical Strategy value exceeds the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $555 in this example. The amount you realized under the Buffer Strategy ($55,346) exceeds the amount you realized under the Growth Strategy ($54,791) for two reasons: (1) at the time of the withdrawal, the Buffer absorbed more of the negative Index Change (4 percentage points of the -12.00% change) than the Maximum Loss absorbed (2 percentage points of the -12.00% change), thus resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, and (2) the Index Change at the end of the Term exceeded the Growth Strategy’s lower Maximum Gain, thus increasing the Buffer Strategy’s value to a greater extent.

32


Example C: Withdrawal When Index Falling Steadily

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  980  980
Negative Index Change  (980 - 1000) / 1000 = -2.00%  (980 - 1000) / 1000 = -2.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -2.00%  N/A
Buffer on Day 146 of Term  N/A  10% x (365-219)/365 = 4.00% Buffer
Negative Index Change Absorbed by Buffer  N/A  Entire -2.00% Index Change
Negative Index Change after Buffer  N/A  0%
Vested Loss as a Percentage  -2.00% x 100% = 2.00% Vested Loss  0.00% Vested Loss
Vested Loss in Dollars  $50,000 x 2.00% = $1,000 Vested Loss  $0 Vested Loss
Strategy Value before Withdrawal  $50,000 - $1,000 = $49,000   $50,000 - $0 = $50,000 
Amount Withdrawn*  $4,949  $5,051
Percentage Reduction in Strategy Value  $4,949 / $49,000 = 10.10%  $5,051 / $50,000 = 10.10%
Proportional Reduction in Investment Base  $50,000 x .1010 = $5,050  $50,000 x .1010 = $5,050
Remaining Investment Base after Withdrawal  $50,000 - $5,051 = $44,950   $50,000 - $5,051 = $44,950 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $44,950  $44,950
Index Value at Term Start  1000  1000
Index Value at Term End  860  860
Negative Index Change  (860 - 1000) / 1000 = -14.00%  (860 - 1000) / 1000 = -14.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer at End of Term  N/A  10% Buffer
Negative Index Change Absorbed by Buffer  N/A  -10.00%
Negative Index Change after Buffer  N/A  -14.00% - (-10.00)% = -4.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -4.00% x 100% = 4.00% Vested Loss
Vested Loss in Dollars  $44,950 x 10.00% = $4,495 Vested Loss  $44,950 x 4.00% = $1,798 Vested Loss
Strategy Value at Term End  $44,950 - $4,495 = $40,455   $44,950 - $1,798 = $43,152 

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $99,000 ($49,000 + $50,000). The S&P 500 Growth Strategy value was 49.49% of that total value ($49,000 / $99,000 = 49.49%), so 49.49% of the $10,000 withdrawal ($4,949) was taken from it. The S&P 500 Buffer Strategy value was 50.51% of that total value ($50,000 / $99,000 = 50.51%), so 50.51% of the $10,000 withdrawal ($5,051) was taken from it.

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $45,404 ($4,949 withdrawal plus the $40,455 Strategy value at the end of the Term).

33


Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $45,000 ($50,000 Investment Base minus $5,000 loss ($50,000 x -10.00%)).

The amount realized of $45,404 exceeds this hypothetical Strategy value of $45,000 because:

the loss at the time of the withdrawal caused the reduction in the Investment Base to be greater than the actual amount withdrawn ($4,949 - $5,050 = -$101); and

the subsequent loss at the term end was calculated on a smaller Investment Base, which caused that loss to be smaller than the hypothetical loss ($5,000 - $4,495 = $505).

The result for the S&P 500 Growth Strategy ($505 - $101 = $404) is equal to the difference between the amount realized and the hypothetical Strategy value ($45,404 - $404 = $45,000).

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $48,203 ($5,051 withdrawal plus the $43,152 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $48,000 ($50,000 Investment Base minus $2,000 loss ($50,000 x -4.00%)). This hypothetical Strategy value is lower than the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $2,799 in this example. The amount you realized under the Buffer Strategy ($48,203) exceeds the amount you realized under the Growth Strategy ($45,404) for two reasons: (1) at the time of the withdrawal, the Buffer absorbed all of the negative Index Change of -2.00%, while the Maximum Loss did not absorb any of the negative Index Change, thus resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, and (2) at the end of the Term, the Buffer absorbed more of the negative Index Change (10 percentage points of the -14.00% change) than the Maximum Loss absorbed (4 percentage points of the -14.00% change), thus reducing the Strategy value of the Growth Strategy to a greater extent.

34


Example D: Withdrawal When Index Falling Steadily and Precipitously

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  850  850
Negative Index Change  (850 - 1000) / 1000 = -15.00%  (850 - 1000) / 1000 = -15.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer on Day 146 of Term  N/A  10% x (365-219)/365 = 4.00% Buffer
Negative Index Change Absorbed by Buffer  N/A  -4.00%
Negative Index Change after Buffer  N/A  -15.00% - (-4.00)% = -11.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -11.00% x 100% = 11.00% Vested Loss
Vested Loss in Dollars  $50,000 x 10.00% = $5,000 Vested Loss  $50,000 x 11.00% = $5,500 Vested Loss
Strategy Value before Withdrawal  $50,000 - $5,000 = $45,000   $50,000 - $5,500 = $44,500 
Amount Withdrawn*  $5,028  $4,972
Percentage Reduction in Strategy Value  $5,028/ $45,000 = 11.17%  $4,972/ $44,500 = 11.17%
Proportional Reduction in Investment Base  $50,000 x .1117 = $5,585  $50,000 x .1117 = $5,585
Remaining Investment Base after Withdrawal  $50,000 - $5,585 = $44,415   $50,000 - $5,585 = $44,415 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $44,415  $44,415
Index Value at Term Start  1000  1000
Index Value at Term End  750  750
Negative Index Change  (750 - 1000) / 1000 = -25.00%  (750 - 1000) / 1000 = -25.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer at End of Term  N/A  10% Buffer
Negative Index Change Absorbed by Buffer  N/A  -10.00%
Negative Index Change after Buffer  N/A  -25.00% - (-10.00)% = -15.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -15.00% x 100% = 15.00% Vested Loss
Vested Loss in Dollars  $44,415 x 10.00% = $4,442 Vested Loss  $44,415 x 15.00% = $6,662 Vested Loss
Strategy Value at Term End  $44,415 - $4,442 = $39,973   $44,415 - $6,662 = $37,753 

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $89,500 ($45,000 + $44,500). The S&P 500 Growth Strategy value was 50.28% of that total value ($45,000 / $89,500 = 50.28%), so 50.28% of the $10,000 withdrawal ($5,028) was taken from it. The S&P 500 Buffer Strategy value was 49.72% of that total value ($44,500 / $89,500 = 49.72%), so 49.72% of the $10,000 withdrawal ($4,972) was taken from it.

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $45,001 ($5,028 withdrawal plus the $39,973 Strategy value at the end of the Term).

35


Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $45,000 ($50,000 Investment Base minus $5,000 loss ($50,000 x -10.00%)).

The amount realized equals (after taking into account the effects of rounding) this hypothetical Strategy value of $45,000 because the Maximum Loss equally limited the negative Index Change both at the time of withdrawal and at the end of the Term.

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $42,725 ($4,972 withdrawal plus the $37,753 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $42,500 ($50,000 Investment Base minus $7,500 loss ($50,000 x -15.00%)).

The amount realized of $42,725 exceeds this hypothetical Strategy value of $42,500 because:

the loss at the time of the withdrawal caused the reduction in the Investment Base to be greater than the actual amount withdrawn ($4,972 - $5,585 = -$613); and

the subsequent loss at the term end was calculated on a smaller Investment Base, which caused that loss to be smaller than the hypothetical loss ($7,500 - $6,662 = -$838).

The result for the S&P 500 Buffer Strategy (-$613 + $838 = $225) is equal to the difference between the amount realized and the hypothetical Strategy value ($42,725 - $225 = $42,500).

Your investment in the S&P 500 Buffer Strategy underperformed the S&P 500 Growth Strategy by $2,276 in this example. The amount you realized under the Buffer Strategy ($42,725) is smaller than the amount you realized under the Growth Strategy ($45,001) for two reasons: (1) at the time of the withdrawal, the Buffer absorbed less of the negative Index Change of -15.00%, thus resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, and (2) at the end of the Term, the Buffer absorbed less of the negative Index Change (10 percentage points of the -25.00% change) than the Maximum Loss absorbed (15 percentage points of the -25.00% change), thus reducing the Strategy value of the Buffer Strategy to a greater extent.

36


Example E: Withdrawal When Index Rises and Then Falls

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  1080  1080
Positive Index Change  (1080 - 1000) / 1000 = 8.00%  (1080 - 1000) / 1000 = 8.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  8.00%  8.00%
Vesting Factor on Day 146  25%  25%
Vested Gain as a Percentage  8.00% x 25% = 2.00% Vested Gain  8.00% x 25% = 2.00% Vested Gain
Vested Gain in Dollars  $50,000 x 2.00% = $1,000 Vested Gain  $50,000 x 2.00% = $1,000 Vested Gain
Strategy Value before Withdrawal  $50,000 + $1,000 = $51,000  $50,000 + $1,000 = $51,000
Amount Withdrawn  $5,000  $5,000
Percentage Reduction in Strategy Value  $5,000 / $51,000 = 9.80%  $5,000 / $51,000 = 9.80%
Proportional Reduction in Investment Base  $50,000 x .0980 = $4,900  $50,000 x .0980 = $4,900
Remaining Investment Base after Withdrawal  $50,000 - $4,900 = $45,100   $50,000 - $4,900 = $ 45,100

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $45,100  $45,100
Index Value at Term Start  1000  1000
Index Value at Term End  860  860
Negative Index Change  (860 - 1000) / 1000 = -14.00%  (860 - 1000) / 1000 = -14.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer at End of Term  N/A  10% Buffer
Negative Index Change Absorbed by Buffer  N/A  -10.00%
Negative Index Change after Buffer  N/A  -14% - (-10%) = -4.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -4.00% x 100% = 4.00% Vested Loss
Vested Loss in Dollars  $45,098 x 10.00% = $4,510 Vested Loss  $45,098 x 4.00% = $1,804 Vested Loss
Strategy Value at Term End  $45,100 - $4,510 = $40,590   $45,100 - $1,804 = $43,296 

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $45,590 ($5,000 withdrawal plus the $40,590 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $45,000 ($50,000 Investment Base minus $5,000 loss ($50,000 x -10%)).

The amount realized of $45,590 exceeds this hypothetical Strategy value of $45,000 because:

the gain at the time of the withdrawal caused the reduction in the Investment Base to be less than the actual amount withdrawn ($5,000 - $4,900 = $100); and

the subsequent loss at the term end was calculated on a smaller Investment Base, which caused that loss to be smaller than the hypothetical loss ($5,000 - $4,510 = $490).

The result for the S&P 500 Growth Strategy ($100 + $490 = $590) is equal to the difference between the amount realized and the hypothetical Strategy value ($45,590 - $590 = $45,000).

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S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $48,296 ($5,000 withdrawal plus the $43,296 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $48,000 ($50,000 Investment Base minus $2,000 loss ($50,000 x -4.00%)). This hypothetical Strategy value is lower than the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $2,706 in this example. The amount you realized under the Buffer Strategy ($48,296) exceeds the amount you realized under the Growth Strategy ($45,590) because, at the end of the Term, the Buffer absorbed more of the negative Index Change (10 percentage points of the -14.00% change) than the Maximum Loss absorbed (4 percentage points of the -14.00% change), thus reducing the Strategy value of the Growth Strategy to a greater extent.

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Example F: Multiple Withdrawals in a Volatile Market

Impact of $2,500 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  1040  1040
Positive Index Change  (1040 - 1000) / 1000 = 4.00%  (1040 - 1000) / 1000 = 4.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  4.00%  4.00%
Vesting Factor on Day 146  25%  25%
Vested Gain as a Percentage  4.00% x 25% = 1.00% Vested Gain  4.00% x 25% = 1.00% Vested Gain
Vested Gain in Dollars  $50,000 x 1.00% = $500 Vested Gain  $50,000 x 1.00% = $500 Vested Gain
Strategy Value before Withdrawal  $50,000 + $500 = $50,500  $50,000 + $500 = $50,500
Amount Withdrawn  $1,250  $1,250
Percentage Reduction in Strategy Value  $1,250 / $50,500 = 2.48%  $1,250 / $50,500 = 2.48%
Proportional Reduction in Investment Base  $50,000 x .0248 = $1,240  $50,000 x .0248 = $1,240
Remaining Investment Base after Day 146 Withdrawal  $50,000 - $1,240 = $48,760   $50,000 - $1,240 = $48,760 

Impact of $3,500 Withdrawal on Day 219 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Day 146 Withdrawal  $48,760  $48,760
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  970  970
Negative Index Change  (970 - 1000) / 1000 = -3.00%  (970 - 1000) / 1000 = -3.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -3.00%  N/A
Buffer on Day 219 of Term  N/A  10% x (365-146)/365 = 6.00% Buffer
Negative Index Change Absorbed by Buffer  N/A  Entire -3% Index Change
Negative Index Change after Buffer  N/A  0.00%
Vested Loss as Percentage  -3.00% x 100% = 3.00% Vested Loss  0.00% Vested Loss
Vested Loss in Dollars  $48,760 x 3.00% = $1,463 Vested Loss  $0 Vested Loss
Strategy Value before Withdrawal  $48,760 - $1,463 = $47,297   $48,760 - $0 = $48,760
Amount Withdrawn*  $1,723  $1,777
Percentage Reduction in Strategy Value  $1,723 / $47,297 = 3.64%  $1,777 / $48,760 = 3.64%
Proportional Reduction in Investment Base  $48,760 x .0364 = $1,775  $48,760 x .0364 = $1,775
Remaining Investment Base after Day 219 Withdrawal  $48,760 - $1,775 = $46,985   $48,760 - $1,775 = $46,985 

Impact of $4,000 Withdrawal on Day 292 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Day 219 Withdrawal  $46,985  $46,985
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  1150  1150
Positive Index Change  (1150 - 1000) / 1000 = 15.00%  (1150 - 1000) / 1000 = 15.00%
Maximum Gain  Gain of 12%  Gain of 14%

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Positive Index Change Limited by Maximum Gain  12.00%  14.00%
Vesting Factor in Month 8  50%  50%
Vested Gain as a Percentage  12.00% x 50% = 6.00% Vested Gain  14.00% x 50% = 7.00% Vested Gain
Vested Gain in Dollars  $46,985 x 6.00% = $2,819 Vested Gain  $46,985 x 7.00% = $3,289 Vested Gain
Strategy Value before Withdrawal  $46,985 + $2,819 = $49,804  $46,985 + $3,289 = $50,274
Amount Withdrawn*  $1,991  $2,009
Percentage Reduction in Strategy Value  $1,991 / $49,804 = 4.00%  $2,009 / $50,274 = 4.00%
Proportional Reduction in Investment Base  $46,985 x .0400 = $1,879  $46,985 x .0400 = $1,879
Remaining Investment Base after Day 292 Withdrawal  $46,985 - $1,879 = $45,106   $46,985 - $1,879 = $45,106 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Day 292 Withdrawal  $45,106  $45,106
Index Value at Term Start  1000  1000
Index Value at Term End  860  860
Negative Index Change  (860 - 1000) / 1000 = -14.00%  (860 - 1000) / 1000 = -14.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer at End of Term  N/A  10% Buffer
Negative Index Change Absorbed by Buffer  N/A  -10.00%
Negative Index Change after Buffer  N/A  -14.00% - (-10.00%) = -4.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -4.00% x 100% = 4.00% Vested Loss
Vested Loss in Dollars  $45,106 x 10.00% = $4,511 Vested Loss  $45,106 x 4.00% = $1,804 Vested Loss
Strategy Value at Term End  $45,106 - $4,511 = $40,595   $45,106 - $1,804 = $43,302 

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, on Day 219 the total value of all Indexed Strategies immediately before the withdrawal was $96,057 ($47,297 + $48,760). The S&P 500 Growth Strategy value was 49.24% of that total value ($47,297 / $96,057 = 49.24%), so 49.24% of the $3,500 withdrawal ($1,723) was taken from it. The S&P 500 Buffer Strategy value was 50.76% of that total value ($48,760 / $96,057 = 50.76%), so 50.76% of the $3,500 withdrawal ($1,777) was taken from it.

In this example, on Day 292 the total value of all Indexed Strategies immediately before the withdrawal was $100,078 ($49,804 + $50,274). The S&P 500 Growth Strategy value was 49.77% of that total value ($49,804 / $100,078 = 49.77%), so 49.77% of the $4,000 withdrawal ($1,991) was taken from it. The S&P 500 Buffer Strategy value was 50.23% of that total value ($50,274 / $100,078 = 50.23%), so 50.23% of the $4,000 withdrawal ($2,009) was taken from it.

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $45,559 ($4,964 total withdrawals plus the $40,595 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $45,000 ($50,000 Investment Base minus $5,000 loss ($50,000 x -10.00%)).

The amount realized of $45,561 exceeds this hypothetical Strategy value of $45,000 because:

the gains at the time of the $1,250 and $1,991 withdrawals caused the reductions in the Investment Base to be less than the actual amounts withdrawn ($1,250 - $1,240 = $10 and $1,991 - $1,879 = $112);

the loss at the time of the $1,723 withdrawal caused the reduction in the Investment Base to be greater than the actual amount withdrawn ($1,723 - $1,775 = -$52); and

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the subsequent loss at the term end was calculated on a smaller Investment Base, which caused that loss to be less than the hypothetical loss ($5,000 - $4,511 = $489).

The result for the S&P 500 Growth Strategy ($10 + $112 - $52 + $489 = $559) is equal to the difference between the amount realized and the hypothetical Strategy value ($45,559 - $559 = $45,000).

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $48,338 ($5,036 total withdrawals plus the $43,302 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $48,000 ($50,000 Investment Base minus $2,000 loss ($50,000 x -4.00%)). This hypothetical Strategy value is lower than the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $2,779 in this example. The amount you realized under the Buffer Strategy ($48,338) exceeds the amount you realized under the Growth Strategy ($45,559) for three reasons: (1) at the time of the Day 219 withdrawal, the Buffer absorbed all of the negative Index Change of -3.00%, while the Maximum Loss did not absorb any of the negative Index Change, thus resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, (2) at the time of the Day 292 withdrawal, the Index Change exceeded the Maximum Gain of both the Buffer Strategy and the Growth Strategy, but the Buffer Strategy had a higher Maximum Gain than the Growth Strategy, resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, and (3) at the end of the Term, the Buffer absorbed more of the negative Index Change (10 percentage points of the -14.00% change) than the Maximum Loss absorbed (4 percentage points of the -14.00% change), thus reducing the Strategy value of the Growth Strategy to a greater extent.

Strategy Renewals and Reallocations at Term End

Renewals

At the end of each Term of a given Crediting Strategy, we will apply the ending value of that Strategy to a new Term of that same Strategy. The amount applied to a new Term of the same Strategy will not include any amount that is moved to a different Strategy as part of a reallocation at the Term end.available.

Reallocations

At the end of a Term, you may reallocate the ending values of the Crediting Strategies for that Term among the available Strategies. You can only reallocate amounts from one Crediting Strategy to another at the end of the Term for which such amount is being held. You cannot make a reallocation at any other time.

We will send you written notice at least 30 days before the end of a Term to provide you with the opportunity to make a reallocation. We must receive your Request in Good Order for a reallocation on or before the last day of the Term. For example, if the end of a Term falls on a weekend, we must receive your request on the last Market Day before that weekend.

Continuing Allocations

You do not need to take any action if you want to continue your current allocations and all of your strategies are available for the next Term. If you do not send us a reallocation request, then we will automatically apply the ending value of each Indexed Strategy to a new Term of that same Strategy.

Unavailable Strategies / Default Allocations

Other than the S&P 500 1-Year -10% Floor with Cap Indexed Strategy or a Declared Rate Strategy, a Crediting Strategy may be unavailable for the next Term because we are no longer offering that Strategy or we have set a minimum or maximum for that Strategy. No minimum or maximum shall apply to the Declared Rate Strategy or the S&P 500 1-year -10% Floor with Cap Indexed Strategy.

The S&P 500 5-year 10% Buffer with Upside Participation Rate Indexed Strategy and the S&P 500 5-year 20% Buffer with Cap Indexed Strategy are only available for Terms that begin in the first Contract Year. At the end of a Term for the S&P 5-Year 10% Buffer with Upside Participation Rate Indexed Strategy, if you do not reallocate, then we will apply the ending value of that Indexed Strategy to a new Term of the S&P 500 1-year 10% Buffer with Cap Indexed Strategy. If the S&P 500 1-year 10% Buffer with Cap Indexed Strategy is not available, then we will apply the ending value as set forth below for a 1-year Strategy. At the end of a Term for the S&P 5-Year 20% Buffer with Cap Indexed Strategy, if you do not reallocate, then we will apply the ending value of that Indexed Strategy to a new Term of the S&P 500 1-year 20% Buffer with Cap Indexed Strategy. If the S&P 500 1-year 20% Buffer with Cap Indexed Strategy is not available, then we will apply the ending value as set forth below for a 1-year Strategy.

When an Indexed Strategy is unavailable for the next Term, you may choose to reallocate the funds held in that Strategy.

If funds are allocated to a 1-year Indexed Strategy that will not be available for the next Term and you do not request a reallocation of those funds, then except as provided above we will apply the ending value of that Indexed Strategy as follows:

1)

to another Indexed Strategy that uses the same index as the prior Indexed Strategy, has protection against loss that is equal to or greater than that offered by the prior Indexed Strategy, and has a Term that is no longer than the prior Indexed Strategy; or

2)

to the Declared Rate Strategy.

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For example, if you allocate only to a SPDR Gold Shares -10% Floor 1-Year Term with Cap and that Strategy is no longer available and you do not send us a request to reallocate, then we will apply the amount allocated to that Strategy to another SPDR Gold Shares 1-Year Strategy with a Floor no lower than -10% for the next Term. If no such SPDR Gold Shares 1-Year Strategy exists, we will apply the amount allocated to that Strategy to the Declared Rate Strategy.

If the amount to be applied exceeds the maximum, then only the excess amount will be applied to the Declared Rate Strategy. For example, if the maximum amount for an Indexed Strategy is $50,000 and the amount to be applied is $54,000, then we will apply the excess $4,000 to the Declared Rate Strategy for the next Term unless you send us a request to reallocate that $4,000.

We must receive your Request in Good Order for a reallocation on or before the last day of the Term. For example, if the end of a Term falls on a weekend, we must receive your request on the last Market Day before that weekend.

Note: For Contracts issued in Missouri where the Declared Rate Strategy is not available, the default strategy will be the S&P 500 1-year -10% Floor with Cap Indexed Strategy.

Surrender or Withdrawal at Term End

At the end of a Term, you may choose to Surrender your Contract or to take a withdrawal from your Contract. You may do so for any reason, including dissatisfaction with the available Crediting Strategies. An Early Withdrawal Charge may apply on Surrender or to a withdrawal that exceeds the Free Withdrawal Allowance. In addition, there may be tax consequences if you Surrender your Contract or take a withdrawal. You should seek advice on tax questions based on your particular circumstances from a tax advisor.

Contract values calculated at the end of a Term will reflect the applicable Strategy values and any Early Withdrawal Charge that applies upon Surrender or to your withdrawal. The value of an Indexed Strategy at the end of the Term will not reflect any Daily Value Percentage because it is calculated based on the rise or fall of the applicable Index for the Term.

Limitations

Reallocations must be in whole percentages that total 100%. We reserve the right to round amounts up or down to make whole percentages, and to reduce or increase amounts proportionally in order to total 100%.

Any renewalreallocation or reallocationcontinuing allocation will be subject to Strategy availability, minimums, and maximums. Currently, there arewe have no limitations on the amounts that may be applied to aany single Crediting Strategy. We may establish minimum and maximum amounts or percentages that may be applied to a given Crediting Strategy for any future Term in our discretion. We will notify you of any such minimum or maximum.

The new Term of each Strategy is subject to the Declared Rate or Maximum GainPositive Return Factor percentage in effect for that Strategy for that new Term. For example, the Declared Rate for a new Term of the Declared Rate Strategy may be different than the Declared Rate for the Term that is ending. Likewise, the Maximum GainCap for an Indexed Strategy for a new Term may be different than the Maximum GainCap for that Indexed Strategy for the Term that is ending. The applicable Negative Return Factor will not change from Term to Term.

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Availability of Strategies

At the end of a Term, we may eliminate a particular Strategy in our discretion. We will send you a written notice at least 30 days before the end of each Term with information about the Strategies that will be available for the next Term. At least 10 days before the next Term starts, we will post the Declared Rate and the Maximum GainsPositive Return Factor percentages that will apply for thatthe next Term on our website. website (www.massmutualascend.com/RILArates).

The Previous Notice Methods section of this prospectus describesS&P 500 1-year -10% Floor with Cap Indexed Strategy and a different process used to provide notice of the Declared Rate and the Maximum Gains thatStrategy will apply to contracts issued prior to May 1, 2019.

always be available. We are not obligated to offer theany one particular Declared Rate Strategy or any oneother particular Indexed Strategy. At the end of a Term, we can add or stop offering any other Crediting Strategy at our discretion. For example, we could stop offering Growth/-10% Floor Strategies afterWe reserve the first seven Contract Years. We mayright to limit the availability of a Strategy for a Term that would extend beyond the Annuity Payout Initiation Date. All Crediting Strategies may not be available in all states.

One Indexed Strategy will always be available. If the Declared Rate Strategy is no longer available, then we must offer an Indexed Strategy that has a Maximum Loss of 0%. Unlike a Declared Rate Strategy, no earnings are guaranteed for an Indexed Strategy.

If we intend to add or stop offering a Crediting Strategy at the end of a Term, we will send you a notification.notification at least 30 days before the end of the Term to provide you with the opportunity to make a reallocation. If funds are held in a Crediting Strategy that will no longer be available after the end of a Term, the funds will remain in that Strategy until the end of that Term.

If you have allocated money to an Indexed Strategy and that Indexed Strategy will not be available for the next Term, then the Bailout right will apply. In this case, you may withdraw money from that Indexed Strategy at the end of the current Term without incurring an Early Withdrawal Charge, or you may reallocate amounts to another Strategy. If you have allocated money to the Declared Rate Strategy and it will not be available for the next Term, the Bailout right will not apply.

Reallocations to Default Strategies

At the end of a Term, to the extent any amount cannot be applied to a given Crediting Strategy for the next Term because that Strategy is no longer available or the amount is under the minimum or over the maximum for that Strategy for the new Term, if you do not withdraw the funds pursuant to your Bailout Right or reallocate them to another Index Strategy, then we will reallocate the amount to a default Strategy.

Here are the rules that will apply to reallocations to a default Strategy.

We will reallocate to the Declared Rate Strategy.

If no Declared Rate Strategy is available, then we will designate an Indexed Strategy that has a Maximum Loss of 0% and we will reallocate to that designated Strategy.

If the amount to be applied exceeds the maximum, then the default reallocation rules will apply only to the excess amount. For example, if the maximum amount for a Crediting Strategy is $50,000 and the amount to be applied is $54,000, then the default reallocation rules will apply only to the excess $4,000.

Cash BenefitCASH BENEFIT

Surrender

You may Surrender your Contract at any time before the earlier of: (1) the Annuity Payout Initiation Date; or (2) a death for which a Death Benefit is payable. The right to Surrender may be restricted if your Contract is purchased under an employer plan subject to IRC Section 401 (pension, profit sharing, and 401(k) plans), IRC Section 403(b) (tax-sheltered annuity plans), or IRC Section 457(b) (governmental deferred compensation plans).

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The amount paid upon Surrender is the Surrender Value. If you Surrender your Contract on a day that is not the end of a Term, the Surrender Value is based on the Daily Value Percentage of each Indexed Strategy (or the locked Daily Value Percentage if you have made a Performance Lock election). The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term.

The amount paid on Surrender is subject to income tax to the extent that it represents Contract earnings or pre-tax contributions. The taxable portion of the amount paid on Surrender may also be subject to an additional 10% penalty tax if received before age 5912.

A Surrender must be made by a Request in Good Order. The amount paid upon Surrender is the Surrender Value. If you Surrender your Contract, the Contract terminates.

Withdrawals

You may take a withdrawal from your Contract at any time before the earliest of: (1) the Annuity Payout Initiation Date; (2) a death for which a Death Benefit is payable; or (3) the date that this Contract is Surrendered. The right to withdraw may be restricted if your Contract is purchased under an employer plan subject to IRC Section 401 (pension, profit sharing, and 401(k) plans), IRC Section 403(b) (tax-sheltered annuity plans), or IRC Section 457(b) (governmental deferred compensation plans).

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A withdrawal must be made by a Request in Good Order. The amount of any withdrawal must be at least $500. If the withdrawal would reduce the Account Value to less than the minimum value of $5,000, we will treat the withdrawal request as a request to withdraw the maximum amount that may be taken without reducing your Account Value to less than $5,000.

We will withdraw funds from your Account Value as of the date on which we receive your Request in Good Order or any later specified effective date. Unless you instruct us otherwiseYou may designate the Crediting Strategy or Strategies from which a withdrawal will be taken by a Request in Good Order prior to the date of the withdrawal. If you do not make a designation, we will take the withdrawal a withdrawal will be takenfrom the Crediting Strategies in the following order:

 

first proportionally from funds that then qualify for a waiver of the Early Withdrawal Charge pursuant to the Bailout right;

then from the Purchase Payment Account;

 

then proportionally from the Declared Rate Strategies until all Declared Rate Strategies are exhausted;Strategy; and

 

then proportionally from Indexed Strategies.Strategies having the shortest Term (meaning the withdrawal will be taken proportionally from Indexed Strategies with 1-year Terms, then proportionally from Indexed Strategies with 5-year Terms).

Effect of Withdrawals

A withdrawal reduces the Account Value, which in turn reduces the amount payable upon Surrender, applied to the Annuity Payout Benefit, or payable as the Death Benefit.

If an Early Withdrawal Charge applies to your withdrawal, you will receive the amount that you requested, and your Account Value will be reduced by the amount you receive plus the amount needed to pay the Early Withdrawal Charge.

A withdrawal from an Indexed Strategy other than at the end of a Term also reduceswill be based on the Daily Value Percentage of the Indexed Strategy (or the locked Daily Value Percentage if you have made a Performance Lock election). The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term. The withdrawal from an Indexed Strategy before the end of a Term will reduce the Investment Base usedand the Death Benefit Return of Premium Guarantee by an amount that is proportional to calculate the Vested Gain or Loss forreduction in the Term. TheStrategy value. If the Daily Value Percentage is negative, these proportional reductions could be significantly larger than the dollar amount of the withdrawal. A reduction in the Investment Base for a withdrawal andTerm will reduce the gain from any related Early Withdrawal Chargefuture rise in the Index during that Term.

The amount withdrawn is proportionalsubject to income tax to the reduction in the Account Value. See Vested Gains and Losses section above.extent that it represents Contract earnings or pre-tax contributions. The taxable portion of a withdrawal may also be subject to an additional 10% penalty tax if received before age 5912.

Automatic Withdrawals

You may elect to automatically withdraw money from your Contract under any automatic withdrawal program that we offer. Your Account Value must be at least $10,000 in order to make an automatic withdrawal election. The minimum amount of each automatic withdrawal payment is $100. Automatic withdrawals will be taken from the Purchase Payment Account and Crediting Strategies of your Contract in the same order as any other withdrawal.

The Contract is intended for long-term investment purposes and the Contract and its Indexed Strategies may not be appropriate for investors who plan to take withdrawals (including automated withdrawals and required minimum distributions) during the first five Contract Years, because of the assessment of Early Withdrawal Charges, or who plan to take withdrawals during Indexed Strategy Terms, because of the application of the Daily Value Percentage.

Subject to the terms and conditions of the automatic withdrawal program, you may begin or discontinue automatic withdrawals at any time. You must give us at least 30 days’ notice to change any automatic withdrawal instructions that are currently in place. Any request to begin, discontinue or change automatic withdrawals must be a Request in Good Order. We reserve the right to discontinue offering automatic withdrawals at any time.

Currently, we do not charge a fee to participate in an automatic withdrawal program. However, we reserve the right to impose an annual fee in such

55


amount as we may then determine to be reasonable for participation in the automatic withdrawal program. If imposed, the fee will not exceed $30 annually.

Before electing an automatic withdrawal, you should consult with a financial advisor.

Automatic withdrawals are similarduring a Term of an Indexed Strategy will reduce the Investment Base, which will reduce any subsequent increase in the Strategy value due to starting Annuity Payout Benefit payments, but will resulta positive Daily Value Percentage during that Term or a rise in different taxationthe applicable Index at the end of payments and potentially a different amount of total payments over the life of your Contract. that Term. Such reductions could be significant.

Automatic withdrawals will reduce the amount available under the Free Withdrawal Allowance described below.

Unless a waiver applies, an Early Withdrawal Charge may apply to an automatic withdrawal during the Early Withdrawal Charge period.

If taken from an Indexed Strategy before the end of a Term, the value of an Indexed Strategy on an automated withdrawal date will reflect the Daily Value Percentage on that date. Any Strategy value before the end of a Term will almost always be less, perhaps significantly less, than the value suggested by the rise or fall of the Index. In extreme circumstances, the total loss for an Indexed Strategy before the end of a Term could be 100% due to the Daily Value Percentage, meaning that you would suffer a complete loss of your principal and any prior earnings in a Strategy.

Automatic withdrawals could result in significant loss due to taxes and tax penalties, and reduce your ability to take full advantage of any positive Index performance at the end of a Term.

Exchanges, Transfers, and Rollovers

An amount paid on a withdrawal or Surrender may be paid to or for another annuity or tax-qualified account in a tax-free exchange, transfer, or rollover to the extent allowed by federal tax law.

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Examples - Amount Available for WithdrawalFEES AND CHARGES

AMORTIZED OPTION COST AND TRADING COST USED TO CALCULATE DAILY VALUE PERCENTAGE

The following examples are intended to help you understand the amount that may be available for withdrawal in different market environments.

Example G: Amount Available for a Withdrawal When Index Rises

This example assumes:

you allocate a $50,000 Purchase Payment to the S&P 500 Growth/-10% Floor Strategy and a $50,000 Purchase Payment to the S&P 500 10% Buffer Strategy;

the Contract Effective Date and the Term Start Date are both April 6, 2024;

the Maximum Gain for the initial Term of the S&P 500 Growth StrategyDaily Value Percentage is 12% and the S&P 500 Buffer Strategy is 14%;

you request a $10,000 withdrawal on Day 146 of the Term (August 30, 2024);

you do not take any other withdrawals during the initial Term; and

the Term End Date is April 6, 2025.

Term Start Date - April 6, 2024

  S&P 500 Growth
Strategy
  S&P 500 Buffer
Strategy
   

Strategy Value

  $50,000  $50,000  See Footnote 1 below.

Investment Base

  $50,000  $50,000  See Footnote 1 below.

Maximum Gain for Term

   Gain of 12  Gain of 14 See Footnote 2 below.

Index Value

   1900   1900  

Withdrawal Date - August 30, 2024

    

Index Value

   1976   1976  

Positive Index Change

   4.00  4.00 See Footnote 3 below.

Positive Index Change Limited by Maximum Gain

   4.00  4.00 See Footnote 4 below.

Vesting Factor on Day 146

   25  25 See Footnote 5 below.

Vested Gain as a Percentage

   1.00  1.00 See Footnote 6 below.

Vested Gain in Dollars

  $500  $500  See Footnote 6 below.

Strategy Value before Withdrawal

  $50,500  $50,500  See Footnote 7 below.

Amount of Withdrawal Requested

  $10,000  $10,000  

Free Withdrawal Allowance

  $5,000  $5,000  See Footnote 8 below.

Early Withdrawal Charge

  $435  $435  See Footnote 9 below.

Total Amount Withdrawn

  $10,435  $10,435  See Footnote 10 below.

Percentage Reduction in Strategy Value

   20.66  20.66 See Footnote 11 below.

Proportional Reduction in Investment Base

  $10,330  $10,330  See Footnote 11 below.

Remaining Investment Base after Withdrawal

  $39,670  $39,670  See Footnote 12 below.

Strategy Value after Withdrawal

  $40,065  $40,065  See Footnote 13 below.

Term End Date - April 6, 2025

    

Index Value

   2033   2033  

Positive Index Change

   7.00  7.00 See Footnote 14 below.

Positive Index Change Limited by Maximum Gain

   7.00  7.00 See Footnote 15 below.

Vesting Factor at Term End

   100  100 See Footnote 16 below.

Vested Gain as a Percentage

   7.00  7.00 See Footnote 17 below.

Remaining Investment Base after Withdrawal

  $39,670  $39,670  See Footnote 12 below.

Vested Gain in Dollars

  $2,777  $2,777  See Footnote 17 below.

Strategy Value at Term End

  $42,447  $42,447  See Footnote 18 below.

Footnote 1. On the Term Start Date, the Strategy value is equal to the amount applied to the Strategy on the Term Start Date. The amount applied on the Term Start Date is also the beginning Investment Base.

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Footnote 2. The Maximum Gain is the largest positive Index Change for a Term taken into accountused to determine the Vested Gain. In this example,value of an Indexed Strategy before the Maximum Gain is 12% (for the Growth Strategy) or 14% (for the Buffer Strategy), which means it will not affect the calculation of Vested Gain unless the Index goes up more than 12% or 14%, respectively.

Footnote 3. The Index Change is equal to the percentage change in the Index Value measured from the Term Start Date to the withdrawal date.

Formula(Index Value on withdrawal date - Index Value on Term Start Date) / Index Value on Term Start Date
Calculation(1976 - 1900) / 1900 = 4.00%

Footnote 4. In this example, the Index Change on the withdrawal date is not limited by the Maximum Gain because the Index did not go up more than 12% for the Growth Strategy or 14% for the Buffer Strategy.

Footnote 5. A Vesting Factor limits the portionend of a positive Index Change thatTerm, and a locked Daily Value Percentage is taken into accountused to determine the Vested Gain. The Vesting Factorvalue of an Indexed Strategy for a positive Index Change varies depending on the day of the Term. The Vesting Factor for a positive Index Change on any date within the first six monthsbalance of a Term if you have made a Performance Lock election. The Daily Value Percentage is 25%.calculated by subtracting the Amortized Option Cost and Trading Cost from the Net Option Price. The Vesting FactorAmortized Option Cost and Trading Cost are charges for unwinding the investment before the end of a positive Index Change on any date withinTerm. These charges reduce the final six monthsIndexed Strategy value. When the Contract is Surrendered or a withdrawal is taken before the end of a Term, (but before the Final Market Day of the Term) is 50%. The Vesting Factor foror when you make a positive Index Change on the final Market Day of the Term (or any date after that when the Vested Gain for the Term is calculated) is 100%. In this example, the Vesting Factor is 25% because the withdrawal date is a date within the first six months of the Term.

Footnote 6. When there is a positive Index Change, we use the following formulas to calculate the Vested Gain.

FormulaIndex Change limited by Maximum Gain x Vesting Factor = Vested Gain percentage
Calculation4.00% x 25% = 1.00%
FormulaRemaining Investment Base for the current Term x Vested Gain percentage = Vested Gain in dollars
Calculation$50,000 x 0.0100 = $500

Footnote 7. In this example, there is a Vested Gain on the withdrawal date and you have not taken any withdrawals before that date. This means the Strategy value on the withdrawal date is the Investment Base plus the Vested Gain as of that date.

FormulaInvestment Base + Vested Gain = Strategy value
Calculation$50,000 + $500 = $50,500

Footnote 8. The Free Withdrawal Allowance (FWA) for the first Contract Year is 10% of the Purchase Payment. The FWA for each subsequent Contract Year is 10% of the Account Value as of the most recent Contract Anniversary.

FormulaPurchase Payment x 10% = FWA for first Contract Year
Calculation$50,000 x 0.10 = $5,000

Footnote 9. The Early Withdrawal Charge that would apply to your withdrawal is equal to the amount subject to the charge multiplied by the Early Withdrawal Charge rate (EWC rate). The amount subject to the charge includes the charge itself. The amount subject to the charge does not include the FWA. The EWC rate depends on the Contract Year. In this example, the withdrawal occurs in the first Contract Year, when the EWC rate is 8%. The Early Withdrawal Charge rate declines after each of the first seven Contract Years. There is no Early Withdrawal Charge after Contract Year 7.

Formula[(Requested withdrawal - FWA) x EWC rate] / (1.00 - EWC rate) = Early Withdrawal Charge
Calculation[($10,000 - $5,000) x 0.08] / (1.00 - 0.08) = $5,000 x 0.08 / 0.92 = $400 / 0.92 = $435

Footnote 10. When you request a withdrawal, you receive the amount you requested. If an Early Withdrawal Charge applies, we also withdraw an amount equal to the charge. This means that the total amount withdrawn from your annuity is equal to the amount you requested plus the applicable Early Withdrawal Charge.

FormulaRequested withdrawal + Early Withdrawal Charge = total amount withdrawn
Calculation$10,000 + $435 = $10,435

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Footnote 11. When you take a withdrawal, the portion of the Investment Base taken to pay for the withdrawal is proportional toPerformance Lock election, the reduction in Indexed Strategy value due to the valueAmortized Option Cost and Trading Cost may cause a loss to exceed the -10% Floor and may eliminate the benefit of the 10% Buffer or the 20% Buffer. The Amortized Option Cost and Trading Cost are determined each time the Daily Value Percentage is calculated or when a Performance Lock election is made. As a result, in extreme circumstances, the total loss for an Indexed Strategy could be 100%, meaning that you would suffer a complete loss of your principal and any prior earnings. For more information on the Amortized Option Cost and Trading Cost, please see the Indexed Strategy due to the withdrawal. If there is a Vested Gain asValue Before End of the withdrawal date, the reduction in the Investment Base will be less than the total amount withdrawn. This difference occurs because your withdrawal is credited with a proportionate share of the Vested Gain.

FormulaTotal amount withdrawn / Strategy value before withdrawal = percentage reduction in Strategy value
Calculation$10,435 / $50,500 = 20.66%
FormulaInvestment Base before withdrawal x percentage reduction in Strategy value = proportional reduction in Investment Base
Calculation$50,000 x 0.2066 = $10,330

Footnote 12. On the withdrawal date after the withdrawal, the remaining Investment Base is equal to the Investment Base before the withdrawal minus the proportional reduction in the Investment Base for the withdrawal.

FormulaInvestment Base before withdrawal - proportional reduction in Investment Base for withdrawal = Investment Base after withdrawal
Calculation$50,000 - $10,330 = $39,670

Footnote 13. On the withdrawal date, the Strategy value after the withdrawal is equal to Strategy value before the withdrawal minus the total amount withdrawn.

FormulaStrategy value before withdrawal - total amount withdrawn = Strategy value after withdrawal
Calculation$50,500 - $10,435 = $40,065

Footnote 14. The Index ChangeTerm section beginning on the Term End Date is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date.page 41.

Formula(Index Value on Term End Date - Index Value on Term Start Date) / Index Value on Term Start Date
Calculation(2033 - 1900) / 1900 = 7.00%

Footnote 15. In this example, the Index Change on the Term End Date is not limited by the Maximum Gain because the Index did not go up more than 12% for the Growth Strategy or 14% for the Buffer Strategy.

Footnote 16. The Vesting Factor for a positive Index Change on the Term End Date is 100%.

Footnote 17. When there is a positive Index Change, we use the following formulas to calculate the Vested Gain.

FormulaIndex Change limited by Maximum Gain x Vesting Factor = Vested Gain percentage
Calculation7.00% x 100% = 7.00%

Footnote 18. In this example, there is a Vested Gain on the Term End Date and you have taken a $10,000 withdrawal during the Term. This means the Strategy value on that date is the remaining Investment Base on the Term End Date plus the Vested Gain as of that date.

FormulaRemaining Investment Base on Term End Date + Vested Gain = Strategy value on Term End Date
Calculation$39,670 + $2,777 = $42,447

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Example H: Amount Available for a Withdrawal When Index Falls

This example assumes:

you allocate a $50,000 Purchase Payment to the S&P 500 Growth/-10% Floor Strategy and a $50,000 Purchase Payment to the S&P 500 10% Buffer Strategy;

the Contract Effective Date and the Term Start Date are both April 6, 2024;

you request a $10,000 withdrawal on Day 146 of the Term (August 30, 2024);

you do not take any other withdrawals during the initial Term; and

the Term End Date is April 6, 2025.

Term Start Date - April 6, 2024

  S&P 500 Growth
Strategy
  S&P 500 Buffer
Strategy
   

Strategy Value

  $50,000  $50,000  See Footnote 1 below.

Investment Base

  $50,000  $50,000  See Footnote 1 below.

Maximum Loss for Term

   Loss of 10  N/A  See Footnote 2 below.

End of Term Buffer

   N/A   10% Buffer  See Footnote 3 below.

Index Value

   1900   1900  

Withdrawal Date - August 30, 2024

    

Index Value

   1786   1786  

Negative Index Change

   -6.00  -6.00 See Footnote 4 below.

Negative Index Change Limited by Maximum Loss

   -6.00  N/A  See Footnote 5 below.

Buffer on Day 146

   N/A   4.00% Buffer  See Footnote 6 below.

Vested Loss as a Percentage

   -6.00  -2.00 See Footnote 7 below.

Vested Loss in Dollars

  -$3,000   -$1,000   See Footnote 7 below.

Strategy Value before Withdrawal

  $47,000  $49,000  See Footnote 8 below.

Amount of Withdrawal Requested

  $10,000  $10,000  

Free Withdrawal Allowance

  $5,000  $5,000  See Footnote 9 below.

Early Withdrawal Charge

  $435  $435  See Footnote 10 below.

Total Amount Withdrawn

  $10,435  $10,435  See Footnote 11 below.

Percentage Reduction in Strategy Value

   22.20  21.30 See Footnote 12 below.

Proportional Reduction in Investment Base

  $11,100  $10,650  See Footnote 12 below.

Remaining Investment Base after Withdrawal

  $38,900  $39,350  See Footnote 13 below.

Strategy Value after Withdrawal

  $36,565  $38,565  See Footnote 14 below.

Term End Date - April 6, 2025

    

Index Value

   1748   1748  

Negative Index Change

   -8.00  -8.00 See Footnote 15 below.

Negative Index Change Limited by Maximum Loss

   -8.00  N/A  See Footnote 16 below.

Negative Index Change Limited by Buffer

   N/A   0.00 See Footnote 17 below.

Vested Loss Percentage

   -8.00  0.00 See Footnote 18 below.

Remaining Investment Base

  $38,900  $39,350  See Footnote 13 below.

Vested Loss in Dollars

  $3,112  $0  See Footnote 18 below.

Strategy Value at Term End

  $35,788  $39,350  See Footnote 19 below.

Footnote 1. On the Term Start Date, the Strategy value is equal to the amount applied to the Strategy on the Term Start Date. The amount applied on the Term Start Date is also the beginning Investment Base.

Footnote 2. The Maximum Loss is the largest negative Index Change for a Term taken into account to determine the Vested Loss for Growth Strategies. In this example, the Maximum Loss is 10%, which means it will not affect the calculation of Vested Loss unless the Index goes down more than 10%.

Footnote 3. The Buffer is the portion of a negative Index Change for a Term that is disregarded when determining a Vested Loss for a Buffer Strategy. The Buffer varies depending on the day of the Term. Once the final Market Day of the Term has been reached, the Buffer is 10%. Before the final Market Day, the Buffer is:

47


10% x 365 – N

   365

where N is equal to the number of days remaining until the final Market Day of the Term.

Footnote 4. The Index Change is equal to the percentage change in the Index Value measured from the Term Start Date to the withdrawal date.

Formula

(Index Value on withdrawal date - Index Value on Term Start Date) / Index Value on Term Start Date

Calculation

(1786 - 1900) / 1900 = -6.00%

Footnote 5. In this example, the negative Index Change on the withdrawal date is not limited by the Maximum Loss because the Index did not go down more than 10%.

Footnote 6. In this example, only a portion of the negative Index Change on the withdrawal date is limited by the Buffer because the Index went down more than 4.00%.

Footnote 7.

Vested Loss – Growth Strategies: When there is a negative Index Change, we use the following formulas to calculate the Vested Loss for Growth Strategies.

FormulaIndex Change limited by Maximum Loss = Vested Loss percentage
Calculation-6.00% = -6.00%
FormulaRemaining Investment Base for the current Term x Vested Loss percentage = Vested Loss in dollars
Calculation$50,000 x -0.0600 = -$3,000

Vested Loss – Buffer Strategies: When there is a negative Index Change, we use the following formulas to calculate the Vested Loss for Buffer Strategies.

FormulaIndex Change limited by Buffer = Vested Loss percentage
Calculation-6.00% Index Change – (-4.00%) Buffer = -2.00%
FormulaRemaining Investment Base for the current Term x Vested Loss percentage = Vested Loss in dollars
Calculation$50,000 x -0.0200 = -$1,000

Footnote 8. In this example, there is a Vested Loss on the withdrawal date and you have not taken any withdrawals before that date. This means the Strategy value on the withdrawal date is the Investment Base, minus the Vested Loss as of that date.

FormulaInvestment Base - Vested Loss = Strategy value
CalculationFor Growth Strategy: $50,000 - $3,000 = $47,000
For Buffer Strategy: $50,000 - $1,000 = $49,000

Footnote 9. The Free Withdrawal Allowance (FWA) for the first Contract Year is 10% of the Purchase Payment. The FWA for each subsequent Contract Year is 10% of the Account Value as of the most recent Contract Anniversary.

FormulaPurchase Payment x 10% = FWA for first Contract Year
Calculation$50,000 x 10% = $5,000

Footnote 10. The Early Withdrawal Charge that would apply to your withdrawal is equal to the amount subject to the charge multiplied by the Early Withdrawal Charge rate (EWC rate). The amount subject to the charge includes the charge itself. The amount subject to the charge does not include the FWA. The EWC rate depends on the Contract Year. In this example, the withdrawal occurs in the first Contract Year, when the EWC rate is 8%. The Early Withdrawal Charge rate declines after each of the first seven Contract Years. There is no Early Withdrawal Charge after Contract Year 7.

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Formula[(Requested withdrawal - FWA) x EWC rate] / (1.00 - EWC rate) = Early Withdrawal Charge
Calculation[($10,000 - $5,000) x 0.08] / (1.00 - 0.08) = $5,000 x 0.08 / 0.92 = $400 / 0.92 = $435

Footnote 11. When you request a withdrawal, you receive the amount you requested. If an Early Withdrawal Charge applies, we also withdraw an amount equal to the charge. This means that the total amount withdrawn from your annuity is equal to the amount you requested plus the applicable Early Withdrawal Charge.

FormulaRequested withdrawal + Early Withdrawal Charge = total amount withdrawn
Calculation$10,000 + $435 = $10,435

Footnote 12. When you take a withdrawal, the portion of the Investment Base taken to pay for the withdrawal is proportional to the reduction in the value of the Indexed Strategy due to the withdrawal. If there is a Vested Loss as of the withdrawal date, the reduction in the Investment Base will be more than the total amount withdrawn. This difference occurs because your withdrawal is charged with a proportionate share of the Vested Loss.

Formulatotal amount withdrawn / Strategy value before withdrawal = percentage reduction in Strategy value
CalculationFor Growth Strategy: $10,435 / $47,000 = 22.20%
For Buffer Strategy: $10,435 / $49,000 = 21.30%
FormulaInvestment Base before withdrawal x percentage reduction in Strategy value = proportional reduction in Investment Base
CalculationFor Growth Strategy: $50,000 x 0.2220 = $11,100
For Buffer Strategy: $50,000 x 0.2130 = $10,650

Footnote 13. On the withdrawal date, the remaining Investment Based after the withdrawal is equal to the Investment Base before the withdrawal minus the proportional reduction in the Investment Base for the withdrawal.

FormulaInvestment Base before withdrawal - proportional reduction in Investment Base for withdrawal = Investment Base after withdrawal
CalculationFor Growth Strategy: $50,000 - $11,100 = $38,900
For Buffer Strategy: $50,000 - $10,650 = $39,350

Footnote 14. On the withdrawal date, the Strategy value after the withdrawal is equal to the Strategy value before the withdrawal minus the total amount withdrawn.

FormulaStrategy value before withdrawal - total amount withdrawn = Strategy value after withdrawal
CalculationFor Growth Strategy: $47,000 - $10,435 = $36,565
For Buffer Strategy: $49,000 - $10,435 = $38,565

Footnote 15. The Index Change on the Term End Date is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date.

Formula(Index Value on Term End Date - Index Value on Term Start Date) / Index Value on Term Start Date
Calculation(1748 - 1900) / 1900 = -8.00%

Footnote 16. For the Growth Strategy, in this example, the negative Index Change on the Term End Date is not limited by the Maximum Loss because the Index did not go down more than 10%.

Footnote 17. For the Buffer Strategy, in this example, the entire negative Index Change on the Term End Date is limited by the Buffer because the Index went down less than 10%.

49


Footnote 18.

Vested Loss – Growth Strategies: When there is a negative Index Change, we use the following formula to calculate the Vested Loss percentage for Growth Strategies.

FormulaIndex Change limited by Maximum Loss = Vested Loss percentage
Calculation-8.00% = -8.00%
FormulaRemaining Investment Base for the current Term x Vested Loss percentage = Vested Loss in dollars
Calculation$38,899 x -0.0800 = -$3,112

Vested Loss – Buffer Strategies: When there is a negative Index Change, we use the following formula to calculate the Vested Loss percentage for Buffer Strategies.

FormulaIndex Change limited by Buffer = Vested Loss percentage
Calculation-8% Index Change > -10% Buffer = 0%
FormulaRemaining Investment Base for the current Term x Vested Loss percentage = Vested Loss in dollars
Calculation$39,352 x 0.0000 = $0

Footnote 19. In this example, there is a Vested Loss on the Term End Date for the Growth Strategy and you have taken a $10,000 withdrawal during the Term. This means the Strategy value on that date is the remaining Investment Base on the Term End Date minus the Vested Loss as of that date.

FormulaRemaining Investment Base on Term End Date - Vested Loss = Strategy value
Calculation$38,900 - $3,112 = $35,788

In this example, there is no Vested Loss on the Term End Date for the Buffer Strategy and you have taken a $10,000 withdrawal during the Term. This means the Strategy value on that date is the remaining Investment Base on the Term End Date.

FormulaRemaining Investment Base on Term End Date = Strategy value
Calculation$39,350 = $39,350

Early Withdrawal ChargeEARLY WITHDRAWAL CHARGE

We impose an Early Withdrawal Charge to reimburse us for contract sales expenses, including commissions and other distribution, promotion, and acquisition expenses, and to allow us to support higher Declared Rate Strategy interest rates and Indexed Strategy Maximum Gains by investinginvest assets for a longer duration.duration, which supports higher declared interest rates and the Positive Return Factor percentages.

The Early Withdrawal Charge applies if, during the first sevenfive Contract Years, you take a withdrawal from your Contract or Surrender it. After that, the Early Withdrawal Charge does not apply.

During the first five Contract Years, the Early Withdrawal Charge applies to each withdrawal, including withdrawals under an automatic withdrawal program and withdrawals taken to satisfy a required distribution. The Early Withdrawal Charge does not apply to Death Benefit payments or Annuity Payout Benefit payments.

An Early Withdrawal Charge reduces your Account Value.

The Early Withdrawal Charge is equal to the amount that is subject to the charge multiplied by the Early Withdrawal Charge rate.

 

If you take a withdrawal from your Contract, the amount subject to the charge is the amount you withdraw, pluswhich includes any amount needed to pay the Early Withdrawal Charge. This means that at your direction either we will subtract the Early Withdrawal Charge from amount paid to you or we will increase the amount withdrawn as needed to cover the charge.

 

If you Surrender your Contract, the amount subject to the charge is your Account Value.

 

The amount subject to the charge will not include: (1)include the Free Withdrawal Allowance; (2) the amount, if any, that qualifies under the Bailout right;Allowance or (3) the amount, if any, that qualifies for anothera waiver as described below.

56


described below.

The Early Withdrawal Charge rate depends on how long you own your Contract. The rate schedule is set out below.

 

Contract Year

  1 2 3 4 5 6 7 8+    1   2   3   4   5   6+ 

Early Withdrawal Charge Rate

   8  7  6  5  4  3  2  0   8  7  6  5  4  0

Example.Example for Surrender. You Surrender your annuityContract in Contract Year 5 when your Account Value is $100,000. You have already used your Free Withdrawal Allowance for the year and no other exception applies. We take an Early Withdrawal Charge of $4,000 ($100,000 x 0.04)4%) and you receive $96,000.

50


Example. Example for Withdrawal. You takerequest a $10,000 withdrawal of $12,000 from your annuityContract in Contract Year 5 when your Account Value is $100,000.and instruct us to pay you the entire $12,000. You have already used your Free Withdrawal Allowance for the year and no other exception applies. We use the following formula to calculate the Early Withdrawal Charge.

(Requested withdrawal x EWC rate) / (1.00 - EWC rate) = Early Withdrawal Charge

($12,000 x 4%) / (1.00 - 0.04) = $480 / 0.96 = $500

We take anthe Early Withdrawal Charge of $400 ($10,000 x 0.04) and$500, you receive $9,600.$12,000, and your Account Value is reduced by $12,500.

AnNote. If the amount subject to the Early Withdrawal Charge may apply ifincluded only the amount you take a withdrawal duringwithdrew, the first seven Contract Years. That charge will reduce Strategy values, includingwould have been $480. Because the value of a Conserve/0% Floor Strategy .amount subject to the Early Withdrawal charge also included the amount needed to pay the charge, the actual charge is $500.

Free Withdrawal Allowance

The Free Withdrawal Allowance lets you withdraw some money from your Contract without the imposition of the Early Withdrawal Charge. For the first Contract Year, the Free Withdrawal Allowance is an amount equal to 10% of the total Purchase Payments received by us. For each subsequent Contract Year, the Free Withdrawal Allowance is equal to 10% of the Account Value as of the most recent Contract Anniversary. The Free Withdrawal Allowance is non-cumulative and you may not carry over any unused portion to other Contract Years.

For qualified annuities, the Free Withdrawal Allowance will be large enough to cover your required minimum distribution to age 93. However, if you have used your Free Withdrawal Allowance to facilitate a transfer or rollover, then an Early Withdrawal Charge may apply to a required minimum distribution.

Example. Your Account Value as of the end of Contract Year 3 is $200,000. Your Free Withdrawal Allowance for Contract Year 4 is $20,000 ($200,000 x 0.10)(10% of $200,000). If you take a withdrawal of $50,000 at the beginning of Contract Year 4, the Early Withdrawal Charge will not apply to the first $20,000 of the withdrawal, but will apply to the remaining $30,000 plus the amount needed to pay the Early Withdrawal Charge. If you take another withdrawal later in Contract Year 4, the Early Withdrawal Charge applies to the entire withdrawal plus the amount needed to pay the Early Withdrawal Charge.

Early Withdrawal Charge Waivers

Bailout Right. We will waiveIf you Surrender your Contract during the first five Contract Years, the amount subject to the Early Withdrawal Charge on amounts that you withdraw from this Contract at the end of a current Term if the amounts are held under an Indexed Strategy for that Term and either:

the Maximum Gain for the next Term of that Strategy is less than its Bailout Trigger forupon Surrender will not include the current Term; or

that Strategy will not be available for the next Term.

Each current Term of an Indexed Strategy has its own Bailout Trigger, even if no funds are held under the Indexed Strategy for that Term. If your Contract has multiple Purchase Payments, the Bailout Trigger for one current Term of an Indexed Strategy may be different from the Bailout Trigger for another current Term of the same Indexed Strategy that started on a different date. any prior Free Withdrawal Allowance.

The initial Bailout Trigger for each Indexed Strategy is set out on the Contract Specifications page. It is less than the Maximum Gain that we anticipate setting for the initial Term of that Indexed Strategy.

For each subsequent Term, the Bailout Trigger is the lesser of:

the Bailout Trigger for the Term that ended on the date the current Term began; or

the Maximum Gain set for the current Term.

This means that:

if the Maximum Gain is never set below the Bailout Trigger, then the Bailout Trigger will not change; and

if the Maximum Gain is ever set below the Bailout Trigger, then the Bailout Trigger will be reduced for the new Term and for each Term that starts on an anniversary of that Term start date.

The Bailout Trigger will never increase from one Term to the next.

Example. The Bailout Trigger for the initial Term of an Indexed Strategy is 6.5%.

If we set the Maximum Gain for the next Term of that Indexed Strategy at 7.5%, then you will not qualify for a waiver of the Early Withdrawal Charge at the end of the current Term and the Bailout Trigger for that next Term will continue to be 6.5%.

If we set the Maximum Gain for the next Term of that Indexed Strategy at 5.5%, then you will qualify for a waiver of the Early Withdrawal Charge at the end of the current Term and the Bailout Trigger for that next Term will change to 5.5%.

51


If this waiver will apply to an Indexed Strategy at the end of a Term, we will notify you in writing at least 30 days before that Term ends. You may elect a withdrawal under the Bailout right by a Request in Good Order. We must receive your request before the end of the applicable Term.

This waiver will only apply to the amount held under the Indexed Strategy for the Term that is ending. It will not apply to amounts then held under a different Strategy, or to amounts held under the same Strategy for a Term ending on a different date. You may not carry over any unused part of the waiver from one Term to the next.

If you withdraw funds that qualify for a waiver under the Bailout right, the withdrawal will reduce the Free Withdrawal Allowance for the applicable Contract Year. For example, if the amount you withdraw that qualifies for a waiver under the Bailout right in Contract Year 4 is more than 10% of your Account Value as of the most recent Contract Anniversary, then no Free Withdrawal Allowance will be available for subsequent withdrawals in Contract Year 4.

Instead of withdrawing amounts that qualify for a waiver under the Bailout right, you may wish to reallocate those amounts to a different Strategy. A Request in Good Order to reallocate funds must be received by us before the end of the applicable Term.Waivers

Extended Care Waiver. (Rider form R1462316NW-Waiver of Early Withdrawal Charges for Extended Care Rider). We will waive the Early Withdrawal Charge that would otherwise apply if you make a Request in Good Order and:

 

your Contract is modified by the Extended Care Waiver Rider;

 

you are confined in a long-term care facility or hospital and the confinement is prescribed by a physician and is medically necessary;

 

the first day of the confinement is at least one year after the Contract Effective Date; and

 

the confinement has continued for a period of at least 90 consecutive days.

You must provide us with satisfactory proof that you meet these conditions before the date of the withdrawal or Surrender. There is no charge for this rider, but it may not be available in all states. In California,(See the Extended Care Waiver Rider has been replaced with the Waiver of Early Withdrawal ChargesState Variations section on page 102 for Facility Care or Home Care or Community-Based Services Rider, which provides for ainformation about availability in your state.) You do not need to take any action to add this waiver of Early Withdrawal Charges under an expanded variety of circumstances. Please see the rider for details.rider.

Terminal Illness Waiver. (Rider form R1462416NW-Waiver of Early Withdrawal Charges Upon Terminal Illness Rider). We will waive the Early Withdrawal Charge that would otherwise apply if you make a Request in Good Order and:

 

your Contract is modified by the Waiver of Early Withdrawal Charges upon Terminal Illness Rider;

 

you are diagnosed with a terminal illness by a physician and, as a result of the terminal illness, you have a life expectancy of less than 12 months from the date of diagnosis; and

 

the diagnosis is rendered by a physician more than one year after the Contract Effective Date.

You must provide us with satisfactory proof that you meet these conditions before the date of the withdrawal or Surrender. There is no charge for this

57


rider, but it may not be available in all states. Please see(See the riderState Variations section on page 102 for details.information about availability in your state.) You do not need to take any action to add this waiver rider.

Required Minimum Distributions. No special waiver of EarlyAutomatic Withdrawal Program Charges exists

Currently, we do not charge a fee to participate in an automatic withdrawal program. However, we reserve the right to impose an annual fee in such amount as we may then determine to be reasonable for required minimum distributions except as may be offered from time to time under an automated paymentparticipation in the automatic withdrawal program. If imposed, the fee will not exceed $30 annually.

State Limitations. In some states, our ability to waive fees or charges may be limited by applicable laws, regulations or administrative positions. Please see the “State Variations” section below for information on additional state variations.

Annuity Payout BenefitANNUITY PAYOUT BENEFIT

Under the Contract you may receive regular Annuity Payout Benefit payments for the duration of the period that you select. Once Annuity Payout Benefit payments start, you can no longer Surrender the Contract or take a withdrawal, no Death Benefit will be payable under your Contract, and your Beneficiary designations will no longer apply.apply, and the Crediting Strategies will no longer be available. The amount payable after death, if any, is governed by the Payout Option you select.

The Annuity Payout Benefit is payable if the Annuity Payout Initiation Date is reached before the earlier of: (1) a death for which a Death Benefit is payable; or (2) the date that this Contract is Surrendered.

Annuity Payout Benefit payments are subject to income tax to the extent that they represent Contract earnings or pre-tax contributions. The taxable portion of Annuity Payout Benefits may also be subject to an additional 10% penalty tax if received before age 5912.

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Annuity Payout Initiation Date

The Annuity Payout Initiation Date is the first day of the first payment interval for which payment of the Annuity Payout Benefit is to be made. Annuity Payout Benefit payments are made at the end of each payment interval. This means that for annual payments, the first payment will be made one year after the Annuity Payout Initiation Date.

You may select the Annuity Payout Initiation Date by a Request in Good Order. We must receive your request before the last Market Close on or before the Annuity Payout Initiation Date you selected and at least 30 days before the first Annuity Payout Benefit payment is to be made.

 

The earliest Annuity Payout Initiation you may select is the first Contract Anniversary.

 

Unless we agree to a later date, the latest Annuity Payout Initiation Date you may select is the Contract Anniversary following your 95th birthday or the 95th birthday, of a joint owner, if earlier. If the Owner is not a human being such as a trust or a corporation, then the Annuity Payout Initiation Date may not be later than the Contract Anniversary following the 95th birthday of the eldest Annuitant, unless we agree.agree to a later date.

The earliest permitted date and the latest permitted date for the Annuity Payout Initiation Date are set out on your Contract Specifications Page. The latest permitted date may change if an Owner changes.

If you do not select an Annuity Payout Initiation Date by the latest permitted date, we may select it for you. We will notify you in writing at least 45 days before the date we select. We will give you an opportunity to select an earlier date.

Annuity Payout Amount

The amount of each payment under the Annuity Payout Benefit is determined on the Annuity Payout Initiation Date based on the Annuity Payout Valuevalue on that date, the Payout Option that applies, and the payment interval.

The Annuity Payout Valuevalue is the amount that can be applied to the Annuity Payout Benefit is equal to: (1) the Account Value on the Annuity Payout Initiation Date; minus (2) premium tax or other taxes not previously deducted. If the Annuity Payout value is determined on a date other than the end of the Term, the Annuity Payout value will be based on the Daily Value Percentage or on the locked Daily Value Percentage if you have made a Performance Lock election. The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term. Please see the Indexed Strategy Value Before End of Term section on page 31 or the Indexed Strategy Value After Performance Lock Election on page 47 for more information.

Form of Annuity Payout Benefit

The Annuity Payout Benefit is paid in the form of annual payments as a Life Payout with Payments for at Least a Fixed Period. That fixed period will be 10 years or, if fewer, the maximum number of whole years permitted by any tax qualification endorsement.

In place of that, youYou may elect to have the Annuity Payout Benefit paid in any form of Payout Option that is available under your Contract. The available Payout Options are described in the Payout Options section below.on page 61. You may elect a Payout Option by a Request in Good Order. We must receive your request before the last Market Close on or before the Annuity Payout Initiation Date and at least 30 days before the first Annuity Payout Benefit payment is to be made.

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If we have selected the Annuity Payout Initiation Date and you have not elected a Payout Option, the Annuity Payout Benefit is paid in the form of annual payments as a Life Payout with Payments for at Least a Fixed Period. That fixed period will be 10 years or, if fewer, the maximum number of whole years permitted by any tax qualification endorsement.

Payee for Annuity Payout Benefit

Payment of the Annuity Payout Benefit generally is made to the surviving Owner(s) as the payee(s). In place of that, the surviving Owner(s) may elect for payment to be made as a tax-free exchange, transfer, or rollover, or for payment to be made to the Annuitant. That election must be made by a Request in Good Order that we receive at least 30 days before the payment date.

Payments that become due after the death of the payee are made to:

 

the surviving Owner(s); or if none

 

then to the surviving contingent payee(s) designated by the surviving Owner(s); or if none;

 

the estate of the last payee who received payments.

The portion of any Annuity Payout Benefit remaining after the death of an Owner or Annuitant must be paid at least as rapidly as payments were being made at the time of such death.

You may designate a contingent payee by a Request in Good Order. If you designate your spouse as a contingent payee and your marriage ends before your death, then we will treat your former spouse as having predeceased you except in the following situations: (1) if a court order provides that the former spouse’s rights as a contingent payee are to continue; or (2) if the former spouse remains or becomes an Owner.

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Death BenefitDEATH BENEFIT

A Death Benefit is payable under your Contract if you die before the Annuity Payout Initiation Date and before the Contract is Surrendered. If your spouse becomes a successor owner of the Contract, no Death Benefit will be payable on account of your death.

When the Owner is a non-natural person, a Death Benefit is payable under the Contract if the Annuitant dies before the Annuity Payout Initiation Date and before the Contract is Surrendered. For this purpose, a non-natural person is a trust, custodial account, corporation, limited liability company, partnership, or other entity.

Only one Death Benefit will be paid under the Contract. If a Death Benefit becomes payable, it will be in place of all other benefits under the Contract, and all other rights under this Contract will terminate except for rights related to the Death Benefit.

A Death Benefit payment is subject to income tax to the extent that it represents Contract earnings or pre-tax contributions.

Death Benefit Payout Date

 

If the Death Benefit is to be paid as a lump sum, then it will be paid as soon as practicable after the receipt of proof of death and a Request in Good Order for a lump sum payment.

 

If the Death Benefit is to be paid under a Payout Option, then we will apply the Death Benefit Valuevalue to a Payout Option as soon as practicable after receipt of proof of death and a Request in Good Order. That application date will be the first day of the first payment interval for which a payment is to be made. Death Benefit payments under a Payout Option are made at the end of each payment interval. This means that, for annual payments, the first payment will be made one year after that application date.

Death Benefit Amount

 

If the Death Benefit is paid in a lump sum, then it is equal to the Death Benefit Value,value, increased by any additional post- death interest as required by law.

 

If the Death Benefit will be paid as a series of periodic payments under a Payout Option, then the amount of each payment under the Death Benefit is determined on the date that the Death Benefit Valuevalue is applied to the Payout Option. The amount or each payment will be based on the Death Benefit Valuevalue (increased by any additional post-death interest as required by law to the date it is applied to the Payout Option), the Payout Option that applies, and the payment interval.

Death Benefit Value

The Death Benefit Valuevalue is the greater of:

 

the Account Value determined as of the date that the Death Benefit Valuevalue is determined; or

 

the Return of Premium Guarantee.

In either case, the Death Benefit value is reduced by premium tax or other taxes not previously deducted.

The Account Value will reflect the applicable Strategy values as calculated on the date the Death Benefit is determined. If the Death Benefit value is determined on a date other than the end of the Term, the Death Benefit value will be based on the Daily Value Percentage, or on the locked Daily

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Value Percentage if you have made a Performance Lock election. The Daily Value Percentage could be negative, which could result in significant loss, even if the Index has risen since the start of the Term. Please see the Indexed Strategy Value Before End of Term section on page 41 or the Indexed Strategy Value After Performance Lock Election on page 47 for more information.

Return of Premium Guarantee

The Return of Premium Guarantee is equal to your Purchase Payments (the “Purchase Payment base”), reduced proportionally for all withdrawals, but not including amounts applied to pay Early Withdrawal Charges (the “Purchase Payment base”).

In either case, the Death Benefit Value is reduced by premium tax or other taxes not previously deducted.Charges.

The reduction in your Purchase Payment base for withdrawals will be in the same proportion that your Account Value was reduced on the date of the withdrawal. A proportional reduction in your Purchase Payment base could be larger than the dollar amount of your withdrawal.

Example. Here is an example of how we calculate a proportional reduction of your Purchase Payment base. In this example, we assume you take an $8,000 withdrawal and the Purchase Payment base is larger than the Account Value at the time of the withdrawal. To simplify the example, we also assume no Early Withdrawal Charge, no premium tax is deducted, and no additional post-death interest is added.

 

   Before Withdrawal   After Withdrawal   Explanation

Account Value

  $100,000   $92,000   Your withdrawal reduces your Account Value by
$8,000 (which is an 8% reduction in your Account
Value). $8,000 / $100,000 = 8%

Purchase Payment Base

for Death Benefit

  $120,000   $110,400   After the withdrawal, the Purchase Payment base for
the Death Benefit is also reduced by 8% or $9,600.
$120,000 x 0.08 = $9,600
   Before
Withdrawal
  After
Withdrawal
  Explanation
 Account Value  $100,000  $92,000  

Your withdrawal reduces your Account Value by $8,000 (which is an 8% reduction in your Account Value).

$8,000 / $100,000 = 8%

 Purchase Payment base for Death Benefit  $120,000  $110,400  

After the withdrawal, the Purchase Payment base for the Death Benefit is also reduced by 8% or $9,600.

$120,000 x 8% = $9,600

Determination Date

The date that the Death Benefit Valuevalue is determined is the earlier of: (1) the first anniversary of the date of death; or (2) the date that we have received both proof of death and Requests in Good Order with instructions as to the form of Death Benefit from all Beneficiaries. Thus, in many cases where there are multiple Beneficiaries, the date of that the Death Benefit Valuevalue is determined will be the date when the last Beneficiary submits the necessary Request in Good Order or the first anniversary of death. Until then, the Contract values remain in the Crediting Strategies will renew into new Terms of the same Strategies if the end of a Term is reached, and the Indexed Strategy values may fluctuate. This risk is borne by the Beneficiaries. If all Beneficiaries have not submitted the necessary Request in Good Order by the first anniversary of death, then the Death Benefit value as determined on that first anniversary will thereafter earn interest at a fixed rate at least equal to the rate required by state law.

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Proof of Death

. Before making payment of a Death Benefit, or any other payment or transfer of ownership rights that depends on the death of a specified person, we will require proof of death. We may delay making any payment until it is received. For this purpose, proof of death is:

 

a certified copy of a death certificate showing the cause and manner of death;

 

a certified copy of a decree that is made by a court of competent jurisdiction as to the finding of death; or

 

other proof that is satisfactory to us.

Form of Death Benefit

The Death Benefit is paid in the form of annual payments for a fixed period of two years.

In place of that, youYou may elect to have the Death Benefit paid in one lump sum or in any form of Payout Option that is available under your Contract. The available Payout Options are described in the Payout Options section below. There is no additional charge associated with this election. Any election is subject to the Death Benefit Distribution Rules described below.

If you do not elect a different Payout Option, the Death Benefit is paid in the form of annual payments for a fixed period of two years.

You may make an election by a Request in Good Order. We must receive your request on or before the date of death for which a Death Benefit is payable. If you do not make such an election, the Beneficiary may make that election after the date of death. The Beneficiary’s election must be made by a Request in Good Order that is received by us no later than the date that the Death Benefit Valuevalue is applied to a Payout Option and at least 30 days before the date of the first payment to be made.

Additional Rules for Payout Options

Any election is subject to the Death Benefit Distribution Rules described below.

.A PayoutOption that is contingent on life is based on the life of the Beneficiary or, in some cases, the life of a person to whom the Beneficiary is obligated.

We will pay the Death Benefit as a lump sum rather than as payments under a Payout Option if: (1) the Death Benefit is less than $2,000; or (2) as of the date that the Death Benefit Valuevalue is to be applied to a Payout Option, the Death Benefit Distribution Rules do not allow a two-year payout.

Payee of Death Benefit Payments

Death Benefit payments generally are made to the Beneficiary as the payee.

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In place of that, the Beneficiary may elect to have payments made:

 

as a tax-free exchange, transfer, or rollover to or for an annuity or tax-qualified account as permitted by federal tax law; or

 

in cases where the Beneficiary is an estate, trust, custodial account, corporation, limited liability company, partnership, or other entity, to a person to whom the Beneficiary is obligated to make corresponding payments.

Payments that become due after the death of the Beneficiary are made to:

 

the contingent payee designated as part of a Death Benefit Payout Option elected by you; or if none

 

then to a contingent payee designated by the Beneficiary; or if none

 

the estate of the last payee who received payments.

Such payments are subject to the Death Benefit Distribution Rules described below.

You may designate a contingent payee by a Request in Good Order. A Beneficiary may make or change a payee or contingent payee, except a Beneficiary may not change a designation made as part of a Payout Option election made by you for the Death Benefit. If the Beneficiary designates his or her spouse as a contingent payee and their marriage ends before the Beneficiary’s death, then we will treat the former spouse as having predeceased the Beneficiary except to the extent a court order provides that the former spouse’s rights as a contingent payee are to continue.

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Death Benefit Distribution Rules

The Death Benefit Distribution Rules are summarized below.

 

For a Tax Qualified Contract. The Death Benefit must be paid in accordance with the tax qualification endorsement.

 

For a Nonqualified Contract. The Death Benefit must be paid either: (1) in full within five years of the date of death; or (2) over the life of the Beneficiary or over a period certain not exceeding the Beneficiary’s life expectancy, with payments at least annually, and with the first payment made within one year of the date of death.

Payout OptionsPAYOUT OPTIONS

The standard Payout Options are described below. The standard Payout Options will always be available, subject to tax law limitations. We will make payments in any other form of Payout Option requested by you that is acceptable to us at the time of any election. More than one Payout Option may be elected if the requirements for each Payout Option elected are satisfied. All elected Payout Options must comply with pertinent laws and regulations.

Payments under each standard Payout Option are made at the end of a payment interval. For example, if the Annuity Payout Initiation Date is October 31, 2029 and you select annual payments, then the first payment will be paid as of October 31, 2030.

Fixed Period Payout

 

Option

 

Description forFor the Annuity Payout Benefit

Description for Death Benefit

Fixed Period Payout

We will make periodic payments to you, or to the Annuitant, if you direct, for the fixed period of time that you select.

•  If the payee dies before the end of the fixed period, then we will make periodic payments to the surviving owner(s), or if none, then to the surviving contingent payee(s), or if none, then to the estate of the last payee who received payments.

•  In all cases, payments will stop at the end of the fixed period.

For a nonqualified contract, fixed periods shorter than 10 years are not available. For a tax-qualified contract, the only fixed period available is 10 years.

We will make periodic payments to the Beneficiary for the fixed period of time that you or the Beneficiary selects.

•  If the Beneficiary dies before the end of the fixed period, then we will make periodic payments to the contingent payee designated as part of any Death Benefit Payout Option that you have elected. If no such contingent payee is surviving, then such payments will be made to a contingent payee designated by the Beneficiary. If there is no contingent payee surviving, then such payments will be made to the estate of the last payee who received payments.

•  In all cases, payments will stop at the end of the fixed period.

The fixed period cannot exceed the life expectancy of the Beneficiary. For a tax-qualified contract, the fixed period also cannot exceed 10 years.

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Option

Description for Annuity Payout Benefit

Description for Death Benefit

Life Payout

We will make periodic payments to you, or to the Annuitant, if you direct, for as long as the Annuitant lives.

Payments will stop on the death of the Annuitant. This means that, even if we have made only one payment when the Annuitant dies, payments will stop.

If the Annuitant dies after the Annuity Payout Initiation Date but before the first payment, a Life Payout will not provide any benefit at all. In that case, we will reverse the Annuity Benefit Payout election and treat the Contract as if the Annuity Payout Initiation Date had not yet been reached.

•  If the Owner is living, this treatment will generally allow the Owner to choose between continuing the Contract as a deferred annuity or electing a new Annuity Payout Initiation Date and another Payout Option.

•  If the Annuitant’s death before the Annuity Payout Initiation Date would give rise to a Death Benefit, then the Death Benefit will be available.

We will make periodic payments to the Beneficiary for as long as the Beneficiary lives.

Payments will stop on the death of the Beneficiary. This means that, even if we have made only one payment when the Beneficiary dies, payments will stop.

If the Beneficiary dies after the Death Benefit is applied to the Payout Option but before the first payment, a Life Payout will not provide any benefit at all. In that case, we will reverse the Payout Option election and allow the Beneficiary’s estate to choose a new Payout Option or to take the Death Benefit as a lump sum.

For a tax-qualified contract, a Life Payout is not available to all Beneficiaries.

Life Payout with Payments for at Least a Fixed Period

We will make periodic payments to you, or to the Annuitant, if you direct, for as long as the Annuitant lives.

•  If the Annuitant dies after the end of the fixed period you selected, then payments will stop on the death of the Annuitant.

•  If the Annuitant dies before the end of the fixed period you selected, then we will make periodic payments to the surviving owner(s), or if none, then to the surviving contingent payee(s), or if none, then to the estate of the last payee who received payments. In this case, payments will stop at the end of the fixed period you selected.

For a tax-qualified contract, fixed periods longer than 10 years are not available.

We will make periodic payments to the Beneficiary for as long as the Beneficiary lives.

•  If the Beneficiary dies after the end of the fixed period selected, then payments will stop on the death of the Beneficiary.

•  If the Beneficiary dies before the end of the fixed period you or the Beneficiary selected, then we will make periodic payments to the contingent payee designated as part of any Death Benefit Payout Option that you have elected. If no such contingent payee is surviving, then such payments will be made to a contingent payee designated by the Beneficiary. If there is no contingent payee surviving, then such payments will be made to the estate of the last payee who received payments. In this case, payments will stop at the end of the fixed period you or the Beneficiary selected.

The fixed period cannot exceed the life expectancy of the Beneficiary. For a tax-qualified contract, a Life Payout with Payments for at Least a Fixed Period is not available to all Beneficiaries, and the fixed period also cannot exceed 10 years.

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Option

Description for Annuity Payout Benefit

Description for Death Benefit

Joint and One-Half Survivor Payout

We will make periodic payments to you, or to the primary Annuitant, if you direct, for as long as the primary Annuitant lives.

•  If the primary Annuitant dies and the secondary Annuitant does not survive the primary Annuitant, then payments will stop on the death of the primary Annuitant.

•  If the primary Annuitant dies and the secondary Annuitant is surviving, then we will make one-half of the periodic payment to you, or the secondary Annuitant, if you direct, for the rest of the secondary Annuitant’s life. In this case, payments will stop on the death of the secondary Annuitant.

This means that, even if we have made only one payment when the primary Annuitant dies, payments will stop unless the secondary Annuitant survives.

If the Annuitant dies after the Annuity Payout Initiation Date but before the first payment, a Joint and One-Half Survivor Payout will never provide the full payment amount. In that case, if the secondary Annuitant agrees, we will reverse the Annuity Benefit Payout election and treat the Contract as if the Annuity Payout Initiation Date had not been reached.

•  If the Owner is living, this treatment will generally allow the Owner to choose between continuing the Contract as a deferred annuity or electing a new Annuity Payout Initiation Date and another Payout Option.

•  If the Annuitant’s death before the Annuity Benefit Payout Initiation Date would give rise to a Death Benefit, then the Death Benefit will be available.

We will make periodic payments to the Beneficiary for as long as the Beneficiary lives.

•  If the Beneficiary dies and the contingent payee does not survive the Beneficiary, then payments will stop on the death of the Beneficiary.

•  If the Beneficiary dies and the contingent payee designated as part of the Death Benefit Payout Option election is surviving, then we will make one-half of the periodic payment to the contingent payee for the rest of the contingent payee’s life. In this case, payments will stop on the death of the contingent payee.

This means that, even if we have made only one payment when the Beneficiary dies, payments will stop unless the contingent payee survives.

If the Beneficiary dies after the Death Benefit is applied to the Payout Option but before the first payment, a Joint and One-Half Survivor Payout will never provide the full payment amount. In that case, if the contingent payee agrees, we will reverse the Payout Option election and allow the Beneficiary’s estate to choose a new Payout Option or to take the Death Benefit as a lump sum.

A Joint and One-Half Survivor Payout is only available to a Beneficiary who is the surviving spouse of the owner.

We will make periodic payments into you, or to the Annuitant, if you direct, for the fixed period of time that you select. For a nonqualified contract, fixed periods shorter than 10 years are not available. For a tax-qualified contract, the only fixed period available is 10 years.

If the payee dies beforethe end of the fixed period, then we will make periodic payments to the surviving owner(s), or if none, then to the surviving contingent payee(s), or if none, then to the estate of the last payee who received payments.

In all cases, payments will stop at the end of the fixed period.

For the Death Benefit

We will make periodic payments to the Beneficiary for the fixed period of time that you or the Beneficiary selects. The fixed period cannot exceed the life expectancy of the Beneficiary. For a tax-qualified contract, the fixed period also cannot exceed 10 years.

If the Beneficiary dies beforethe end of the fixed period, then we will make periodic payments to the contingent payee designated as part of any other form ofDeath Benefit Payout Option that you have elected. If no such contingent payee is acceptablesurviving, then such payments will be made to usa contingent payee designated by the Beneficiary. If there is no contingent payee surviving, then such payments will be made to the estate of the last payee who received payments.

In all cases, payments will stop at the timeend of the fixed period.

Life Payout

For the Annuity Payout Benefit

We will make periodic payments to you, or to the Annuitant, if you direct, for as long as the Annuitant lives. Payments will stop on the death of the Annuitant. This means that, even if we have made only one payment when the Annuitant dies, payments will stop.

If the Annuitant dies after the Annuity Payout Initiation Date but before the first payment, a Life Payout will not provide any benefit at all. In that case, we will reverse the Annuity Benefit Payout election and treat the Contract as if the Annuity Payout Initiation Date had not yet been reached.

If the Owner is living, this treatment will generally allow the Owner to choose between continuing the Contract as a deferred annuity or electing a new Annuity Payout Initiation Date and another Payout Option.

If the Annuitant’s death before the Annuity Payout Initiation Date would give rise to a Death Benefit, then the Death Benefit will be available.

For a tax-qualified contract, a Life Payout is not available to all Beneficiaries

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For the Death Benefit

We will make periodic payments to the Beneficiary for as long as the Beneficiary lives. Payments will stop on the death of the Beneficiary. This means that, even if we have made only one payment when the Beneficiary dies, payments will stop. For a tax-qualified contract, a Life Payout is not available to all Beneficiaries.

If the Beneficiary dies after the Death Benefit is applied to the Payout Option but before the first payment, a Life Payout will not provide any benefit at all. In that case, we will reverse the Payout Option election and allow the Beneficiary’s estate to choose a new Payout Option or to take the Death Benefit as a lump sum.

Life Payout with Payments for at Least a Fixed Period

For the Annuity Payout Benefit

We will make periodic payments to you, or to the Annuitant, if you direct, for as long as the Annuitant lives. For a tax-qualified contract, fixed periods longer than 10 years are not available.

If the Annuitant dies afterthe end of the fixed period you selected, then payments will stop on the death of the Annuitant.

If the Annuitant dies beforethe end of the fixed period you selected, then we will make periodic payments to the surviving owner(s), or if none, then to the surviving contingent payee(s), or if none, then to the estate of the last payee who received payments. In this case, payments will stop at the end of the fixed period you selected.

For the Death Benefit

We will make periodic payments to the Beneficiary for as long as the Beneficiary lives. The fixed period cannot exceed the life expectancy of the Beneficiary. For a tax-qualified contract, a Life Payout with Payments for at Least a Fixed Period is not available to all Beneficiaries, and the fixed period also cannot exceed 10 years.

If the Beneficiary dies afterthe end of the fixed period selected, then payments will stop on the death of the Beneficiary.

If the Beneficiary dies beforethe end of the fixed period you or the Beneficiary selected, then we will make periodic payments to the contingent payee designated as part of any election. More than oneDeath Benefit Payout Option maythat you have elected. If no such contingent payee is surviving, then such payments will be electedmade to a contingent payee designated by the Beneficiary. If there is no contingent payee surviving, then such payments will be made to the estate of the last payee who received payments. In this case, payments will stop at the end of the fixed period you or the Beneficiary selected.

Joint and One-Half Survivor Payout

For the Annuity Payout Benefit

We will make periodic payments to you, or to the primary Annuitant, if you direct, for as long as the primary Annuitant lives.

If the primary Annuitant dies and the secondary Annuitant does not survive the primary Annuitant, then payments will stop on the death of the primary Annuitant. This means that, even if we have made only one payment when the primary Annuitant dies, payments will stop unless the secondary Annuitant survives.

If the primary Annuitant dies and the secondary Annuitant is surviving, then we will make one-half of the periodic payment to you, or the secondary Annuitant, if you direct, for the rest of the secondary Annuitant’s life. In this case, payments will stop on the death of the secondary Annuitant.

If the Annuitant dies after the Annuity Payout Initiation Date but before the first payment, a Joint and One-Half Survivor Payout will never provide the full payment amount. In that case, if the requirementssecondary Annuitant agrees, we will reverse the Annuity Benefit Payout election and treat the Contract as if the Annuity Payout Initiation Date had not been reached.

If the Owner is living, this treatment will generally allow the Owner to choose between continuing the Contract as a deferred annuity or electing a new Annuity Payout Initiation Date and another Payout Option.

If the Annuitant’s death before the Annuity Benefit Payout Initiation Date would give rise to a Death Benefit, then the Death Benefit will be available.

For the Death Benefit

We will make periodic payments to the Beneficiary for eachas long as the Beneficiary lives.

If the Beneficiary dies and the contingent payee does notsurvive the Beneficiary, then payments will stop on the death of the Beneficiary. This means that, even if we have made only one payment when the Beneficiary dies, payments will stop unless the contingent payee survives.

If the Beneficiary dies and the contingent payee designated as part of the Death Benefit Payout Option elected are satisfied. All electedelection is surviving, then we will make one-half of the periodic payment to the contingent payee for the rest of the contingent payee’s life. In this case, payments will stop on the death of the contingent payee.

If the Beneficiary dies after the Death Benefit is applied to the Payout Options must comply with pertinent lawsOption but before the first payment, a Joint and regulations.One-Half Survivor Payout will never provide the full payment amount. In that case, if the contingent payee agrees, we will reverse the Payout Option election and allow the Beneficiary’s estate to choose a new Payout Option or to take the Death Benefit as a lump sum.

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For a Tax-Qualified Contract, a Joint and One-Half Survivor Payout is only available in certain cases where the Beneficiary is the surviving spouse of the owner.

Payments under a Payout Option

Payments under a Payout Option are calculated and paid as fixed dollar payments. The stream of payments is an obligation of the general account of MassMutual Ascend Life. Fixed dollar payments will remain level for the duration of the payment period. Once payments begin under a Payout Option, the Payout Option may not be changed. Once the Contract value is applied to a Payout Option, the periodic payments cannot be accelerated or converted into a lump sum payment unless we agree.

We will use the 2012 Individual Annuity Reserving Table with projection scale G2 for blended lives (60% female/40% male) with interest at 1% per year, compounded annually, to compute all guaranteed Payout Option factors, values, and benefits under the Contract. For purposes of calculating payments based on the age of a person, we will use his or her age as of his or her last birthday.

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Considerations in Selecting a Payout Option

Payments under a Payout Option are affected by various factors, including the length of the payment period, the life expectancy of the person on whose life payments are based, and the frequency of the payment interval (monthly, quarterly, semi-annually, or annually).

 

Generally, the longer the period over which payments are made or the more frequently the payments are made, the lower the amount of each payment because more payments will be made.

 

For Life Payout Options, the longer the life expectancy of the Annuitant or Beneficiary, the lower the amount of each payment because more payments are expected to be paid.

Non-Human Payees under a Payout Option

Except as stated below, the primary payee under a Payout Option must be a human being. All payments during his or her life must be made by check payable to the primary payee or by electronic transfer to a bank account owned by the primary payee.

Exceptions. Below are some exceptions to the general rule that the primary payee must be a human being. We may make other exceptions in our discretion.

 

A nonhuman that is the Owner of the Contract may be the primary payee. For example, if the Owner is a trust, that trust may be the primary payee.

 

Payments may be made payable to another insurance company or financial institution as a tax-free exchange, transfer, or rollover to or for another annuity or tax-qualified account as allowed by federal tax law.

Processing Applications and RequestsPROCESSING PURCHASE PAYMENTS AND REQUESTS

Processing Applications and Initial Purchase Payments

We will process an application when we have received both the application and the initial Purchase Payment.

If that happens on a Market Day before the Market Close, we will process the application and apply the Purchase Payment on that Market Day.

If that happens on a Market Day after the Market Close or on a day that is not a Market Day, then we will process the application and apply the Purchase Payment on the next Market Day.

We cannot process your application if it is not a Request in Good Order or if we have not received your initial Purchase Payment. Likewise, we cannot apply your initial Purchase Payment if we have not received your application.

If you have any questions, you should contact us or your registered representative before submitting your application or sending your initial Purchase Payment.

Processing Additional Purchase Payments

 

If we receive an additionala Purchase Payment on a Market Day before the Market Close, we will apply it to your Contract on that Market Day.

 

If we receive an additionala Purchase Payment on a Market Day after the Market Close or on a day that is not a Market Day, then we will apply it to your Contract on the next Market Day.

An amount applied to a Contract will be held in the Purchase Payment Account until it is applied to a Crediting Strategy or Strategies on a Strategy Application Date pursuant to your instructions. We cannot apply an additionalamount held in the Purchase Payment Account to a Crediting Strategy or Strategies if we do not have complete instructions from you.

If you have any questions, you should contact us or your registered representative before sending an additionala Purchase Payment.

Processing Requests

Requests may be made by mail at P.O. Box 5423, Cincinnati OH 45201-5423. Request

Requests by fax may be made at 800-807-9777.

Requests for reallocations among Crediting Strategies may be made by telephone at 1-800-789-6771 between 8:00 AM and 4:00 PM Eastern Time Monday through Friday. We may also permit reallocation requests to be made at our website (massmutualascend.com)(www.massmutualascend.com). Some selling firms may restrict the ability of their registered representatives to convey reallocation requests by telephone or Internet on your behalf.

To obtain one of our forms (for example, a Strategy Selection form or a Withdrawal Request form) or to obtain more information about how to make a request, call us at 1-800-789-6771 or send us a fax at 800-807-9777. You can also request forms or information by mail at MassMutual Ascend Life Insurance Company, P.O. Box 5423, Cincinnati OH 45201-5423. You may also obtain forms on our website, www.massmutualascend.com.(www.massmutualascend.com).

 

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We cannot process a request unless it is a Request in Good Order. A request may be rejected or delayed if it is not a Request in Good Order.

 

If we receive a Request in Good Order on a Market Day before the Market Close, we will process it using values determined at the Market Close on that Market Day.

 

If we receive a Request in Good Order after the Market Close or on a day that is not a Market Day, then we will treat that request as received at the start of the next Market Day.

If you have any questions, you should contact us or your registered representative before submitting the request.

Exception. If a withdrawal under an automatic withdrawal program is scheduled for a date that is not a Market Day, then we will process the withdrawal on the scheduled date using values at the most recent Market Close. For example, if the automatic withdrawal is scheduled for a date that falls on Sunday and there was a Market Close at 4:00 PM on the previous Friday, then we will process the withdrawal on Sunday using values determined at 4:00 PM on that FridayFriday.

Market Days and Market Close

A Market Day is each day that all markets that are used to measure available Indexed Strategies are open for regular trading.

 

Saturdays, Sundays, holidays, and any other day that the New York Stock Exchange and the NYSE Arca are closed are not Market Days.

 

The NYSE and the NYSE Arca observe the following holidays: New Year’s Day, Martin Luther King, Jr. Day, President’s Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

A Market Close is the close of the regular or core trading session on the market used to measure a given Indexed Strategy.

 

NYSE

NYSE Arca

Regular trading hours usually end at 4:00 PM Eastern TimeCore trading session usually ends at 4:00 PM Eastern Time
Trading hours end at 1:00 PM Eastern Time on the day before the Fourth of July and the Friday after Thanksgiving Christmas Eve.Core trading session ends at 1:00 PM Eastern Time on the day before the Fourth of July and the Friday after Thanksgiving Christmas Eve.

Regular trading hours on the NYSE and core trading sessions on the NYSE Arca usually end at 4:00 PM Eastern Time

Trading hours on the NYSE and core trading sessions on the NYSE Arca end at 1:00 PM Eastern Time on the day before the Fourth of July and the Friday after Thanksgiving and Christmas Eve.

Regular trading or a core trading session may end at a different time on a Market Day under certain circumstances when and as permitted under applicable rules. Such circumstances generally cannot be predicted in advance.

Specific information about NYSE and NYSE Arca holidays and trading hours in any given calendar year is available at https://www.nyse.com/markets/hours-calendars.

Receipt of Purchase Payments, Applications and Requests

For purposes of processing, we deem Purchase Payments and applications, Requests in Good Order, and other instructions (paperwork) mailed to our post office box as received by us at our administrative office when the Purchase Payment or the paperwork reaches the applicable processing department located at 191 Rosa Parks Street, Cincinnati OH 45202.

Risks and Limitations Related to Requests by Telephone or Internet

We will use reasonable procedures such as requiring certain identifying information, tape recording the telephone instructions, and providing written confirmation of the transaction, in order to confirm that instructions communicated by telephone, fax, Internet or other means are genuine. Any telephone, fax or Internet instructions reasonably believed by us to be genuine will be your responsibility, including losses arising from any errors in the communication of instructions. As a result of this policy, you will bear the risk of loss. We are not responsible for the validity of any request or action.

Telephone and computer systems may not always be available. Any telephone or computer system, whether it is yours, your service provider’s, your agent’s, or ours, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may delay or prevent our processing of your request. Although we have taken precautions to help our systems handle heavy use, we cannot promise complete reliability under all circumstances. If you experience technical difficulties or problems, you should consider making your request by mail.

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If you purchase your contract and subsequently move or travel to a country for which we restrict website access due to Office of Foreign Assets Control (OFAC) sanctions, other US government regulations, or high computer hacker risk, you will only be able to submit transaction requests via telephone, U.S. postal service, or private carriers. The list of countries for which we currently block website access is as follows: Iran, Russia, North Korea, Ukraine, China, Syrian Arab Republic, Tunisia, Belarus, Turkey, South Korea, Venezuela, Palestinian Territory, and Vietnam. We will update this list from time to time, as needed.

Suspension of Payments or Transfers

We may be required to suspend or delay payments, withdrawals, and reallocations when we cannot obtain an Index Valuevalue because:

 

the New York Stock Exchange or NYSE Arca is closed (other than customary weekend and holiday closings);

 

trading on the New York Stock Exchange or NYSE Arca is restricted; or

 

an emergency exists such that it is not reasonably practicable to determine fairly the value of the Index; orIndex.

In this case, we will make payments and process withdrawals and reallocations as soon as practicable after we are able to obtain the Index value.

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We may suspend or delay payments, withdrawals and reallocations when we are permitted to do so under a regulatory order. In this case, we will make payments and process withdrawals and reallocations when the order is no longer in effect.

Restrictions on Financial Transactions

Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to block an Owner’s ability to make certain transactions. This means that we may be required to refuse to accept any request for withdrawals, Surrenders, Annuity Payout Benefit payments or Death Benefit payments, until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators.

Right to Cancel (Free Look)RIGHT TO CANCEL (FREE LOOK)

If you change your mind about owning the Contract, you canmay cancel it within 20 days after you receive it. If you purchasedpurchase this Contract to replace an existing annuity contract or life insurance policy, you have 30 days after you receive it. This is known as a “free look.” The right to cancel period may be longer in some states.

To cancel your Contract, you must submit your request to cancel to the producer who sold it or send it to us at P.O. Box 5423, Cincinnati, OH 45201-5423. If sent to us by mail, it is effective on the date postmarked with proper address and postage paid. Your request to cancel must be in writing and signed by you.

If you cancel your Contract, you will receive a refund. The amount of the refund will depend on where you live. When you cancel the Contract within this free look period, we will not assess an Early Withdrawal Charge. Unless otherwise required by

If you live in a state law, you will receive the Account Value of your Contract on the day that we receive your cancellation request. The amount you receive may be more or less than your Purchase Payment(s) depending upon the amount of interest earned by your Contract during the free look period and any Vested Gain or Loss that applies as of the day that we receive your cancellation request. This means that you bear the risk of any decline in the Account Value of your Contract during the free look period. We do not refund any Early Withdrawal Charges assessed during the free look period that relate to a withdrawal taken before you cancel the Contract.

In certain states,where we are required to give back your Purchase Payment(s) if you decide to cancel your Contract during the free look period. If we are required by law to refund your Purchase Payment(s), weyou will receive a refund equal to your Purchase Payment(s), but you will forfeit any interest credited to the Purchase Payment Account or other increase in the Account Value. We reserve the right to hold your Purchase Payment(s) in the Purchase Payment Account until the first Strategy Application Date on or after the end of the free look period. In those states, no

If you live in a state where we are required to refund the Account Value of your Contract, you will receive the Account Value on the day that we receive your cancellation Request in Good Order. If the Account Value includes the value of an Indexed Strategy, that Strategy value will reflect the applicable Daily Value Percentage. The amount you receive may be more or less than your Purchase Payment(s) depending upon any interest or Vested Gainearned by your Contract and the value of your Indexed Strategies. This means that you bear the risk of any decline in the Account Value of your Contract before we receive your cancellation request.

No Early Withdrawal Charges will apply to the amount refunded. Unless required by state law, we do not refund any Early Withdrawal Charges assessed during the free look period that relate to a withdrawal taken before you cancel the Contract.

The State Variations section of this prospectus contains a summary of the state law provisions related to the free look period and the required refund amount.

There may be paid.tax consequences if you cancel the Contract. You should seek advice on tax questions based on your particular circumstances from a tax advisor.

Annual Statement and ConfirmationsANNUAL STATEMENT AND CONFIRMATIONS

At least once each calendar year, we will send you a statement that will show: (1) your Account Value; (2) all transactions regarding your Contract during the year; and (3) theany interest credited to your Contract and Vested Gains and Lossesand/or any other changes in Strategy value credited to your Contract.

We will also send you written confirmations of Purchase Payments, Crediting Strategy allocations and renewals, withdrawals, and other financial transactions under your Contract. Statements and confirmations will be sent to your last known address on our records.

You should promptly report any inaccuracy or discrepancy in a statement or confirmation. To report an inaccuracy or discrepancy, contact us at P.O. Box 5423, Cincinnati, OH 45201-5423, or call us at 1-800-789-6771. To protect your rights, you should consider reconfirming any oral communications by sending a written statement to P.O. Box 5423, Cincinnati, OH 45201-5423.

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Electronic DeliveryELECTRONIC DELIVERY

You may elect to receive electronic delivery of the Contract prospectus and other Contract related documents. Contact us at our website at www.massmutualascend.com for more information and to enroll.

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Abandoned Property RequirementsABANDONED PROPERTY REQUIREMENTS

Every state has unclaimed property laws. These laws generally declare annuity contracts to be abandoned after a period of inactivity of three to five years from: (1) the latest permitted Annuity Payout Initiation Date; or (2) the date of death for which a Death Benefit is due and payable. For example, if the payment of a death benefit has been triggered,is due, but the beneficiary does not come forward to claim the death benefit in a timely manner, the unclaimed property laws will apply.

If a Death Benefit, Annuity Payout Benefit payments or other contract proceeds are unclaimed, we will pay them to the abandoned property division or unclaimed property office of the applicable state. (Escheatment is the formal, legal name for this process.) For example, on an unclaimed Death Benefit, depending on the circumstances, the proceeds are paid: (1) to the state where the beneficiary last resided, as shown on our books and records; (2) to the state where the contract owner last resided, as shown on our books and records; or (3) to Ohio, which is our state of domicile. The state will hold the proceeds without interest until a valid claim is made by the person entitled to the proceeds.

To prevent escheatment of the Death Benefit, Annuity Payout Benefit payments, or other proceeds from your Contract, it is important:

 

to update your contact information, such as your address, phone number, and email address, if and as it changes; and

 

to update your Beneficiary and other designations, including complete names, complete addresses, phone numbers, and social security numbers, if and as they change.

Please contact us at P.O. Box 5423, Cincinnati, OH 45201-5423, or call us at 1-800-789-6771, to make such updates.

State unclaimed property laws do not apply to annuity contracts that are held under an employer retirement plan that is subject to the Employee Retirement Income Security Act of 1974 (ERISA).

OwnerOWNER

The Owner on the Contract Effective Date is set out on your Contract Specifications Page. The Owner possesses all of the ownership rights under a Contract, such as making allocations among the Crediting Strategies, electing a Payout Option, and designating a Beneficiary.

If an Owner is a trust, custodial account, corporation, limited liability company, partnership, or other entity, then the age of the eldest Annuitant is treated as the age of the Owner for all purposes of this Contract.

Joint Owners

 

  

For a Nonqualified Contract. Two persons may jointly own the Contract. In this case, the term “Owner” includes the joint Owner and you must exercise all rights of ownership by joint action.

 

  

For a Tax Qualified Contract. No joint owner is permitted.

Change of Owner

 

  

For a Nonqualified Contract. You may change the Owner at any time during your lifetime.only with our written consent. A change of Owner cancels all prior Beneficiary designations. It does not cancel a designation of an Annuitant or a Payout Option election.

 

  

For a Tax Qualified Contract. You cannot change the Owner except to the limited extent permitted by the tax qualification endorsement.

A change of Owner must be made by a Request in Good Order. A change of Owner may have adverse tax consequences.

Assignment

 

  

For a Nonqualified Contract. You may pledge, charge, encumber or assign you interest in this Contract only with our written consent. If we grant our consent, you may assign all or any part of your rights under this Contract except your rights to designate or change a Beneficiary or an Annuitant, to change Owners, or to elect a Payout Option.

 

  

For a Tax Qualified Contract. You cannot pledge, charge, encumber or in any way assign your rights underinterest in this Contract except to the limited extent permitted by the tax qualification endorsement.

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An assignment must be maderequested by a Request in Good Order. We are not responsible for the validity of any assignment. An assignment may have adverse tax consequences.

TheIf we have consented to an assignment, the rights of a person holding anthe assignment, including the right to any payment under this Contract, come before the rights of an Owner, Annuitant, Beneficiary, or other payee. An assignment may be ended only by the person holding it or as provided by law.

Successor Owner

Your spouse becomes the successor owner of the Contract and succeeds to all rights of ownership if all of the following requirements are met:

 

a Death Benefit is payable on account of your death;

 

the sole Beneficiary under the Contract is your spouse or a revocable trust or custodial account created by your spouse;

 

either you make that election by a Request in Good Order before your death or your spouse makes that election by a Request in Good Order before the Death Benefit Payment Date; and

 

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you were not a successor owner of the Contract.

A successor owner election cancels all prior Beneficiary designations. It does not cancel a designation of an Annuitant or a Payout Option election.

In some states, state law extends this successor owner right to a civil union partner or other person who is not your spouse as defined by federal tax law. In that case, distributions after your death must be made as required by the Death Benefit Distributions Rules described in the Death Benefit section on page [ ].59.

Community Property

If you live in a community property state and have a spouse at any time while you own this Contract, the laws of that state may vary your ownership rights.

AnnuitantANNUITANT

The Annuitant is the natural person on whose life Annuity Payout Benefit payments are based. The Annuitant on the Contract Effective Date is set out on your Contract Specifications Page.

 

  

For a Nonqualified Contract. The Annuitant cannot be changed at any time that the Contract is owned by a trust, custodial account, corporation, limited liability company, partnership, or other entity. Otherwise, you may change a designation of Annuitant at any time before the Annuity Payout Initiation Date.

 

  

For a Tax Qualified Contract. The Annuitant must be the natural person covered under the retirement arrangement for whose benefit the Contract is held.

A change of Annuitant must be made by a Request in Good Order. A change of Annuitant does not cancel a designation of a Beneficiary or a Payout Option election.

If an Annuitant dies before the Annuity Payout Initiation Date and no Death Benefit is payable, then in the absence of a new designation, the Annuitant will be:

 

the surviving joint Annuitant(s); or if none

 

the Owner(s).

BeneficiaryBENEFICIARY

A Beneficiary is a person entitled to receive all or part of a Death Benefit that is to be paid under this Contract on account of a death before the Annuity Payout Initiation Date.

 

If a Death Benefit becomes payable on account of your death or the death of a joint Owner, then the surviving Owner is the Beneficiary no matter what other designation you may have made.

 

In all other cases, you may designate a personone or person who will be themore Beneficiaries as provided in the Designation of Beneficiary provision of the Contract.

 

If no designated Beneficiary is surviving, then the Beneficiary is your estate.

 

If the sole Beneficiary under the Contract is your spouse or a revocable trust or custodial account created by your spouse and all other requirements for successor ownership are met, then your spouse may become the successor owner of the Contract in lieu of receiving the Death Benefit.

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A designation of Beneficiary must be made by a Request in Good Order. We must receive the request on or before the date of death for which a Death Benefit is payable.

 

You may designate two or more persons jointly as the Beneficiaries. Unless you state otherwise, joint Beneficiaries that are surviving are entitled to equal shares.

 

You may designate one or more persons as contingent Beneficiary. Unless you state otherwise, a contingent Beneficiary is entitled to a benefit only if there is no primary Beneficiary who that is surviving.

Survivorship Required

In order to be entitled to receive a Death Benefit, a Beneficiary must survive for at least 30 days after the death for which the Death Benefit is payable.

If you designate your spouse as a Beneficiary and your marriage ends before your death, we will treat your former spouse as having predeceased you unless:

 

a court order provides that the former spouse’s rights as a beneficiary are to continue; or

 

the former spouse remains or becomes an Owner.

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Other Contract ProvisionsOTHER CONTRACT PROVISIONS

Amendment of the Contract

We reserve the right to amend the Contract to comply with applicable Federal or state laws or regulations. We will notify you in writing of any such amendments.

Misstatement

We may require proof of the age of the Annuitant, Owner and/or the Beneficiary before making any payments under the Contract that are measured by such person’s life. If the age of the measuring life has been misstated, the amount payable will be the amount that would have been provided at the correct age. If payments based on the correct age would have been higher, we will pay the underpaid amount with interest. If payments would be lower, we may deduct the overpaid amount, with interest, from succeeding payments.

Involuntary Termination

If yourthe Account Value on any anniversary of the initial Strategy Application Date is belowless than the minimum required value of $5,000 for any reason,due to poor market performance or withdrawals from the Contract, we may terminate your Contract on that anniversary.

If your Contract has Terms that end on the same date because you mademake only one Purchase Payment, each Term will end on an anniversary of the initial Strategy Application Date. In this case, any involuntary termination will occur on a date that date. is the end of a Term.

If your Contract hasyou make multiple Purchase Payments, Terms thatmay end on different dates because you made more than one Purchase Payment,dates. In this case, any involuntary termination will occur on one of those dates, which will bea date that is the end of onea Term, but notit will occur before the end of the other Terms. In this case, the Surrender Value payable upon termination of your Contract will reflect the Vested Gains and Vested LossesDaily Value Percentages used to calculate the valuesvalue of Indexed Strategies with Terms that are not ending on the termination date.

The examples below show the relationship between the date of an involuntary termination and the end of a Term.

Example A. You make one Purchase Payment that is applied to the Crediting Strategies on June 20, 2024. Terms will start and end on June 20 and the anniversary of the initial Strategy Application Date will be June 20. If your Account Value is less than $5,000 on June 20, 2026, we may terminate your Contract on that anniversary date.

Example B. You make two Purchase Payments. One Purchase Payment is applied to the Crediting Strategies on May 6, 2024 and the other Purchase Payment is applied to the Crediting Strategies on June 20, 2024. Terms will start and end on May 6 and on June 20. The anniversary of the initial Strategy Application Date will be May 6.

If your Account Value is less than $5,000 on June 20, 2026, we may not terminate your Contract because June 20 is not an anniversary of the initial Strategy Application Date.

If your Account Value is less than $5,000 on May 6, 2027, we may terminate your Contract on that anniversary date even though the other Term will not end until June 20, 2027.

If we terminate your Contract, we will pay you the Surrender Value determined as of the date that we terminate your Contract. The Surrender Value will reflect the applicable Indexed Strategy values as calculated on the day that we terminate your Contract.

Loans

Loans are not available under the Contract.

Previous Notice Methods

For contracts issued before May 1, 2019, we will send you a written notice at least 30 days before the end of each Term with the Declared Rate and the Maximum Gains that will apply for the next Term.

State Variations

This prospectus describes the material features of the Contract. Contracts issued in your state may provide different features and benefits from, and impose different costs than, those described in this prospectus because of state law variations. However, please note that the maximum charge is set forth in this prospectus. If you would like to review a copy of the Contract and any endorsements, contact us at P.O. Box 5423, Cincinnati, OH 45201-5423, visit our website at www.massmutualascend.com or call us at 1-800-789-6771.

The following information is a summary of material state variations as of the date of this prospectus.

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General

For Contracts Issued in Illinois and New Jersey: References to “spouse” have been changed to “spouse or civil union partner.”

Extended Care Waiver Rider. The table below summarizes material state variations related to the rider.

For Contracts Issued in:

Variations in Extended Care Waiver Rider

CaliforniaThe Waiver of Early Withdrawal Charges for Facility Care or Home Care or Community-Based Services Rider (CA Rider) replaces the Extended Care Waiver Rider. The CA Rider provides a waiver under an expanded set of circumstances. The waiver will apply if, at the time of the withdrawal or surrender, or within the immediately preceding 90 days, the following conditions are met: (1) the insured is confined in a facility or is receiving, as prescribed by a physician, registered nurse or licensed social worker, home care or community-based services; (2) the insured’s confinement in a facility, the insured’s receipt of home care or community-based services, or any combination thereof has continued for a period of at least 90 consecutive days; and (3) the first day of such 90-day period was at least one year after the contract effective date. Facility includes a skilled nursing facility, a convalescent nursing home, or an extended care facility or a residential care facility or a residential care facility for the elderly. Home care or community-based services includes home health care, adult day care, personal care, homemaker services, hospice services and respite care as defined in the rider. Additional conforming changes have been made including revised and new definitions, and inclusion of a description of circumstances under which the waiver does not apply. The termination provision has been modified to reflect that the rider will not terminate if you transfer or assign an interest in the contract to a person or entity other than the insured.
ConnecticutThe conditions under which the waiver applies have been modified. The waiver will apply if at the time of a withdrawal or surrender or within the immediately preceding 90 days all of the following conditions are met: (1) an insured is confined in a long-term care facility or hospital; and (2) the confinement has continued for a period of at least 90 consecutive days.
KansasThe conditions under which the waiver applies have been modified. The first day of confinement must be at least 90 days after the contract effective date, rather than one year after the contract effective date.
Massachusetts and MissouriThis waiver rider in not available in Massachusetts or Missouri.
MontanaThe definition of medically necessary has been modified and refers to the insured’s physician.
NebraskaThe definition of skilled nursing facility has been modified by adding a licensed practical nurse to the list of persons who may provide nursing services or supervise the provision of nursing services.
New HampshireThe definition of skilled nursing facility has been modified by changing the phrase “licensed and operated as a skilled nursing facility” to “operated as a skilled nursing facility.”
Pennsylvania

The conditions under which the waiver is available have been modified. The waiver will apply if at the time of a withdrawal or surrender or within the immediately preceding 90 days all of the following conditions are met: (1) an insured is confined in one or more long-term care facilities, hospital, or a combination of such; (2) the confinement is prescribed by a physician and is medically necessary; (3) the first day of the confinement is at least one year after the contract effective date; and (4) the confinement has continued for a period of at least 90 consecutive days, or has continued for a total of at least 90 days if each successive confinement occurs within six months of the previous confinement and is for the same related medical cause.

The definition of long-term care facility has been modified. The following facilities have been deleted from the list of facilities excluded from that definition: a facility that primarily treats drug addicts and a facility that is a home for the mentally ill. An exclusion provision has been added to clarify that the waiver will not apply if the insured is confined in a long-term care facility or hospital for the treatment of certain types of drug addiction or mental illnesses.

The definition of hospital has been modified by changing the phrase “it maintains, or has access to, medical, diagnostic, and major surgical facilities” to “it maintains, or has access to, medical and diagnostic facilities.”

Vermont

The definition of long-term care facility has been modified. The following facilities have been deleted from the list of excluded facilities: a facility that primarily treats drug addicts, a facility that primarily treats alcoholics, and a facility that is a home for the mentally ill.

The definition of physician has been modified by changing the phrase “a person who is licensed in the United States as a medical doctor or a doctor of osteopathy and who is practicing within the scope of his or her license” to “a person who is licensed in the United States who is providing medical care and treatment when such services are provided within the scope of his or her license and provided pursuant to applicable law.”

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For Contracts Issued in:

Variations in Extended Care Waiver Rider

WashingtonThe waiver is based on confinement to an extended care facility or hospital rather than a long-term care facility or hospital. Definitions are modified to reflect the new terminology, references to “skilled nursing facility” are changed to “nursing facility” and the related definition is modified. In the definition of nursing facility and hospital, a licensed practical nurse is added to the list of persons who may provide nursing services or supervise the provision of nursing services.

Terminal Illness Waiver Rider. The table below summarizes material state variations related to the rider.

For Contracts Issued in:

Variations in Terminal Illness Waiver Rider

Illinois, Kansas, WashingtonAs a result of the terminal illness, your life expectancy must be 24 months from the date of death, rather than 12 months.
KansasThe diagnosis must be rendered 90 days after the contract effective date, rather than one year after the contract effective date.
New JerseyThe requirement related to the timing of the diagnosis does not apply. But the waiver will not be available until at least one year after the contract effective date.
MassachusettsThis waiver rider in not available in Massachusetts.
Pennsylvania

The diagnosis must be rendered after the contract effective date, rather than one year after the contract effective date. But the waiver will not be available until at least one year after the contract effective date.

The waiver is based on a terminal condition as defined in the rider, rather than a terminal illness.

TexasThe diagnosis must be rendered on or after the contract effective date, rather than one year after the contract effective date.

Form of Annuity Payout Benefit

For Contracts Issued in Texas: Payments under a Payout Option are subject to a $50 minimum.

Right to Cancel (Free Look)

State law governs the length of the free look period and the amount of the refund that you will receive. The table below summarizes the state law provisions.

For Contracts Issued in:

Free Look Period and Refund

Replacement Situations:

Free Look Period and Refund

Alabama, Colorado, Hawaii, Iowa, Maine, Mississippi, Montana, New Mexico, Ohio, Oregon, Vermont, Virginia, West Virginia

20 days

Account Value

30 days

Account Value + Fees/Charges

Alaska, Arizona, Connecticut, Illinois, Kansas, Michigan, New Jersey, North Dakota, South Dakota

20 days

Account Value + Fees/Charges

30 days

Account Value + Fees/Charges

Arkansas, District of Columbia, Pennsylvania

20 days

Account Value

30 days

Account Value

Delaware, Indiana, Massachusetts, Tennessee

20 days

Account Value

30 days

Purchase Payments

Georgia, Idaho, Missouri, Nevada, Oklahoma, Utah

20 days

Purchase Payments

30 days

Purchase Payments

Kentucky, Louisiana, Maryland, Nebraska, New Hampshire, North Carolina, Rhode Island, South Carolina, Texas

20 days

Purchase Payments

30 days

Account Value + Fees/Charges

California

30 days

Account Value + Fees/Charges

If owner is age 60 or older, refund amount is Purchase Payments

30 days

Account Value + Fees/Charges

If owner is age 60 or older, refund amount is Purchase Payments

Florida

21 days

Account Value + Fees/Charges

30 days

Account Value + Fees/Charges

Minnesota

20 days

Account Value + Fees/Charges

30 days

Purchase Payments

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For Contracts Issued in:

Free Look Period and Refund

Replacement Situations:

Free Look Period and Refund

Washington

20 days

Greater of: (1) Purchase Payments or (2) Account Value minus taxes

30 days

Purchase Payments

Wisconsin

30 days

Account Value

30 days

Account Value + Fees/Charges

Wyoming

20 days

Account Value

30 days

Greater of: (1) Purchase Payments or (2) Account Value + Fees/Charges

Assignment

For Contracts Issued in Ohio: Subject to the tax qualifications endorsement, if any, you may assign your rights to designate or change a Beneficiary or an Annuitant, to change Owners, or to elect a Payout Option if you make a specific Request in Good Order.

Amendment of the Contract

For Contracts Issued in Florida and Texas: You have the right to reject an endorsement that changes the provisions of this Contract to obtain or retain the intended tax treatment under federal tax law, or to take into account other pertinent laws and governmental regulations and rulings. We will not be responsible for the tax or other consequences of your rejection.

Involuntary Termination

For Contracts Issued in Texas: Our right to terminate this Contract is not tied to the minimum required value. We have the right to terminate this Contract if the Account Value would provide a benefit of less than $20 each month at age 70 under a life payout with payments for at least a fixed period of 10 years.

Index Replacement

We may replace an Index if it is discontinued or we are no longer able to use it, its calculation changes substantially, or we determine that hedging instruments are difficult to acquire or the cost of hedging becomes excessive. We may do so at the end of a Term or during a Term. We will notify you in writing at least 30 days before we replace an Index.

We would attempt to choose a replacement Index that is similar to the old Index. To determine if a new Index is similar, we will consider factors such as asset class, Index composition, strategy or methodology inherent to the Index and Index liquidity.

If we replace an Index during a Term, we will calculate Vested Gains and Losses using the old Index up until the replacement date. After the replacement date, we will calculate Vested Gains and Losses using the new Index, but with a modified start of Term value for the new Index. The modified start of Term value for the new Index will reflect the Index Change for the old Index from the start of the Term to the replacement date.

If we replace an Index, the applicable Maximum Gain and Bailout Trigger for the Term, the applicable Maximum Loss or Buffer, and the Vesting Factors will not change.

Example. This example is intended to show how we would calculate Vested Gain or Loss on any day during a Term if we have replaced an Index during the Term. This example assumes: (1) you allocate $50,000 to a Growth/-10% Floor Strategy; and (2) the replacement is made on day 90 of the Term. To simplify the example, we assume that you take no withdrawals during the Term.

Index Change on Replacement Date for Old Index

Old Index Value at Term Start

1000

Old Index Value on Replacement Date

1050

Old Index Change on Replacement Date

(1050 - 1000) / 1,000 = 5

The 5% Index Change on the Replacement Date is then used to calculate the modified start of Term value for the new Index.

Modified Start of Term Value for New Index

Old Index Change on Replacement Date

5

New Index Value on Replacement Date

1785

Modified Start of Term Value for New Index

1785 / (100% + 5%) = 1700

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The modified start of Term value for the new Index is then used to calculate the Strategy value on any date after the replacement date, including the value at the Term end.

Strategy Value at Term End

Investment Base at Term Start

$50,000

Modified Start of Term Value for New Index

1700

Value of New Index at Term End

1853

Positive Index Change

(1853 - 1,700) / 1700) = 9%

Maximum Gain

Gain of 8%

Positive Index Change Limited by Maximum Gain

8%

Vesting Factor for Positive Index Change at Term End

100%

Vested Gain as a Percentage

8% x 100% = 8%

Vested Gain in Dollars

$50,000 x 8% = $4,000

Strategy Value at Term End

$50,000 + $4,000 = $54,000

Federal Tax ConsiderationsFEDERAL TAX CONSIDERATIONS

This section provides a general description of federal income tax considerations relating to the Contracts. The purchase, holding and transfer of a Contract may have federal estate and gift tax consequences in addition to income tax consequences. Estate and gift taxation is not discussed in this prospectus. State taxation will vary, depending on the state in which you reside, and is not discussed in this prospectus.

The tax information provided in this prospectus is not intended or written to be used as legal or tax advice. It is written solely to provide general information related to the sale and holding of the Contracts. You should seek advice on legal or tax questions based on your particular circumstances from an attorney or tax advisor who is not affiliated with MassMutual Ascend Life.advisor.

Tax Deferral on Annuities

Internal Revenue Code (“IRC”) Section 72 governs taxation of annuities in general. The income earned on a Contract is generally not included in income until it is withdrawn from the Contract. In other words, a Contract is a tax-deferred investment.The advantages of tax deferral are lost if you Surrender or take withdrawals from the Contract, unless the Surrender or withdrawal is part of a rollover, transfer, or exchange. Tax deferral is not available for a Contract when an Owner is not a natural person unless the Contract is part of a tax-qualified retirement plan or the Owner is a mere agent for a natural person. For a nonqualified deferred compensation plan, this rule means that the employer as Owner of the Contract will generally be taxed currently on any increase in the Surrender Value, although the plan itself may provide a tax deferral to the participating employee.

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Under certain circumstances, based on a rule known as the “Investor Control Doctrine,” the IRS has stated that the holder of an annuity contract could be treated as the owner (for tax purposes) of the assets of a separate account that supports the annuity contract. If you were treated as the owner of an interest in the separate account, then you would be taxed on the income, gain, and loss arising out of your interest in the separate account. Although the IRS has not provided definitive guidance on the application of this rule to indexed annuity contracts, we do not believe that this rule applies to the Contract because you have no specific, fractional, or unitized interest in the separate account assets, we are not obligated to invest the separate account in any particular assets, the investment return and market value of the separate account assets is not allocated in an identical manner to any Contract, the Contract values are determined based on gains and losses regardless of the performance of the separate account assets, and the derivatives that we may hold in the separate account are not publicly traded.

Tax-Qualified Retirement Plans

Annuities may also qualify for tax-deferred treatment, or serve as a funding vehicle, under tax-qualified retirement plans that are governed by other IRC provisions. These provisions include IRC Section 401 (pension, profit sharing, and 401(k) plans), IRC Section 403(b) (tax-sheltered annuities), IRC Sections 408 and 408A (individual retirement annuities), and IRC

Section 457(b) (governmental deferred compensation plans). Tax-deferral is generally also available under these tax-qualified retirement plans through the use of a trust or custodial account without the use of an annuity.

The tax law rules governing tax-qualified retirement plans and the treatment of amounts held and distributed under such plans are complex. If the Contract is to be used in connection with a tax-qualified retirement plan, including an individual retirement annuity (“IRA”) under a Simplified Employee Pension (SEP) Plan, you should seek competent legal and tax advice regarding the suitability of the Contract for your particular situation.

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Contributions to a tax-qualified Contract are typically made with pre-tax dollars, while contributions to other Contracts are typically made from after-tax dollars, though there are exceptions in either case. Tax-qualified Contracts may also be subject to restrictions on withdrawals that do not apply to other Contracts. These restrictions may be imposed to meet the requirements of the IRC or of an employer plan.

Following is a brief description of the types of tax-qualified retirement plans for which the Contracts are available.

Individual Retirement Annuities. IRC Sections 219 and 408 permit certain individuals or their employers to contribute to an individual retirement arrangement known as an “Individual Retirement Annuity” or “IRA”. Under applicable limitations, an individual may claim a tax deduction for certain contributions to an IRA. Contributions made to an IRA for an employee under a Simplified Employee Pension (SEP) Plan or Savings Incentive Match Plan for Employees (SIMPLE) established by an employer are not includable in the gross income of the employee until distributed from the IRA. Distributions from an IRA are taxable to the extent that they represent contributions for which a tax deduction was claimed, contributions made under a SEP plan or SIMPLE, or income earned within the IRA.

Roth IRAs. IRC Section 408A permits certain individuals to contribute to a Roth IRA. Contributions to a Roth IRA are not tax deductible. Tax-free distributions of contributions may be made at any time. Distributions of earnings are tax-free following the five-year period beginning with the first year for which a Roth IRA contribution was made if the Owner has attained age 59 1/2, become disabled, or died, or for qualified first-time homebuyer expenses.

Tax-Sheltered Annuities. IRC Section 403(b) of permits public schools and charitable, religious, educational, and scientific organizations described in IRC Section 501(c)(3) to establish “tax-sheltered annuity” or “TSA” plans for their employees. TSA contributions and Contract earnings are generally not included in the gross income of the employee until distributed from the TSA. Amounts attributable to contributions made under a salary reduction agreement cannot be distributed until the employee attains age 59 1/2, severs employment, becomes disabled, incurs a hardship, is eligible for a qualified reservist distribution, or dies. The IRC and the plan may impose additional restrictions on distributions.

Pension, Profit-Sharing, and 401(k) Plans. IRC Section 401 permits employers to establish various types of retirement plans for employees, and permits self-employed individuals to establish such plans for themselves and their employees. These plans may use annuity contracts to fund plan benefits. Generally, contributions are deductible to the employer in the year made, and contributions and earnings are generally not included in the gross income of the employee until distributed from the plan. The IRC and the plan may impose restrictions on distributions. Purchasers of a Contract for use with such plans should seek competent advice regarding the suitability of the Contract under the particular plan.

Governmental Eligible Deferred Compensation Plans. State and local government employers may purchase annuity contracts to fund eligible deferred compensation plans for their employees, as described in IRC Section 457(b). Contributions and earnings are generally not included in the gross income of the employee until the employee receives distributions from the plan. Amounts cannot be distributed until the employee attains age 70 1/2, severs employment, becomes disabled, incurs an unforeseeable emergency, or dies. The plan may impose additional restrictions on distributions.

Roth TSAs, Roth 401(k)s, and Roth 457(b)s. IRC Section 402A permits TSA plans, 401(k) plans, and governmental 457(b) plans to allow participating employees to designate some part or all of their future elective contributions as Roth contributions. Roth contributions to a TSA plan, 401(k) plan, or governmental 457(b) plan are included in the employee’s taxable income as earned. Amounts attributable to Roth TSA, Roth 401(k), or Roth 457(b) contributions must be held in a separate account from amounts attributable to traditional pre-tax TSA, 401(k), or 457(b) contributions. Distributions from a Roth TSA, Roth 401(k), or Roth 457(b) account are considered to come proportionally from contributions and earnings.

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Distributions attributable to Roth account contributions are tax-free. Distributions attributable to Roth account earnings are tax-free following the five-year period beginning with the first year for which Roth contributions are made to the plan if the employee has attained age 59 1/2, become disabled, or died. A Roth TSA, Roth 401(k), or Roth 457(b) account is subject to the same distribution restrictions that apply to amounts attributable to traditional pre-tax TSA, 401(k), or 457(b) contributions made under a salary reduction agreement. The plan may impose additional restrictions on distributions.

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Nonqualified Deferred Compensation Plans

Employers may invest in annuity contracts in connection with unfunded deferred compensation plans for their employees. Such plans may include eligible deferred compensation plans of non-governmental tax-exempt employers, as described in IRC Section 457(b); deferred compensation plans of both governmental and nongovernmental tax-exempt employers that are taxed under IRC Section 457(f) and subject to Section 409A; and nonqualified deferred compensation plans of for-profit employers subject to Section 409A. In most cases, these plans are designed so that amounts credited under the plan will not be includable in the employees’ gross income until paid under the plan. In these situations, the annuity contracts are not plan assets and are subject to the claims of the employer’s general creditors. Whether or not made from the Contract, plan benefit payments are subject to restrictions imposed by the IRC and the plan.

Summary of Income Tax Rules

The following chart summarizes the basic income tax rules governing tax-qualified retirement plans, nonqualified deferred compensation plans, and other non-tax-qualified Contracts.

 

   

Tax-Qualified Contracts and Plans

Plans

  

Nonqualified Deferred


Compensation Plans

  

Other Non-Tax-Qualified Contracts

Contracts

Plan Types  

•IRC §408 (IRA, SEP, SIMPLE IRA)

•IRC §408A (Roth IRA)

•IRC §403(b) (Tax-Sheltered Annuity)

•IRC §401 (Pension, Profit– Sharing, 401(k))

•Governmental IRC §457(b)

•IRC §402A (Roth TSA, Roth 401(k), or Roth 457(b))

  

•IRC §409A

•Nongovernmental IRC §457(b)

•IRC §457(f)

  

•IRC §72 only

Who May Purchase a Contract  Eligible employee, employer, or employer plan.  Employer on behalf of eligible employee. Employer generally loses tax-deferred status of Contract itself.  Anyone. Non-natural person will generally lose tax-deferred status.
Contribution Limits  Contributions are limited by IRC and/or plan requirements.  None.
Distribution Restrictions  Distributions from Contract and/or plan may be restricted to meet IRC and/or plan requirements.  None.
Taxation of Withdrawals, Surrenders, and Lump Sum Death Benefit  

Generally, 100% of distributions must be included in taxable income. However, the portion that represents an after-tax investment is not taxable. Distributions from Roth IRA are deemed to come first from after- tax contributions. Distributions from other plans are generally deemed to come from income and after-tax investment (if any) on a pro-rata basis. Distributions from §408A Roth IRA or §402A Roth TSA, Roth 401(k), or Roth 457(b) are completely tax free if certain requirements are met.

For tax purposes, all IRAs and SEP IRAs of an owner are treated as a single IRA, and all Roth IRAs of an owner are treated as a single Roth IRA.

  

Generally, distributions must be included in taxable income until all accumulated earnings are paid out. Thereafter, distributions are tax-free return of the original investment. However, distributions are tax-free until any investment made before August 14, 1982 is returned.

For tax purposes, all non-tax-qualified annuity contracts issued to the same owner by the same insurer in the same calendar year are treated as one contract.

Taxation of Payout Option Payments (Annuity Benefit or Death Benefit)  A percentage of each payment is tax free equal to the ratio of after-tax investment (if any) to the total expected payments, and the balance is included in taxable income. Once the after-tax investment has been recovered, the full amount of each benefit payment is included in taxable income. Distributions from a Roth IRA, Roth TSA, Roth 401(k), or Roth 457(b) are completely tax free if certain requirements are met.

 

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Tax-Qualified Contracts and Plans

Plans

  

Nonqualified Deferred


Compensation Plans

  

Other Non-Tax-Qualified Contracts

Contracts

Possible Penalty Taxes for Distributions Before Age 59 1/2  Taxable portion of payments made before age 59 1/2 may be subject to 10% penalty tax (or 25% for a SIMPLE IRA during the first two years of participation). Penalty taxes do not apply to payments after the participant’s death, or to §457 plans. Other exceptions may apply.  None.  Taxable portion of payments made before age 59 1/2 may be subject to a 10% penalty tax. Penalty taxes do not apply to payments after the Owner’s death. Other exceptions may apply.
Assignment/ Transfer of Contract  Assignment and transfer of Ownership generally not permitted.  Generally, deferred earnings taxable to transferor upon transfer or assignment. Gift tax consequences are not discussed herein.
Federal Income Tax Withholding  Eligible rollover distributions from §401, §403(b), and governmental §457(b) plans are subject to 20% mandatory withholding on taxable portion unless direct rollover. For other payments, Payee may generally elect to have taxes withheld or not.  Generally subject to wage withholding.  Generally, Payee may elect to have taxes withheld or not.

Rollovers, Transfers, and Exchanges

Amounts from a tax-qualified Contract may be rolled over, transferred, or exchanged into another tax-qualified account or retirement plan as permitted by the IRC and plan(s). Amounts may be rolled over, transferred, or exchanged into a tax-qualified Contract from another tax-qualified account or retirement plan as permitted by the IRC and plan(s). In most cases, such a rollover, transfer, or exchange is not taxable, unless the rollover of pre-tax amounts is made into a Roth IRA, a Roth TSA, Roth 401(k), or Roth 457(b). Rollovers, transfers, and exchanges are not subject to normal contribution limits. The IRC or plan may require that rollovers be held in a separate Contract from other plan funds.

Amounts from a non-tax-qualified Contract may be transferred to another non-tax-qualified annuity or to a qualified long-term care policy as a tax-free exchange as permitted by the IRC Section 1035. Amounts from another non-tax-qualified annuity or from a life insurance or endowment policy may be transferred to a Contract as a tax-free exchange under IRC Section 1035.

Required Distributions

The Contracts are subject to the required distribution rules of federal tax law. These rules vary based on the tax qualification of the Contract or the plan under which it is issued.

For a tax-qualified Contract other than a Roth IRA, required minimum distributions must generally begin by April 1 following the year the participant attains age 73 (age(75 if born after December 31, 1960, or age 72 if born after June 30, 1949, but before January 1, 1951, or age 70 1/2 if born before July 1, 1949). However, for a 403(b) Tax-Sheltered Annuity Plan, a 401 Pension, Profit-Sharing, or 401(k) Plan, or a 457(b) Governmental Deferred Compensation Plan, a participant who is not a 5% owner of the employer may delay required minimum distributions until April 1 following the year in which the participant retires from that employer. The required minimum distributions during life are calculated based on standard life expectancy tables adopted under federal tax law.

For a Roth IRA or for a Contract that is not tax-qualified, there are no required distributions during life.

A tax-qualified Contract must make required distributions after death. The required distributions vary depending on the type of beneficiary.beneficiary and whether minimum distributions were required during the life of the decedent. Some beneficiaries may take payments over life or life expectancy, and others must receive all benefits within five or ten years after death, and some must take payments over life or life expectancy with a final payment within ten years after the decedent’s death. A non-tax-qualified Contract that has begun making payments under a payout option during the Owner’s life must make any remaining payments at least as rapidly after death. If payments from a non-tax-qualified Contract have not begun, then the death benefit must be paid out in full within five years after death, or must be paid out in substantially equal payments beginning within one year of death over a period not exceeding the life expectancy of the designated beneficiary.

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For a traditional IRA, a Roth IRA, or a Contract that is not tax-qualified, a beneficiary who is a surviving spouse may elect out of these requirements and apply the required distribution rules as if the Contract were his or her own. For this purpose, federal tax law recognizes as married any two people whose marriage is valid in the state in which it was celebrated. A civil union or domestic partnership is not considered a marriage.

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The Contract is intended for long-term investment purposes and the Contract and its Indexed Strategies may not be appropriate for investors who plan to take withdrawals (including automated withdrawals and required minimum distributions) during the first five Contract Years or who plan to take withdrawals from Indexed Strategies before the end of a Term.

Premium and Other TaxesPREMIUM AND OTHER TAXES

We reserve the right to deduct from the Purchase Payment or Account Value any taxes relating to the Contract paid by us to any government entity (including, but not limited to, premium taxes, additional taxes, and maintenance taxes on insurers, Federal, state and local withholding of income, estate, inheritance, or other taxes required by law from annuity purchase payments, and any new or increased taxes on insurers or annuity purchase payments that may be enacted into law).

Currently some state governments impose premium taxes, additional taxes, and maintenance taxes on insurers based on annuity purchase payments received or applied to an annuity payout benefit. These taxes currently range from zero to 3.5% depending upon the jurisdiction and the tax qualification of the Contract. A federal premium tax has been proposed but not enacted. We may deduct any such premium or other taxes from the Purchase Payments or the Account Value at the time that the tax is imposed. We may also deduct any such tax not previously deducted from the Annuity Payout Valuevalue or Death Benefit Value.value.

We reserve the right to deduct from the Contract for any income taxes that we incur because of the Contract. At the present time, however, we are not incurring any such income tax or making any such deductions.

Distribution of the ContractsDISTRIBUTION OF THE CONTRACTS

MM Ascend Life Investor Services, LLC (“MMALIS”) is the principal underwriter and distributor of the securities offered through this prospectus. MMALIC and MMALIS are affiliated because MMALIS is a subsidiary of MMALIC. MMALIS also acts as the principal underwriter and distributor of the variable annuity contracts that are issued by one of our subsidiaries.

MMALIS’s principal executive offices are located at 191 Rosa Parks Street, Cincinnati, Ohio 45202. MMALIS is registered as a broker- dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as well as the securities regulators in the states in which it operates and registration is required. MMALIS is a member of the Financial Industry Regulatory Authority (“FINRA”).

Contracts are sold by licensed insurance agents (the “Selling Agents”) in those states where the Contract may be lawfully sold. Such Selling Agents will be appointed agents of MMALIC and will be registered representatives of broker-dealer firms (the “Selling Broker-Dealers”) that have entered into selling agreements with us and MMALIS. Selling Broker-Dealers will be registered under the Securities Exchange Act of 1934 and will be members of FINRA.

FINRA provides background information about broker-dealers and their registered representatives through FINRA BrokerCheck. You may contact the FINRA BrokerCheck Hotline at 1-800-289-9999, or log on to www.finra.org to learn more about MMALIS, your Selling Agent, and his or her Selling Broker Dealer.

MMALIS receives no compensation for acting as underwriter of the Contracts; however, MMALIC pays for some of MMALIS’s operating and other expenses, including overhead and legal and accounting fees. MMALIC may reimburse MMALIS for certain sales expenses, such as marketing materials and advertising expenses, and other expenses of distributing the Contracts.

MMALIC or MMALIS pay the Selling Broker-Dealers compensation for the promotion and sale of the Contract. The Selling Agents who solicit sales of the Contract typically receive a portion of the compensation paid to the Selling Broker-Dealers in the form of commissions or other compensation, depending on the agreement between the Selling Broker-Dealer and the Selling Agent.

The amount and timing of commissions paid to Selling Broker-Dealers may vary depending on the selling agreement but isit will not expected to be more than 9.2% of each Purchase Payment. In most cases, such amounts paid to a Selling Broker-Dealer will be divided between the Selling Agent and the Selling Broker-Dealer. Some Selling Broker-Dealers may elect to receive a lower commission when a Purchase Payment is made, along with annual trail commissions up to 1.5% of Account Value for so long as a contract remains in effect or as agreed in the selling agreement. MMALIC may pay or allow other promotional incentives or payments in the form of cash or other compensation to the extent permitted by FINRA rules and other applicable laws and regulations.

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MMALIC also may pay compensation to wholesaling broker-dealers or other firms or intermediaries in return for wholesaling services such as providing marketing and sales support, product training, and administrative services to the Selling Agents of the Selling Broker-Dealers. These allowances may be based on a percentage of a Purchase Payment.

In addition to the compensation described above, MMALIC may make additional cash payments, in certain circumstances referred to as “override” compensations, or reimbursements to Selling Broker-Dealers in recognition of their marketing and distribution, transaction processing and/or administrative services support. These payments are not offered to all Selling Broker-Dealers, and the terms of any particular agreement governing

72


the payments may vary among Selling Broker-Dealers depending on, among other things, the level and type of marketing and distribution support provided. Marketing and distribution support services may include, among other services, placement of MMALIC’s products on the Selling Broker-Dealers’ preferred or recommended list, increased access to the Selling Broker-Dealers’ registered representatives for purposes of promoting sales of MMALIC products, assistance in training and education of the Selling Agents, and opportunities for MMALIC and MMALIS to participate in sales conferences and educational seminars. The payments or reimbursements may be calculated as a percentage of the particular Selling Broker-Dealer’s actual or expected aggregate sales of our indexed annuity contracts (including the Contract) and/or may be a fixed dollar amount. Broker-dealers receiving these additional payments may pass on some or all of the payments to the Selling Agents.

You should ask your Selling Agent for further information about the commissions or other compensation that he or she, or the Selling Broker-Dealer for which he or she works, may receive in connection with your purchase of a Contract.

There is no front-end sales load deducted from the Purchase Payment(s) to pay sales commissions. Commissions and other incentives or payments described above are not charged directly to you. We intend to recoup at least a portion of the sales commissions and other sales expenses through fees and charges deducted under the Contract.

MassMutual Ascend Life’s General AccountMASSMUTUAL ASCEND LIFE’S GENERAL ACCOUNT

Our general account (the “General Account”) holds all our assets other than assets in our insulated separate accounts. We own our General Account assets, and, subject to applicable law, have sole investment discretion over them. The assets are subject to our general business operation liabilities and claims of our creditors and may lose value. Our General Account assets fund the guarantees provided in the Contracts.

We must invest our assets according to applicable state laws regarding the nature, quality and diversification of investments that may be made by life insurance companies. In general, these laws permit investments, within specified limits and subject to certain qualifications, in Federal, state, and municipal obligations, corporate bonds, preferred and common stocks, real estate mortgages, real estate and certain other investments.

We place a majority of the Purchase Payments made under the Contract in our General Account where we primarily invest the assets in a variety of fixed income securities.

We place a portion of the Purchase Payments made under the Contract in a non-unitized separate account (the “Separate Account”) that is not registered with the Securities and Exchange Commission. We established and maintain the Separate Account pursuant to the laws of our domiciliary state for the purpose of supporting our obligation to adjust the Indexed Strategy values for Vested Gains and Losses associated withbased on the Indexed Strategies.Daily Value Percentage or rise or fall of the Index. The assets of the Separate Account are held in our name on behalf of the Separate Account and legally belong to us. The assets in the Separate Account are not chargeable with liabilities arising out of any other business that we conduct. We may invest these assets in hedging instruments, including derivative contracts as well as other assets permitted under state law. To support our obligations to adjust the Indexed Strategy values, for Vested Gains and Losses associated with the Indexed Strategies, we may move money between the Separate Account and our General Account. We are not obligated to invest the assets of the Separate Account according to any particular plan except as we may be required to by state insurance laws. Regardless of your Strategy allocations, we do not intend to invest the assets of the Separate Account in the iShares MSCI EAFE exchange traded fund, iShares U.S. Real Estate exchange traded fund, or SPDR Gold Shares exchange traded fund. We may or may not hold the hypothetical options described in this prospectus in the Separate Account.

Contract owners do not have any interest in or claim on the assets in the Separate Account nor do Contract owners participate in any way in the performance of assets held in the Separate Account.

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Legal MattersLEGAL MATTERS

Reliance on Rule 12h-7

MassMutual Ascend Life relies on the exemption provided by Rule 12h-7 under the Securities Exchange Act of the 1934 Act from the requirement to file reports pursuant to Section 15(d) of that Act.

Legal Proceedings

MassMutual Ascend Life and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by contract owners and policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. Also, from time to time, state and federal regulators or other officials conduct formal and informal examinations or undertake other actions dealing with various aspects of the financial services and insurance industries. It is not possible to predict with certainty the ultimate outcome of any pending legal proceeding or regulatory action. However, MassMutual Ascend Life does not believe any such action or proceeding will have a material adverse effect upon its ability to meet its obligations under the Contracts.

Legal Opinion on Contracts

Legal matters in connection with federal laws and regulations affecting the issue and sale of the Contracts described in this prospectus and the organization of MassMutual Ascend Life, its authority to issue such Contracts under Ohio law, and the validity of the forms of the Contracts under Ohio law have been passed on by John P. Gruber, General Counsel of MassMutual Ascend Life.

Securities and Exchange Commission Position on Indemnification

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling MassMutual Ascend Life pursuant to its articles of incorporation or its code of regulations or pursuant to any insurance coverage or otherwise, MassMutual Ascend Life has been informed that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.73

Experts

[The statutory financial statements and financial statement schedules of MassMutual Ascend Life Insurance Company (formerly known as Great American Life Insurance Company) at [ ], and for each of the years in the three year period ended [ ], have been included herein in reliance upon the reports of [ ], independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

The [ ] report dated [ ] of MassMutual Ascend Life Insurance Company includes explanatory language that states that the financial statements are prepared by MassMutual Ascend Life Insurance Company using statutory accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the [ ] audit report states that the financial statements are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance.

The [ ] report dated [ ] of MassMutual Ascend Life Insurance Company includes an emphasis of matter paragraph that states that MassMutual Ascend Life Insurance Company elected to apply a prescribed practice promulgated under Ohio Administrative Code Section 3901-1-67 (“OAC 3901-1-67”) to its derivative instruments hedging indexed products and indexed annuity reserve liabilities. The opinion was not modified with respect to this matter.]

The Registration Statement

We filed a Registration Statement with the Securities and Exchange Commission under the Securities Act of 1933 relating to the Contracts offered by this prospectus. This prospectus was filed as a part of the Registration Statement, but it does not constitute the complete Registration Statement. The Registration Statement contains further information relating to the Company and the Contracts. The Registration Statement and the exhibits thereto may be inspected and copied at the office of the Securities and Exchange Commission, located at 100 F Street, N.E., Washington, D.C., and may also be accessed at www.sec.gov. The Securities and Exchange Commission file number for the Contract is 333-[ ].

74


Statements in this prospectus discussing the content of the Contracts and other legal instruments are summaries. The actual documents are filed as exhibits to the Registration Statement. For a complete statement of the terms of the Contracts or any other legal document, refer to the appropriate exhibit to the Registration Statement.

SECTION II

MASSMUTUAL ASCEND LIFE INFORMATION

[to be added by amendment]

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MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

Administrative Office: P.O. Box 5423, Cincinnati OH 45201-5423

Street Address: 191 Rosa Parks Street, Cincinnati OH 45202

Policy Administration: 1-800-789-6771

INDEX FRONTIER® 5 ANNUITY

PROSPECTUS Dated [ ], 2024

The Index Frontier® 5 annuity is an Individual Index-linked Modified Single Premium Deferred Annuity (the “Contract”) issued by MassMutual Ascend Life Insurance Company® (“MassMutual Ascend Life,” “we” or “us”). It provides that we will pay annuity payout benefits to you in exchange for your purchase payments. The Contract offers you the opportunity to allocate funds to indexed strategies for one-year periods (a “Term”) and a declared rate strategy (together with the indexed strategies, the “Crediting Strategies”). Indexed strategies provide returns based, in part, on the change in the value of a market index or the share price of an exchange-traded fund (an “Index”). The returns of an Index do not include reinvestment of any dividends.

The Contract is a modified single premium deferred annuity. This means we will accept Purchase Payments only during the purchase payment period, which ends two months after the Contract Effective Date.

A glossary of defined terms used herein can be found in the Special Terms section starting on page 5 of this prospectus.

The Contract currently offers four Conserve Strategies, four Growth Strategies, and one Buffer Strategy.

Conserve/0% Floor StrategiesIndexMaximum Loss/Floor of 0% Per Term
S&P 500 0% FloorS&P 500® IndexIf you allocate money at the start of a Term to a Conserve Strategy, you cannot lose that money during the Term due to a negative change in the Index.
SPDR Gold Shares 0% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate 0% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE 0% FlooriShares MSCI EAFE ETF
Growth/-10% Floor StrategiesIndexMaximum Loss/Floor of 10% Per Term
S&P 500 -10% FloorS&P 500® IndexIf you allocate money at the start of a Term to a Growth Strategy, you can lose up to 10% of that money during the Term due to a negative change in the Index.
SPDR Gold Shares -10% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate -10% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE -10% FlooriShares MSCI EAFE ETF
10% Buffer StrategyIndexEnd of Term Buffer of 10% Per Term
S&P 500 10% BufferS&P 500® IndexIf you allocate money at the start of a Term to a Buffer Strategy, at the end of the Term you can lose up to 90% of that money due to a negative change in the Index. At the end of the Term, 10% of the money you allocated is protected from loss. You can lose more than 90% of that money if you withdraw it before the end of the Term.

At the end of a Term, we may stop offering any particular Indexed Strategy, but we will always offer at least one Indexed Strategy. Consequently, any Indexed Strategy listed above may not be available after the end of the initial Term. Indexed Strategies that may be available in the future may earn a return that is lower than the return your investments would have earned if they had been invested in the other Indexed Strategies listed above. In addition, if we reduce the available number of Index Strategies to just one Indexed Strategy, your ability to increase your Account Value could be significantly reduced.

In general, we will set a higher Maximum Gain for a Growth Strategy than the Maximum Gain for a Conserve Strategy that uses the same Index, and we will set a higher Maximum Gain for the Buffer Strategy than for the Growth Strategy that uses the same Index.

The value of an indexed strategy will increase if there is a positive change in the applicable Index value during a Term. Any increase during a Term is subject to an upper limit called the Maximum Gain. At least 10 days before a Term starts, we will post the Maximum Gain that will apply to an Indexed Strategy for that Term on our website. We can change the Maximum Gain for each new Term of an indexed strategy.

Before the end of a Term, any increase in the value of an indexed strategy is also subject to a vesting factor. The vesting factor limits the portion of the positive change in the Index that we take into account when we calculate the increase in the strategy value. The vesting factor varies depending on the day of the Term. It is 25% for any date within the first half of a Term, 50% for any date within the second half of a Term, and 100% at the end of a Term.

1


The value of a Conserve/0% Floor Strategy will not decrease even if there is a negative change in the applicable Index value during a Term.

The value of a Growth/-10% Floor Strategy will decrease if there is a negative change in the applicable Index value during a Term. Any decrease during a Term for a Growth Strategy is subject to a lower limit called the Maximum Loss. The Maximum Loss for each Term of a Growth Strategy is 10%. Each Growth Strategy includes a risk of potential loss of up to 10% of principal and any prior earnings each Term.

The value of a 10% Buffer Strategy will decrease if there is a negative change in the applicable Index Value that is larger than the Buffer during a Term. The Buffer is the portion of a negative Index Change for a Term that is disregarded when calculating Buffer Strategy losses. The Buffer varies depending on the day of the Term. The Buffer at the end of a Term is 10%. Before the end of the Term, the Buffer is calculated daily as a prorated share of the annual 10% Buffer. Each Buffer Strategy includes a risk of potential loss of principal and any prior earnings. At maximum, the Buffer protects 10% of principal and any prior earnings from loss each Term.

Note: The S&P 500 Buffer strategy is not available for Contracts issued prior to May 2020.

The Contract also offers a declared rate strategy, which earns interest during a Term at a fixed rate we set before that Term begins. The fixed interest rate varies from Term to Term, but will never be less than 1%. Note: The declared rate strategy is not available for Contracts issued in Missouri.

The Contract is intended for long-term investment purposes and may not be appropriate for investors who plan to take withdrawals (including systematic withdrawals and required minimum distributions) during the first five Contract Years. An early withdrawal charge may apply if you take a withdrawal or Surrender the Contract during the first five Contract Years. That charge will reduce strategy values, including the value of a Conserve/0% Floor Strategy. The early withdrawal charge is 8% for withdrawals and Surrenders of the Contract in the first Contract Year, and falls each Contract Year during the five-year period. Withdrawals and Surrenders may also be subject to income tax, and withdrawals and Surrenders before age 5912 may also be subject to an additional 10% penalty tax.

Risk Factors for this Contract appear on pages 12-16 and pages A6-A10. Indexed annuity contracts are complex insurance and investment vehicles. You should speak with a financial advisor about the Index Frontier 5 and its features, benefits, risks, and fees, and whether the Contract is appropriate for you based upon your financial situation and objectives.

Please read this prospectus before investing and keep it for future reference. It contains important information about your annuity and MassMutual Ascend Life that you ought to know before investing. It describes all material rights and obligations under the Contract including material state variations.

****************************************

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

The Contract is not insured by the FDIC (Federal Deposit Insurance Corporation) or the NCUSIF (National Credit Union Share Insurance Fund).

Although the Contract may be sold through relationships with banks or other financial institutions, the Contract is not a deposit or obligation of, or guaranteed by, such institutions or any federal regulatory agency.

The Contract is a security. It involves investment risk and may lose value.There is a risk of loss of principal under the Contract and that loss can become greater due to Early Withdrawal Charges.

All guarantees under the Contract are the obligations of MassMutual Ascend Life and are subject to the credit worthiness and claims-paying ability of MassMutual Ascend Life.

The Contract doesn’t invest in any equity, debt or other investments. If you buy this Contract, you aren’t investing directly in an Index, the stocks included in an Index, or the underlying investments or other assets held by an Index.

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by MassMutual Ascend Life Insurance Company. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”);MassMutual Ascend Life Insurance Company’sProductsis not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such partiesmake any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

2


The iShares U.S. Real Estate ETF and the iShares MSCI EAFE ETF are distributed by BlackRock Investments, LLC. iShares®, BLACKROCK®, and the corresponding logos are registered and unregistered trademarks of BlackRock, Inc. and its affiliates (“BlackRock”), and these trademarks have been licensed for certain purposes by MassMutual Ascend Life Insurance Company. MassMutual Ascend Life annuity products are not sponsored, endorsed, sold or promoted by BlackRock, and purchasers of an annuity from MassMutual Ascend Life do not acquire any interest in the iShares U.S. Real Estate ETF or the iShares MSCI EAFE ETF nor enter into any relationship of any kind with BlackRock. BlackRock makes no representation or warranty, express or implied, to the owners of any MassMutual Ascend Life annuity product or any member of the public regarding the advisability of purchasing an annuity, nor does it have any liability for any errors, omissions, interruptions or use of the iShares U.S. Real Estate ETF or the iShares MSCI EAFE ETF or any data related thereto.

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The principal underwriter of the Contract is MM Ascend Life Investor Services, LLC. The offering of the Contract is intended to be continuous. The underwriter will use its best efforts to sell the Contract.

This prospectus is not an offering in any state, country, or jurisdiction in which we are not authorized to sell the Contract.

If you purchase a Contract, you may cancel it within 20 days after you receive it. If you purchase a Contract to replace an existing annuity contract or insurance policy, you have 30 days to cancel the Contract. The right to cancel period may be longer in some states. In many states, you will bear the risk of investment gain or loss before cancellation. The right to cancel is described more fully in the Right to Cancel section of this prospectus.

Our form number for the Contract is P1822217NW. Our form numbers for the strategy endorsements to the Contract are E1322417NW, E1322517NW, E1322617NW, E1322717NW, E1322817NW, E1322917NW, E1323017NW, E1829620NW, E1829720NW, and E1829820NW. The form numbers may vary by state. The Securities and Exchange Commission file number for the Contract is 333-[ ].

3


Table of Contents

INDEX FRONTIER®5 ANNUITY INFORMATION

5

Special Terms

5

Summary

7

Risk Factors

12

Purchase

17

Initial Strategy Selections

19

Declared Rate Strategy

19

Indexed Strategies

20

Vested Gains and Losses

23

Asymmetrical Impact of Index Changes on Growth and Buffer Strategies Using the Same Index

27

Examples—Impact of Withdrawals on Indexed Strategy Values

29

Strategy Renewals and Reallocations at Term End

40

Cash Benefit

41

Examples—Amount Available for Withdrawal

43

Early Withdrawal Charge

49

Annuity Payout Benefit

52

Death Benefit

53

Payout Options

55

Processing Applications and Requests

58

Right to Cancel (Free Look)

60

Annual Statement and Confirmations

60

Electronic Delivery

61

Abandoned Property Requirements

61

Owner

61

Annuitant

62

Beneficiary

62

Other Contract Provisions

63

Previous Notice Methods

63

State Variations

63

Index Replacement

66

Federal Tax Considerations

67

Premium and Other Taxes

71

Distribution of the Contracts

71

MassMutual Ascend Life’s General Account

72

Legal Matters

73

Experts

73

The Registration Statement

73

MASSMUTUAL ASCEND LIFE INFORMATION

A-1

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INDEX FRONTIER® 5 ANNUITY INFORMATION

Special Terms

In this prospectus, the following capitalized terms have the meanings set out below.

ACCOUNT VALUE. The sum of the values of each Crediting Strategy, plus the value of the Purchase Payment Account, if any.

ANNUITANT. The natural person or persons on whose life Annuity Payout Benefit is based.

ANNUITY PAYOUT BENEFIT. A series of periodic payments made under a Payout Option. The terms and conditions are described in the Annuity Payout Benefit section of this prospectus.

ANNUITY PAYOUT INITIATION DATE. The first day of the first payment interval for which payment of an Annuity Payout Benefit is to be made.

BAILOUT TRIGGER. The Maximum Gain for the next Term of an Indexed Strategy that triggers a waiver of Early Withdrawal Charges under the Bailout right of an Indexed Strategy.

BENEFICIARY. A person entitled to receive all or part of a Death Benefit that is to be paid under the Contract on account of a death before the Annuity Payout Initiation Date.

BUFFER. The portion of a negative Index Change for a Term that is disregarded when determining a Vested Loss for a Buffer Strategy. The Buffer varies depending on the day of the Term. Once the final Market Day of the Term has been reached, the Buffer is 10%. Before the final Market Day, the Buffer is equal to: 10% x ((365 – N) / 365), where N is equal to the number of days remaining until the final Market Day of the Term.

CONTRACT. The legally binding agreement between you and MassMutual Ascend Life, including applicable endorsements and riders.

CONTRACT ANNIVERSARY. The date in each year that is the annual anniversary of the Contract Effective Date. That date is set out on your Contract Specifications Page.

CONTRACT EFFECTIVE DATE. The date as of which the initial Purchase Payment is applied to the Contract. That date is set out on your Contract Specifications Page.

CONTRACT SPECIFICATIONS PAGE. The page in your Contract that contains details unique to your Contract.

CONTRACT YEAR. A 12-month period that starts on the Contract Effective Date or on a Contract Anniversary.

CREDITING STRATEGY. A specified method by which interest or gain or loss is calculated for a Term. The Crediting Strategies that are currently available are set out on the first page of this prospectus.

DEATH BENEFIT. An amount that becomes payable if you die before the Annuity Payout Initiation Date and before the date that the Contract is Surrendered. The terms and conditions are described in the Death Benefit section of this prospectus.

DECLARED RATE. A fixed interest rate set by us for a Term of the Declared Rate Strategy.

DECLARED RATE STRATEGY. A Crediting Strategy that credits interest at a Declared Rate.

EARLY WITHDRAWAL CHARGE. A charge deducted from the Account Value of your Contract if, during the first five Contract Years, you Surrender your Contract or you take a withdrawal in excess of the Free Withdrawal Allowance (including systematic withdrawals and required minimum distributions). The Early Withdrawal Charge does not apply to a withdrawal that qualifies for the Free Withdrawal Allowance or the amount, if any, that qualifies for another waiver. The Early Withdrawal Charge does not apply to an Annuity Payout Benefit or Death Benefit.

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FREE WITHDRAWAL ALLOWANCE. The total amount that may be taken as a withdrawal or Surrendered during a Contract Year without an Early Withdrawal Charge that would otherwise apply. This amount is described in the Free Withdrawal Allowance section of this prospectus. Like any other withdrawal, an amount withdrawn that is covered by the Free Withdrawal Allowance will reduce the value of an Indexed Strategy on a dollar-for dollar basis, and will proportionally reduce the Investment Base of a Strategy.

INDEX. A stock market index or an exchange-traded fund.

INDEX CHANGE. The increase or decrease, if any, in the applicable Index Value over a Term of an Indexed Strategy.

INDEX VALUE. For Indexed Strategies that use the S&P 500 Index, the Index Value is the closing value of the Index. For Indexed Strategies that use the SPDR Gold Shares ETF, the iShares U.S. Real Estate ETF, or the iShares MSCI EAFE ETF, the Index Value is the fund’s closing share price on the NYSE Arca.

INDEXED STRATEGY. A Crediting Strategy that provides a return based, in part, on changes in an Index Value.

INVESTMENT BASE. The amount applied to an Indexed Strategy at the start of a current Term. A withdrawal and any related Early Withdrawal Charge reduces the Investment Base proportionally to the reduction in the value of that Indexed Strategy due to the withdrawal or charge. For example, if a withdrawal reduces the value of an Indexed Strategy by 15%, then it will reduce the Investment Base of that Strategy by 15%.

MARKET CLOSE. The close of the regular or core trading session on the market used to measure a given Indexed Strategy.

MARKET DAY. Each day that all markets that are used to measure available Indexed Strategies are open for regular trading.

MASSMUTUAL ASCEND LIFE (“WE,” “US,” “OUR,” “MMALIC”). MassMutual Ascend Life Insurance Company.

MAXIMUM GAIN. The largest positive Index Change for a Term that is taken into account to determine the Vested Gain for a given Indexed Strategy. We set the Maximum Gain for each Term of an Indexed Strategy before the first day of that Term. For a given Term, we may set a different Maximum Gain for amounts attributable to Purchase Payments received on different dates. The Maximum Gain can also be called a “Cap”.

MAXIMUM LOSS. The most negative Index Change for a Term that is taken into account to determine a Vested Loss for a given Conserve Strategy or Growth Strategy. The Maximum Loss for a Growth Strategy is a loss of 10% and will apply to all Terms of that Growth Strategy. The Maximum Loss for a Conserve Strategy is 0% and will apply to all Terms of that Conserve Strategy. The Maximum Loss can also be called a “Floor”.

OWNER (“YOU,” “YOURS”). The person(s) who possesses the ownership rights under the Contract. If there is more than one Owner, each Owner will be a joint owner of the Contract and each reference to Owner means joint owners.

PAYOUT OPTION. The form in which an Annuity Payout Benefit or Death Benefit may be paid. Standard options are described in the Payout Options section of this prospectus.

PURCHASE PAYMENT. An amount received by us for the Contract. This amount is after the deduction of any fee charged by the person remitting payment and any taxes withheld from the payment.

PURCHASE PAYMENT ACCOUNT. An account where a Purchase Payment is held from the date it is applied to the Contract until the first Strategy Application Date on or after that date.

REQUEST IN GOOD ORDER. Information provided or a request made that is:

complete and satisfactory to us;

sent to us on our form or in a manner satisfactory to us, which may, at our discretion, be by telephone or electronic means; and

received at our administrative office.

Information provided or a request made is complete and satisfactory when we have received: (1) all the information and legal documentation that we require to process the information or the request; and (2) instructions that are sufficiently clear that we do not need to exercise any discretion to process the information or the request. If you have any questions, you should contact us or your registered representative before submitting your request.

6


STRATEGY APPLICATION DATE. The 6th and 20th days of each month.

SURRENDER. The termination of your Contract in exchange for its Surrender Value.

SURRENDER VALUE. The Account Value minus the Early Withdrawal Charge that would apply on a Surrender of the Contract.

TAX-QUALIFIED CONTRACT. An annuity contract that is intended to qualify for special tax treatment for retirement savings. If your Contract is a Tax-Qualified Contract, the cover page of your Contract includes information about its tax qualification. If your Contract is not a Tax-Qualified Contract, the cover page of your Contract will identify it as a “Nonqualified Annuity.”

TERM. The period for which Contract values are allocated to a given Crediting Strategy, and over which interest or gain or loss is calculated. Each Term is one year long, and will start and end on a Strategy Application Date. A new Term will start on the date that the preceding Term ends.

VESTED GAIN. The portion of any positive Index Change for the Term of an Indexed Strategy that is taken into account when determining the value of that Indexed Strategy. For any day of a Term, the Vested Gain is equal to: (1) any positive Index Change for the Term, but not exceeding the Maximum Gain set for that Term; multiplied by (2) the applicable Vesting Factor for that day; and then multiplied by (3) the remaining Investment Base for that Term.

VESTED LOSS. The portion of any negative Index Change for the Term of an Indexed Strategy that is taken into account when determining the value of that Indexed Strategy. For any day of a Term, the Vested Loss is equal to: (1) any negative Index Change for the Term, after taking into account either the Maximum Loss for each Term of that Indexed Strategy or the Buffer; multiplied by (2) the remaining Investment Base for that Term.

VESTING FACTOR. A factor used to determine a Vested Gain. Vesting Factors are described in the Vested Gains and Losses section of this prospectus.

Summary

The MassMutual Ascend Life Index Frontier® 5 annuity is a modified single premium deferred annuity contract that may help you accumulate retirement savings. The Contract is intended for long term investment purposes. The Contract is a legal agreement between you as the Owner and MassMutual Ascend Life as the issuing insurance company. In the Contract, you agree to make one or more Purchase Payments to us and we agree to pay the Annuity Payout Benefit to you.

Like all deferred annuities, the Contract has two periods. During the period prior to the Annuity Payout Initiation Date, your Contract may accumulate earnings on a tax-deferred basis. During the period that begins on the Annuity Payout Initiation Date, we will make payments under the selected Payout Option.

The following chart describes the key features of the Contract. Read this prospectus for more detailed information about the Contract.

Benefits

•  The Annuity Payout Benefit is a series of periodic payments made under a Payout Option. This benefit can provide you with income for a fixed period of time or for life. It is based on the Account Value on the Annuity Payout Initiation Date.

•  The Cash Benefit lets you take out all of your Account Value (surrender) or take out part of it (withdrawal). An Early Withdrawal Charge generally applies if you take money out during the first five Contract Years. You can Surrender your Contract or take a withdrawal before the Annuity Payout Initiation Date.

•  The Death Benefit is payable if you die before the Annuity Payout Initiation Date. This benefit is paid to your beneficiaries. It is based on the Death Benefit Value, which will never be less than your Purchase Payments, reduced proportionately for withdrawals.

Please see the Annuity Payout Benefit, Cash Benefit, and Death Benefit sections on pages [ ] for more information

7


Purchase Payments

The Contract is a modified single premium annuity. This means we will accept Purchase Payments only during the purchase payment period, which ends two months after the Contract Effective Date. The initial Purchase Payment must be at least $25,000. Each additional Purchase Payment must be at least $10,000. You will need our prior approval if:

•  you are age 80 or younger and want to make a Purchase Payment(s) of more than $1,000,000; or

•  you are over age 80 and want to make a Purchase Payment(s) of more than $750,000.

Please see the Purchase section on page [ ] for more information.

Issue AgeEach Owner must be age 80 or younger on the Contract Effective Date. Please see the Purchase section on page [ ] for more information.
Indexed StrategiesWe currently offer nine Indexed Strategies.
Conserve/0% Floor StrategiesIndex
S&P 500 0% FloorS&P 500® Index
SPDR Gold Shares 0% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate 0% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE 0% Floor    iShares MSCI EAFE ETF
Growth/-10% Floor StrategiesIndex
S&P 500 -10% FloorS&P 500® Index
SPDR Gold Shares -10% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate -10% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE -10% Floor    iShares MSCI EAFE ETF
10% Buffer StrategyIndex
S&P 500 10% BufferS&P 500® Index

Conserve/0% Floor Strategies

•  The value of a Conserve Strategy will increase if there is a positive Index Change during a Term. Any positive Index Change is subject to the applicable Maximum Gain for the Term. Before the end of the Term, any positive Index Change is also subject to a Vesting Factor. A Vested Gain can never be more than the Maximum Gain for that Term.

•  The value of a Conserve Strategy will never decrease due to a negative Index Change during a Term.

Growth/-10% Floor Strategies

•  The value of a Growth Strategy will increase if there is a positive Index Change during a Term. Any positive Index Change is subject to the applicable Maximum Gain for the Term. Before the end of the Term, any positive Index Change is also subject to a Vesting Factor. A Vested Gain can never be more than the Maximum Gain for that Term.

•  The value of a Growth Strategy will decrease due to a negative Index Change during a Term. If you allocate money to a Growth Strategy, you can lose up to 10% of that money during the Term due to a negative Index Change.

10% Buffer Strategy

•  The value of the Buffer Strategy will increase if there is a positive Index Change during a Term. Any positive Index Change is subject to the applicable Maximum Gain for the Term. Before the end of the Term, any positive Index Change is also subject to a Vesting Factor. A Vested Gain can never be more than the Maximum Gain for that Term.

•  The value of the Buffer Strategy will decrease due to a negative Index Change during a Term. If you allocate money to the Buffer Strategy, at the end of the Term you can lose up to 90% of that money due to a negative Index Change. At the end of the Term, 10% of the money you allocated is protected from loss. You can lose more than 90% of that money if you withdraw it before the end of the Term.

Note: The S&P 500 Buffer strategy is not available for Contracts issued prior to May 2020.

Please see the Indexed Strategies section on page [ ] for more information.

8


Indexed Strategy Value and Investment Base

At the start of a Term, the value of an Indexed Strategy is equal to the Investment Base for that Term, which is the amount applied to that Strategy for that Term.

During a Term, a Vested Gain increases the Strategy value or a Vested Loss reduces the Strategy value.

A withdrawal reduces the Strategy value, including the value of any Conserve/0% Floor Strategy, by the amount of the withdrawal and related Early Withdrawal Charge.

A withdrawal reduces the Investment Base by the portion of the Investment Base needed to pay for the withdrawal and related Early Withdrawal Charge. The reduction in the Investment Base is proportional to the reduction in the Strategy value. This means that we calculate the percentage of Strategy Value that is being withdrawn and we reduce your Investment Base by the same percentage. If you take a withdrawal when your Strategy Value is less than your Investment Base, the amount of Investment Base reduction will exceed the dollar amount of your withdrawal. For example, if your Strategy Value is $30,000 and you withdraw $12,000, you have withdrawn 40% of Strategy Value. If your Investment Base was $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your new Investment Base after the withdrawal would be $24,000 ($40,000 – $16,000). If your Strategy Value is greater than your Investment Base, the amount of the Investment Base reduction will be less than the dollar amount of the withdrawal.

Please see the Indexed Strategies section on page [ ] for more information.

Vested Gains and Losses

•  Each day of a Term, the value of an Indexed Strategy is adjusted for the Vested Gain or Loss since the start of that Term. We use the following formulas to calculate Vested Gains and Losses.

•  Vested Gain = any positive Index Change for the Term (but not exceeding the Maximum Gain set for the Term) x applicable Vesting Factor for that day x remaining Investment Base for the current Term.

•  Vested Loss = any negative Index Change for the Term (after taking into account either the Maximum Loss for the Term or the Buffer, as applicable) x remaining Investment Base for the current Term.

Please see the Vested Gains and Losses section on page [ ] for more information.

Maximum Gains

We set a Maximum Gain for each Indexed Strategy prior to the start of each Term. This means the Maximum Gain for an Indexed Strategy may change for each Term. At least 10 days before the next Term starts, we will post the Maximum Gain that will apply to an Indexed Strategy for that next Term on our website. The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Maximum Gain for each Indexed Strategy that will apply to Contracts issued prior to May 1, 2019. In general, we will set a higher Maximum Gain for a Growth/-10% Floor Strategy than the Maximum Gain for a Conserve/0% Floor Strategy that uses the same Index. In general, we will set a higher Maximum Gain for a 10% Buffer Strategy than the Maximum Gain for a Growth Strategy that uses the same Index.

Please see the Vested Gains and Losses section on page [ ] for more information.

Maximum Losses

The Maximum Loss for each Term of a Conserve Strategy is 0%.

The Maximum Loss for each Term of a Growth Strategy is a loss of 10%.

The Maximum Loss for each Term of the Buffer Strategy is a loss of 90%, or more than 90% if a withdrawal is taken before the end of the Term. In addition, your cumulative loss over Multiple Terms could exceed 90% of your investment.

Please see the Vested Gains and Losses section on page [ ] for more information.

BufferThe Buffer at the end of each Term of a Buffer Strategy is 10%. Before the end of each Term, the Buffer is calculated daily as a prorated share of the annual 10% Buffer. Please see the Vested Gains and Losses section on page [ ] for more information.

9


Vesting Factors

Vesting Factors for the Indexed Strategies are fixed and are applied as follows:

•  For a positive Index Change during a Term, the Vesting Factors are 25% for any date within the first six months of a Term; 50% for any date within the final six months of a Term but before the final Market Date of the Term; and 100% on or after the final Market Date of the Term. A Vesting Factor below 100% limits any positive increase during a Term.

•  For a negative Index Change during a Term, there is no Vesting Factor.

Please see the Vested Gains and Losses section on page [ ] for more information.

Declared Rate Strategy

Amounts held under the Declared Rate Strategy are credited with interest daily throughout a Term at a rate we set before that Term begins. This means the interest rate for the Declared Rate Strategy may change for each Term. A Declared Rate will never be less than 1%. At least 10 days before the next Term starts, we will post the Declared Rate that will apply to the Declared Rate Strategy for that next Term on our website. The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Declared Rate that will apply to Contracts issued prior to May 1, 2019.

Please see the Declared Rate Strategy section on page [ ] for more information.

Strategy Renewals

At the end of each Term of a given Crediting Strategy, we will apply the ending value of that Strategy to a new Term of that same Strategy. The amount applied to a new Term will not include any amount that is moved as part of a reallocation at the Term end.

Please see the Strategy Renewals and Reallocations at Term End section on page [ ] for more information.

Strategy Reallocations

At the end of a Term, you may reallocate the ending values of the Crediting Strategies for that Term among the Strategies.

Please see the Strategy Renewals and Reallocations at Term End section on page [ ] for more information.

Access to Your Money Through Withdrawals

You may take a withdrawal from your Contract at any time prior to the Annuity Payout Initiation Date.

•  During the first five Contract Years, unless you qualify for the Free Withdrawal Allowance or the bailout right as described below, an Early Withdrawal Charge will apply.

•  A withdrawal from an Indexed Strategy will reduce the value of that Strategy on a dollar-for-dollar basis. A withdrawal from an Indexed Strategy during a Term will proportionally reduce the Investment Base used to calculate any subsequent Vested Gain or Loss in that Term.

•  In addition to any applicable Early Withdrawal Charge, a withdrawal may be subject to income tax, and a withdrawal before age 5912 may also be subject to an additional 10% penalty tax.

Please see the Early Withdrawal Charge section on page [ ] for more information.

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Early Withdrawal ChargeAn Early Withdrawal Charge applies during the first five Contract Years if you Surrender your Contract or withdraw an amount in excess of the Free Withdrawal Allowance. The charge is equal to the amount subject to the charge multiplied by the applicable rate set out below.

Contract Year

   1   2   3   4   5   6+ 

Early Withdrawal Charge Rate

   8  7  6  5  4  0

If you take a withdrawal from your Contract, the amount subject to the charge is the amount you withdraw plus any amount needed to pay the Early Withdrawal Charge. If you Surrender your Contract, the amount subject to the charge is your Account Value.

When you request a withdrawal, we will reduce the amount we pay you by the amount of the Early Withdrawal Charge. If you instruct us to pay you the specific withdrawal amount, we will instead reduce your Account Value by both the requested specific withdrawal amount, as well as the amount of the Early Withdrawal Charge. In this case, since you opted not to pay the Early Withdrawal Charge out of your withdrawal proceeds, we treat the Early Withdrawal Charge as an additional requested withdrawal. We will apply the Early Withdrawal Charge to both the specified withdrawal amount, as well as any amounts we withdraw to cover your Early Withdrawal Charges. The Early Withdrawal Charge does not apply to (1) a withdrawal that qualifies for the Free Withdrawal Allowance; (2) to any withdrawal under the Bailout right; or (3) the amount, if any, that qualifies for another waiver. Please see the Early Withdrawal Charge section below for more information.

For example, if after using their Free Withdrawal Allowance a contractholder requested that an additional $10,000 be withdrawn from their Account Value when an 8% Early Withdrawal Charge was in effect, a $800 Early Withdrawal Charge would apply (8% of $10,000 withdrawn). The contractholder would receive $9,200 ($10,000 - $800), minus any income tax withholding.

Similarly, if a contractholder instead requested that they receive a net amount of $10,000 from their account in the same circumstances, we would treat the Early Withdrawal Charge amount as an additional requested withdrawal subject to an Early Withdrawal Charge. This means that we will “gross up” your requested withdrawal to cover applicable Early Withdrawal Charges (and any income tax withholding). If we assume that no income tax withholding applies, the withdrawal would be grossed up to $10,870, calculated by dividing the net amount requested by 1 minus the Early Withdrawal Charge rate ($10,000 / (1 – 0.08)). The Early Withdrawal Charge would be $870 (8% of the $10,870 withdrawal), and the contractholder would receive $10,000 ($10,870 - $870).

Free Withdrawal AllowanceThe Free Withdrawal Allowance lets you withdraw some money from your Contract without the imposition of the Early Withdrawal Charge. For the first Contract Year, the Free Withdrawal Allowance is an amount equal to 10% of the total Purchase Payments received by us. For each subsequent Contract Year, the Free Withdrawal Allowance is equal to 10% of the Account Value as of the most recent Contract Anniversary. The Free Withdrawal Allowance is non-cumulative and you may not carry over any unused portion to other Contract Years. Like any other withdrawal, an amount withdrawn that is covered by the Free Withdrawal Allowance will reduce the value of a Crediting Strategy on a dollar-for dollar basis, and will proportionally reduce the Investment Base of a Strategy. Please see the Early Withdrawal Charge section on page [ ] for more information.
Bailout RightWe will waive the Early Withdrawal Charge on an amount you withdraw if: (1) you withdraw it at the end of a Term from an Indexed Strategy; and (2) either the Maximum Gain for such Indexed Strategy for the next Term is less than the Bailout Trigger for the current Term, or such Indexed Strategy will not be available for the next Term. If the Bailout right will apply at the end of a Term, we will notify you at least 30 days before the end of that Term. The Bailout right does not apply to your initial Term. Please see the Early Withdrawal Charge section on page [ ] for more information.

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Payout Options

Like all annuity contracts, the Contract offers a range of Payout Options, which provide payments for your lifetime or for a fixed period. After payments begin, you cannot change the Payout Option or any fixed period you selected. The standard Payout Options are listed below.

•  Fixed Period Payout

•  Life Payout

•  Life Payout with Payments for at Least a Fixed Period

•  Joint and One-half Survivor Payout

Please see the Payout Options section on page [ ] for more information.

Death Benefit

A Death Benefit is payable under the Contract if you die before the Annuity Payout Initiation Date. If the Owner is a non-natural person, such as a trust or a corporation, then a Death Benefit is payable under the Contract if an Annuitant dies before the Annuity Payout Initiation Date.

The Death Benefit Value is the greater of: (1) the Account Value as of the applicable date; or (2) your Purchase Payment(s) reduced proportionally for all withdrawals, but not including amounts applied to pay Early Withdrawal Charges.

Please see the Death Benefit section on page [ ] for more information.

Tax Deferral

The Contract is generally tax deferred, which means that you are not taxed on the earnings in your Contract until the money is paid to you. Contracts owned by non-natural owners, such as trusts and corporations, are subject to special rules.

A tax-qualified retirement plan such as an IRA also provides tax deferral. Buying the Contract within a tax-qualified retirement plan does not give you any extra tax benefits. There should be reasons other than tax deferral for buying the Contract within a tax-qualified retirement plan.

Please see the Federal Tax Considerations section on page [ ] for more information.

Right to Cancel

If you purchase a Contract, you may cancel it within 20 days after you receive it. If you purchase a Contract to replace an existing annuity contract or insurance policy, you have 30 days to cancel the Contract. The right to cancel period may be longer in some states. In many states, you will bear the risk of investment gain or loss before cancellation.

Please see the Right to Cancel (Free Look) section on page [ ] for more information.

Risk Factors

The Contract involves certain risks that you should understand before purchasing it. You should carefully consider your income needs and risk tolerance to determine whether the Contract or a particular Indexed Strategy is appropriate for you. The level of risk you bear and your potential investment performance will differ depending on the Crediting Strategies you choose.

Loss of Principal Related to Growth Strategy and Buffer Strategy due to Negative Index Changes

There is a significant risk of loss of principal and related earnings due to negative Index Changes if you allocate your Purchase Payment(s) to a Growth/-10% Floor Strategy or 10% Buffer Strategy. Such a loss may be substantial.

This risk exists for each Growth Strategy because you agree to absorb any loss in the Index during the Term up to the Maximum Loss of 10%. This risk exists for each Buffer Strategy because you agree to absorb any loss in the Index that exceeds the Buffer. This risk of loss does not exist if you allocate your Purchase Payment(s) to the Declared Rate Strategy or to a Conserve/0% Floor Strategy.

If you allocate money to a Growth Strategy, you may lose up to 10% at the end of each Term. If you allocate money to a Growth Strategy over multiple Terms, you may lose up to 10% each Term, which may result in a cumulative loss that is greater than 10%.

If you allocate money to a Buffer Strategy, you may lose up to 90% at the end of each Term. If you allocate money to a Buffer Strategy and withdraw it before the end of the Term, you may lose more than 90% because the Buffer is less than 10% until the end of the Term. If you allocate money to a Buffer Strategy over multiple Terms, you may lose up to 90% at the end of each Term, which may result in a cumulative loss that is greater than 90%.

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Loss of Principal Related to Early Withdrawal ChargeThere is also a risk of loss of principal and related earnings if you take a withdrawal from your Contract or Surrender it during the first five Contract Years. This risk exists for each Strategy because an Early Withdrawal Charge may apply. A withdrawal from any Strategy, including any Conserve/0% Floor Strategy, when an Early Withdrawal Charge applies, will reduce the value of the Strategy. This reduction will occur even if there is a Vested Gain on the date of the withdrawal. An Early Withdrawal Charge may reduce the value of an Indexed Strategy by more than increases in the value of the Indexed Strategy resulting from Vested Gains in the current and prior Terms.
Long-Term Nature of ContractThe Contract is a deferred annuity, which means the Annuity Payout Benefit will begin on a future date. We designed the Contract to be a long-term investment that you can use to help build a retirement nest egg and provide income for retirement. The limitations and charges included in the Contract reflect its long-term nature.
Limits on Investment Return

Any increase in the value of an Indexed Strategy over a Term is limited by a Maximum Gain. Any increase in the value of an Indexed Strategy before the end of a Term is also limited by a Vesting Factor, which will be less than 100%. Due to these limitations, in many cases the return on money allocated to an Indexed Strategy will not fully reflect the corresponding positive Index Change for a Term.

The value of an Indexed Strategy only captures an Index Value at the applicable Market Close. You will bear the risk that an Index Value might be significantly lower at that Market Close than at another point during the Term.

We measure the Index Change by comparing the Index Value on the first day of the Term to the Index Value on the last day of the Term. This means that if the Index Value is lower on the last day of the Term, you may experience negative or flat performance even if the Index experienced gains through some, or most, of the Term.

Limits on ReallocationsYou cannot reallocate money among the Crediting Strategies prior to the end of a Term. If you want to take money out of Strategy during a Term, you must take a withdrawal from that Strategy or Surrender your Contract.
Early Withdrawal ChargeIf you withdraw money from or Surrender the Contract during the first five Contract Years, we will deduct an Early Withdrawal Charge unless the Free Withdrawal Allowance or Bailout right applies. Deduction of the Early Withdrawal Charge may result in loss of principal and any prior earnings. An Early Withdrawal Charge will reduce Strategy values, including Conserve/0% Floor Strategy values.
Timing of Withdrawals, Surrender, Annuity Payout Initiation Date, or Death Benefit Claim

You should take into consideration the dates on which the Term(s) of your Indexed Strategies end relative to the timing of a withdrawal or Surrender, the Annuity Payout Initiation Date, or the submission of a Death Benefit claim.

For example, a withdrawal from an Indexed Strategy before the end of a Term will lock in the existing Vested Gain or Loss. In addition, due to the Vesting Factors that we use to calculate Vested Gains, increase in the value of an Indexed Strategy before the end of a Term will be less than the corresponding positive Index Change.

No Ability to Determine Strategy Values in AdvanceIf you request a withdrawal from an Indexed Strategy, we will process the withdrawal at the first Market Close after receipt of your Request in Good Order. This means you will not be able to determine in advance the value of an Indexed Strategy or the amount of any Vested Gain or Vested Loss. Likewise, you will not be able to determine in advance the amount payable upon Surrender, applied to the Annuity Payout Benefit, or payable as the Death Benefit.
Changes in Declared RatesWe set a Declared Rate for each new Term of the Declared Rate Strategy. The Declared Rate may be as low as 1%. You risk the possibility that the Declared Rate for a new Term may be lower than you would find acceptable.
Changes in Maximum GainsWe set a Maximum Gain for each new Term of an Indexed Strategy. The Maximum Gain for a new Term of an Indexed Strategy may be lower than its Maximum Gain for the current Term and may be as low as 1%. You risk the possibility that the Maximum Gain for a new Term may be lower than you would find acceptable.

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Unavailable Indexed StrategiesAt the end of a Term, we may stop offering any Indexed Strategy and, consequently, an Indexed Strategy you selected may not be available after the end of a Term. An Indexed Strategy you selected also may not be available after the end of a Term due to minimums and maximums that we set. In that case, if you do not withdraw the funds pursuant to your Bailout Right or reallocate them to another Crediting Strategy, then we will reallocate the applicable funds to a default Strategy. The funds allocated to a default Strategy may earn a return that is lower than the return they would have earned if there had been no reallocation, but will not increase the risk of loss of principal and any prior earnings.
Unavailable Declared Rate StrategyAt the end of a Term, we may stop offering the Declared Rate Strategy and, consequently, only Indexed Strategies, which may earn 0% for any Term, will be available after the end of the Term. In this case, we will offer at least one Indexed Strategy with a Maximum Loss of 0%. Unlike a Declared Rate Strategy, no earnings are guaranteed for an Indexed Strategy.
Replacement of an IndexWe have the right to replace an Index if it is discontinued or we are no longer able to use it, its calculation changes substantially, or we determine that hedging instruments are difficult to acquire or the cost of hedging becomes excessive. We may do so at the end of a Term or during a Term. If we replace an Index during a Term, we will calculate Vested Gains and Losses using the old Index up until the replacement date. After the replacement date, we will calculate Vested Gains and Losses using the new Index. The performance of the new Index may not be as good as the performance of the old Index. As a result, funds allocated to an Indexed Strategy may earn a return that is lower than the return they would have earned if there had been no replacement.
Involuntary Termination of ContractIf your Account Value falls below the minimum value of $5,000 for any reason, we may terminate your Contract. For example, we may terminate your Contract if a loss on a Growth/-10% Floor Strategy or a 10% Buffer Strategy causes your Account Value to fall below $5,000.
No Direct Investment in the Market

When you allocate money to an Indexed Strategy that uses the S&P 500 Index, you will not be investing in that Index, or in any stock included in that Index. Index Changes for these Strategies are calculated without taking into account dividends paid on stocks that make up the S&P 500 Index.

When you allocate money to an Indexed Strategy that uses the SPDR Gold Shares ETF, you will not be investing in that exchange-traded fund or in gold. Index Changes for these Strategies are calculated without taking into account dividends paid by the SPDR Gold Shares ETF.

When you allocate money to an Indexed Strategy that uses the iShares U.S. Real Estate ETF, you will not be investing in that exchange-traded fund, in the securities or other assets that it holds, or in any real estate investment trust. Index Changes for these Strategies are calculated without taking into account dividends paid by the iShares U.S. Real Estate ETF.

When you allocate money to an Indexed Strategy that uses the iShares MSCI EAFE ETF, you will not be investing in that exchange-traded fund or in the securities or other assets that it holds, or in any stock included in the MSCI EAFE Index. Index Changes for these Strategies are calculated without taking into account dividends paid by the iShares MSCI EAFE ETF.

Because changes in the value of an Indexed Strategy are subject to Maximum Gains and either Maximum Losses or a Buffer, as applicable, and may be subject to a Vesting Factor, the performance of an Indexed Strategy may diverge from the performance of the Index.

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Market Risk

Money allocated to a Growth/-10% Floor Strategy or 10% Buffer Strategy that uses the S&P 500 Index is subject to the risk that the market value of the underlying securities that comprise the S&P 500 Index may decline. For a Growth Strategy, you will absorb any such market loss up to the amount of the Maximum Loss of 10%. For a Buffer Strategy, you will absorb any such market loss to the extent it exceeds the Buffer. In addition, any positive change in the Index Value over a Term will be lower than the total return on an investment in the stocks that comprise the S&P 500 Index because the total return will reflect dividend payments on those stocks and the Index Values will not reflect those dividend payments. Because the return on an Indexed Strategy that uses the S&P 500 Index will be subject to limitations and will be linked to its performance and not the performance of the underlying stocks, your return may be less than that of a direct investment in such stocks. In addition, due to the same limitations, your return may be less than that of a direct investment in a fund that tracks the S&P 500 Index.

Money allocated to a Growth/-10% Floor Strategy that uses the SPDR Gold Shares ETF is subject to the risk that its share price may decline. You will absorb any such market loss up to the amount of the Maximum Loss of 10%. The share price of the SPDR Gold Shares ETF is tied to the price of gold, which has fluctuated widely over the past several years. The share price may not replicate the performance of gold. In addition, because the return on any indexed strategy that uses the SPDR Gold Shares ETF will be subject to limitations and will be linked to the performance of the SPDR Gold Shares ETF and not the performance of the price of gold, your return may be less than that of another investment linked directly to the fund’s performance or the price of gold. In addition, due to the same limitations, your return may be less than that of a direct investment in the SPDR Gold Shares ETF.

Money allocated to a Growth/-10% Floor Strategy that uses the iShares U.S. Real Estate ETF is subject to the risk that its share price may decline. You will absorb any such market loss up to the amount of the Maximum Loss of 10%. The share price of the iShares U.S. Real Estate ETF is tied to the performance of the real estate sector, which is highly sensitive to general and local economic conditions and developments, characterized by intense competition and periodic overbuilding, and subject to risks associated with leverage. The share price may not replicate the performance of the fund, its underlying index, or the components of that index. In addition, because the return on any indexed strategy that uses the iShares U.S. Real Estate ETF will be subject to limitations and will be linked to the performance of the iShares U.S. Real Estate ETF and not the performance of its underlying index or the components of that index, your return may be less than that of another investment linked directly to the performance of the fund, its underlying index, or a direct investment in such components. In addition, due to the same limitations, your return may be less than that of a direct investment in the iShares U.S. Real Estate ETF.

Money allocated to a Growth/-10% Floor Strategy that uses the iShares MSCI EAFE ETF is subject to the risk that its share price may decline. You will absorb any such market loss up to the amount of the Maximum Loss of 10%. The share price of the iShares MSCI EAFE ETF is tied to the performance of large- and mid-capitalization developed market equities, excluding the U.S. and Canada. The share price may not replicate the performance of the fund, its underlying index, or the components of that index. In addition, because the return on any indexed strategy that uses the iShares MSCI EAFE ETF will be subject to limitations and will be linked to the performance of the iShares MSCI EAFE ETF and not the performance of its underlying index or the components of that index, your return may be less than that of another investment linked directly to the performance of the fund, its underlying index, or a direct investment in such components. In addition, due to the same limitations, your return may be less than that of a direct investment in the iShares MSCI EAFE ETF.

[Geopolitical conflicts could also create economic disruption, including increased market volatility, and presents economic uncertainty. The full impact and duration of these events are difficult to determine. Any such impact could adversely affect the performance of the securities that comprise the Indexes and may lead to losses on your investment in the Indexed Strategies.

The historical performance of an Index does not guarantee future results.]

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Regulatory RiskMassMutual Ascend Life is not an investment company and is not registered as an investment company under the Investment Company Act of 1940. The protections provided to investors by that Act are not applicable to the Contract.
Reliance on Our Claims-Paying Ability

No company other than MassMutual Ascend Life has any legal responsibility to pay amounts owed under the Contract. You should look to the financial strength of MassMutual Ascend Life for its claims- paying ability.

Various factors, such as those listed below, could materially affect our business, financial condition, cash flows or future results and, in turn, our financial strength and claims-paying ability. A more complete discussion of these factors appears on pages A6-A10.

•  Adverse developments in financial markets and deterioration in global economic conditions

•  Unfavorable interest rate environments

•  Losses on our investment portfolio

•  Loss of market share due to intense competition

•  Ineffectiveness of risk management policies

•  Changes in applicable law and regulations

•  Inability to obtain reinsurance or to collect on reinsurance

•  Downgrade or potential downgrade in our financial strength rating

•  Variations from actual experience and management’s estimates and assumptions

•  The amount of capital we must hold to meet our statutory requirements can vary significantly from time to time

•  Legal actions and regulatory proceedings

•  Difficulties with technology or data security

•  Failure to protect the confidentiality of customer information

•  Failure to maintain effective and efficient information systems

•  Occurrence of catastrophic events, public health crises (e.g., the COVID-19 pandemic), terrorism or military actions

[The economic impacts of the COVID-19 pandemic may negatively affect our financial condition and results of operations. The extent to which the COVID-19 pandemic impacts financial markets, the global economy, and our financial strength and claims-paying ability will depend on future developments that cannot be predicted with certainty. We continue to be subject to significant state solvency regulations that require us to reserve amounts to pay our contractual guarantees. Please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors Related to MMALIC’s Business,” and “Financial Statements”, and “Regulation” for additional financial information about the company and the state solvency regulations to which we are subject.]

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Business Disruption and Cyber Security Risks

We rely on technology, including interconnected computer systems and data storage networks and digital communications, to conduct our business activities. Because our business is highly dependent upon the effective operation of our computer systems and those of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions) and cyber attacks. Cyber attacks may be systemic (e.g., affecting the internet, cloud services, or other infrastructure) or targeted (e.g., failures in or breach of our systems or those of third parties on whom we rely, including ransomware and malware attacks).

Cyber security risks include, but are not limited to, the loss, theft, misuse, corruption, and destruction of data maintained online or digitally, denial-of-service attacks, attacks on our website (or websites on which we rely), disruption of routine business operations, and unauthorized release of confidential information. The risk of cyber attacks may be higher during periods of geopolitical turmoil. Due to the increasing sophistication of cyber attacks, a cyber security breach could occur and persist for an extended period of time without detection.

Systems failures and cyber security incidents affecting us, our affiliates, intermediaries, service providers, and other third parties on whom we rely may adversely affect your Contract values and interfere with our ability to process transactions and calculate Contract values. Systems failures and cyber security breaches may cause us to be unable to process orders from our website, cause us to be unable to calculate Index values, cause the release or possible destruction of confidential and/or business information, impede order processing or cause other operational issues, subject us and our service providers and intermediaries to regulatory fines, litigation, and financial losses, and/or cause reputational damage.

The preventative actions we take to reduce the frequency and severity of cyber security incidents and protect our computer systems may be insufficient to prevent a cyber security breach from impacting our operations or your Contract values. There can be no assurance that we or our service providers and intermediaries will be able to avoid cyber security breaches affecting your Contract.

Purchase

You may purchase a Contract only through a registered representative of a broker-dealer that has a selling agreement with our affiliated underwriter, MM Ascend Life Investor Services, LLC.

Any Owner or Annuitant must be age 80 or younger on the Contract Effective Date. To determine eligibility, we will use the person’s age on his/her last birthday. We may make exceptions with respect to the maximum issue age in our discretion.

The Contract is not available in all states. To find out if it is available in the state where you live, ask your registered representative. The Contract may not be available for purchase during certain periods. There are a number of reasons why the Contract periodically may not be available, including that we want to limit the volume of sales of the Contract. You may wish to speak to your registered representative about how this may affect your purchase. For example, in order to purchase the Contract, you may be required to submit your application prior to a specific date. In that case, if there is a delay because your application is incomplete or otherwise not in good order, you might not be able to purchase the Contract. Your broker-dealer may impose conditions on the purchase of the Contract, such as a lower maximum issue age, than we or other selling firms impose. In addition, Selling Broker-Dealers may not make certain indexed strategies available. If you have any questions, you should contact your Selling Agent or his or her Selling Broker Dealer. We reserve the right to reject any application in our discretion.

Purchase Payments

The Contract is a modified single premium annuity contract. This means you may make one or more Purchase Payments during the purchase payment period. The purchase payment period begins on the Contract Effective Date. It will end two months after the Contract Effective Date.

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We must receive your initial Purchase Payment on or before the Contract Effective Date. We must receive each additional Purchase Payment before the last day of the purchase payment period. We will not accept any Purchase Payment that we receive after the date that the Contract is cancelled or Surrendered or after a death for which a Death Benefit is payable.

The initial Purchase Payment must be at least $25,000. Each additional Purchase Payment must be at least $10,000. You will need our prior approval if you are age 80 or younger and want to make a Purchase Payment(s) of more than $1,000,000; or you are over age 80 and want to make a Purchase Payment(s) of more than $750,000.

We reserve the right to refuse a Purchase Payment made in the form of a personal check in excess of $100,000. We may accept a Purchase Payment over $100,000 made in other forms, such as EFT/wire transfers, or certified checks or other checks written by financial institutions. We will not accept a Purchase Payment made with cash, money orders, or traveler’s checks.

Exchanges, Transfers, or Rollovers

If you own an annuity or tax-qualified account, you may be able to exchange it for an Index Frontier annuity, directly transfer it to an Index Frontier annuity, or roll it over to an Index Frontier annuity without paying taxes. Before you do, compare the benefits, features, and costs of each annuity or account. You may pay an early withdrawal charge under the old annuity or account. You may also pay a sales charge under the new annuity or account, or you may pay an early withdrawal charge if you later take withdrawals from the new annuity or account. Please note that some financial professionals may have a financial incentive to offer this Contract in place of the one the investor already owns. Ask your registered representative whether an exchange, transfer, or rollover would be advantageous, based on the features, benefits, and charges of the Index Frontier annuity.

If you purchase your Contract with an exchange, transfer, or rollover, a delay in processing the exchange, transfer, or rollover may delay the issuance of your new Contract or prevent the application of additional Purchase Payments to your existing Contract.

You should only exchange your existing contract for this Contract if you determine after comparing the features, fees, and risks of both contracts that it is preferable for you to purchase this Contract rather than continuing to own your existing contract.

Application of Purchase Payments

Each Purchase Payment will be held in the Purchase Payment Account until it is applied to a Crediting Strategy on a Strategy Application Date. On each Strategy Application Date, we will apply the then current balance of the Purchase Payment Account to the Crediting Strategies you selected.

In certain states, we are required to give back your Purchase Payment(s) if you decide to cancel your Contract during the free look period. If we are required by law to refund your Purchase Payment(s), we reserve the right to hold your Purchase Payment(s) in the Purchase Payment Account until the first Strategy Application Date on or after the end of the free look period.

We will credit interest daily on amounts held in the Purchase Payment Account at the annual effective rate set out in your Contract. This rate will be at least 1%.

Purchase Payment Account Value

On any day, the value of the Purchase Payment Account is equal to:

Purchase Payments received by us plus interest earned daily; minus

the premium tax or other tax that may apply to the Purchase Payments; and minus

each withdrawal and related Early Withdrawal Charge taken from the Purchase Payment Account since the last Strategy Application Date.

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Unforeseen Processing Delays

We are exposed to risks related to natural and man-made disasters and catastrophes, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster or catastrophe, including a pandemic (such as the COVID-19 pandemic), could affect the ability or willingness of our employees or the employees of our service providers to perform their job responsibilities. While many of our employees and the employees of our service providers are able to work remotely, those remote work arrangements may result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from contract owners. Catastrophic events may negatively affect the computer and other systems on which we rely, impact our ability to calculate values under your Contract, or have other possible negative impacts. There can be no assurance that our service providers will be able to successfully avoid negative impacts associated with natural and man-made disasters and catastrophes.

A processing delay will not affect the effective date as of which we process transactions, including orders from contract owners, the date that a Term begins or ends, or the values used to process the transaction.

Initial Strategy Selections

You make your initial selection of Crediting Strategies in your purchase application. Your initial selection is set out on your Contract Specifications Page.

Your initial selection will also apply to each subsequent Purchase Payment. If you wish to change your selection for a specific Purchase Payment, we must receive your Request in Good Order with the Crediting Strategies you selected for that Purchase Payment before the Strategy Application Date that applies to that Purchase Payment.

When you select a Crediting Strategy, you must also indicate the percentage of the Purchase Payment that you wish to allocate to that Crediting Strategy. All allocations must be in whole percentages that total 100%. We reserve the right to round amounts up or down to make whole percentages, and to reduce or increase amounts proportionally in order to total 100%.

Currently there are no limitations on the amounts that may be applied to a Crediting Strategy.

We may establish minimum and maximum amounts or percentages that may be applied to a given Crediting Strategy for any future Term in our discretion. We will notify you of any such minimum or maximum. We may limit the availability of a Strategy for a Term that would extend beyond the Annuity Payout Initiation Date. All Strategies may not be available in all states.

Declared Rate Strategy

Note: The Declared Rate Strategy is not available for Contracts issued in Missouri.

The Declared Rate Strategy earns interest at a fixed rate with annual compounding. Interest will be credited daily to amounts held under the Declared Rate Strategy.

We will set the Declared Rate for a Term before that Term starts. It is guaranteed for the entire Term. At least 10 days before the initial Term starts, we will post the Declared Rate that will apply to the Declared Rate Strategy for that Term on our website (www.massmutualascend.com/RILArates).

If you are not satisfied with the Declared Rate offered for your initial Term, you may rescind your Contract by returning it and giving written notice of your decision to rescind. You will have 20 days in which to rescind your Contract. The rescission period will end at midnight of the 20th day after the date on which your initial Term starts. If you exercise this rescission right, we will return your Purchase Payment(s), without any adjustment for the Early Withdrawal Charge.

We may set a different Declared Rate for each subsequent Term. For a Term, different rates may apply with respect to amounts attributable to Purchase Payments received on different dates. At least 10 days before the next Term starts, we will post the Declared Rate that will apply to the Declared Rate Strategy for that next Term on our website (www.massmutualascend.com/RILArates). The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Declared Rate that will apply to Contracts issued prior to May 1, 2019.

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In any event, the Declared Rate for a Term will never be less than the guaranteed minimum interest rate set out in the Declared Rate Strategy endorsement included in your Contract. This rate will be at least 1% per year.

Term

Each Term of the Declared Rate Strategy is one year long and will start and end on a Strategy Application Date. A new Term will start at the end of the preceding Term.

If you make only one Purchase Payment or you make all of your Purchase Payments before the initial Strategy Application Date, then each Term of the Declared Rate Strategy will end on the same date in any given year. If you make a Purchase Payment after the initial Strategy Application Date, then your Purchase Payments will be applied to the Crediting Strategies on different Strategy Application Dates. In this case, the Declared Rate Strategy will have Terms that end on different dates in any given year.

Examples. These examples show how a Contract with multiple Purchase Payments may have Terms that end on different dates.

You make your initial Purchase Payment on March 10 and another Purchase Payment on March 17. You allocate both payments to the Declared Rate Strategy and both payments are applied on March 20. Each Term of the Declared Rate Strategy will start and end on March 20.

You make your initial Purchase Payment on May 2 and another Purchase Payment on June 14. You allocate both payments to the Declared Rate Strategy. Your initial Purchase Payment is applied on May 6 and the other Purchase Payment is applied on June 20. The Declared Rate Strategy will have Terms that start and end on May 6 and other Terms that start and end on June 20.

Declared Rate Strategy Value

The value of the Declared Rate Strategy is equal to:

the amounts applied to the Strategy at the start of the current Term; minus

each withdrawal and related Early Withdrawal Charge taken from the Strategy during the current Term; plus

interest that we have credited on the balances in the Strategy for the current Term.

Indexed Strategies

The Indexed Strategies provide returns that are based, in part, upon changes in an Index Value. The Indexed Strategies do not earn interest at a fixed rate. Unlike a traditional variable annuity, the values of the Indexed Strategies are not based on the investment performance of underlying portfolios.

Each Indexed Strategy has a Maximum Gain for each Term.

We will set a new Maximum Gain for each Indexed Strategy prior to the start of each Term. In general, the Maximum Gain for a Growth Strategy will be higher than the Maximum Gain for a Conserve Strategy using the same Index, and the Maximum Gain for a Buffer Strategy will be higher than the Maximum Gain for a Growth Strategy using the same Index.

Each Conserve Strategy and Growth Strategy has a Maximum Loss for each Term.

The Maximum Loss for each Term of a Conserve Strategy is 0%. The Maximum Loss for each Term of a Growth Strategy is a loss of 10%.

Each Buffer Strategy has a Buffer for each Term.

The Buffer at the end of each Term is 10%. Before the end of each Term, the Buffer is calculated daily as a prorated share of the annual 10% Buffer.

Changes in the value of an Indexed Strategy reflect the change in the applicable Index Value since the start of the applicable Term, the Maximum Gain we set for that Indexed Strategy for that Term, the applicable Vesting Factor, and the applicable Buffer or Maximum Loss for that Indexed Strategy. If you select a Growth Strategy or a Buffer Strategy, then each Term it is possible for you to lose a portion of your Purchase Payment(s) and any earnings allocated to that Indexed Strategy.

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See Vested Gains and Losses section below for additional details.

The Indexed Strategies that are currently available are listed below. You may allocate your funds to any of the Indexed Strategies, subject to the procedures disclosed in this prospectus.

Conserve/0% Floor StrategiesIndexMaximum Loss/Floor of 0%
S&P 500 0% FloorS&P 500® IndexIf you allocate money at the start of a Term to a Conserve Strategy, you cannot lose that money during the Term due to a negative change in the Index.
SPDR Gold Shares 0% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate 0% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE 0% FlooriShares MSCI EAFE ETF
Growth/-10% Floor StrategiesIndexMaximum Loss/Floor of 10%
S&P 500 -10% FloorS&P 500® IndexIf you allocate money at the start of a Term to a Growth Strategy, you can lose up to 10% of that money during the Term due to a negative change in the Index.
SPDR Gold Shares -10% FloorSPDR® Gold Shares ETF
iShares U.S. Real Estate -10% FlooriShares U.S. Real Estate ETF
iShares MSCI EAFE -10% FlooriShares MSCI EAFE ETF
10% Buffer StrategyIndexEnd of Term Buffer of 10%
S&P 500 10% BufferS&P 500® IndexIf you allocate money at the start of a Term to a Buffer Strategy, at the end of the Term you can lose up to 90% of that money due to a negative change in the Index. At the end of the Term, 10% of the money you allocated is protected from loss. You can lose more than 90% of that money if you withdraw it before the end of the Term.

Note: The S&P 500 Buffer strategy is not available for Contracts issued prior to May 2020.

An Early Withdrawal Charge may apply if you take a withdrawal during the first five Contract Years. That charge will reduce Strategy values, including the value of a Conserve/0% Floor Strategy.

Term

Each Term of an Indexed Strategy is one year long and will start and end on a Strategy Application Date. A new Term will start at the end of the preceding Term.

If you make only one Purchase Payment or you make all of your Purchase Payments before the initial Strategy Application Date, then each Term of each Indexed Strategy will end on the same date in any given year. If you make a Purchase Payment after the initial Strategy Application Date, then your Purchase Payments will be applied to the Crediting Strategies on different Strategy Application Dates. In this case, an Indexed Strategy may have Terms that end on different dates in any given year.

Examples. These examples show how a Contract with multiple Purchase Payments may have Terms that end on different dates.

You make your initial Purchase Payment on March 10 and another Purchase Payment on March 17. You allocate both payments to the same Indexed Strategy and both payments are applied on March 20. Each Term of that Indexed Strategy will start and end on March 20.

You make your initial Purchase Payment on May 2 and another Purchase Payment on June 14. You allocate both payments to the same Indexed Strategy. Your initial Purchase Payment is applied on May 6 and the other Purchase Payment is applied on June 20. That Indexed Strategy will have Terms that start and end on May 6 and other Terms that start and end on June 20.

Indexed Strategy Value

The value of an Indexed Strategy is equal to:

the Investment Base for that Term, which is the amount applied to the Strategy at the start of the current Term; minus

the portion of that Investment Base that is taken from the Strategy to pay for each withdrawal and related Early Withdrawal Charge during the current Term; and plus or minus

the Vested Gain or Loss for that Term on the remaining portion of the Investment Base.

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The portion of the Investment Base that is taken from an Indexed Strategy to pay for a withdrawal and any related Early Withdrawal Charge is proportional to the reduction in the value of the Indexed Strategy for the withdrawal and any related charge. This means that we calculate the percentage of Strategy Value that is being withdrawn and we reduce the Investment Base by the same percentage.

A withdrawal and any related charge will reduce the value of an Indexed Strategy by an amount equal to the withdrawal and any charge.

But the reduction in the Investment Base to pay for a withdrawal and any related charge is proportional to the reduction in the value of the Indexed Strategy. For example, if the withdrawal and any related charge reduces the value of an Indexed Strategy by 15%, then it will reduce the Investment Base by 15%.

If there is a Vested Gain, then the portion of the Investment Base taken will be less than the withdrawal and any related charge. With a Vested Gain, the Indexed Strategy value will be higher than the Investment Base. For example, a 15% reduction in the Investment Base will be less than a 15% reduction in the Strategy value.

If there is a Vested Loss, then the portion of the Investment Base taken will be greater than the withdrawal and any related charge. With a Vested Loss, the Investment Base will be higher than Indexed Strategy value. For example, a 15% reduction in the Investment Base will be greater than a 15% reduction in the Strategy value.

Here are the formulas that we use to calculate a proportional reduction in the Investment Base for a withdrawal and the remaining Investment Base.

Percentage reduction in Strategy value = withdrawal plus any related Early Withdrawal Charge / Strategy value immediately before the withdrawal

Proportionate reduction in Investment Base = Investment Base immediately before the withdrawal x percentage reduction in Strategy value

Remaining Investment Base = Investment Base immediately before the withdrawal—reduction in Investment Base

Examples. You allocate $5,000 to an Indexed Strategy at the start of a Term. This means the Investment Base for the Term is $5,000. You take a $1,000 withdrawal and that amount includes the amount needed to pay any related Early Withdrawal Charge that applies to the withdrawal.

Assume at the time of your withdrawal that you have a Vested Gain of 5%.

The Vested Gain is equal to $250 ($5,000 x 0.05).

The Strategy value on the withdrawal date is $5,250 ($5,000 + $250).

The withdrawal (including any related Early Withdrawal Charge) reduces the Strategy value by $1,000.

The Strategy value after the withdrawal is $4,250 ($5,250 - $1,000).

The percentage reduction in the Strategy value is 19.05% ($1,000 / $5,250).

The proportionate reduction in the Investment Base is $952 ($5,000 x 0.1905).

The remaining Investment Base is $4,048 ($5,000 - $952).

Due to the Vested Gain, the proportionate reduction in the Investment Base ($952) is less than the withdrawal and related charge ($1,000). This means, after the withdrawal, the Investment Base is $4,048 rather than $4,000.

Assume at the time of your withdrawal that you have a Vested Loss of 10%.

The Vested Loss is equal to $500 ($5,000 x 0.10).

The Strategy value on the withdrawal date is $4,500 ($5,000 - $500).

The withdrawal (including any related Early Withdrawal Charge) reduces the Strategy value by $1,000.

The Strategy value after the withdrawal is $3,500 ($4,500 - $1,000).

The percentage reduction in the Strategy value is 22.22% ($1,000 / $4,500).

The proportionate reduction in the Investment Base is $1,111 ($5,000 x 0.2222).

The remaining Investment Base is $3,889 ($5,000 - $1,111).

Due to the Vested Loss, the proportionate reduction in the Investment Base ($1,111) is greater than the withdrawal and related charge ($1,000). This means, after the withdrawal, the Investment Base is $3,889 rather than $4,000.

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Vested Gains and Losses

Overview

Each day of a Term, the value of an Indexed Strategy includes the Vested Gain or Loss, if any, since the start of that Term. Vested Gain or Loss is calculated on the remaining Investment Base for that Term.

Here is the formula that we use to calculate the amount of the Vested Gain or Loss.

Amount of Vested Gain or Loss = remaining Investment Base x Vested Gain or Loss percentage

Example. At the beginning of a Term in Contract Year 10, your entire Account Value of $100,000 is allocated to a Growth/-10% Floor Strategy. You do not take any withdrawals during that Term. You Surrender your Contract at the end of that Term. No Early Withdrawal Charge applies to a Surrender in Contract Year 10.

If the Vested Gain is 4%, then the Strategy value includes a $4,000 Vested Gain ($100,000 x 0.04). The amount payable upon Surrender will be $104,000 ($100,000 + $4,000).

If the Vested Loss is 3%, then the Strategy value includes a $3,000 Vested Loss ($100,000 x 0.03). The amount payable upon Surrender will be $97,000 ($100,000 - $3,000).

If in this example your Surrender occurs in Contract Year 4 instead, when a 5% Early Withdrawal Charge applies, the amount payable upon Surrender is reduced by applicable Early Withdrawal Charges. For this example, we assume that the Account Value was $100,000 on the most recent Contract Anniversary.

If the Vested Gain is 4%, then the amount payable is reduced by Early Withdrawal Charges of $4,700, calculated as 5% of the Strategy Value minus the Free Withdrawal Allowance (5% x ($104,000 – ($100,000 x 10%))). The amount payable upon Surrender will be $99,300 ($104,000 - $4,700).

If the Vested Loss is 3%, then the amount payable is reduced by Early Withdrawal Charges of $4,350, calculated as 5% of the Strategy Value minus the Free Withdrawal Allowance (5% x ($97,000 – ($100,000 x 10%))). The amount payable upon Surrender will be $92,650 ($97,000 - $4,350).

Index Change. Before we can calculate the Vested Gain or Loss since the start of a Term, we must determine the Index Change since the start of that Term. The Index Change is the increase or decrease in the applicable Index Value. This increase or decrease is expressed as a percentage of the applicable Index Value at the start of that Term. It is measured from the Index Value at the start of that Term to the Index Value at the last Market Close on or before the date the Index Change is determined.

Example. The Index Value was 1000 at the start of a Term.

If the Index Value at the applicable Market Close is 1065, then there is a positive Index Change of 6.5% ((1065 - 1000) / 1000).

If the Index Value at the applicable Market Close is 925, then there is a negative Index Change of 7.5% ((925 - 1000) / 1000).

Indexes. The S&P 500® Index is designed to reflect the large-cap sector of the U.S. equity market and, due to its composition, it also represents the U.S. equity market in general. It includes 500 leading companies and captures approximately 80% coverage of available market capitalization. The S&P 500 Index does not include dividends declared by any of the companies in this Index. Consequently, any positive change in the Index Value over a Term will be lower than the total return on a direct investment in the stocks that comprise the S&P 500 Index. The S&P 500 Index is a product of S&P Dow Jones Indices LLC. For more information, visit www.US.SPIndices.com.

The SPDR Gold Shares represent units of beneficial interest in, and ownership of, the SPDR Gold Trust, an exchange traded fund that holds gold bullion. The investment objective of the trust is for the shares to reflect the performance of the price of gold bullion, less the trust’s expenses. The shares are designed to mirror as closely as possible the price of gold, and the value of the shares relates directly to the value of the gold held by the trust, less its liabilities. The price of gold has fluctuated widely over the past several years and the shares have experienced significant price fluctuations. The value of the gold held by the trust is determined using the London Bullion Market Association (LBMA) Gold Price PM. The Gold Shares trade on the NYSE Arca under the symbol GLD. For more information, visit www.spdrgoldshares.com.

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The iShares U.S. Real Estate ETF is an exchange traded fund that seeks to track the investment performance of the Dow Jones U.S. Real Estate Index. This underlying index measures the performance of the real estate sector in the U.S. equity market. A significant portion of the underlying index is represented by real estate investment trusts (REITs), but the components are likely to change over time. The fund’s adviser uses an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the underlying index. The fund is subject to certain risks including the risk that it may not replicate the performance of the underlying index and those risks associated with concentrated investment in REITS. The fund’s performance will be reduced by its expenses and fees. The fund’s shares trade on the NYSE Arca under the symbol IYR. For more information, visit www.iShares.com and search ticker symbol IYR.

The iShares MSCI EAFE ETF is an exchange traded fund that seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada (MSCI EAFE Index). This underlying index includes stocks from Europe, Australasia and the Far East. The components of the underlying index, and the degree to which these components represent certain industries and/or countries, are likely to change over time. The fund’s adviser uses an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the underlying index. The fund is subject to certain risks including the risk that it may not replicate the performance of the underlying index and those risks associated with investment in non-U.S. issuers. The fund’s performance will be reduced by its expenses and fees. The fund’s shares trade on the NYSE Arca under the symbol EFA. For more information, visit www.iShares.com and search ticker symbol EFA.

Index Values. Index Values are determined at each Market Close. An Index Value at the start of a Term is its value at the last Market Close on or before the first day of that Term. An Index Value at the end of a Term is its value at the Market Close on the last Market Day of that Term. We will use consistent sources to obtain the closing values of an Index. We currently obtain the closing values for the S&P 500 Index and the SPDR Gold Shares ETF from S&P Dow Jones Indices LLC and the closing values for the iShares MSCI EAFE ETF and the iShares U.S. Real Estate ETF from BlackRock, Inc. If those sources are no longer available, we will select an alternative published source(s) to obtain such values.

Market Close. A Market Close is the close of the regular or core trading session on the market used to measure an Index Change for a give Indexed Strategy.

Market Day. A Market Day is each day that all markets that are used to measure Index Changes for available Indexed Strategies are open for regular trading.

Vested Gain

The Vested Gain is the portion of any positive Index Change that is taken into account when determining the value of an Indexed Strategy. Here is the formula that we use to calculate a Vested Gain for any day of a Term.

Vested Gain = any positive Index Change since the start of the current Term (but not exceeding the Maximum Gain set for the Term) x applicable Vesting Factor for that day x remaining Investment Base for the current Term

Maximum Gain. The Maximum Gain for an Indexed Strategy is the largest positive Index Change for a Term that is taken into account to determine the Vested Gain for that Indexed Strategy for that Term. For example, if the Maximum Gain for a Term is 5% and the Index Change at the end of that Term is positive 8%, then the Vested Gain for that Term is 5%.

The Maximum Gain will vary between Indexed Strategies.

The Maximum Gain for a given Indexed Strategy will vary between Terms.

We guarantee that the Maximum Gain for a Term of an Indexed Strategy will never be less than 1%.

For each Term, your return on an Indexed Strategy may be less than any positive Index Change over that Term.

For each Term, your return on an Indexed Strategy may be less than the Maximum Gain.

We set the Maximum Gain for each Indexed Strategy based on the cost of hedging, interest rates, and other market factors, and the Purchase Payments received for a Contract. In general, the Maximum Gain we set for a Growth/-10% Floor Strategy will be higher than the Maximum Gain we set for the corresponding Conserve/0% Floor Strategy, and the Maximum Gain for a 10% Buffer Strategy will be higher than the Maximum Gain for the corresponding Growth Strategy. Likewise, we may set Maximum Gains for Contracts with larger Purchase Payments that are higher than Maximum Gains for Contracts with smaller Purchase Payments.

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Each Purchase Payment is applied to an initial Term of a Strategy on the first Strategy Application Date on or after the date that the payment is received. The Maximum Gain for each Strategy Application Date may vary. The Maximum Gain for the first Strategy Application Date will be available on our website (www.massmutualascend.com/RILArates) on the date you signed the application (as long as we receive the application for the Contract within eight days after the date you sign it) and before the date of any Purchase Payment to which the Maximum Gain will apply. If we receive the application for the Contract within eight days after the date you sign it, we will guarantee the Maximum Gain in effect on the date you signed the application for three Strategy Application Dates from the date of the application.

If we receive the signed application within eight days after the date you sign it, then for any Indexed Strategy:

For an initial Term starting on the first Strategy Application Date on or after the application date, the Maximum Gain will be the Maximum Gain in effect on the date you signed the application.

For an initial Term starting on one of the next two Strategy Application Dates, the Maximum Gain will be the higher of the Maximum Gain in effect on the date you signed the application or the Maximum Gain otherwise in effect for that Strategy Application Date.

For any initial Term starting on a later Strategy Application Date, the Maximum Gain will be the Maximum Gain in effect for that Strategy Application Date.

If we receive the signed application more than eight days after the date you sign it, then the guarantee does not apply and the Maximum Gain for each Initial Term will be the Maximum Gain in effect for that Strategy Application Date.

Example : You sign an application for a Contract on May 1 and allocate all of your Purchase Payments to the S&P 500 -10% Floor Strategy. On the date of the application, the Maximum Gain for the first Strategy Application Date (May 6) is 13%. We receive the application and the first Purchase Payment from you on May 8 and the second Purchase Payment from you on May 23. The Maximum Gains for the next two Strategy Application Dates are 14% (May 20) and 12% (June 6).

In this case, the initial 1-year Term for the first Purchase Payment would begin on May 20 and would have a 14% Maximum Gain (the higher of the May 6 rate or the May 20 rate). The initial 1-year Term for the second Purchase Payment would begin on June 6 and would have an 13% Maximum Gain (the higher of the May 6 rate or the June 6 rate).

If we had not received your signed application until May 10 (more than eight days after the date you signed the application), then you would not qualify for the rate guarantee, and the initial 1-year Term for the first Purchase Payment received on May 8 would have a 14% Maximum Gain (the May 20 rate effective for Purchase Payments received between May 7 and May 20), and the initial 1-year Term for the second Purchase Payment received on May 23 would have a 12% Maximum Gain (the June 6 rate effective for Purchase Payments received between May 21 and June 6).

Once your Contract is effective, we will send you a written notice at least 30 days before the end of each Term with information about the Indexed Strategies that will be available for the next Term. At least 10 days before the next Term starts, we will post the Maximum Gain that will apply to an Indexed Strategy for that next Term on our website (www.massmutualascend.com/RILArates). The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Maximum Gain for each Indexed Strategy that will apply to Contracts issued prior to May 1, 2019.

Because we can change the Maximum Gain that applies to an Indexed Strategy, the Contract has a Bailout right that allows you to take a withdrawal without incurring an Early Withdrawal Charge under certain circumstances. See Bailout Right discussion in the Early Withdrawal Charge section below.

Vesting Factor. The Vesting Factor varies depending on the day of the Term for which the Vested Gain is calculated. A Vesting Factor limits the portion of a positive Index Change that is taken into account when calculating the Vested Gain for a given Indexed Strategy for a given Term.

Vesting Factor

Dates within first six months of a Term

25

Dates within the final six months of a Term but before the final Market Day of that Term

50

On the final Market Day of a Term

100

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A Market Day is each day that all markets that are used to measure Index Changes for available Indexes Strategies are open for regular trading.

Months are measured from the first day of the Term. For example, if a Term starts on January 20, the final six months of that Term will begin on July 20.

If any date in a Term is after the final Market Day of that Term, then a 100% Vesting Factor applies on that date when Vested Gain for that Term is calculated. For example, if a Term ends on a Monday when the markets are closed due to a holiday, then the final Market Day of that Term is the Friday before that holiday. If an automatic transaction is scheduled for Saturday, then the 100% Vesting Factor applies to that transaction.

Example. On the date of Surrender, your entire Account Value of $100,000 is allocated to the S&P 500 Growth/-10% Floor Strategy, which has a 12% Maximum Gain for the Term. You Surrender your Contract in month 9 of that Term, which means a Vesting Factor of 50% applies. For this example, we assume that you did not take any withdrawals before you Surrender your Contract. Assume there is a positive Index Change of 15% at the date on which you Surrender your Contract. Because the Index Change exceeds the Maximum Gain, the Maximum Gain applies and limits the Index Change to 12%. As a result, the Vested Gain is 6% (12% x 0.50). The Investment Base on the date of Surrender is $100,000. The Vested Gain that applies upon Surrender will be $6,000 ($100,000 x 0.06) and the amount payable will be $106,000 minus any related Early Withdrawal Charge.

Vested Loss

The Vested Loss is the portion of any negative Index Change that is taken into account when determining the value of an Indexed Strategy. Here is the formula that we use to calculate a Vested Loss for any day of a Term.

Vested Loss = any negative Index Change since the start of the current Term (after taking into account either the Maximum Loss for each Term or the Buffer, as applicable) x remaining Investment Base for the current Term

Maximum Loss. The Maximum Loss for a Conserve/0% Floor Strategy or a Growth/-10% Floor Strategy is the most negative Index Change for a Term that is taken into account to determine the Vested Loss for that Indexed Strategy for that Term. For example, if the Maximum Loss for a Term is 10% and the negative Index Change at the end of that Term is 14%, then the Vested Loss for that Term is 10%.

The Maximum Loss for each Term of a Conserve Strategy is 0%. This means that the value of a Conserve Strategy will not decrease due to a negative Index Change.

The Maximum Loss for each Term of a Growth Strategy is a loss of 10%. This means that the value of a Growth Strategy will not decrease by more than 10% during a Term due to a negative Index Change.

The Maximum Loss will not vary depending on the day of the Term. This means that for a Growth Strategy, the Maximum Loss throughout the Term is 10%.

Buffer. The Buffer is the portion of a negative Index Change for a Term that is disregarded when determining a Vested Loss for a 10% Buffer Strategy. The Buffer varies depending on the day of the Term. The Buffer at the end of a Term is 10%. Before the end of the Term, the Buffer is calculated daily as a prorated share of the annual 10% Buffer. For example, when 40% of a Term has elapsed, the Buffer on that day equals 40% of the Buffer that would apply at the end of the Term. When 80% of a Term has elapsed, the Buffer on that day equals 80% of the Buffer that would apply at the end of the Term. As a result, a negative Index Change of 15% would produce different Vested Losses at the following junctures:

•  Day 146 of Term:

Days Remaining to last Market Day of Term: 219

Buffer: 10% x (365-219)/365 = 4%

Vested Loss: 15% - 4% = 11%

•  Day 292 of Term:

Days Remaining to last Market Day of Term: 73

Buffer: 10% x (365-73)/365 = 8%

Vested Loss: 15% - 8% = 7%

•  End of Term:

Buffer: 10%

Vested Loss: 15% -10% = 5%

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No Vesting Factor. A Vesting Factor does not apply when the Vested Loss is calculated. This means that all of the negative Index Change is taken into account when calculating the Vested Loss for a given Indexed Strategy for a given Term.

Example. On the date of Surrender, your entire Account Value of $100,000 is allocated to the S&P 500 Growth Strategy, which has a 10% Maximum Loss. You Surrender your Contract before the end of a Term. For this example, we assume that you did not take any withdrawals before you Surrender your Contract. Assume there is a negative Index Change of 12.5% on the day that you Surrender your Contract. Because the Index Change exceeds the Maximum Loss, the Maximum Loss applies and limits the Index Change to 10%. As a result, the Vested Loss is 10%. The Investment Base on the date of Surrender is $100,000. The Vested Loss that applies upon Surrender will be $10,000 ($100,000 x 0.10 = $10,000) and the amount payable will be $90,000 minus any related Early Withdrawal Charge.

Effect of Vested Gains and Losses

Here is a summary of the effect of Vested Gains and Losses in various situations.

Vested GainA Vested Gain increases the Indexed Strategy value.If you take a withdrawal, the Investment Base will be reduced by less than the actual amount of the withdrawal and any related Early Withdrawal Charge because of the Vested Gain.
Vested LossA Vested Loss reduces the Indexed Strategy value.If you take a withdrawal, the Investment Base will be reduced by more than the actual amount of the withdrawal and any related Early Withdrawal Charge because of the Vested Loss.
Additional InformationAny change in an Indexed Strategy value will affect the Account Value, which is used to determine the Surrender Value, the Annuity Payout Value and the Death Benefit Value.If you take a withdrawal, you will receive the amount you requested and the Indexed Strategy value will be reduced by the amount of the withdrawal and any related Early Withdrawal Charge.

Asymmetrical Impact of Index Changes on Growth and Buffer Strategies Using the Same Index

A Growth/-10% Floor Strategy and a 10% Buffer Strategy that use the same Index will often perform differently over identical time periods. These divergent results are produced by variations in the methods used to calculate Vested Gains and Vested Losses for Growth Strategies and Buffer Strategies. You should consider these variations if you are choosing between a Growth Strategy and a Buffer Strategy, and whether either is consistent with your income needs and risk tolerance. Currently, the only Index used by both a Growth Strategy and a Buffer Strategy is the S&P 500 Index.

Vested Gain Variations

Vested Gains for Growth Strategies and Buffer Strategies are calculated using the same formula, but that formula can produce different results when different Maximum Gains are applied. The Maximum Gain for a Buffer Strategy generally will be higher than the Maximum Gain for a Growth Strategy that uses the same Index. This is because the maximum amount of money you can lose is larger for a Buffer Strategy than a Growth Strategy.

For example, if we set a 12% Maximum Gain for the S&P 500 Growth Strategy and a 14% Maximum Gain for the S&P 500 Buffer Strategy, then the Vested Gains for identical investments in these two strategies would be the same over any period that the Index Value increased up to 12%, but would diverge over any period that the Index Value increased by more than 12%. During any such period, the Vested Gains for the Growth Strategy would be capped at 12%, while the Vested Gains for the Buffer Strategy may reach as high as 14%. As a result, it is possible for the Buffer Strategy to increase in value to a greater extent than the Growth Strategy.

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Vested Loss Variations

The formulas used to calculate Vested Losses for Growth Strategies and Buffer Strategies are similar, except Vested Losses for a Growth Strategy are limited by a Maximum Loss, while Vested Losses for a Buffer Strategy are limited by a Buffer. The 10% Maximum Loss for a Growth Strategy does not change throughout the Term, which means that any negative Index Change between 0% and -10% is taken into account whenever Vested Loss is calculated. The amount of the Buffer for a Buffer Strategy increases each day during the course of each Term, culminating with a 10% Buffer at the end of each Term. This means that any a negative Index Change from 0 to -10% is disregarded when calculating Vested Loss at the end of the Term, but a smaller portion of a negative Index Change is disregarded when measuring a Vested Loss before the end of the Term.

The differences in the impact of negative Index Changes on a Growth Strategy and a Buffer Strategy using the same Index over the same Term depends on two variables: the size of the negative Index Change and the size of the Buffer on the date that the Vested Losses are measured.

The following chart illustrates how changes to these two variables impact Vested Losses for a Growth Strategy and a Buffer Strategy using the same Index over the same Term:

   Impact of Negative Index Changes on Growth and Buffer Strategy Values Throughout Term 
   Vested Loss on: 
   Day 73
(20% of Term
Elapsed)
  Day 146
(40% of Term
Elapsed)
  Day 219
(60% of Term
Elapsed)
  Day 292
(80% of Term
Elapsed)
  End of Term
(100% of Term
Elapsed)
 

Index

Change

  Growth
Strategy
  Buffer
Strategy
2% Buffer
  Growth
Strategy
  Buffer
Strategy
4% Buffer
  Growth
Strategy
  Buffer
Strategy
6% Buffer
  Growth
Strategy
  Buffer
Strategy
8% Buffer
  Growth
Strategy
  Buffer
Strategy
10% Buffer
 

0%

   0  0  0  0  0  0  0  0  0  0

-2%

   -2  0  -2  0  -2  0  -2  0  -2  0

-4%

   -4  -2  -4  0  -4  0  -4  0  -4  0

-6%

   -6  -4  -6  -2  -6  0  -6  0  -6  0

-8%

   -8  -6  -8  -4  -8  -2  -8  0  -8  0

-10%

   -10  -8  -10  -6  -10  -4  -10  -2  -10  0

-12%

   -10  -10  -10  -8  -10  -6  -10  -4  -10  -2

-14%

   -10  -12  -10  -10  -10  -8  -10  -6  -10  -4

-16%

   -10  -14  -10  -12  -10  -10  -10  -8  -10  -6

-18%

   -10  -16  -10  -14  -10  -12  -10  -10  -10  -8

-20%

   -10  -18  -10  -16  -10  -14  -10  -12  -10  -10

-22%

   -10  -20  -10  -18  -10  -16  -10  -14  -10  -12

In general, Growth Strategies are designed to protect against larger negative Index Changes, while Buffer Strategies are designed to protect against smaller negative Index Changes. When identical investments are made in a Growth Strategy and a Buffer Strategy using the same Index over the same Term, a negative change in the Index produces the following results:

a negative Index Change between 0% and -10%, measured on any day, would have a greater negative impact on the Growth Strategy

a negative Index Change between -10% and -20% could have a greater negative impact on either strategy, depending on the Index Change and the size of the Buffer on the day the Index Change is measured

a negative Index Change below -20%, measured on any day, would have a greater negative impact on the Buffer Strategy

See Examples - Impact of Withdrawals on Contract Values and Amounts Realized section below for examples that illustrate these concepts.

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Examples - Impact of Withdrawals on Contract Values and Amounts Realized

These examples are intended to show you how a withdrawal from an Indexed Strategy before the end of the Term affects the Indexed Strategy values, Vested Gains and Losses, and amounts realized at the end of the Term. These examples assume that you allocate a $50,000 Purchase Payment to the S&P 500 Growth/-10% Floor Strategy and a $50,000 Purchase Payment to the S&P 500 10% Buffer Strategy. The examples assume that the withdrawals are covered by the Free Withdrawal Allowance and therefore no Early Withdrawal Charges apply. If Early Withdrawal Charges did apply, the amounts realized at the end of the Term would be reduced by both the withdrawal and the amount of the Early Withdrawal Charge.

Example A: Withdrawal When Index Rising Steadily

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  1040  1040
Positive Index Change  (1040 - 1000) / 1000 = 4.00%  (1040 - 1000) / 1000 = 4.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  4.00%  4.00%
Vesting Factor on Day 146  25%  25%
Vested Gain as a Percentage  4.00% x 25% = 1.00% Vested Gain  4.00% x 25% = 1.00% Vested Gain
Vested Gain in Dollars  $50,000 x 1.00% = $500 Vested Gain  $50,000 x 1.00% = $500 Vested Gain
Strategy Value before Withdrawal  $50,000 + $500 = $50,500  $50,000 + $500 = $50,500
Amount Withdrawn  $5,000  $5,000
Percentage Reduction in Strategy Value  $5,000 / $50,500 = 9.90%  $5,000 / $50,500 = 9.90%
Proportional Reduction in Investment Base  $50,000 x .0990 = $4,950  $50,000 x .0990 = $4,950
Remaining Investment Base after Withdrawal  $50,000 - $4,950 = $45,050   $50,000 - $4,950 = $45,050 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $45,050  $45,050
Index Value at Term Start  1000  1000
Index Value at Term End  1130  1130
Positive Index Change  (1130 - 1000) / 1000 = 13.00%  (1130 - 1000) / 1000 = 13.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  12.00%  13.00%
Vesting Factor at Term End  100%  100%
Vested Gain as a Percentage  12.00% x 100% = 12.00% Vested Gain  13% x 100% = 13.00% Vested Gain
Vested Gain in Dollars  $45,050 x 12.00% = $5,406 Vested Gain  $45,050 x 13.00% = $5,857 Vested Gain
Strategy Value at Term End  $45,050 + $5,406 = $50,456  $45,050 + $5,857 = $50,907

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $55,456 ($5,000 withdrawal plus the $50,456 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $56,000 ($50,000 Investment Base plus $6,000 gain ($50,000 x 12.00%)).

This hypothetical Strategy value of $56,000 exceeds the amount realized of $55,456 because:

the gain at the time of the withdrawal caused the reduction in the Investment Base to be less than the actual amount withdrawn ($5,000 - $4,950 = $50); and

29


the subsequent gain at the term end was calculated on a smaller Investment Base, which caused that gain to be smaller than the hypothetical gain ($5,406 - $6,000 = -$594).

The result for the S&P 500 Growth Strategy ($50 - $594 = -$544) is equal to the difference between the hypothetical Strategy value and the amount realized ($56,000 - $544 = $55,456).

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $55,907 ($5,000 withdrawal plus the $50,907 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $56,500 ($50,000 Investment Base plus $6,500 gain ($50,000 x 13%)). This hypothetical Strategy value exceeds the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $451 in this example. The amount you realized under the Buffer Strategy ($55,907) exceeds the amount you realized under the Growth Strategy ($55,456) because the Growth Strategy had a lower Maximum Gain, and the Index Change at the end of the Term exceeded the Growth Strategy’s lower Maximum Gain.

Example B: Withdrawal When Index Falls and Then Rises

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  880  880
Negative Index Change  (880 - 1000) / 1000 = -12.00%  (880 - 1000) / 1000 = -12.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer on Day 146 of Term  N/A  10% x (365-219)/365 = 4.00% Buffer
Negative Index Change Absorbed by Buffer  N/A  -4.00%
Negative Index Change after Buffer  N/A  -12.00% - (-4.00)% = -8.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -8.00% x 100% = 8.00% Vested Loss
Vested Loss in Dollars  $50,000 x 10.00% = $5,000 Vested Loss  $50,000 x 8.00% = $4,000 Vested Loss
Strategy Value before Withdrawal  $50,000 - $5,000 = $45,000   $50,000 - $4,000 = $46,000 
Amount Withdrawn*  $4,945  $5,055
Percentage Reduction in Strategy Value  $4,945 / $45,000 = 10.99%  $5,055 / $46,000 = 10.99%
Proportional Reduction in Investment Base  $50,000 x .1099 = $5,495  $50,000 x .1099 = $5,495
Remaining Investment Base after Withdrawal  $50,000 - $5,495 = $44,505   $50,000 - $5,495 = $44,505 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $44,505  $44,505
Index Value at Term Start  1000  1000
Index Value at Term End  1130  1130
Positive Index Change  (1130 - 1000) / 1000 = 13%  (1130 - 1000) / 1000 = 13%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  12.00%  13.00%
Vesting Factor at Term End  100%  100%
Vested Gain as a Percentage  12.00% x 100% = 12.00% Vested Gain  13.00% x 100% = 13.00% Vested Gain
Vested Gain in Dollars  $44,505 x 12.00% = $5,341 Vested Gain  $44,505 x 13.00% = $5,786 Vested Gain
Strategy Value at Term End  $44,505 + $5,341 = $49,846  $44,505 + $5,786 = $50,291

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*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $91,000 ($45,000 + $46,000). The S&P 500 Growth Strategy value was 49.45% of that total value ($45,000 / $91,000 = 49.45%), so 49.45% of the $10,000 withdrawal ($4,945) was taken from it. The S&P 500 Buffer Strategy value was 50.55% of that total value ($46,000 / $91,000 = 50.55%), so 50.55% of the $10,000 withdrawal ($5,055) was taken from it.

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $54,791 ($4,945 withdrawal plus the $49,846 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $56,000 ($50,000 Investment Base plus $6,000 gain ($50,000 x 12.00%)).

This hypothetical Strategy value of $56,000 exceeds the amount realized of $54,791 because:

the loss at the time of the withdrawal caused the reduction in the Investment Base to be greater than the actual amount withdrawn ($4,945 - $5,495 = -$550); and

the subsequent gain at the term end was calculated on a smaller Investment Base, which caused that gain to be smaller than the hypothetical gain ($5,341 - $6,000 = -$659).

The result for the S&P 500 Growth Strategy (-$550 + -$659 = -$1,209) is equal to the difference between the hypothetical Strategy value and the amount realized ($56,000 - $1,209 = $54,791).

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $55,346 ($5,055 withdrawal plus the $50,291 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $56,500 ($50,000 Investment Base plus $6,500 gain ($50,000 x 13.00%)). This hypothetical Strategy value exceeds the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $555 in this example. The amount you realized under the Buffer Strategy ($55,346) exceeds the amount you realized under the Growth Strategy ($54,791) for two reasons: (1) at the time of the withdrawal, the Buffer absorbed more of the negative Index Change (4 percentage points of the -12.00% change) than the Maximum Loss absorbed (2 percentage points of the -12.00% change), thus resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, and (2) the Index Change at the end of the Term exceeded the Growth Strategy’s lower Maximum Gain, thus increasing the Buffer Strategy’s value to a greater extent.

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Example C: Withdrawal When Index Falling Steadily

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  980  980
Negative Index Change  (980 - 1000) / 1000 = -2.00%  (980 - 1000) / 1000 = -2.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -2.00%  N/A
Buffer on Day 146 of Term  N/A  10% x (365-219)/365 = 4.00% Buffer
Negative Index Change Absorbed by Buffer  N/A  Entire -2.00% Index Change
Negative Index Change after Buffer  N/A  0%
Vested Loss as a Percentage  -2.00% x 100% = 2.00% Vested Loss  0.00% Vested Loss
Vested Loss in Dollars  $50,000 x 2.00% = $1,000 Vested Loss  $0 Vested Loss
Strategy Value before Withdrawal  $50,000 - $1,000 = $49,000   $50,000 - $0 = $50,000 
Amount Withdrawn*  $4,949  $5,051
Percentage Reduction in Strategy Value  $4,949 / $49,000 = 10.10%  $5,051 / $50,000 = 10.10%
Proportional Reduction in Investment Base  $50,000 x .1010 = $5,050  $50,000 x .1010 = $5,050
Remaining Investment Base after Withdrawal  $50,000 - $5,051 = $44,950   $50,000 - $5,051 = $44,950 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $44,950  $44,950
Index Value at Term Start  1000  1000
Index Value at Term End  860  860
Negative Index Change  (860 - 1000) / 1000 = -14.00%  (860 - 1000) / 1000 = -14.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer at End of Term  N/A  10% Buffer
Negative Index Change Absorbed by Buffer  N/A  -10.00%
Negative Index Change after Buffer  N/A  -14.00% - (-10.00)% = -4.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -4.00% x 100% = 4.00% Vested Loss
Vested Loss in Dollars  $44,950 x 10.00% = $4,495 Vested Loss  $44,950 x 4.00% = $1,798 Vested Loss
Strategy Value at Term End  $44,950 - $4,495 = $40,455   $44,950 - $1,798 = $43,152 

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $99,000 ($49,000 + $50,000). The S&P 500 Growth Strategy value was 49.49% of that total value ($49,000 / $99,000 = 49.49%), so 49.49% of the $10,000 withdrawal ($4,949) was taken from it. The S&P 500 Buffer Strategy value was 50.51% of that total value ($50,000 / $99,000 = 50.51%), so 50.51% of the $10,000 withdrawal ($5,051) was taken from it.

32


S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $45,404 ($4,949 withdrawal plus the $40,455 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $45,000 ($50,000 Investment Base minus $5,000 loss ($50,000 x -10.00%)).

The amount realized of $45,404 exceeds this hypothetical Strategy value of $45,000 because:

the loss at the time of the withdrawal caused the reduction in the Investment Base to be greater than the actual amount withdrawn ($4,949 - $5,050 = -$101); and

the subsequent loss at the term end was calculated on a smaller Investment Base, which caused that loss to be smaller than the hypothetical loss ($5,000 - $4,495 = $505).

The result for the S&P 500 Growth Strategy ($505 - $101 = $404) is equal to the difference between the amount realized and the hypothetical Strategy value ($45,404 - $404 = $45,000).

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $48,203 ($5,051 withdrawal plus the $43,152 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $48,000 ($50,000 Investment Base minus $2,000 loss ($50,000 x -4.00%)). This hypothetical Strategy value is lower than the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $2,799 in this example. The amount you realized under the Buffer Strategy ($48,203) exceeds the amount you realized under the Growth Strategy ($45,404) for two reasons: (1) at the time of the withdrawal, the Buffer absorbed all of the negative Index Change of -2.00%, while the Maximum Loss did not absorb any of the negative Index Change, thus resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, and (2) at the end of the Term, the Buffer absorbed more of the negative Index Change (10 percentage points of the -14.00% change) than the Maximum Loss absorbed (4 percentage points of the -14.00% change), thus reducing the Strategy value of the Growth Strategy to a greater extent.

33


Example D: Withdrawal When Index Falling Steadily and Precipitously

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  850  850
Negative Index Change  (850 - 1000) / 1000 = -15.00%  (850 - 1000) / 1000 = -15.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer on Day 146 of Term  N/A  10% x (365-219)/365 = 4.00% Buffer
Negative Index Change Absorbed by Buffer  N/A  -4.00%
Negative Index Change after Buffer  N/A  -15.00% - (-4.00)% = -11.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -11.00% x 100% = 11.00% Vested Loss
Vested Loss in Dollars  $50,000 x 10.00% = $5,000 Vested Loss  $50,000 x 11.00% = $5,500 Vested Loss
Strategy Value before Withdrawal  $50,000 - $5,000 = $45,000   $50,000 - $5,500 = $44,500 
Amount Withdrawn*  $5,028  $4,972
Percentage Reduction in Strategy Value  $5,028/ $45,000 = 11.17%  $4,972/ $44,500 = 11.17%
Proportional Reduction in Investment Base  $50,000 x .1117 = $5,585  $50,000 x .1117 = $5,585
Remaining Investment Base after Withdrawal  $50,000 - $5,585 = $44,415   $50,000 - $5,585 = $44,415 

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $44,415  $44,415
Index Value at Term Start  1000  1000
Index Value at Term End  750  750
Negative Index Change  (750 - 1000) / 1000 = -25.00%  (750 - 1000) / 1000 = -25.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer at End of Term  N/A  10% Buffer
Negative Index Change Absorbed by Buffer  N/A  -10.00%
Negative Index Change after Buffer  N/A  -25.00% - (-10.00)% = -15.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -15.00% x 100% = 15.00% Vested Loss
Vested Loss in Dollars  $44,415 x 10.00% = $4,442 Vested Loss  $44,415 x 15.00% = $6,662 Vested Loss
Strategy Value at Term End  $44,415 - $4,442 = $39,973   $44,415 - $6,662 = $37,753 

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $89,500 ($45,000 + $44,500). The S&P 500 Growth Strategy value was 50.28% of that total value ($45,000 / $89,500 = 50.28%), so 50.28% of the $10,000 withdrawal ($5,028) was taken from it. The S&P 500 Buffer Strategy value was 49.72% of that total value ($44,500 / $89,500 = 49.72%), so 49.72% of the $10,000 withdrawal ($4,972) was taken from it.

34


S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $45,001 ($5,028 withdrawal plus the $39,973 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $45,000 ($50,000 Investment Base minus $5,000 loss ($50,000 x -10.00%)).

The amount realized equals (after taking into account the effects of rounding) this hypothetical Strategy value of $45,000 because the Maximum Loss equally limited the negative Index Change both at the time of withdrawal and at the end of the Term.

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $42,725 ($4,972 withdrawal plus the $37,753 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $42,500 ($50,000 Investment Base minus $7,500 loss ($50,000 x -15.00%)).

The amount realized of $42,725 exceeds this hypothetical Strategy value of $42,500 because:

the loss at the time of the withdrawal caused the reduction in the Investment Base to be greater than the actual amount withdrawn ($4,972 - $5,585 = -$613); and

the subsequent loss at the term end was calculated on a smaller Investment Base, which caused that loss to be smaller than the hypothetical loss ($7,500 - $6,662 = -$838).

The result for the S&P 500 Buffer Strategy (-$613 + $838 = $225) is equal to the difference between the amount realized and the hypothetical Strategy value ($42,725 - $225 = $42,500).

Your investment in the S&P 500 Buffer Strategy underperformed the S&P 500 Growth Strategy by $2,276 in this example. The amount you realized under the Buffer Strategy ($42,725) is smaller than the amount you realized under the Growth Strategy ($45,001) for two reasons: (1) at the time of the withdrawal, the Buffer absorbed less of the negative Index Change of -15.00%, thus resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, and (2) at the end of the Term, the Buffer absorbed less of the negative Index Change (10 percentage points of the -25.00% change) than the Maximum Loss absorbed (15 percentage points of the -25.00% change), thus reducing the Strategy value of the Buffer Strategy to a greater extent.

35


Example E: Withdrawal When Index Rises and Then Falls

Impact of $10,000 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  1080  1080
Positive Index Change  (1080 - 1000) / 1000 = 8.00%  (1080 – 1000) / 1000 = 8.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  8.00%  8.00%
Vesting Factor on Day 146  25%  25%
Vested Gain as a Percentage  8.00% x 25% = 2.00% Vested Gain  8.00% x 25% = 2.00% Vested Gain
Vested Gain in Dollars  $50,000 x 2.00% = $1,000 Vested Gain  $50,000 x 2.00% = $1,000 Vested Gain
Strategy Value before Withdrawal  $50,000 + $1,000 = $51,000  $50,000 + $1,000 = $51,000
Amount Withdrawn  $5,000  $5,000
Percentage Reduction in Strategy Value  $5,000 / $51,000 = 9.80%  $5,000 / $51,000 = 9.80%
Proportional Reduction in Investment Base  $50,000 x .0980 = $4,900  $50,000 x .0980 = $4,900
Remaining Investment Base after Withdrawal  $50,000 - $4,900 = $45,100  $50,000 - $4,900 = $45,100

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Withdrawal  $45,100  $45,100
Index Value at Term Start  1000  1000
Index Value at Term End  860  860
Negative Index Change  (860 - 1000) / 1000 = -14.00%  (860 - 1000) / 1000 = -14.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer at End of Term  N/A  10% Buffer
Negative Index Change Absorbed by Buffer  N/A  -10.00%
Negative Index Change after Buffer  N/A  -14%—(-10%) = -4.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -4.00% x 100% = 4.00% Vested Loss
Vested Loss in Dollars  $45,098 x 10.00% = $4,510 Vested Loss  $45,098 x 4.00% = $1,804 Vested Loss
Strategy Value at Term End  $45,100 - $4,510 = $40,590  $45,100 - $1,804 = $43,296

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $45,590 ($5,000 withdrawal plus the $40,590 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $45,000 ($50,000 Investment Base minus $5,000 loss ($50,000 x -10%)).

The amount realized of $45,590 exceeds this hypothetical Strategy value of $45,000 because:

the gain at the time of the withdrawal caused the reduction in the Investment Base to be less than the actual amount withdrawn ($5,000 - $4,900 = $100); and

the subsequent loss at the term end was calculated on a smaller Investment Base, which caused that loss to be smaller than the hypothetical loss ($5,000 - $4,510 = $490).

The result for the S&P 500 Growth Strategy ($100 + $490 = $590) is equal to the difference between the amount realized and the hypothetical Strategy value ($45,590 - $590 = $45,000).

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S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $48,296 ($5,000 withdrawal plus the $43,296 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $48,000 ($50,000 Investment Base minus $2,000 loss ($50,000 x -4.00%)). This hypothetical Strategy value is lower than the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $2,706 in this example. The amount you realized under the Buffer Strategy ($48,296) exceeds the amount you realized under the Growth Strategy ($45,590) because, at the end of the Term, the Buffer absorbed more of the negative Index Change (10 percentage points of the -14.00% change) than the Maximum Loss absorbed (4 percentage points of the -14.00% change), thus reducing the Strategy value of the Growth Strategy to a greater extent.

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Example F: Multiple Withdrawals in a Volatile Market

Impact of $2,500 Withdrawal on Day 146 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Investment Base at Term Start  $50,000  $50,000
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  1040  1040
Positive Index Change  (1040 - 1000) / 1000 = 4.00%  (1040 – 1000) / 1000 = 4.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  4.00%  4.00%
Vesting Factor on Day 146  25%  25%
Vested Gain as a Percentage  4.00% x 25% = 1.00% Vested Gain  4.00% x 25% = 1.00% Vested Gain
Vested Gain in Dollars  $50,000 x 1.00% = $500 Vested Gain  $50,000 x 1.00% = $500 Vested Gain
Strategy Value before Withdrawal  $50,000 + $500 = $50,500  $50,000 + $500 = $50,500
Amount Withdrawn  $1,250  $1,250
Percentage Reduction in Strategy Value  $1,250 / $50,500 = 2.48%  $1,250 / $50,500 = 2.48%
Proportional Reduction in Investment Base  $50,000 x .0248 = $1,240  $50,000 x .0248 = $1,240
Remaining Investment Base after Day 146 Withdrawal  $50,000 - $1,240 = $48,760  $50,000 - $1,240 = $48,760

Impact of $3,500 Withdrawal on Day 219 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Day 146 Withdrawal  $48,760  $48,760
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  970  970
Negative Index Change  (970 - 1000) / 1000 = -3.00%  (970 - 1000) / 1000 = -3.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -3.00%  N/A
Buffer on Day 219 of Term  N/A  10% x (365-146)/365 = 6.00% Buffer
Negative Index Change Absorbed by Buffer  N/A  Entire -3% Index Change
Negative Index Change after Buffer  N/A  0.00%
Vested Loss as Percentage  -3.00% x 100% = 3.00% Vested Loss  0.00% Vested Loss
Vested Loss in Dollars  $48,760 x 3.00% = $1,463 Vested Loss  $0 Vested Loss
Strategy Value before Withdrawal  $48,760 - $1,463 = $47,297  $48,760 - $0 = $48,760
Amount Withdrawn*  $1,723  $1,777
Percentage Reduction in Strategy Value  $1,723 / $47,297 = 3.64%  $1,777 / $48,760 = 3.64%
Proportional Reduction in Investment Base  $48,760 x .0364 = $1,775  $48,760 x .0364 = $1,775
Remaining Investment Base after Day 219 Withdrawal  $48,760 - $1,775 = $46,985  $48,760 - $1,775 = $46,985

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Impact of $4,000 Withdrawal on Day 292 of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Day 219 Withdrawal  $46,985  $46,985
Index Value at Term Start  1000  1000
Index Value at Date of Withdrawal  1150  1150
Positive Index Change  (1150 - 1000) / 1000 = 15.00%  (1150 - 1000) / 1000 = 15.00%
Maximum Gain  Gain of 12%  Gain of 14%
Positive Index Change Limited by Maximum Gain  12.00%  14.00%
Vesting Factor in Month 8  50%  50%
Vested Gain as a Percentage  12.00% x 50% = 6.00% Vested Gain  14.00% x 50% = 7.00% Vested Gain
Vested Gain in Dollars  $46,985 x 6.00% = $2,819 Vested Gain  $46,985 x 7.00% = $3,289 Vested Gain
Strategy Value before Withdrawal  $46,985 + $2,819 = $49,804  $46,985 + $3,289 = $50,274
Amount Withdrawn*  $1,991  $2,009
Percentage Reduction in Strategy Value  $1,991 / $49,804 = 4.00%  $2,009 / $50,274 = 4.00%
Proportional Reduction in Investment Base  $46,985 x .0400 = $1,879  $46,985 x .0400 = $1,879
Remaining Investment Base after Day 292 Withdrawal  $46,985 - $1,879 = $45,106  $46,985 - $1,879 = $45,106

Value at End of Term

  

S&P 500 Growth Strategy

  

S&P 500 Buffer Strategy

Remaining Investment Base after Day 292 Withdrawal  $45,106  $45,106
Index Value at Term Start  1000  1000
Index Value at Term End  860  860
Negative Index Change  (860 - 1000) / 1000 = -14.00%  (860 - 1000) / 1000 = -14.00%
Maximum Loss  Loss of 10%  N/A
Negative Index Change Limited by Maximum Loss  -10.00%  N/A
Buffer at End of Term  N/A  10% Buffer
Negative Index Change Absorbed by Buffer  N/A  -10.00%
Negative Index Change after Buffer  N/A  -14.00% - (-10.00%) = -4.00%
Vested Loss as a Percentage  -10.00% x 100% = 10.00% Vested Loss  -4.00% x 100% = 4.00% Vested Loss
Vested Loss in Dollars  $45,106 x 10.00% = $4,511 Vested Loss  $45,106 x 4.00% = $1,804 Vested Loss
Strategy Value at Term End  $45,106 - $4,511 = $40,595  $45,106 - $1,804 = $43,302

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, on Day 219 the total value of all Indexed Strategies immediately before the withdrawal was $96,057 ($47,297 + $48,760). The S&P 500 Growth Strategy value was 49.24% of that total value ($47,297 / $96,057 = 49.24%), so 49.24% of the $3,500 withdrawal ($1,723) was taken from it. The S&P 500 Buffer Strategy value was 50.76% of that total value ($48,760 / $96,057 = 50.76%), so 50.76% of the $3,500 withdrawal ($1,777) was taken from it.

In this example, on Day 292 the total value of all Indexed Strategies immediately before the withdrawal was $100,078 ($49,804 + $50,274). The S&P 500 Growth Strategy value was 49.77% of that total value ($49,804 / $100,078 = 49.77%), so 49.77% of the $4,000 withdrawal ($1,991) was taken from it. The S&P 500 Buffer Strategy value was 50.23% of that total value ($50,274 / $100,078 = 50.23%), so 50.23% of the $4,000 withdrawal ($2,009) was taken from it.

S&P 500 Growth Strategy

In this example, the amount you realized on your $50,000 investment in the S&P 500 Growth Strategy at the end of the Term is $45,559 ($4,964 total withdrawals plus the $40,595 Strategy value at the end of the Term).

Had no withdrawal occurred, your S&P 500 Growth Strategy value at the end of the Term would have been $45,000 ($50,000 Investment Base minus $5,000 loss ($50,000 x -10.00%)).

The amount realized of $45,561 exceeds this hypothetical Strategy value of $45,000 because:

the gains at the time of the $1,250 and $1,991 withdrawals caused the reductions in the Investment Base to be less than the actual amounts withdrawn ($1,250 - $1,240 = $10 and $1,991 - $1,879 = $112);

the loss at the time of the $1,723 withdrawal caused the reduction in the Investment Base to be greater than the actual amount withdrawn ($1,723 - $1,775 = -$52); and

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the subsequent loss at the term end was calculated on a smaller Investment Base, which caused that loss to be less than the hypothetical loss ($5,000 - $4,511 = $489).

The result for the S&P 500 Growth Strategy ($10 + $112—$52 + $489 = $559) is equal to the difference between the amount realized and the hypothetical Strategy value ($45,559 - $559 = $45,000).

S&P 500 Buffer Strategy

The amount you realized on your $50,000 investment in the S&P 500 Buffer Strategy at the end of the Term is $48,338 ($5,036 total withdrawals plus the $43,302 Strategy value at the end of the Term). Had no withdrawal occurred, your S&P 500 Buffer Strategy value at the end of the Term would have been $48,000 ($50,000 Investment Base minus $2,000 loss ($50,000 x -4.00%)). This hypothetical Strategy value is lower than the amount realized for the same reasons described above for the S&P 500 Growth Strategy.

Your investment in the S&P 500 Buffer Strategy outperformed the S&P 500 Growth Strategy by $2,779 in this example. The amount you realized under the Buffer Strategy ($48,338) exceeds the amount you realized under the Growth Strategy ($45,559) for three reasons: (1) at the time of the Day 219 withdrawal, the Buffer absorbed all of the negative Index Change of -3.00%, while the Maximum Loss did not absorb any of the negative Index Change, thus resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, (2) at the time of the Day 292 withdrawal, the Index Change exceeded the Maximum Gain of both the Buffer Strategy and the Growth Strategy, but the Buffer Strategy had a higher Maximum Gain than the Growth Strategy, resulting in more of the withdrawal being taken from the Buffer Strategy’s value even though the Investment Base of both strategies was reduced by the same amount, and (3) at the end of the Term, the Buffer absorbed more of the negative Index Change (10 percentage points of the -14.00% change) than the Maximum Loss absorbed (4 percentage points of the -14.00% change), thus reducing the Strategy value of the Growth Strategy to a greater extent.

Strategy Renewals and Reallocations at Term End

Renewals

At the end of each Term of a given Crediting Strategy, we will apply the ending value of that Strategy to a new Term of that same Strategy. The amount applied to a new Term of the same Strategy will not include any amount that is moved to a different Strategy as part of a reallocation at the Term end.

Reallocations

At the end of a Term, you may reallocate the ending values of the Crediting Strategies for that Term among the available Strategies. You can only reallocate amounts from one Crediting Strategy to another at the end of the Term for which such amount is being held. You cannot make a reallocation at any other time.

We will send you written notice at least 30 days before the end of a Term to provide you with the opportunity to make a reallocation. We must receive your Request in Good Order for a reallocation on or before the last day of the Term. For example, if the end of a Term falls on a weekend, we must receive your request on the last Market Day before that weekend.

Limitations

Reallocations must be in whole percentages that total 100%. We reserve the right to round amounts up or down to make whole percentages, and to reduce or increase amounts proportionally in order to total 100%.

Any renewal or reallocation will be subject to Strategy availability, minimums and maximums. Currently there are no limitations on the amounts that may be applied to a Crediting Strategy. We may establish minimum and maximum amounts or percentages that may be applied to a given Crediting Strategy for any future Term in our discretion. We will notify you of any such minimum or maximum.

The new Term of each Strategy is subject to the Declared Rate or Maximum Gain in effect for that Strategy for that new Term. For example, the Declared Rate for a new Term of the Declared Rate Strategy may be different than the Declared Rate for the Term that is ending. Likewise, the Maximum Gain for an Indexed Strategy for a new Term may be different than the Maximum Gain for that Indexed Strategy for the Term that is ending.

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Availability of Strategies

At the end of a Term, we may eliminate a particular Strategy in our discretion. We will send you a written notice at least 30 days before the end of each Term with information about the Strategies that will be available for the next Term. At least 10 days before the next Term starts, we will post the Declared Rate and the Maximum Gains that will apply for that next Term on our website. The Previous Notice Methods section of this prospectus describes a different process used to provide notice of the Declared Rate and the Maximum Gains that will apply to contracts issued prior to May 1, 2019.

We are not obligated to offer the Declared Rate Strategy or any one particular Indexed Strategy. At the end of a Term, we can add or stop offering any Strategy at our discretion. For example, we could stop offering Growth/-10% Floor Strategies after the first five Contract Years. We may limit the availability of a Strategy for a Term that would extend beyond the Annuity Payout Initiation Date. All Strategies may not be available in all states.

One Indexed Strategy will always be available. If the Declared Rate Strategy is no longer available, then we must offer an Indexed Strategy that has a Maximum Loss of 0%. Unlike a Declared Rate Strategy, no earnings are guaranteed for an Indexed Strategy.

If we add or stop offering a Strategy at the end of a Term, we will send you a notification. If funds are held in a Strategy that will no longer be available after the end of a Term, the funds will remain in that Strategy until the end of that Term.

If you have allocated money to an Indexed Strategy and that Indexed Strategy will not be available for the next Term, then the Bailout right will apply. In this case, you may withdraw money from that Indexed Strategy at the end of the current Term without incurring an Early Withdrawal Charge, or you may reallocate amounts to another Strategy. If you have allocated money to the Declared Rate Strategy and it will not be available for the next Term, the Bailout right will not apply.

Reallocations to Default Strategies

At the end of a Term, to the extent any amount cannot be applied to a given Crediting Strategy for the next Term because that Strategy is no longer available or the amount is under the minimum or over the maximum for that Strategy for the new Term, if you do not withdraw the funds pursuant to your Bailout Right or reallocate them to another Index Strategy, then we will reallocate the amount to a default Strategy.

Here are the rules that will apply to reallocations to a default Strategy.

We will reallocate to the Declared Rate Strategy.

If no Declared Rate Strategy is available, then we will designate an Indexed Strategy that has a Maximum Loss of 0% and we will reallocate to that designated Strategy.

If the amount to be applied exceeds the maximum, then the default reallocation rules will apply only to the excess amount. For example, if the maximum amount for a Crediting Strategy is $50,000 and the amount to be applied is $54,000, then the default reallocation rules will apply only to the excess $4,000.

Cash Benefit

Surrender

You may Surrender your Contract at any time before the earlier of: (1) the Annuity Payout Initiation Date; or (2) a death for which a Death Benefit is payable. The right to Surrender may be restricted if your Contract is purchased under an employer plan subject to IRC Section 401 (pension, profit sharing, and 401(k) plans), IRC Section 403(b) (tax-sheltered annuity plans), or IRC Section 457(b) (governmental deferred compensation plans).

A Surrender must be made by a Request in Good Order. The amount paid upon Surrender is the Surrender Value. If you Surrender your Contract, the Contract terminates.

Withdrawals

You may take a withdrawal from your Contract at any time before the earliest of: (1) the Annuity Payout Initiation Date; (2) a death for which a Death Benefit is payable; or (3) the date that this Contract is Surrendered. The right to withdraw may be restricted if your Contract is purchased under an employer plan subject to IRC Section 401 (pension, profit sharing, and 401(k) plans), IRC Section 403(b) (tax-sheltered annuity plans), or IRC Section 457(b) (governmental deferred compensation plans).

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A withdrawal must be made by a Request in Good Order. The amount of any withdrawal must at least $500. If the withdrawal would reduce the Account Value to less than the minimum value of $5,000, we will treat the withdrawal request as a request to withdraw the maximum amount that may be taken without reducing your Account Value to less than $5,000.

We will withdraw funds from your Account Value as of the date on which we receive your Request in Good Order or any later specified effective date. Unless you instruct us otherwise by a Request in Good Order prior to the date of the withdrawal, a withdrawal will be taken in the following order:

first proportionally from funds that then qualify for a waiver of the Early Withdrawal Charge pursuant to the Bailout right;

then from the Purchase Payment Account;

then proportionally from the Declared Rate Strategies until all Declared Rate Strategies are exhausted; and

then proportionally from Indexed Strategies.

Effect of Withdrawals

A withdrawal reduces the Account Value, which in turn reduces the amount payable upon Surrender, applied to the Annuity Payout Benefit, or payable as the Death Benefit.

If an Early Withdrawal Charge applies to your withdrawal, you will receive the amount that you requested, and your Account Value will be reduced by the amount you receive plus the amount needed to pay the Early Withdrawal Charge. A withdrawal from an Indexed Strategy other than at the end of a Term also reduces the Investment Base used to calculate the Vested Gain or Loss for the Term. The reduction in the Investment Base for a withdrawal and any related Early Withdrawal Charge is proportional to the reduction in the Account Value. See Vested Gains and Losses section above.

Automatic Withdrawals

You may elect to automatically withdraw money from your Contract under any automatic withdrawal program that we offer. Your Account Value must be at least $10,000 in order to make an automatic withdrawal election. The minimum amount of each automatic withdrawal payment is $100. Automatic withdrawals will be taken from the Purchase Payment Account and Strategies of your Contract in the same order as any other withdrawal.

Subject to the terms and conditions of the automatic withdrawal program, you may begin or discontinue automatic withdrawals at any time. You must give us at least 30 days’ notice to change any automatic withdrawal instructions that are currently in place. Any request to begin, discontinue or change automatic withdrawals must be a Request in Good Order. We reserve the right to discontinue offering automatic withdrawals at any time.

Currently, we do not charge a fee to participate in an automatic withdrawal program. However, we reserve the right to impose an annual fee in such amount as we may then determine to be reasonable for participation in the automatic withdrawal program. If imposed, the fee will not exceed $30 annually.

Before electing an automatic withdrawal, you should consult with a financial advisor. Automatic withdrawals are similar to starting Annuity Payout Benefit payments, but will result in different taxation of payments and potentially a different amount of total payments over the life of your Contract. Automatic withdrawals will reduce the amount available under the Free Withdrawal Allowance described below. Unless a waiver applies, an Early Withdrawal Charge may apply to an automatic withdrawal during the Early Withdrawal Charge period.

Exchanges, Transfers, and Rollovers

An amount paid on a withdrawal or Surrender may be paid to or for another annuity or tax-qualified account in a tax-free exchange, transfer, or rollover to the extent allowed by federal tax law.

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Examples—Amount Available for Withdrawal

The following examples are intended to help you understand the amount that may be available for withdrawal in different market environments.

Example G: Amount Available for a Withdrawal When Index Rises

This example assumes:

you allocate a $50,000 Purchase Payment to the S&P 500 Growth/-10% Floor Strategy and a $50,000 Purchase Payment to the S&P 500 10% Buffer Strategy;

the Contract Effective Date and the Term Start Date are both April 6, 2024;

the Maximum Gain for the initial Term of the S&P 500 Growth Strategy is 12% and the S&P 500 Buffer Strategy is 14%;

you request a $10,000 withdrawal on Day 146 of the Term (August 30, 2024);

you do not take any other withdrawals during the initial Term; and

the Term End Date is April 6, 2025.

Term Start Date - April 6, 2024

  S&P 500 Growth
Strategy
  S&P 500 Buffer
Strategy
   

Strategy Value

  $50,000  $50,000  See Footnote 1 below.

Investment Base

  $50,000  $50,000  See Footnote 1 below.

Maximum Gain for Term

   Gain of 12  Gain of 14 See Footnote 2 below.

Index Value

   1900   1900  

Withdrawal Date - August 30, 2024

    

Index Value

   1976   1976  

Positive Index Change

   4.00  4.00 See Footnote 3 below.

Positive Index Change Limited by Maximum Gain

   4.00  4.00 See Footnote 4 below.

Vesting Factor on Day 146

   25  25 See Footnote 5 below.

Vested Gain as a Percentage

   1.00  1.00 See Footnote 6 below.

Vested Gain in Dollars

  $500  $500  See Footnote 6 below.

Strategy Value before Withdrawal

  $50,500  $50,500  See Footnote 7 below.

Amount of Withdrawal Requested

  $10,000  $10,000  

Free Withdrawal Allowance

  $5,000  $5,000  See Footnote 8 below.

Early Withdrawal Charge

  $435  $435  See Footnote 9 below.

Total Amount Withdrawn

  $10,435  $10,435  See Footnote 10 below.

Percentage Reduction in Strategy Value

   20.66  20.66 See Footnote 11 below.

Proportional Reduction in Investment Base

  $10,330  $10,330  See Footnote 11 below.

Remaining Investment Base after Withdrawal

  $39,670  $39,670  See Footnote 12 below.

Strategy Value after Withdrawal

  $40,065  $40,065  See Footnote 13 below.

Term End Date - April 6, 2025

    

Index Value

   2033   2033  

Positive Index Change

   7.00  7.00 See Footnote 14 below.

Positive Index Change Limited by Maximum Gain

   7.00  7.00 See Footnote 15 below.

Vesting Factor at Term End

   100  100 See Footnote 16 below.

Vested Gain as a Percentage

   7.00  7.00 See Footnote 17 below.

Remaining Investment Base after Withdrawal

  $39,670  $39,670  See Footnote 12 below.

Vested Gain in Dollars

  $2,777  $2,777  See Footnote 17 below.

Strategy Value at Term End

  $42,447  $42,447  See Footnote 18 below.

Footnote 1. On the Term Start Date, the Strategy value is equal to the amount applied to the Strategy on the Term Start Date. The amount applied on the Term Start Date is also the beginning Investment Base.

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Footnote 2. The Maximum Gain is the largest positive Index Change for a Term taken into account to determine the Vested Gain. In this example, the Maximum Gain is 12% (for the Growth Strategy) or 14% (for the Buffer Strategy), which means it will not affect the calculation of Vested Gain unless the Index goes up more than 12% or 14%, respectively.

Footnote 3. The Index Change is equal to the percentage change in the Index Value measured from the Term Start Date to the withdrawal date.

Formula(Index Value on withdrawal date - Index Value on Term Start Date) / Index Value on Term Start Date
Calculation(1976 - 1900) / 1900 = 4.00%

Footnote 4. In this example, the Index Change on the withdrawal date is not limited by the Maximum Gain because the Index did not go up more than 12% for the Growth Strategy or 14% for the Buffer Strategy.

Footnote 5. A Vesting Factor limits the portion of a positive Index Change that is taken into account to determine the Vested Gain. The Vesting Factor for a positive Index Change varies depending on the day of the Term. The Vesting Factor for a positive Index Change on any date within the first six months of a Term is 25%. The Vesting Factor for a positive Index Change on any date within the final six months of a Term (but before the Final Market Day of the Term) is 50%. The Vesting Factor for a positive Index Change on the final Market Day of the Term (or any date after that when the Vested Gain for the Term is calculated) is 100%. In this example, the Vesting Factor is 25% because the withdrawal date is a date within the first six months of the Term.

Footnote 6. When there is a positive Index Change, we use the following formulas to calculate the Vested Gain.

FormulaIndex Change limited by Maximum Gain x Vesting Factor = Vested Gain percentage
Calculation4.00% x 25% = 1.00%
FormulaRemaining Investment Base for the current Term x Vested Gain percentage = Vested Gain in dollars
Calculation$50,000 x 0.0100 = $500

Footnote 7. In this example, there is a Vested Gain on the withdrawal date and you have not taken any withdrawals before that date. This means the Strategy value on the withdrawal date is the Investment Base plus the Vested Gain as of that date.

FormulaInvestment Base + Vested Gain = Strategy value
Calculation$50,000 + $500 = $50,500

Footnote 8. The Free Withdrawal Allowance (FWA) for the first Contract Year is 10% of the Purchase Payment. The FWA for each subsequent Contract Year is 10% of the Account Value as of the most recent Contract Anniversary.

FormulaPurchase Payment x 10% = FWA for first Contract Year
Calculation$50,000 x 0.10 = $5,000

Footnote 9. The Early Withdrawal Charge that would apply to your withdrawal is equal to the amount subject to the charge multiplied by the Early Withdrawal Charge rate (EWC rate). The amount subject to the charge includes the charge itself. The amount subject to the charge does not include the FWA. The EWC rate depends on the Contract Year. In this example, the withdrawal occurs in the first Contract Year, when the EWC rate is 8%. The Early Withdrawal Charge rate declines after each of the first five Contract Years. There is no Early Withdrawal Charge after Contract Year 5.

Formula[(Requested withdrawal - FWA) x EWC rate] / (1.00 - EWC rate) = Early Withdrawal Charge
Calculation[($10,000 - $5,000) x 0.08] / (1.00 - 0.08) = $5,000 x 0.08 / 0.92 = $400 / 0.92 = $435

Footnote 10. When you request a withdrawal, you receive the amount you requested. If an Early Withdrawal Charge applies, we also withdraw an amount equal to the charge. This means that the total amount withdrawn from your annuity is equal to the amount you requested plus the applicable Early Withdrawal Charge.

FormulaRequested withdrawal + Early Withdrawal Charge = total amount withdrawn
Calculation$10,000 + $435 = $10,435

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Footnote 11. When you take a withdrawal, the portion of the Investment Base taken to pay for the withdrawal is proportional to the reduction in the value of the Indexed Strategy due to the withdrawal. If there is a Vested Gain as of the withdrawal date, the reduction in the Investment Base will be less than the total amount withdrawn. This difference occurs because your withdrawal is credited with a proportionate share of the Vested Gain.

FormulaTotal amount withdrawn / Strategy value before withdrawal = percentage reduction in Strategy value
Calculation$10,435 / $50,500 = 20.66%
FormulaInvestment Base before withdrawal x percentage reduction in Strategy value = proportional reduction in Investment Base
Calculation$50,000 x 0.2066 = $10,330

Footnote 12. On the withdrawal date after the withdrawal, the remaining Investment Base is equal to the Investment Base before the withdrawal minus the proportional reduction in the Investment Base for the withdrawal.

FormulaInvestment Base before withdrawal—proportional reduction in Investment Base for withdrawal = Investment Base after withdrawal
Calculation$50,000 - $10,330 = $39,670

Footnote 13. On the withdrawal date, the Strategy value after the withdrawal is equal to Strategy value before the withdrawal minus the total amount withdrawn.

FormulaStrategy value before withdrawal—total amount withdrawn = Strategy value after withdrawal
Calculation$50,500 - $10,435 = $40,065

Footnote 14. The Index Change on the Term End Date is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date.

Formula(Index Value on Term End Date - Index Value on Term Start Date) / Index Value on Term Start Date
Calculation(2033 - 1900) / 1900 = 7.00%

Footnote 15. In this example, the Index Change on the Term End Date is not limited by the Maximum Gain because the Index did not go up more than 12% for the Growth Strategy or 14% for the Buffer Strategy.

Footnote 16. The Vesting Factor for a positive Index Change on the Term End Date is 100%.

Footnote 17. When there is a positive Index Change, we use the following formulas to calculate the Vested Gain.

FormulaIndex Change limited by Maximum Gain x Vesting Factor = Vested Gain percentage
Calculation7.00% x 100% = 7.00%

Footnote 18. In this example, there is a Vested Gain on the Term End Date and you have taken a $10,000 withdrawal during the Term. This means the Strategy value on that date is the remaining Investment Base on the Term End Date plus the Vested Gain as of that date.

FormulaRemaining Investment Base on Term End Date + Vested Gain = Strategy value on Term End Date
Calculation$39,670 + $2,777 = $42,447

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Example H: Amount Available for a Withdrawal When Index Falls

This example assumes:

you allocate a $50,000 Purchase Payment to the S&P 500 Growth/-10% Floor Strategy and a $50,000 Purchase Payment to the S&P 500 10% Buffer Strategy;

the Contract Effective Date and the Term Start Date are both April 6, 2024;

you request a $10,000 withdrawal on Day 146 of the Term (August 30, 2024);

you do not take any other withdrawals during the initial Term; and

the Term End Date is April 6, 2025.

Term Start Date—April 6, 2024

  S&P 500 Growth
Strategy
  S&P 500 Buffer
Strategy
   

Strategy Value

  $50,000  $50,000  See Footnote 1 below.

Investment Base

  $50,000  $50,000  See Footnote 1 below.

Maximum Loss for Term

   Loss of 10  N/A  See Footnote 2 below.

End of Term Buffer

   N/A   10% Buffer  See Footnote 3 below.

Index Value

   1900   1900  

Withdrawal Date—August 30, 2024

    

Index Value

   1786   1786  

Negative Index Change

   -6.00  -6.00 See Footnote 4 below.

Negative Index Change Limited by Maximum Loss

   -6.00  N/A  See Footnote 5 below.

Buffer on Day 146

   N/A   4.00% Buffer  See Footnote 6 below.

Vested Loss as a Percentage

   -6.00  -2.00 See Footnote 7 below.

Vested Loss in Dollars

  -$3,000  -$1,000  See Footnote 7 below.

Strategy Value before Withdrawal

  $47,000  $49,000  See Footnote 8 below.

Amount of Withdrawal Requested

  $10,000  $10,000  

Free Withdrawal Allowance

  $5,000  $5,000  See Footnote 9 below.

Early Withdrawal Charge

  $435  $435  See Footnote 10 below.

Total Amount Withdrawn

  $10,435  $10,435  See Footnote 11 below.

Percentage Reduction in Strategy Value

   22.20  21.30 See Footnote 12 below.

Proportional Reduction in Investment Base

  $11,100  $10,650  See Footnote 12 below.

Remaining Investment Base after Withdrawal

  $38,900  $39,350  See Footnote 13 below.

Strategy Value after Withdrawal

  $36,565  $38,565  See Footnote 14 below.

Term End Date—April 6, 2025

    

Index Value

   1748   1748  

Negative Index Change

   -8.00  -8.00 See Footnote 15 below.

Negative Index Change Limited by Maximum Loss

   -8.00  N/A  See Footnote 16 below.

Negative Index Change Limited by Buffer

   N/A   0.00 See Footnote 17 below.

Vested Loss Percentage

   -8.00  0.00 See Footnote 18 below.

Remaining Investment Base

  $38,900  $39,350  See Footnote 13 below.

Vested Loss in Dollars

  $3,112  $0  See Footnote 18 below.

Strategy Value at Term End

  $35,788  $39,350  See Footnote 19 below.

Footnote 1. On the Term Start Date, the Strategy value is equal to the amount applied to the Strategy on the Term Start Date. The amount applied on the Term Start Date is also the beginning Investment Base.

Footnote 2. The Maximum Loss is the largest negative Index Change for a Term taken into account to determine the Vested Loss for Growth Strategies. In this example, the Maximum Loss is 10%, which means it will not affect the calculation of Vested Loss unless the Index goes down more than 10%.

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Footnote 3. The Buffer is the portion of a negative Index Change for a Term that is disregarded when determining a Vested Loss for a Buffer Strategy. The Buffer varies depending on the day of the Term. Once the final Market Day of the Term has been reached, the Buffer is 10%. Before the final Market Day, the Buffer is:

10%   x

365 – N

365

where N is equal to the number of days remaining until the final Market Day of the Term.

Footnote 4. The Index Change is equal to the percentage change in the Index Value measured from the Term Start Date to the withdrawal date.

Formula(Index Value on withdrawal date—Index Value on Term Start Date) / Index Value on Term Start Date
Calculation(1786 - 1900) / 1900 = -6.00%

Footnote 5. In this example, the negative Index Change on the withdrawal date is not limited by the Maximum Loss because the Index did not go down more than 10%.

Footnote 6. In this example, only a portion of the negative Index Change on the withdrawal date is limited by the Buffer because the Index went down more than 4.00%.

Footnote 7.

Vested Loss – Growth Strategies: When there is a negative Index Change, we use the following formulas to calculate the Vested Loss for Growth Strategies.

FormulaIndex Change limited by Maximum Loss = Vested Loss percentage
Calculation-6.00% = -6.00%
FormulaRemaining Investment Base for the current Term x Vested Loss percentage = Vested Loss in dollars
Calculation$50,000 x -0.0600 = -$3,000

Vested Loss – Buffer Strategies: When there is a negative Index Change, we use the following formulas to calculate the Vested Loss for Buffer Strategies.

FormulaIndex Change limited by Buffer = Vested Loss percentage
Calculation-6.00% Index Change – (-4.00%) Buffer = -2.00%
FormulaRemaining Investment Base for the current Term x Vested Loss percentage = Vested Loss in dollars
Calculation$50,000 x -0.0200 = -$1,000

Footnote 8. In this example, there is a Vested Loss on the withdrawal date and you have not taken any withdrawals before that date. This means the Strategy value on the withdrawal date is the Investment Base, minus the Vested Loss as of that date.

FormulaInvestment Base - Vested Loss = Strategy value
CalculationFor Growth Strategy: $50,000 - $3,000 = $47,000
For Buffer Strategy: $50,000 - $1,000 = $49,000

Footnote 9. The Free Withdrawal Allowance (FWA) for the first Contract Year is 10% of the Purchase Payment. The FWA for each subsequent Contract Year is 10% of the Account Value as of the most recent Contract Anniversary.

FormulaPurchase Payment x 10% = FWA for first Contract Year
Calculation$50,000 x 10% = $5,000

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Footnote 10. The Early Withdrawal Charge that would apply to your withdrawal is equal to the amount subject to the charge multiplied by the Early Withdrawal Charge rate (EWC rate). The amount subject to the charge includes the charge itself. The amount subject to the charge does not include the FWA. The EWC rate depends on the Contract Year. In this example, the withdrawal occurs in the first Contract Year, when the EWC rate is 8%. The Early Withdrawal Charge rate declines after each of the first five Contract Years. There is no Early Withdrawal Charge after Contract Year 5.

Formula[(Requested withdrawal - FWA) x EWC rate] / (1.00 - EWC rate) = Early Withdrawal Charge
Calculation[($10,000 - $5,000) x 0.08] / (1.00 - 0.08) = $5,000 x 0.08 / 0.92 = $400 / 0.92 = $435

Footnote 11. When you request a withdrawal, you receive the amount you requested. If an Early Withdrawal Charge applies, we also withdraw an amount equal to the charge. This means that the total amount withdrawn from your annuity is equal to the amount you requested plus the applicable Early Withdrawal Charge.

FormulaRequested withdrawal + Early Withdrawal Charge = total amount withdrawn
Calculation$10,000 + $435 = $10,435

Footnote 12. When you take a withdrawal, the portion of the Investment Base taken to pay for the withdrawal is proportional to the reduction in the value of the Indexed Strategy due to the withdrawal. If there is a Vested Loss as of the withdrawal date, the reduction in the Investment Base will be more than the total amount withdrawn. This difference occurs because your withdrawal is charged with a proportionate share of the Vested Loss.

Formulatotal amount withdrawn / Strategy value before withdrawal = percentage reduction in Strategy value
CalculationFor Growth Strategy: $10,435 / $47,000 = 22.20%
For Buffer Strategy: $10,435 / $49,000 = 21.30%

FormulaInvestment Base before withdrawal x percentage reduction in Strategy value = proportional reduction in Investment Base
CalculationFor Growth Strategy: $50,000 x 0.2220 = $11,100
For Buffer Strategy: $50,000 x 0.2130 = $10,650

Footnote 13. On the withdrawal date, the remaining Investment Based after the withdrawal is equal to the Investment Base before the withdrawal minus the proportional reduction in the Investment Base for the withdrawal.

FormulaInvestment Base before withdrawal—proportional reduction in Investment Base for withdrawal = Investment Base after withdrawal
CalculationFor Growth Strategy: $50,000 - $11,100 = $38,900
For Buffer Strategy: $50,000 - $10,650 = $39,350

Footnote 14. On the withdrawal date, the Strategy value after the withdrawal is equal to the Strategy value before the withdrawal minus the total amount withdrawn.

FormulaStrategy value before withdrawal - total amount withdrawn = Strategy value after withdrawal
CalculationFor Growth Strategy: $47,000 - $10,435 = $36,565
For Buffer Strategy: $49,000 - $10,435 = $38,565

Footnote 15. The Index Change on the Term End Date is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date.

Formula(Index Value on Term End Date - Index Value on Term Start Date) / Index Value on Term Start Date
Calculation(1748 - 1900) / 1900 = -8.00%

Footnote 16. For the Growth Strategy, in this example, the negative Index Change on the Term End Date is not limited by the Maximum Loss because the Index did not go down more than 10%.

Footnote 17. For the Buffer Strategy, in this example, the entire negative Index Change on the Term End Date is limited by the Buffer because the Index went down less than 10%.

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Footnote 18.

Vested Loss – Growth Strategies: When there is a negative Index Change, we use the following formula to calculate the Vested Loss percentage for Growth Strategies.

FormulaIndex Change limited by Maximum Loss = Vested Loss percentage
Calculation-8.00% = -8.00%
FormulaRemaining Investment Base for the current Term x Vested Loss percentage = Vested Loss in dollars
Calculation$38,899 x -0.0800 = -$3,112

Vested Loss – Buffer Strategies: When there is a negative Index Change, we use the following formula to calculate the Vested Loss percentage for Buffer Strategies.

FormulaIndex Change limited by Buffer = Vested Loss percentage
Calculation-8% Index Change > -10% Buffer = 0%
FormulaRemaining Investment Base for the current Term x Vested Loss percentage = Vested Loss in dollars
Calculation$39,352 x 0.0000 = $0

Footnote 19. In this example, there is a Vested Loss on the Term End Date for the Growth Strategy and you have taken a $10,000 withdrawal during the Term. This means the Strategy value on that date is the remaining Investment Base on the Term End Date minus the Vested Loss as of that date.

FormulaRemaining Investment Base on Term End Date - Vested Loss = Strategy value
Calculation$38,900 - $3,112 = $35,788

In this example, there is no Vested Loss on the Term End Date for the Buffer Strategy and you have taken a $10,000 withdrawal during the Term. This means the Strategy value on that date is the remaining Investment Base on the Term End Date.

FormulaRemaining Investment Base on Term End Date = Strategy value
Calculation$39,350 = $39,350

Early Withdrawal Charge

We impose an Early Withdrawal Charge to reimburse us for contract sales expenses, including commissions and other distribution, promotion, and acquisition expenses, and to allow us to support higher Declared Rate Strategy interest rates and Indexed Strategy Maximum Gains by investing assets for a longer duration.

The Early Withdrawal Charge applies if, during the first five Contract Years, you take a withdrawal from your Contract or Surrender it. After that, the Early Withdrawal Charge does not apply.

The Early Withdrawal Charge is equal to the amount that is subject to the charge multiplied by the Early Withdrawal Charge rate.

If you take a withdrawal from your Contract, the amount subject to the charge is the amount you withdraw plus any amount needed to pay the Early Withdrawal Charge.

If you Surrender your Contract, the amount subject to the charge is your Account Value.

The amount subject to the charge will not include: (1) the Free Withdrawal Allowance; (2) the amount, if any, that qualifies under the Bailout right; or (3) the amount, if any, that qualifies for another waiver as described below.

The Early Withdrawal Charge rate depends on how long you own your Contract. The rate schedule is set out below.

Contract Year

   1   2   3   4   5   6+ 

Early Withdrawal Charge Rate

   8  7  6  5  4  0

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Example. You Surrender your annuity in Contract Year 5 when your Account Value is $100,000. You have already used your Free Withdrawal Allowance for the year and no other exception applies. We take an Early Withdrawal Charge of $4,000 ($100,000 x 0.04) and you receive $96,000.

Example. You take a $10,000 withdrawal from your annuity in Contract Year 5 when your Account Value is $100,000. You have already used your Free Withdrawal Allowance for the year and no other exception applies. We take an Early Withdrawal Charge of $400 ($10,000 x 0.04) and you receive $9,600.

An Early Withdrawal Charge may apply if you take a withdrawal during the first five Contract Years. That charge will reduce Strategy values, including the value of a Conserve/0% Floor Strategy.

Free Withdrawal Allowance

The Free Withdrawal Allowance lets you withdraw some money from your Contract without the imposition of the Early Withdrawal Charge. For the first Contract Year, the Free Withdrawal Allowance is an amount equal to 10% of the total Purchase Payments received by us. For each subsequent Contract Year, the Free Withdrawal Allowance is equal to 10% of the Account Value as of the most recent Contract Anniversary. The Free Withdrawal Allowance is non-cumulative and you may not carry over any unused portion to other Contract Years.

For qualified annuities, the Free Withdrawal Allowance will be large enough to cover your required minimum distribution to age 93. However, if you have used your Free Withdrawal Allowance to facilitate a transfer or rollover, then an Early Withdrawal Charge may apply to a required minimum distribution.

Example. Your Account Value as of the end of Contract Year 3 is $200,000. Your Free Withdrawal Allowance for Contract Year 4 is $20,000 ($200,000 x 0.10). If you take a withdrawal of $50,000 at the beginning of Contract Year 4, the Early Withdrawal Charge will not apply to the first $20,000 of the withdrawal, but will apply to the remaining $30,000 plus the amount needed to pay the Early Withdrawal Charge. If you take another withdrawal later in Contract Year 4, the Early Withdrawal Charge applies to the entire withdrawal plus the amount needed to pay the Early Withdrawal Charge.

Early Withdrawal Charge Waivers

Bailout Right. We will waive the Early Withdrawal Charge on amounts that you withdraw from this Contract at the end of a current Term if the amounts are held under an Indexed Strategy for that Term and either:

• the Maximum Gain for the next Term of that Strategy is less than its Bailout Trigger for the current Term; or

• that Strategy will not be available for the next Term.

Each current Term of an Indexed Strategy has its own Bailout Trigger, even if no funds are held under the Indexed Strategy for that Term. If your Contract has multiple Purchase Payments, the Bailout Trigger for one current Term of an Indexed Strategy may be different from the Bailout Trigger for another current Term of the same Indexed Strategy that started on a different date.

The initial Bailout Trigger for each Indexed Strategy is set out on the Contract Specifications page. It is less than the Maximum Gain that we anticipate setting for the initial Term of that Indexed Strategy.

For each subsequent Term, the Bailout Trigger is the lesser of:

the Bailout Trigger for the Term that ended on the date the current Term began; or

the Maximum Gain set for the current Term.

This means that:

if the Maximum Gain is never set below the Bailout Trigger, then the Bailout Trigger will not change; and

if the Maximum Gain is ever set below the Bailout Trigger, then the Bailout Trigger will be reduced for the new Term and for each Term that starts on an anniversary of that Term start date.

The Bailout Trigger will never increase from one Term to the next.

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Example. The Bailout Trigger for the initial Term of an Indexed Strategy is 6.5%.

If we set the Maximum Gain for the next Term of that Indexed Strategy at 7.5%, then you will not qualify for a waiver of the Early Withdrawal Charge at the end of the current Term and the Bailout Trigger for that next Term will continue to be 6.5%.

If we set the Maximum Gain for the next Term of that Indexed Strategy at 5.5%, then you will qualify for a waiver of the Early Withdrawal Charge at the end of the current Term and the Bailout Trigger for that next Term will change to 5.5%.

If this waiver will apply to an Indexed Strategy at the end of a Term, we will notify you in writing at least 30 days before that Term ends. You may elect a withdrawal under the Bailout right by a Request in Good Order. We must receive your request before the end of the applicable Term.

This waiver will only apply to the amount held under the Indexed Strategy for the Term that is ending. It will not apply to amounts then held under a different Strategy, or to amounts held under the same Strategy for a Term ending on a different date. You may not carry over any unused part of the waiver from one Term to the next.

If you withdraw funds that qualify for a waiver under the Bailout right, the withdrawal will reduce the Free Withdrawal Allowance for the applicable Contract Year. For example, if the amount you withdraw that qualifies for a waiver under the Bailout right in Contract Year 4 is more than 10% of your Account Value as of the most recent Contract Anniversary, then no Free Withdrawal Allowance will be available for subsequent withdrawals in Contract Year 4.

Instead of withdrawing amounts that qualify for a waiver under the Bailout right, you may wish to reallocate those amounts to a different Strategy. A Request in Good Order to reallocate funds must be received by us before the end of the applicable Term.

Extended Care Waiver. (Rider form R1462316NW-Waiver of Early Withdrawal Charges for Extended Care Rider). We will waive the Early Withdrawal Charge that would otherwise apply if you make a Request in Good Order and:

your Contract is modified by the Extended Care Waiver Rider;

you are confined in a long-term care facility or hospital and the confinement is prescribed by a physician and is medically necessary;

the first day of the confinement is at least one year after the Contract Effective Date; and

the confinement has continued for a period of at least 90 consecutive days.

You must provide us with satisfactory proof that you meet these conditions before the date of the withdrawal or Surrender. There is no charge for this rider, but it may not be available in all states. In California, the Extended Care Waiver Rider has been replaced with the Waiver of Early Withdrawal Charges for Facility Care or Home Care or Community-Based Services Rider, which provides for a waiver of Early Withdrawal Charges under an expanded variety of circumstances. Please see the rider for details.

Terminal Illness Waiver. (Rider form R1462416NW-Waiver of Early Withdrawal Charges Upon Terminal Illness Rider). We will waive the Early Withdrawal Charge that would otherwise apply if you make a Request in Good Order and:

your Contract is modified by the Waiver of Early Withdrawal Charges upon Terminal Illness Rider;

you are diagnosed with a terminal illness by a physician and, as a result of the terminal illness, you have a life expectancy of less than 12 months from the date of diagnosis; and

the diagnosis is rendered by a physician more than one year after the Contract Effective Date.

You must provide us with satisfactory proof that you meet these conditions before the date of the withdrawal or Surrender. There is no charge for this rider, but it may not be available in all states. Please see the rider for details.

Required Minimum Distributions. No special waiver of Early Withdrawal Charges exists for required minimum distributions except as may be offered from time to time under an automated payment program.

State Limitations. In some states, our ability to waive fees or charges may be limited by applicable laws, regulations or administrative positions. Please see the “State Variations” section below for information on additional state variations.

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Annuity Payout Benefit

Under the Contract you may receive regular Annuity Payout Benefit payments for the duration of the period that you select. Once Annuity Payout Benefit payments start, you can no longer Surrender the Contract or take a withdrawal, no Death Benefit will be payable under your Contract, and your Beneficiary designations will no longer apply. The amount payable after death, if any, is governed by the Payout Option you select.

The Annuity Payout Benefit is payable if the Annuity Payout Initiation Date is reached before the earlier of: (1) a death for which a Death Benefit is payable; or (2) the date that this Contract is Surrendered.

Annuity Payout Initiation Date

The Annuity Payout Initiation Date is the first day of the first payment interval for which payment of the Annuity Payout Benefit is to be made. Annuity Payout Benefit payments are made at the end of each payment interval. This means that for annual payments, the first payment will be made one year after the Annuity Payout Initiation Date.

You may select the Annuity Payout Initiation Date by a Request in Good Order. We must receive your request before the last Market Close on or before the Annuity Payout Initiation Date you selected and at least 30 days before the first Annuity Payout Benefit payment is to be made.

The earliest Annuity Payout Initiation you may select is the first Contract Anniversary.

Unless we agree, the latest Annuity Payout Initiation Date you may select is the Contract Anniversary following your 95th birthday or the 95th birthday, of a joint owner, if earlier. If the Owner is not a human being such as a trust or a corporation, then the Annuity Payout Initiation Date may not be later than the Contract Anniversary following the 95th birthday of the eldest Annuitant, unless we agree.

The earliest permitted date and the latest permitted date for the Annuity Payout Initiation Date are set out on your Contract Specifications Page. The latest permitted date may change if an Owner changes.

If you do not select an Annuity Payout Initiation Date by the latest permitted date, we may select it for you. We will notify you in writing at least 45 days before the date we select. We will give you an opportunity to select an earlier date.

Annuity Payout Amount

The amount of each payment under the Annuity Payout Benefit is determined on the Annuity Payout Initiation Date based on the Annuity Payout Value on that date, the Payout Option that applies, and the payment interval.

The Annuity Payout Value is the amount that can be applied to the Annuity Payout Benefit is equal to: (1) the Account Value on the Annuity Payout Initiation Date; minus (2) premium tax or other taxes not previously deducted.

Form of Annuity Payout Benefit

The Annuity Payout Benefit is paid in the form of annual payments as a Life Payout with Payments for at Least a Fixed Period. That fixed period will be 10 years or, if fewer, the maximum number of whole years permitted by any tax qualification endorsement.

In place of that, you may elect to have the Annuity Payout Benefit paid in any form of Payout Option that is available under your Contract. The available Payout Options are described in the Payout Options section below. You may elect a Payout Option by a Request in Good Order. We must receive your request before the last Market Close on or before the Annuity Payout Initiation Date and at least 30 days before the first Annuity Payout Benefit payment is to be made.

Payee for Annuity Payout Benefit

Payment of the Annuity Payout Benefit generally is made to the surviving Owner(s) as the payee(s). In place of that, the surviving Owner(s) may elect for payment to be made as a tax-free exchange, transfer, or rollover, or for payment to be made to the Annuitant. That election must be made by a Request in Good Order that we receive at least 30 days before the payment date.

Payments that become due after the death of the payee are made to:

the surviving Owner(s); or if none

then to the surviving contingent payee(s) designated by the surviving Owner(s); or if none;

the estate of the last payee who received payments.

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The portion of any Annuity Payout Benefit remaining after the death of an Owner or Annuitant must be paid at least as rapidly as payments were being made at the time of such death.

You may designate a contingent payee by a Request in Good Order. If you designate your spouse as a contingent payee and your marriage ends before your death, then we will treat your former spouse as having predeceased you except in the following situations: (1) if a court order provides that the former spouse’s rights as a contingent payee are to continue; or (2) if the former spouse remains or becomes an Owner.

Death Benefit

A Death Benefit is payable under your Contract if you die before the Annuity Payout Initiation Date and before the Contract is Surrendered. If your spouse becomes a successor owner of the Contract, no Death Benefit will be payable on account of your death.

When the Owner is a non-natural person, a Death Benefit is payable under the Contract if the Annuitant dies before the Annuity Payout Initiation Date and before the Contract is Surrendered. For this purpose, a non-natural person is a trust, custodial account, corporation, limited liability company, partnership, or other entity.

Only one Death Benefit will be paid under the Contract. If a Death Benefit becomes payable, it will be in place of all other benefits under the Contract, and all other rights under this Contract will terminate except for rights related to the Death Benefit.

Death Benefit Payout Date

If the Death Benefit is to be paid as a lump sum, then it will be paid as soon as practicable after the receipt of proof of death and a Request in Good Order for a lump sum payment.

If the Death Benefit is to be paid under a Payout Option, then we will apply the Death Benefit Value to a Payout Option as soon as practicable after receipt of proof of death and a Request in Good Order. That application date will be the first day of the first payment interval for which a payment is to be made. Death Benefit payments under a Payout Option are made at the end of each payment interval. This means that, for annual payments, the first payment will be made one year after that application date.

Death Benefit Amount

If the Death Benefit is paid in a lump sum, then it is equal to the Death Benefit Value, increased by any additional post- death interest as required by law.

If the Death Benefit will be paid as a series of periodic payments under a Payout Option, then the amount of each payment under the Death Benefit is determined on the date that the Death Benefit Value is applied to the Payout Option. The amount or each payment will be based on the Death Benefit Value (increased by any additional post-death interest as required by law to the date it is applied to the Payout Option), the Payout Option that applies, and the payment interval.

Death Benefit Value

The Death Benefit Value is the greater of:

the Account Value determined as of the date that the Death Benefit Value is determined; or

the Purchase Payments, reduced proportionally for all withdrawals, but not including amounts applied to pay Early Withdrawal Charges (the “Purchase Payment base”).

In either case, the Death Benefit Value is reduced by premium tax or other taxes not previously deducted.

The reduction in your Purchase Payment base for withdrawals will be in the same proportion that your Account Value was reduced on the date of the withdrawal. A proportional reduction in your Purchase Payment base could be larger than the dollar amount of your withdrawal.

Example. Here is an example of how we calculate a proportional reduction of your Purchase Payment base. In this example, we assume you take an $8,000 withdrawal. To simplify the example, we also assume no Early Withdrawal Charge, no premium tax is deducted, and no additional post-death interest is added.

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   Before Withdrawal   After Withdrawal   

Explanation

Account Value

  $100,000   $92,000   Your withdrawal reduces your Account Value by $8,000 (which is an 8% reduction in your Account Value). $8,000 / $100,000 = 8%

Purchase Payment Base

for Death Benefit

  $120,000   $110,400   After the withdrawal, the Purchase Payment base for the Death Benefit is also reduced by 8% or $9,600. $120,000 x 0.08 = $9,600

Determination Date

The date that the Death Benefit Value is determined is the earlier of: (1) the first anniversary of the date of death; or (2) the date that we have received both proof of death and Requests in Good Order with instructions as to the form of Death Benefit from all Beneficiaries. Thus, in many cases where there are multiple Beneficiaries, the date that the Death Benefit Value is determined will be the date when the last Beneficiary submits the necessary Request in Good Order or the first anniversary of death. Until then, the Contract values remain in the Crediting Strategies and the Indexed Strategy values may fluctuate. This risk is borne by the Beneficiaries.

Proof of Death

Before making payment of a Death Benefit, or any other payment or transfer of ownership rights that depends on the death of a specified person, we will require proof of death. We may delay making any payment until it is received. For this purpose, proof of death is:

a certified copy of a death certificate showing the cause and manner of death;

a certified copy of a decree that is made by a court of competent jurisdiction as to the finding of death; or

other proof that is satisfactory to us.

Form of Death Benefit

The Death Benefit is paid in the form of annual payments for a fixed period of two years.

In place of that, you may elect to have the Death Benefit paid in one lump sum or in any form of Payout Option that is available under your Contract. The available Payout Options are described in the Payout Options section below. There is no additional charge associated with this election.

You may make an election by a Request in Good Order. We must receive your request on or before the date of death for which a Death Benefit is payable. If you do not make such an election, the Beneficiary may make that election after the date of death. The Beneficiary’s election must be made by a Request in Good Order that is received by us no later than the date that the Death Benefit Value is applied to a Payout Option and at least 30 days before the date of the first payment to be made.

Additional Rules

Any election is subject to the Death Benefit Distribution Rules described below.

A Payout Option that is contingent on life is based on the life of the Beneficiary or, in some cases, the life of a person to whom the Beneficiary is obligated.

We will pay the Death Benefit as a lump sum rather than as payments under a Payout Option if: (1) the Death Benefit is less than $2,000; or (2) as of the date that the Death Benefit Value is to be applied to a Payout Option, the Death Benefit Distribution Rules do not allow a two-year payout.

Payee of Death Benefit Payments

Death Benefit payments generally are made to the Beneficiary as the payee.

In place of that, the Beneficiary may elect to have payments made:

as a tax-free exchange, transfer, or rollover to or for an annuity or tax-qualified account as permitted by federal tax law; or

in cases where the Beneficiary is an estate, trust, custodial account, corporation, limited liability company, partnership, or other entity, to a person to whom the Beneficiary is obligated to make corresponding payments.

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Payments that become due after the death of the Beneficiary are made to:

the contingent payee designated as part of a Death Benefit Payout Option elected by you; or if none

then to a contingent payee designated by the Beneficiary; or if none

the estate of the last payee who received payments.

Such payments are subject to the Death Benefit Distribution Rules described below.

You may designate a contingent payee by a Request in Good Order. A Beneficiary may make or change a payee or contingent payee, except a Beneficiary may not change a designation made as part of a Payout Option election made by you for the Death Benefit. If the Beneficiary designates his or her spouse as a contingent payee and their marriage ends before the Beneficiary’s death, then we will treat the former spouse as having predeceased the Beneficiary except to the extent a court order provides that the former spouse’s rights as a contingent payee are to continue.

Death Benefit Distribution Rules

The Death Benefit Distribution Rules are summarized below.

For a Tax Qualified Contract. The Death Benefit must be paid in accordance with the tax qualification endorsement.

For a Nonqualified Contract. The Death Benefit must be paid either: (1) in full within five years of the date of death; or (2) over the life of the Beneficiary or over a period certain not exceeding the Beneficiary’s life expectancy, with payments at least annually, and with the first payment made within one year of the date of death.

Payout Options

The standard Payout Options are described below.

Payments under each standard Payout Option are made at the end of a payment interval. For example, if the Annuity Payout Initiation Date is October 31, 2029 and you select annual payments, then the first payment will be paid as of October 31, 2030.

Option

Description for Annuity Payout Benefit

Description for Death Benefit

Fixed Period Payout

We will make periodic payments to you, or to the Annuitant, if you direct, for the fixed period of time that you select.

•  If the payee dies before the end of the fixed period, then we will make periodic payments to the surviving owner(s), or if none, then to the surviving contingent payee(s), or if none, then to the estate of the last payee who received payments.

•  In all cases, payments will stop at the end of the fixed period.

For a nonqualified contract, fixed periods shorter than 10 years are not available. For a tax-qualified contract, the only fixed period available is 10 years.

We will make periodic payments to the Beneficiary for the fixed period of time that you or the Beneficiary selects.

•  If the Beneficiary dies before the end of the fixed period, then we will make periodic payments to the contingent payee designated as part of any Death Benefit Payout Option that you have elected. If no such contingent payee is surviving, then such payments will be made to a contingent payee designated by the Beneficiary. If there is no contingent payee surviving, then such payments will be made to the estate of the last payee who received payments.

•  In all cases, payments will stop at the end of the fixed period.

The fixed period cannot exceed the life expectancy of the Beneficiary. For a tax-qualified contract, the fixed period also cannot exceed 10 years.

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Option

Description for Annuity Payout Benefit

Description for Death Benefit

Life Payout

We will make periodic payments to you, or to the Annuitant, if you direct, for as long as the Annuitant lives.

Payments will stop on the death of the Annuitant. This means that, even if we have made only one payment when the Annuitant dies, payments will stop.

If the Annuitant dies after the Annuity Payout Initiation Date but before the first payment, a Life Payout will not provide any benefit at all. In that case, we will reverse the Annuity Benefit Payout election and treat the Contract as if the Annuity Payout Initiation Date had not yet been reached.

•  If the Owner is living, this treatment will generally allow the Owner to choose between continuing the Contract as a deferred annuity or electing a new Annuity Payout Initiation Date and another Payout Option.

•  If the Annuitant’s death before the Annuity Payout Initiation Date would give rise to a Death Benefit, then the Death Benefit will be available.

We will make periodic payments to the Beneficiary for as long as the Beneficiary lives.

Payments will stop on the death of the Beneficiary. This means that, even if we have made only one payment when the Beneficiary dies, payments will stop.

If the Beneficiary dies after the Death Benefit is applied to the Payout Option but before the first payment, a Life Payout will not provide any benefit at all. In that case, we will reverse the Payout Option election and allow the Beneficiary’s estate to choose a new Payout Option or to take the Death Benefit as a lump sum.

For a tax-qualified contract, a Life Payout is not available to all Beneficiaries.

Life Payout with Payments for at Least a Fixed Period

We will make periodic payments to you, or to the Annuitant, if you direct, for as long as the Annuitant lives.

•  If the Annuitant dies after the end of the fixed period you selected, then payments will stop on the death of the Annuitant.

•  If the Annuitant dies before the end of the fixed period you selected, then we will make periodic payments to the surviving owner(s), or if none, then to the surviving contingent payee(s), or if none, then to the estate of the last payee who received payments. In this case, payments will stop at the end of the fixed period you selected.

For a tax-qualified contract, fixed periods longer than 10 years are not available.

We will make periodic payments to the Beneficiary for as long as the Beneficiary lives.

•  If the Beneficiary dies after the end of the fixed period selected, then payments will stop on the death of the Beneficiary.

•  If the Beneficiary dies before the end of the fixed period you or the Beneficiary selected, then we will make periodic payments to the contingent payee designated as part of any Death Benefit Payout Option that you have elected. If no such contingent payee is surviving, then such payments will be made to a contingent payee designated by the Beneficiary. If there is no contingent payee surviving, then such payments will be made to the estate of the last payee who received payments. In this case, payments will stop at the end of the fixed period you or the Beneficiary selected.

The fixed period cannot exceed the life expectancy of the Beneficiary. For a tax-qualified contract, a Life Payout with Payments for at Least a Fixed Period is not available to all Beneficiaries, and the fixed period also cannot exceed 10 years.

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Option

Description for Annuity Payout Benefit

Description for Death Benefit

Joint and One-Half Survivor Payout

We will make periodic payments to you, or to the primary Annuitant, if you direct, for as long as the primary Annuitant lives.

•  If the primary Annuitant dies and the secondary Annuitant does not survive the primary Annuitant, then payments will stop on the death of the primary Annuitant.

•  If the primary Annuitant dies and the secondary Annuitant is surviving, then we will make one-half of the periodic payment to you, or the secondary Annuitant, if you direct, for the rest of the secondary Annuitant’s life. In this case, payments will stop on the death of the secondary Annuitant.

This means that, even if we have made only one payment when the primary Annuitant dies, payments will stop unless the secondary Annuitant survives.

If the Annuitant dies after the Annuity Payout Initiation Date but before the first payment, a Joint and One-Half Survivor Payout will never provide the full payment amount. In that case, if the secondary Annuitant agrees, we will reverse the Annuity Benefit Payout election and treat the Contract as if the Annuity Payout Initiation Date had not been reached.

•  If the Owner is living, this treatment will generally allow the Owner to choose between continuing the Contract as a deferred annuity or electing a new Annuity Payout Initiation Date and another Payout Option.

•  If the Annuitant’s death before the Annuity Benefit Payout Initiation Date would give rise to a Death Benefit, then the Death Benefit will be available.

We will make periodic payments to the Beneficiary for as long as the Beneficiary lives.

•  If the Beneficiary dies and the contingent payee does not survive the Beneficiary, then payments will stop on the death of the Beneficiary.

•  If the Beneficiary dies and the contingent payee designated as part of the Death Benefit Payout Option election is surviving, then we will make one-half of the periodic payment to the contingent payee for the rest of the contingent payee’s life. In this case, payments will stop on the death of the contingent payee.

This means that, even if we have made only one payment when the Beneficiary dies, payments will stop unless the contingent payee survives.

If the Beneficiary dies after the Death Benefit is applied to the Payout Option but before the first payment, a Joint and One-Half Survivor Payout will never provide the full payment amount. In that case, if the contingent payee agrees, we will reverse the Payout Option election and allow the Beneficiary’s estate to choose a new Payout Option or to take the Death Benefit as a lump sum.

A Joint and One-Half Survivor Payout is only available to a Beneficiary who is the surviving spouse of the owner.

We will make payments in any other form of Payout Option that is acceptable to us at the time of any election. More than one Payout Option may be elected if the requirements for each Payout Option elected are satisfied. All elected Payout Options must comply with pertinent laws and regulations.

Payments under a Payout Option are calculated and paid as fixed dollar payments. The stream of payments is an obligation of the general account of MassMutual Ascend Life. Fixed dollar payments will remain level for the duration of the payment period. Once payments begin under a Payout Option, the Payout Option may not be changed. Once the Contract value is applied to a Payout Option, the periodic payments cannot be accelerated or converted into a lump sum payment unless we agree.

We will use the 2012 Individual Annuity Reserving Table with projection scale G2 for blended lives (60% female/40% male) with interest at 1% per year, compounded annually, to compute all guaranteed Payout Option factors, values, and benefits under the Contract. For purposes of calculating payments based on the age of a person, we will use his or her age as of his or her last birthday.

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Considerations in Selecting a Payout Option

Payments under a Payout Option are affected by various factors, including the length of the payment period, the life expectancy of the person on whose life payments are based, and the frequency of the payment interval (monthly, quarterly, semi-annually or annually).

Generally, the longer the period over which payments are made or the more frequently the payments are made, the lower the amount of each payment because more payments will be made.

For Life Payout Options, the longer the life expectancy of the Annuitant or Beneficiary, the lower the amount of each payment because more payments are expected to be paid.

Non-Human Payees under a Payout Option

Except as stated below, the primary payee under a Payout Option must be a human being. All payments during his or her life must be made by check payable to the primary payee or by electronic transfer to a bank account owned by the primary payee.

Exceptions. Below are some exceptions to the general rule that the primary payee must be a human being. We may make other exceptions in our discretion.

A nonhuman that is the Owner of the Contract may be the primary payee. For example, if the Owner is a trust, that trust may be the primary payee.

Payments may be made payable to another insurance company or financial institution as a tax-free exchange, transfer, or rollover to or for another annuity or tax-qualified account as allowed by federal tax law.

Processing Applications and Requests

Processing Applications and Initial Purchase Payments

We will process an application when we have received both the application and the initial Purchase Payment.

If that happens on a Market Day before the Market Close, we will process the application and apply the Purchase Payment on that Market Day.

If that happens on a Market Day after the Market Close or on a day that is not a Market Day, then we will process the application and apply the Purchase Payment on the next Market Day.

We cannot process your application if it is not a Request in Good Order or if we have not received your initial Purchase Payment. Likewise, we cannot apply your initial Purchase Payment if we have not received your application.

If you have any questions, you should contact us or your registered representative before submitting your application or sending your initial Purchase Payment.

Processing Additional Purchase Payments

If we receive an additional Purchase Payment on a Market Day before the Market Close, we will apply it on that Market Day.

If we receive an additional Purchase Payment on a Market Day after the Market Close or on a day that is not a Market Day, then we will apply it on the next Market Day.

We cannot apply an additional Purchase Payment if we do not have complete instructions from you.

If you have any questions, you should contact us or your registered representative before sending an additional Purchase Payment.

Processing Requests

Requests may be made by mail at P.O. Box 5423, Cincinnati OH 45201-5423. Request by fax may be made at 800-807-9777.

Requests for reallocations among Strategies may be made by telephone at 1-800-789-6771 between 8:00 AM and 4:00 PM Eastern Time Monday through Friday. We may also permit reallocation requests to be made at our website (massmutualascend.com). Some selling firms may restrict the ability of their registered representatives to convey reallocation requests by telephone or Internet on your behalf.

To obtain one of our forms (for example, a Strategy Selection form or a Withdrawal Request form) or to obtain more information about how to make a request, call us at 1-800-789-6771 or send us a fax at 800-807-9777. You can also request forms or information by mail at MassMutual Ascend Life Insurance Company, P.O. Box 5423, Cincinnati OH 45201-5423. You may also obtain forms on our website, www.massmutualascend.com.

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We cannot process a request unless it is a Request in Good Order. A request may be rejected or delayed if it is not a Request in Good Order.

If we receive a Request in Good Order on a Market Day before the Market Close, we will process it using values determined at the Market Close on that Market Day.

If we receive a Request in Good Order after the Market Close or on a day that is not a Market Day, then we will treat that request as received at the start of the next Market Day.

If you have any questions, you should contact us or your registered representative before submitting the request.

Exception. If a withdrawal under an automatic withdrawal program is scheduled for a date that is not a Market Day, then we will process the withdrawal on the scheduled date using values at the most recent Market Close. For example, if the automatic withdrawal is scheduled for a date that falls on Sunday and there was a Market Close at 4:00 PM on the previous Friday, then we will process the withdrawal on Sunday using values determined at 4:00 PM on that Friday

Market Days and Market Close

A Market Day is each day that all markets that are used to measure available Indexed Strategies are open for regular trading.

Saturdays, Sundays, holidays and any other day that the New York Stock Exchange and the NYSE Arca are closed are not Market Days.

The NYSE and the NYSE Arca observe the following holidays: New Year’s Day, Martin Luther King, Jr. Day, President’s Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

A Market Close is the close of the regular or core trading session on the market used to measure a given Indexed Strategy.

NYSE

NYSE Arca

Regular trading hours usually end at 4:00 PM Eastern TimeCore trading session usually ends at 4:00 PM Eastern Time
Trading hours end at 1:00 PM Eastern Time on the day before the Fourth of July and the Friday after Thanksgiving Christmas Eve.Core trading session ends at 1:00 PM Eastern Time on the day before the Fourth of July and the Friday after Thanksgiving Christmas Eve.

Regular trading or a core trading session may end at a different time on a Market Day under certain circumstances when and as permitted under applicable rules. Such circumstances generally cannot be predicted in advance.

Specific information about NYSE and NYSE Arca holidays and trading hours in any given calendar year is available at https://www.nyse.com/markets/hours-calendars.

Receipt of Purchase Payments, Applications and Requests

For purposes of processing, we deem Purchase Payments and applications, Requests in Good Order and other instructions (paperwork) mailed to our post office box as received by us at our administrative office when the Purchase Payment or the paperwork reaches the applicable processing department located at 191 Rosa Parks Street, Cincinnati OH 45202.

Risks and Limitations Related to Requests by Telephone or Internet

We will use reasonable procedures such as requiring certain identifying information, tape recording the telephone instructions, and providing written confirmation of the transaction, in order to confirm that instructions communicated by telephone, fax, Internet or other means are genuine. Any telephone, fax or Internet instructions reasonably believed by us to be genuine will be your responsibility, including losses arising from any errors in the communication of instructions. As a result of this policy, you will bear the risk of loss. We are not responsible for the validity of any request or action.

Telephone and computer systems may not always be available. Any telephone or computer system, whether it is yours, your service provider’s, your agent’s, or ours, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may delay or prevent our processing of your request. Although we have taken precautions to help our systems handle heavy use, we cannot promise complete reliability under all circumstances. If you experience technical difficulties or problems, you should consider making your request by mail.

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If you purchase your contract and subsequently move or travel to a country for which we restrict website access due to Office of Foreign Assets Control (OFAC) sanctions, other US government regulations, or high computer hacker risk, you will only be able to submit transaction requests via telephone, U.S. postal service, or private carriers. The list of countries for which we currently block website access is as follows: Iran, Russia, North Korea, Ukraine, China, Syrian Arab Republic, Tunisia, Belarus, Turkey, South Korea, Venezuela, Palestinian Territory, and Vietnam. We will update this list from time to time, as needed.

Suspension of Payments or Transfers

We may be required to suspend or delay payments, withdrawals and reallocations when we cannot obtain an Index Value because:

the New York Stock Exchange or NYSE Arca is closed (other than customary weekend and holiday closings);

trading on the New York Stock Exchange or NYSE Arca is restricted;

an emergency exists such that it is not reasonably practicable to determine fairly the value of the Index; or

we are permitted to do so under a regulatory order.

Restrictions on Financial Transactions

Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to block an Owner’s ability to make certain transactions. This means that we may be required to refuse to accept any request for withdrawals, Surrenders, Annuity Payout Benefit payments or Death Benefit payments, until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators.

Right to Cancel (Free Look)

If you change your mind about owning the Contract, you can cancel it within 20 days after you receive it. If you purchased this Contract to replace an existing annuity contract or life insurance policy, you have 30 days after you receive it. This is known as a “free look.” The right to cancel period may be longer in some states.

To cancel your Contract, you must submit your request to cancel to the producer who sold it or send it to us at P.O. Box 5423, Cincinnati, OH 45201-5423. If sent to us by mail, it is effective on the date postmarked with proper address and postage paid. Your request to cancel must be in writing and signed by you.

When you cancel the Contract within this free look period, we will not assess an Early Withdrawal Charge. Unless otherwise required by state law, you will receive the Account Value of your Contract on the day that we receive your cancellation request. The amount you receive may be more or less than your Purchase Payment(s) depending upon the amount of interest earned by your Contract during the free look period and any Vested Gain or Loss that applies as of the day that we receive your cancellation request. This means that you bear the risk of any decline in the Account Value of your Contract during the free look period. We do not refund any Early Withdrawal Charges assessed during the free look period that relate to a withdrawal taken before you cancel the Contract.

In certain states, we are required to give back your Purchase Payment(s) if you decide to cancel your Contract during the free look period. If we are required by law to refund your Purchase Payment(s), we reserve the right to hold your Purchase Payment(s) in the Purchase Payment Account until the first Strategy Application Date on or after the end of the free look period. In those states, no interest or Vested Gain will be paid.

Annual Statement and Confirmations

At least once each calendar year, we will send you a statement that will show: (1) your Account Value; (2) all transactions regarding your Contract during the year; and (3) the interest credited to your Contract and Vested Gains and Losses credited to your Contract.

We will also send you written confirmations of Purchase Payments, Strategy allocations and renewals, withdrawals, and other financial transactions under your Contract. Statements and confirmations will be sent to your last known address on our records.

You should promptly report any inaccuracy or discrepancy in a statement or confirmation. To report an inaccuracy or discrepancy, contact us at P.O. Box 5423, Cincinnati, OH 45201-5423, or call us at 1-800-789-6771. To protect your rights, you should consider reconfirming any oral communications by sending a written statement to P.O. Box 5423, Cincinnati, OH 45201-5423.

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Electronic Delivery

You may elect to receive electronic delivery of the Contract prospectus and other Contract related documents. Contact us at our website at www.massmutualascend.com for more information and to enroll.

Abandoned Property Requirements

Every state has unclaimed property laws. These laws generally declare annuity contracts to be abandoned after a period of inactivity of three to five years from: (1) the latest permitted Annuity Payout Initiation Date; or (2) the date of death for which a Death Benefit is due and payable. For example, if the payment of a death benefit has been triggered, but the beneficiary does not come forward to claim the death benefit in a timely manner, the unclaimed property laws will apply.

If a Death Benefit, Annuity Payout Benefit payments or other contract proceeds are unclaimed, we will pay them to the abandoned property division or unclaimed property office of the applicable state. (Escheatment is the formal, legal name for this process.) For example, on an unclaimed Death Benefit, depending on the circumstances, the proceeds are paid: (1) to the state where the beneficiary last resided, as shown on our books and records; (2) to the state where the contract owner last resided, as shown on our books and records; or (3) to Ohio, which is our state of domicile. The state will hold the proceeds without interest until a valid claim is made by the person entitled to the proceeds.

To prevent escheatment of the Death Benefit, Annuity Payout Benefit payments, or other proceeds from your Contract, it is important:

to update your contact information, such as your address, phone number, and email address, if and as it changes; and

to update your Beneficiary and other designations, including complete names, complete addresses, phone numbers, and social security numbers, if and as they change.

Please contact us at P.O. Box 5423, Cincinnati, OH 45201-5423, or call us at 1-800-789-6771, to make such updates.

State unclaimed property laws do not apply to annuity contracts that are held under an employer retirement plan that is subject to the Employee Retirement Income Security Act of 1974 (ERISA).

Owner

The Owner on the Contract Effective Date is set out on your Contract Specifications Page. The Owner possesses all of the ownership rights under a Contract, such as making allocations among the Strategies, electing a Payout Option, and designating a Beneficiary.

If an Owner is a trust, custodial account, corporation, limited liability company, partnership, or other entity, then the age of the eldest Annuitant is treated as the age of the Owner for all purposes of this Contract.

Joint Owners

For a Nonqualified Contract. Two persons may jointly own the Contract. In this case, the term “Owner” includes the joint Owner and you must exercise all rights of ownership by joint action.

For a Tax Qualified Contract. No joint owner is permitted.

Change of Owner

For a Nonqualified Contract. You may change the Owner at any time during your lifetime. A change of Owner cancels all prior Beneficiary designations. It does not cancel a designation of an Annuitant or a Payout Option election.

For a Tax Qualified Contract. You cannot change the Owner except to the limited extent permitted by the tax qualification endorsement.

A change of Owner must be made by a Request in Good Order. A change of Owner may have adverse tax consequences.

Assignment

For a Nonqualified Contract. You may assign all or any part of your rights under this Contract except your rights to designate or change a Beneficiary or an Annuitant, to change Owners, or to elect a Payout Option.

For a Tax Qualified Contract. You cannot assign your rights under this Contract except to the limited extent permitted by the tax qualification endorsement.

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An assignment must be made by a Request in Good Order. We are not responsible for the validity of any assignment. An assignment may have adverse tax consequences.

The rights of a person holding an assignment, including the right to any payment under this Contract, come before the rights of an Owner, Annuitant, Beneficiary, or other payee. An assignment may be ended only the person holding it or as provided by law.

Successor Owner

Your spouse becomes the successor owner of the Contract and succeeds to all rights of ownership if all of the following requirements are met:

a Death Benefit is payable on account of your death;

the sole Beneficiary under the Contract is your spouse or a revocable trust or custodial account created by your spouse;

either you make that election by a Request in Good Order before your death or your spouse makes that election by a Request in Good Order before the Death Benefit Payment Date; and

you were not a successor owner of the Contract.

A successor owner election cancels all prior Beneficiary designations. It does not cancel a designation of an Annuitant or a Payout Option election.

In some states, state law extends this successor owner right to a civil union partner or other person who is not your spouse as defined by federal tax law. In that case, distributions after your death must be made as required by the Death Benefit Distributions Rules described in the Death Benefit section on page [ ].

Community Property

If you live in a community property state and have a spouse at any time while you own this Contract, the laws of that state may vary your ownership rights.

Annuitant

The Annuitant is the natural person on whose life Annuity Payout Benefit payments are based. The Annuitant on the Contract Effective Date is set out on your Contract Specifications Page.

For a Nonqualified Contract. The Annuitant cannot be changed at any time that the Contract is owned by a trust, custodial account, corporation, limited liability company, partnership, or other entity. Otherwise, you may change a designation of Annuitant at any time before the Annuity Payout Initiation Date.

For a Tax Qualified Contract. The Annuitant must be the natural person covered under the retirement arrangement for whose benefit the Contract is held.

A change of Annuitant must be made by a Request in Good Order. A change of Annuitant does not cancel a designation of a Beneficiary or a Payout Option election.

If an Annuitant dies before the Annuity Payout Initiation Date and no Death Benefit is payable, then in the absence of a new designation, the Annuitant will be:

the surviving joint Annuitant(s); or if none

the Owner(s).

Beneficiary

A Beneficiary is a person entitled to receive all or part of a Death Benefit that is to be paid under this Contract on account of a death before the Annuity Payout Initiation Date.

If a Death Benefit becomes payable on account of your death or the death of a joint Owner, then the surviving Owner is the Beneficiary no matter what other designation you may have made.

In all other cases, you may designate a person or person who will be the Beneficiaries as provided in the Designation of Beneficiary provision of the Contract.

If no designated Beneficiary is surviving, then the Beneficiary is your estate.

If the sole Beneficiary under the Contract is your spouse or a revocable trust or custodial account created by your spouse and all other requirements for successor ownership are met, then your spouse may become the successor owner of the Contract in lieu of receiving the Death Benefit.

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A designation of Beneficiary must be made by a Request in Good Order. We must receive the request on or before the date of death for which a Death Benefit is payable.

You may designate two or more persons jointly as the Beneficiaries. Unless you state otherwise, joint Beneficiaries that are surviving are entitled to equal shares.

You may designate one or more persons as contingent Beneficiary. Unless you state otherwise, a contingent Beneficiary is entitled to a benefit only if there is no primary Beneficiary who that is surviving.

Survivorship Required

In order to be entitled to receive a Death Benefit, a Beneficiary must survive for at least 30 days after the death for which the Death Benefit is payable.

If you designate your spouse as a Beneficiary and your marriage ends before your death, we will treat your former spouse as having predeceased you unless:

a court order provides that the former spouse’s rights as a beneficiary are to continue; or

the former spouse remains or becomes an Owner.

Other Contract Provisions

Amendment of the Contract

We reserve the right to amend the Contract to comply with applicable Federal or state laws or regulations. We will notify you in writing of any such amendments.

Misstatement

We may require proof of the age of the Annuitant, Owner and/or the Beneficiary before making any payments under the Contract that are measured by such person’s life. If the age of the measuring life has been misstated, the amount payable will be the amount that would have been provided at the correct age. If payments based on the correct age would have been higher, we will pay the underpaid amount with interest. If payments would be lower, we may deduct the overpaid amount, with interest, from succeeding payments.

Involuntary Termination

If your Account Value on any anniversary of the initial Strategy Application Date is below the minimum value of $5,000 for any reason, we may terminate your Contract on that anniversary. If your Contract has Terms that end on the same date because you made only one Purchase Payment, any involuntary termination will occur on that date. If your Contract has Terms that end on different dates because you made more than one Purchase Payment, any involuntary termination will occur on one of those dates, which will be the end of one Term but not the end of the other Terms. In this case, the Surrender Value payable upon termination of your Contract will reflect the Vested Gains and Vested Losses used to calculate the values of Indexed Strategies with Terms that are not ending on the termination date.

Loans

Loans are not available under the Contract.

Previous Notice Methods

For contracts issued before May 1, 2019, we will send you a written notice at least 30 days before the end of each Term with the Declared Rate and the Maximum Gains that will apply for the next Term.

State Variations

This prospectus describes the material features of the Contract. Contracts issued in your state may provide different features and benefits from, and impose different costs than, those described in this prospectus because of state law variations. However, please note that the maximum charge is set forth in this prospectus. If you would like to review a copy of the Contract and any endorsements, contact us at P.O. Box 5423, Cincinnati, OH 45201-5423, visit our website at www.massmutualascend.com or call us at 1-800-789-6771.

The following information is a summary of material state variations as of the date of this prospectus.

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General

For Contracts Issued in Illinois and New Jersey: References to “spouse” have been changed to “spouse or civil union partner.”

Extended Care Waiver Rider. The table below summarizes material state variations related to the rider.

For Contracts Issued in:

Variations in Extended Care Waiver Rider

CaliforniaThe Waiver of Early Withdrawal Charges for Facility Care or Home Care or Community-Based Services Rider (CA Rider) replaces the Extended Care Waiver Rider. The CA Rider provides a waiver under an expanded set of circumstances. The waiver will apply if, at the time of the withdrawal or surrender, or within the immediately preceding 90 days, the following conditions are met: (1) the insured is confined in a facility or is receiving, as prescribed by a physician, registered nurse or licensed social worker, home care or community-based services; (2) the insured’s confinement in a facility, the insured’s receipt of home care or community-based services, or any combination thereof has continued for a period of at least 90 consecutive days; and (3) the first day of such 90-day period was at least one year after the contract effective date. Facility includes a skilled nursing facility, a convalescent nursing home, or an extended care facility or a residential care facility or a residential care facility for the elderly. Home care or community-based services includes home health care, adult day care, personal care, homemaker services, hospice services and respite care as defined in the rider. Additional conforming changes have been made including revised and new definitions, and inclusion of a description of circumstances under which the waiver does not apply. The termination provision has been modified to reflect that the rider will not terminate if you transfer or assign an interest in the contract to a person or entity other than the insured.
ConnecticutThe conditions under which the waiver applies have been modified. The waiver will apply if at the time of a withdrawal or surrender or within the immediately preceding 90 days all of the following conditions are met: (1) an insured is confined in a long-term care facility or hospital; and (2) the confinement has continued for a period of at least 90 consecutive days.
KansasThe conditions under which the waiver applies have been modified. The first day of confinement must be at least 90 days after the contract effective date, rather than one year after the contract effective date.
Massachusetts and MissouriThis waiver rider in not available in Massachusetts or Missouri.
MontanaThe definition of medically necessary has been modified and refers to the insured’s physician.
NebraskaThe definition of skilled nursing facility has been modified by adding a licensed practical nurse to the list of persons who may provide nursing services or supervise the provision of nursing services.
New HampshireThe definition of skilled nursing facility has been modified by changing the phrase “licensed and operated as a skilled nursing facility” to “operated as a skilled nursing facility.”
Pennsylvania

The conditions under which the waiver is available have been modified. The waiver will apply if at the time of a withdrawal or surrender or within the immediately preceding 90 days all of the following conditions are met: (1) an insured is confined in one or more long-term care facilities, hospital, or a combination of such; (2) the confinement is prescribed by a physician and is medically necessary; (3) the first day of the confinement is at least one year after the contract effective date; and (4) the confinement has continued for a period of at least 90 consecutive days, or has continued for a total of at least 90 days if each successive confinement occurs within six months of the previous confinement and is for the same related medical cause.

The definition of long-term care facility has been modified. The following facilities have been deleted from the list of facilities excluded from that definition: a facility that primarily treats drug addicts and a facility that is a home for the mentally ill. An exclusion provision has been added to clarify that the waiver will not apply if the insured is confined in a long-term care facility or hospital for the treatment of certain types of drug addiction or mental illnesses.

The definition of hospital has been modified by changing the phrase “it maintains, or has access to, medical, diagnostic, and major surgical facilities” to “it maintains, or has access to, medical and diagnostic facilities.”

Vermont

The definition of long-term care facility has been modified. The following facilities have been deleted from the list of excluded facilities: a facility that primarily treats drug addicts, a facility that primarily treats alcoholics, and a facility that is a home for the mentally ill.

The definition of physician has been modified by changing the phrase “a person who is licensed in the United States as a medical doctor or a doctor of osteopathy and who is practicing within the scope of his or her license” to “a person who is licensed in the United States who is providing medical care and treatment when such services are provided within the scope of his or her license and provided pursuant to applicable law.”

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For Contracts Issued in:

Variations in Extended Care Waiver Rider

WashingtonThe waiver is based on confinement to an extended care facility or hospital rather than a long-term care facility or hospital. Definitions are modified to reflect the new terminology, references to “skilled nursing facility” are changed to “nursing facility” and the related definition is modified. In the definition of nursing facility and hospital, a licensed practical nurse is added to the list of persons who may provide nursing services or supervise the provision of nursing services.

Terminal Illness Waiver Rider. The table below summarizes material state variations related to the rider.

For Contracts Issued in:

Variations in Terminal Illness Waiver Rider

Illinois, Kansas, WashingtonAs a result of the terminal illness, your life expectancy must be 24 months from the date of death, rather than 12 months.
KansasThe diagnosis must be rendered 90 days after the contract effective date, rather than one year after the contract effective date.
New JerseyThe requirement related to the timing of the diagnosis does not apply. But the waiver will not be available until at least one year after the contract effective date.
MassachusettsThis waiver rider in not available in Massachusetts.
Pennsylvania

The diagnosis must be rendered after the contract effective date, rather than one year after the contract effective date. But the waiver will not be available until at least one year after the contract effective date.

The waiver is based on a terminal condition as defined in the rider, rather than a terminal illness.

TexasThe diagnosis must be rendered on or after the contract effective date, rather than one year after the contract effective date.

Form of Annuity Payout Benefit

For Contracts Issued in Texas: Payments under a Payout Option are subject to a $50 minimum.

Right to Cancel (Free Look)

State law governs the length of the free look period and the amount of the refund that you will receive. The table below summarizes the state law provisions.

For Contracts Issued in:

Free Look Period and Refund

Replacement Situations:

Free Look Period and Refund

Alabama, Colorado, Hawaii, Iowa, Maine, Mississippi, Montana, New Mexico, Ohio, Oregon, Vermont, Virginia, West Virginia

20 days

Account Value

30 days

Account Value + Fees/Charges

Alaska, Arizona, Connecticut, Illinois, Kansas, Michigan, New Jersey, North Dakota, South Dakota

20 days

Account Value + Fees/Charges

30 days

Account Value + Fees/Charges

Arkansas, District of Columbia, Pennsylvania

20 days

Account Value

30 days

Account Value

Delaware, Indiana, Massachusetts, Tennessee

20 days

Account Value

30 days

Purchase Payments

Georgia, Idaho, Missouri, Nevada, Oklahoma, Utah

20 days

Purchase Payments

30 days

Purchase Payments

Kentucky, Louisiana, Maryland, Nebraska, New Hampshire, North Carolina, Rhode Island, South Carolina, Texas

20 days

Purchase Payments

30 days

Account Value + Fees/Charges

California

30 days

Account Value + Fees/Charges

If owner is age 60 or older, refund amount is Purchase Payments

30 days

Account Value + Fees/Charges

If owner is age 60 or older, refund amount is Purchase Payments

Florida

21 days

Account Value + Fees/Charges

30 days

Account Value + Fees/Charges

Minnesota

20 days

Account Value + Fees/Charges

30 days

Purchase Payments

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For Contracts Issued in:

Free Look Period and Refund

Replacement Situations:

Free Look Period and Refund

Washington

20 days

Greater of: (1) Purchase Payments or (2) Account Value minus taxes

30 days

Purchase Payments

Wisconsin

30 days

Account Value

30 days

Account Value + Fees/Charges

Wyoming

20 days

Account Value

30 days

Greater of: (1) Purchase Payments or (2) Account Value + Fees/Charges

Assignment

For Contracts Issued in Ohio: Subject to the tax qualifications endorsement, if any, you may assign your rights to designate or change a Beneficiary or an Annuitant, to change Owners, or to elect a Payout Option if you make a specific Request in Good Order.

Amendment of the Contract

For Contracts Issued in Florida and Texas: You have the right to reject an endorsement that changes the provisions of this Contract to obtain or retain the intended tax treatment under federal tax law, or to take into account other pertinent laws and governmental regulations and rulings. We will not be responsible for the tax or other consequences of your rejection.

Involuntary Termination

For Contracts Issued in Texas: Our right to terminate this Contract is not tied to the minimum required value. We have the right to terminate this Contract if the Account Value would provide a benefit of less than $20 each month at age 70 under a life payout with payments for at least a fixed period of 10 years.

Index Replacement

We may replace an Index if it is discontinued or we are no longer able to use it, its calculation changes substantially, or we determine that hedging instruments are difficult to acquire or the cost of hedging becomes excessive. We may do so at the end of a Term or during a Term. We will notify you in writing at least 30 days before we replace an Index.

We would attempt to choose a replacement Index that is similar to the old Index. To determine if a new Index is similar, we will consider factors such as asset class, Index composition, strategy or methodology inherent to the Index and Index liquidity.

If we replace an Index during a Term, we will calculate Vested Gains and Losses using the old Index up until the replacement date. After the replacement date, we will calculate Vested Gains and Losses using the new Index, but with a modified start of Term value for the new Index. The modified start of Term value for the new Index will reflect the Index Change for the old Index from the start of the Term to the replacement date.

If we replace an Index, the applicable Maximum Gain and Bailout Trigger for the Term, the applicable Maximum Loss or Buffer, and the Vesting Factors will not change.

Example. This example is intended to show how we would calculate Vested Gain or Loss on any day during a Term if we have replaced an Index during the Term. This example assumes: (1) you allocate $50,000 to a Growth/-10% Floor Strategy; and (2) the replacement is made on day 90 of the Term. To simplify the example, we assume that you take no withdrawals during the Term.

Index Change on Replacement Date for Old Index

Old Index Value at Term Start1000
Old Index Value on Replacement Date1050
Old Index Change on Replacement Date(1050 - 1000) / 1,000 = 5%

The 5% Index Change on the Replacement Date is then used to calculate the modified start of Term value for the new Index.

Modified Start of Term Value for New Index

Old Index Change on Replacement Date5%
New Index Value on Replacement Date1785
Modified Start of Term Value for New Index1785 / (100% + 5%) = 1700

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The modified start of Term value for the new Index is then used to calculate the Strategy value on any date after the replacement date, including the value at the Term end.

Strategy Value at Term End

Investment Base at Term Start$50,000
Modified Start of Term Value for New Index1700
Value of New Index at Term End1853
Positive Index Change(1853 - 1,700) / 1700) = 9%
Maximum GainGain of 8%
Positive Index Change Limited by Maximum Gain8%
Vesting Factor for Positive Index Change at Term End100%
Vested Gain as a Percentage8% x 100% = 8%
Vested Gain in Dollars$50,000 x 8% = $4,000
Strategy Value at Term End$50,000 + $4,000 = $54,000

Federal Tax Considerations

This section provides a general description of federal income tax considerations relating to the Contracts. The purchase, holding and transfer of a Contract may have federal estate and gift tax consequences in addition to income tax consequences. Estate and gift taxation is not discussed in this prospectus. State taxation will vary, depending on the state in which you reside, and is not discussed in this prospectus.

The tax information provided in this prospectus is not intended or written to be used as legal or tax advice. It is written solely to provide general information related to the sale and holding of the Contracts. You should seek advice on legal or tax questions based on your particular circumstances from an attorney or tax advisor who is not affiliated with MassMutual Ascend Life.

Tax Deferral on Annuities

Internal Revenue Code (“IRC”) Section 72 governs taxation of annuities in general. The income earned on a Contract is generally not included in income until it is withdrawn from the Contract. In other words, a Contract is a tax-deferred investment. Tax deferral is not available for a Contract when an Owner is not a natural person unless the Contract is part of a tax-qualified retirement plan or the Owner is a mere agent for a natural person. For a nonqualified deferred compensation plan, this rule means that the employer as Owner of the Contract will generally be taxed currently on any increase in the Surrender Value, although the plan itself may provide a tax deferral to the participating employee.

Under certain circumstances, based on a rule known as the “Investor Control Doctrine,” the IRS has stated that the holder of an annuity contract could be treated as the owner (for tax purposes) of the assets of a separate account that supports the annuity contract. If you were treated as the owner of an interest in the separate account, then you would be taxed on the income, gain, and loss arising out of your interest in the separate account. Although the IRS has not provided definitive guidance on the application of this rule to indexed annuity contracts, we do not believe that this rule applies to the Contract because you have no specific, fractional, or unitized interest in the separate account assets, we are not obligated to invest the separate account in any particular assets, the investment return and market value of the separate account assets is not allocated in an identical manner to any Contract, the Contract values are determined based on gains and losses regardless of the performance of the separate account assets, and the derivatives that we may hold in the separate account are not publicly traded.

Tax-Qualified Retirement Plans

Annuities may also qualify for tax-deferred treatment, or serve as a funding vehicle, under tax-qualified retirement plans that are governed by other IRC provisions. These provisions include IRC Section 401 (pension, profit sharing, and 401(k) plans), IRC Section 403(b) (tax-sheltered annuities), IRC Sections 408 and 408A (individual retirement annuities), and IRC

Section 457(b) (governmental deferred compensation plans). Tax-deferral is generally also available under these tax-qualified retirement plans through the use of a trust or custodial account without the use of an annuity.

The tax law rules governing tax-qualified retirement plans and the treatment of amounts held and distributed under such plans are complex. If the Contract is to be used in connection with a tax-qualified retirement plan, including an individual retirement annuity (“IRA”) under a Simplified Employee Pension (SEP) Plan, you should seek competent legal and tax advice regarding the suitability of the Contract for your particular situation.

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Contributions to a tax-qualified Contract are typically made with pre-tax dollars, while contributions to other Contracts are typically made from after-tax dollars, though there are exceptions in either case. Tax-qualified Contracts may also be subject to restrictions on withdrawals that do not apply to other Contracts. These restrictions may be imposed to meet the requirements of the IRC or of an employer plan.

Following is a brief description of the types of tax-qualified retirement plans for which the Contracts are available.

Individual Retirement Annuities. IRC Sections 219 and 408 permit certain individuals or their employers to contribute to an individual retirement arrangement known as an “Individual Retirement Annuity” or “IRA”. Under applicable limitations, an individual may claim a tax deduction for certain contributions to an IRA. Contributions made to an IRA for an employee under a Simplified Employee Pension (SEP) Plan or Savings Incentive Match Plan for Employees (SIMPLE) established by an employer are not includable in the gross income of the employee until distributed from the IRA. Distributions from an IRA are taxable to the extent that they represent contributions for which a tax deduction was claimed, contributions made under a SEP plan or SIMPLE, or income earned within the IRA.

Roth IRAs. IRC Section 408A permits certain individuals to contribute to a Roth IRA. Contributions to a Roth IRA are not tax deductible. Tax-free distributions of contributions may be made at any time. Distributions of earnings are tax-free following the five-year period beginning with the first year for which a Roth IRA contribution was made if the Owner has attained age 59 1/2, become disabled, or died, or for qualified first-time homebuyer expenses.

Tax-Sheltered Annuities. IRC Section 403(b) of permits public schools and charitable, religious, educational, and scientific organizations described in IRC Section 501(c)(3) to establish “tax-sheltered annuity” or “TSA” plans for their employees. TSA contributions and Contract earnings are generally not included in the gross income of the employee until distributed from the TSA. Amounts attributable to contributions made under a salary reduction agreement cannot be distributed until the employee attains age 59 1/2, severs employment, becomes disabled, incurs a hardship, is eligible for a qualified reservist distribution, or dies. The IRC and the plan may impose additional restrictions on distributions.

Pension, Profit-Sharing, and 401(k) Plans. IRC Section 401 permits employers to establish various types of retirement plans for employees, and permits self-employed individuals to establish such plans for themselves and their employees. These plans may use annuity contracts to fund plan benefits. Generally, contributions are deductible to the employer in the year made, and contributions and earnings are generally not included in the gross income of the employee until distributed from the plan. The IRC and the plan may impose restrictions on distributions. Purchasers of a Contract for use with such plans should seek competent advice regarding the suitability of the Contract under the particular plan.

Governmental Eligible Deferred Compensation Plans. State and local government employers may purchase annuity contracts to fund eligible deferred compensation plans for their employees, as described in IRC Section 457(b). Contributions and earnings are generally not included in the gross income of the employee until the employee receives distributions from the plan. Amounts cannot be distributed until the employee attains age 70 1/2, severs employment, becomes disabled, incurs an unforeseeable emergency, or dies. The plan may impose additional restrictions on distributions.

Roth TSAs, Roth 401(k)s, and Roth 457(b)s. IRC Section 402A permits TSA plans, 401(k) plans, and governmental 457(b) plans to allow participating employees to designate some part or all of their future elective contributions as Roth contributions. Roth contributions to a TSA plan, 401(k) plan, or governmental 457(b) plan are included in the employee’s taxable income as earned. Amounts attributable to Roth TSA, Roth 401(k), or Roth 457(b) contributions must be held in a separate account from amounts attributable to traditional pre-tax TSA, 401(k), or 457(b) contributions. Distributions from a Roth TSA, Roth 401(k), or Roth 457(b) account are considered to come proportionally from contributions and earnings. Distributions attributable to Roth account contributions are tax-free. Distributions attributable to Roth account earnings are tax-free following the five-year period beginning with the first year for which Roth contributions are made to the plan if the employee has attained age 59 1/2, become disabled, or died. A Roth TSA, Roth 401(k), or Roth 457(b) account is subject to the same distribution restrictions that apply to amounts attributable to traditional pre-tax TSA, 401(k), or 457(b) contributions made under a salary reduction agreement. The plan may impose additional restrictions on distributions.

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Nonqualified Deferred Compensation Plans

Employers may invest in annuity contracts in connection with unfunded deferred compensation plans for their employees. Such plans may include eligible deferred compensation plans of non-governmental tax-exempt employers, as described in IRC Section 457(b); deferred compensation plans of both governmental and nongovernmental tax-exempt employers that are taxed under IRC Section 457(f) and subject to Section 409A; and nonqualified deferred compensation plans of for-profit employers subject to Section 409A. In most cases, these plans are designed so that amounts credited under the plan will not be includable in the employees’ gross income until paid under the plan. In these situations, the annuity contracts are not plan assets and are subject to the claims of the employer’s general creditors. Whether or not made from the Contract, plan benefit payments are subject to restrictions imposed by the IRC and the plan.

Summary of Income Tax Rules

The following chart summarizes the basic income tax rules governing tax-qualified retirement plans, nonqualified deferred compensation plans, and other non-tax-qualified Contracts.

Tax-Qualified Contracts and

Plans

Nonqualified Deferred
Compensation Plans

Other Non-Tax-Qualified
Contracts

Plan Types

•   IRC §408 (IRA, SEP, SIMPLE IRA)

•   IRC §408A (Roth IRA)

•   IRC §403(b) (Tax-Sheltered Annuity)

•   IRC §401 (Pension, Profit– Sharing, 401(k))

•   Governmental IRC §457(b)

•   IRC §402A (Roth TSA, Roth 401(k), or Roth 457(b))

•   IRC §409A

•   Nongovernmental IRC §457(b)

•   IRC §457(f)

•   IRC §72 only

Who May Purchase a ContractEligible employee, employer, or employer plan.Employer on behalf of eligible employee. Employer generally loses tax-deferred status of Contract itself.Anyone. Non-natural person will generally lose tax-deferred status.
Contribution LimitsContributions are limited by IRC and/or plan requirements.None.
Distribution RestrictionsDistributions from Contract and/or plan may be restricted to meet IRC and/or plan requirements.None.
Taxation of Withdrawals, Surrenders, and Lump Sum Death Benefit

Generally, 100% of distributions must be included in taxable income. However, the portion that represents an after-tax investment is not taxable. Distributions from Roth IRA are deemed to come first from after- tax contributions. Distributions from other plans are generally deemed to come from income and after-tax investment (if any) on a pro-rata basis. Distributions from §408A Roth IRA or §402A Roth TSA, Roth 401(k), or Roth 457(b) are completely tax free if certain requirements are met.

For tax purposes, all IRAs and SEP IRAs of an owner are treated as a single IRA, and all Roth IRAs of an owner are treated as a single Roth IRA.

Generally, distributions must be included in taxable income until all accumulated earnings are paid out. Thereafter, distributions are tax-free return of the original investment. However, distributions are tax-free until any investment made before August 14, 1982 is returned.

For tax purposes, all non-tax-qualified annuity contracts issued to the same owner by the same insurer in the same calendar year are treated as one contract.

Taxation of Payout Option Payments (Annuity Benefit or Death Benefit)A percentage of each payment is tax free equal to the ratio of after-tax investment (if any) to the total expected payments, and the balance is included in taxable income. Once the after-tax investment has been recovered, the full amount of each benefit payment is included in taxable income. Distributions from a Roth IRA, Roth TSA, Roth 401(k), or Roth 457(b) are completely tax free if certain requirements are met.

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Tax-Qualified Contracts and

Plans

Nonqualified Deferred
Compensation Plans

Other Non-Tax-Qualified
Contracts

Possible Penalty Taxes for Distributions Before Age 59 1/2Taxable portion of payments made before age 59 1/2 may be subject to 10% penalty tax (or 25% for a SIMPLE IRA during the first two years of participation). Penalty taxes do not apply to payments after the participant’s death, or to §457 plans. Other exceptions may apply.None.Taxable portion of payments made before age 59 1/2 may be subject to a 10% penalty tax. Penalty taxes do not apply to payments after the Owner’s death. Other exceptions may apply.
Assignment/ Transfer of ContractAssignment and transfer of Ownership generally not permitted.Generally, deferred earnings taxable to transferor upon transfer or assignment. Gift tax consequences are not discussed herein.
Federal Income Tax WithholdingEligible rollover distributions from §401, §403(b), and governmental §457(b) plans are subject to 20% mandatory withholding on taxable portion unless direct rollover. For other payments, Payee may generally elect to have taxes withheld or not.Generally subject to wage withholding.Generally, Payee may elect to have taxes withheld or not.

Rollovers, Transfers, and Exchanges

Amounts from a tax-qualified Contract may be rolled over, transferred, or exchanged into another tax-qualified account or retirement plan as permitted by the IRC and plan(s). Amounts may be rolled over, transferred, or exchanged into a tax-qualified Contract from another tax-qualified account or retirement plan as permitted by the IRC and plan(s). In most cases, such a rollover, transfer, or exchange is not taxable, unless the rollover of pre-tax amounts is made into a Roth IRA, a Roth TSA, Roth 401(k), or Roth 457(b). Rollovers, transfers, and exchanges are not subject to normal contribution limits. The IRC or plan may require that rollovers be held in a separate Contract from other plan funds.

Amounts from a non-tax-qualified Contract may be transferred to another non-tax-qualified annuity or to a qualified long-term care policy as a tax-free exchange as permitted by the IRC Section 1035. Amounts from another non-tax-qualified annuity or from a life insurance or endowment policy may be transferred to a Contract as a tax-free exchange under IRC Section 1035.

Required Distributions

The Contracts are subject to the required distribution rules of federal tax law. These rules vary based on the tax qualification of the Contract or the plan under which it is issued.

For a tax-qualified Contract other than a Roth IRA, required minimum distributions must generally begin by April 1 following the year the participant attains age 73 (age 72 if born after June 30, 1949, but before January 1, 1951 or age 70 1/2 if born before July 1, 1949). However, for a 403(b) Tax-Sheltered Annuity Plan, a 401 Pension, Profit-Sharing, or 401(k) Plan, or a 457(b) Governmental Deferred Compensation Plan, a participant who is not a 5% owner of the employer may delay required minimum distributions until April 1 following the year in which the participant retires from that employer. The required minimum distributions during life are calculated based on standard life expectancy tables adopted under federal tax law.

For a Roth IRA or for a Contract that is not tax-qualified, there are no required distributions during life.

A tax-qualified Contract must make required distributions after death. The required distributions vary depending on the type of beneficiary. Some beneficiaries may take payments over life or life expectancy, and others must receive all benefits within five or ten years after death. A non-tax-qualified Contract that has begun making payments under a payout option during the Owner’s life must make any remaining payments at least as rapidly after death. If payments from a non-tax-qualified Contract have not begun, then the death benefit must be paid out in full within five years after death, or must be paid out in substantially equal payments beginning within one year of death over a period not exceeding the life expectancy of the designated beneficiary.

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For a traditional IRA, a Roth IRA, or a Contract that is not tax-qualified, a beneficiary who is a surviving spouse may elect out of these requirements, and apply the required distribution rules as if the Contract were his or her own. For this purpose, federal tax law recognizes as married any two people whose marriage is valid in the state in which it was celebrated. A civil union or domestic partnership is not considered a marriage.

Premium and Other Taxes

We reserve the right to deduct from the Purchase Payment or Account Value any taxes relating to the Contract paid by us to any government entity (including, but not limited to, premium taxes, additional taxes, and maintenance taxes on insurers, Federal, state and local withholding of income, estate, inheritance, or other taxes required by law from annuity purchase payments, and any new or increased taxes on insurers or annuity purchase payments that may be enacted into law).

Currently some state governments impose premium taxes, additional taxes, and maintenance taxes on insurers based on annuity purchase payments received or applied to an annuity payout benefit. These taxes currently range from zero to 3.5% depending upon the jurisdiction and the tax qualification of the Contract. A federal premium tax has been proposed but not enacted. We may deduct any such premium or other taxes from the Purchase Payments or the Account Value at the time that the tax is imposed. We may also deduct any such tax not previously deducted from the Annuity Payout Value or Death Benefit Value.

We reserve the right to deduct from the Contract for any income taxes that we incur because of the Contract. At the present time, however, we are not incurring any such income tax or making any such deductions.

Distribution of the Contracts

MM Ascend Life Investor Services, LLC (“MMALIS”) is the principal underwriter and distributor of the securities offered through this prospectus. MMALIC and MMALIS are affiliated because MMALIS is a subsidiary of MMALIC. MMALIS also acts as the principal underwriter and distributor of the variable annuity contracts that are issued by one of our subsidiaries.

MMALIS’s principal executive offices are located at 191 Rosa Parks Street, Cincinnati, Ohio 45202. MMALIS is registered as a broker- dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as well as the securities regulators in the states in which it operates and registration is required. MMALIS is a member of the Financial Industry Regulatory Authority (“FINRA”).

Contracts are sold by licensed insurance agents (the “Selling Agents”) in those states where the Contract may be lawfully sold. Such Selling Agents will be appointed agents of MMALIC and will be registered representatives of broker-dealer firms (the “Selling Broker-Dealers”) that have entered into selling agreements with us and MMALIS. Selling Broker-Dealers will be registered under the Securities Exchange Act of 1934 and will be members of FINRA.

FINRA provides background information about broker-dealers and their registered representatives through FINRA BrokerCheck. You may contact the FINRA BrokerCheck Hotline at 1-800-289-9999, or log on to www.finra.org to learn more about MMALIS, your Selling Agent, and his or her Selling Broker Dealer.

MMALIS receives no compensation for acting as underwriter of the Contracts; however, MMALIC pays for some of MMALIS’s operating and other expenses, including overhead and legal and accounting fees. MMALIC may reimburse MMALIS for certain sales expenses, such as marketing materials and advertising expenses, and other expenses of distributing the Contracts.

MMALIC or MMALIS pay the Selling Broker-Dealers compensation for the promotion and sale of the Contract. The Selling Agents who solicit sales of the Contract typically receive a portion of the compensation paid to the Selling Broker-Dealers in the form of commissions or other compensation, depending on the agreement between the Selling Broker-Dealer and the Selling Agent.

The amount and timing of commissions paid to Selling Broker-Dealers may vary depending on the selling agreement but is not expected to be more than 9.2% of each Purchase Payment. In most cases, such amounts paid to a Selling Broker-Dealer will be divided between the Selling Agent and the Selling Broker-Dealer. Some Selling Broker-Dealers may elect to receive a lower commission when a Purchase Payment is made, along with annual trail commissions up to 1.5% of Account Value for so long as a contract remains in effect or as agreed in the selling agreement. MMALIC may pay or allow other promotional incentives or payments in the form of cash or other compensation to the extent permitted by FINRA rules and other applicable laws and regulations.

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MMALIC also may pay compensation to wholesaling broker-dealers or other firms or intermediaries in return for wholesaling services such as providing marketing and sales support, product training, and administrative services to the Selling Agents of the Selling Broker-Dealers. These allowances may be based on a percentage of a Purchase Payment.

In addition to the compensation described above, MMALIC may make additional cash payments, in certain circumstances referred to as “override” compensations, or reimbursements to Selling Broker-Dealers in recognition of their marketing and distribution, transaction processing and/or administrative services support. These payments are not offered to all Selling Broker-Dealers, and the terms of any particular agreement governing the payments may vary among Selling Broker-Dealers depending on, among other things, the level and type of marketing and distribution support provided. Marketing and distribution support services may include, among other services, placement of MMALIC’s products on the Selling Broker-Dealers’ preferred or recommended list, increased access to the Selling Broker-Dealers’ registered representatives for purposes of promoting sales of MMALIC products, assistance in training and education of the Selling Agents, and opportunities for MMALIC and MMALIS to participate in sales conferences and educational seminars. The payments or reimbursements may be calculated as a percentage of the particular Selling Broker-Dealer’s actual or expected aggregate sales of our indexed annuity contracts (including the Contract) and/or may be a fixed dollar amount. Broker-dealers receiving these additional payments may pass on some or all of the payments to the Selling Agents.

You should ask your Selling Agent for further information about the commissions or other compensation that he or she, or the Selling Broker-Dealer for which he or she works, may receive in connection with your purchase of a Contract.

There is no front-end sales load deducted from the Purchase Payment(s) to pay sales commissions. Commissions and other incentives or payments described above are not charged directly to you. We intend to recoup at least a portion of the sales commissions and other sales expenses through fees and charges deducted under the Contract.

MassMutual Ascend Life’s General Account

Our general account (the “General Account”) holds all our assets other than assets in our insulated separate accounts. We own our General Account assets, and, subject to applicable law, have sole investment discretion over them. The assets are subject to our general business operation liabilities and claims of our creditors and may lose value. Our General Account assets fund the guarantees provided in the Contracts.

We must invest our assets according to applicable state laws regarding the nature, quality and diversification of investments that may be made by life insurance companies. In general, these laws permit investments, within specified limits and subject to certain qualifications, in Federal, state and municipal obligations, corporate bonds, preferred and common stocks, real estate mortgages, real estate and certain other investments.

We place a majority of the Purchase Payments made under the Contract in our General Account where we primarily invest the assets in a variety of fixed income securities.

We place a portion of the Purchase Payments made under the Contract in a non-unitized separate account (the “Separate Account”) that is not registered with the Securities and Exchange Commission. We established and maintain the Separate Account pursuant to the laws of our domiciliary state for the purpose of supporting our obligation to adjust Indexed Strategy values for Vested Gains and Losses associated with the Indexed Strategies. The assets of the Separate Account are held in our name on behalf of the Separate Account and legally belong to us. The assets in the Separate Account are not chargeable with liabilities arising out of any other business that we conduct. We may invest these assets in hedging instruments, including derivative contracts as well as other assets permitted under state law. To support our obligations to adjust Indexed Strategy values for Vested Gains and Losses associated with the Indexed Strategies, we may move money between the Separate Account and our General Account.

Contract owners do not have any interest in or claim on the assets in the Separate Account nor do Contract owners participate in any way in the performance of assets held in the Separate Account.

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Legal Matters

Reliance on Rule 12h-7

MassMutual Ascend Life relies on the exemption provided by Rule 12h-7 under the Securities Exchange Act of the 1934 Act from the requirement to file reports pursuant to Section 15(d) of that Act.

Legal Proceedings

MassMutual Ascend Life and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by contract owners and policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. Also, from time to time, state and federal regulators or other officials conduct formal and informal examinations or undertake other actions dealing with various aspects of the financial services and insurance industries. It is not possible to predict with certainty the ultimate outcome of any pending legal proceeding or regulatory action. However, MassMutual Ascend Life does not believe any such action or proceeding will have a material adverse effect upon its ability to meet its obligations under the Contracts.

Legal Opinion on Contracts

Legal matters in connection with federal laws and regulations affecting the issue and sale of the Contracts described in this prospectus and the organization of MassMutual Ascend Life, its authority to issue such Contracts under Ohio law, and the validity of the forms of the Contracts under Ohio law have been passed on by John P. Gruber, General Counsel of MassMutual Ascend Life.

Securities and Exchange Commission Position on Indemnification

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling MassMutual Ascend Life pursuant to its articles of incorporation or its code of regulations or pursuant to any insurance coverage or otherwise, MassMutual Ascend Life has been informed that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.

ExpertsEXPERTS

[The statutory financial statements and financial statement schedules of MassMutual Ascend Life Insurance Company (formerly known as Great American Life Insurance Company) at [ ],December 31, 2023, 2022, and 2021 , and for each of the years in the three year period ended [ ],December 31, 2023, have been included herein in reliance upon the reports of [ ],KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

The [ ]KPMG LLP report dated [ ]April 23, 2024 of MassMutual Ascend Life Insurance Company includes explanatory language that states that the financial statements are prepared by MassMutual Ascend Life Insurance Company using statutory accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the [ ]KPMG LLP audit report states that the financial statements are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance.

The [ ]KPMG LLP report dated [ ]April 23, 2024 of MassMutual Ascend Life Insurance Company includes an emphasis of matter paragraph that states that MassMutual Ascend Life Insurance Company elected to apply a prescribed practice promulgated under Ohio Administrative Code Section 3901-1-67 (“OAC 3901-1-67”) to its derivative instruments hedging indexed products and indexed annuity reserve liabilities. The opinion was not modified with respect to this matter.]

The Registration StatementTHE REGISTRATION STATEMENT

We filed a Registration Statement with the Securities and Exchange Commission under the Securities Act of 1933 relating to the Contracts offered by this prospectus. This prospectus was filed as a part of the Registration Statement, but it does not constitute the complete Registration Statement. The Registration Statement contains further information relating to the Company and the Contracts. The Registration Statement and the exhibits thereto may be inspected and copied at the office of the Securities and Exchange Commission, located at 100 F Street, N.E., Washington, D.C., and may also be accessed at www.sec.gov. The Securities and Exchange Commission file number for the Contract is 333-[333-276780. ].

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Statements in this prospectus discussing the content of the Contracts and other legal instruments are summaries. The actual documents are filed as exhibits to the Registration Statement. For a complete statement of the terms of the Contracts or any other legal document, refer to the appropriate exhibit to the Registration Statement.

OPTION PRICES

In order to calculate the Daily Value Percentage of an Indexed Strategy, we determine the prices of the hypothetical options using a valuation model. The price of each option is stated as a percentage of the Index at the last Market Close on or before the first day of the Term.

ATM Binary Call Option Price (at-the-money binary call option)

The ATM Binary Call Option Price is the calculated price of a hypothetical at-the-money binary call option (or collection of options) that will pay the holder an amount equal to the Trigger Rate multiplied by the Investment Base if the change in the Index for the Term is zero or is positive.

ATM Call Option Price (at-the-money call option)

The ATM Call Option Price is the calculated price of a hypothetical call option that will pay the holder an amount equal to the percentage rise, if any, in the Index from the last Market Close on or before the start of the Term to the final Market Close of the Term.

ATM Put Option Price (at-the-money put option)

The ATM Put Option Price is the calculated price of a hypothetical put option that will pay the holder an amount equal to the percentage fall, if any, in the Index from the last Market Close on or before the start of the Term to the final Market Close of the Term.

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ITM Binary Call Option Price (in-the-money binary call option)

The ITM Binary Call Option Price is the calculated price of a hypothetical in-the-money binary call option (or collection of options) that will pay the holder an amount equal to the Trigger Rate multiplied by the Investment Base if the change in the Index for the Term is zero, is positive, or is negative but does not exceed the Buffer.

OTM Call Option Price (out-of-the-money call option)

The OTM Call Option Price is the calculated price of a hypothetical call option that will pay the holder an amount equal to the percentage rise, if any, in the Index from the last Market Close on or before the start of the Term to the final Market Close of the Term, but only to the extent it exceeds the Cap for the Term.

OTM Put Option Price (out-of-the-money put option)

The OTM Put Option Price is the calculated price of a hypothetical put option that will pay the holder an amount equal to the percentage fall, if any, in the Index from the last Market Close on or before the start of the Term to the final Market Close of the Term, but only to the extent it exceeds the Buffer or Floor for the Term.

Valuation Model

We use a mathematical model to calculate the price of the hypothetical options in our formulas because direct prices of comparable options are generally not available. Options in the marketplace do not directly align with (1) the time remaining in a Term and (2) the strike prices for any of the hypothetical options used in the calculation of the Daily Value Percentage.

Valuation models are widely used for option pricing and the model we use is based on standard methods for valuing derivatives. The methodology used to value these options is determined solely by us and the results of our valuation model may vary, higher or lower, from other estimated valuations or the actual selling price of identical derivatives. Any variance between our valuations and other estimated or actual prices may be different from Indexed Strategy to Indexed Strategy and may also change from day to day. Our valuation model calculates the theoretical price of options using the following inputs: Index levels or prices, expected dividend yield, option strike prices, expected interest rates, time, and implied volatility of option prices. Below is a brief explanation of those model inputs, which we receive from third party vendors.

Index Levels or Prices

The initial Index level or price for a Term is the Index provided to us for the last Market Close on or before the first day of the Term. The current Index level or price is the Index provided to us for the most recent Market Close. We rely on third parties, such as Index providers and financial reporting vendors, to provide us with the current Index level or price for the most recent Market Close.

Dividend Yield (Div)

Dividend Yield is the dividend yield to the end of the Term as of a calculation date where the dividend yield is (1) interpolated from yields or (2) implied from market data as reported by Bloomberg or another market source.

For the S&P 500 Index, the dividend yield will reduce the Index level and the applicable call option prices.

Strike Price (K)

Strike Price is a value that varies for each type of option.

ATM binary call option strike price = Index at the start of the Term

ATM call option strike price = Index at the start of the Term

ATM put option strike price = Index at the start of the Term

ITM binary call option strike price = Index at the start of the Term multiplied by (1 – Buffer). [For example, for a 10% Buffer Strategy, the ITM binary call option strike price is equal to the Index at the start of the Term multiplied by 1- .10, or .90]

OTM call option strike price = Index at the start of the Term multiplied by (1 + Cap) [For example, if the Cap is 8%, the OTM call option strike price is equal to the Index at the start of the Term multiplied by 1 + .08, or 1.08].

OTM put option strike price = Index at the start of the Term multiplied by (1 – Buffer) for a Buffer Strategy or (1 – Floor) for a Floor Strategy. [For example, for a 10% Buffer Strategy, the OTM put option strike price is equal to the Index at the start of the Term multiplied by 1- .10, or .90; for a -10% Floor Strategy, the OTM put option strike price is equal to the Index at the start of the Term multiplied by 1 + -.10, or 0.90]

Interest Rate (Rate)

Interest Rate is a rate based on key derivative interest rates obtained from information provided by Bloomberg or another market source. These interest rates are obtained for maturities adjacent to the actual time remaining in the Term on the calculation date. We use interpolation to derive the rate used as our input for the model.

Time (T)

Time is the portion of the Term that remains as measured by the following formula.

Time = number of calendar days from calculation date to end of Term / number of calendar days in Term

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Implied Volatility (Vol)

Volatility is the implied volatility of option prices. It is approximated daily using observed option prices as reported by Bloomberg or another market source. For each hypothetical option included in the calculation, we approximate the volatility of option prices by interpolating between (1) implied volatilities for similar options with the closest available time remaining and (2) strike prices.

Implied volatility varies with (1) how much time remains until the end of a Term, which is determined by using an expiration date for the designated option that corresponds to that time remaining and (2) the relationship between the strike price of that option and the value of the Index at the time of the calculation. This relationship is referred to as the “moneyness” of the option described above, and is calculated as the ratio of current price to strike price.

Direct market data for these inputs is generally not available because options on an Index that actually trade in the market have (1) specific maturity dates that are unlikely to precisely match the end date of a Term and (2) moneyness values that are unlikely to precisely match the moneyness of the designated option that we use in our calculations. Accordingly, we interpolate between the implied volatility quotes that are based on the actual maturities and moneyness values.

EXAMPLES: IMPACT OF WITHDRAWALS ON CONTRACT VALUES AND AMOUNTS REALIZED

These examples are intended to illustrate how a withdrawal from an Indexed Strategy before the end of the Term affects the Indexed Strategy values and amounts realized at the end of the Term.

Example A: Withdrawal When Index Rising Steadily-Cap and Upside Participation Rate Strategies

This example assumes:

you allocate $50,000 to the S&P 500 1-Year 10% Buffer with Cap Strategy and $50,000 to the S&P 500 1-Year -10% Floor with Cap Strategy; and $50,000 to the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy;

the Cap for the initial Term of the Buffer Strategy is 18% and the Cap for the initial term of the Floor Strategy is 21.5%;

the Upside Participation Rate for the Term of the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy is 100%;

the S&P 500 is 1000 on the Term start date;

you request a $10,000 withdrawal on Day 146 when the Daily Value Percentage is 4.36% for the S&P 500 1-Year 10% Buffer with Cap Strategy, 3.71% for the S&P 500 1-Year -10% Floor with Cap Strategy and 4.75% for the S&P 500 5-Year Term 10% Buffer with Participation Rate Strategy

you do not take any other withdrawals during the initial Term;

the withdrawal is covered by the Free Withdrawal Allowance and therefore no Early Withdrawal Charges apply (If Early Withdrawal Charges did apply, the amounts realized at the end of the Term would be reduced by both the withdrawal and the amount of the Early Withdrawal Charge);

the S&P 500 is 1130 on the Term end date; and

you have not made a Performance Lock election.

Please note that even with a rising Index, the Daily Value Percentage may be negative or lower than the Index rise because the Net Option Price is not equal to the current Index price, and because the Daily Value Percentage calculation subtracts the Amortized Option Cost and Trading Cost from the Net Option Price.

Impact of $10,000 Withdrawal from each
Strategy on Day 146 of Term

  

S&P 500 1-Year 10% Buffer with
Cap Strategy

  

S&P 500 1-Year -10% Floor with
Cap Strategy

  

S&P 500 5-Year 10% Buffer with
Upside Participation Rate Strategy

Investment Base at Term Start  $50,000  $50,000  $50,000
Daily Value Percentage on Withdrawal Date  4.36%  3.71%  4.09%
Dollar Amount of Increase on Withdrawal Date  $50,000 x .0436 = $2,180  $50,000 x .0371 = $1,855  $50,000 x .0409 = $2,045
Strategy Value before Withdrawal  $50,000 + $2,180 = $52,180  $50,000 + $1,855 = $51,855  $50,000 + $2,045 = $52,045
Amount Withdrawn*  $5,016  $4,984  $0
Withdrawal as Percentage of Strategy Value  $5,016 / $52,180=9.61%  $4,984/ $51,855 = 9.61%  0.00%
Proportional Reduction in Investment Base  $50,000 x .0961= $4,805  $50,000 x .0961 = $4,805  $0
Investment Base after Withdrawal  $50,000 - $4,805 = $45,195   $50,000 - $4,805 = $45,180   =$50,000 - $0 = $50,000
Value at End of Term      
Investment Base after Withdrawal  $45,195  $45,195  $50,000
Index at Term Start  1000  1000  1000
Index at Term End  1130  1130  1130
Rise in Index  13.00%  13.00%  13.00%
Cap  18.0%  21.5%  n/a
Upside Participation Rate  n/a  n/a  100%

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Impact of $10,000 Withdrawal from each
Strategy on Day 146 of Term

  

S&P 500 1-Year 10% Buffer with
Cap Strategy

  

S&P 500 1-Year -10% Floor with
Cap Strategy

  

S&P 500 5-Year 10% Buffer with
Upside Participation Rate Strategy

Increase as a Percentage  13.00%  13.00%  13.00%
Dollar Amount of Increase  $45,195 x .1300 = $5,875  $45,195 x .1300 = $5,875  =$50,000 x .1300 = $6,500
Strategy Value at Term End  $45,195 + $5,875 = $51,070  $45,195 + $5,875 = $51,070  $50,000 + $6,500 = $56,500

* Note: The withdrawal is taken proportionally from Indexed Strategies having the shortest Term, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies having the same Term length immediately before the withdrawal. This means the withdrawal will be taken proportionally from Indexed Strategies with 1-year Terms and then proportionally from Indexed Strategies with 5-year Terms. In this example, the total value of all Indexed Strategies with 1-year Terms immediately before the withdrawal was $104,035 ($52,180 + $51,855). The S&P 500 1-Year 10% Buffer with Cap Strategy value was 50.16% of that total value ($52,180 / $104,035 = 50.16%), so 50.16% of the $10,000 withdrawal ($5,016) was taken from it. The S&P 500 with 1-Year -10% Floor with Cap Strategy value was 49.84% of that total value ($51,855 / $104,035 = 49.84%), so 49.84% of the $10,000 withdrawal ($4,984) was taken from it. A withdrawal would only be taken from the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy when no amounts remain in Indexed Strategies with a 1-year Term. For Contracts issued in Missouri, amounts taken from Indexed Strategies will be proportional without regard to Term length.

In this example, you invested $50,000 in the S&P 500 1-Year 10% Buffer with Cap Strategy, $50,000 in the S&P 500 1-Year -10% Floor with Cap Strategy and $50,000 in the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy. At the end of the 1-year Term you realized $112,140 from the 1-year Strategies ($10,000 withdrawal plus the Strategy values of $51,070 and $51,070 at the end of the 1-year Term). Had no withdrawal occurred, your 1-year Strategy values at the end of the Term would have totaled $113,000 ($50,000 plus a 13% increase for the S&P 500 1-Year 10% Buffer with Cap Strategy, and $50,000 plus a 13% increase for the S&P 500 -10% Floor with Cap Strategy.)

The hypothetical Strategy value for the 1-year Strategies ($113,000) exceeds the amount realized ($112,140) because the portion of the Investment Base withdrawn from each Strategy did not earn the index increase (13%) it would have earned if it had been left in the respective Strategy for the entire Term.

At the end of the 5-year Term you realized $56,500 from the 5-year Strategy, which is the same amount you would have realized had no withdrawal occurred, because no amounts were withdrawn from the 5-year Strategy.

In this example, the two one-year Strategies performed equally because for both Strategies, the rise in the Index was less than the Cap. The higher return for the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, along with the fact that none of the withdrawal was taken from the 5-year Strategy, led to it having a higher Strategy value at the end of a 5-year Term than the other Strategies had at the end of a 1-year Term.

Example B: Withdrawal When Index Rising Steadily – Trigger Strategies

This example assumes:

you allocate $50,000 to the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy, and $50,000 to the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy;

the Trigger Rate for the initial Term of the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy is 11%;

the Trigger Rate for the initial Term of the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy is 8%;

the S&P 500 is 1000 on the Term start date;

you request a $10,000 withdrawal on Day 146 when the Daily Value Percentage is 4.20% for the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy and 3.77% for the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy;

you do not take any other withdrawals during the initial Term;

the withdrawal is covered by the Free Withdrawal Allowance and therefore no Early Withdrawal Charges apply (If Early Withdrawal Charges did apply, the amounts realized at the end of the Term would be reduced by both the withdrawal and the amount of the Early Withdrawal Charge);

the S&P 500 is 1130 on the 1-year Term end date; and

you have not made a Performance Lock election.

Please note that even with a rising Index, the Daily Value Percentage may be negative or lower than the Index rise because the Net Option Price is not equal to the current Index price, and because the Daily Value Percentage calculation subtracts the Amortized Option Cost and Trading Cost from the Net Option Price.

Impact of $10,000 Withdrawal on Day 146 of  Term

  S&P 500 1-Year 10% Buffer with
Performance Trigger Strategy
  S&P 500 1-Year 10% Buffer with
Dual Performance Trigger
Strategy
 

Investment Base at Term Start

  $50,000  $50,000 

Daily Value Percentage on Withdrawal Date

   4.20  3.77

Dollar Amount of Increase on Withdrawal Date

  $50,000 x .0420 = $2,100  $50,000 x .0377 = $1,885 

Strategy Value before Withdrawal

  $50,000 + $2,100 = $52,100  $50,000 + $1,885 = $51,885 

Amount Withdrawn*

  $5,010  $4,990 

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Withdrawal as Percentage of Strategy Value

  $5,010 / $52,100 = 9.62% $4,990 / $51,885 = 9.62%

Proportional Reduction in Investment Base

  $50,000 x .0962 = $4,810 $50,000 x .0962 = $4,810

Investment Base after Withdrawal

  $50,000 – $4,810 = $45,190 $50,000 – $4,810 = $45,190

Value at End of Term

   

Investment Base after Withdrawal

  $45,190 $45,190

Index at Term Start

  1000 1000

Index at Term End

  1130 1130

Rise in Index

  13% 13%

Trigger Rate Activated?

  Yes Yes

Trigger Rate

  11% 8%

Increase as a Percentage

  11.00% 8.00%

Dollar Amount of Increase

  $45,190 x .1100 = $4,971 $45,190 x .0800 = $3,615

Strategy Value at Term End

  $45,190 + $4,971 = $50,161 $45,190 + $3,615 = $48,805

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $103,985 ($52,100 + $51,885). The S&P 500 1-Year 10% Buffer with Performance Trigger Strategy value was 50.10% of that total value ($52,100 / $103,985 = 50.10%), so 50.10% of the $10,000 withdrawal ($5,010) was taken from it. The S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy value was 49.90% of that total value ($51,885 / $103,985 = 49.90%), so 49.90% of the $10,000 withdrawal ($4,990) was taken from it.

In this example, you invested $50,000 in the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy and $50,000 in the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy. At the end of the 1-year Term you realized $108,966 from the Strategies ($10,000 withdrawal plus the Strategy values of $50,161 and $48,805 at the end of the 1-year Term). Had no withdrawal occurred, your 1-year Strategy values at the end of the Term would have totaled $109,500 ($50,000 plus an 11.00% increase for the S&P 500 S&P 500 1-Year 10% Buffer with Performance Trigger Strategy, and $50,000 plus an 8.00% increase for the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy.)

The hypothetical Strategy value for the combined Strategies ($109,500) exceeds the amount realized ($108,966) because the portion of the Investment Base withdrawn from each Strategy did not earn the index increase (11.00% and 8.00% respectively) it would have earned if it had been left in the respective Strategy for the entire Term.

In this example, the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy performed better than the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy because the Trigger Rate for the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy was higher than the Trigger Rate for the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy.

Example C: Withdrawal When Index Falling Steadily – 10% Floor and Buffer Strategies

This example assumes:

you allocate $50,000 to the S&P 500 1-Year 10% Buffer with Cap Strategy and $50,000 to the S&P 500 1-Year -10% Floor with Cap Strategy;

the S&P 500 is 1000 on the Term start date;

you request a $10,000 withdrawal on Day 146 when the Daily Value Percentage is -4.66% for the Buffer Strategy and -5.52% for the Floor Strategy;

you do not take any other withdrawals during the initial Term;

the withdrawal is covered by the Free Withdrawal Allowance and therefore no Early Withdrawal Charges apply (If Early Withdrawal Charges did apply, the amounts realized at the end of the Term would be reduced by both the withdrawal and the amount of the Early Withdrawal Charge);

the S&P 500 is 750 on the Term end date; and

you have not made a Performance Lock election.

Please note that the Daily Value Percentage may be more negative than the fall in the Index because the Net Option Price is not equal to the current Index price, and because the Daily Value Percentage calculation subtracts the Amortized Option Cost and Trading Cost from the Net Option Price.

Impact of $10,000 Withdrawal from Each Strategy
on Day 146 of Term

  

S&P 500 1-Year 10%
Buffer with Cap Strategy

  

S&P 500 1-Year -10% Floor
with Cap Strategy

Investment Base at Term Start

  $50,000  $50,000

Daily Value Percentage on Withdrawal Date

  -4.66%  -5.52%

Dollar Amount of Decrease on Withdrawal Date

  $50,000 x -.0466 = -$2,330   $50,000 x -.0552 = $-2,760 

Strategy Value before Withdrawal

  $50,000 - $2,330 = $47,670   $50,000 - $2,760 = $47,240 

Amount Withdrawn*

  $5,023  $4,977

Withdrawal as Percentage of Strategy Value

  $5,023 / $ 47,670 = 10.54%  $4,977 / $47,240 = 10.54%

Proportional Reduction in Investment Base

  $50,000 x .1054 = $5,268  $50,000 x.1054 = $5,268

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Impact of $10,000 Withdrawal from Each
Strategy on Day 146 of Term

  

S&P 500 1-Year 10% Buffer with
Cap Strategy

  

S&P 500 1-Year -10% Floor with
Cap Strategy

Investment Base after Withdrawal

  $50,000 - $5,268 = $44,732   $50,000 - $ 5,268 = $44,732 

Value at End of Term

    

Investment Base after Withdrawal

  $44,732  $44,732

Index at Term Start

  1000  1000

Index at Term End

  750  750

Fall in Index

  -25%  -25%

Buffer

  10%  n/a

Floor

  n/a  -10%

Decrease as a Percentage

  25% – (- 10%) = -15%  Max (-25%, -10%) = -10%

Dollar Amount of Decrease

  $44,732 x .15 = $6,710  $44,732 x .10 = $4,473

Strategy Value at Term End

  $44,732 - $6,710 = $38,022   $44,732 - $4,473 = $40,259 

*Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $94,910 ($47,670 + $47,240). The Buffer Strategy value was 50.23% of that total value ($47,670 / $94,910 = 50.23%), so 50.23% of the $10,000 withdrawal ($5,023) was taken from it. The Floor Strategy value was 49.77% of that total value ($47,240 / $94,910 = 49.77%), so 49.77% of the $10,000 withdrawal ($4,977) was taken from it.

In this example, you invested $50,000 in the Buffer Strategy and $50,000 in the Floor Strategy and at the end of the Term you realized $88,281 ($10,000 withdrawal plus the Strategy values of $38,022 and $40,259 at the end of the Term). Had no withdrawal occurred, your Strategy values at the end of the Term would have totaled $87,500 ($50,000 minus 15% decrease for the Buffer Strategy and $50,000 minus 10% decrease for the Floor Strategy).

The amount realized of $88,281 exceeds this hypothetical combined Strategy value of $87,500 because the portion of the Investment Base withdrawn from the Buffer and Floor Strategies were not subject to the 10%-15% decrease they would have suffered if they had been left in their respective Strategies for the entire Term.

The Strategy value at Term end is highest for the Floor Strategy ($40,259) and lowest for the Buffer Strategy ($38,022). Though the proportionality rules relating to withdrawals keep each Strategy’s Investment Base equal to the others after the withdrawals, the different decreases that result from the 25% drop in the Index value (-10% for the Floor Strategy and -15% for the Buffer Strategy) lead to different Strategy values at Term end.

79


Example D: Withdrawal When Index Falling Steadily – Trigger Strategies

This example assumes:

you allocate $50,000 to the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy, and $50,000 to the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy;

the Trigger Rate for the initial Term of the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy is 11%;

the Trigger Rate for the initial Term of the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy is 8%;

the S&P 500 is 1000 on the Term start date;

you request a $10,000 withdrawal on Day 146 when the Daily Value Percentage is -2.31% for the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy and -0.74% for the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy;

you do not take any other withdrawals during the initial Term;

the withdrawal is covered by the Free Withdrawal Allowance and therefore no Early Withdrawal Charges apply (If Early Withdrawal Charges did apply, the amounts realized at the end of the Term would be reduced by both the withdrawal and the amount of the Early Withdrawal Charge);

the S&P 500 is 800 on the 1-year Term end date; and

you have not made a Performance Lock election.

Please note that the Daily Value Percentage may be more negative than the fall in the Index because the Net Option Price is not equal to the current Index price, and because the Daily Value Percentage calculation subtracts the Amortized Option Cost and Trading Cost from the Net Option Price.

Impact of $10,000 Withdrawal on Day 146
of Term

  

S&P 500 1-Year 10% Buffer with
Performance Trigger Strategy

  

S&P 500 1-Year 10% Buffer with Dual
Performance Trigger Strategy

Investment Base at Term Start

  $50,000  $50,000

Daily Value Percentage on Withdrawal Date

  -2.31%  -0.74%

Dollar Amount of Decrease on Withdrawal Date

  -($50,000 x -.0231) = $1,155  -($50,000 x -.0074) = $370

Strategy Value before Withdrawal

  $50,000 - $1,155 = $48,845   $50,000 - $370 = $49,630 

Amount Withdrawn*

  $4,960  $5,040

Withdrawal as Percentage of Strategy Value

  $4,960 / $48,845 = 10.15%  $5,040 / $49,630 = 10.15%

Proportional Reduction in Investment Base

  $50,000 x .1015 = $5,075  $50,000 x .1015 = $5,075

Investment Base after Withdrawal

  $50,000 - $5,075 = $44,925   $50,000 - $5,075 = $44,925 

Value at End of Term

    

Investment Base after Withdrawal

  $44,925  $44,925

Index at Term Start

  1000  1000

Index at Term End

  800  800

Fall in Index

  20%  20%

Buffer

  10%  10%

Decrease as a Percentage

  20% – 10% = 10.00%  20% – 10% = 10.00%

Dollar Amount of Decrease

  $44,925 x .1000 = $4,493  $44,925 x .1000 = $4,493

Strategy Value at Term End

  $44,925 - $4,493 = $40,432   $44,478 - $4,493 = $40,432 

*

Note: The withdrawal is taken proportionally from each Indexed Strategy, based on the ratio of that Strategy’s value to the total value of all Indexed Strategies immediately before the withdrawal. In this example, the total value of all Indexed Strategies immediately before the withdrawal was $98,475 ($48,845 + $49,630). The S&P 500 1-Year 10% Buffer with Performance Trigger Strategy value was 49.60% of that total value ($48,845 / $98,475 = 49.60%), so 49.60% of the $10,000 withdrawal ($4,960) was taken from it. The S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy value was 50.40% of that total value ($49,630 / $98,475 = 49.90%), so 50.40% of the $10,000 withdrawal ($5,040) was taken from it.

In this example, you invested $50,000 in the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy and $50,000 in the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy. At the end of the 1-year Term you realized $90,864 from the Strategies ($10,000 withdrawal plus the Strategy values of $40,432 and $40,432 at the end of the 1-year Term). Had no withdrawal occurred, your 1-year Strategy values at the end of the Term would have totaled $90,000 ($50,000 minus a 10.00% decrease for the S&P 500 S&P 500 1-Year 10% Buffer with Performance Trigger Strategy, and $50,000 minus a 10.00% decrease for the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy.)

The amount realized at the end of the 1-year Term for the combined Strategies ($90,060) exceeds the hypothetical Strategy value ($90,000), because the $10,000 that was withdrawn was not subject to the full 10% decrease it would have suffered if it had been left in the Strategies for the entire 1-year Term.

In this example, the S&P 500 1-Year 10% Buffer with Performance Trigger Strategy and the S&P 500 1-Year 10% Buffer with Dual Performance Trigger Strategy performed identically because they are based on the same Index and the decrease in that Index was greater than 10%. Therefore, the 10% Buffer came into play for both Strategies.

80


Example E: Withdrawal When Index Rises

This example assumes:

you allocate your entire $50,000 Purchase Payment to the S&P 500 10% Buffer 1-Year Term with Cap Strategy when the S&P 500 is 1900;

the Contract Effective Date and the Term start date are both April 6, 2025;

an Early Withdrawal Charge of 8% applies in the initial Term;

the Cap for the initial Term of that Strategy is 12%;

you request a $10,000 withdrawal on August 1, 2025 when the Daily Value Percentage is 1%;

you instruct us to pay the entire $10,000 to you, which results in an additional withdrawal for the Early Withdrawal Charge;

you do not take any other withdrawals during the initial Term;

the S&P 500 is 2033 on the Term end date of April 6, 2026; and

you have not made a Performance Lock election.

Term Start DateApril 6, 2025
Strategy Value$50,000See Footnote 1 below.
Investment Base$50,000See Footnote 1 below.
Cap for Term12%See Footnote 2 below.
Index1900
Withdrawal DateAugust 1, 2025
Daily Value Percentage on Withdrawal Date1%
Dollar Amount of Increase on Withdrawal Date$500See Footnote 3 below.
Strategy Value before Withdrawal$50,500See Footnote 4 below.
Amount of Withdrawal Requested$10,000
Free Withdrawal Allowance$5,000See Footnote 5 below.
Early Withdrawal Charge$435See Footnote 6 below.
Total Amount Withdrawn$10,435See Footnote 7 below.
Withdrawal as Percentage of Strategy Value20.66%See Footnote 8 below.
Proportional Reduction in Investment Base$10,330See Footnote 8 below.
Investment Base after Withdrawal$39,670See Footnote 9 below.
Strategy Value after Withdrawal$40,065See Footnote 10 below.
Term End DateApril 6, 2026
Index2033
Rise in Index7%See Footnote 11 below.
Increase as a Percentage7%See Footnote 12 below.
Investment Base after Withdrawal$39,670See Footnote 9 below.
Dollar Amount of Increase$2,777See Footnote 12 below.
Strategy Value at Term End$42,447See Footnote 13 below.

Footnote 1. On the Term start date, the Strategy value is equal to the amount applied to the Strategy on the Term start date. The amount applied on the Term start date is also the beginning Investment Base.

Footnote 2. The Cap is the maximum positive Index change over the course of the Term taken into account to determine any increase at the end of a Term. In this example, the Cap is 12%, which means it will not affect the calculation of any increase unless the Index rises by more than 12%.

Footnote 3. When the Daily Value Percentage is positive, we use the following formula to calculate the Strategy value before the end of the Term.

FormulaInvestment Base x Daily Value Percentage = dollar amount of increase
Calculation$50,000 x 1% = $500

Footnote 4. In this example, the Daily Value Percentage is positive on the withdrawal date, and you have not taken any withdrawals before that date. This means the Strategy value on the withdrawal date is the Investment Base plus the increase for the Daily Value Percentage on that date.

FormulaInvestment Base + dollar amount of increase = Strategy value
Calculation$50,000 + $500 = $50,500

Footnote 5. The Free Withdrawal Allowance (FWA) for the first Contract Year is 10% of the Purchase Payment. The FWA for each subsequent Contract Year is 10% of the Account Value as of the most recent Contract Anniversary.

81


FormulaPurchase Payment x 10% = FWA for first Contract Year
Calculation$50,000 x 10% = $5,000

Footnote 6. The Early Withdrawal Charge that would apply to your withdrawal is equal to the amount subject to the charge multiplied by the Early Withdrawal Charge rate (EWC rate). The amount subject to the charge includes the charge itself. The amount subject to the charge does not include the FWA. The EWC rate depends on the Contract Year. In this example, the withdrawal occurs in the first Contract Year, when the EWC rate is 8%. The Early Withdrawal Charge rate declines after each of the first five Contract Years. There is no Early Withdrawal Charge after Contract Year 5.

Formula[(Requested withdrawal - FWA) x EWC rate] / (1.00 - EWC rate) = Early Withdrawal Charge
Calculation[($10,000 - $5,000) x 8%] / (1.00 - 0.08) = $5,000 x 8% / 0.92 = $400 / 0.92 = $435

Footnote 7. When you request a withdrawal, you can instruct us to pay you the amount you requested. If an Early Withdrawal Charge applies in that situation, we also withdraw an amount equal to the charge. This means that the total amount withdrawn from your Contract is equal to the amount you requested plus the applicable Early Withdrawal Charge.

FormulaRequested withdrawal + Early Withdrawal Charge = total amount withdrawn
Calculation$10,000 + $435 = $10,435

Footnote 8. When you take a withdrawal, the deduction from the Investment Base taken is proportional to the reduction in the value of the Indexed Strategy due to the withdrawal. If the Strategy value on the withdrawal date is higher than the Investment Base, the proportional reduction in the Investment Base will be less than the total amount withdrawn.

FormulaTotal amount withdrawn / Strategy value before withdrawal = withdrawal as percentage of Strategy value
Calculation$10,435 / $50,500 = 20.66%
FormulaInvestment Base before withdrawal x withdrawal as percentage of Strategy value = proportional reduction in Investment Base
Calculation$50,000 x 20.66% = $10,330

Footnote 9. On the withdrawal date after the withdrawal, the Investment Base is equal to the Investment Base before the withdrawal minus the proportional reduction in the Investment Base for the withdrawal.

FormulaInvestment Base before withdrawal – proportional reduction in Investment Base for withdrawal = Investment Base after withdrawal
Calculation$50,000 - $10,330 = $39,670

Footnote 10. On the withdrawal date, the Strategy value after the withdrawal is equal to Strategy value before the withdrawal minus the total amount withdrawn.

FormulaStrategy value before withdrawal – total amount withdrawn = Strategy value after withdrawal
Calculation$50,500 - $10,435 = $40,065

Footnote 11. The rise in the Index on the Term end date is equal to the percentage change in the Index measured from the Term start date to the Term end date.

Formula(Index on Term end date – Index on Term start date) / Index on Term start date = rise in Index
Calculation(2033 - 1900) / 1900 = 7%

Footnote 12. When the Index has risen for the Term, we use the following formulas to calculate the increase for a Strategy with a Cap.

FormulaIf the rise in Index is less than Cap, then rise in Index = increase percentage based on rise in Index
Calculation7% rise in Index < 12% cap, so increase percentage = 7%

FormulaInvestment Base x increase percentage based on rise in Index = dollar amount of increase based on rise in Index
Calculation$39,668 x 7% = $2,777

Footnote 13. In this example, there has been a rise in the Index for the Term and you have taken a $10,000 withdrawal during the Term. This means the Strategy value at the end of the Term is the Investment Base on the Term end date plus the increase for the rise in the Index for the Term.

FormulaInvestment Base on Term end date + dollar amount of increase based on rise in Index = Strategy value on Term end date
Calculation$39,670 + $2,777 = $42,447

82


Example F: Withdrawal When Index Falls

This example assumes:

you allocate your entire $50,000 Purchase Payment to the S&P 500 1-Year 10% Buffer with Cap Strategy when the S&P 500 is 1900;

the Contract Effective Date and the Term Start Date are both April 6, 2025;

an Early Withdrawal Charge of 8% applies in the initial Term;

you request a $10,000 withdrawal on August 1, 2025 when the Daily Value Percentage is -6%;

you instruct us to pay the entire $10,000 to you, which results in an additional withdrawal for the Early Withdrawal Charge;

you do not take any other withdrawals during the initial Term;

the S&P 500 is 1672 on the Term end date of April 6, 2026; and

you have not made a Performance Lock election.

Term Start DateApril 6, 2025
Strategy Value$50,000See Footnote 1 below.
Investment Base$50,000See Footnote 1 below.
Buffer10%See Footnote 2 below.
Index1900
Withdrawal DateAugust 1, 2025
Daily Value Percentage on Withdrawal Date-6%
Dollar Amount of Decrease on Withdrawal Date-$3,000 See Footnote 3 below.
Strategy Value before Withdrawal$47,000See Footnote 4 below.
Amount of Withdrawal Requested$10,000
Free Withdrawal Allowance$5,000See Footnote 5 below.
Early Withdrawal Charge$435See Footnote 6 below.
Total Amount Withdrawn$10,435See Footnote 7 below.
Withdrawal as Percentage of Strategy Value22.2%See Footnote 8 below.
Proportional Reduction in Investment Base$11,101See Footnote 8 below.
Investment Base after Withdrawal$38,899See Footnote 9 below.
Strategy Value after Withdrawal$36,565See Footnote 10 below.
Term End DateApril 6, 2026
Index1672
Fall in Index-12%See Footnote 11 below.
Decrease as a Percentage-2%See Footnote 12 below.
Investment Base after Withdrawal$38,899See Footnote 9 below.
Dollar Amount of Decrease-$778 See Footnote 12 below.
Strategy Value at Term End$38,121See Footnote 13 below.

Footnote 1. On the Term start date, the Strategy value is equal to the amount applied to the Strategy on the Term start date. The amount applied on the Term start date is also the beginning Investment Base.

Footnote 2. The Buffer is the decrease in the value of an Index for a Term that is disregarded when determining the loss for the Term. For each Term of each Buffer Strategy that we currently offer with this Contract, the Buffer is 10%. The Buffer will not change from Term to Term.

Footnote 3. When the Daily Value Percentage is negative, we use the following formula to calculate the Strategy value before the end of the Term.

FormulaInvestment Base x Daily Value Percentage = dollar amount of decrease
Calculation$50,000 x -6% = -$3,000

Footnote 4. In this example, the Daily Value Percentage is negative on the withdrawal date and you have not taken any withdrawals before that date. This means the Strategy value on the withdrawal date is the Investment Base, minus the decrease for the Daily Value Percentage on that date.

FormulaInvestment Base – dollar amount of decrease = Strategy value
Calculation$50,000 - $3,000 = $47,000

83


Footnote 5. The Free Withdrawal Allowance (FWA) for the first Contract Year is 10% of the Purchase Payment. The FWA for each subsequent Contract Year is 10% of the Account Value as of the most recent Contract Anniversary.

FormulaPurchase Payment x 10% = FWA for first Contract Year
Calculation$50,000 x 10% = $5,000

Footnote 6. The Early Withdrawal Charge that would apply to your withdrawal is equal to the amount subject to the charge multiplied by the Early Withdrawal Charge rate (EWC rate). The amount subject to the charge includes the charge itself. The amount subject to the charge does not include the FWA. The EWC rate depends on the Contract Year. In this example, the withdrawal occurs in the first Contract Year, when the EWC rate is 8%. The Early Withdrawal Charge rate declines after each of the first five Contract Years. There is no Early Withdrawal Charge after Contract Year 5.

Formula[(Requested withdrawal - FWA) x EWC rate] / (1.00 - EWC rate) = Early Withdrawal Charge
Calculation[($10,000 - $5,000) x 8%] / (1.00 - 0.08) = $5,000 x 8% / 0.92 = $400 / 0.92 = $435

Footnote 7. When you request a withdrawal, you can instruct us to pay you the amount you requested. If an Early Withdrawal Charge applies in that situation, we also withdraw an amount equal to the charge. This means that the total amount withdrawn from your Contract is equal to the amount you requested plus the applicable Early Withdrawal Charge.

FormulaRequested withdrawal + Early Withdrawal Charge = total amount withdrawn
Calculation$10,000 + $435 = $10,435

Footnote 8. When you take a withdrawal, the deduction from the Investment Base taken is proportional to the reduction in the value of the Indexed Strategy due to the withdrawal. If the Strategy value on the withdrawal date is less than the Investment Base, the proportional reduction in the Investment Base will be more than the total amount withdrawn.

Formulatotal amount withdrawn / Strategy value before withdrawal = withdrawal as percentage of Strategy value
Calculation$10,435 / $47,000 = 22.2%

Formula

Investment Base before withdrawal x withdrawal as percentage of Strategy value = proportional reduction in Investment Base

Calculation$50,000 x 22.2% = $11,101

Footnote 9. On the withdrawal date, the Investment Based after the withdrawal is equal to the Investment Base before the withdrawal minus the proportional reduction in the Investment Base for the withdrawal.

FormulaInvestment Base before withdrawal - proportional reduction in Investment Base for withdrawal = Investment Base after withdrawal
Calculation$50,000 - $11,101 = $38,899

Footnote 10. On the withdrawal date, the Strategy value after the withdrawal is equal to the Strategy value before the withdrawal minus the total amount withdrawn.

FormulaStrategy value before withdrawal - total amount withdrawn = Strategy value after withdrawal
Calculation$47,000 - $10,435 = $36,565

Footnote 11. The fall in the Index on the Term end date is equal to the percentage change in the Index measured from the Term start date to the Term end date.

Formula(Index on Term end date - Index on Term start date) / Index on Term start date

Calculation

(1672 - 1900) / 1900 = -12%

Footnote 12. When the Index has fallen for the Term, we use the following formula to calculate the decrease.

FormulaIf the Index falls more than -10%, Fall in Index - Buffer = decrease as a percentage based on fall in Index
Calculation-12% -(- 10%) = -2%

Formula

Investment Base x decrease percentage based on fall in Index = dollar amount of decrease based on fall in Index

Calculation$38,899 x -2% = -$778

Footnote 13. In this example, there has been a fall in the Index for the Term and you have taken a $10,000 withdrawal during the Term. This means the Strategy value at the end of the Term is the Investment Base on the Term end date minus the decrease for the fall in the Index for the Term.

84


FormulaInvestment Base on Term end date – dollar amount of decrease based on fall in Index = Strategy value on Term end date
Calculation$38,899 - $778 = $38,121

Example G: Amount Available for a Withdrawal After 5 Years When Index Rises Steadily

The following example is intended to help you understand the amount that may be available for withdrawal for Indexed Strategies that have different Term lengths after a five-year period when the Index rises at a steady rate. In many market conditions, at the end of five years an Indexed Strategy with a five-year Term will outperform Indexed Strategies with shorter Terms that use the same Index.

This example assumes:

you allocate a $50,000 Purchase Payment to the S&P 500 1-Year 10% Buffer with Cap Strategy when the S&P 500 is 1000.00, and the Cap is 18%;

you allocate a $50,000 Purchase Payment to the S&P 500 1-Year -10% Floor with Cap Strategy when the S&P 500 is 1000, and the Cap is 30%;

you allocate a $50,000 Purchase Payment to the S&P 500 5-Year Term 10% Buffer with Upside Participation Rate when the S&P 500 is 1000.00, and the Upside Participation Rate is 115%;

the Contract Effective Date and the Term start date are both April 6, 2025, so that the Contract Years and Term Years align;

you do not take any withdrawals during the first five Contract Years;

amounts allocated to the 1-year strategies are rolled over into the same Indexed Strategy at the end of each 1-year Term, and the Caps do not change; and

on April 6, 2026, the S&P 500 is at 1040.00 and the 5-year Strategy Daily Value Percentage is 4.52%; on April 6, 2027, the S&P 500 is at 1081.60 and the 5-year Strategy Daily Value Percentage is 9.72%; on April 6, 2028, the S&P 500 is at 1124.86 and the 5-year Strategy Daily Value Percentage is 14.72%; on April 6, 2029, the S&P 500 is at 1169.86 and the 5-year Strategy Daily Value Percentage is 19.35%; and on April 6, 2030, the S&P 500 is at 1216.65; and

you have not made a Performance Lock election

   S&P 500 1-Year
10% Buffer with
Cap Strategy
   S&P 500 1-Year -
10% Floor with
Cap Strategy
   S&P 500 5-Year
10% Buffer
with Upside
Participation
Rate Strategy
    

Year 1

        

Strategy Value – April 6, 2025

   $50,000    $50,000    $50,000   See Footnote 1 below.

Investment Base – April 6, 2025

   $50,000    $50,000    $50,000   See Footnote 1 below.

Remaining Investment Base – April 6, 2026

   $50,000    $50,000    $50,000   See Footnote 2 below.

Rise in Index for Period

   4.00%    4.00%    n/a   See Footnote 3 below.

Cap for Period

   18%    30%    n/a   See Footnote 4 below.

Participation Rate for Period

   n/a    n/a    n/a   See Footnote 5 below.

Increase as a Percentage

   4.00%    4.00%    4.52%   See Footnote 6 below.

Dollar Amount of Increase

   $2,000    $2,000    $2,260   See Footnote 7 below.

Strategy Value – April 6, 2026

   $52,000    $52,000    $52,260   See Footnote 8 below.

Year 2

        

Investment Base – April 6, 2026

   $52,000    $52,000    $50,000   See Footnote 8 below.

Remaining Investment Base – April 6, 2027

   $52,000    $52,000    $50,000   See Footnote 9 below.

Rise in Index for Period

   4.00%    4.00%    n/a   See Footnote 10 below.

Cap for Period

   18%    30%    n/a   See Footnote 11 below.

Participation Rate for Period

   n/a    n/a    n/a   See Footnote 12 below.

Increase as a Percentage

   4.00%    4.00%    9.72%   See Footnote 13 below.

Dollar Amount of Increase

   $2,080    $2,080    $4,860   See Footnote 14 below.

Strategy Value – April 6, 2027

   $54,080    $54,080    $54,860   See Footnote 15 below.

Year 3

        

Investment Base – April 6, 2027

   $54,080    $54,080    $50,000   See Footnote 15 below.

Remaining Investment Base – April 6, 2028

   $54,080    $54,080    $50,000   See Footnote 16 below.

Rise in Index for Period

   4.00%    4.00%    n/a   See Footnote 17 below.

Cap for Period

   18%    30%    n/a   See Footnote 18 below.

Participation Rate for Period

   n/a    n/a    n/a   See Footnote 19 below.

Increase as a Percentage

   4.00%    4.00%    14.72%   See Footnote 20 below.

Dollar Amount of Increase

   $2,163    $2,163    $7,360   See Footnote 21 below.

85


   S&P 500 1-Year
10% Buffer with
Cap Strategy
   S&P 500 1-Year -
10% Floor with
Cap Strategy
   S&P 500 5-Year
10% Buffer
with Upside
Participation
Rate Strategy
    

Strategy Value – April 6, 2028

   $56,243    $56,243    $57,360   See Footnote 22 below.

Year 4

        

Investment Base – April 6, 2028

   $56,243    $56,243    $50,000   See Footnote 22 below.

Remaining Investment Base – April 6, 2029

   $56,243    $56,243    $50,000   See Footnote 23 below.

Rise in Index for Period

   4.00%    4.00%    n/a   See Footnote 24 below.

Cap for Period

   18%    30%    n/a   See Footnote 25 below.

Participation Rate for Period

   n/a    n/a    n/a   See Footnote 26 below.

Increase as a Percentage

   4.00%    4.00%    19.35%   See Footnote 27 below.

Dollar Amount of Increase

   $2,250    $2,250    $9,675   See Footnote 28 below.

Strategy Value – April 6, 2029

   $58,493    $58,493    $59,675   See Footnote 29 below.

Year 5

        

Investment Base – April 6, 2029

   $58,493    $58,493    $50,000   See Footnote 29 below.

Remaining Investment Base – April 6, 2030

   $58,493    $58,493    $50,000   See Footnote 30 below.

Rise in Index for Period

   4.00%    4.00%    21.67%   See Footnote 31 below.

Cap for Period

   18%    30%    n/a   See Footnote 32 below.

Participation Rate for Period

   n/a    n/a    115%   See Footnote 33 below.

Increase as a Percentage

   4.00%    4.00%    24.92%   See Footnote 34 below.

Dollar Amount of Increase

   $2,340    $2,340    $12,460   See Footnote 35 below.

Strategy Value – April 6, 2030

   $60,833    $60,833    $62,460   See Footnote 36 below.

Footnote 1. At the beginning of the first Term, the Strategy value is equal to the amount applied to the Strategy on the Term start date. The amount applied on the Term start date is also the beginning Investment Base.

Footnote 2. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base
Calculation$50,000 – $0 = $50,000 for all Indexed Strategies

Footnote 3. For the 1-year Strategies, the value at the first Term is based on the rise or fall of the Index over the Term. The rise or fall in the Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date – Index Value on Term start date) / Index Value on Term start date
Calculation(1040.00 – 1000.00) / 1000.00 = 4.00%

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, the value at the end of Year 1 is based on the Daily Value Percentage, and not the rise or fall in the Index.

Footnote 4. The Cap is maximum positive Index change over the course of a Term taken into account to determine any increase at the end of the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Cap of 18% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 18% for the Term. The S&P 500 1-Year -10% Floor with Cap Strategy has a Cap of 30% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 30% for the Term. The 5-Year 10% Buffer with Upside Participation Rate Strategy does not have a Cap.

Footnote 5. The Upside Participation Rate is your share of any rise in the Index for a Term taken into account to determine the Strategy value at the end of the Term. In this example, the S&P 500 6-Year 10% Buffer with Upside Participation Rate Strategy did not complete a Term in Year 1, so no Upside Participation Rate will be applied when determining the Strategy value at the end of Year 1. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 1-Year -10% Floor with Cap Strategy have an Upside Participation Rate.

Footnote 6.

When the Index has risen for a Term, we use the following formula to calculate the increase for the S&P 500 1-Year 10% Buffer with Cap Strategy and the S&P 500 1-Year -10% Floor with Cap Strategy:

FormulaIf the rise in Index is less than Cap, then rise in Index = increase percentage based on rise in Index

86


S&P 500 1-Year 10% Buffer with Cap Strategy:4.00% rise in Index < 18% cap, so increase percentage = 4.00%
S&P 500 1-Year -10% Floor with Cap Strategy:4.00% rise in Index < 30% cap, so increase percentage = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the Upside Participation Rate only applies at the end of the 5-year Term. At the end of Year 1, the Strategy value is determined based on the Daily Value Percentage. The Daily Value Percentage may be more or less than the cumulative rise or fall of the Index since the Term start date, and it may be negative even when the Index has risen. In our example, the Daily Value Percentage at the end of Year 1 is 4.52%.

Footnote 7.

For the 1-year Strategies, when the Index has risen for the Term, we use the following formula to calculate the increase:

FormulaRemaining Investment Base x increase percentage based on rise in Index = dollar amount of increase based on rise in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 x 4.00% = $2,000
S&P 500 1-Year -10% Floor with Cap Strategy:$50,000 x 4.00% = $2,000

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, when the Daily Value Percentage is positive, we use the following formula to calculate the amount of the increase:

FormulaRemaining Investment Base x Daily Value Percentage = dollar amount of increase based on Daily Value Percentage
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x 4.52% = $2,260

Footnote 8.

In this example, for the 1-year Strategies, there has been a rise in the Index for the first Term. We use the following formula to calculate the Strategy value at the end of Year 1:

FormulaRemaining Investment Base on Term end date + dollar amount of increase based on rise in Index = Strategy value on Term end date
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 + $2,000 = $52,000
S&P 500 1-Year -10% Floor with Cap Strategy:$50,000 + $2,000 = $52,000

Year 1 does not mark the end of a Term for the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, so the value for that Strategy at the end of Year 1 is calculated using the same formula used on any other day before the end of a Term:

FormulaRemaining Investment Base on valuation date - dollar amount of decrease based on Daily Value Percentage = current Strategy value
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:

$50,000 + $2,260 = $52,260

87


For the 1-year Strategies, the Strategy value at the end of the first Term is also the Investment Base at the beginning of the second Term. For the 5-year Strategy, the existing Investment Base is carried forward because it is not the end of a Term.

Footnote 9. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base

Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$52,000 - $0 = $52,000 
S&P 500 1-Year -10% Floor with Cap Strategy:$52,000 - $0 = $52,000 
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $0 = $50,000 

Footnote 10. For the 1-year Strategies, the value at the end of the second Term is based on the rise or fall in the index for the Term. The rise or fall in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date - Index Value on Term start date) / Index Value on Term start date
Calculation(1081.60 – 1040.00) / 1040.00 = 4.00%

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, the value at the end of Year 2 is based on the Daily Value Percentage, and not the rise or fall in the Index.

Footnote 11. The Cap is maximum positive Index change over the course of a Term taken into account to determine any increase at the end of the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Cap of 18% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 18% for the Term. The S&P 500 1-Year -10% Floor with Cap Strategy has a Cap of 30% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 30% for the Term. The 5-Year 10% Buffer with Upside Participation Rate Strategy does not have a Cap.

Footnote 12. The Upside Participation Rate is your share of any rise in the Index for a Term taken into account to determine the Strategy value at the end of the Term. In this example, the S&P 500 6-Year 10% Buffer with Upside Participation Rate Strategy did not complete a Term in Year 1, so no Upside Participation Rate will be applied when determining the Strategy value at the end of Year 1. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 1-Year -10% Floor with Cap Strategy have an Upside Participation Rate.

Footnote 13.

When the Index has risen for a Term, we use the following formula to calculate the increase for the S&P 500 1-Year 10% Buffer with Cap Strategy and the S&P 500 1-Year -10% Floor with Cap Strategy:

FormulaIf the rise in Index is less than Cap, then rise in Index = increase percentage based on rise in Index

S&P 500 1-Year 10% Buffer with Cap Strategy:4.00% rise in Index < 18% cap, so increase percentage = 4.00%
S&P 500 1-Year -10% Floor with Cap Strategy:4.00% rise in Index < 30% cap, so increase percentage = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the Upside Participation Rate only applies at the end of the 5-year Term. At the end of Year 2, the Strategy value is determined based on the Daily Value Percentage. The Daily Value Percentage may be more or less than the cumulative rise or fall of the Index since the Term start date, and it may be negative even when the Index has risen. In our example, the Daily Value Percentage at the end of Year 2 is 9.72%. Footnote 14.

For the 1-year Strategies, when the Index has risen for the Term, we use the following formula to calculate the increase:

FormulaRemaining Investment Base x increase percentage based on rise in Index = dollar amount of increase based on rise in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$52,000 x 4.00% = $2,080
S&P 500 1-Year -10% Floor with Cap Strategy:$52,000 x 4.00% = $2,080

88


For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, when the Daily Value Percentage is positive, we use the following formula to calculate the amount of the increase:

FormulaRemaining Investment Base x Daily Value Percentage = dollar amount of increase based on Daily Value Percentage
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x 9.72% = $4,860

Footnote 15.

In this example, for the 1-year Strategies, there has been a rise in the Index for the second Term. We use the following formula to calculate the Strategy value at the end of Year 2:

FormulaRemaining Investment Base on Term end date + dollar amount of increase based on rise in Index = Strategy value on Term end date
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$52,000 + $2,080 = $54,080
S&P 500 1-Year -10% Floor with Cap Strategy:$52,000 + $2,080 = $54,080

Year 2 does not mark the end of a Term for the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, so the value for that Strategy at the end of Year 2 is calculated using the same formula used on any other day before the end of a Term:

FormulaRemaining Investment Base on valuation date - dollar amount of decrease based on Daily Value Percentage = current Strategy value
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 + $4,860 = $54,860

For the 1-year Strategies, the Strategy value at the end of the second Term is also the Investment Base at the beginning of the third Term. For the 5-year Strategy, the existing Investment Base is carried forward because it is not the end of a Term.

Footnote 16. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base

Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$54,080 - $0 = $54,080
S&P 500 1-Year -10% Floor with Cap Strategy:$54,080 - $0 = $54,080
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $0 = $50,000

Footnote 17. For the 1-year Strategies, the value at the end of the third Term is based on the rise or fall in the index for the Term. The rise or fall in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date - Index Value on Term start date) / Index Value on Term start date
Calculation(1124.86- 1081.60) / 1081.60 = 4.00%

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, the value at the end of Year 3 is based on the Daily Value Percentage, and not the rise or fall in the Index.

89


Footnote 18. The Cap is maximum positive Index change over the course of a Term taken into account to determine any increase at the end of the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Cap of 18% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 18% for the Term. The S&P 500 1-Year -10% Floor with Cap Strategy has a Cap of 30% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 30% for the Term. The 5-Year 10% Buffer with Upside Participation Rate Strategy does not have a Cap.

Footnote 19. The Upside Participation Rate is your share of any rise in the Index for a Term taken into account to determine the Strategy value at the end of the Term. In this example, the S&P 500 6-Year 10% Buffer with Upside Participation Rate Strategy did not complete a Term in Year 1, so no Upside Participation Rate will be applied when determining the Strategy value at the end of Year 1. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 1-Year -10% Floor with Cap Strategy have an Upside Participation Rate.

Footnote 20.

When the Index has risen for a Term, we use the following formula to calculate the increase for the S&P 500 1-Year 10% Buffer with Cap Strategy and the S&P 500 1-Year -10% Floor with Cap Strategy:

FormulaIf the rise in Index is less than Cap, then rise in Index = increase percentage based on rise in Index
S&P 500 1-Year 10% Buffer with Cap Strategy:4.00% rise in Index < 18% cap, so increase percentage = 4.00%
S&P 500 1-Year -10% Floor with Cap Strategy:4.00% rise in Index < 30% cap, so increase percentage = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the Upside Participation Rate only applies at the end of the 5-year Term. At the end of Year 3, the Strategy value is determined based on the Daily Value Percentage. The Daily Value Percentage may be more or less than the cumulative rise or fall of the Index since the Term start date, and it may be negative even when the Index has risen. In our example, the Daily Value Percentage at the end of Year 3 is 14.72%.

Footnote 21.

For the 1-year Strategies, when the Index has risen for the Term, we use the following formula to calculate the increase:

FormulaRemaining Investment Base x increase percentage based on rise in Index = dollar amount of increase based on rise in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$54,080 x 4.00% = $2,163
S&P 500 1-Year -10% Floor with Cap Strategy:$54,080 x 4.00% = $2,163

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, when the Daily Value Percentage is positive, we use the following formula to calculate the amount of the increase:

FormulaRemaining Investment Base x Daily Value Percentage = dollar amount of increase based on Daily Value Percentage
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x 14.72% = $7,360

Footnote 22.

In this example, for the 1-year Strategies, there has been a rise in the Index for the third Term. We use the following formula to calculate the Strategy value at the end of Year 3:

FormulaRemaining Investment Base on Term end date + dollar amount of increase based on rise in Index = Strategy value on Term end date
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$54,080 + $2,163 = $56,243
S&P 500 1-Year -10% Floor with Cap Strategy:$54,080 + $2,163 = $56,243

90


Year 3 does not mark the end of a Term for the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, so the value for that Strategy at the end of Year 3 is calculated using the same formula used on any other day before the end of a Term:

FormulaRemaining Investment Base on valuation date - dollar amount of decrease based on Daily Value Percentage = current Strategy value
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 + $7,360 = $57,360

For the 1-year Strategies, the Strategy value at the end of the third Term is also the Investment Base at the beginning of the fourth Term. For the 5-year Strategy, the existing Investment Base is carried forward because it is not the end of a Term.

Footnote 23. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$56,243 - $0 = $56,243 
S&P 500 1-Year -10% Floor with Cap Strategy:$56,243 - $0 = $56,243 
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $0 = $50,000 

Footnote 24. For the 1-year Strategies, the value at the end of the fourth Term is based on the rise or fall in the index for the Term. The rise or fall in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date - Index Value on Term start date) / Index Value on Term start date
Calculation(1169.86 – 1124.85) / 1124.85 = 4.00%

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, the value at the end of Year 4 is based on the Daily Value Percentage, and not the rise or fall in the Index.

Footnote 25. The Cap is maximum positive Index change over the course of a Term taken into account to determine any increase at the end of the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Cap of 18% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 18% for the Term. The S&P 500 1-Year -10% Floor with Cap Strategy has a Cap of 30% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 30% for the Term. The 5-Year 10% Buffer with Upside Participation Rate Strategy does not have a Cap.

Footnote 26. The Upside Participation Rate is your share of any rise in the Index for a Term taken into account to determine the Strategy value at the end of the Term. In this example, the S&P 500 6-Year 10% Buffer with Upside Participation Rate Strategy did not complete a Term in Year 1, so no Upside Participation Rate will be applied when determining the Strategy value at the end of Year 1. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 1-Year -10% Floor with Cap Strategy have an Upside Participation Rate.

Footnote 27.

When the Index has risen for a Term, we use the following formula to calculate the increase for the S&P 500 1-Year 10% Buffer with Cap Strategy and the S&P 500 1-Year -10% Floor with Cap Strategy:

Formula     If the rise in Index is less than Cap, then rise in Index = increase percentage based on rise in Index
S&P 500 1-Year 10% Buffer with Cap Strategy:4.00% rise in Index < 18% cap, so increase percentage = 4.00%
S&P 500 1-Year -10% Floor with Cap Strategy:4.00% rise in Index < 30% cap, so increase percentage = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the Upside Participation Rate only applies at the end of the 5-year Term. At the end of Year 4, the Strategy value is determined based on the Daily Value Percentage. The Daily Value Percentage may be more or less than the cumulative rise or fall of the Index since the Term start date, and it may be negative even when the Index has risen. In our example, the Daily Value Percentage at the end of Year 4 is 19.35%.

91


Footnote 28.

For the 1-year Strategies, when the Index has risen for the Term, we use the following formula to calculate the increase:

FormulaRemaining Investment Base x increase percentage based on rise in Index = dollar amount of increase based on rise in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$56,243 x 4.00% = $2,250
S&P 500 1-Year -10% Floor with Cap Strategy:$56,243 x 4.00% = $2,250

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, when the Daily Value Percentage is positive, we use the following formula to calculate the amount of the increase:

FormulaRemaining Investment Base x Daily Value Percentage = dollar amount of increase based on Daily Value Percentage
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x 19.35% = $9,675

Footnote 29.

In this example, for the 1-year Strategies, there has been a rise in the Index for the fourth Term. We use the following formula to calculate the Strategy value at the end of Year 4:

FormulaRemaining Investment Base on Term end date + dollar amount of increase based on rise in Index = Strategy value on Term end date
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$56,243 + $2,250 = $58,493
S&P 500 1-Year -10% Floor with Cap Strategy:$56,243 + $2,250 = $58,493

Year 4 does not mark the end of a Term for the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, so the value for that Strategy at the end of Year 4 is calculated using the same formula used on any other day before the end of a Term:

FormulaRemaining Investment Base on valuation date - dollar amount of decrease based on Daily Value Percentage = current Strategy value
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 + $9,675 = $59,675

For the 1-year Strategies, the Strategy value at the end of the fourth Term is also the Investment Base at the beginning of the fifth Term. For the 5-year Strategy, the existing Investment Base is carried forward because it is not the end of a Term.

Footnote 30. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$58,493 - $0 = $58,493 
S&P 500 1-Year -10% Floor with Cap Strategy:$58,493 - $0 = $58,493 

92


S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 – $0 = $50,000

Footnote 31. For the 1-year Strategies, the value at the end of the fifth Term is based on the rise or fall in the index for the Term. The rise or fall in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date – Index Value on Term start date) / Index Value on Term start date
Calculation(1216.65 – 1169.86) / 1169.86 = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the value at the end of the Term is based on the rise or fall in the index for the entire 5-year Term. The rise or fall in the Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date – Index Value on Term start date) / Index Value on Term start date
Calculation(1216.65 – 1000.00) / 1000.00 = 21.67%

Footnote 32. The Cap is maximum positive Index change over the course of a Term taken into account to determine any increase at the end of the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Cap of 18% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 18% for the Term. The S&P 500 1-Year -10% Floor with Cap Strategy has a Cap of 30% for the first Term, which means it will not affect the calculation of any increase unless the Index rises by more than 30% for the Term. The 5-Year 10% Buffer with Upside Participation Rate Strategy does not have a Cap.

Footnote 33. The Upside Participation Rate is your share of any rise in the Index for a Term taken into account to determine the Strategy value at the end of the Term. In this example, the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy has an Upside Participation Rate of 115% for the 5-year Term, which means the calculation of any increase will include 115% of any Index rise for the term. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 1-Year -10% Floor with Cap Strategy have an Upside Participation Rate.

Footnote 34.

When the Index has risen for a Term, we use the following formula to calculate the increase for the S&P 500 1-Year 10% Buffer with Cap Strategy and the S&P 500 1-Year -10% Floor with Cap Strategy:

FormulaIf the rise in Index is less than Cap, then rise in Index = increase percentage based on rise in Index
S&P 500 1-Year 10% Buffer with Cap Strategy:4.00% rise in Index < 18% cap, so increase percentage = 4.00%
S&P 500 1-Year -10% Floor with Cap Strategy:4.00% rise in Index < 30% cap, so increase percentage = 4.00%

When the Index has risen for a Term, we use the following formulas to calculate the increase for the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:

FormulaRise in Index for Term x Upside Participation Rate for Term = Increase as a Percentage
Calculation21.67% x 115% = 24.92%

Footnote 35.

When the Index has risen for the Term, we use the following formula to calculate the increase:

FormulaRemaining Investment Base x increase percentage based on rise in Index = dollar amount of increase based on rise in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$58,493 x 4.00% = $2,340
S&P 500 1-Year -10% Floor with Cap Strategy:$58,493 x 4.00% = $2,340
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x 24.92% = $12,460

Footnote 36.

In this example, for the 1-year Strategies, there has been a rise in the Index for the fifth Term. For the 5-year Strategy, there has also been a rise in the index for its 5-year Term. This means that both for a 1-year Strategy and the 5-year Strategy, we use the following formula to calculate the Strategy value at the end of Year 6:

93


FormulaRemaining Investment Base on Term end date + dollar amount of increase based on rise in Index = Strategy value on Term end date
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$58,493 + $2,340 = $60,833
S&P 500 1-Year -10% Floor with Cap Strategy:$58,493 + $2,340 = $60,833
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 + $12,460 = $62,460

Example H: Amount Available for a Withdrawal After 5 Years When Index Falls Steadily

The following example is intended to help you understand the amount that may be available for withdrawal for Indexed Strategies that have different Term lengths after a five-year period when the Index falls at a steady rate.

This example assumes:

you allocate a $50,000 Purchase Payment to the S&P 500 1-Year 10% Buffer with Cap Strategy when the S&P 500 is 1000.00;

you allocate a $50,000 Purchase Payment to the S&P 500 1-Year -10% Floor with Cap Strategy when the S&P 500 is 1000.00;

you allocate a $50,000 Purchase Payment to the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy when the S&P 500 is 1000.00;

the Contract Effective Date and the Term start date are both April 6, 2025, so that the Contract Years and Term Years align;

you do not take any withdrawals during the first five Contract Years;

amounts allocated to the 1-year strategies are rolled over into the same Indexed Strategy at the end of each 1-year Term; and

on April 6, 2026, the S&P 500 is at 960.00 and the 5-year Strategy Daily Value Percentage is -3.32%; on April 6, 2027, the S&P 500 is at 921.60 and the 5-year Strategy Daily Value Percentage is -5.77%; on April 6, 2028, the S&P 500 is at 884.74 and the 5-year Strategy Daily Value Percentage is -7.99%; on April 6, 2029, the S&P 500 is at 849.35 and the 5-year Strategy Daily Value Percentage is -9.53%; and on April 6, 2030, the S&P 500 is at 815.37; and

you have not made a Performance Lock election.

   S&P 500 1-Year
10% Buffer with
Cap Strategy
   S&P 500 1-Year -
10% Floor with
Cap Strategy
   S&P 500 5-Year
10% Buffer
with Upside
Participation
Rate Strategy
    

Year 1

        

Strategy Value – April 6, 2025

   $50,000    $50,000    $50,000   See Footnote 1 below.

Investment Base – April 6, 2025

   $50,000    $50,000    $50,000   See Footnote 1 below.

Remaining Investment Base – April 6, 2026

   $50,000    $50,000    $50,000   See Footnote 2 below.

Fall in Index for Period

   4.00%    4.00%    n/a   See Footnote 3 below.

Buffer for Period

   10%    n/a    n/a   See Footnote 4 below.

Floor For Period

   n/a    -10%    n/a   See Footnote 5 below.

Decrease as a Percentage

   0.00%    4.00%    3.32%   See Footnote 6 below.

Dollar Amount of Decrease

   $0    $2,000    $1,660   See Footnote 7 below.

Strategy Value – April 6, 2026

   $50,000    $48,000    $48,340   See Footnote 8 below.

Year 2

        

Investment Base – April 6, 2026

   $50,000    $48,000    $50,000   See Footnote 8 below.

Remaining Investment Base – April 6, 2027

   $50,000    $48,000    $50,000   See Footnote 9 below.

Fall in Index for Period

   4.00%    4.00%    n/a   See Footnote 10 below.

Buffer for Period

   10%    n/a    n/a   See Footnote 11 below.

Floor For Period

   n/a    -10%    n/a   See Footnote 12 below.

Decrease as a Percentage

   0.00%    4.00%    5.77%   See Footnote 13 below.

Dollar Amount of Decrease

   $0    $1,920    $2,885   See Footnote 14 below.

Strategy Value – April 6, 2027

   $50,000    $46,080    $47,115   See Footnote 15 below.

Year 3

        

Investment Base – April 6, 2027

   $50.000    $46,080    $50,000   See Footnote 15 below.

Remaining Investment Base – April 6, 2028

   $50.000    $46,080    $50,000   See Footnote 16 below.

94


   S&P 500
1-Year 10%
Buffer with
Cap Strategy
  S&P 500
1-Year -10%
Floor with
Cap Strategy
  S&P 500
5-Year 10%
Buffer with
Upside
Participation
Rate
Strategy
   
Fall in Index for Period  4.00%  4.00%  n/a  See Footnote 17 below.
Buffer for Period  10%  n/a  n/a  See Footnote 18 below.
Floor For Period  n/a  -10%  n/a  See Footnote 19 below.
Decrease as a Percentage  0.00%  4.00%  7.99%  See Footnote 20 below.
Dollar Amount of Decrease  $0  $1,843  $3,995  See Footnote 21 below.
Strategy Value - April 6, 2028  $50,000  $44,237  $46,005  See Footnote 22 below.
Year 4        
Investment Base - April 6, 2028  $50,000  $44,237  $50,000  See Footnote 22 below.
Remaining Investment Base - April 6, 2029  $50,000  $44,237  $50,000  See Footnote 23 below.
Fall in Index for Period  4.00%  4.00%  n/a  See Footnote 24 below.
Buffer for Period  10%  n/a  n/a  See Footnote 25 below.
Floor For Period  n/a  -10%  n/a  See Footnote 26 below.
Decrease as a Percentage  0.00%  4.00%  9.53%  See Footnote 27 below.
Dollar Amount of Decrease  $0  $1,769  $4,765  See Footnote 28 below.
Strategy Value - April 6, 2029  $50,000  $42,468  $45,235  

See Footnote 29 below

.

Year 5        
Investment Base - April 6, 2029  $50,000  $42,468  $50,000  See Footnote 29 below.
Remaining Investment Base - April 6, 2030  $50,000  $42,468  $50,000  See Footnote 30 below.
Fall in Index for Period  4.00%  4.00%  18.46%  See Footnote 31 below.
Buffer for Period  10%  n/a  10%  See Footnote 32 below.
Floor For Period  n/a  -10%  n/a  See Footnote 33 below.
Decrease as a Percentage  0.00%  4.00%  8.46%  See Footnote 34 below.
Dollar Amount of Decrease  $0  $1,699  $4,230  See Footnote 35 below.
Strategy Value - April 6, 2030  $50,000  $40,769  $45,770  See Footnote 36 below.

Footnote 1. At the beginning of the first Term, the Strategy value is equal to the amount applied to the Strategy on the Term start date. The amount applied on the Term start date is also the beginning Investment Base.

Footnote 2. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base
Calculation$50,000 - $0 = $50,000 for all Indexed Strategies

Footnote 3. For the 1-year Strategies, the value at the end of the first Term is based on the rise or fall in the index for the Term. The change in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date - Index Value on Term start date) / Index Value on Term start date
Calculation(960 - 1000) / 1000 = -4.00%

Thus, the Index has fallen 4.00%.

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy the value at the end of Year 1 is based on the Daily Value Percentage, and not the rise or fall in the Index.

Footnote 4. The Buffer is the decrease in the value of an Index for a Term that is disregarded when determining the Loss for the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Buffer of 10% that is applied to calculate the Strategy value at the end of the 1-year Term. The S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy did not complete a Term in Year 1, so no Buffer will be applied when determining its Strategy value at the end of Year 1. The S&P 500 1-Year -10% Floor with Cap Strategy does not have a Buffer.

Footnote 5. The Floor is the maximum portion of any fall in the Index for a Term that is taken into account in determining the Strategy value at the end of the Term. In this example, the S&P 500 1-Year -10% Floor with Cap Strategy has Floor of -10%, which means that 10% is the maximum

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decrease in the Index that will be applied in calculating the Strategy value at the end of the 1-year Term. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy have a Floor.

Footnote 6

The Index has fallen 4% in Year 1.

For the S&P 500 1-Year 10% Buffer with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

FormulaIf Fall in Index is greater than Buffer, then Decrease as a Percentage = Fall in Index – Buffer
If Fall in Index is not greater than Buffer, then Decrease as a Percentage = 0
Calculation4.00% Fall in Index is less than the 10% Buffer, so Decrease as a Percentage = 0%

For the S&P 500 1-Year -10% Floor with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

Formula

If Fall in Index is less than absolute value of Floor, then Decrease as a Percentage = Fall in Index

If Fall in Index is greater than absolute value of Floor, then Decrease as a Percentage = absolute value of Floor

Calculation4.00% Fall in Index is less than the 10% absolute value of Floor, so Decrease as a Percentage = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the Buffer only applies at the end of the 5-year Term. At the end of Year 1, the Strategy value is determined based on the Daily Value Percentage. The Daily Value Percentage may be more or less than the cumulative rise or fall of the Index since the Term start date, and it may be negative even when the Index has risen. The Strategy value may decline even when the fall in the Index has not exceeded the Buffer. In our example, the Daily Value Percentage at the end of Year 1 is -3.32%, so there is a decrease of 3.32%.

Footnote 7.

The Index has fallen 4% in Year 1

For the 1-year Strategies, when the Index has fallen for the Term, we use the following formula to calculate the amount of the decrease:

FormulaDollar Amount of Decrease = Remaining Investment Base x Decrease as a Percentage based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 x 0.00% = $0
S&P 500 1-Year -10% Floor with Cap Strategy:$50,000 x 4.00% = $2,000

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy before the end of the Term, when the Daily Value Percentage is negative, we use the following formula to calculate the amount of the decrease:

Formuladollar amount of change based on Daily Value Percentage = Remaining Investment Base x Daily Value Percentage
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x -3.32% = -$1,660 
Thus, Dollar Amount of Decrease is $1,660.

Footnote 8.

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In this example, for the 1-year Strategies, there has been a fall in the Index for the first Term. We use the following formula to calculate the Strategy value at the end of Year 1:

FormulaStrategy value on Term end date = Remaining Investment Base on Term end date - Dollar Amount of Decrease based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 - $0 = $50,000 
S&P 500 1-Year -10% Floor with Call Strategy:$50,000 - $2,000 = $48,000 

Year 1 does not mark the end of a Term for the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, so the value for that Strategy at the end of Year 1 is calculated using the same formula used on any other day before the end of a Term:

Formulacurrent Strategy value = Remaining Investment Base on valuation date - dollar amount of decrease based on Daily Value Percentage
Calculation

S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $1,660 = $48,340 

For the 1-year Strategies, the Strategy value at the end of the first Term is also the Investment Base at the beginning of the second Term. For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy , the existing Investment Base is carried forward because it is not the end of a Term.

Footnote 9. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base year – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 - $0 = $50,000 
S&P 500 1-Year -10% Floor with Cap Strategy:$48,000 - $0 = $48,000 
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $0 = $50,000 

Footnote 10. For the 1-year Strategies, the value at the end of the second Term is based on the rise or fall in the index for the Term. The change in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date - Index Value on Term start date) / Index Value on Term start date
Calculation(921.60 – 960.00) / 960.00 = -4.00%

Thus, the Index has fallen 4.00%.

For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, the value at the end of Year 2 is based on the Daily Value Percentage, and not the rise or fall in the Index.

Footnote 11. The Buffer is the decrease in the value of an Index for a Term that is disregarded when determining the Loss for the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Buffer of 10% that is applied to calculate the Strategy value at the end of the 1-year Term. The S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy did not complete a Term in Year 2, so no Buffer will be applied when determining its Strategy value at the end of Year 2. The S&P 500 1-Year -10% Floor with Cap Strategy does not have a Buffer.

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Footnote 12. The Floor is the maximum portion of any fall in the Index for a Term that is taken into account in determining the Strategy value at the end of the Term. In this example, the S&P 500 1-Year -10% Floor with Cap Strategy has Floor of -10%, which means that 10% is the maximum decrease in the Index that will be applied in calculating the Strategy value at the end of the 1-year Term. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy have a Floor.

Footnote 13.

The Index has fallen 4% in Year 2.

For the S&P 500 1-Year 10% Buffer with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

Formula

If Fall in Index is greater than Buffer, then Decrease as a Percentage = Fall in Index – Buffer

If Fall in Index is not greater than Buffer, then Decrease as a Percentage = 0

Calculation4.00% Fall in Index is less than the 10% Buffer, so Decrease as a Percentage = 0%

For the S&P 500 1-Year -10% Floor with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

Formula

If Fall in Index is less than absolute value of Floor, then Decrease as a Percentage = Fall in Index

If Fall in Index is greater than absolute value of Floor, then Decrease as a Percentage = absolute value of Floor

Calculation4.00% Fall in Index is less than the 10% absolute value of Floor, so Decrease as a Percentage = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the Buffer only applies at the end of the 5-year Term. At the end of Year 2, the Strategy value is determined based on the Daily Value Percentage. The Daily Value Percentage may be more or less than the cumulative rise or fall of the Index since the Term start date, and it may be negative even when the Index has risen. The Strategy value may decline even when the fall in the Index has not exceeded the Buffer. In our example, the Daily Value Percentage at the end of Year 2 is -5.77%, so there is a decrease of 5.77%.

Footnote 14.

The Index has fallen 4% in Year 2.

For the 1-year Strategies, when the Index has fallen for the Term, we use the following formula to calculate the amount of the decrease:

FormulaDollar Amount of Decrease = Remaining Investment Base x Decrease as a Percentage based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 x 0.00% = $0
S&P 500 1-Year -10% Floor with Cap Strategy:$48,000 x 4.00% = $1,920

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy before the end of the Term, when the Daily Value Percentage is negative, we use the following formula to calculate the amount of the decrease:

Formuladollar amount of change based on Daily Value Percentage = Remaining Investment Base x Daily Value Percentage
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x -5.77% = -$2,885 
Thus, Dollar Amount of Decrease is $2,885.

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Footnote 15.

In this example, for the 1-year Strategies, there has been a fall in the Index for the second Term. We use the following formula to calculate the Strategy value at the end of Year 2:

FormulaStrategy value on Term end date = Remaining Investment Base on Term end date - Dollar Amount of Decrease based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 - $0 = $50,000 
S&P 500 1-Year -10% Floor with Call Strategy:$48,000 - $1,920 = $46,080 

Year 2 does not mark the end of a Term for the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, so the value for that Strategy at the end of Year 2 is calculated using the same formula used on any other day before the end of a Term:

Formulacurrent Strategy value = Remaining Investment Base on valuation date - dollar amount of decrease based on Daily Value Percentage
Calculation

S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $2,885 = $47,115 

For the 1-year Strategies, the Strategy value at the end of the second Term is also the Investment Base at the beginning of the third Term. For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, the existing Investment Base is carried forward because it is not the end of a Term.

Footnote 16. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base year – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base

Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 - $0 = $50,000 
S&P 500 1-Year -10% Floor with Cap Strategy:$46,080 - $0 = $46,080 
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $0 = $50,000 

Footnote 17. For the 1-year Strategies, the value at the end of the third Term is based on the rise or fall in the index for the Term. The change in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date - Index Value on Term start date) / Index Value on Term start date
Calculation(884.74- 921.60) / 921.60 = -4.00%

Thus, the Index has fallen 4.00%.

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the value at the end of Year 3 is based on the Daily Value Percentage, and not the rise or fall in the Index.

Footnote 18. The Buffer is the decrease in the value of an Index for a Term that is disregarded when determining the Loss for the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Buffer of 10% that is applied to calculate the Strategy value at the end of the 1-year Term. The S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy did not complete a Term in Year 3, so no Buffer will be applied when determining its Strategy value at the end of Year 1. The S&P 500 1-Year -10% Floor with Cap Strategy does not have a Buffer.

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Footnote 19. The Floor is the maximum portion of any fall in the Index for a Term that is taken into account in determining the Strategy value at the end of the Term. In this example, the S&P 500 1-Year -10% Floor with Cap Strategy has Floor of -10%, which means that 10% is the maximum decrease in the Index that will be applied in calculating the Strategy value at the end of the 1-year Term. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy have a Floor.

Footnote 20.

The Index has fallen 4% in Year 3.

For the S&P 500 1-Year 10% Buffer with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

FormulaIf Fall in Index is greater than Buffer, then Decrease as a Percentage = Fall in Index – Buffer
If Fall in Index is not greater than Buffer, then Decrease as a Percentage = 0
Calculation4.00% Fall in Index is less than the 10% Buffer, so Decrease as a Percentage = 0%

For the S&P 500 1-Year -10% Floor with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

Formula

If Fall in Index is less than absolute value of Floor, then Decrease as a Percentage = Fall in Index

If Fall in Index is greater than absolute value of Floor, then Decrease as a Percentage = absolute value of Floor

Calculation

4.00% Fall in Index is less than the 10% absolute value of Floor, so Decrease as a Percentage = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the Buffer only applies at the end of the 5-year Term. At the end of Year 3, the Strategy value is determined based on the Daily Value Percentage. The Daily Value Percentage may be more or less than the cumulative rise or fall of the Index since the Term start date, and it may be negative even when the Index has risen. The Strategy value may decline even when the fall in the Index has not exceeded the Buffer. In our example, the Daily Value Percentage at the end of Year 3 is -7.99%, so there is a decrease of 7.99%.

Footnote 21.

The Index has fallen 4% in Year 3.

For the 1-year Strategies, when the Index has fallen for the Term, we use the following formula to calculate the amount of the decrease:

FormulaDollar Amount of Decrease = Remaining Investment Base x Decrease as a Percentage based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 x 0.00% = $0
S&P 500 1-Year -10% Floor with Cap Strategy:$46,080 x 4.00% = $1,843

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy before the end of the Term, when the Daily Value Percentage is negative, we use the following formula to calculate the amount of the decrease:

Formuladollar amount of change based on Daily Value Percentage = Remaining Investment Base x Daily Value Percentage
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x -7.99% = -$3,995 
Thus, Dollar Amount of Decrease is $3,995.

Footnote 22.

In this example, for the 1-year Strategies, there has been a fall in the Index for the third Term. We use the following formula to calculate the Strategy value at the end of Year 3:

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FormulaStrategy value on Term end date = Remaining Investment Base on Term end date - Dollar Amount of Decrease based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 - $0 = $50,000 
S&P 500 1-Year -10% Floor with Call Strategy:$46,080 - $1,843 = $44,237 

Year 3 does not mark the end of a Term for the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, so the value for that Strategy at the end of Year 3 is calculated using the same formula used on any other day before the end of a Term:

Formulacurrent Strategy value = Remaining Investment Base on valuation date - dollar amount of decrease based on Daily Value Percentage
Calculation

S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $3,995 = $46,005 

For the 1-year Strategies, the Strategy value at the end of the third Term is also the Investment Base at the beginning of the fourth Term. For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, the existing Investment Base is carried forward because it is not the end of a Term.

Footnote 23. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base year – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 - $0 = $50,000 
S&P 500 1-Year -10% Floor with Cap Strategy:$44,237 - $0 = $44,237 
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $0 = $50,000 

Footnote 24. For the 1-year Strategies, the value at the end of the fourth Term is based on the rise or fall in the index for the Term. The change in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date- Index Value on Term start date) / Index Value on Term start date
Calculation(849.35 – 884.74) / 884.74 = -4.00%

Thus, the Index has fallen 4.00%.

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the value at the end of Year 4 is based on the Daily Value Percentage, and not the rise or fall in the Index.

Footnote 25. The Buffer is the decrease in the value of an Index for a Term that is disregarded when determining the Loss for the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Buffer of 10% that is applied to calculate the Strategy value at the end of the 1-year Term. The S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy did not complete a Term in Year 4, so no Buffer will be applied when determining its Strategy value at the end of Year 1. The S&P 500 1-Year -10% Floor with Cap Strategy does not have a Buffer.

Footnote 26. The Floor is the maximum portion of any fall in the Index for a Term that is taken into account in determining the Strategy value at the end of the Term. In this example, the S&P 500 1-Year -10% Floor with Cap Strategy has Floor of -10%, which means that 10% is the maximum decrease in the Index that will be applied in calculating the Strategy value at the end of the 1-year Term. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy have a Floor.

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Footnote 27.

The Index has fallen 4% in Year 4.

For the S&P 500 1-Year 10% Buffer with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

FormulaIf Fall in Index is greater than Buffer, then Decrease as a Percentage = Fall in Index – Buffer
If Fall in Index is not greater than Buffer, then Decrease as a Percentage = 0
Calculation4.00% Fall in Index is less than the 10% Buffer, so Decrease as a Percentage = 0%

For the S&P 500 1-Year -10% Floor with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

Formula

If Fall in Index is less than absolute value of Floor, then Decrease as a Percentage = Fall in Index

If Fall in Index is greater than absolute value of Floor, then Decrease as a Percentage = absolute value of Floor

Calculation4.00% Fall in Index is less than the 10% absolute value of Floor, so Decrease as a Percentage = 4.00%

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the Buffer only applies at the end of the 5-year Term. At the end of Year 4, the Strategy value is determined based on the Daily Value Percentage. The Daily Value Percentage may be more or less than the cumulative rise or fall of the Index since the Term start date, and it may be negative even when the Index has risen. The Strategy value may decline even when the fall in the Index has not exceeded the Buffer. In our example, the Daily Value Percentage at the end of Year 4 is -9.53%, so there is a decrease of 9.53%.

Footnote 28.

The Index has fallen 4% in Year 4.

For the 1-year Strategies, when the Index has fallen for the Term, we use the following formula to calculate the amount of the decrease:

FormulaDollar Amount of Decrease = Remaining Investment Base x Decrease as a Percentage based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 x 0.00% = $0
S&P 500 1-Year -10% Floor with Cap Strategy:$44,237 x 4.00% = $1,769

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy before the end of the Term, when the Daily Value Percentage is negative, we use the following formula to calculate the amount of the decrease:

Formuladollar amount of change based on Daily Value Percentage = Remaining Investment Base x Daily Value Percentage
Calculation

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 x -9.53% = -$4,765 
Thus, Dollar Amount of Decrease is $4,765.

Footnote 29.

In this example, for the 1-year Strategies, there has been a fall in the Index for the fourth Term. We use the following formula to calculate the Strategy value at the end of Year 4:

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FormulaStrategy value on Term end date = Remaining Investment Base on Term end date - Dollar Amount of Decrease based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:

$50,000 - $0 = $50,000 

S&P 500 1-Year -10% Floor with Call Strategy:

$44,237 - $1,769 = $42,468 

Year 4 does not mark the end of a Term for the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, so the value for that Strategy at the end of Year 4 is calculated using the same formula used on any other day before the end of a Term:

Formulacurrent Strategy value = Remaining Investment Base on valuation date - dollar amount of decrease based on Daily Value Percentage
Calculation

S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy:

$50,000 - $4,765 = $45,235 

For the 1-year Strategies, the Strategy value at the end of the fourth Term is also the Investment Base at the beginning of the fifth Term. For the S&P 500 5-year 10% Buffer with Upside Participation Rate Strategy, the existing Investment Base is carried forward because it is not the end of a Term.

Footnote 30. The remaining Investment Base is equal to the beginning Investment Base minus the proportional reduction for any prior withdrawals and related Early Withdrawal Charges.

FormulaBeginning Investment Base year – proportional reduction for any prior Withdrawals and related Early Withdrawal Charges = remaining Investment Base
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 - $0 = $50,000 
S&P 500 1-Year -10% Floor with Cap Strategy:$42,468 - $0 = $42,468 
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $0 = $50,000 

Footnote 31. For the 1-year Strategies, the value at the end of the fifth Term is based on the rise or fall in the index for the Term. The change in Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date – Index Value on Term start date) / Index Value on Term start date
Calculation(815.37 – 849.35) / 849.35 = -4.00%

Thus, the Index has fallen 4.00%.

For the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the value at the end of the Term is based on the rise or fall in the index for the entire 5-year Term. The change in the Index for the Term is equal to the percentage change in the Index Value measured from the Term start date to the Term end date.

Formula(Index Value on Term end date - Index Value on Term start date) / Index Value on Term start date
Calculation(815.37 - 1000) / 1000 = -18.46%
Thus, the Index has fallen 18.46%.

Footnote 32. The Buffer is the decrease in the value of an Index for a Term that is disregarded when determining the Loss for the Term. In this example, the S&P 500 1-Year 10% Buffer with Cap Strategy has a Buffer of 10% that is applied to calculate the Strategy value at the end of the 1- year Term. Since the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy completed a Term in Year 5, a Buffer of 10% will be applied when determining its Strategy value at the end of Year 5. The S&P 500 1-Year -10% Floor with Cap Strategy does not have a Buffer.

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Footnote 33. The Floor is the maximum portion of any fall in the Index for a Term that is taken into account in determining the Strategy value at the end of the Term. In this example, the S&P 500 1-Year -10% Floor with Cap Strategy has Floor of -10%, which means that 10% is the maximum decrease in the Index that will be applied in calculating the Strategy value at the end of the 1-year Term. Neither the S&P 500 1-Year 10% Buffer with Cap Strategy nor the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy have a Floor.

Footnote 34.

The Index has fallen 4% in Year 5 and has fallen 18.46% from the start of Year 1 to the end of Year 5.

For the S&P 500 1-Year 10% Buffer with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

Formula

If Fall in Index is greater than Buffer, then Decrease as a Percentage = Fall in Index – Buffer

If Fall in Index is not greater than Buffer, then Decrease as a Percentage = 0

Calculation4.00% Fall in Index is less than the 10% Buffer, so Decrease as a Percentage = 0%

For the S&P 500 1-Year -10% Floor with Cap Strategy, when the Index has fallen for a Term, we use the following formulas to calculate the decrease.

Formula

If Fall in Index is less than absolute value of Floor, then Decrease as a Percentage = Fall in Index

If Fall in Index is greater than absolute value of Floor, then Decrease as a Percentage = absolute value of Floor

Calculation4.00% Fall in Index is less than the 10% absolute value of Floor, so Decrease as a Percentage = 4.00%

Since we are at the end of the 5-year Term for the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, the 10% Buffer applies. For the S&P 500 5-Year 10% Buffer with Cap Strategy when the Index has fallen, we use the following formulas to calculate the decrease: the Index has fallen

FormulaIf Fall in Index is greater than Buffer, then Decrease as a Percentage = Fall in Index – Buffer
If Fall in Index is not greater than Buffer, then Decrease as a Percentage = 0

Calculation

18.46% Fall in Index is greater than the 10% Buffer, so Decrease as a Percentage = 18.46% - 10% = 8.46%

Footnote 35.

The Index has fallen 4% in Year 5. The end of Year 5 marks the end of a Term for the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy during which the Index has fallen 18.46% from the start of Year 1 to the end of Year 5.

For both the 1-year Strategies and the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, when the Index has fallen for the Term, we use the following formula to calculate the decrease:

FormulaDollar Amount of Decrease = Remaining Investment Base x Decrease as a Percentage based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:

$50,000 x 0.00% = $0

S&P 500 1-Year -10% Floor with Cap Strategy:

$42,468 x 4.00% = $1,699

S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:

$50,000 x 8.46% = $4,230

Footnote 36.

In this example, for the 1-year Strategies, there has been a fall in the Index for the fifth Term. The end of Year 5 also marks the end of a Term for the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy during which the Index has fallen from the start of Year 1 to the end of Year 5.

104


This means that for both the 1-year Strategies and the S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy, we use the following formula to calculate the Strategy value at the end of Year 5:

FormulaStrategy value on Term end date = Remaining Investment Base on Term end date—Dollar Amount of Decrease based on Fall in Index
Calculation

S&P 500 1-Year 10% Buffer with Cap Strategy:$50,000 - $0 = $50,000 
S&P 500 1-Year -10% Floor with Call Strategy:$42,468 - $1,699 = $40,769 
S&P 500 5-Year 10% Buffer with Upside Participation Rate Strategy:$50,000 - $4,230 = $45,770 

STATE VARIATIONS

This prospectus describes the material features of the Contract. Contracts issued in your state may provide different features and benefits from, and impose different costs than, those described in this prospectus because of state law variations. However, please note that the maximum charge is set forth in this prospectus. If you would like to review a copy of the Contract and any endorsements, contact us at P.O. Box 5423, Cincinnati, OH 45201-5423, visit our website at www.massmutualascend.com or call us at 1-800-789-6771.

The following information is a summary of material state variations as of the date of this prospectus.

General

For Contracts Issued in Illinois

References to “spouse” have been changed to “spouse or civil union partner.”

For Contracts Issued in New Jersey

References to “spouse” have been changed to “spouse or civil union partner.”

Extended Care Waiver Rider

For Contracts Issued in California

The Waiver of Early Withdrawal Charges for Facility Care or Home Care or Community-Based Services Rider (CA Rider) provides a waiver under an expanded set of circumstances. The waiver will apply if, at the time of the withdrawal or Surrender, or within the immediately preceding 90 days, the following conditions are met: (1) the insured is confined in a facility or is receiving, as prescribed by a physician, registered nurse or licensed social worker, home care or community-based services; (2) the insured’s confinement in a facility, the insured’s receipt of home care or community-based services, or any combination thereof has continued for a period of at least 90 consecutive days; and (3) the first day of such 90-day period was at least one year after the Contract Effective Date. Facility includes a skilled nursing facility, a convalescent nursing home, or an extended care facility or a residential care facility or a residential care facility for the elderly. Home care or community-based services includes home health care, adult day care, personal care, homemaker services, hospice services and respite care as defined in the rider. Additional conforming changes have been made including revised and new definitions, and inclusion of a description of circumstances under which the waiver does not apply. The termination provision has been modified to reflect that the rider will not terminate if you transfer or assign an interest in the contract to a person or entity other than the insured.

For Contracts Issued in Connecticut

The conditions under which the waiver applies have been modified. The waiver will apply if at the time of a withdrawal or Surrender or within the immediately preceding 90 days all of the following conditions are met: (1) an insured is confined in a long-term care facility or hospital; and (2) the confinement has continued for a period of at least 90 consecutive days.

For Contracts Issued in Kansas

The conditions under which the waiver applies have been modified. The first day of confinement must be at least 90 days after the contract effective date, rather than one year after the contract effective date.

For Contracts Issued in Massachusetts

This waiver rider is not available in Massachusetts.

For Contracts Issued in Missouri

This waiver rider is not available in Missouri.

For Contracts Issued in Montana

105


The definition of medically necessary has been modified and refers to the Insured’s physician.

For Contracts Issued in Nebraska

The definition of skilled nursing facility has been modified by adding a licensed practical nurse to the list of persons who may provide nursing services or supervise the provision of nursing services.

For Contracts Issued in New Hampshire

The definition of skilled nursing facility has been modified by changing the phrase “licensed and operated as a skilled nursing facility” to “operated as a skilled nursing facility.”

For Contracts Issued in Pennsylvania

The conditions under which the waiver is available have been modified. The waiver will apply if at the time of a withdrawal or Surrender or within the immediately preceding 90 days all of the following conditions are met: (1) an insured is confined in one or more long-term care facilities, hospital, or a combination of such; (2) the confinement is prescribed by a physician and is medically necessary; (3) the first day of the confinement is at least one year after the contract effective date; and (4) the confinement has continued for a period of at least 90 consecutive days, or has continued for a total of at least 90 days if each successive confinement occurs within six months of the previous confinement and is for the same related medical cause.

The definition of long-term care facility has been modified. The following facilities have been deleted from the list of facilities excluded from that definition: a facility that primarily treats drug addicts and a facility that is a home for the mentally ill. An exclusion provision has been added to clarify that the waiver will not apply if the insured is confined in a long-term care facility or hospital for the treatment of certain types of drug addiction or mental illnesses.

The definition of hospital has been modified by changing the phrase “it maintains, or has access to, medical, diagnostic, and major surgical facilities” to “it maintains, or has access to, medical and diagnostic facilities.”

For Contracts Issued in Vermont

The definition of long-term care facility has been modified. The following facilities have been deleted from the list of excluded facilities: a facility that primarily treats drug addicts, a facility that primarily treats alcoholics, and a facility that is a home for the mentally ill. In addition, the definition of physician has been modified by changing the phrase “a person who is licensed in the United States as a medical doctor or a doctor of osteopathy and who is practicing within the scope of his or her license” to “a person who is licensed in the United States who is providing medical care and treatment when such services are provided within the scope of his or her license and provided pursuant to applicable law.”

For Contracts Issued in Washington

The waiver is based on confinement to an extended care facility or hospital rather than a long-term care facility or hospital. Definitions are modified to reflect the new terminology, references to “skilled nursing facility” are changed to “nursing facility” and the related definition is modified. In the definition of nursing facility and hospital, a licensed practical nurse is added to the list of persons who may provide nursing services or supervise the provision of nursing services.

Terminal Illness Waiver Rider

For Contracts Issued in Illinois

As a result of the terminal illness, your life expectancy must be 24 months from the date of death, rather than 12 months.

For Contracts Issued in Kansas

As a result of the terminal illness, your life expectancy must be 24 months from the date of death, rather than 12 months. The diagnosis must be rendered 90 days after the contract effective date, rather than one year after the contract effective date.

For Contracts Issued in New Jersey

The requirement related to the timing of the diagnosis does not apply. But the waiver will not be available until at least one year after the contract effective date.

For Contracts Issued in Massachusetts

This waiver rider is not available in Massachusetts.

For Contracts Issued in Pennsylvania

The diagnosis must be rendered after the contract effective date, rather than one year after the contract effective date. But the waiver will not be available until at least one year after the contract effective date. In addition, the waiver is based on a terminal condition as defined in the rider, rather than a terminal illness.

For Contracts Issued in Texas

The diagnosis must be rendered on or after the contract effective date, rather than one year after the contract effective date.

For Contracts Issued in Washington

As a result of the terminal illness, your life expectancy must be 24 months from the date of death, rather than 12 months.

106


Form of Annuity Payout Benefit

For Contracts Issued in Texas:

Payments under a Payout Option are subject to a $50 minimum.

Right to Cancel (Free Look)

State law governs the length of the free look period and the amount of the refund that you will receive. The period and amount may differ if you are replacing a life insurance policy or annuity contract. The table below summarizes the state law provisions.

For Contracts
Issued in:

Free Look
Period

Refund

Replacement
Free Look
Period

Replacement
Refund

Alabama20 daysAccount Value30 daysAccount Value + Fees/Charges
Alaska20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Arizona20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Arkansas20 daysAccount Value30 daysAccount Value
California30 days

Account Value + Fees/Charges

Note: If owner is age 60 or older,

refund amount is Purchase Payments.

30 days

Account Value + Fees/Charges

Note: If owner is age 60 or older,

refund amount is Purchase Payments.

Colorado20 daysAccount Value30 daysAccount Value + Fees/Charges
Connecticut20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Delaware20 daysAccount Value30 daysPurchase Payments
District of Columbia20 daysAccount Value30 daysAccount Value
Florida21 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Georgia20 daysPurchase Payments30 daysPurchase Payments
Hawaii20 daysAccount Value30 daysAccount Value + Fees/Charges
Idaho20 daysPurchase Payments30 daysPurchase Payments
Illinois20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Indiana20 daysAccount Value30 daysPurchase Payments
Iowa20 daysAccount Value30 daysAccount Value + Fees/Charges
Kansas20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Kentucky20 daysPurchase Payments30 daysAccount Value + Fees/Charges
Louisiana20 daysPurchase Payments30 daysAccount Value + Fees/Charges
Maine20 daysAccount Value30 daysAccount Value + Fees/Charges
Maryland20 daysPurchase Payments30 daysAccount Value + Fees/Charges
Massachusetts20 daysAccount Value30 daysPurchase Payments
Michigan20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Minnesota20 daysAccount Value + Fees/Charges30 daysPurchase Payments
Mississippi20 daysAccount Value30 daysAccount Value + Fees/Charges
Missouri20 daysPurchase Payments30 daysPurchase Payments
Montana20 daysAccount Value30 daysAccount Value + Fees/Charges
Nebraska20 daysPurchase Payments30 daysAccount Value + Fees/Charges
Nevada20 daysPurchase Payments30 daysPurchase Payments
New Hampshire20 daysPurchase Payments30 daysAccount Value + Fees/Charges
New Jersey20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
New Mexico20 daysAccount Value30 daysAccount Value + Fees/Charges
North Carolina20 daysPurchase Payments30 daysAccount Value + Fees/Charges
North Dakota20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Ohio20 daysAccount Value30 daysAccount Value + Fees/Charges
Oklahoma20 daysPurchase Payments30 daysPurchase Payments
Oregon20 daysAccount Value30 daysAccount Value + Fees/Charges
Pennsylvania20 daysAccount Value30 daysAccount Value
Rhode Island20 daysPurchase Payments30 daysAccount Value + Fees/Charges
South Carolina20 daysPurchase Payments30 daysAccount Value + Fees/Charges
South Dakota20 daysAccount Value + Fees/Charges30 daysAccount Value + Fees/Charges
Tennessee20 daysAccount Value30 daysPurchase Payments
Texas20 daysPurchase Payments30 daysAccount Value + Fees/Charges
Utah20 daysPurchase Payments30 daysPurchase Payments
Vermont20 daysAccount Value30 daysAccount Value + Fees/Charges
Virginia20 daysAccount Value30 daysAccount Value + Fees/Charges
Washington20 days

Greater of: (1) Purchase Payments or

(2) Account Value minus taxes

30 daysPurchase Payments

107


For Contracts
Issued in:

Free Look
Period

Refund

Replacement
Free Look
Period

Replacement
Refund

West Virginia20 daysAccount Value30 daysAccount Value + Fees/Charges
Wisconsin30 daysAccount Value30 daysAccount Value + Fees/Charges
Wyoming20 daysAccount Value30 days

Greater of: (1) Purchase Payments or

(2) Account Value + Fees/Charges

Assignment

For Contracts Issued in Ohio:

Subject to the tax qualifications endorsement, if any, you may assign your rights to designate or change a Beneficiary or an Annuitant, to change Owners, or to elect a Payout Option if you make a specific Request in Good Order.

Amendment of the Contract

For Contracts Issued in Florida:

You have the right to reject an endorsement that changes the provisions of this Contract to obtain or retain the intended tax treatment under federal tax law, or to take into account other pertinent laws and governmental regulations and rulings. We will not be responsible for the tax or other consequences of your rejection.

For Contracts Issued in Texas:

You have the right to reject an endorsement that changes the provisions of this Contract to obtain or retain the intended tax treatment under federal tax law, or to take into account other pertinent laws and governmental regulations and rulings. We will not be responsible for the tax or other consequences of your rejection.

Involuntary Termination

For Contracts Issued in Texas:

Our right to terminate this Contract is not tied to the minimum required value. We have the right to terminate this Contract if the Account Value would provide a benefit of less than $20 each month at age 70 under a life payout with payments for at least a fixed period of 10 years.

****************************************

Our form number for the Contract is P1850822NW (P1850822PR in Puerto Rico). Our form numbers for the Crediting Strategy endorsements to the Contract are E1825318NW, E1850022NW, E1850522NW, E1850622NW, E1850722NW, E1849122NW, E1849922NW, E1856423NW-1, E1856523NW-1, E1856623NW-1, E1856723NW-1, E1857023NW-1, and E1857123NW-1. The form numbers may vary by state. The Securities and Exchange Commission file number for the Contract is 333-276780.

The Contract is not insured by the FDIC (Federal Deposit Insurance Corporation) or the NCUSIF (National Credit Union Share Insurance Fund).

Although the Contract may be sold through relationships with banks or other financial institutions, the Contract is not a deposit or obligation of, or guaranteed by, such institutions or any federal regulatory agency.

The Contract doesn’t invest in any equity, debt, or other investments.

Dealer Prospectus Delivery Obligations. All dealers that effect transactions in these securities are required to deliver a prospectus.

108


SECTION II

MASSMUTUAL ASCEND LIFE INFORMATION

[Overview

MassMutual Ascend Life is a stock insurance company incorporated in 1961. We are domiciled in the state of Ohio and have been continuously engaged in the insurance business since that time. We are licensed to be addedconduct life insurance business in all states of the United States except New York, as well as the District of Columbia and Puerto Rico. Our principal executive offices are located at 191 Rosa Parks Street, Cincinnati, Ohio 45202.

We are a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), a mutual life insurance company. MassMutual and its domestic life insurance subsidiaries provide individual and group life insurance, disability insurance, individual and group annuities and guaranteed interest contracts to individual and institutional customers in all 50 states of the U.S., the District of Columbia and Puerto Rico.

Below is a chart that shows the relationships among MassMutual, MassMutual Ascend Life, and other MassMutual subsidiaries that are mentioned in this Section II of this prospectus. Each subsidiary in the chart is wholly-owned by amendment]its immediate parent.

Massachusetts Mutual Life Insurance Company (“MassMutual”)

Glidepath Holdings Inc. (“Glidepath”) is a subsidiary of MassMutual. It is a financial services holding company.

MassMutual Ascend Life Insurance Company (“MMALIC”) is a subsidiary of Glidepath. It is the issuer of the annuities that are the subject of this Registration Statement and other annuity products.

MM Ascend Life Investor Services, LLC (“MMALIS”) is a subsidiary of MMALIC. It is the principal underwriter and distributor of the annuities that are the subject of this Registration Statement.

MM Asset Management Holding LLC is a subsidiary of MassMutual. It is a financial services holding company.

Barings LLC (“Barings”) is a subsidiary of MM Asset Management Holding LLC. It provides investment services for MassMutual and certain of its affiliated companies, including MMALIC.

Prior to October 3, 2022, MMALIC’s name was Great American Life Insurance Company (“GALIC”) and MMALIS’ name was Great American Advisors, LLC (“GAA”). On May 28, 2021, American Financial Group, Inc. sold its annuity business consisting of GALIC and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company, as well as a broker-dealer affiliate, GAA, and insurance distributor, AAG Insurance Agency, Inc. to MassMutual.

No company other than MMALIC has any legal responsibility to pay amounts owed under the Contract. You should look to the financial strength of MMALIC for its claims-paying ability.

Directors and Executive Officers of MassMutual Ascend Life

Below is a list of the names and ages of the individuals who will serve as directors and executive officers of MMALIC, and a description of the business experience of each of the respective individuals.

Name

Year of Birth

Position(s) with MassMutual Ascend Life

Served in

Position(s) Since

Dominic L. Blue

1976

Director and Chief Executive Officer

May 2021/ June 2023

Donna Carrelli

1974

Head of Insurance Operations

February 2022

Susan M. Cicco

1971

Director

May 2021

Geoffrey J. Craddock

1959

Director

May 2021

Roger W. Crandall

1964

Director, Chairman of the Board

May 2021

John P. Gruber

1962Senior Vice President, Secretary, Chief Compliance Officer and General Counsel

November 2005

Paul A. LaPiana

1969

Director

May 2021

A-1


Name

Year of Birth

Position(s) with MassMutual Ascend Life

Served in

Position(s) Since

Sears Merritt

1981

Director

May 2022

Mark F. Muething

1959

Director

President

October 1993

April 2018

Michael J. O’Connor

1969

Director

May 2021

Eric W. Partlan

1973

Director, Chief Investment Officer

May 2021

Brian P. Sponaugle

1969

Senior Vice President and Treasurer

May 2022

Arthur W. Wallace

1974

Director

May 2021

Elizabeth A. Ward

1964

Director

May 2021

Dominic L. Blue

Mr. Blue has served as Chief Executive Officer of MMALIC since June, 2023 and as the Head of MassMutual Strategic Distributors since October 2020. Mr. Blue has served in various positions with MassMutual since August 2011.

Donna Carrelli

Ms. Carrelli has served as MMALIC’s Head of Insurance Operations since February 2022. Ms. Carrelli has served in various positions with the Company since March 1998.

Susan M. Cicco

Ms. Cicco has served as the Head of Human Resources & Employee Experience since January 2017 and also has served since July 2020 as the Chief of Staff to the CEO. Ms. Cicco has served in various positions with MassMutual since 1993.

Geoffrey J. Craddock

Mr. Craddock has served as the Chief Risk Officer of MassMutual since October 2017. Previously, Mr. Craddock served as the leader of risk management and asset allocation at MassMutual’s former subsidiary, OppenheimerFunds, Inc., from 2008 through September 2017.

Roger W. Crandall

Mr. Crandall has served as Chairman of the Board of MMALIC since May 28, 2021. Mr. Crandall has served as Chairman, President and Chief Executive Officer of MassMutual since December 2010. Mr. Crandall has served in various positions with MassMutual since 1988.

John P. Gruber

Mr. Gruber has served as MMALIC’s Senior Vice President, General Counsel and Secretary since November 2005. He also serves as Chief Compliance Officer of MMALIC. Mr. Gruber has served in various positions with the Company since July 1993.

Paul A. LaPiana

Mr. LaPiana has served as Head of MMUS Product since February of 2019. Mr. LaPiana joined MassMutual in July of 2016 and served as the Head of Field Management until he assumed his current role.

Sears Merritt

Mr. Merritt has served as the Head of Enterprise Technology & Experience since May 2022. Mr. Merritt has served in various positions with MassMutual since 2014.

 

74A-2


Mark F. Muething

Mr. Muething has served as President of MMALIC since April 2018. Mr. Muething served in various positions with MMALIC since October 1993.

Michael J. O’Connor

Mr. O’Connor has served as the General Counsel of MassMutual since February 2017. Mr. O’Connor has served in various positions with MassMutual since he joined the company in 2005, including as the Chief of Staff to the CEO.

Eric W. Partlan

Mr. Partlan has served as MMALIC’s Chief Investment Officer since May 28, 2021. Mr. Partlan has served as the Head of Portfolio Management at MassMutual since January 2013. He joined MassMutual in January of 2010 as the Head of Investment Risk and served in that office until he assumed his current role.

Brian P. Sponaugle

Mr. Sponaugle has served as Senior Vice President and Treasurer of MMALIC since June 2022. Mr. Sponaugle served in various positions with MMALIC since June 1993.

Arthur W. Wallace

Mr. Wallace has served as MassMutual’s Chief Actuary since he joined MassMutual in October of 2019. Previously, Mr. Wallace was Chief Actuary at Prudential Financial from November 2014 until joining MassMutual.

Elizabeth A. Ward

Ms. Ward has served as the Chief Financial Officer of MassMutual since June 2016. Ms. Ward has served in various positions since joining MassMutual in 2007, including as Chief Actuary and as Chief Enterprise Risk Officer.

Executive Compensation

MMALIC does not have any employees. Its parent, Glidepath, provides personnel to MMALIC pursuant to a Services Agreement between MMALIC and Glidepath.

As a result, MMALIC does not determine or pay any compensation to its executive officers or additional personnel provided by Glidepath. Glidepath determines and pays salaries, bonuses and other compensation to its executive officers and additional personnel provided by Glidepath commensurate with their positions, tenure and levels of responsibility. Glidepath also determines whether and to what extent it will provide employee benefits plans to such persons.

See “Transactions with Related Persons” for more information about the Services Agreement.

Director Compensation

Mark Muething is the only director who is an employee of Glidepath. No director receives any additional compensation for serving as a director.

Director Independence

No director is considered independent under independence standards applicable to MMALIC. MMALIC does not have a separately designated audit, nominating or compensation committee, but MassMutual’s audit committee performs a similar function for MMALIC.

Compensation Committee Interlocks and Insider Participation

MMALIC does not have a compensation committee.

Security Ownership of Certain Beneficial Owners and Management

MassMutual indirectly owns 100% of the voting securities of MMALIC. MassMutual’s principal executive offices are located at 1295 State Street, Springfield, Massachusetts 01111-0001.

A-3


Transactions with Related Persons

Transactions between MMALIC and Glidepath

Pursuant to a Leased Employee Agreement between MMALIC and Glidepath, Glidepath furnishes MMALIC with personnel as requested by MMALIC. MMALIC pays for these services on the basis of cost, which must be fair and reasonable. Payments for these services by MMALIC to Glidepath were approximately $109 million in 2023 and $98 million in 2022.

Transactions between MMALIC and MassMutual or Other MassMutual Subsidiaries

MMALIC and Barings are parties to an Investment Services Agreement under which Barings provides investment services to MMALIC in accordance with guidelines. MMALIC pays Barings a fee based on Barings’s cost of providing these services.

Pursuant to an Administrative Services Agreement between MMALIC and MassMutual, MassMutual furnishes MMALIC with office, data processing, telecommunications, and administrative and support services, including enterprise risk management services, corporate finance services, actuarial services, legal services, internal audit services, corporate compliance services and procurement services, as agreed upon by the parties. Payments for these services by MMALIC to MassMutual were approximately $4.4 million in 2023 and $4.4 million in 2022.

MMALIC and its subsidiaries have entered into an intercompany tax allocation agreement. Pursuant to the agreement, each company’s tax expense is determined based upon its inclusion in the consolidated tax return of MMALIC and its includable subsidiaries. Estimated payments are made quarterly during the year. Following year-end, additional settlements are made on the original due date of the return and, when extended, at the time the return is filed. The method of allocation among the companies under the agreement is based upon separate return calculations with current credit for losses to the extent the losses provide a benefit in the consolidated return.

Transactions Involving Immediate Family Members of MMALIC’s Directors and Executive Officers

A brother of MMALIC’s President is a partner and Chairman of the Board of Keating Muething & Klekamp PLL. MMALIC and its related entities paid Keating Muething & Klekamp approximately $5,300 in 2023, $0.4 million in 2022, and $1.1 million in 2021.

Review, Approval or Ratification of Transactions with Related Persons

MMALIC’s senior management team approves all related party transactions involving directors and executive officers of MMALIC, including relevant transactions described in “Transactions Involving Immediate Family Members of MMALIC’s Directors and Executive Officers” above. In considering the transaction, MMALIC’s senior management team may consider all relevant factors, including as applicable: the business rationale for entering into the transaction; the alternatives to entering into a related person transaction; whether the transaction is on terms comparable to those available to third parties, or in the case of employment relationships, to employees generally; the potential for the transaction to lead to an actual or apparent conflict of interest and any safeguards imposed to prevent such actual or apparent conflicts; and the overall fairness of the transaction to MMALIC. Potential related party transactions are covered by MMALIC’s Code of Conduct policy. Approval of such related person transactions would be evidenced by resolutions of the Finance committee of the MMALIC Board of Directors in accordance with its practice of reviewing and approving transactions in this manner.

Information on MMALIC’s Business and Property

Competition

MMALIC’s annuity businesses operate in highly competitive markets. They compete with other insurers and financial institutions based on many factors, including: (i) ratings; (ii) financial strength; (iii) reputation; (iv) service to policyholders and agents; (v) product design (including interest rates credited, bonus features and index participation); and (vi) commissions. Because most policies are marketed and distributed through independent agents, the insurance companies must also compete for agents.

No single insurer dominates the markets in which MMALIC’s annuity businesses compete. See Risks Primarily Related to MMALIC’s Financial Strength and Claims-Paying Ability. MMALIC’s competitors include (i) individual insurers and insurance groups, (ii) mutual funds and (iii) other financial institutions. In a broader sense, MMALIC’s annuity businesses compete for retirement savings with a variety of financial institutions offering a full range of financial services. In the financial institution annuity market, MMALIC’s annuities compete directly against competitors’ annuities, certificates of deposit and other investment alternatives at the point of sale.

A-4


Sales of annuities, including renewal premiums, are affected by many factors, including: (i) competitive annuity products and rates; (ii) the general level and volatility of interest rates, including the slope of the yield curve; (iii) the favorable tax treatment of annuities; (iv) commissions paid to agents; (v) services offered; (vi) ratings from independent insurance rating agencies; (vii) other alternative investments; (viii) performance and volatility of the equity markets; (ix) media coverage of annuities; (x) regulatory developments regarding suitability and the sales process; and (xi) general economic conditions.

Financial Strength Ratings

MMALIC believes that the ratings assigned by independent insurance rating agencies are an important competitive factor because agents, potential policyholders and financial institutions often use a company’s rating as an initial screening device in considering annuity products. MMALIC believes that a rating in the “A” category by at least one rating agency is necessary to successfully compete in its primary annuity markets. In 2023, MMALIC was rated A++ (Superior) by A.M. Best and A+ by Standard & Poor’s.

Regulation

MMALIC is subject to regulation in the jurisdictions where MMALIC does business. In general, the insurance laws of the various states establish regulatory agencies with broad administrative powers governing, among other things, premium rates, solvency standards, licensing of insurers, agents and brokers, trade practices, forms of policies, maintenance of specified reserves and capital for the protection of policyholders, deposits of securities for the benefit of policyholders, investment activities and relationships between insurance subsidiaries and their parents and affiliates. Material transactions between insurance subsidiaries and their parents and affiliates generally must receive prior approval of the applicable insurance regulatory authorities and be disclosed.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”), among other things, established a Federal Insurance Office (“FIO”) within the U.S. Treasury. Under this law, the regulatory framework for the FIO to carry out its mandate to focus on systemic risk oversight continues to evolve. Since its formation, the FIO has worked with the National Association of Insurance Commissioners (“NAIC”) and other stakeholders to explore a hybrid approach to regulation of the insurance industry; however, the state-based system of regulation has largely been retained. MMALIC cannot predict the future role of the FIO and its role in regulation of the insurance industry and how that might ultimately affect MMALIC’s operations.

Most states have created insurance guaranty associations that assess solvent insurers to pay claims of insurance companies that become insolvent. Annual guaranty assessments for MMALIC have not been material.

Risks Primarily Related to MMALIC’s Financial Strength and Claims-Paying Ability

We make annuity payout benefit payments and pay death benefits for this Contract from our general account. We also pay benefits for other insurance contracts from our general account, and our general account is subject to claims by our creditors. Our ability to make payments from our general account is subject to our financial strength. Set out below are the most significant factors that may negatively impact our financial strength and claims-paying ability.

Financial losses could adversely affect our financial strength and claims-paying ability.

Owners of MMALIC’s insurance products do not share in the profits and losses generated by our business. However, if we were to experience significant losses, we might not have sufficient assets in our general account to satisfy all of the guarantees provided in our insurance contracts. Events that may result in financial losses are listed below. We cannot predict the impact that any of these events may ultimately have on our financial strength and claims-paying ability.

Adverse developments in financial markets and deterioration in global economic conditions.

Worldwide financial markets have, from time to time, experienced significant and unpredictable disruption. For example, a prolonged economic downturn may result in heightened credit risk, reduction in the valuation of certain investments and decreased economic activity. Our financial position is materially impacted by the global economy and capital markets. During an economic downturn, we could experience a drop in the demand for our insurance products. In addition, surrenders and

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withdrawals from MMALIC’s insurance products might also increase during an economic downturn, and owners of MMALIC’s insurance products might opt to discontinue or delay paying insurance premiums or additional purchase payments. In recent years, the financial markets have experienced periods of significant volatility and negative returns, contributing to an uncertain and evolving economic environment. The performance of the markets in recent years has been impacted by several interrelating factors such as, but not limited to, the COVID-19 pandemic, rising inflation, changes in interest rates, geopolitical turmoil, and actions by governmental authorities. In addition, multiple bank failures in 2023 resulted in periods of market disruption and volatility and reduced confidence in depository institutions. While such bank failures did not significantly impact our business, if banks or other financial institutions with whom we do business were to enter into receivership or become insolvent in the future, there could be an adverse effect on our business and financial condition. It is not possible to predict the future performance of the markets with any certainty.

Unfavorable interest rate environments.

During periods of declining interest rates, we may experience losses as the spread tightens between crediting rates that we pay to owners of our insurance contracts and returns on our investments. During periods of increasing rates, we may experience financial losses due to increases in surrenders and withdrawals under our insurance contracts as owners of those contracts choose to seek higher returns. In an attempt to curb rising inflation, the Federal Reserve and other central banks raised interest rates multiple times in recent years. It is unclear whether and how interest rates will change in future periods. Although we take measures to manage economic risks associated with different interest rate environments, we may not be able to fully mitigate those risks.

Losses on our investment portfolio.

A significant majority of MMALIC’s investment portfolio consists of fixed maturity investments, which are subject to both interest rate risk and credit risk. Interest rate risk refers to how the values of our fixed maturity investments fluctuate in response to changes in market interest rates. Increases in market interest rates generally result in decreases in the value of our fixed maturity investment portfolio. On the other hand, decreases in rates generally result in increases in the portfolio value. Credit risk refers to the risk that certain investments may default or become impaired due to deterioration in the financial condition of the issuers of those investments.

A portion of MMALIC’s investment portfolio consists of equity investments that are generally valued based on quoted market prices and subject to market risk. Market risk refers to how market prices for equity investments are subject to fluctuation due to general market conditions or changes in the actual or perceived attractiveness of an investment. A decrease in the market price for an equity investment could result in losses upon the sale of that investment.

MMALIC’s investment portfolio also includes investments that lack liquidity, such as privately placed fixed maturity investments, mortgage loans, collateralized debt obligations, commercial mortgage-backed securities, real estate and limited partnership interests. The value of our real estate investments may be negatively impacted by general, regional, and local economic conditions in the real estate sector, such as supply and demand, market volatility, interest rate fluctuations, vacancy rates, and geographic and extreme weather conditions, as well as the creditworthiness of obligors. If we were required to sell illiquid investments on short notice, we might have difficulty doing so and may be forced to sell them for less than fair value.

Loss of market share due to intense competition.

There is strong competition among individual insurers and insurance groups, mutual funds and other financial institutions seeking clients for the products we provide. Competition is based on numerous factors including the ability to recruit and retain key personnel, quality of service, reputation, product design, crediting rates, insurance product performance and pricing, scope of distribution, perceived financial strength and credit ratings. If competition limits MMALIC’s ability to write new or renewal business at adequate rates, its results of operations will be adversely affected.

Ineffectiveness of risk management policies.

Our risk management policies and procedures, which are intended to identify, monitor and manage economic risks, may not be fully effective at mitigating risk exposures in all market conditions or against all types of risk. For instance, we use derivatives to alleviate risks related to floating-rate investments as well as annuity products that credit interest or provide a return based, in part, on the change in a referenced index. Our use of derivatives may not accurately counterbalance the actual risk exposure,

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and any derivatives held may not be sufficient to completely hedge the associated risks. In addition, counterparties may fail to perform under the derivative financial instruments. We may also decide not to hedge, or fail to identify, certain risks to which we are exposed. Ultimately, our use of derivatives and other risk management strategies may be inadequate to protect against the full extent of the exposure or losses we seek to mitigate.

Changes in applicable law and regulations may affect our financial strength and claims-paying ability.

We are subject to comprehensive regulation and supervision by government agencies in all the jurisdictions in which we operate. Our operations, products and services are subject to a variety of state and federal laws. We are regulated by various regulatory authorities and self-regulatory authorities including state insurance departments, state securities administrators, the Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority (“FINRA”), the Internal Revenue Service (“IRS”) and the Department of Labor (“DOL”).

Changes to state and federal laws and regulations and regulatory interpretations thereof may materially impact the way we conduct business. For example, a change in U.S. federal tax policy that would modify the favorable tax treatment of annuities could make our products less attractive to consumers. Moreover, the pace of changes to the regulatory environment continues to increase. Federal and state governments, including federal and state regulatory authorities, are active in the regulation of the manufacture, sale and administration of annuity products. We cannot predict the potential effects that any new laws or regulations, changes in existing laws and regulations, or the interpretation or enforcement of laws and regulations may have on our business, but such changes may increase our compliance costs and negatively impact our financial strength and claims-paying ability. Below, we summarize areas of applicable law that have been subject to substantial change in recent years.

Cybersecurity and Data Privacy.

We are subject to federal and state laws, regulations, and directives that require financial institutions and other businesses to protect the security of computer systems and the confidentiality of personal information. Financial regulators continue to focus on data privacy and cybersecurity, have communicated heightened expectations with respect to security and regulatory compliance, and have increased emphasis in this area in their examinations of regulated entities. Recently, the SEC proposed new rules that would require registered separate accounts to adopt and implement comprehensive cybersecurity policies and procedures and disclose significant cybersecurity incidents in the prospectuses for variable contracts. Also, many states have adopted comprehensive privacy and data protection laws, and insurance regulatory activity related to privacy, data protection and cybersecurity also continues to increase. For example, the NAIC is considering a new Consumer Privacy Protection Model Law (to replace the corresponding existing model law) that would include stronger provisions related to consumer rights, consent, and notification, as well as third-party service agreements, data retention and deletion policies, and data sharing agreements. We actively monitor regulatory developments in this area, and may be subject to increased compliance costs, regulatory requirements, and legal proceedings as new laws become effective.

Standards of Care.

The SEC adopted a series of rules related to the standard of care owed by a broker-dealer and an investment adviser to its customers (“Regulation BI”), and the creation of a Form CRS Relationship Summary. The obligations of Regulation BI and Form CRS became effective on June 30, 2020. Among other things, Regulation BI imposes a “best interest” standard of care on broker-dealers making a recommendation to their customers, and provides certain new disclosure requirements for broker-dealers with respect to, among other things, their compensation and conflicts. Broker-dealers and investment advisers are required to provide the Form CRS Relationship Summary to their customers. The Form is designed to provide information about the broker-dealer or investment adviser to their customers. Since its adoption, Regulation BI has been a focus of SEC examinations and enforcement activity. The changes under Regulation BI and the Form CRS have increased overall compliance costs. In addition, these changes may lead to greater exposure to legal claims in certain circumstances, including an increased risk of regulatory enforcement actions or potentially private claims.

The NAIC adopted revisions to its Suitability in Annuity Transactions Model Regulation that would impose a requirement that any recommendation of an annuity product be in the consumer’s best interest in 2020. To date, at least 40 states have adopted revisions to their suitability laws to generally track the NAIC’s revised model regulation. As a result, as changes are adopted by state insurance regulator(s) and made applicable to insurers or the third-party firms that distribute insurer products, they could have an adverse impact on business.

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In addition, sales of annuities to employee benefit plans governed by provisions of the Employee Retirement Income Security Act (“ERISA”) and to IRAs governed by similar provisions under the Internal Revenue Code are subject to restrictions that require ERISA fiduciaries to perform their duties solely in the interests of ERISA plan participants and beneficiaries, and that prohibit ERISA fiduciaries from causing a covered plan or retirement account to engage in certain prohibited transactions absent an exemption. The definition of a “fiduciary” as it relates to ERISA plans and IRAs has been the subject of multiple DOL rulemaking initiatives, interpretive guidance releases, and subsequent legal challenges in recent years. On October 31, 2023, the DOL proposed rule amendments that would broaden the circumstances under which fiduciary duties are imposed, particularly with regard to recommendations to “rollover” assets from a qualified retirement plan to an IRA or from an IRA to another IRA.

We continue to closely monitor these ongoing regulatory developments. It remains unclear the extent to which these regulatory initiatives and the evolving nature of enforcement and interpretation of them could ultimately affect how our annuities are marketed and distributed. Any of the foregoing regulatory and legislative measures (or judicial matters on those measures), or the reaction to such activity by consumers or other members of the insurance industry could have an adverse impact on our ability to sell annuities and to retain in-force business. Inconsistencies among the rules adopted by the SEC, the DOL, and state insurance regulators could increase this impact.

Artificial Intelligence.

State regulators and the NAIC are evaluating existing regulatory frameworks for insurance industry use of artificial intelligence, machine learning, and large language models (“AI”). Regulators are concerned about the privacy and protection of individual consumer data and about bias and discrimination resulting from the use of AI in algorithms and predictive models, as may be used either directly by insurance companies or indirectly through third party service providers. For example, in December 2023, the NAIC adopted a model bulletin on the use of AI by insurers, which was intended to remind insurance companies that decisions impacting consumers that are made or supported by advanced analytical and computational technologies, including AI, must comply with all applicable insurance laws and regulations, including unfair trade practices. The bulletin also sets forth state insurance regulators’ expectations on how insurers should govern the use of such technologies by or on behalf of the insurer to make or support such decisions. Our adoption of new AI technologies may be inhibited by the emergence of industry-wide standards, a changing legislative and regulatory environment, and other factors. In addition, our adoption of new AI technologies may expose us to increased compliance costs and heightened regulatory risks.

The evolving landscape of environmental, social and governance standards could adversely affect our reputation or business results and could lead to litigation or regulatory proceedings that harm our financial condition.

Customers, regulators, and other market participants may evaluate our business or other practices according to a variety of environmental, social and governance (“ESG”) standards, expectations, or metrics, all of which may evolve, may be subjective or underdeveloped in nature, and may reflect contrasting or conflicting values. Standard-setting organizations and regulators including, but not limited to, the NAIC, SEC, and state insurance regulators, have proposed or adopted, or may propose or adopt, ESG rules or standards applicable to us. For example, the NAIC has generally modified the Insurer Climate Risk Disclosure survey to align with aspects of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures framework, a recognized framework of recommendations that were developed to enhance climate-related disclosures. The SEC has also adopted new disclosure rules that generally require a wide range of registered companies to provide extensive disclosures and financial information on climate-related risk in their registration statements and periodic reports filed with the SEC. In October 2023, the Governor of California signed two bills into law that will require significant climate-related disclosures (in some cases beyond the disclosures required by the SEC’s new rules) by large entities doing business in that state. In addition, certain organizations that provide information to investors have developed ratings for evaluating companies on their approach to different ESG matters. Due to the sometimes conflicting, uncertain, and subjective ESG regulatory and market environment, we may be seen as acting inconsistently with ESG standards or values from the perspective of certain customers, regulators, or other constituents. As a result, we may face adverse regulatory, customer, media, or public scrutiny related to ESG that potentially could have a negative impact on our business or reputation or lead to legal challenges.

The inability to obtain or collect on reinsurance could adversely affect our financial strength and claims-paying ability.

We use reinsurance for various business segments as part of our risk management strategy. While reinsurance agreements typically bind the reinsurer for the life of the business reinsured at specific pricing, market conditions may determine the availability and cost of the reinsurance for new business. Our risk of loss increases if we are unable to purchase reinsurance at acceptable terms. We are also subject to credit risk related to the ability of a reinsurer to meet its obligations. If we are unable to purchase reinsurance at acceptable terms or if the financial condition of our reinsurers is impaired, it may impact our ability to meet our financial obligations.

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A downgrade or potential downgrade in MMALIC’s financial strength ratings by one or more rating agencies could adversely affect its financial strength and claims-paying ability.

MMALIC’s claims-paying and financial strength is rated A++ (Superior) by A.M. Best and A+ by Standard & Poor’s. We believe a rating in the “A” category by at least one rating agency is important for us to successfully compete in our primary annuity markets. We also believe the ratings assigned by these independent insurance rating agencies are an important competitive factor because agents, potential contract owners and financial institutions often use a company’s rating as an initial screening device in considering annuity products. A downgrade in MMALIC’s claims-paying and financial strength ratings could adversely impact MMALIC’s financial strength and claims-paying ability by causing financial losses to our business. Such losses may be due to:

Reduction in new sales of annuity products;

Harm to our relationships with distributors of our annuity products;

Increases to the cost of capital or limitation on our access to sources of capital;

Harm to our ability to obtain reinsurance or reasonable terms for reinsurance;

Significant increases in the number and amount of surrenders of, or withdrawals from, our annuity products; and

Pressure to increase the crediting rates for our annuity products.

Credit rating agencies also evaluate the insurance industry as a whole and may change our claims-paying and financial strength rating based on their overall view of our industry.

Variations from actual experience and management’s estimates and assumptions could result in inadequate reserves.

We establish and maintain reserves to pay future benefits and claims of our policyholders and contract holders. The reserves we establish are estimates, primarily based on actuarial assumptions with regard to our future experience, which involve the exercise of significant judgment. Our future financial results depend on the extent to which our actual future experience is consistent with the assumptions we have used in pricing our products and determining our reserves. Many factors can affect future experience, including investment yields (and spreads over fixed annuity crediting rates), benefit utilization rates, equity market performance, the cost of call and put options used in the indexed annuity business, persistency, mortality, surrenders, annuity benefit payments, withdrawals, expenses incurred and changes in regulations. Developing such assumptions is complex and involves information obtained from company-specific and industry-wide data, as well as general economic information. We cannot precisely predict the ultimate amounts we will pay for actual benefits or the timing of those payments. We use actuarial models to assist us in establishing reserves. If actual results differ significantly from our estimates and assumptions, our claim costs could increase significantly and our reserves could be inadequate. If so, we will be required to increase reserves or accelerate amortization of deferred acquisition costs. We cannot be certain that our reserves will ultimately be sufficient to pay future benefit and claims of policyholders and contract holders.

The amount of capital that we must hold to meet our statutory capital requirements can vary significantly from time to time.

Statutory capital requirements are set by applicable state insurance regulators and the NAIC. State insurance regulators have established regulations that govern reserving requirements and provide minimum capitalization requirements based on risk-based capital (“RBC”) ratios for life insurance companies. Statutory surplus and RBC ratios may change in a given year based on a number of factors, including statutory income or losses, reserve changes, excess capital held to support growth, changes in equity market levels, interest rate changes, the value of certain fixed-income and equity securities, and changes to the RBC formulas. Additionally, state insurance regulators have significant leeway in interpreting existing regulations, which could further impact the amount of statutory capital or reserves that we must maintain. There is no guarantee that we will be able to maintain our current RBC ratio in the future or that our RBC ratio will not fall to a level that could have a material adverse effect on our business. If we are unable to maintain minimum capitalization requirements, our business may be subject to significant increases in supervision or control by state insurance regulators.

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Legal actions and regulatory proceedings may adversely affect our financial strength and claims-paying ability.

We have been named as defendant in lawsuits. We have also been involved in regulatory investigations and examinations. We may be involved in lawsuits and regulatory actions in the future. Lawsuits and regulatory actions arise in various contexts, including MMALIC’s roles as an insurer, investor, securities issuer and taxpaying entity. These actions may result in material amounts of damages or fines that we must pay and may involve certain regulatory authorities that have substantial power over our business operations. A negative outcome in any legal action or regulatory proceeding that results in significant financial losses or operational burdens may adversely impact MMALIC’s financial position and claims-paying ability.

We may experience difficulties with technology or data security, which could have an adverse effect on our business.

We use computer systems and services to process, store, retrieve, evaluate and utilize company and customer data and information. Systems failures or outages could compromise our ability to perform business functions in a timely manner, which could harm our ability to conduct business and hurt our relationships with business partners and customers. In the event of a disaster such as a natural catastrophe, an industrial accident, a blackout, a malicious software attack, a terrorist attack or war, our systems may be inaccessible to employees, customers or business partners for an extended period of time. As a result, our employees may be unable to perform their duties for an extended period of time if our data or systems are disabled or destroyed.

Our computer systems are subject to cyber-attacks, viruses, malware, ransomware, denial of service, hackers and other external hazards, as well as inadvertent errors, equipment and system failures and to unauthorized or illegitimate actions by employees, consultants, agents and other persons with legitimate access to our systems. Publicly-reported cyber-security threats and incidents have dramatically increased in recent years, and financial services companies and their third-party service providers are increasingly the targets of cyber-attacks. The techniques used to attack systems and networks change frequently and can originate from a wide variety of sources. In addition, over time, the sophistication of these threats continues to increase. It is possible that a cyber-security incident could persist for an extended period of time without detection. The use of remote or flexible work arrangements, remote access tools, and mobile technology have expanded potential targets for cyber-attacks. Our administrative and technical controls as well as other preventative actions used to reduce the risk of cyber incidents and protect our information may be insufficient to detect or prevent future unauthorized access, other physical and electronic break-ins, cyber-attacks or other security breaches to our computer systems or those of third parties with whom we transact business.

We have increasingly outsourced certain technology and business process functions to third parties and may continue to do so in the future. Outsourcing of certain technology and business process functions to third parties may expose us to increased risk related to data security or service disruptions. If we do not effectively develop, implement and monitor these relationships, third-party providers do not perform as anticipated, technological or other problems are incurred with a transition, or outsourcing relationships relevant to our business process functions are terminated, we may not realize expected productivity improvements or cost efficiencies and may experience operational difficulties, increased costs and a loss of business.

The increased risks identified above could expose us to data loss, disruption of service, monetary and reputational damages, competitive disadvantage and significant increases in compliance costs, and costs to improve the security and resiliency of our computer systems. The compromise of personal, confidential or proprietary information could also subject us to legal liability or regulatory action under evolving cyber-security, data protection and privacy laws and regulations enacted by the U.S. federal and state governments, or by various regulatory organizations. As a result, our ability to conduct business and our results of operations might be materially and adversely affected. We could also suffer harm to our business and reputation if attempted cyber-attacks are publicized. The regulatory trend toward broad consumer and general public notification of such incidents could exacerbate the harm.

Any failure to protect the confidentiality of customer information could have a material adverse effect on our business and financial condition.

We are subject to privacy regulations and confidentiality obligations, including the Gramm-Leach-Bliley Act and state privacy laws and regulations, that restrict the use and dissemination of, and access to, the information we produce, store or maintain in the course of our business. We also have contractual obligations to protect certain confidential information received through various business relationships. The obligations generally include protecting such information in the same manner and to the same extent as we protect our own confidential information, and, in some instances, may impose indemnity obligations on us relating to unlawful or unauthorized disclosure of any such information.

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If we do not properly comply with privacy regulations or fail to protect confidential information, we could experience adverse consequences, including reputational damage, possible litigation, and regulatory sanctions, such as penalties, fines and loss of license. This could have adverse impact on our image or customer relationships and, consequently, result in loss of business partners, lower sales, lapses of existing business or increased expenses. While we may maintain insurance to mitigate or offset these risks, we cannot be certain that any such insurance coverage would be sufficient in amount or scope to fully address any resulting losses or liability.

Failure to maintain effective and efficient information systems could adversely affect our business.

Our various lines of business depend greatly on the use of effective information systems. Maintaining and updating current information systems and the development of new systems to match emerging technology, regulatory standards and customer expectations requires a substantial commitment of resources. We must maintain adequate information systems in order to perform necessary business functions, including processing premium and purchase payments, administering our products, providing customer support and paying claims. We also use systems for investment management, financial reporting and data analysis to support our reserves and other actuarial estimates. Any interruptions may reduce our revenues or increase our expenses, and may adversely impact our reputation, business partnerships and customer relationships. In addition, system interruptions may impair our ability to timely and accurately complete our financial reporting and other regulatory obligations, and may impact the effectiveness of our internal controls over financial reporting.

The occurrence of catastrophic events, pandemics, terrorism or military actions could adversely affect our business operations.

The occurrence of natural or man-made disasters and catastrophes, including but not limited to pandemics such as COVID-19, acts of terrorism, floods, earthquakes, industrial accident, blackout, cyberattack, malicious software, insider threat, insurrections and military actions and the resulting response by the United States and other countries, unanticipated problems with our business continuity plans and disaster recovery systems, or a support failure from a third party vendor, could adversely affect our business operations and business results. In addition to impacting our normal business operations, such disasters and catastrophes may impact us indirectly by changing the condition and behavior of our customers, business counterparties and regulators, as well as by causing declines or volatility in the economic and financial markets. We maintain business continuity plans for our operations, but we cannot predict with certainty when normal operations would resume if such an event occurred.

The failure of third parties to perform contracted services or the inadequate policies and procedures of third parties with whom we transact business could adversely affect our business operations and financial results.

The Company contracts with third parties to deliver certain services, including administrative, operational, technology, financial, investment, and actuarial services. There is a risk that we will fail to meet legal, regulatory, financial, or customer obligations in the event that our third party service providers fail to deliver contracted services, fail to comply with applicable laws and regulations, fail to provide material information on a timely basis, or suffer a cyber-attack or other security breach. We may also be exposed to reputational damage due to the actions or inactions of our third party service providers. In addition, if we transition to new third party service providers, we may incur unanticipated expenses or experience service delays or interruptions.

Forward-Looking Statements

The disclosures in this Form S-1 contain certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Some of the forward-looking statements can be identified by the use of words such as “anticipates”, “believes”, “expects”, “projects”, “estimates”, “intends”, “plans”, “seeks”, “could”, “may”, “should”, “will” or the negative version of those words or other comparable terminology. Such forward-looking statements include statements relating to: expectations concerning market and other conditions and their effect on future premiums, revenues, earnings and investment activities; recoverability of asset values; and rate changes.

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including but not limited to the following and those discussed in Risk Factors.

changes in financial, political and economic conditions, including changes in interest and inflation rates, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad;

performance of securities markets, including the cost of equity index options;

new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in MMALIC’s investment portfolio;

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the availability of capital;

regulatory actions (including changes in statutory accounting rules);

changes in the legal environment affecting MMALIC or its customers;

tax law and accounting changes;

terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from civil unrest and other major losses;

disruption caused by cyber-attacks or other technology breaches or failures by MMALIC or its business partners and service providers, which could negatively impact MMALIC’s business and/or expose MMALIC to litigation;

availability of reinsurance and ability of reinsurers to pay their obligations;

trends in persistency and mortality;

competitive pressures;

the ability to obtain adequate rates and policy terms; and

changes in MMALIC’s financial strength ratings assigned by major ratings agencies.

The forward-looking statements herein are made only as of the date of this report. MMALIC assumes no obligation to publicly update any forward-looking statements.

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Management’s Discussion and Analysis of Financial Conditions and Results of Operations

The following discussion provides an assessment of the financial position and results of operations on a statutory basis of MassMutual Ascend Life Insurance Company (“MMALIC” or “Company”) operations. Statutory accounting practices (“SAP”) financial information is prepared and presented in accordance with accounting practices prescribed or permitted by the National Association of Insurance Commissioners (“NAIC”) and the Ohio Department of Insurance. Certain differences exist between SAP and U.S. generally accepted accounting principles (“GAAP”). See Note B of MMALIC’s statutory basis audited financial statements, which are included elsewhere in this document, for a discussion of these differences.

OVERVIEW

In the fourth quarter of 2022, the Company’s name was changed to MassMutual Ascend Life Insurance Company, formerly known as Great American Life Insurance Company (“GALIC”). MMALIC, a stock life insurance company domiciled in the state of Ohio, is a direct, wholly-owned subsidiary of Glidepath Holdings Inc., a financial services holding company wholly-owned by Massachusetts Mutual Life Insurance Company (“MassMutual”).

MMALIC predominantly markets traditional fixed, fixed-indexed, and registered index-linked annuities nationwide to the savings and retirement markets and maintains term and universal life in-force business, which the Company manages as one operating segment. MMALIC is licensed to write life, annuity and accident & health insurance in forty-nine states, District of Columbia and Puerto Rico (effective February 8th, 2024).

CHANGE OF OWNERSHIP

On May 28, 2021, MassMutual purchased MMALIC, formerly known as GALIC, and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company, as well as a broker-dealer affiliate, MM Ascend Life Investor Services, LLC (formerly known as Great American Advisors, LLC) and insurance distributor AAG Insurance Agency, LLC from American Financial Group, Inc. (“AFG”). Total proceeds for the sale were $3.57 billion. MMALIC and its subsidiaries at that date became a direct wholly-owned subsidiary of Glidepath Holdings Inc., a financial services holding company wholly-owned by MassMutual.

NOTABLE TRANSACTIONS

On February 17, 2022, MMALIC entered into a Funds Withheld Coinsurance agreement, effective February 1, 2022, with Martello Re Limited, a Bermuda-domiciled Class E life and annuity reinsurer launched in 2022. MMALIC ceded statutory reserves of approximately $14.2 billion on a closed block of fixed, fixed-indexed and payout annuity policies, in exchange for a $320.0 million ceding commission paid by Martello Re. The transaction resulted in a significant increase to MMALIC’s Risk Based Capital ratio. 

Effective January 1, 2022, the Company recaptured the fixed-indexed annuity policies ceded to Hannover Life Reassurance Company of America pursuant to an Indemnity Reinsurance Agreement, dated December 31, 2018. The financial impact of the reinsurance recapture was a decrease to statutory capital of $140.6 million and reported as a change in policyholder reserves. 

In 2021 the Ohio Department of Insurance promulgated Ohio Administrative Code Section 3901-1-67, Alternative Derivative and Reserve Accounting Practices (OAC 3901-1-67). This regulation allows Ohio-domiciled insurance companies to utilize certain alternative derivative and reserve accounting practices for eligible derivative instruments and indexed products, respectively, in order to better align the measurement of indexed product reserves and the derivatives that hedge them. Effective January 1, 2022, the Company elected to apply OAC 3901-1-67 to its derivative instruments hedging fixed-indexed annuity products and fixed-indexed reserve liabilities.

Under OAC 3901-1-67, derivative instruments will be carried on the statutory balance sheet at amortized cost with the initial hedge cost amortized over the term and asset payoffs realized at the end of the term being reported through net investment income. Additionally, the cash surrender value reserves for fixed-indexed annuity products will only reflect index interest credits at the end of the crediting term as compared to partial index interest credits accumulating throughout the crediting term as an increase in aggregate reserves for life and accident and health contracts. As a result of the Company’s election to apply OAC 3901-1-67 as of January 1, 2022, total statutory admitted assets decreased $393.6 million, total statutory liabilities decreased $236.2 million and total statutory capital and surplus decreased $157.4 million. The following table summarizes the components of the total decrease in statutory surplus as of the adoption date of January 1, 2022 (in millions):

Change in reserve on account of change in valuation basis

  $236.2 

Cumulative effect of change in accounting principle

   (454.4

Change in net deferred tax asset

   46.2 

Change in nonadmitted assets

   14.6 
  

 

 

 

Total decrease in statutory surplus

  $(157.4
  

 

 

 

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In August 2023, the NAIC adopted INT 23-01T — Disallowed IMR (“INT 23-01T”). INT 23-01T provides optional, limited-term guidance for the assessment of disallowed IMR for up to 10% of adjusted general account capital and surplus. An insurer’s capital and surplus must first be adjusted to exclude certain “soft assets” including net positive goodwill, electronic data processing equipment and operating system software, net deferred tax assets and admitted disallowed IMR. An insurer will only be able to admit the negative IMR if the insurer’s risk-based capital is over 300% authorized control level after adjusting to remove the assets described above.

As adopted, negative IMR may be admitted first in the insurer’s general account and then, if all disallowed IMR in the general account is admitted and the percentage limit is not reached, to the separate account proportionately between insulated and noninsulated accounts. If the insurer can demonstrate historical practice in which acquired gains from derivatives were also reversed to IMR (as liabilities) and amortized, there is no exclusion for derivatives losses. INT 23-01T was adopted by the Company as of September 30, 2023 and will be effective through December 31, 2025. To the extent the Company’s IMR balance is a net negative, the effects of INT 23-01T will be reflected in the Company’s financial position, results of operations, and financial statement disclosures. The Company has adopted this guidance and the adoption resulted in an admitted disallowed IMR of $271.5 million.

ANALYIS OF RESULTS OF OPERATIONS – YEARS ENDED DECEMBER 31, 2023 AND 2022

The following table presents MMALIC’s statutory results of operations for the periods indicated:

   Year Ended December 31     
   2023   2022   % Change 

Revenues:

      

Premiums and annuity considerations

  $8,506.8   $(7,198.3   218

Net investment income

   1,918.4    1,019.0    88

Other income

   139.8    581.0    -76
  

 

 

   

 

 

   

Total premiums and other revenues

   10,565.0    (5,598.3   289
  

 

 

   

 

 

   

Benefits and Expenses:

      

Policyholder benefits

   748.1    505.8    48

Surrender benefits

   2,434.7    1,460.5    67

Change in policyholder reserves

   5,901.8    (8,743.9   167

Direct commissions and commissions and expense allowances on reinsurance assumed

   394.2    364.6    8

Other expenses

   695.8    610.5    14
  

 

 

   

 

 

   

Total benefits and expenses

   10,174.6    (5,802.5   275
  

 

 

   

 

 

   

Operating results before federal income taxes and realized capital gains (losses)

   390.4    204.2    91

Federal income taxes on operations

   (241.8   (13.6   1678
  

 

 

   

 

 

   

Operating results before realized gains (losses)

   148.6    190.6    -22

Realized losses net of federal income taxes

   (153.7   (32.6   371
  

 

 

   

 

 

   

Net income

  $(5.1  $158.0    -103
  

 

 

   

 

 

   

Operating results before federal income taxes and realized capital gains (losses) increased by 91% for the 12 months ended December 31, 2023, compared to the 12 months ended December 31, 2022. This increase was primarily attributable to higher net investment income in 2023 partially offset by the Hannover reinsurance treaty recapture in 2022.

Net income decreased 103% in 2023 compared to 2022. This decrease was largely driven by federal income taxes on operations and realized losses primarily related to option mark to market gains (partially offset in change in deferred tax asset). In addition, impairments increased by $48.4 million in 2023 compared to 2022 primarily related to Silicon Valley Bank and Signature Bank.

A-14


Revenues

Total revenues increased to $10,565.0 million in the 12 months ended December 31, 2023 from ($5,598.3) million for the 12 months ended December 31, 2022. Following is a discussion of the primary contributors to this increase.

This increase is primarily attributable to the Martello Re transaction recorded through premium and annuity considerations in 2022 (offset in change in policyholder reserves). Excluding the initial Martello Re ceded premium of $14.2 billion, premium and annuity considerations increased 23%. This increase is due to record premium sales in 2023 primarily attributable to higher traditional fixed annuity sales. Net investment income increased 88% in the 2023 compared to 2022, primarily due to higher investment income from higher yields, ceded investment income related to reimbursement of capital losses, and higher income on derivative instruments. Gross investment income, excluding derivative instruments, increased 35% primarily due to growth in annuity sales.

The following table provides a summary of the components of net investment income:

   Year Ended December 31 
   2023   2022 

Investment income:

    

Bonds

  $1,803.2   $1,436.1 

Equity securities

   23.7    9.3 

Mortgage loans

   200.3    116.5 

Policy loans

   3.8    4.1 

Cash and short-term investments

   109.7    17.5 

Other invested assets

   131.9    96.1 

Derivative instruments

   (41.3   (174.6

Other

   —     2.9 
  

 

 

   

 

 

 

Gross investment income

   2,231.3    1,507.9 

Investment expenses

   (72.2   (35.6

Ceded investment income

   (240.7   (453.3
  

 

 

   

 

 

 

Net investment income

  $1,918.4   $1,019.0 
  

 

 

   

 

 

 

Other income decreased 76% from 2022 to 2023, primarily due to the $320.0 million ceding commission paid by Martello Re in 2022. In accordance with statutory accounting practices, ceding commissions representing gains on the reinsurance of in-force blocks of business are deferred in surplus and amortized over the reinsurance contract period. The offsetting impact of ceding commissions is recorded in other income with a corresponding increase in surplus representing the deferred gain that will be amortized over the reinsurance contract.

Benefits and Expenses

Policyholder benefits increased 48% in 2023 compared to 2022. This increase was primarily attributable to the initial ceded annuity claim liability related to the Martello Re transaction in 2022. Surrender benefits increased 67% in 2023 compared to the prior year due to the higher interest rate environment in 2023 and aging of the business. Net Surrender and withdrawal benefits are offset by a corresponding change in policyholder reserves. The death benefits paid pursuant to life insurance policies resulted in an impact to operating earnings by the amount of benefits paid above the amount of policyholder reserves released, net of reinsurance.

Change in policyholder reserves increased 167% in 2023 compared to 2022. This increase was primarily the result of the initial Martello Re transaction recorded through Change in policyholder reserves (offset in Premiums and annuity considerations) in 2022 and record annuity sales in 2023 partially offset by surrenders.

Commissions related expenses – direct commissions and expense allowances on reinsurance assumed increased 8% in 2023 compared to 2022, primarily due to higher commissions on record gross annuity sales in 2023. Other expenses increased 14% from 2023 to 2022 primarily due to a litigation accrual and net transfer to separate accounts in 2023 partially offset by the amortization of the ceding commission paid by Martello Re in 2022. The amortization of the ceding commission is offset by the ceding commission reported in Other income.

A-15


Realized Gains (Losses) Net of Federal Income Taxes

Realized losses net of federal income taxes in 2023 were ($153.7) million compared to losses of ($32.6) million in 2022. For statutory reporting purposes, realized gains (losses) reported on the statement of operations are net of gains and losses transferred to the Interest Maintenance Reserve (“IMR”). Amounts transferred to IMR, which is a liability reported in the statement of financial position, are the portion of gains and losses for securities sold that relates to gains and losses resulting from changes in interest rates and are amortized into operations over the estimated remaining lives of the securities sold. Gains and losses reported in the statement of operations are credit and non-interest related. The increase in realized losses (net of federal income taxes) relates to option mark to market gains (partially offset in change in deferred tax asset). In addition, impairments increased by $48.4 million in 2023 compared to 2022 primarily related to Silicon Valley Bank and Signature Bank.

ANALYIS OF RESULTS OF OPERATIONS – YEARS ENDED DECEMBER 31, 2022 AND 2021

The following table presents the statutory results of operations for the periods indicated:

   Year Ended December 31     
   2022   2021   % Change 

Revenues:

      

Premiums and annuity considerations

  $(7,198.3  $5,027.0    -243

Net investment income

   1,019.0    1,951.0    -48

Other income

   581.0    97.0    499
  

 

 

   

 

 

   

Total premiums and other revenues

   (5,598.3   7,075.0    -179
  

 

 

   

 

 

   

Benefits and Expenses:

      

Policyholder benefits

   505.8    901.2    -44

Surrender benefits

   1,460.5    2,208.0    -34

Change in policyholder reserves

   (8,743.9   3,107.8    -381

Direct commissions and commissions and expense allowances on reinsurance assumed

   364.6    285.2    28

Other expenses

   610.5    317.0    93
  

 

 

   

 

 

   

Total benefits and expenses

   (5,802.5   6,819.2    -185
  

 

 

   

 

 

   

Operating results before federal income taxes and realized capital gains (losses)

   204.2    255.8    -20

Federal income taxes on operations

   (13.6   (45.5   -70
  

 

 

   

 

 

   

Operating results before realized gains (losses)

   190.6    210.3    -9

Realized gains (losses) net of federal income taxes

   (32.6   118.7    -127
  

 

 

   

 

 

   

Net income

  $158.0   $329.0    -52
  

 

 

   

 

 

   

Operating results before federal income taxes and realized capital gains (losses) decreased by 20% for the 12 months ended December 31, 2022 compared to the 12 months ended December 31, 2021. This decrease was primarily attributable to the Hannover reinsurance treaty recapture and the impact from the Martello Re reinsurance transaction.

Net income decreased 52% in 2022 compared to 2021. This decrease was largely driven by items mentioned above, along with realized losses in 2022 compared to realized gains in 2021. The realized losses in 2022 were primarily related to sales of fixed maturities, equities, and derivative instruments. The realized gains in 2021 were primarily related to sales of fixed maturities, equities, and other invested assets.

A-16


Revenues

Total revenues decreased to ($5,598.3) million in the 12 months ended December 31, 2022 from $7,075.0 million for the 12 months ended December 31, 2021. Following is a discussion of the primary contributors to this decrease.

This decrease is primarily attributable to the initial Martello Re transaction recorded through premium and annuity considerations (offset in change in policyholder reserves). Excluding the initial Martello Re ceded premium of $14.2 billion, premium and annuity considerations increased 39%. This increase is primarily attributable to higher traditional fixed, fixed-indexed and registered index-linked annuity sales in 2022. Net investment income decreased 48% in the 2022 period compared to 2021, primarily due to ceded investment income related to the Martello Re reinsurance transaction, and lower income on derivative instruments. Gross investment income, excluding derivative instruments, increased 16% primarily due to growth in annuity sales.

The following table provides a summary of the components of net investment income:

   Year Ended December 31 
   2022   2021 

Investment income:

    

Bonds

  $1,436.1   $1,240.2 

Equity securities

   9.3    28.5 

Mortgage loans

   116.5    74.6 

Real estate

   —     11.9 

Policy loans

   4.1    4.7 

Cash and short-term investments

   17.5    18.8 

Other invested assets

   96.1    75.8 

Derivative instruments

   (174.6   543.7 

Other

   2.9    2.0 
  

 

 

   

 

 

 

Gross investment income

   1,507.9    2,000.2 

Investment expenses

   (35.6   (49.2

Ceded investment income

   (453.3   —  
  

 

 

   

 

 

 

Net investment income

  $1,019.0   $1,951.0 
  

 

 

   

 

 

 

Other income increased 499% from 2021 to 2022, primarily due to the $320.0 million ceding commission paid by Martello Re. In accordance with statutory accounting practices, ceding commissions representing gains on the reinsurance of in-force blocks of business are deferred in surplus and amortized over the reinsurance contract period. The offsetting impact of ceding commissions is recorded in other income with a corresponding increase in surplus representing the deferred gain that will be amortized over the reinsurance contract.

Benefits and Expenses

Policyholder benefits decreased 44% in 2022 compared to 2021. This decrease was primarily attributable to ceded annuity benefits related to the Martello Re transaction. Surrender benefits decreased 34% in 2022 compared to the prior year due to ceded surrenders related to the Martello Re transaction. Net Surrender and withdrawal benefits were offset by a corresponding change in policyholder reserves. The death benefits paid pursuant to life insurance policies resulted in an impact to operating earnings by the amount of benefits paid above the amount of policyholder reserves released, net of reinsurance.

Change in policyholder reserves decreased 381% in 2022 compared to 2021. This decrease was primarily the result of the initial Martello Re transaction recorded through Change in policyholder reserves (offset in Premiums and annuity considerations). The initial Martello Re transaction in the first quarter of 2022 resulted in a reduction of annuity reserves of approximately $14.2 billion.

Commissions related expenses – direct commissions and expense allowances on reinsurance assumed increased 28% in 2022 compared to 2021, primarily due to higher commissions on record gross annuity sales in 2022. Other expenses increased 93% from 2021 to 2022 primarily due to the amortization of the ceding commission paid by Martello Re. The amortization of the ceding commission is offset by the ceding commission reported in Other income.

A-17


Realized Gains (Losses) Net of Federal Income Taxes

Realized losses net of federal income taxes in 2022 were ($32.6) million compared to gains of $118.7 million in 2021. For statutory reporting purposes, realized gains (losses) reported on the statement of operations are net of gains and losses transferred to the Interest Maintenance Reserve (“IMR”). Amounts transferred to IMR, which is a liability reported in the statement of financial position, are the portion of gains and losses for securities sold that relates to gains and losses resulting from changes in interest rates and are amortized into operations over the estimated remaining lives of the securities sold. Gains and losses reported in the statement of operations are credit and non-interest related. The decrease is mainly due to the net gain recognized by MMALIC in 2021 related to the sale of Schedule BA assets to AFG prior to MassMutual’s acquisition of MMALIC and its subsidiaries.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity

Management believes MMALIC has sufficient resources to meet its liquidity requirements. MMALIC’s liquidity requirements relate primarily to the liabilities associated with its annuity and life products as well as operating costs and expenses, taxes, and contributions of capital to its subsidiaries. Historically, cash flows from premiums and investment income have provided more than sufficient funds to meet these requirements. Funds received in excess of cash requirements are generally invested in additional marketable securities. In addition, MMALIC generally holds a significant amount of highly liquid, short-term investments. If funds generated from operations are insufficient to meet liquidity requirements for any period, MassMutual may contribute funds to MMALIC.

MMALIC’s annuity operations typically produce positive net operating cash flows as investment income exceeds acquisition costs and operating expenses. Interest credited on annuity policyholder funds is a non-cash increase in MMALIC’s annuity reserves, and annuity premiums, benefits and withdrawals are considered financing activities due to the deposit-type nature of annuities. For the full year, net cash provided by operating activities was $6.82 billion in 2023 and net cash provided by operating activities was $5.76 billion in 2022.

MMALIC’s financing activities consist primarily of transactions with annuity policyholders and dividend payments to its former parent company. Net cash used in financing activities was $2,619.3 million in 2023 compared to $1,121.8 million in 2022, an increase of $1,497.5 million. Net withdrawals on deposit-type contracts were $136.5 million in 2023 compared to deposits of $50.4 million in 2022, an increase of $186.9 million. In addition, MMALIC paid $200.0 million of cash dividends to its parent in 2023 compared to no dividend in 2022. The additional increase primarily relates to the change in funds held under reinsurance treaties partially offset by derivative collateral.

The Company is a member of the Federal Home Loan Bank (“FHLB”). The FHLB makes advances and provides other banking services to member institutions. The Company owned $20.0 million of FHLB Class B membership stock at December 31, 2023 and 2022. The Company has no membership stock eligible for redemption. Through its association with the FHLB and by purchasing a set amount of FHLB stock, the Company can enter into deposit-type contracts with the FHLB known as funding agreements.

In 2022, the FHLB advanced MMALIC $300.0 million. At December 31, 2023 and 2022, MMALIC had $500.0 million in outstanding advances from the FHLB (included in Liability for deposit-type contracts), bearing interest at rates ranging from 1.35% to 1.97% (average rate of 1.72% at December 31, 2023). The Company paid interest of approximately $8.6 million and $8.4 million on these advances in 2023 and 2022, respectively. These advances must be repaid between 2025 and 2030 ($200.0 million in 2025 and $300.0 million in 2030). The Company has invested the proceeds from the advances in bonds for the purpose of earning a spread over the interest payments due to the FHLB. As required by the funding agreement, the Company purchased 215,252 shares ($21.5 million) of FHLB activity and excess stock.

The Company also posted collateral to the FHLB of assets with a fair value and carrying value of approximately $1,204.1 million and $1,279.2 million, respectively, as of December 31, 2023. The Company’s FHLB borrowing capacity is based on the Company’s estimate of collateral eligible to be pledged with the FHLB. The deposit contract liabilities, reported in liability for deposit-type contracts in the balance sheet, and related assets are accounted for in the Company’s general account.

MMALIC has no material contractual purchase obligations or other long-term liabilities at December 31, 2023 or 2022.

A-18


Policyholder Liabilities

Liquidity needs vary by annuity and life product. Factors that impact a product’s need for liquidity include interest rate levels, contract size, competitive products, termination or surrender charges, market value adjustments, federal income taxes, and benefit levels. To help assure that obligations will be met when they fall due, the Company uses asset/liability cash flow management techniques that take into consideration current and total investment return requirements, asset and liability durations, risk tolerance, and cash flow requirements. The fair values for liabilities under all insurance contracts are taken into consideration in the overall management of interest rate risk.

The Company’s products include features that enhance the Company’s liquidity position. Virtually all individual deferred annuity products contain surrender charges of varying durations, reducing the risk that customers will request a full surrender during the period charges are in effect. Surrender charges allow the Company to better plan the maturities of its invested assets by reducing the risk that future cash outflows will exceed anticipated levels. Also, 49% of the Company’s in-force annuity products (measured by reserves) at December 31, 2023 had a market value adjustment (“MVA”) that protects the Company when surrenders occur as a result of changes in market interest rates.

The following table provides a summary of statutory annuity reserves at December 31, 2023 by withdrawal characteristics:(1)

   Annuity
Reserves
Amount
   % of Total 

Subject to discretionary withdrawal:

    

a. With market value adjustment

  $22,517.3    48.6

b. At book value less current surrender charge of 5% or more

   5,395.5    11.7

c. At fair value

   387.5    0.8
  

 

 

   

 

 

 

d. Total with market value adjustment or at fair value (total of a through c)

   28,300.3    61.1

e. At book value without adjustment (minimal or no charge or adjustment)

   14,108.8    30.5

Not subject to discretionary withdrawal

   3,865.2    8.4
  

 

 

   

 

 

 

Total (gross: direct + assumed)

   46,274.3    100.0
    

 

 

 

Reinsurance ceded

   15,069.3   
  

 

 

   

Total (net)

  $31,205.0   
  

 

 

   

(1)

Annuity contract reserves and deposit fund liabilities are monetary amounts that an insurer must have available to provide for future obligations with respect to annuities and deposit funds. Reserves are liabilities on the balance sheets of financial statements prepared in conformity with statutory accounting practices. These amounts are at least equal to the value to be withdrawn by policyholders.

As indicated in the table above, 8.4% of policyholder funds at December 31, 2023 were not subject to discretionary withdrawal and another 61.1% were subject to adjustments and charges that are designed to protect the Company from early withdrawals in the event that they occur. We believe that this structure provides the Company with a relatively stable block of deposit liabilities which helps reduce the risk of unexpected cash withdrawals and the adverse financial effects cash withdrawals could cause.

Some MMALIC annuity products include guaranteed benefits, including guaranteed minimum death benefits and guaranteed minimum withdrawal benefits. These guarantees are designed to protect contract holders against significant downturns in securities markets and fluctuations in interest rates. Periods of significant and sustained downturns in securities markets, increased equity volatility, or reduced interest rates could result in an increase in the valuation of liabilities associated with products with guaranteed benefits. An increase in these liabilities would result in a decrease in MMALIC’s net income.

MMALIC manages market risks by utilizing a comprehensive asset/liability management process involving the monitoring of asset and liability interest rate sensitivities for its various products. This process includes cash flow testing under various interest rate scenarios, including severe stress tests. Although cash flow testing includes many different scenarios, cash flow requirements are inherently unpredictable, as they are affected by external factors, such as changes in interest rates.

MMALIC also utilizes a variety of financial instruments as part of its efforts to efficiently hedge and manage fluctuations in the fair value of its investment portfolio attributable to changes in general interest rate levels and to manage duration mismatch of assets and liabilities. Those instruments may include interest rate exchange agreements, equity index options purchased in either the over-the-counter market or on the Chicago Board Options Exchange, payer swaptions, and commitments to extend credit. All instruments involve elements of credit and market risks in excess of the amounts recognized in the accompanying financial statements at a given point of time. The contract or notional amounts reflect the extent of involvement in the various types of financial instruments.

A-19


There can be no assurance that future experience regarding benefit payments and surrenders will be similar to historic experience because withdrawal and surrender levels are influenced by factors such as the interest rate environment and the Company’s claims-paying and financial strength ratings.

Capital Resources

The NAIC’s model law for risk based capital (“RBC”) applies to life, accident and health companies. RBC formulas determine the amount of capital that an insurance company needs so that it has an acceptable expectation of not becoming financially impaired. At December 31, 2023, the capital ratios of MMALIC and its insurance subsidiaries substantially exceeded the applicable RBC requirements.

The maximum amount of dividends which can be paid to stockholders of life insurance companies domiciled in the State of Ohio without prior approval of the Ohio Insurance Director is the greater of 10% of surplus as regards to policyholders or net income as of the preceding December 31, but only to the extent of earned surplus as of the preceding December 31. The maximum amount of dividends payable by MMALIC in 2024 without prior approval is $304.9 million based on 10% of surplus as regards to policyholders as of the preceding December 31. At December 31, 2023, surplus as regards policyholders was $3,049.4 million, earned surplus was $1,962.7 million, and 2023 net loss was $5.1 million.

INVESTMENTS

MMALIC had total cash and invested assets of $44,732.1 million and $41,690.4 million at December 31, 2023 and 2022, respectively, as illustrated below (in millions):

   2023  2022 
   Carrying
Value
   % of
Carrying Value
  Carrying
Value
   % of
Carrying Value
 

Cash and invested assets:

       

Bonds

  $34,972.3    78.2 $33,331.9    79.9

Preferred stocks

   201.0    0.5  185.0    0.4

Common stocks

   271.2    0.6  281.4    0.7

Investments in affiliates and subsidiaries

   445.2    1.0  401.9    1.0

Mortgage loans

   4,256.5    9.5  3,088.8    7.4

Cash, cash equivalents and short-term investments

   2,211.3    4.9  1,991.2    4.8

Policy loans

   30.0    0.1  31.5    0.1

Derivative instruments

   771.4    1.7  873.0    2.1

Other invested assets

   1,573.2    3.5  1,505.7    3.6
  

 

 

   

 

 

  

 

 

   

 

 

 

Total cash and invested assets

  $44,732.1    100.0 $41,690.4    100.0
  

 

 

    

 

 

   

All investments held by the Company are monitored for conformity with the qualitative and quantitative limits prescribed by the applicable Ohio laws and regulations. MMALIC attempts to optimize investment income while building the value of its portfolio, placing emphasis upon total long-term performance. Management believes that a high quality investment portfolio should generate a stable and predictable investment return.

The following table summarizes the carrying values and estimated fair values of the Company’s bond portfolio for the year ended December 31, 2023 (in millions):

   2023 
   Carrying
Value
   Fair
Value
   Unrealized
Gain (Losses)
 

U.S. Government and agencies

  $186.7   $156.8   $(29.9

All other governments

   19.2    18.2    (1.0

States, territories and possessions

   180.4    175.5    (4.9

Political subdivisions

   231.5    228.7    (2.8

Special Revenue

   1,920.8    1,800.2    (120.6

Industrial and miscellaneous

   31,688.5    29,809.8    (1,878.7

Parent, subsidiaries and affiliates

   745.2    722.2    (23.0
  

 

 

   

 

 

   

 

 

 

Total bonds

  $34,972.3   $32,911.4   $(2,060.9
  

 

 

   

 

 

   

 

 

 

A-20


The following table summarizes the carrying values and estimated fair values of the Company’s bond portfolio for the year ended December 31, 2022 (in millions):

   2022 
   Carrying
Value
   Fair
Value
   Unrealized
Gain (Losses)
 

U.S. Government and agencies

  $98.9   $64.0   $(34.9

All other governments

   19.2    17.8    (1.4

States, territories and possessions

   190.7    183.1    (7.6

Political subdivisions

   272.7    268.7    (4.0

Special Revenue

   1,691.6    1,537.0    (154.6

Industrial and miscellaneous

   30,538.0    27,421.0    (3,117.0

Parent, subsidiaries and affiliates

   520.8    468.3    (52.5
  

 

 

   

 

 

   

 

 

 

Total bonds

  $33,331.9   $29,959.9   $(3,372.0
  

 

 

   

 

 

   

 

 

 

The Company’s bond portfolio consisted of 94% investment grade securities at December 31, 2023 and 2022. The NAIC Securities Valuation Office (“SVO”) is responsible for the day-to-day credit quality assessment and valuation of securities owned by state-regulated insurance companies. The NAIC assigns securities quality ratings and uniform valuations, which are used by insurers when preparing their annual statements to their state insurance regulators. The NAIC ratings are similar to the rating agency designations of the Nationally Recognized Statistical Rating Organizations (“NRSRO”) for marketable bonds. NAIC ratings 1 and 2 include bonds generally considered investment grade. NAIC ratings 3 through 6 include bonds generally considered below investment grade. Typically, if a security has been rated by an NRSRO, the SVO utilizes that rating and assigns an NAIC designation based on the following system:

NAIC Rating

NRSRO Equivalent

1Aaa/Aa/A
2Baa
3Ba
4B
5Caa and Lower
6In or near default

The following table summarizes MMALIC’s bond portfolio by NAIC ratings (in millions):

   2023  2022 
   Carrying
Value
   % of
Carrying Value
  Carrying
Value
   % of
Carrying Value
 

NAIC Rating

       

1

  $20,190.9    57.7 $17,725.2    53.2

2

   12,704.0    36.3  13,435.6    40.3

3

   1,253.2    3.6  1,475.9    4.4

4

   495.3    1.4  454.6    1.4

5

   287.0    0.8  209.4    0.6

6

   41.9    0.1  31.2    0.1
  

 

 

   

 

 

  

 

 

   

 

 

 

Total Bonds

  $34,972.3    100.0 $33,331.9    100.0
  

 

 

    

 

 

   

The table below sets out the expected maturities of MMALIC’s bonds as of December 31, 2023 and 2022, respectively (in millions):

   2023  2022 
   Carrying
Value
   % of
Carrying Value
  Carrying
Value
   % of
Carrying Value
 

Maturity:

       

One year or less

  $2,522.4    7.2 $2,834.3    8.5

After one year through five years

   14,032.5    40.1  12,227.3    36.7

After five years through ten years

   10,975.9    31.4  10,341.3    31.0

After ten years

   7,441.5    21.3  7,929.0    23.8
  

 

 

   

 

 

  

 

 

   

 

 

 

Total bonds by maturity

  $34,972.3    100.0  33,331.9    100.0
  

 

 

   

 

 

  

 

 

   

 

 

 

A-21


The expected maturities in the foregoing tables may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Fair values for MMALIC’s portfolio are determined by MMALIC’s internal investment professionals using data from nationally recognized pricing services as well as non-binding broker quotes. Fair values of equity securities are generally based on published closing prices. When prices obtained for the same security vary, MMALIC’s internal investment professionals select the price they believe is most indicative of an exit price.

The pricing services engaged by MMALIC’s investment professionals use a variety of observable inputs to estimate fair value of bonds that do not trade on a daily basis. These inputs include, but are not limited to, recent reported trades, benchmark yields, issuer spreads, bids or offers, reference data, and measures of volatility.

The pricing of mortgage backed securities (“MBS”) is unique as fair value includes estimates of the rate of future prepayments and defaults of principal over the remaining life of the underlying collateral. Due to the lack of transparency in the process that brokers use to develop MBS prices, valuations based on brokers’ prices are classified as Level 3 in the hierarchy unless the price can be corroborated, for example, by comparison to similar securities priced using observable inputs.

Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by MMALIC’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment professionals consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions, and the credit quality of the specific issuers. In addition, MMALIC communicates directly with pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the services to value specific securities.

MBS are subject to significant prepayment risk because, in periods of declining interest rates, mortgages may be repaid more rapidly than scheduled as borrowers refinance higher rate mortgages to take advantage of lower rates. MBS represented approximately 12% and 13% of MMALIC’s bond portfolio at December 31, 2023 and 2022, respectively.

Municipal bonds represented approximately 5% of MMALIC’s fixed maturity portfolio at December 31, 2023 and 2022. MMALIC’s municipal bond portfolio is high quality, with the majority of the securities rated investment grade as of year-end 2023 and 2022. The portfolio is well diversified across the states of issuance and individual issuers.

When a decline in the value of a specific investment is considered to be other-than-temporary, an allowance for credit losses (impairment) is charged to earnings (accounted for as a realized loss). The determination of whether unrealized losses are other-than-temporary requires judgment based on subjective as well as objective factors.Factors considered and resources used by management include:

a)

whether the unrealized loss is credit-driven or a result of changes in market interest rates,

b)

the extent to which fair value is less than cost basis,

c)

cash flow projections received from independent sources,

d)

historical operating, balance sheet and cash flow data,

e)

near-term prospects for improvement in the issuer or its industry,

f)

third-party research and communications with industry specialists,

g)

financial models and forecasts,

h)

the continuity of interest payments, maintenance of investment grade ratings and hybrid nature of certain investments,

i)

discussions with issuer management, and

j)

ability and intent to hold the investment for a period sufficient to allow for anticipated recovery in fair value.

Based on its analysis of the factors listed above, management believes MMALIC will recover its cost basis in the bond securities with unrealized losses and that MMALIC has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 2023. Although MMALIC can continue holding its bond investments with unrealized losses, its intent to hold them may change due to deterioration in the issuers’ creditworthiness, decisions to lessen exposure to a particular issuer or industry, asset/liability management decisions, market movements, changes in views about appropriate asset allocation or the desire to offset taxable realized gains. Should MMALIC’s ability or intent change regarding a particular security, a charge for impairment would likely be required. Significant declines in the fair value of MMALIC’s investment portfolio could have a significant adverse effect on MMALIC’s liquidity. For information on MMALIC’s realized gains (losses) on securities, see “Realized Gains (Losses) Net of Federal Income Taxes.”

A-22


OTHER FINANCIAL INSTRUMENTS

The Company’s derivative strategy employs a variety of derivative financial instruments including interest rate and currency swaps, options, financial futures, and forward contracts. Investment risk is assessed on a portfolio basis and individual derivative financial instruments are not generally designated in hedging relationships; therefore, as allowed by statutory accounting practices, the Company intentionally has not applied hedge accounting.

MMALIC utilizes a variety of financial instruments as part of its efforts to economically hedge and manage fluctuations in the fair value of its investment portfolio attributable to changes in general interest rate levels and to manage duration mismatch of assets and liabilities. Those instruments may include interest rate exchange agreements, equity index options purchased in either over-the-counter market or on the Chicago Board Options Exchange, payer swaptions, and commitments to extend credit. All instruments involve elements of credit and market risks in excess of the amounts recognized in the accompanying financial statements at a given point of time. The contract or notional amounts of those instruments reflect the extent of involvement in the various types of financial instruments.

The following table presents the estimated fair value and admitted value for assets and reported value for liabilities of derivatives as of December 31, 2023 and 2022:

(dollars in millions)                
Derivative instruments:  2023   2022 
Assets:  Carrying
Value
   Estimated
Fair Value
   Carrying
Value
   Estimated
Fair Value
 

Options*

  $723.8   $822.9   $846.8   $287.4 

Interest rate swaps

   26.6    26.6    25.2    25.2 

Financial futures

   21.0    21.0    —     —  

Currency swaps

   —     —     0.9    0.9 

Forward contracts

   —     —     0.1    0.1 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total derivative instruments assets

  $771.4   $870.5   $873.0   $313.6 
  

 

 

   

 

 

   

 

 

   

 

 

 
Liabilities:  Carrying
Value
   Estimated
Fair Value
   Carrying
Value
   Estimated
Fair Value
 

Options*

  $418.1   $—    $598.6   $—  

Interest rate swaps

   66.3    95.0    95.0    95.0 

Currency swaps

   38.8    4.8    4.8    4.8 

Forward contracts

   5.0    2.5    2.5    2.5 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total derivative instruments liabilities

  $528.2   $102.3   $700.9   $102.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

*

Effective 1/1/2022, Fixed-indexed options are carried at amortized cost per OAC 3901-1-67. Estimated Fair Value of options is reported net in the asset section for disclosure.

A-23


CRITICAL ACCOUNTING POLICIES

Significant accounting policies are summarized in Note B — “Significant Accounting Policies” to the financial statements. The preparation of financial statements in conformity with accounting practices prescribed or permitted by the NAIC and the Ohio Department of Insurance, which vary in some respects from GAAP. As more information becomes known, these estimates and assumptions will likely change and may impact amounts reported in the future. The areas where management believes the degree of judgment required to determine amounts recorded in the financial statements is most significant are as follows:

calculation of statutory reserves, and

the valuation of investments.

Qualitative and Quantitative Disclosures about Market Risk

Market risk represents the potential economic loss arising from adverse changes in the fair value of financial instruments. MMALIC’s exposures to market risk relate primarily to its investment portfolio and annuity contracts, which are exposed to interest rate risk and, to a lesser extent, equity price risk.

MMALIC’s exposures to interest rate risk relate primarily to the fair value of MMALIC’s bond securities, which are inversely correlated to changes in interest rates. MMALIC’s bond portfolio is comprised of primarily fixed-rate investments with intermediate-term maturities. Structuring the bond portfolio in this manner provides MMALIC with flexibility in reacting to interest rate fluctuations.

MMALIC’s portfolios are managed with an objective of achieving an adequate risk-adjusted return while maintaining sufficient liquidity to meet policyholder obligations. The portfolios are managed in an effort to adequately position the duration and interest rate sensitivity of the assets against the projected cash flows of policyholder liabilities.

A-24


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

Statutory-Basis Financial Statements

As of December 31, 2023 and 2022 and for each of the three years

ended December 31, 2023, 2022 and 2021

with Independent Auditors’ Report


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

Statutory-Basis Financial Statements

As of December 31, 2023 and 2022 and for each of the three years ended

December 31, 2023, 2022 and 2021

Contents

Independent Auditors’ Report

F-1

Statutory-Basis Financial Statements

Balance Sheets - Statutory-Basis

F-4

Statements of Operations - Statutory-Basis

F-5

Statements of Changes in Capital and Surplus - Statutory-Basis

F-6

Statements of Cash Flow - Statutory-Basis

F-7

Notes to Statutory-Basis Financial Statements

F-8


LOGO

KPMG LLP

Suite 3400

312 Walnut Street

Cincinnati, OH 45202

Independent Auditors’ Report

The Board of Directors

MassMutual Ascend Life Insurance Company:

Opinions

We have audited the financial statements of MassMutual Ascend Life Insurance Company (the Company), which comprise the balance sheets statutory-basis as of December 31, 2023 and 2022, and the related statements of operations statutory-basis, statements of changes in capital and surplus statutory-basis, and statements of cash flow statutory-basis for the years then ended, and the related notes to the financial statements (collectively, financial statements).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the balance sheets statutory-basis of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flow for the years then ended in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance described in Note B.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for the years then ended.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note B to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note B and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

Emphasis of Matter

As discussed in Note B to the financial statements, in 2022, the Company elected to apply a prescribed practice promulgated under Ohio Administrative Code Section 3901-1-67 (“OAC 3901-1-67”) to its derivative

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

F-1


LOGO

instruments hedging indexed products and indexed annuity reserve liabilities. Our opinions are not modified with respect to this matter.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

F-2


LOGO

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the supplemental schedule of selected statutory-basis financial data, supplemental investment disclosures, and supplemental schedule of life and health reinsurance disclosures is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Ohio Department of Insurance. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ KPMG LLP

Cincinnati, Ohio

April 23, 2024

F-3


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

BALANCE SHEETS

STATUTORY-BASIS

(Dollars in millions, except share data)

   December 31 
   2023   2022 

ADMITTED ASSETS

    

Cash and invested assets:

    

Bonds - at amortized cost (fair value: $32,911.4 and $29,959.9)

  $34,972.3   $33,331.9 

Preferred stocks - principally at fair value (cost: $212.2 and $165.5)

   201.0    185.0 

Common stocks - at fair value (cost: $195.6 and $220.5)

   271.2    281.4 

Investments in affiliates and subsidiaries - at subsidiary capital and surplus (cost: $242.8 and $242.1)

   445.2    401.9 

Mortgage loans

   4,256.5    3,088.8 

Cash, cash equivalents and short-term investments

   2,211.3    1,991.2 

Policy loans

   30.0    31.5 

Derivatives

   771.4    873.0 

Other invested assets

   1,573.2    1,505.7 
  

 

 

   

 

 

 

Total cash and invested assets

   44,732.1    41,690.4 

Net deferred federal income tax asset

   272.8    72.2 

Deferred and uncollected premiums

   5.6    7.7 

Current federal income tax recoverable

   16.0    89.6 

Investment income due and accrued

   528.5    414.7 

Company-owned life insurance

   223.1    218.7 

Admitted disallowed interest maintenance reserve

   271.5    —  

Other admitted assets

   495.8    286.0 
  

 

 

   

 

 

 

Total general account admitted assets

   46,545.4    42,779.3 

Separate account assets

   443.3    103.7 
  

 

 

   

 

 

 

Total admitted assets

  $46,988.7   $42,883.0 
  

 

 

   

 

 

 

LIABILITIES, CAPITAL AND SURPLUS

    

Liabilities:

    

Policy benefit reserves

  $30,212.2   $24,310.4 

Liability for deposit-type contracts

   788.0    779.8 

Policy and contract claims

   165.3    140.6 

Asset valuation reserve

   528.4    577.1 

Funds held under reinsurance treaties

   9,968.0    12,677.3 

Interest maintenance reserve

   —     93.3 

Commissions, general expenses, taxes, licenses and fees due or accrued

   63.3    59.4 

Payable for securities

   315.1    120.1 

Collateral

   763.9    209.5 

Derivatives

   528.2    700.9 

Other liabilities

   162.0    278.3 
  

 

 

   

 

 

 

Total general account liabilities

   43,494.4    39,946.7 

Separate account liabilities

   443.3    103.7 
  

 

 

   

 

 

 

Total liabilities

   43,937.7    40,050.4 

Capital and surplus:

    

Common stock - $7.50 par value; 1,200,000 shares authorized; 201,000 shares issued and outstanding

   1.5    1.5 

Gross paid-in and contributed surplus

   815.2    815.2 

Unassigned funds

   1,962.8    2,015.9 

Aggregate write-in for special surplus funds

   271.5    —  
  

 

 

   

 

 

 

Total capital and surplus

   3,051.0    2,832.6 
  

 

 

   

 

 

 

Total liabilities, capital and surplus

  $46,988.7   $42,883.0 
  

 

 

   

 

 

 

See accompanying notes to statutory-basis financial statements.

F-4


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

STATUTORY-BASIS

(Dollars in millions)

   Year Ended December 31 
   2023  2022  2021 

Premiums and other revenues:

    

Premiums and annuity considerations

  $8,506.8  $(7,198.3 $5,027.0 

Net investment income

   1,918.4   1,019.0   1,951.0 

Amortization of interest maintenance reserve

   10.4   36.4   23.5 

Commissions and expense allowances and reserve adjustments on reinsurance ceded

   70.2   496.8   (50.8

Charges and fees for deposit-type contracts and miscellaneous income

   59.2   47.8   124.3 
  

 

 

  

 

 

  

 

 

 

Total premiums and other revenues

   10,565.0   (5,598.3  7,075.0 
  

 

 

  

 

 

  

 

 

 

Benefits and expenses:

    

Policyholders’ benefits

   748.1   505.8   901.2 

Surrender benefits

   2,434.7   1,460.5   2,208.0 

Change in policy and contract reserves

   5,901.8   (8,743.9  3,107.8 

Interest and adjustments on deposit-type contracts

   156.9   142.3   118.7 

Direct commissions and commissions and expense allowances on reinsurance assumed

   394.2   364.6   285.2 

General insurance expenses

   169.8   158.7   145.3 

Insurance taxes, licenses and fees

   12.7   12.2   12.6 

Net transfers to or (from) separate accounts

   356.8   (22.0  36.8 

Other

   (0.4  319.3   3.6 
  

 

 

  

 

 

  

 

 

 

Total benefits and expenses

   10,174.6   (5,802.5  6,819.2 
  

 

 

  

 

 

  

 

 

 

Income from operations before federal income taxes and net realized capital gains and losses

   390.4   204.2   255.8 

Federal income tax (expense) benefit on operations

   (241.8  (13.6  (45.5
  

 

 

  

 

 

  

 

 

 

Income from operations before net realized capital gains and losses

   148.6   190.6   210.3 

Net realized capital (losses) gains:

    

Net realized capital (losses) gains before related federal income taxes and transfers to interest maintenance reserve

   (531.5  (12.6  301.1 

Federal income tax benefit (expense) on net realized capital gains

   23.4   14.3   (118.3

Interest maintenance reserve transfers, net of tax

   354.4   (34.3  (64.0
  

 

 

  

 

 

  

 

 

 

Net realized capital (losses) gains

   (153.7  (32.6  118.7 
  

 

 

  

 

 

  

 

 

 

Net (loss) income

  $(5.1 $158.0  $329.0 
  

 

 

  

 

 

  

 

 

 

See accompanying notes to statutory-basis financial statements.

F-5


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

STATUTORY-BASIS

(Dollars in millions)

   Year Ended December 31 
   2023  2022  2021 

Common stock:

    

Balance at beginning of year

  $1.5  $1.5  $1.5 
  

 

 

  

 

 

  

 

 

 

Balance at end of year

  $1.5  $1.5  $1.5 
  

 

 

  

 

 

  

 

 

 

Gross paid-in and contributed surplus:

    

Balance at beginning of year

  $815.2  $815.2  $814.0 

Contributions from parent

   —    —    1.2 
  

 

 

  

 

 

  

 

 

 

Balance at end of year

  $815.2  $815.2  $815.2 
  

 

 

  

 

 

  

 

 

 

Unassigned funds:

    

Balance at end of prior year

  $2,015.9  $2,061.4  $2,081.7 

Change in reserve on account of change in valuation basis*

   —    236.2   —  

Cumulative effect of change in accounting principle*

   —    (454.4  —  
  

 

 

  

 

 

  

 

 

 

Adjusted beginning balance

   2,015.9   1,843.2   2,081.7 

Net income

   (5.1  158.0   329.0 

Change in net unrealized gains (losses) on derivatives

   217.1   (204.1  (67.7

Change in net unrealized foreign exchange capital gains

   19.9   8.8   —  

Change in net unrealized capital (losses) gains, net of deferred taxes

   (51.8  3.5   93.1 

Change in net deferred tax asset*

   214.6   (33.1  39.4 

Change in nonadmitted assets*

   (22.8  (4.6  (20.7

Change in admitted disallowed interest maintenance reserve

   (271.5  —    —  

Change in asset valuation reserve

   48.7   (73.0  (93.4

Change in surplus as a result of reinsurance

   —    317.2   —  

Dividends to parent

   (200.0  —    (300.0

Correction of error, net of tax

   (2.2  —    —  
  

 

 

  

 

 

  

 

 

 

Balance at end of year

  $1,962.8  $2,015.9  $2,061.4 
  

 

 

  

 

 

  

 

 

 

Special surplus funds:

    

Balance at end of prior year

  $—   $—   $—  

Change in admitted disallowed interest maintenance reserve

   271.5   —    —  
  

 

 

  

 

 

  

 

 

 

Balance at end of year

  $271.5  $—   $—  
  

 

 

  

 

 

  

 

 

 

Total capital and surplus

  $3,051.0  $2,832.6  $2,878.1 
  

 

 

  

 

 

  

 

 

 

*

Effective January 1, 2022, the Company elected to apply Ohio Administrative Code 3901-1-67, Alternative Derivative and Reserve Accounting Practices (OAC 3901-1-67) to its derivative instruments hedging fixed-indexed products and fixed-indexed annuity reserve liabilities. At adoption, the decrease in statutory surplus of ($157.4 million) was comprised of $236.2 million in change in reserve on account of change in valuation basis, ($454.4 million) in cumulative effect of change in accounting principle, $46.2 million in change in net deferred income tax and $14.6 million in change in nonadmitted assets.

See accompanying notes to statutory-basis financial statements.

F-6


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

STATEMENTS OF CASH FLOW

STATUTORY-BASIS

(Dollars in millions)

   Year Ended December 31 
   2023  2022  2021 

Operations:

    

Premiums and annuity considerations

  $8,509.2  $6,877.6  $5,028.1 

Net investment income

   2,279.3   1,244.9   2,392.4 

Benefits paid

   (3,375.1  (2,266.8  (3,052.6

Commissions, expenses and other deductions

   (570.4  (551.5  (408.9

Federal income taxes paid

   (144.6  (103.8  (140.3

Other

   119.1   562.2   33.1 
  

 

 

  

 

 

  

 

 

 

Net cash provided by operations

   6,817.5   5,762.6   3,851.8 
  

 

 

  

 

 

  

 

 

 

Investing activities:

    

Sales, maturities or repayments of investments, net:

    

Bonds

   8,046.0   14,058.5   6,454.7 

Stocks

   131.1   18.2   338.1 

Mortgage loans

   715.1   537.0   506.8 

Real estate

   —    —    65.8 

Other invested assets

   322.1   274.0   716.5 

Net gains or (losses) on cash, cash equivalents and short-term investments

   —    (0.1  2.6 

Miscellaneous proceeds

   56.7   (22.3  —  

Purchases of investments:

    

Bonds

   (10,104.1  (16,364.8  (9,899.7

Stocks

   (128.7  (109.2  (78.6

Mortgage loans

   (1,881.1  (1,107.7  (1,074.4

Real estate

   —    —    (1.1

Other invested assets

   (340.0  (300.9  (232.4

Miscellaneous applications

   (796.7  (673.9  (389.3

Net decrease in policy loans

   1.5   32.7   5.8 
  

 

 

  

 

 

  

 

 

 

Net cash used in investing activities

   (3,978.1  (3,658.5  (3,585.2
  

 

 

  

 

 

  

 

 

 

Financing and miscellaneous activities:

    

Net (withdrawals) deposits on deposit-type contracts

   (136.5  50.4   (1,056.1

Dividends to parent

   (200.0  —    (300.0

Other

   (2,282.8  (1,172.2  51.0 
  

 

 

  

 

 

  

 

 

 

Net cash used in financing and miscellaneous activities

   (2,619.3  (1,121.8  (1,305.1
  

 

 

  

 

 

  

 

 

 

Net increase (decrease) in cash and short-term investments

   220.1   982.3   (1,038.5

Cash and short-term investments at beginning of year

   1,991.2   1,008.9   2,047.4 
  

 

 

  

 

 

  

 

 

 

Cash and short-term investments at end of year

  $2,211.3  $1,991.2  $1,008.9 
  

 

 

  

 

 

  

 

 

 

Cash flow information for non-cash transactions:

    

Bond conversions and refinancing

  $255.4  $453.1  $—  

Common stock conversions

   34.4   0.2   —  

Bonds transferred to other invested assets

   18.6   119.7   —  

Other invested assets transferred to common stocks

   15.5   —    —  

Common stocks transferred to other invested assets

   6.4   —    —  

Perferred stock conversions

   0.4   —    —  

Bonds transferred to mortgage loans

   —    362.7   —  

Other invested assets transferred to bonds

   —    17.1   —  

Net investment income payment-in-kind for bonds

   —    1.1   —  

Maturity extensions

   —    —    385.9 

Exchanges

   —    —    162.0 

Transfers

   —    —    30.0 

Securities acquired from dividends/return of capital distribution

   —    —    7.1 

Capitalized interest

   —    —    5.6 

Securities acquired as capital contributions

   —    —    0.7 

See accompanying notes to statutory-basis financial statements.

F-7


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

A. ORGANIZATION AND NATURE OF OPERATIONS

As of May 28, 2021, Great American Life Insurance Company (“GALIC” or “the Company”), a stock life insurance company domiciled in the State of Ohio, is a direct, wholly-owned subsidiary of Glidepath Holdings, Inc. (“Glidepath”), a financial services holding company wholly-owned by Massachusetts Mutual Life Insurance Company (“MassMutual”). Prior to that date, GALIC was a direct wholly-owned subsidiary of Great American Financial Resources, Inc. (“GAFRI”), a financial services holding company wholly-owned by American Financial Group, Inc. (“AFG”). In the fourth quarter of 2022 the Company’s name was changed to MassMutual Ascend Life Insurance Company (“MMALIC”). MMALIC predominantly markets traditional fixed, fixed-indexed and registered index-linked annuities (“RILA”) in the retail, financial institutions, broker-dealer and registered investment advisor markets, and maintains pension risk transfer business (“PRT”), which is a run-off block of business. MMALIC also has small blocks of long-term care products (“LTC”), other accident and health business, term and universal life in-force business, much of which is reinsured to third parties and are run-off blocks of business. MMALIC is licensed to write life, annuity and accident & health insurance in forty-nine states and the District of Columbia.

B. SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying financial statements have been prepared in conformity with accounting practices prescribed or permitted by the National Association of Insurance Commissioners (“NAIC”) and the Ohio Department of Insurance, which vary in some respects from U.S. generally accepted accounting principles (“GAAP”). Although the differences to GAAP have not been quantified, they are presumed to be material. The more significant of the differences using these statutory policies versus GAAP are as follows:

(a)

annuity receipts are accounted for as revenues versus liabilities for GAAP,

(b)

costs incurred in the acquisition of new business such as commissions, underwriting and policy issuance costs are expensed at the time incurred versus being capitalized for GAAP,

(c)

reserves established for future policy benefits are calculated using more conservative assumptions for mortality and interest rates than would be used under GAAP. Beginning on January 1, 2022, certain indexed annuity reserves are calculated in accordance with a prescribed practice under the Ohio Administrative Code discussed elsewhere in this footnote,

(d)

for statutory reporting, an Interest Maintenance Reserve (“IMR”) is provided whereby portions of certain realized gains and losses from fixed income investments are deferred and amortized into investment income as prescribed by the NAIC,

(e)

investments in bonds considered “available for sale” (as defined under GAAP) are generally recorded at amortized cost versus fair value for GAAP, except those with an NAIC designation of “6,” which are stated at the lower of amortized cost or fair value,

(f)

investments in non-affiliated common stocks are carried at fair value. Redeemable preferred stocks rated RP1 through RP3 are stated at book value. All other redeemable preferred stocks are stated at the lower of book value or fair value. Perpetual preferred stocks are stated at fair value, not to exceed any effective call price. GAAP requires that equity securities are carried at fair value with holding gains and losses reported in realized gains,

(g)

for statutory reporting, surplus notes are carried at book value. Under GAAP, surplus notes are considered investments in bonds “available for sale” recorded at fair value,

(h)

investments in equity securities of wholly-owned subsidiaries are carried at statutory and GAAP equity, in accordance with Statement of Statutory Accounting Principle No. 97, Investments in Subsidiary, Controlled and Affiliated Entities (“SSAP No. 97”), versus being consolidated for GAAP,

(i)

for statutory reporting, an Asset Valuation Reserve (“AVR”) is provided under a formula prescribed by the NAIC as a valuation allowance for invested assets, which reclassifies a portion of surplus to liabilities,

(j)

the cost of certain assets designated as “nonadmitted assets” (principally advance commissions paid to agents, inventory and prepaid assets on real estate holdings, deferred tax assets (“DTA”) and certain investment income due and accrued in excess of statutory limitations) is charged against surplus,

(k)

policy liabilities and accruals in the statutory-basis balance sheets are reported net of reinsurance credits and recoverable unpaid losses. Under GAAP, balance sheet amounts are reported gross of reinsurance,

(l)

commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with deferred policy acquisition costs as required under GAAP. Gains on reinsurance transactions are recorded to surplus when incurred rather than being deferred as required under GAAP,

F-8


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

B. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(m)

for statutory reporting, reinsurance agreements are reported in accordance with Statement of Statutory Accounting Principle No. 61R, Life, Deposit-Type and Accident and Health Reinsurance; certain reinsurance agreements are accounted for using deposit accounting for GAAP,

(n)

the mark to market on RILA options, forward contracts, currency swaps and interest rate swaps is included as an unrealized gain/(loss) in unassigned surplus versus income for GAAP. Prior to January 1, 2022, fixed-indexed annuity options were carried at fair value and the mark to market was included as an unrealized gain/(loss) in unassigned funds versus income for GAAP,

(o)

the fixed-indexed annuity options are carried at amortized cost versus fair value for GAAP. Prior to January 1, 2022, fixed-indexed annuity options were carried at fair value,

(p)

in accordance with SSAP No. 101 – Income Taxes, DTAs are limited to: 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a timeframe corresponding with Internal Revenue Service (“IRS”) tax loss carryback provisions, not to exceed three years, including amounts established in accordance with the provision of SSAP No. 5R, plus 2) for entities who meet the required realization threshold in SSAP No. 101, the lesser of the remaining gross DTAs expected to be realized within three years of the balance sheet date or 15% of capital and surplus excluding any net DTAs, EDP equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross DTAs that can be offset against existing gross deferred tax liabilities (“DTL”). The remaining DTAs are nonadmitted. Deferred taxes do not include amounts for state taxes. Under GAAP, a DTA is recorded for the amount of gross DTAs expected to be realized in future years, and a valuation allowance is established for DTAs not realizable,

(q)

for statutory reporting, cash, cash equivalents, and short-term investments represent cash balances and investments with initial maturities of one year or less. Under GAAP, cash and cash equivalents include cash balances and investments with initial maturities of three months or less, and negative cash balances are reported as negative assets,

(r)

changes in deferred taxes are recognized in operations under GAAP versus a change in surplus for statutory reporting,

(s)

statutory financial statements are prepared using language and groupings substantially the same as the annual statements of the Company filed with the Ohio Department of Insurance,

(t)

statutory statements of cash flows are presented on the basis prescribed by the NAIC, and

(u)

statutory financial statements do not include accumulated other comprehensive income.

INTEREST RATE RISK

Significant changes in interest rates expose the Company to the risk of not earning income or experiencing losses based on the differences between the interest rates earned on investments and the credited interest rates paid on outstanding fixed annuity contracts and life insurance products with account values. Significant changes in interest rates may affect:

the unrealized gains and losses in the investment portfolio;

the book yield of the investment portfolio; and

the ability of the Company to maintain appropriate interest rate spreads over the fixed rates guaranteed in life and annuity products.

CREDIT RISK

Third party debtors may not pay or perform their obligations. These parties may include the issuers of securities, customers, reinsurers, and other financial intermediaries.

F-9


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

B. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

PRESCRIBED OR PERMITTED PRACTICES

The Ohio Department of Insurance recognizes only statutory accounting practices prescribed or permitted by the State of Ohio for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the Ohio Insurance Law. The NAIC’s Accounting Practices and Procedures Manual (“NAIC SAP”)has been adopted as a component of prescribed or permitted practices by the State of Ohio. The Company has no prescribed practices or permitted practices that would result in differences between NAIC SAP and the State of Ohio with the exception of OAC 3901-1-67.

Effective January 1, 2022, the Company elected to apply OAC 3901-1-67 to its derivative instruments hedging fixed-indexed products and fixed-indexed reserve liabilities. Under OAC 3901-1-67, derivative instruments are carried at amortized cost with the initial hedge cost amortized over the term and asset payoffs realized at the end of the term being reported through net investment income. Additionally, the cash surrender value reserves for fixed-indexed products only reflect index interest credits at the end of the crediting term as compared to partial index interest credits accumulating throughout the crediting term through change in policy and contract reserves.

If the prescribed practices were not applied, the Company’s risk-based capital would continue to be above regulatory action levels. A reconciliation of the Company’s net income (loss) between NAIC SAP and prescribed practice is shown below:

               Year Ended December 31 

Net Income (in millions )

  

SSAP #

  

F/S Page

  

State of
Domicile

  2023   2022   2021 
(1)  

State basis

  XXX  XXX  XXX  $(5.1  $158.0   $329.0 
(2)  

State prescribed practices that are an increase/(decrease) from NAIC SAP

  XXX  XXX  XXX      
  

OAC 3901-1-67:

            
  

Derivative instruments

  86  4  OH   (49.3   (26.4   —  
  

Reserves for fixed indexed annuities

  51  4  OH   306.6    (188.0   —  
  

Tax impact

  101  4  OH   0.7    0.4    —  
(3)  

State permitted practices that are an increase/(decrease) from NAIC  SAP

  XXX  XXX  XXX   —     —     —  
          

 

 

   

 

 

   

 

 

 
(4)  

NAIC SAP (1-2-3=4)

  XXX  XXX  XXX  $ (263.1  $372.0   $329.0 
          

 

 

   

 

 

   

 

 

 

A reconciliation of the Company’s capital and surplus between the NAIC SAP and prescribed practice is shown below:

              Year Ended December 31 

Surplus (in millions )

  

SSAP #

  

F/S Page

  

State of
Domicile

  2023   2022   2021 
(5) 

Statutory surplus state basis

  XXX  XXX  XXX  $ 3,051.0   $2,832.6   $2,878.1 
(6) 

State prescribed practices that are an increase/(decrease) from NAIC SAP

            
 

OAC 3901-1-67:

            
 

Derivative instruments

  86  2, 4  OH   (525.3   (39.2   —  
 

Reserves for fixed indexed annuities

  51  3, 4  OH   354.8    48.2    —  
 

Tax impact

  101  2, 4  OH   50.8    13.1    —  
(7) 

State permitted practices that are an increase/(decrease) from NAIC  SAP

  XXX  XXX  XXX   —     —     —  
         

 

 

   

 

 

   

 

 

 
(8) 

NAIC SAP (5-6-7=8)

  XXX  XXX  XXX  $3,170.7   $2,810.5   $2,878.1 
         

 

 

   

 

 

   

 

 

 

On February 17, 2022, MMALIC entered into a Funds Withheld Coinsurance agreement effective February 1, 2022, with Martello Re Limited, a Bermuda-domiciled Class E life and annuity reinsurer launched in 2022. MMALIC ceded statutory reserves of approximately $14.2 billion on a closed block of fixed, fixed-indexed and payout annuity policies, in exchange for a $320 million ceding commission paid by Martello Re. The transaction resulted in a significant increase to MMALIC’s Risk Based Capital ratio. See “Note F - Reinsurance” for additional disclosure.

Preparation of the statutory-basis financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

F-10


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

B. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

INVESTMENTS

Investments are generally stated as follows:

a)

bonds with a NAIC rating 1 through 5 are stated at amortized cost using the interest method; all others are stated at the lower of amortized cost or fair value. For residential mortgage-backed securities (“MBS”), commercial MBS and loan-backed and structured securities (“LBASS”), the NAIC has retained a third-party investment management firm to assist in the determination of the appropriate NAIC designations and Book Adjusted Carrying Values based on not only the probability of loss, but also the severity of loss. Those residential MBS, commercial MBS and LBASS securities that are not modeled but receive a current year NAIC Credit Rating Provider rating equal to NAIC 1 and 2 are stated at amortized cost and NAIC 3-6 are stated at lower of amortized cost or fair value. Dealer modeled prepayment assumptions are used for mortgage-backed and asset-backed securities at the date of purchase to determine effective yields; significant changes in estimated cash flows from the original purchase assumptions are accounted for on a prospective basis,

b)

short-term investments are carried at cost,

c)

redeemable preferred stocks rated RP1 through RP3 are stated at book value. All other redeemable preferred stocks are stated at the lower of book value or fair value. Perpetual preferred stocks are stated at fair value, not to exceed any effective call price,

d)

common stocks are carried at fair value except investments in stocks of unconsolidated subsidiaries and affiliates in which the Company has an interest of 10% or more are carried on the equity basis in accordance with SSAP No. 97,

e)

RILA options, forward contracts, financial futures, currency swaps and interest rate swaps are carried at fair value,

f)

fixed-indexed annuity options are carried at amortized cost. Prior to adoption of OAC 3901-1-67, fixed-indexed annuity options were carried at fair value,

g)

other invested assets include limited partnerships, limited liability companies and surplus notes. Surplus notes are stated at the lower of amortized cost or fair value. Investments in limited partnerships and limited liability companies are accounted for using the equity method,

h)

mortgage loans on real estate are carried at amortized cost less an allowance, and

i)

policy loans are stated at the aggregate unpaid balance.

If it is determined that a decline in fair value of a specific investment is other-than-temporary, an impairment is recognized as a realized capital loss. Investments that are in an unrealized loss position that the Company intends to sell, or does not have the intent and ability to hold until recovery, are written down to fair value. Loan-backed and structured securities (included in bonds) that are in an unrealized loss position that the Company has the intent and ability to hold until recovery, are written down only to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. All other bonds that are in an unrealized loss position that the Company has the intent and ability to hold until recovery are written down to fair value if declines are credit-related and not written down for interest-related declines. When a decline in the value of a specific investment is considered to be other-than-temporary, a provision for impairment is charged to earnings (included in net realized capital gains (losses)) and the cost basis of that investment is reduced by the amount of the charge.

The Company’s derivative strategy employs a variety of derivative financial instruments including interest rate and currency swaps, options, financial futures, and forward contracts. Investment risk is assessed on a portfolio basis and individual derivative financial instruments are not generally designated in hedging relationships; therefore, as allowed by statutory accounting practices, the Company intentionally has not applied hedge accounting. Subsequent to the adoption of OAC on January 1, 2022, options related to fixed-indexed annuities are recorded at amortized cost with amortization and expirations recorded in Net investment income. All other derivative instruments are recorded at fair value with the related changes reported in Unassigned funds and settlements and expirations reported in Net realized capital gains (losses).

F-11


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

B. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Counterparties to financial instruments expose the Company to credit-related losses in the event of nonperformance, but the Company does not expect any counterparties to fail to meet their obligations and expects any nonperformance to not have a material impact on the Company’s financial statements. The Company receives collateral from certain counterparties to support its purchased equity index call option assets (net of collateral required under put option contracts with the same counterparties).

Investments having maturities of three months or less when purchased are considered to be cash equivalents for purposes of the statutory-basis financial statements. The carrying values of cash and short-term investments approximate their fair values.

Gains or losses on sales of securities are recognized at the time of disposition with the amount of gain or loss determined on the specific identification basis.

The IMR applies to interest-related realized capital gains and losses (net of tax) and is intended to defer realized gains and losses resulting from changes in the general level of interest rates. Gains and losses deferred from realized capital gains and losses are reported in interest maintenance reserve transfers, net of tax on the Statement of Operations. The IMR is amortized into investment income over the approximate remaining life of the investments sold.

The AVR provides for possible credit-related losses on securities and is calculated according to a specified formula as prescribed by the NAIC for the purpose of stabilizing surplus against fluctuations in the fair value of investment securities. Changes in the required reserve balances are made by direct credits or charges to surplus.

During 2023 and 2022, the Company did not reduce the interest rates on any of the outstanding mortgage loans due to credit concerns. Fire insurance, at least equal to the excess of the loan over the maximum loan that would be permitted by law on the land without the buildings, is required on all properties covered by mortgage loans.

Investments in the capital stock of MMALIC’s wholly-owned insurance subsidiaries, Annuity Investors Life Insurance Company (“AILIC”) and Manhattan National Life Insurance Company (“MNLIC”), are carried at the subsidiary’s statutory equity in accordance with SSAP No. 97.

PREMIUMS

Annuity premiums and considerations are recognized as revenue when received. Life and accident and health premiums are recognized as revenue when due and premiums over 90 days past due are nonadmitted and charged against surplus. Additionally, life and accident and health premiums include deferred premiums on in-force business.

SEPARATE ACCOUNT

Separate account assets and liabilities reported in the accompanying statutory-basis balance sheet represent funds that are separately administered to hedge the Company’s registered index-linked annuity contracts. Separate account assets are reported at fair value and include equity index call options. Separate account liabilities are reported at fair value and include equity index put options and registered index-linked annuity reserves. The operations of the separate account are not included in the accompanying statutory-basis financial statements.

F-12


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

B. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

POLICY BENEFIT RESERVES

Life, annuity, and accident and health disability benefit reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Ohio Department of Insurance. MMALIC waives deduction of deferred fractional premiums on the death of life and annuity policy insureds and returns any premium beyond the date of death. Surrender values on policies do not exceed the corresponding benefit reserves.

For life insurance policies extra premiums are charged for substandard lives. Additional reserves are established when the results of cash flow testing under various interest rate scenarios indicate the need for such reserves or, where required by the valuation standards, when the net premiums exceed the gross premiums. The net deficiency reserve at December 31, 2023 and December 31, 2022, was $1.7 million and $1.9 million, respectively. The net amount of insurance in force for these reserves at December 31, 2023 and December 31, 2022 was approximately $13.9 million and $16.1 million, respectively. Much of the deficiency reserve is related to a cash endowment rider.

The valuation mortality table and interest assumptions being used on the vast majority of life policies in force is the 1980 Commissioners Standard Ordinary Table with 2.0% to 6.0% interest. Approximately one-sixth of the future life insurance benefits are based on a net level reserve basis and the remaining are based on a modified reserve basis. The effect of using a modified reserve basis is to partially offset the effect of immediately expensing acquisition costs by providing a reserve increase in the first policy year which is less than the increase in the renewal years.

For life insurance policies the mean reserve method is used to adjust the calculated terminal reserve to the appropriate reserve at December 31. Mean reserves for substandard lives are determined by computing the regular mean reserve for the plan at the rated age and holding, in addition, one-half of the extra premium charge for the year. An asset is recorded for deferred premiums net of loading to adjust the reserve for modal premium payments.

Life insurance deferred and uncollected premiums represent annual or fractional premiums, either due and uncollected or not yet due, whereby policy reserves have been provided on the assumption that the full premium for the current policy year has been collected.

Annuity policy and deposit fund reserves are based on principles underlying the Commissioners Annuity Reserve Valuation Method. Valuation interest rates range from 0.75% to 11.25%. Valuation mortality rates are from the 1971 Individual Annuity Mortality (“IAM”) table, the 1983 IAM table, 1994 Group Annuity Mortality table, Annuity 2000 mortality table and the 2012 Individual Annuity Reserving mortality table. Reserves for fixed-indexed annuities are calculated using the market value reserve method as defined in NAIC Actuarial Guideline 35, adjusted in accordance with OAC 3901-1-67. The fixed-indexed reserves will only reflect index interest credits at the end of the crediting term as compared to partially reflecting the index interest credits throughout the crediting term in aggregate reserves for life and accident and health contracts. Prior to 2022, reserves for fixed-indexed annuities were calculated using the market value reserve method as defined in NAIC Actuarial Guideline 35. Reserves for registered index-linked annuities are calculated using the reserve method defined in the Valuation Manual (VM-21), including the use of the Alternative Methodology for calculating the Conditional Tail Expectation Amount. Rates determined by section VM-22 of the Valuation Manual were used for pension risk transfer contracts and single premium immediate annuities with issue years after 2017 and payout annuities issued as an annuitization of a deferred annuity originally issued after 2017.

Tabular interest, tabular less actual reserves released and tabular costs have been determined by formula. Tabular interest on funds not involving life contingencies is calculated as the product of such valuation rate of interest times the mean of the amount of funds subject to such valuation rate of interest held at the beginning and end of the year of valuation.

The nature of significant other reserve changes primarily relates to annuity reserves ceded to both Martello Re Limited and Commonwealth Annuity and Life Insurance Company (“Commonwealth”). The Company has ceded approximately $15.0 billion and $18.3 billion of annuity reserves in aggregate to Martello Re Limited and Commonwealth at December 31, 2023 and 2022, respectively.

F-13


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

B. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

The liability for unreported claims is based on actual, recent Company experience of unreported life and annuity claim development. This experience is monitored and the liability is adjusted accordingly each quarter.

The Company is required to perform an annual asset adequacy test of reserves, to determine if they are adequate under moderately adverse conditions. The Appointed Actuary oversees the analysis and determines if and how much additional reserves are required. As of December 31, 2023 and 2022 additional reserves were not required.

FEDERAL INCOME TAXES

Through the first five months of 2021, the Company had an intercompany tax allocation agreement with AFG. Pursuant to the agreement, the Company’s tax expense was determined based upon its inclusion in the consolidated tax return of AFG and its includable subsidiaries. Estimated payments were made quarterly during the year. Following year-end, additional settlements would be made on the original due date of the return and, when extended, at the time the return was filed. The method of allocation among the companies under the agreement was based upon separate return calculations with current credit for net losses to the extent the losses provide a benefit in the consolidated return.

Beginning in June of 2021, MMALIC and its subsidiaries entered into a separate intercompany tax allocation agreement (the Tax Agreement). The Tax Agreement sets forth the manner in which the total combined federal income is allocated among the subsidiaries. The Tax Agreement provides MMALIC with the enforceable right to recoup federal income taxes paid in prior years in the event of future net capital losses, which it may incur. Further, the Tax Agreement provides MMALIC with the enforceable right to utilize its net losses carried forward as an offset to future net income subject to federal income taxes. Estimated payments are made quarterly during the year. Following year-end, additional settlements are made on the original due date of the return and, when extended, at the time the return is filed.

ADOPTION OF NEW ACCOUNTING STANDARDS

In June 2022, the NAIC adopted modifications to SSAP No. 25, Affiliates and Other Related Parties and SSAP No. 43R, Loan-Backed and Structured Securities, effective December 31, 2022. The modifications clarify application of the existing affiliate definition and incorporate disclosure requirements for all investments that involve related parties, regardless of whether they meet the affiliate definition. The revisions to SSAP No. 43R also included additional clarifications that the investments from any arrangements that results in direct or indirect control, which include but are not limited to control through a servicer, shall be reported as affiliated investments. The modifications did not have a material effect on the Company’s financial statements.

In August 2023, the NAIC adopted INT 23-01TDisallowed IMR (“INT 23-01T”). INT 23-01T provides optional, limited-term guidance for the assessment of disallowed IMR for up to 10% of adjusted general account capital and surplus. An insurer’s capital and surplus must first be adjusted to exclude certain “soft assets” including net positive goodwill, electronic data processing equipment and operating system software, net deferred tax assets and admitted disallowed IMR. An insurer will only be able to admit the negative IMR if the insurer’s risk-based capital is over 300% authorized control level after adjusting to remove the assets described above.

As adopted, negative IMR may be admitted first in the insurer’s general account and then, if all disallowed IMR in the general account is admitted and the percentage limit is not reached, to the separate account proportionately between insulated and noninsulated accounts. If the insurer can demonstrate historical practice in which acquired gains from derivatives were also reversed to IMR (as liabilities) and amortized, there is no exclusion for derivatives losses. INT 23-01T was adopted by the Company as of September 30, 2023 and will be effective through December 31, 2025. To the extent the Company’s IMR balance is a net negative, the effects of INT 23-01T will be reflected in the Company’s financial position, results of operations, and financial statement disclosures. The Company has adopted this guidance and the adoption resulted in an admitted disallowed IMR of $271.5 million.

F-14


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

B. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

In March 2023, the NAIC adopted modifications to SSAP No. 34 – Investment Income Due and Accrued, effective December 31, 2023. The modifications require additional disclosures and data capture related to gross, non-admitted and admitted amounts for interest income due and accrued, deferred interest, and paid-in-kind (“PIK”) interest.

In August 2023, the NAIC adopted revisions to further clarify the PIK interest disclosure in SSAP No. 34, effective December 31, 2023. The revisions clarify that decreasing amounts to principal balances are first applied to any PIK interest included in the principal balance. The original principal would not be reduced until the PIK interest had been fully eliminated from the balance. The revisions also provide a practical expedient for determining the PIK interest in the cumulative balance by subtracting the original principal/ par value from the current principal/ par value, with the resulting PIK interest not to go less than zero. The modifications did not have a material effect on the Company’s impact of PIK in relation to the financial statements.

In August 2023, the NAIC adopted revisions to clarify and incorporate a new bond definition within disclosures SSAP No. 26 – Bonds, SSAP No. 43 – Asset-Backed Securities, and other related SSAPs, effective January 1, 2025. The revisions were issued in connection with its principle-based bond definition project, the Bond Project.

The Bond Project began in October 2020 through the development of a principle-based bond definition to be used for all securities in determining whether they qualify for reporting on the statutory annual statement Schedule D. Within the new bond definition, bonds are classified as an “issuer credit obligation” or an “asset-backed security.” An “issuer credit obligation” is defined as a bond where repayment is supported by the general creditworthiness of an operating entity, and an “asset-backed security” is defined as a bond issued by an entity created for the primary purpose of raising capital through debt backed by financial assets. The revisions to SSAP No. 26 reflect the principle-based bond definition, and SSAP No. 43 provides accounting and reporting guidance for investments that qualify as asset-backed securities under the new bond definition. Upon adoption, investments that do not qualify as bonds will not be permitted to be reported as bonds on Schedule D, Part 1 thereafter as there will be no grandfathering for existing investments that do not qualify under the revised SSAPs. The Company is currently assessing the impacts of the adopted SSAP No. 26, SSAP No. 43 and other related SSAPs in relation to the financial statements.

SUBSEQUENT EVENTS

Management has evaluated all events occurring after December 31, 2023, through the date the financial statements were available to be issued, to determine whether any event required either recognition or disclosure in the financial statements.

F-15


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

C. FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. In determining fair value, the Company uses various methods, including market, income and cost approaches.

The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The three levels of the hierarchy are as follows:

Level 1 - Quoted prices for identical assets or liabilities in active markets (markets in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis). MMALIC’s Level 1 financial instruments consist primarily of cash, cash equivalents and short-term investments and publicly traded equity securities for which quoted market prices in active markets are available.

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar assets or liabilities in inactive markets (markets in which there are few transactions, the prices are not current, price quotations vary substantially over time or among market makers, or in which little information is released publicly); and valuations based on other significant inputs that are observable in active markets. MMALIC’s Level 2 financial instruments include fixed maturities, non-affiliated preferred stocks, separate account assets and liabilities, funds held as collateral and derivative instruments priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2.

Level 3 - Valuations derived from market valuation techniques generally consistent with those used to estimate the fair value of Level 2 financial instruments in which one or more significant inputs are unobservable or when the market for a security exhibits significantly less liquidity relative to markets supporting the Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available in the circumstances. MMALIC’s Level 3 is comprised of financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information.

Management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, the investment manager considers widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, management communicates directly with the pricing service regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities. See “Note D - Investments” for fair value of investment securities.

F-16


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

C. FAIR VALUE MEASUREMENTS (CONTINUED)

Financial assets and liabilities measured at fair value on a recurring basis categorized into the three-level fair value hierarchy at December 31, 2023 are summarized below (in millions):

Description

  Level 1   Level 2   Level 3   Total 

Assets:

        

Bonds:

        

Industrial and miscellaneous

  $—    $8.0   $6.3   $14.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds

   —     8.0    6.3    14.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-affiliated preferred stocks

   45.2    16.4    67.7    129.3 

Non-affiliated common stocks

   113.0    —     158.2    271.2 

Financial Futures

   21.0    —     —     21.0 

Interest rate swaps

   —     26.6    —     26.6 

Separate account assets

   5.2    438.1    —     443.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets accounted for at fair value

  $184.4   $489.1   $232.2   $905.7 
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

        

Currency swaps

  $—    $38.8   $—    $38.8 

Currency forwards

   —     5.0    —     5.0 

Interest rate swaps

   —     66.3    —     66.3 

Separate account liabilities

   5.2    438.1    —     443.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities accounted for at fair value

  $5.2   $548.2   $—    $553.4 
  

 

 

   

 

 

   

 

 

   

 

 

 

Financial assets and liabilities measured at fair value on a recurring basis categorized into the three-level fair value hierarchy at December 31, 2022 are summarized below (in millions):

Description

  Level 1   Level 2   Level 3   Total 

Assets:

        

Bonds:

        

Industrial and miscellaneous

  $—    $8.6   $12.7   $21.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds

   —     8.6    12.7    21.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-affiliated preferred stocks

   24.0    —     127.3    151.3 

Non-affiliated common stocks

   142.3    —     139.1    281.4 

Currency swaps

   —     1.0    —     1.0 

Currency forwards

   —     0.1    —     0.1 

Interest rate swaps

   —     25.2    —     25.2 

Separate account assets

   1.1    102.6    —     103.7 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets accounted for at fair value

  $167.4   $137.5   $279.1   $584.0 
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

        

Currency swaps

  $—    $4.8   $—    $4.8 

Currency forwards

   —     2.5    —     2.5 

Interest rate swaps

   —     95.0    —     95.0 

Separate account liabilities

   1.1    102.6    —     103.7 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities accounted for at fair value

  $1.1   $204.9   $—    $206.0 
  

 

 

   

 

 

   

 

 

   

 

 

 

The Company had no material assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022.

F-17


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

C. FAIR VALUE MEASUREMENTS (CONTINUED)

The Company recognizes and records the transfer of securities into and out of Level 3 due to changes in availability of market observable inputs. All transfers are reflected in the tables below at fair values as of the end of the reporting periods (in millions):

  Balance  Gain  Losses                       Balance 
  as of  (Losses)  (Gains)              Transfers     as of 
  1/1/2023  in Net Income  in Surplus  Purchases  Issuances  Settlements  Sales  In  Out  Other  12/31/2023 

Financial assets:

           

Industial and miscellaneous

 $12.7  $2.7  $(6.8 $0.8  $—   $—   $—   $—   $—   $(3.1 $6.3 

Preferred stocks - unaffiliated

  127.3   —    (10.9  —    0.9   (0.5  —    —    —    (49.1  67.7 

Common stocks - unaffiliated

  139.1   6.1   (15.9  —    —    (40.7  (0.3  —    —    69.9   158.2 
 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total financial assets

 $279.1  $8.8  $(33.6 $0.8  $0.9  $(41.2 $(0.3 $—   $—   $17.7  $232.2 
 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

  Balance  Gain  Losses                       Balance 
  as of  (Losses)  (Gains)              Transfers     as of 
  1/1/2022  in Net Income  in Surplus  Purchases  Issuances  Settlements  Sales  In  Out  Other  12/31/2022 

Financial assets:

           

Industial and miscellaneous

 $8.4  $(9.3 $(3.0 $—   $—   $(4.9 $—   $—   $—   $21.5  $12.7 

Preferred stocks - unaffiliated

  143.4   —    59.8   —    —    —    —    —    —    (75.9  127.3 

Common stocks - unaffiliated

  172.0   (0.6  83.8   6.4   48.3   (52.5  —    9.0   —    (127.3  139.1 
 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total financial assets

 $323.8  $(9.9 $140.6  $6.4  $48.3  $(57.4 $—   $9.0  $—   $(181.7 $279.1 
 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

F-18


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

C. FAIR VALUE MEASUREMENTS (CONTINUED)

The following table categorizes all the financial assets and liabilities in the financial statements into the three-level fair value hierarchy at December 31, 2023 (in millions):

Description

  Fair Value   Carrying Value   Level 1   Level 2   Level 3 

Financial assets:

          

Bonds:

          

U.S. Government and agencies

  $156.8   $186.7   $—    $156.8   $—  

All other governments

   18.2    19.2    —     18.2    —  

States, territories and possessions

   175.5    180.4    —     175.5    —  

Political subdivisions

   228.7    231.5    —     228.7    —  

Special Revenue

   1,800.2    1,920.8    —     1,784.9    15.3 

Industrial and miscellaneous

   29,809.8    31,688.5    —     21,914.2    7,895.6 

Parent, subsidiaries and affiliates

   722.2    745.2    —     583.4    138.8 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds

  $32,911.4   $34,972.3   $—    $24,861.7   $8,049.7 

Non-affiliated preferred stocks

   217.9    201.0    89.8    16.4    111.7 

Non-affiliated common stocks

   271.2    271.2    113.0    —     158.2 

Mortgage loans

   4,053.2    4,256.5    —     —     4,053.2 

Fixed-indexed annuity options**

   822.9    723.8    317.9    505.0    —  

Interest rate swaps

   26.6    26.6    —     26.6    —  

Financial futures

   21.0    21.0    —     21.0    —  

Separate account assets

   443.3    443.3    5.2    438.1    —  

Cash, cash equivalents and short-term investments

   2,211.3    2,211.3    2,211.3    —     —  

Policy loans

   30.0    30.0    —     —     30.0 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total financial assets

  $41,008.8   $43,157.0   $2,737.2   $25,868.8   $12,402.8 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial liabilities:

          

Currency swaps

  $38.8   $38.8   $—    $38.8   $—  

Currency forwards

   5.0    5.0    —     5.0    —  

Interest rate swaps

   66.3    66.3    —     66.3    —  

Fixed-indexed annuity options**

   —     418.1    —     —     —  

Separate account liabilities

   443.3    443.3    5.2    438.1    —  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total financial liabilities

  $553.4   $971.5   $5.2   $548.2   $—  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

*

Separate account liabilities incorporates the fair value of the separate account reserve and equity index put options.

**

Effective 1/1/2022, Fixed-indexed annuity options are carried at amortized cost per OAC 3901-1-67. Fair Value of options is reported net in the asset section for disclosure.

F-19


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

C. FAIR VALUE MEASUREMENTS (CONTINUED)

The following table categorizes all the financial assets and liabilities in the financial statements into the three-level fair value hierarchy at December 31, 2022 (in millions):

Description

  Fair Value   Carrying Value   Level 1   Level 2   Level 3 

Financial assets:

          

Bonds:

          

U.S. Government and agencies

  $64.0   $98.9   $—    $64.0   $—  

All other governments

   17.8    19.2    —     17.8    —  

States, territories and possessions

   183.1    190.7    —     183.1    —  

Political subdivisions

   268.7    272.7    —     268.7    —  

Special Revenue

   1,537.0    1,691.6    —     1,537.0    —  

Industrial and miscellaneous

   27,421.0    30,538.0    —     20,029.5    7,391.5 

Parent, subsidiaries and affiliates

   468.3    520.8    —     347.8    120.5 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds

  $29,959.9   $33,331.9   $—    $22,447.9   $7,512.0 

Non-affiliated preferred stocks

   198.3    185.0    38.5    —     159.8 

Non-affiliated common stocks

   281.4    281.4    142.3    —     139.1 

Mortgage loans

   2,846.5    3,088.8    —     —     2,846.5 

Currency forwards

   0.1    0.1    —     0.1    —  

Fixed-indexed annuity options**

   287.4    846.8    102.6    184.8    —  

Interest rate swaps

   25.2    25.2    —     25.2    —  

Currency swaps

   0.9    0.9    —     0.9    —  

Separate account assets

   103.7    103.7    1.1    102.6    —  

Cash, cash equivalents and short-term investments

   1,991.2    1,991.2    1,991.2    —     —  

Policy loans

   31.5    31.5    —     —     31.5 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total financial assets

  $35,726.1   $39,886.5   $2,275.7   $22,761.5   $10,688.9 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial liabilities:

          

Currency swaps

  $4.8   $4.8   $—    $4.8   $—  

Currency forwards

   2.5    2.5    —     2.5    —  

Interest rate swaps

   95.0    95.0    —     95.0    —  

Fixed-indexed annuity options**

   —     598.6    —     —     —  

Separate account liabilities

   103.7    103.7    1.1    102.6    —  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total financial liabilities

  $206.0   $804.6   $1.1   $204.9   $—  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

*

Separate account liabilities incorporates the fair value of the separate account reserve and equity index put options.

**

Effective 1/1/2022, Fixed-indexed annuity options are carried at amortized cost per OAC 3901-1-67. Fair Value of options is reported net in the asset section for disclosure.

F-20


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

C. FAIR VALUE MEASUREMENTS (CONTINUED)

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair values of financial instruments:

Bonds: Fair values for investments in publicly traded bonds are obtained from nationally recognized pricing services. Fair values for privately placed investment grade bonds are obtained from broker quotes or determined internally by security analysts of the Company’s affiliated investment portfolio manager.

Non-affiliated preferred and common stock: Fair values of equity securities are generally based on closing prices obtained from the exchanges on which the securities are traded. For the remainder of these securities, fair values are determined by management’s internal investment professionals using data from nationally recognized pricing services as well as non-binding broker quotes.

Mortgage Loans: The fair values for the Company’s mortgage loans are estimated by discounting the future contractual cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings.

Derivative instruments: The fair values for MMALIC’s derivative instruments are based on settlement values, quoted market prices of comparable instruments, fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing (guarantees, loan commitments), or, if there are no relevant comparables, on pricing models or formulas using current assumptions.

Separate Account: The separate account consists of derivative instruments in both asset and liability positions and registered index-linked annuity reserves. The reserves are set equal to the net fair value of the separate account derivative instruments. The methods and assumptions used for the separate account derivatives and reserves are described in more detail above.

Policy Loans: The Company states policy loans at the aggregate unpaid balance, which approximates fair value.

Cash, cash equivalents and short-term investments: Cash and cash equivalents, which are carried at amortized cost, consist of all highly liquid investments purchased with original maturities of three months or less. Short-term investments, which are carried at amortized cost, consist of short-term bonds, money market mutual funds and all highly liquid investments purchased with maturities of greater than three months and less than or equal to 12 months. The carrying value reported in the Statutory Balance Sheet for cash, cash equivalents and short-term investment instruments approximates the fair value.

F-21


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS

Bonds at December 31 consisted of the following (in millions):

   2023 
   Carrying   Fair   Gross Unrealized 
   Value   Value   Gains   Losses 

U.S. Government and agencies

  $186.7   $156.8   $3.9   $33.8 

All other governments

   19.2    18.2    —     1.0 

States, territories and possessions

   180.4    175.5    0.5    5.4 

Political subdivisions

   231.5    228.7    3.7    6.5 

Special Revenue

   1,920.8    1,800.2    10.5    131.1 

Industrial and miscellaneous

   31,688.5    29,809.8    247.6    2,126.3 

Parent, subsidiaries and affiliates

   745.2    722.2    4.2    27.2 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds

  $34,972.3   $32,911.4   $270.4   $2,331.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

The December 31, 2023 gross unrealized losses exclude $12.8 million of losses included in the carrying value. These losses include $12.5 million from NAIC Class 6 bonds and $0.3 million from residential mortgage-backed securities (RMBS) whose ratings were obtained from outside modelers. These losses were primarily included in industrial and miscellaneous.

Bonds at December 31 consisted of the following (in millions):

   2022 
   Carrying   Fair   Gross Unrealized 
   Value   Value   Gains   Losses 

U.S. Government and agencies

  $98.9   $64.0   $0.9   $35.8 

All other governments

   19.2    17.8    —     1.4 

States, territories and possessions

   190.7    183.1    0.6    8 

Political subdivisions

   272.7    268.7    4.9    8.9 

Special Revenue

   1,691.6    1,537.0    4.0    158.6 

Industrial and miscellaneous

   30,538.0    27,421.0    99.6    3,216.6 

Parent, subsidiaries and affiliates

   520.8    468.3    3.6    56.1 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds

  $33,331.9   $29,959.9   $113.6   $3,485.6 
  

 

 

   

 

 

   

 

 

   

 

 

 

The December 31, 2022 gross unrealized losses exclude $15.7 million of losses included in the carrying value. These losses include $15.4 million from NAIC Class 6 bonds and $0.3 million from residential mortgage-backed securities (RMBS) whose ratings were obtained from outside modelers. These losses were primarily included in industrial and miscellaneous.

At December 31, 2023 and 2022, the Company held unrated or less-than-investment grade bonds of $2,077.4 million and $2,171.2 million, respectively, with an aggregate fair value of $1,950.7 million and $1,968.2 million, respectively. Those holdings amounted to 5.9% and 6.5% of the Company’s investments in bonds and approximately 4.4% and 5.1% of the Company’s total admitted assets at December 31, 2023 and 2022, respectively. The Company performs periodic evaluations of the relative credit standing of the issuers of these bonds.

Mortgage loans are collateralized by underlying real estate properties, with geographic diversification across the United States. The Company monitors loan-to-value ratios and debt-service coverage ratios in assessing the credit quality of the underlying mortgage loans. There have been no material losses related to commercial mortgage loans historically or in 2023, 2022 or 2021. 

F-22


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The carrying value and fair value of the Company’s mortgage loans at December 31 were as follows (in millions):

   2023   2022 
   Carrying   Fair   Carrying   Fair 
   Value   Value   Value   Value 

Commercial mortgage loans:

        

Primary lender

  $1,431.9   $1,343.4   $1,263.5   $1,160.4 

Mezzanine loans

   47.6    47.6    22.6    22.6 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total commercial mortgage loans

   1,479.5    1,391.0    1,286.1    1,183.0 

Residential mortgage loans:

        

FHA insured and VA guranteed

   428.1    393.0    486.6    439.5 

Other residential mortgage loans

   2,348.9    2,269.2    1,316.1    1,224.0 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total residential mortgage loans

   2,777.0    2,662.2    1,802.7    1,663.5 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total mortgage loans

  $4,256.5   $4,053.2   $3,088.8   $2,846.5 
  

 

 

   

 

 

   

 

 

   

 

 

 

The loan-to-value ratios by property type of the Company’s commercial mortgage loans at December 31 were as follows (in millions):

   2023 
   Less Than   81% to   Above       % of 
   81%   95%   95%   Total   Total 

Office

  $53.5   $17.6   $25.1   $96.2    7

Apartments

   597.8    65.5    —     663.3    45

Industrial and other

   238.9    —     —     238.9    16

Hotels

   382.1    47.4    51.6    481.1    32

Retail

   —     —     —     —     0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $1,272.3   $130.5   $76.7   $1,479.5    100
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

More than 85% of the Company’s commercial mortgage loans’ loan-to-value ratios are below 81% for the year ended December 31, 2023.

   2022 
   Less Than   81% to   Above       % of 
   81%   95%   95%   Total   Total 

Office

  $79.1   $—    $30.8   $109.9    9

Apartments

   441.5    82.9    —     524.4    41

Industrial and other

   224.7    —     —     224.7    17

Hotels

   351.3    75.8    —     427.1    33

Retail

   —     —     —     —     0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $1,096.6   $158.7   $30.8   $1,286.1    100
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

More than 85% of the Company’s commercial mortgage loans’ loan-to-value ratios were below 81% for the year ended December 31, 2022.

F-23


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The Company uses an internal rating system as its primary method of monitoring credit quality. The following illustrates the Company’s mortgage loan portfolio rating at December 31, translated into the equivalent rating agency designation (in millions):

   2023 
                   CCC and     
   AAA/AA/A   BBB   BB   B   Lower   Total 

Commercial mortgage loans:

            

Primary lender

  $178.0   $947.7   $288.5   $17.7   $—    $1,431.9 

Mezzanine loans

   —     22.6    25.0    —     —     47.6 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total commercial mortgage loans

   178.0    970.3    313.5    17.7    —     1,479.5 

Residential mortgage loans:

            

FHA insured and VA guranteed

   428.1    —     —     —     —     428.1 

Other residential mortgage loans

   —     2,325.1    23.8    —     —     2,348.9 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total residential mortgage loans

   428.1    2,325.1    23.8    —     —     2,777.0 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total mortgage loans

  $606.1   $3,295.4   $337.3   $17.7   $—    $4,256.5 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

   2022 
                   CCC and     
   AAA/AA/A   BBB   BB   B   Lower   Total 

Commercial mortgage loans:

            

Primary lender

  $174.8   $798.4   $276.1   $—    $14.2   $1,263.5 

Mezzanine loans

   —     22.6    —     —     —     22.6 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total commercial mortgage loans

   174.8    821.0    276.1    —     14.2    1,286.1 

Residential mortgage loans:

            

FHA insured and VA guranteed

   481.6    5.0    —     —     —     486.6 

Other residential mortgage loans

   56.3    1,259.8    —     —     —     1,316.1 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total residential mortgage loans

   537.9    1,264.8    —     —     —     1,802.7 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total mortgage loans

  $712.7   $2,085.8   $276.1   $—    $14.2   $3,088.8 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The maximum percentage of any one commercial mortgage loan to the estimated value of secured collateral at the time the loan was originated, exclusive of mezzanine, insured, guaranteed or purchase money mortgages, was 100% as of December 31, 2023 and 100% as of December 31, 2022.

F-24


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The geographic distribution of commercial mortgage loans as of December 31 was as follows (in millions):

   2023 
       Average 
   Carrying   Loan-to-Value 
   Value   Ratio 

Colorado

  $175.8    68

Florida

   170.5    67

New York

   142.3    50

Texas

   128.8    61

California

   126.2    51

Virginia

   104.7    61

All other

   631.2    69
  

 

 

   

Total commercial mortgage loans

  $1,479.5    64
  

 

 

   

All other consists of 19 jurisdictions, with no individual exposure exceeding $83.1 million.

The geographic distribution of commercial mortgage loans as of December 31 was as follows (in millions):

   2022 
       Average 
   Carrying   Loan-to-Value 
   Value   Ratio 

Florida

  $194.3    76

Colorado

   175.8    67

Texas

   174.1    54

New York

   104.1    43

Virginia

   87.3    64

Indiana

   70.4    60

All other

   480.1    60
  

 

 

   

Total commercial mortgage loans

  $1,286.1    61
  

 

 

   

All other consists of 18 jurisdictions, with no individual exposure exceeding $70.4 million.

F-25


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

Interest rates, including fixed and variable, on the Company’s portfolio of mortgage loans at December 31 were:

   2023  2022 
   Low  High  Low  High 

Commercial mortgage loans:

   2.6  12.9  2.6  11.7

Residential mortgage loans

   4.8  11.8  2.2  11.7

Mezzanine mortgage loans

   11.0  14.4  10.0  13.3

Interest rates, including fixed and variable, on new mortgage loans at December 31 were:

   2023  2022 
   Low  High  Low  High 

Commercial mortgage loans:

   4.7  11.0  2.6  11.7

Residential mortgage loans

   7.1  11.8  2.5  11.7

Mezzanine mortgage loans

   11.0  11.0  10.0  13.3

As of December 31, 2023 and 2022, the Company had no impaired mortgage loans with or without a valuation allowance or mortgage loans derecognized as a result of foreclosure, including mortgage loans subject to a participant or co-lender mortgage loan agreement with a unilateral mortgage loan foreclosure restriction or mortgage loan derecognized as a result of a foreclosure.

F-26


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

Unrealized gains and losses on investments in non-affiliated preferred and common stocks are reported directly in unassigned funds and do not affect operations. The cost, gross unrealized gains and losses and fair value of those investments are summarized as follows (in millions):

       Fair   Gross Unrealized 
   Cost   Value   Gains   Losses 

At December 31, 2023

        

Non-affiliated preferred stocks

  $212.2   $217.9   $31.2   $25.5 

Non-affiliated common stocks

   195.6    271.2    102.4    26.8 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $407.8   $489.1   $133.6   $52.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

       Fair   Gross Unrealized 
   Cost   Value   Gains   Losses 

At December 31, 2022

        

Non-affiliated preferred stocks

  $165.5   $198.3   $58.5   $25.7 

Non-affiliated common stocks

   220.5    281.4    87.8    26.9 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $386.0   $479.7   $146.3   $52.6 
  

 

 

   

 

 

   

 

 

   

 

 

 

F-27


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The following tables present gross unrealized losses and fair values on bonds and non-affiliated preferred and common stocks by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31 (in millions):

   2023 
   Twelve Months or Less   More Than Twelve Months 
   Fair
Value
   Gross
Unrealized
Loss
   Number
of
Issuers
   Fair
Value
   Gross
Unrealized
Loss
   Number
of
Issuers
 

U.S. Government and agencies

  $24.6   $0.2    2   $45.4   $33.6    3 

All other governments

   —     —     0    18.2    1.0    11 

States, territories and possessions

   17.8    0.1    3    120.8    5.3    8 

Political subdivisions

   25.5    0.5    5    113.0    6.0    13 

Special Revenue

   134.5    2.1    25    1,132.3    129.0    104 

Industrial and miscellaneous

   2,181.0    55.7    322    16,931.4    2,083.4    1,585 

Parent, subsidiaries and affiliates

   132.7    0.4    6    369.4    26.8    10 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds

  $2,516.1   $59.0    363   $18,730.5   $2,285.1    1,734 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-affiliated preferred stocks

  $11.6   $22.1    3   $—    $3.4    —  

Non-affiliated common stocks

   5.0    4.6    31    9.0    22.2    18 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-affiliated preferred and common stocks

  $16.6   $26.7    34   $9.0   $25.6    18 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The December 31, 2023 gross unrealized losses exclude $12.8 million of losses included in the carrying value. These losses include $12.5 million from NAIC Class 6 bonds and $0.3 million from residential mortgage-backed securities (RMBS) whose ratings were obtained from outside modelers. These losses were primarily included in industrial and miscellaneous.

   2022 
   Twelve Months or Less   More Than Twelve Months 
   Fair
Value
   Gross
Unrealized
Loss
   Number
of
Issuers
   Fair
Value
   Gross
Unrealized
Loss
   Number
of
Issuers
 

U.S. Government and agencies

  $49.5   $35.8    2   $—    $—     —  

All other governments

   17.8    1.4    11    —     —     —  

States, territories and possessions

   160.6    8.2    10    —     —     —  

Political subdivisions

   157.9    8.9    22    —     —     —  

Special Revenue

   1,378.7    158.6    118    —     —     —  

Industrial and miscellaneous

   23,786.8    3,212.8    2,170    101.2    19.4    28 

Parent, subsidiaries and affiliates

   444.6    56.1    13    —     —     —  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds

  $25,995.9   $3,481.8    2,346   $101.2   $19.4    28 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-affiliated preferred stocks

  $1.3   $25.7    2   $—    $—     —  

Non-affiliated common stocks

   36.8    26.9    53    —     —     —  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-affiliated preferred and common stocks

  $38.1   $52.6    55   $—    $—     —  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The December 31, 2022, gross unrealized losses include $15.7 million of losses included in the carrying value. These losses include $15.4 million from NAIC Class 6 bonds and $0.3 million from RMBS whose ratings were obtained from outside modelers. These losses were primarily included in industrial and miscellaneous.

F-28


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The quality of the bond portfolio is determined by the use of SVO ratings and the equivalent rating agency designations, except for RMBS and CMBS that use third-party modelers. The following sets forth the NAIC class ratings for the bond portfolio (in millions):

      2023   2022 
NAIC
Class
  

Equivalent Rating

Agency Designation

  Carrying
Value
   % of
Total
   Carrying
Value
   % of
Total
 
1  

Aaa/Aa/A

  $20,190.9    57.8  $17,729.1    53.2
2  

Baa

   12,704.0    36.3   13,435.0    40.3
3  

Ba

   1,253.2    3.6   1,473.9    4.4
4  

B

   495.3    1.4   454.6    1.4
5  

Caa and lower

   287.0    0.8   209.4    0.6
6  

In or near default

   41.9    0.1   29.9    0.1
    

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

  $34,972.3    100.0  $33,331.9    100.0
    

 

 

   

 

 

   

 

 

   

 

 

 

When a decline in the fair value of a specific investment is considered to be other-than-temporary, a provision for impairment is charged to earnings (accounted for as realized capital loss) and the cost basis of that investment is reduced by the amount of the charge. The determination of whether unrealized losses are other-than-temporary requires judgment based on subjective as well as objective factors. Factors considered and resources used by management include:

(a)

whether the unrealized loss is credit-driven or a result of changes in market interest rates,

(b)

the extent to which fair value is less than cost basis,

(c)

cash flow projections received from independent sources,

(d)

historical operating, balance sheet and cash flow data contained in issuer Securities and Exchange Commission filings and news releases,

(e)

near-term prospects for improvement in the issuer and/or its industry,

(f)

third party research and communications with industry specialists,

(g)

financial models and forecasts,

(h)

the continuity of dividend payments, maintenance of investment grade ratings and hybrid nature of certain investments,

(i)

discussions with issuer management, and

(j)

the ability and intent to hold investment for a period of time sufficient to allow for any anticipated recovery in fair value.

Based on its analysis of the factors enumerated above, management believes (i) MMALIC will recover its cost basis in the securities with unrealized losses and (ii) that MMALIC has the ability and intent to hold securities until they recover in value. Although MMALIC has the ability to continue holding its investments with unrealized losses, its intent to hold them may change due to deterioration in the issuers’ creditworthiness, decisions to lessen exposure to a particular issuer or industry, asset/liability management decisions, market movements, changes in views about appropriate asset allocation or the desire to offset taxable realized gains. Should MMALIC’s ability or intent change with regard to a particular security, a charge for impairment would likely be required. While it is not possible to accurately predict if or when a specific security will become impaired, charges for other-than-temporary impairment (“OTTI”) could be material to results of operations in future periods.

Net realized gains (losses) on investments sold and charges for OTTI on investments held were as follows for the years ended December 31 (dollars in millions):

Year

  Net Realized (Losses) Gains
(Net of IMR Transfers and Taxes)
   Charges for
Impairment
   Total   Number of Investments with
Impairment Charges
 

2023

  $(64.3  $(89.4  $(153.7   137 

2022

  $8.4   $(41.0  $(32.6   138 

2021

  $170.7   $(52.0  $118.7    31 

F-29


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The following is a summary of the carrying value and fair value of bonds as of December 31, 2023 and 2022 (in millions) by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. Securities with more than one maturity date are included in the table using the final maturity date:

   2023   2022 
   Carrying
Value
   Fair
Value
   Carrying
Value
   Fair
Value
 

Maturity:

        

One year or less

  $477.7   $461.8   $662.3   $657.9 

After one year through five years

   7,313.4    7,226.3    5,118.2    4,925.2 

After five years through ten years

   10,259.6    9,804.4    9,902.5    9,068.6 

After ten years

   16,921.6    15,418.9    17,648.9    15,308.2 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total bonds by maturity

  $34,972.3   $32,911.4   $33,331.9   $29,959.9 
  

 

 

   

 

 

   

 

 

   

 

 

 

The aggregate amount of investment income generated as a result of prepayment penalties and acceleration fees was $0.0 million, $0.6 million, and $35.9 million during 2023, 2022, and 2021, respectively.

Proceeds from sales of bonds were $5,146.6 million, $10,640.3 million, and $686.8 million for 2023, 2022, and 2021, respectively. Gross realized gains of $21.3 million, $282.1 million, and $87.4 million and gross realized losses of $491.4 million, $232.4 million, and $11.9 million were realized on bonds during 2023, 2022, and 2021, respectively. The number of securities disposed of with a callable feature in 2023 and 2022 was 136 and 182, respectively.

MMALIC’s $4,365.1 million investment in MBS represents approximately 12% of the carrying value of its bonds at December 31, 2023. The Company’s indirect exposure to subprime mortgage risk as of December 31, 2023 had a total actual cost and book adjusted carrying value of approximately $1,185.0 million and $1,184.6 million, respectively, and a total fair value of approximately $1,083.9 million. MMALIC’s $4,253.5 million investment in MBS represents approximately 13% of the carrying value of its bonds at December 31, 2022. The Company’s indirect exposure to subprime mortgage risk as of December 31, 2022 had a total actual cost and book adjusted carrying value of approximately $551.0 million and $546.9 million, respectively, and a total fair value of approximately $515.7 million.

The Company has no aggregate loan-backed securities with an OTTI in which the Company has the intent to sell or the inability or lack of intent to retain the investment in the security for a period of time to recover the amortized cost basis.

F-30


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The following table shows each loan-backed security with an OTTI recognized in 2023, as the present value of cash flows expected to be collected is less than the amortized cost basis of the security (in whole dollars):

CUSIP

  Amortized Cost
Before OTTI
   Present Value
of Projected
Cash Flows
   OTTI Charge
Recognized in
Statement of Operations
  Amortized Cost
After OTTI
   Fair Value at
Time of OTTI
   Date
Reported
 

00176BAM5

  $202,546   $110,277   $92,269  $110,277   $116,065    03/31/2023 

001406AA5

   1,763,035    1,274,229    488,807   1,274,229    1,285,767    03/31/2023 

26827EAC9

   9,193,316    4,723,119    4,470,196   4,723,119    6,207,776    03/31/2023 

3622EAAA8

   3,756,795    3,647,858    108,936   3,647,858    3,611,452    03/31/2023 

61751DAE4

   1,645,601    1,578,836    66,764   1,578,836    1,967,072    03/31/2023 

617526AD0

   2,356,207    2,115,198    241,009   2,115,198    2,354,557    03/31/2023 

86358RXZ5

   421,445    412,256    9,189   412,256    413,530    03/31/2023 

05951KAN3

   622,182    623,350    (1,169  623,350    601,336    03/31/2023 

059522AU6

   2,269,369    2,102,631    166,738   2,102,631    2,176,835    03/31/2023 

12628LAD2

   785,041    763,053    21,988   763,053    660,429    03/31/2023 

12667F4N2

   2,210,900    2,186,739    24,161   2,186,739    2,182,686    03/31/2023 

12667F5E1

   1,062,067    1,059,207    2,860   1,059,207    995,081    03/31/2023 

12668APC3

   896,073    883,009    13,065   883,009    857,687    03/31/2023 

17307GED6

   1,409,643    1,393,308    16,335   1,393,308    1,455,502    03/31/2023 

17309BAB3

   220,495    214,662    5,834   214,662    195,222    03/31/2023 

32051GSQ9

   1,814,597    1,786,038    28,559   1,786,038    1,836,075    03/31/2023 

32051GT70

   663,419    662,609    810   662,609    596,313    03/31/2023 

46627MAD9

   589,002    581,089    7,914   581,089    518,389    03/31/2023 

46627MEJ2

   1,138,638    1,136,631    2,006   1,136,631    957,220    03/31/2023 

59020UW43

   223,543    223,584    (41  223,584    245,108    03/31/2023 

643529AC4

   537,761    506,075    31,686   506,075    563,770    03/31/2023 

74923GAC7

   1,432,936    1,431,302    1,634   1,431,302    1,521,208    03/31/2023 

74923HAQ4

   538,028    538,123    (95  538,123    480,166    03/31/2023 

74928RAB0

   248,088    241,996    6,091   241,996    266,975    03/31/2023 

74928XBB6

   4,436,827    3,886,418    550,409   3,886,418    4,352,809    03/31/2023 

75115BAC3

   1,010,823    1,015,108    (4,285  1,015,108    1,087,275    03/31/2023 

75115DAA3

   195,780    193,598    2,183   193,598    182,546    03/31/2023 

761118BU1

   717,506    688,322    29,183   688,322    756,457    03/31/2023 

761118FM5

   2,089,659    1,852,770    236,889   1,852,770    1,945,475    03/31/2023 

761118GS1

   1,139,848    1,138,816    1,032   1,138,816    1,041,063    03/31/2023 

761118SC3

   1,581,486    1,581,588    (103  1,581,588    1,360,351    03/31/2023 

761118UG1

   506,268    503,201    3,067   503,201    428,316    03/31/2023 

76112BNM8

   4,707,569    4,708,889    (1,320  4,708,889    4,941,288    03/31/2023 

855541AC2

   854,276    851,419    2,857   851,419    808,830    03/31/2023 

863579J90

   344,828    339,476    5,352   339,476    355,595    03/31/2023 

86360BAG3

   1,782,553    1,688,545    94,008   1,688,545    1,858,413    03/31/2023 

86360BAJ7

   684,793    671,937    12,855   671,937    700,892    03/31/2023 

87222EAB4

   838,918    811,788    27,130   811,788    736,793    03/31/2023 

87222EAC2

   971,562    933,068    38,494   933,068    795,832    03/31/2023 

45660LCK3

   2,673,423    2,598,842    74,581   2,598,842    2,689,571    03/31/2023 

F-31


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

CUSIP

  Amortized Cost
Before OTTI
   Present Value
of Projected
Cash Flows
   OTTI Charge
Recognized in
Statement of Operations
  Amortized Cost
After OTTI
   Fair Value at
Time of OTTI
   Date
Reported
 

939336X99

   1,829,627    1,670,689    158,938   1,670,689    1,792,660    03/31/2023 

05949CHM1

   768,548    755,812    12,736   755,812    773,623    03/31/2023 

05949CKX3

   1,213,201    1,188,146    25,055   1,188,146    1,243,199    03/31/2023 

05990HAT0

   934,146    930,177    3,969   930,177    940,458    03/31/2023 

073880AD8

   1,121,205    1,122,339    (1,134  1,122,339    1,064,409    03/31/2023 

07401CAS2

   3,138,214    3,078,739    59,474   3,078,739    3,132,170    03/31/2023 

12543XAD8

   1,165,771    1,150,483    15,288   1,150,483    1,070,971    03/31/2023 

12544DAG4

   85,474    83,364    2,109   83,364    73,861    03/31/2023 

12545EAK2

   1,406,029    1,363,895    42,134   1,363,895    1,226,917    03/31/2023 

12638PAB5

   719,347    697,335    22,011   697,335    549,668    03/31/2023 

126694CS5

   2,842,754    2,832,174    10,581   2,832,174    2,292,959    03/31/2023 

126694HP6

   421,087    419,930    1,157   419,930    402,076    03/31/2023 

12669G3S8

   1,254,365    1,250,349    4,015   1,250,349    1,124,398    03/31/2023 

16165MAG3

   1,841,254    1,776,091    65,163   1,776,091    1,597,907    03/31/2023 

2254582Y3

   1,208,346    1,200,002    8,344   1,200,002    1,082,976    03/31/2023 

225458L55

   539,692    536,533    3,159   536,533    500,154    03/31/2023 

225470VF7

   1,460,576    1,422,984    37,592   1,422,984    1,400,985    03/31/2023 

36185N6N5

   4,571,722    4,071,935    499,788   4,071,935    4,514,039    03/31/2023 

362341FN4

   774,099    765,095    9,005   765,095    702,117    03/31/2023 

362341XC8

   857,596    848,675    8,921   848,675    768,173    03/31/2023 

36242DQY2

   99,752    97,979    1,772   97,979    93,530    03/31/2023 

41161PCX9

   191,672    191,284    388   191,284    190,228    03/31/2023 

466247J46

   74,610    73,055    1,554   73,055    73,519    03/31/2023 

466247UG6

   526,361    514,800    11,561   514,800    510,820    03/31/2023 

46630WAB6

   872,431    866,888    5,543   866,888    808,108    03/31/2023 

46630WAL4

   506,494    500,786    5,709   500,786    479,625    03/31/2023 

46631NAA7

   719,259    693,483    25,776   693,483    569,822    03/31/2023 

576433D52

   503,578    493,400    10,178   493,400    450,563    03/31/2023 

57643MLZ5

   284,150    280,753    3,397   280,753    269,995    03/31/2023 

59023PAB9

   508,302    498,819    9,484   498,819    517,983    03/31/2023 

74958YAE2

   287,181    287,688    (507  287,688    287,680    03/31/2023 

78473TAJ9

   198,841    177,853    20,989   177,853    154,392    03/31/2023 

863579RP5

   609,579    590,361    19,218   590,361    577,909    03/31/2023 

863579UL0

   263,373    261,997    1,377   261,997    256,211    03/31/2023 

92979DAC9

   2,710,529    2,629,297    81,232   2,629,297    2,800,364    03/31/2023 

94984DAC8

   342,454    342,081    373   342,081    345,646    03/31/2023 

94986CAA2

   264,625    265,827    (1,202  265,827    262,986    03/31/2023 

001406AA55

   27,755    —     27,755   —     —     06/30/2023 

61751DAE4

   1,614,822    1,548,177    66,645   1,548,177    1,908,732    06/30/2023 

86358RXZ5

   381,361    332,609    48,752   332,609    337,433    06/30/2023 

02146TAL1

   361,912    345,869    16,042   345,869    366,804    06/30/2023 

02147XAR8

   617,209    612,988    4,221   612,988    505,733    06/30/2023 

059522AU6

   2,107,010    2,107,010    —    2,107,010    2,147,399    06/30/2023 

F-32


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

CUSIP

  Amortized Cost
Before OTTI
   Present Value
of Projected
Cash Flows
   OTTI Charge
Recognized in
Statement of Operations
  Amortized Cost
After OTTI
   Fair Value at
Time of OTTI
   Date
Reported
 

07386XAH9

   984,857    984,374    483   984,374    807,325    06/30/2023 

12566UAN4

   572,055    570,484    1,571   570,484    586,599    06/30/2023 

12628LAD2

   766,444    716,904    49,540   716,904    624,798    06/30/2023 

12667F5E1

   1,039,544    1,031,360    8,184   1,031,360    960,648    06/30/2023 

12667GAC7

   662,986    611,428    51,558   611,428    628,342    06/30/2023 

12668APC3

   845,763    838,619    7,144   838,619    804,549    06/30/2023 

17309BAB3

   213,365    208,774    4,591   208,774    183,775    06/30/2023 

32051GSQ9

   1,688,266    1,682,972    5,294   1,682,972    1,728,278    06/30/2023 

32051GT70

   654,707    650,913    3,793   650,913    584,241    06/30/2023 

36244SAD0

   2,252,386    2,071,962    180,424   2,071,962    2,271,187    06/30/2023 

43739EAP2

   616,209    611,759    4,449   611,759    570,177    06/30/2023 

46627MAD9

   572,129    572,115    13   572,115    503,882    06/30/2023 

46627MEC7

   377,567    371,830    5,737   371,830    339,925    06/30/2023 

46627MEJ2

   1,118,100    1,113,603    4,497   1,113,603    921,828    06/30/2023 

643529AC4

   520,520    491,053    29,467   491,053    557,549    06/30/2023 

65535VNL8

   2,089,478    2,081,888    7,590   2,081,888    2,063,447    06/30/2023 

65535VSJ8

   1,285,712    1,246,997    38,715   1,246,997    1,115,827    06/30/2023 

74923HAQ4

   525,772    519,269    6,502   519,269    443,687    06/30/2023 

75116FBH1

   1,485,771    1,465,650    20,121   1,465,650    1,253,422    06/30/2023 

761118SC3

   1,528,680    1,515,672    13,008   1,515,672    1,309,921    06/30/2023 

761118UG1

   485,611    483,232    2,379   483,232    409,243    06/30/2023 

863579J90

   326,147    321,439    4,707   321,439    331,247    06/30/2023 

86360BAJ7

   664,426    663,728    698   663,728    678,337    06/30/2023 

87222EAB4

   814,203    791,937    22,266   791,937    715,293    06/30/2023 

87222EAC2

   944,500    906,175    38,325   906,175    780,900    06/30/2023 

05949CHM1

   754,991    752,303    2,689   752,303    770,786    06/30/2023 

05949CKX3

   1,233,035    1,190,687    42,348   1,190,687    1,225,158    06/30/2023 

07386YAE4

   1,919,895    1,890,046    29,849   1,890,046    1,717,512    06/30/2023 

073880AD8

   1,095,079    1,087,921    7,158   1,087,921    1,010,811    06/30/2023 

12543XAD8

   1,146,866    1,132,734    14,132   1,132,734    1,025,398    06/30/2023 

12544DAG4

   82,048    82,482    (434  82,482    72,144    06/30/2023 

12638PAB5

   704,325    687,341    16,984   687,341    538,077    06/30/2023 

12669G3S8

   1,216,352    1,205,920    10,432   1,205,920    1,077,627    06/30/2023 

16165MAG3

   1,698,141    1,698,815    (675  1,698,815    1,501,094    06/30/2023 

17025AAH5

   866,588    804,309    62,279   804,309    831,165    06/30/2023 

2254582Y3

   239,471    239,472    (2  239,472    214,686    06/30/2023 

225458L55

   535,805    532,092    3,713   532,092    459,983    06/30/2023 

225470VF7

   1,403,814    1,403,895    (81  1,403,895    1,341,332    06/30/2023 

45669AAD6

   3,387,280    3,358,005    29,274   3,358,005    3,217,657    06/30/2023 

466247J46

   71,231    71,237    (5  71,237    69,271    06/30/2023 

466247ZP1

   550,885    540,659    10,226   540,659    482,855    06/30/2023 

46628LAB4

   41,586    40,556    1,030   40,556    41,521    06/30/2023 

46630WAL4

   515,281    485,878    29,403   485,878    468,594    06/30/2023 

F-33


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

CUSIP

  Amortized Cost
Before OTTI
   Present Value
of Projected
Cash Flows
   OTTI Charge
Recognized in
Statement of Operations
  Amortized Cost
After OTTI
   Fair Value at
Time of OTTI
   Date
Reported
 

46631NAA7

   691,427    678,636    12,791   678,636    532,232    06/30/2023 

46631NDT3

   6,223,773    6,162,743    61,029   6,162,743    6,052,651    06/30/2023 

576433D52

   492,252    487,446    4,806   487,446    417,672    06/30/2023 

57643MLZ5

   269,334    264,924    4,410   264,924    253,589    06/30/2023 

59023PAB9

   497,202    495,714    1,488   495,714    511,575    06/30/2023 

74958YAE2

   281,262    262,418    18,844   262,418    270,970    06/30/2023 

863579XC7

   1,084,387    1,062,034    22,353   1,062,034    1,101,633    06/30/2023 

863579XR4

   2,120,615    2,023,213    97,402   2,023,213    2,051,084    06/30/2023 

86363GAF1

   1,315,519    1,224,816    90,703   1,224,816    1,244,515    06/30/2023 

885220KW2

   1,906,234    1,901,275    4,960   1,901,275    1,823,623    06/30/2023 

00176BAM54

   101,071    71    101,000   71    78,651    09/30/2023 

57430U301

   1,207,914    922,371    285,543   922,371    815,210    09/30/2023 

07325DAF1

   214,725    211,984    2,742   211,984    195,404    09/30/2023 

3622EAAA8

   3,564,775    3,424,094    140,681   3,424,094    3,261,277    09/30/2023 

61751DAE4

   1,569,635    1,508,933    60,702   1,508,933    1,731,342    09/30/2023 

86358RXY8

   199,869    182,391    17,478   182,391    196,421    09/30/2023 

86358RXZ5

   297,911    283,221    14,691   283,221    280,466    09/30/2023 

02146TAL1

   356,025    334,459    21,566   334,459    347,841    09/30/2023 

02147XAR8

   595,098    598,203    (3,104  598,203    483,800    09/30/2023 

058933AN2

   801,762    795,980    5,782   795,980    738,147    09/30/2023 

059522AU6

   2,113,373    2,046,846    66,528   2,046,846    2,043,226    09/30/2023 

07386XAH9

   967,729    884,778    82,951   884,778    783,965    09/30/2023 

12628LAD2

   722,914    702,073    20,842   702,073    584,662    09/30/2023 

12667F4N2

   2,131,981    2,102,525    29,456   2,102,525    2,003,869    09/30/2023 

12667F5E1

   998,934    999,062    (128  999,062    919,366    09/30/2023 

12667GAC7

   641,949    642,107    (158  642,107    605,263    09/30/2023 

12668APC3

   811,652    812,953    (1,300  812,953    775,662    09/30/2023 

17307GED6

   1,383,968    1,370,895    13,074   1,370,895    1,414,213    09/30/2023 

17309BAB3

   205,994    202,794    3,201   202,794    171,985    09/30/2023 

32051GSQ9

   1,609,003    1,603,331    5,672   1,603,331    1,656,065    09/30/2023 

32051GT70

   638,394    635,227    3,166   635,227    561,409    09/30/2023 

36244SAD0

   2,086,866    2,091,595    (4,729  2,091,595    2,092,913    09/30/2023 

43739EAP2

   600,361    591,499    8,862   591,499    566,842    09/30/2023 

46627MAD9

   551,967    541,058    10,909   541,058    474,792    09/30/2023 

46627MEC7

   364,017    360,581    3,437   360,581    323,064    09/30/2023 

46627MEJ2

   1,097,236    1,094,239    2,997   1,094,239    888,082    09/30/2023 

643529AC4

   504,332    491,904    12,428   491,904    538,114    09/30/2023 

65535VNL8

   2,075,144    2,055,698    19,446   2,055,698    2,078,429    09/30/2023 

65535VSJ8

   1,256,596    1,234,664    21,931   1,234,664    1,073,207    09/30/2023 

69337BAH7

   1,342,250    1,324,870    17,380   1,324,870    1,128,015    09/30/2023 

74923HAQ4

   509,767    510,394    (627  510,394    429,265    09/30/2023 

75115DAA3

   188,747    185,664    3,083   185,664    182,465    09/30/2023 

761118GS1

   1,085,700    1,072,281    13,419   1,072,281    1,007,009    09/30/2023 

F-34


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

CUSIP

  Amortized Cost
Before OTTI
   Present Value
of Projected
Cash Flows
   OTTI Charge
Recognized in
Statement of Operations
  Amortized Cost
After OTTI
   Fair Value at
Time of OTTI
   Date
Reported
 

761118SC3

   1,483,628    1,492,604    (8,976  1,492,604    1,269,597    09/30/2023 

761118UG1

   468,938    469,663    (725  469,663    393,703    09/30/2023 

863579J90

   308,602    305,810    2,792   305,810    317,961    09/30/2023 

86360BAJ7

   651,289    649,170    2,119   649,170    663,487    09/30/2023 

87222EAB4

   794,273    757,539    36,733   757,539    695,006    09/30/2023 

87222EAC2

   917,429    875,091    42,338   875,091    735,483    09/30/2023 

41161PTN3

   331,804    277,221    54,583   277,221    311,042    09/30/2023 

45660LCK3

   2,616,065    2,518,214    97,852   2,518,214    2,766,498    09/30/2023 

05946XY72

   1,018,663    1,014,239    4,424   1,014,239    947,595    09/30/2023 

05949CHM1

   666,490    660,363    6,127   660,363    690,602    09/30/2023 

07386YAE4

   1,885,974    1,866,881    19,093   1,866,881    1,705,295    09/30/2023 

073880AD8

   1,076,505    1,037,154    39,351   1,037,154    987,684    09/30/2023 

12543XAD8

   1,101,148    1,105,980    (4,831  1,105,980    936,389    09/30/2023 

12638PAB5

   694,351    675,173    19,178   675,173    512,071    09/30/2023 

12669G4K4

   2,601,658    2,601,146    511   2,601,146    2,396,294    09/30/2023 

12669GR45

   498,496    476,051    22,445   476,051    430,865    09/30/2023 

170257AE9

   2,360,086    2,294,691    65,396   2,294,691    1,706,184    09/30/2023 

17025AAH5

   753,396    787,624    (34,228  787,624    795,445    09/30/2023 

225458L55

   495,061    491,459    3,602   491,459    425,644    09/30/2023 

225470VF7

   1,387,201    1,333,114    54,088   1,333,114    1,298,598    09/30/2023 

32052EAA7

   46,567    43,785    2,782   43,785    40,679    09/30/2023 

362341FN4

   754,611    747,216    7,395   747,216    669,320    09/30/2023 

362341XC8

   827,434    812,370    15,063   812,370    684,900    09/30/2023 

41161PCX9

   180,773    179,982    791   179,982    176,391    09/30/2023 

46631NDT3

   5,999,611    6,009,390    (9,779  6,009,390    5,617,945    09/30/2023 

47233DAB7

   595,329    204,708    390,622   204,708    681,585    09/30/2023 

576433D52

   486,384    480,875    5,509   480,875    413,266    09/30/2023 

57643MLZ5

   248,993    244,183    4,811   244,183    230,150    09/30/2023 

59023PAB9

   483,479    478,356    5,122   478,356    492,971    09/30/2023 

74958TAB9

   519,216    508,266    10,950   508,266    470,425    09/30/2023 

863579RP5

   591,272    566,391    24,881   566,391    560,020    09/30/2023 

863579UL0

   259,923    258,399    1,523   258,399    245,880    09/30/2023 

863579UU0

   1,016,080    963,663    52,416   963,663    990,946    09/30/2023 

863579XC7

   1,037,796    981,054    56,742   981,054    1,022,671    09/30/2023 

86363GAF1

   1,179,527    1,182,146    (2,619  1,182,146    1,193,014    09/30/2023 

885220KW2

   1,896,532    1,874,254    22,278   1,874,254    1,835,343    09/30/2023 

07325DAF1

   193,552    193,679    (127  193,679    183,083    12/31/2023 

3622EAAA8

   3,286,278    3,237,272    49,006   3,237,272    3,255,864    12/31/2023 

61751DAE4

   1,543,361    1,498,683    44,678   1,498,683    1,797,931    12/31/2023 

75156VAD7

   2,959,112    2,496,716    462,396   2,496,716    2,973,028    12/31/2023 

86358RDX2

   963,691    945,774    17,917   945,774    795,532    12/31/2023 

86358RXY8

   191,518    165,259    26,259   165,259    165,808    12/31/2023 

86358RXZ5

   327,597    248,323    79,275   248,323    244,869    12/31/2023 

F-35


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

CUSIP

  Amortized Cost
Before OTTI
   Present Value
of Projected
Cash Flows
   OTTI Charge
Recognized in
Statement of Operations
  Amortized Cost
After OTTI
   Fair Value at
Time of OTTI
   Date
Reported
 

00703QAD4

   2,455,266    2,403,956    51,310   2,403,956    2,362,111    12/31/2023 

02147XAR8

   582,086    581,667    419   581,667    475,448    12/31/2023 

02152AAS8

   1,839,976    1,736,745    103,231   1,736,745    1,709,492    12/31/2023 

058933AN2

   794,268    793,985    283   793,985    750,932    12/31/2023 

05951KAN3

   580,528    579,964    564   579,964    514,479    12/31/2023 

07386XAH9

   876,767    875,510    1,257   875,510    782,619    12/31/2023 

12628LAD2

   708,617    661,150    47,467   661,150    587,483    12/31/2023 

12667F4N2

   2,025,464    2,012,088    13,376   2,012,088    1,984,305    12/31/2023 

12667F5E1

   983,360    978,296    5,064   978,296    909,176    12/31/2023 

12667GAC7

   619,616    613,153    6,463   613,153    585,116    12/31/2023 

17307GED6

   1,341,806    1,336,284    5,522   1,336,284    1,400,985    12/31/2023 

17309BAB3

   201,958    198,201    3,757   198,201    176,462    12/31/2023 

32051GSQ9

   1,522,783    1,512,933    9,850   1,512,933    1,515,991    12/31/2023 

32051GT70

   619,138    612,519    6,618   612,519    534,842    12/31/2023 

36244SAD0

   2,148,368    1,989,448    158,920   1,989,448    2,137,247    12/31/2023 

43739EAP2

   561,096    556,890    4,206   556,890    538,989    12/31/2023 

46627MAD9

   524,569    524,569    (0  524,569    468,198    12/31/2023 

46627MCY1

   3,947,612    3,784,942    162,670   3,784,942    3,845,527    12/31/2023 

46627MEC7

   353,579    351,690    1,889   351,690    326,489    12/31/2023 

643529AC4

   505,690    486,982    18,708   486,982    551,521    12/31/2023 

65535VNL8

   1,947,633    1,933,908    13,724   1,933,908    2,036,022    12/31/2023 

65535VSJ8

   1,230,484    1,232,758    (2,274  1,232,758    989,929    12/31/2023 

69337BAH7

   1,311,917    1,303,815    8,102   1,303,815    1,159,687    12/31/2023 

74928RAB0

   239,342    216,651    22,691   216,651    238,268    12/31/2023 

74928XBB6

   3,183,555    3,039,107    144,448   3,039,107    3,430,881    12/31/2023 

75115BAC3

   1,030,772    916,005    114,767   916,005    1,035,843    12/31/2023 

75115DAA3

   186,218    186,790    (572  186,790    164,206    12/31/2023 

75116FBH1

   1,377,535    1,361,078    16,456   1,361,078    1,145,682    12/31/2023 

76110HT90

   840,834    582,373    258,461   582,373    917,175    12/31/2023 

761118SC3

   1,431,534    1,428,103    3,431   1,428,103    1,242,244    12/31/2023 

855541AC2

   750,496    745,072    5,424   745,072    691,191    12/31/2023 

863579J90

   303,000    300,072    2,928   300,072    306,643    12/31/2023 

86360BAJ7

   680,750    643,758    36,993   643,758    672,067    12/31/2023 

87222EAB4

   834,894    822,502    12,392   822,502    694,825    12/31/2023 

87222EAC2

   882,066    857,058    25,008   857,058    695,801    12/31/2023 

45660LCK3

   3,167,425    2,938,420    229,005   2,938,420    2,780,987    12/31/2023 

058931AT3

   1,095,711    1,095,714    (3  1,095,714    918,016    12/31/2023 

05946XY72

   977,968    978,683    (715  978,683    937,593    12/31/2023 

05949CHM1

   663,718    655,328    8,390   655,328    662,826    12/31/2023 

05949CKX3

   1,187,717    1,150,126    37,591   1,150,126    1,168,876    12/31/2023 

073880AD8

   1,030,655    1,019,083    11,571   1,019,083    930,752    12/31/2023 

12544DAG4

   78,643    78,571    72   78,571    64,456    12/31/2023 

12638PAB5

   679,907    659,700    20,206   659,700    486,778    12/31/2023 

F-36


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

CUSIP

  Amortized Cost
Before OTTI
   Present Value
of Projected
Cash Flows
   OTTI Charge
Recognized in
Statement of Operations
  Amortized Cost
After OTTI
   Fair Value at
Time of OTTI
   Date
Reported
 

1266942H0

   512,111    510,107    2,004   510,107    423,601    12/31/2023 

12669G4K4

   2,556,809    2,555,364    1,445   2,555,364    2,427,811    12/31/2023 

12669GR45

   470,597    467,135    3,462   467,135    435,906    12/31/2023 

2254582Y3

   1,077,827    1,066,955    10,873   1,066,955    959,317    12/31/2023 

225458L55

   491,469    487,840    3,628   487,840    406,462    12/31/2023 

32052EAA7

   43,448    42,472    976   42,472    41,090    12/31/2023 

362341FN4

   733,600    729,603    3,996   729,603    662,609    12/31/2023 

362341XC8

   795,518    795,302    217   795,302    720,040    12/31/2023 

466247UG6

   427,081    426,051    1,029   426,051    391,055    12/31/2023 

46628LAB4

   37,967    37,273    694   37,273    37,689    12/31/2023 

46630WAL4

   455,687    451,993    3,694   451,993    302,703    12/31/2023 

46631NDT3

   5,867,333    5,886,670    (19,337  5,886,670    5,731,594    12/31/2023 

57643MLZ5

   229,612    225,458    4,154   225,458    205,035    12/31/2023 

59023PAB9

   475,891    473,619    2,272   473,619    481,056    12/31/2023 

863579RP5

   600,470    597,146    3,324   597,146    549,353    12/31/2023 

863579UL0

   258,471    257,405    1,065   257,405    242,466    12/31/2023 

863579UU0

   958,195    945,112    13,083   945,112    980,662    12/31/2023 

863579XC7

   980,418    980,418    —    980,418    1,038,343    12/31/2023 

863579XR4

   1,957,805    1,957,254    552   1,957,254    2,023,487    12/31/2023 

86363GAF1

   1,167,594    1,159,765    7,829   1,159,765    1,173,720    12/31/2023 

885220KW2

   1,840,344    1,731,006    109,338   1,731,006    1,616,956    12/31/2023 

92979DAC9

   2,388,453    2,324,573    63,880   2,324,573    2,467,969    12/31/2023 

94984DAC8

   277,596    275,841    1,755   275,841    284,511    12/31/2023 
      

 

 

      

Total

      $13,772,890      
      

 

 

      

F-37


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The following table shows each loan-backed security with an OTTI recognized in 2022, as the present value of cash flows expected to be collected is less than the amortized cost basis of the security (in whole dollars):

       Present Value   OTTI Charge             
   Amortized Cost   of Projected   Recognized in   Amortized Cost   Fair Value at   Date 

CUSIP

  Before OTTI   Cash Flows   Statement of Operations   After OTTI   Time of OTTI   Reported 

00256DAA0

  $5,028,172   $3,890,891   $1,137,281   $3,890,891   $3,201,439    3/31/2022 

05535DBG8

   270,320    226,054    44,266    226,054    146,322    3/31/2022 

36157NFL3

   63,101    48,296    14,805    48,296    65,578    3/31/2022 

86358RXZ5

   730,465    680,597    49,868    680,597    653,004    3/31/2022 

05951KAN3

   769,516    727,854    41,662    727,854    725,932    3/31/2022 

17309AAD1

   1,178,157    1,157,862    20,295    1,157,862    1,143,417    3/31/2022 

41161PMV2

   381,790    294,193    87,597    294,193    400,491    3/31/2022 

65535VNL8

   2,434,448    2,223,472    210,976    2,223,472    2,443,775    3/31/2022 

74928XBB6

   5,618,112    4,942,615    675,497    4,942,615    6,168,357    3/31/2022 

05949CHM1

   951,691    869,857    81,834    869,857    894,663    3/31/2022 

57643MLZ5

   391,660    375,540    16,120    375,540    376,146    3/31/2022 

59020UV77

   84,020    82,288    1,732    82,288    80,945    3/31/2022 

863579RP5

   736,920    685,020    51,900    685,020    711,770    3/31/2022 

885220KW2

   2,541,472    2,529,769    11,703    2,529,769    2,530,102    3/31/2022 

94984DAC8

   474,157    426,688    47,469    426,688    439,204    3/31/2022 

07325DAF1

   351,756    298,754    53,002    298,754    308,547    6/30/2022 

759676AF6

   467,062    389,330    77,732    389,330    403,998    6/30/2022 

02147WAT6

   1,833,809    1,810,984    22,825    1,810,984    1,647,430    6/30/2022 

02147XAR8

   722,783    716,983    5,800    716,983    616,400    6/30/2022 

05951KAN3

   727,416    726,755    661    726,755    709,393    6/30/2022 

12566UAE4

   484,546    479,517    5,029    479,517    428,794    6/30/2022 

12566UAN4

   745,695    687,455    58,239    687,455    680,275    6/30/2022 

12566XAM0

   762,429    749,321    13,107    749,321    711,263    6/30/2022 

12628LAD2

   939,894    917,685    22,210    917,685    775,478    6/30/2022 

12668APC3

   1,053,742    1,028,969    24,773    1,028,969    1,023,156    6/30/2022 

17309BAB3

   231,697    229,910    1,787    229,910    212,294    6/30/2022 

17309VAH6

   883,901    881,260    2,641    881,260    828,464    6/30/2022 

225470Q89

   639,198    566,017    73,181    566,017    434,433    6/30/2022 

32051GSQ9

   2,150,300    2,111,315    38,985    2,111,315    2,136,944    6/30/2022 

59020UW43

   484,507    422,353    62,154    422,353    438,518    6/30/2022 

65535VSJ8

   1,382,487    1,368,659    13,828    1,368,659    1,226,910    6/30/2022 

69337BAH7

   1,615,840    1,597,892    17,947    1,597,892    1,468,643    6/30/2022 

74923HAQ4

   591,952    582,904    9,048    582,904    527,598    6/30/2022 

74928RAB0

   299,181    295,529    3,652    295,529    312,097    6/30/2022 

75115BAC3

   1,263,859    1,260,657    3,203    1,260,657    1,287,590    6/30/2022 

75116FBH1

   1,660,615    1,655,476    5,139    1,655,476    1,511,249    6/30/2022 

761118SC3

   1,738,294    1,735,436    2,859    1,735,436    1,583,504    6/30/2022 

863579J90

   408,035    404,919    3,116    404,919    410,645    6/30/2022 

87222EAB4

   989,431    964,435    24,996    964,435    915,285    6/30/2022 

87222EAC2

   1,069,037    1,046,433    22,604    1,046,433    954,115    6/30/2022 

F-38


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

       Present Value   OTTI Charge             
   Amortized Cost   of Projected   Recognized in   Amortized Cost   Fair Value at   Date 

CUSIP

  Before OTTI   Cash Flows   Statement of Operations   After OTTI   Time of OTTI   Reported 

93934NAC9

   550,457    525,641    24,815    525,641    469,111    6/30/2022 

058931AT3

   1,243,463    1,240,130    3,333    1,240,130    1,198,967    6/30/2022 

073880AD8

   1,276,813    1,222,687    54,126    1,222,687    1,154,766    6/30/2022 

12544DAG4

   95,844    90,011    5,833    90,011    85,172    6/30/2022 

12545EAK2

   1,550,474    1,490,197    60,276    1,490,197    1,329,130    6/30/2022 

12638PAB5

   744,092    736,605    7,487    736,605    600,312    6/30/2022 

1266942H0

   606,740    599,651    7,089    599,651    501,690    6/30/2022 

126694HP6

   655,886    535,926    119,960    535,926    506,396    6/30/2022 

12669G3S8

   1,421,943    1,403,926    18,017    1,403,926    1,272,912    6/30/2022 

12669G4K4

   2,882,965    2,860,499    22,466    2,860,499    2,654,538    6/30/2022 

16162YAL9

   406,596    387,094    19,502    387,094    351,124    6/30/2022 

16165MAG3

   2,063,370    2,039,505    23,865    2,039,505    1,824,783    6/30/2022 

170257AE9

   3,090,905    2,877,625    213,279    2,877,625    2,454,654    6/30/2022 

17025AAH5

   1,119,104    1,045,677    73,427    1,045,677    993,451    6/30/2022 

225458L55

   554,354    551,293    3,060    551,293    495,964    6/30/2022 

362341XC8

   963,117    959,504    3,613    959,504    830,593    6/30/2022 

46631NAA7

   819,190    805,803    13,387    805,803    733,833    6/30/2022 

46631NDT3

   7,735,758    7,037,790    697,968    7,037,790    7,196,047    6/30/2022 

74958YAE2

   335,485    319,458    16,027    319,458    327,784    6/30/2022 

78473TAJ9

   275,754    245,411    30,343    245,411    214,919    6/30/2022 

863579XC7

   1,415,676    1,337,580    78,096    1,337,580    1,408,287    6/30/2022 

86363GAF1

   1,733,928    1,673,515    60,413    1,673,515    1,636,845    6/30/2022 

94985AAA7

   227,339    217,876    9,463    217,876    211,415    6/30/2022 

94986CAA2

   328,420    320,452    7,968    320,452    302,929    6/30/2022 

57430U301

   1,330,669    1,004,371    326,298    1,004,371    803,430    9/30/2022 

07325DAF1

   291,282    290,354    928    290,354    286,720    9/30/2022 

3622EAAA8

   3,999,702    3,929,491    70,212    3,929,491    3,739,585    9/30/2022 

61751DAE4

   1,716,986    1,604,835    112,151    1,604,835    2,251,814    9/30/2022 

617526AD0

   2,717,720    2,314,163    403,557    2,314,163    2,489,016    9/30/2022 

86358RXZ5

   573,712    503,846    69,866    503,846    532,119    9/30/2022 

07386XAH9

   1,136,200    1,060,380    75,820    1,060,380    920,227    9/30/2022 

12566UAE4

   469,028    437,575    31,453    437,575    395,514    9/30/2022 

12566UAN4

   659,320    581,671    77,649    581,671    613,196    9/30/2022 

12566XAM0

   724,102    706,097    18,005    706,097    652,607    9/30/2022 

12628LAD2

   944,313    837,560    106,754    837,560    715,627    9/30/2022 

126670JP4

   799,425    751,737    47,688    751,737    748,985    9/30/2022 

12667F4N2

   2,337,848    2,296,401    41,448    2,296,401    2,234,566    9/30/2022 

12668APC3

   991,327    950,477    40,850    950,477    944,519    9/30/2022 

17307GED6

   1,519,753    1,448,105    71,648    1,448,105    1,466,554    9/30/2022 

17309BAB3

   228,895    224,462    4,433    224,462    201,398    9/30/2022 

17309VAH6

   845,828    839,340    6,488    839,340    792,523    9/30/2022 

225470Q89

   554,757    534,935    19,822    534,935    418,987    9/30/2022 

32051GSQ9

   2,037,561    1,989,697    47,865    1,989,697    2,018,934    9/30/2022 

F-39


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

       Present Value   OTTI Charge            
   Amortized Cost   of Projected   Recognized in  Amortized Cost   Fair Value at   Date 

CUSIP

  Before OTTI   Cash Flows   Statement of Operations  After OTTI   Time of OTTI   Reported 

46627MAD9

   641,414    620,422    20,992   620,422    598,910    9/30/2022 

46627MEJ2

   1,290,004    1,214,983    75,022   1,214,983    1,045,674    9/30/2022 

47232CAH7

   1,899,848    1,899,428    420   1,899,428    2,091,390    9/30/2022 

576434W59

   231,800    180,887    50,912   180,887    133,506    9/30/2022 

59020UW43

   402,012    374,574    27,438   374,574    282,946    9/30/2022 

643529AC4

   566,063    512,432    53,631   512,432    615,937    9/30/2022 

65535VMJ4

   654,212    604,134    50,077   604,134    606,472    9/30/2022 

65535VNL8

   2,216,330    2,128,294    88,036   2,128,294    2,136,155    9/30/2022 

65535VSJ8

   1,353,591    1,314,301    39,290   1,314,301    1,150,059    9/30/2022 

69337BAH7

   1,588,255    1,531,076    57,179   1,531,076    1,357,354    9/30/2022 

74923HAQ4

   563,728    561,272    2,456   561,272    491,746    9/30/2022 

74928RAB0

   293,120    262,538    30,582   262,538    285,136    9/30/2022 

75116CET9

   263,844    166,578    97,266   166,578    229,893    9/30/2022 

761118SC3

   1,692,139    1,684,385    7,754   1,684,385    1,439,667    9/30/2022 

863579J90

   399,903    373,319    26,584   373,319    387,475    9/30/2022 

87222EAB4

   960,274    864,706    95,569   864,706    855,078    9/30/2022 

87222EAC2

   1,041,136    968,565    72,571   968,565    884,062    9/30/2022 

93934FMD1

   1,850,357    1,613,441    236,916   1,613,441    1,651,078    9/30/2022 

45660LCK3

   2,987,283    2,747,927    239,356   2,747,927    2,828,661    9/30/2022 

05946XY72

   1,121,255    1,064,056    57,199   1,064,056    1,039,216    9/30/2022 

05949CHM1

   788,146    770,794    17,352   770,794    776,150    9/30/2022 

05949CKX3

   1,593,696    1,495,795    97,900   1,495,795    1,483,476    9/30/2022 

073880AD8

   1,165,906    1,163,805    2,101   1,163,805    1,066,603    9/30/2022 

12544DAG4

   87,957    88,141    (184  88,141    76,266    9/30/2022 

12545EAK2

   1,470,040    1,423,980    46,060   1,423,980    1,225,499    9/30/2022 

12638PAB5

   730,343    719,668    10,676   719,668    561,272    9/30/2022 

1266942H0

   586,626    561,203    25,423   561,203    472,137    9/30/2022 

126694BE7

   332,557    306,506    26,051   306,506    311,536    9/30/2022 

126694CS5

   3,094,276    3,091,476    2,800   3,091,476    2,504,248    9/30/2022 

126694HP6

   515,419    474,981    40,438   474,981    462,478    9/30/2022 

12669DUS5

   773,797    772,715    1,082   772,715    742,780    9/30/2022 

12669G3S8

   1,387,574    1,375,347    12,226   1,375,347    1,217,425    9/30/2022 

12669G4K4

   2,834,361    2,781,521    52,840   2,781,521    2,545,994    9/30/2022 

12669GR45

   534,792    525,148    9,644   525,148    485,346    9/30/2022 

16162YAL9

   380,468    361,472    18,995   361,472    327,514    9/30/2022 

16165MAG3

   1,961,306    1,944,718    16,588   1,944,718    1,661,310    9/30/2022 

170257AE9

   2,828,331    2,633,857    194,474   2,633,857    2,354,786    9/30/2022 

17025AAH5

   996,965    955,555    41,410   955,555    872,118    9/30/2022 

2254582Y3

   1,262,710    1,223,508    39,202   1,223,508    1,083,348    9/30/2022 

362341XC8

   925,615    890,329    35,286   890,329    775,076    9/30/2022 

41161PCX9

   222,673    219,523    3,150   219,523    217,809    9/30/2022 

466247UG6

   543,666    541,554    2,112   541,554    492,253    9/30/2022 

466247ZP1

   597,232    578,858    18,375   578,858    551,434    9/30/2022 

F-40


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

       Present Value   OTTI Charge            
   Amortized Cost   of Projected   Recognized in  Amortized Cost   Fair Value at   Date 

CUSIP

  Before OTTI   Cash Flows   Statement of Operations  After OTTI   Time of OTTI   Reported 

46628LAB4

   52,197    43,653    8,544   43,653    46,321    9/30/2022 

46631NAA7

   787,350    768,303    19,047   768,303    654,423    9/30/2022 

46631NDT3

   6,957,695    6,448,656    509,039   6,448,656    6,565,975    9/30/2022 

57643MLZ5

   322,070    311,840    10,230   311,840    295,793    9/30/2022 

59023PAB9

   550,151    530,517    19,633   530,517    549,074    9/30/2022 

863579RP5

   630,863    612,560    18,302   612,560    593,202    9/30/2022 

863579XC7

   1,202,538    1,169,250    33,288   1,169,250    1,184,462    9/30/2022 

86363GAF1

   1,622,996    1,511,763    111,233   1,511,763    1,431,479    9/30/2022 

885220KW2

   2,336,973    2,265,171    71,802   2,265,171    2,217,726    9/30/2022 

92979DAC9

   2,889,617    2,736,750    152,866   2,736,750    2,880,781    9/30/2022 

94984DAC8

   391,725    391,939    (214  391,939    377,184    9/30/2022 

94986CAA2

   319,103    297,142    21,962   297,142    281,932    9/30/2022 

00176BAM54

   221,912    204,829    17,083   204,829    145,456    12/31/2022 

36157NFL3

   34,787    33,507    1,280   33,507    49,479    12/31/2022 

3622EAAA8

   3,923,762    3,761,791    161,971   3,761,791    3,650,746    12/31/2022 

61751DAE4

   1,629,194    1,602,771    26,423   1,602,771    1,949,256    12/31/2022 

759676AF6

   379,733    378,947    785   378,947    359,320    12/31/2022 

86358RXZ5

   465,267    455,171    10,096   455,171    471,122    12/31/2022 

02147XAR8

   680,181    643,751    36,430   643,751    528,126    12/31/2022 

058933AN2

   919,353    889,825    29,529   889,825    821,517    12/31/2022 

05951KAN3

   696,878    683,150    13,728   683,150    647,406    12/31/2022 

07386XAH9

   1,011,656    911,593    100,063   911,593    863,150    12/31/2022 

12566UAE4

   337,542    337,076    465   337,076    317,476    12/31/2022 

12566UAN4

   576,035    576,010    25   576,010    628,281    12/31/2022 

12566XAM0

   699,177    699,339    (162  699,339    655,865    12/31/2022 

12628LAD2

   834,249    776,091    58,158   776,091    675,639    12/31/2022 

126670JP4

   743,653    722,674    20,979   722,674    725,258    12/31/2022 

12667F4N2

   2,266,231    2,246,591    19,640   2,246,591    2,214,064    12/31/2022 

12667GAC7

   693,373    685,397    7,976   685,397    654,562    12/31/2022 

12668APC3

   924,868    924,886    (18  924,886    878,754    12/31/2022 

17025RAA3

   1,550,324    1,306,829    243,495   1,306,829    1,552,445    12/31/2022 

17307GED6

   1,443,837    1,417,702    26,135   1,417,702    1,463,475    12/31/2022 

17309BAB3

   222,437    220,151    2,285   220,151    198,606    12/31/2022 

17309VAH6

   805,883    803,877    2,006   803,877    758,730    12/31/2022 

225470Q89

   521,333    522,356    (1,023  522,356    415,017    12/31/2022 

32051GT70

   735,886    675,158    60,728   675,158    601,220    12/31/2022 

36244SAD0

   2,376,922    2,199,302    177,620   2,199,302    2,397,505    12/31/2022 

43739EAP2

   705,506    689,473    16,033   689,473    669,168    12/31/2022 

46627MAD9

   604,558    593,543    11,016   593,543    524,404    12/31/2022 

46627MCY1

   5,194,888    4,953,702    241,186   4,953,702    5,130,647    12/31/2022 

46627MEJ2

   1,195,047    1,170,943    24,104   1,170,943    982,410    12/31/2022 

47232CAH7

   1,899,914    1,890,225    9,689   1,890,225    2,006,775    12/31/2022 

F-41


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

       Present Value   OTTI Charge            
   Amortized Cost   of Projected   Recognized in  Amortized Cost   Fair Value at   Date 

CUSIP

  Before OTTI   Cash Flows   Statement of Operations  After OTTI   Time of OTTI   Reported 

59020UW43

   366,342    237,303    129,039   237,303    284,957    12/31/2022 

643529AC4

   520,909    520,857    53   520,857    620,443    12/31/2022 

65535VSJ8

   1,311,192    1,265,976    45,215   1,265,976    1,124,326    12/31/2022 

69337BAH7

   1,434,530    1,431,323    3,207   1,431,323    1,273,601    12/31/2022 

74923GAC7

   1,755,192    1,490,490    264,702   1,490,490    1,608,920    12/31/2022 

74923HAQ4

   552,304    550,690    1,614   550,690    486,284    12/31/2022 

74928RAB0

   264,408    256,037    8,371   256,037    280,614    12/31/2022 

75115BAC3

   1,262,630    1,098,615    164,015   1,098,615    1,195,478    12/31/2022 

75115DAA3

   201,854    200,413    1,441   200,413    189,024    12/31/2022 

76110HH85

   270,810    243,642    27,169   243,642    261,417    12/31/2022 

761118BU1

   942,962    855,567    87,395   855,567    916,638    12/31/2022 

761118GS1

   1,175,777    1,156,524    19,253   1,156,524    1,119,101    12/31/2022 

761118SC3

   1,633,297    1,616,573    16,724   1,616,573    1,423,542    12/31/2022 

761118UG1

   524,740    522,750    1,990   522,750    437,178    12/31/2022 

76112BNM8

   5,289,750    4,895,126    394,624   4,895,126    5,091,696    12/31/2022 

863579J90

   348,530    349,527    (997  349,527    353,839    12/31/2022 

86360BAJ7

   747,131    721,456    25,674   721,456    766,709    12/31/2022 

87222EAB4

   867,402    838,871    28,530   838,871    817,668    12/31/2022 

87222EAC2

   977,235    960,878    16,357   960,878    815,432    12/31/2022 

93934FMD1

   1,598,156    1,599,666    (1,510  1,599,666    1,669,656    12/31/2022 

93934NAC9

   495,187    485,595    9,592   485,595    412,326    12/31/2022 

026929AA7

   1,760,841    1,592,703    168,138   1,592,703    1,705,416    12/31/2022 

45660LCK3

   2,750,918    2,656,466    94,452   2,656,466    2,796,920    12/31/2022 

058931AT3

   1,225,723    1,209,276    16,447   1,209,276    1,154,041    12/31/2022 

05946XY72

   1,048,037    1,046,371    1,666   1,046,371    1,028,271    12/31/2022 

05949CKX3

   1,262,077    1,203,570    58,507   1,203,570    1,250,063    12/31/2022 

07386YAE4

   2,032,756    1,895,938    136,818   1,895,938    1,823,359    12/31/2022 

073880AD8

   1,158,830    1,127,532    31,298   1,127,532    1,051,875    12/31/2022 

07401CAS2

   3,509,364    3,262,743    246,621   3,262,743    3,195,561    12/31/2022 

12543XAD8

   1,176,300    1,172,978    3,321   1,172,978    1,091,000    12/31/2022 

12545EAK2

   1,377,454    1,391,454    (14,000  1,391,454    1,221,449    12/31/2022 

12638PAB5

   721,090    711,902    9,188   711,902    552,531    12/31/2022 

1266942H0

   554,299    556,124    (1,824  556,124    475,653    12/31/2022 

126694HP6

   472,556    469,133    3,424   469,133    458,573    12/31/2022 

126694UJ5

   1,182,995    1,033,719    149,276   1,033,719    1,173,798    12/31/2022 

12669DUS5

   754,525    753,847    679   753,847    726,499    12/31/2022 

12669G3S8

   1,273,702    1,267,299    6,403   1,267,299    1,123,086    12/31/2022 

12669G4K4

   2,695,208    2,679,394    15,815   2,679,394    2,508,614    12/31/2022 

12669GR45

   521,474    499,857    21,618   499,857    477,045    12/31/2022 

16162YAL9

   353,219    351,895    1,324   351,895    327,680    12/31/2022 

16165MAG3

   1,899,055    1,872,274    26,782   1,872,274    1,610,464    12/31/2022 

170257AE9

   2,539,977    2,557,671    (17,695  2,557,671    2,070,574    12/31/2022 

F-42


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

       Present Value   OTTI Charge            
   Amortized Cost   of Projected   Recognized in  Amortized Cost   Fair Value at   Date 

CUSIP

  Before OTTI   Cash Flows   Statement of Operations  After OTTI   Time of OTTI   Reported 

17025AAH5

   938,958    899,184    39,774   899,184    873,057    12/31/2022 

2254582Y3

   244,640    244,638    3   244,638    216,789    12/31/2022 

225458L55

   544,944    541,599    3,344   541,599    471,470    12/31/2022 

225470VF7

   1,564,751    1,540,100    24,651   1,540,100    1,484,306    12/31/2022 

32051GXQ3

   1,362,980    1,279,943    83,036   1,279,943    1,285,425    12/31/2022 

362341XC8

   884,539    865,321    19,218   865,321    767,933    12/31/2022 

36242DQY2

   110,190    104,565    5,625   104,565    100,339    12/31/2022 

466247J46

   80,370    74,449    5,922   74,449    74,585    12/31/2022 

466247UG6

   541,686    527,981    13,705   527,981    520,360    12/31/2022 

466247ZP1

   571,804    565,679    6,125   565,679    545,586    12/31/2022 

46628LAB4

   43,495    42,157    1,338   42,157    44,190    12/31/2022 

46630WAB6

   922,039    888,065    33,974   888,065    822,318    12/31/2022 

46630WAL4

   544,230    517,582    26,648   517,582    489,602    12/31/2022 

46631NAA7

   754,017    754,676    (659  754,676    639,770    12/31/2022 

46631NDT3

   6,401,145    6,374,664    26,481   6,374,664    6,427,560    12/31/2022 

576433C53

   505,306    453,037    52,269   453,037    513,969    12/31/2022 

576433D52

   534,258    502,735    31,523   502,735    444,494    12/31/2022 

57643MLZ5

   289,827    286,800    3,026   286,800    270,858    12/31/2022 

59020UV77

   34,748    33,720    1,027   33,720    33,150    12/31/2022 

59023PAB9

   513,508    509,687    3,821   509,687    530,373    12/31/2022 

74958YAE2

   312,432    299,278    13,154   299,278    304,434    12/31/2022 

863579RP5

   611,800    611,553    247   611,553    595,598    12/31/2022 

863579XC7

   1,153,338    1,124,061    29,277   1,124,061    1,170,138    12/31/2022 

86363GAF1

   1,513,354    1,415,604    97,750   1,415,604    1,437,559    12/31/2022 

885220KW2

   2,124,251    2,082,510    41,741   2,082,510    2,073,599    12/31/2022 

94984DAC8

   360,258    345,160    15,098   345,160    349,356    12/31/2022 

94986CAA2

   295,523    289,300    6,223   289,300    276,087    12/31/2022 
      

 

 

      

Total

      $13,330,036      
      

 

 

      

F-43


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The following table shows the amount of assets pledged to others as collateral or otherwise restricted for the years ended December 31 (in millions):

              Gross  Restricted to 
              Restricted  Total 
           (Decrease)/  to Total  Admitted 

Restricted Asset Category

  2023   2022   Increase  Assets  Assets 

Letter stock or securities restricted as to sale

  $157.4   $241.4   $(84.0  0.3  0.3

FHLB capital stock

   41.5    48.3    (6.8  0.1  0.1

On deposit with states

   6.6    6.3    0.3   0.0  0.0

Pledged as collateral to FHLB (including assets backing funding agreements)

   1,279.2    1,102.3    176.9   2.7  2.7

Pledged as collateral not captured in other categories

   196.4    167.6    28.8   0.4  0.4
  

 

 

   

 

 

   

 

 

  

 

 

  

 

 

 

Total restricted assets

  $1,681.1   $1,565.9   $115.2   3.6  3.6
  

 

 

   

 

 

   

 

 

  

 

 

  

 

 

 

Net investment income consisted of the following for the years ended December 31 (in millions):

   2023   2022   2021 

Investment income:

      

Bonds

  $1,803.2   $1,436.1   $1,240.2 

Equity securities

   23.7    9.3    28.5 

Mortgage loans

   200.3    116.5    74.6 

Real estate

   —     —     11.9 

Policy loans

   3.8    4.1    4.7 

Cash and short-term investments

   109.7    17.5    18.8 

Other invested assets

   131.9    96.1    75.8 

Derivative instruments

   (41.3   (174.6   543.7 

Other

   —     2.9    2.0 
  

 

 

   

 

 

   

 

 

 

Gross investment income

   2,231.3    1,507.9    2,000.2 

Investment expenses

   (72.2   (35.6   (49.2

Ceded investment income

   (240.7   (453.3   —  
  

 

 

   

 

 

   

 

 

 

Net investment income

  $1,918.4   $1,019.0   $1,951.0 
  

 

 

   

 

 

   

 

 

 

F-44


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

D. INVESTMENTS (CONTINUED)

The carrying value of partnership and limited liability company holdings by annual statement category as of December 31 were (in millions):

   2023   2022 

Joint venture interests:

    

Common stocks - subsidiaries and affiliates

  $0.1   $9.4 

Common stocks - unaffiliated

   717.8    774.2 

Real estate

   93.3    84.4 

Bonds/preferred stock

   54.2    62.5 

Mortgage loans

   172.9    117.7 

Other

   110.2    29.8 

Surplus notes

   213.6    199.8 

Residual tranches

   44.7    85.4 

Other

   1.0    0.2 
  

 

 

   

 

 

 

Total

  $1,407.8   $1,363.4 
  

 

 

   

 

 

 

The Company held one affiliated partnership and limited liability company in a loss position with accumulated losses of less than $0.1 million as of December 31, 2023, and held none in a loss position as of December 31, 2022.

F-45


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

E. OTHER FINANCIAL INSTRUMENTS

The Company’s derivative strategy employs a variety of derivative financial instruments including interest rate and currency swaps, options, financial futures, and forward contracts. Investment risk is assessed on a portfolio basis and individual derivative financial instruments are not generally designated in hedging relationships; therefore, as allowed by statutory accounting practices, the Company intentionally has not applied hedge accounting.

MMALIC primarily utilizes a variety of financial instruments as part of its efforts to economically hedge and manage fluctuations in the fair value of its investment portfolio attributable to changes in general interest rate levels and to manage duration mismatch of assets and liabilities. Those instruments may include interest rate exchange agreements, equity index options purchased in either over-the-counter market or on the Chicago Board Options Exchange, payer swaptions, and commitments to extend credit. All instruments involve elements of credit and market risks in excess of the amounts recognized in the accompanying financial statements at a given point of time. The contract or notional amounts of those instruments reflect the extent of involvement in the various types of financial instruments.

Equity index options are contracts that give the purchaser the right, but not the obligation, to buy or sell securities at a specified price during a specified period. MMALIC’s equity index options backing fixed-indexed and registered index-linked annuities are based on an existing market index (generally the S&P 500). The equity index options expire ratably between 2024 and 2030. Under the indexed annuity products, the crediting rate is linked to changes in the equity indices or Exchanged Traded Funds (ETF) for specified periods and participation rates. The prices of the options purchased are calculated with reference to the underlying index or ETF, participation rates, caps, floors, durations and notional amounts of the underlying contracts. As a purchaser of options, MMALIC pays, at the beginning of the contract, a premium for transferring the risk of an unfavorable change in the price of the underlying financial instrument. As of January 1, 2022, options backing the fixed-indexed annuities for which the company is applying the OAC prescribed practice are now accounted for at amortized cost.

As of December 31, 2023, MMALIC has entered into twenty-three interest rate swaps to more closely match the cash flows of assets and liabilities. Interest rate swaps are also used to mitigate changes in the value of assets anticipated to be purchased and other anticipated transactions and commitments. The notional amounts of the interest rate swaps generally decline over each swap’s respective life (the swaps expire between 2024 and 2042).

The Company uses currency swaps for the purpose of managing currency exchange risks in its assets and liabilities.

The Company utilizes certain other agreements including forward contracts and financial futures. Currency forwards are contracts in which the Company agrees with other parties to exchange specified amounts of identified currencies at a specific future date. Typically, the exchange rate is agreed upon at the time of the contract. The Company’s futures contracts are exchange traded and have credit risk. Margin requirements are met with the deposit of securities. Futures contracts are generally settled with offsetting transactions. Forward contracts and financial futures are used by the Company to reduce exposures to various risks including interest rates and currency rates.

The Company enters derivative transactions through bilateral derivative agreements with counterparties, or through over the counter cleared derivatives with a counterparty and the use of a clearinghouse. To minimize credit risk for bilateral transactions, the Company and its counterparties generally enter into master netting agreements based on agreed upon requirements that outline the framework for how collateral is to be posted in the amount owed under each transaction, subject to certain minimums. For over the counter cleared derivative transactions between the Company and a counterparty, the parties enter into a series of master netting and other agreements that govern, among other things, clearing and collateral requirements. These transactions are cleared through a clearinghouse and each derivative counterparty is only exposed to the default risk of the clearinghouse. Certain interest rate swaps are considered cleared transactions. These cleared transactions require initial and daily variation margin collateral postings. These agreements allow for contracts in a positive position, in which amounts are due to the Company, to be offset by contracts in a negative position. This right of offset, combined with collateral obtained from counterparties, reduces the Company’s credit exposure.

Net collateral pledged by the counterparties was $789.0 million as of December 31, 2023 and $131.1 million as of December 31, 2022. In the event of default, the full market value exposure at risk in a net gain position, net of offsets and collateral, was $425.9 million as of December 31, 2023 and $194.2 million as of December 31, 2022. The statutory net amount at risk, defined as net collateral pledged and statement values excluding accrued interest, was $428.6 million as of December 31, 2023 and $80.4 million as of December 31, 2022.

F-46


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

E. OTHER FINANCIAL INSTRUMENTS (CONTINUED)

The following tables summarize the carrying values and notional amounts of the Company’s derivative financial instruments within the general account:

   December 31, 2023 
   Assets   Liabilities 
   Carrying   Notional   Carrying   Notional 
   Value   Amount   Value   Amount 
   (in millions) 

Fixed-indexed options*

  $723.8   $19,765.4   $418.1   $16,036.9 

Interest rate swaps

   26.6    4,774.8    66.3    2,451.0 

Financial futures

   21.0    1,343.1    —     —  

Currency swaps

   —     —     38.8    443.5 

Forward contracts

   —     3.2    5.0    183.9 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $771.4   $25,886.5   $528.2   $19,115.3 
  

 

 

   

 

 

   

 

 

   

 

 

 

*Beginning January 1, 2022, fixed-indexed options are held at amortized cost under OAC 3901-1-67. Prior to the adoption of OAC 3901-1-67, fixed-indexed options were carried at fair value. The fair value amount related to fixed-indexed options was $822.9 million as of December 31, 2023.

   December 31, 2022 
   Assets   Liabilities 
   Carrying   Notional   Carrying   Notional 
   Value   Amount   Value   Amount 
   (in millions) 

Fixed-indexed options*

  $846.8   $18,948.0   $598.6   $17,176.5 

Interest rate swaps

   25.2    1,551.8    95.0    3,930.0 

Currency swaps

   0.9    38.4    4.8    142.4 

Forward contracts

   0.1    7.5    2.5    69.0 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $873.0   $20,545.7   $700.9   $21,317.9 
  

 

 

   

 

 

   

 

 

   

 

 

 

*

Beginning January 1, 2022, fixed-indexed options are held at amortized cost under OAC 3901-1-67. Prior to the adoption of OAC 3901-1-67, fixed-indexed options were carried at fair value. The fair value amount related to fixed-indexed options was $287.4 million as of December 31, 2022.

The following presents the Company’s gross notional interest rate swap positions:

   December 31, 2023   December 31, 2022 
   (in millions) 

Open interest rate swaps in a fixed pay position

  $2,484.8   $1,551.8 

Open interest rate swaps in a fixed receive position

   4,741.0    3,930.0 
  

 

 

   

 

 

 

Total interest rate swaps

  $7,225.8   $5,481.8 
  

 

 

   

 

 

 

F-47


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

E. OTHER FINANCIAL INSTRUMENTS (CONTINUED)

The following summarizes the Company’s net realized gains (losses) on closed contracts and change in net unrealized gains (losses) related to market fluctuations on open contracts by derivative type:

   Years Ended December 31, 
   2023   2022 
   Net Realized
Gains (Losses) on
Closed Contracts
   Change In Net
Unrealized Gains
(Losses) on Open
Contracts
   Net Realized
Gains (Losses) on
Closed Contracts
   Change In Net
Unrealized Gains
(Losses) on Open
Contracts
 
   (in millions) 

Registered index-linked options

  $22.9   $203.7   $(26.1  $(86.2

Interest rate swaps

   —     30.0    —     (111.6

Currency swaps

   (0.1   (35.0   —     (3.9

Forward contracts

   0.3    (2.6   0.7    (2.4

Financial futures

   0.2    21.0    3.1    —  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $23.3   $217.1   $(22.3  $(204.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Fixed-indexed options are carried at amortized cost with amortization and expirations recorded in Net investment income. The Company recorded gains on expirations of $521.1 million and amortization of $537.7 million in 2023. The Company recorded gains on expirations of $273.9 million and amortization of $457.1 million in 2022.

The Company became a member of the Federal Home Loan Bank (“FHLB”) on August 14, 2009. The FHLB makes advances and provides other banking services to member institutions. The Company owned $20.0 million of FHLB Class B membership stock at December 31, 2023 and 2022. The Company has no membership stock eligible for redemption. Through its association with the FHLB and by purchasing a set amount of FHLB stock, the Company can enter into deposit-type contracts with the FHLB known as funding agreements.

In 2022, FHLB advanced MMALIC $300.0 million. At December 31, 2023 and 2022, MMALIC had $500.0 million (the maximum amount of borrowings, as permitted by the FHLB, during the reporting period was $500.0 million) in outstanding advances from the FHLB (included in liability for deposit-type contracts), bearing interest at rates ranging from 1.35% to 1.97% (average rate of 1.72% at December 31, 2023). The Company paid interest of approximately $8.6 million, $8.4 million, and $4.4 million on FHLB advances in 2023, 2022 and 2021, respectively. These advances must be repaid between 2025 and 2030 ($ 200.0 million in 2025 and $300.0 million in 2030). The Company has invested the proceeds from the advances in bonds for the purpose of earning a spread over the interest payments due to the FHLB. Per the funding agreement, the Company was required to purchase 215,252 shares ($21.5 million) of FHLB activity and excess stock.

The Company posted collateral to the FHLB of assets with a fair value of approximately $1,204.1 million and $1,030.9 million at December 31, 2023 and 2022, respectively. The Company posted collateral to the FHLB of assets with a carrying value of approximately $1,279.2 million and $1,102.3 million at December 31, 2023 and 2022, respectively. The Company’s FHLB borrowing capacity is based on the Company’s estimate of collateral eligible to be pledged with the FHLB. The deposit contract liabilities are reported in liability for deposit-type contracts in the balance sheet, and related assets are accounted for in the Company’s general account. FHLB capital stock is reported in Common stocks in the balance sheet.

F-48


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

E. OTHER FINANCIAL INSTRUMENTS (CONTINUED)

In the normal course of business, the Company enters into commitments to purchase certain investments. The majority of these commitments have funding periods that extend between one and five years. The Company is not required to fund commitments once the commitment period expires.

As of December 31, 2023, the Company had the following outstanding commitments:

   2024   2025   2026   2027   2028   Thereafter   Total 
   (in millions) 

Private Placements

  $135.5   $224.7   $262.4   $73.7   $33.4   $157.1   $886.8 

Mortgage Loans

   192.0    123.5    305.9    36.9    —     —     658.3 

Real Estate

   —     6.0    1.2    —     —     —     7.2 

Partnerships and LLC

   27.8    10.7    38.9    13.3    19.8    160.2    270.7 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $355.3   $364.9   $608.4   $123.9   $53.2   $317.3   $1,823.0 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

In the normal course of business, the Company enters into commitments related to property lease arrangements, certain indemnities, investments and other business obligations. As of December 31, 2023 and 2022, the Company had no outstanding obligations attributable to these commitments.

F-49


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

F. REINSURANCE

The Company is contingently liable with respect to reinsurance ceded in that the liability for such reinsurance would become that of the Company upon failure of any reinsurer to meet its obligations under a particular reinsurance agreement. The Company currently reinsures its ordinary life insurance, LTC, other health products and a portion of fixed and fixed-indexed annuity products. The maximum amount the Company would retain on any single life insurance policy is $15 million.

On February 17, 2022, MMALIC entered into a Funds Withheld Coinsurance agreement effective February 1, 2022, with Martello Re Limited, a Bermuda-domiciled Class E life and annuity reinsurer launched in 2022. MMALIC ceded statutory reserves of approximately $14.2 billion on a closed block of fixed, fixed-indexed and payout annuity policies, in exchange for a $320 million ceding commission paid by Martello Re that was recorded to surplus net of tax. The Company has ceded approximately $10.0 billion and $12.6 billion of statutory annuity reserves at December 31, 2023 and 2022, respectively. The Company’s funds held under reinsurance treaties was approximately $10.0 billion and $12.7 billion at December 31, 2023 and 2022, respectively.

The impact of the Martello Re transaction on MMALIC’s income statement as of December 31, 2022 was as follows (in millions):

   2022 

Premiums and other revenues:

  

Premiums and annuity considerations

  $(14,113.4

Net investment income

   (451.8

Commissions and expense allowances and reserve adjustments on reinsurance ceded

   451.6 

Charges and fees for deposit-type contracts and miscellaneous income

   (34.6
  

 

 

 

Total premiums and other revenues

  $(14,148.2
  

 

 

 

Benefits and expenses:

  

Policyholders’ benefits

  $(470.7

Surrender benefits

   (1,604.8

Change in policy and contract reserves

   (12,416.6

Other

   317.2 
  

 

 

 

Total benefits and expenses

  $(14,174.9
  

 

 

 

Effective January 1, 2007, MMALIC entered into a reinsurance agreement with Loyal American Life Insurance Company (“Loyal”), at the time an indirect wholly-owned insurance subsidiary domiciled in Ohio, whereby Loyal cedes 100% of certain fixed-indexed annuity business written to MMALIC. Annuity reserves assumed by MMALIC under this agreement were $10.7 million and $14.5 million at December 31, 2023 and 2022, respectively.

On August 31, 2012, in conjunction with and prior to the sale of certain affiliated insurance companies to Cigna, the Company entered into a reinsurance agreement with Cigna which ceded 100% of all accident and health policies, excluding LTC. Under this agreement, all activity on these policies after existing reinsurance is ceded to Loyal, a Cigna subsidiary and one of the sold companies.

Also, effective August 31, 2012, the Company entered into an agreement to retrocede 90% of the life and annuity business assumed from Loyal to Hannover Life Reassurance Company of America. This business was previously reinsured directly from Loyal to Hannover Life Reassurance of Ireland. This transaction did not have any significant impact on the operations and capital of MMALIC.

The Company entered into a coinsurance agreement with Great American Life Assurance Company (“GALAC”), an affiliated life insurance company domiciled in Ohio, effective June 30, 2011. Under this agreement the Company assumes 100% of GALAC’s life and annuity business, with statutory reserves of approximately $4.3 million and $4.4 million at December 31, 2023 and 2022, respectively. GALAC was sold to an unaffiliated insurance company on July 3, 2012, re-domiciled in Iowa, and is currently named Accordia Life and Annuity Company.

F-50


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

F. REINSURANCE (CONTINUED)

The Company entered into a coinsurance agreement with United Teacher Associates Insurance Company (“UTAIC”), a life insurance company domiciled in Texas, effective October 31, 2015. Under this agreement the Company assumes 100% of UTAIC’s life, annuity, and LTC business issued in the state of Florida. Effective December 31, 2016, UTAIC merged into Continental General Insurance Company, a life insurance company domiciled in Texas. Assumed reserves under this agreement were approximately $55.3 million and $53.7 million at December 31, 2023 and 2022, respectively.

The Company entered into a quota share indemnity reinsurance agreement on fixed-indexed annuity policies with Hannover Life Reassurance Company of America effective December 31, 2018. The reinsurance treaty transfers risk of certain surrender activity in MMALIC’s fixed-indexed annuity business. This treaty reduced statutory capital and surplus volatility related to MMALIC’s fixed-indexed annuity policies from stock market fluctuations, which could impact the Company’s risk-based capital. Effective January 1, 2022 the Company recaptured the fixed-indexed annuity policies ceded to Hannover Life Reassurance Company of America in the agreement that became effective on December 31, 2018. The financial impact of the reinsurance recapture was a decrease to statutory capital of $140.6 million.

The Company entered into a flow coinsurance agreement with Commonwealth, a subsidiary of Global Atlantic Financial Group, effective May 7, 2020. Under this agreement, the Company cedes certain newly issued traditional fixed and fixed-indexed annuities on a quota share coinsurance basis with such quota share percentages being up to 50%. The Company has ceded approximately $1,601.8 million and $1,417.8 million of deferred annuity reserves to Commonwealth under this agreement at December 31, 2023 and 2022, respectively.

The Company entered into a block coinsurance agreement with Commonwealth effective October 1, 2020. Under this agreement the Company ceded approximately $5.7 billion of deferred annuity reserves and transferred investments with a statutory carrying value of approximately $5.7 billion and market value of approximately $6.1 billion to Commonwealth. The Company has ceded approximately $3.6 billion and $4.5 billion of deferred annuity reserves under this agreement at December 31, 2023 and 2022, respectively.

The Company has reinsured with various insurance companies approximately $15,350.1 million and $18,719.6 million of reserves at December 31, 2023 and 2022, respectively.

The effect of reinsurance on premiums and annuity considerations for the years ended December 31 is as follows (in millions):

   2023   2022   2021 

Direct premiums and annuity considerations

  $8,775.8   $7,379.8   $5,797.3 

Reinsurance assumed

   6.6    6.7    4.2 

Reinsurance ceded

   (275.6   (14,584.8   (774.5
  

 

 

   

 

 

   

 

 

 

Net premium and annuity considerations

  $8,506.8   $(7,198.3  $5,027.0 
  

 

 

   

 

 

   

 

 

 

The effect of reinsurance on benefits paid to policyholders and withdrawals on deposit-type contract funds during the years ended December 31 is as follows (in millions):

   2023   2022   2021 

Direct benefits paid to policyholders and withdrawals on deposit-type contracts

  $7,621.5   $5,063.7   $3,959.4 

Reinsurance assumed

   37.1    26.8    26.2 

Reinsurance ceded

   (4,354.9   (2,862.0   (798.9
  

 

 

   

 

 

   

 

 

 

Net benefits paid to policyholders and withdrawals on deposit-type contracts

  $3,303.7   $2,228.5   $3,186.7 
  

 

 

   

 

 

   

 

 

 

F-51


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

G. FEDERAL INCOME TAXES

On August 16th, 2022, the Inflation Reduction Act (“IRA”) was signed into law and includes certain corporate income tax provisions. Impacts to the Company could include the imposition of a CAMT applicable to tax years beginning after December 31, 2022. The CAMT imposes a 15% minimum tax on adjusted financial statement income on applicable corporations that have an average group wide adjusted financial statement income over $1 billion in the prior three-year period (2020-2022). As of the reporting date, the Company has determined that it is not an applicable corporation and therefore not liable for CAMT in 2023. The United States Treasury Secretary and the IRS have been authorized to issue further guidance and intend to publish proposed regulations in 2024.

The components of the net deferred tax assets at December 31 are as follows (in millions):

   2023   2022   Change 

DTAs resulting in book/tax differences in:

      

Ordinary:

      

Deferred acquisition costs

  $77.6   $61.6   $16.0 

Reserves

   168.1    112.7    55.4 

Investment items

   111.7    —     111.7 

Deferred compensation

   0.2    0.2    —  

Accrued expenses

   5.8    4.6    1.2 

Other

   5.5    8.3    (2.8
  

 

 

   

 

 

   

 

 

 

Total ordinary DTAs

   368.9    187.4    181.5 

Capital:

      

Investment items

   78.4    —     78.4 
  

 

 

   

 

 

   

 

 

 

Total capital DTAs

   78.4    —     78.4 
  

 

 

   

 

 

   

 

 

 

Total DTAs

   447.3    187.4    259.9 

Deferred tax assets nonadmitted

   (36.1   (2.2   (33.9
  

 

 

   

 

 

   

 

 

 

Admitted DTAs

   411.2    185.2    226.0 

DTLs resulting in book/tax differences in:

      

Ordinary:

      

Section 807(f) amortization

   21.7    3.9    17.8 

Investment items

   55.8    —     55.8 

Depreciation/other

   0.3    4.6    (4.3

Reserve transition adjustment

   22.0    33.1    (11.1
  

 

 

   

 

 

   

 

 

 

Total ordinary DTLs

   99.8    41.6    58.2 

Capital:

      

Unrealized gains

   38.6    54.9    (16.3

Investment items

   —     16.5    (16.5
  

 

 

   

 

 

   

 

 

 

Total capital DTLs

   38.6    71.4    (32.8
  

 

 

   

 

 

   

 

 

 

Total DTLs

   138.4    113.0    25.4 
  

 

 

   

 

 

   

 

 

 

Total net deferred admitted tax assets

  $272.8   $72.2   $200.6 
  

 

 

   

 

 

   

 

 

 

Change in deferred tax assets nonadmitted

  $(33.9  $12.4   
  

 

 

   

 

 

   

F-52


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

G. FEDERAL INCOME TAXES (CONTINUED)

The results of the admissibility calculations at December 31 are as follows (in millions):

   2023   2022   Change 
   Ordinary   Capital   Total   Ordinary   Capital   Total   Ordinary   Capital  Total 

a.   Federal income taxes paid in prior years recoverable through loss carrybacks

  $—    $42.3   $42.3   $—    $—    $—    $—    $42.3  $42.3 

b.  Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation. (The lesser of (b)1 and (b)2 below)

   218.5    12.0    230.5    72.2    —     72.2    146.3    12.0   158.3 

1.  Adjusted gross deferred tax assets expected to be realized following the balance sheet date

   218.5    12.0    230.5    72.2    —     72.2    146.3    12.0   158.3 

2.  Adjusted gross deferred tax assets allowed per limitation threshold

   XXX    XXX    416.7    XXX    XXX    415.6    XXX    XXX   1.1 

c.   Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities

   114.3    24.1    138.4    41.6    71.4    113.0    72.7    (47.3  25.4 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

  

 

 

 

d.  Deferred tax assets admitted as the result of application of SSAP No. 101

  $332.8   $78.4   $411.2   $113.8   $71.4   $185.2   $219.0   $7.0  $226.0 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

  

 

 

 

The other admissibility criteria for the Company are as follows (dollars in millions):

   2023  2022  2021 

a.   Ratio percentage used to determine recovery period and threshold limitation amount

   828  871  791

b.  Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in the table above

  $2,778.2  $2,770.8  $2,788.3 

The impact of the Company’s tax planning strategies, which do not include the use of reinsurance, on the adjusted gross DTAs and net admitted adjusted gross DTAs by tax character is as follows:

   2023  2022  Change 
   Ordinary  Capital  Ordinary  Capital  Ordinary  Capital 

a.   Adjusted gross DTAs
(% of total adjusted gross DTAs)

   0  0  0  0  0  0

b.  Net admitted adjusted gross DTAs
(% of total net admitted adjusted gross DTAs)

   4  0  0  0  4  0

F-53


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

G. FEDERAL INCOME TAXES (CONTINUED)

The provision for incurred income taxes on operating earnings and capital gains and the change in DTAs and DTLs for the years ended December 31 are as follows (in millions):

   2023   2022   2021 

Current federal income tax expense (benefit) on operations

  $241.8   $13.6   $45.5 

Federal income tax expense (benefit) on net realized capital gains

   (23.4   (14.3   118.3 
  

 

 

   

 

 

   

 

 

 

Total federal income tax expense (benefit)

  $218.4   $(0.7  $163.8 
  

 

 

   

 

 

   

 

 

 

Net DTA(L)

  $200.6   $10.5   $22.7 

Less: Items not recorded in the change in net deferred tax asset:

      

Tax-effect of unrealized gains (losses)

   (16.3   (31.2   2.1 

Tax-effect of correction of error

   (3.6   —     —  

Tax-effect of changes in nonadmitted DTA

   33.9    (12.4   14.6 
  

 

 

   

 

 

   

 

 

 

Change in net deferred tax asset

  $214.6   $(33.1  $39.4 
  

 

 

   

 

 

   

 

 

 

The Company’s income tax expense and change in DTA/DTL for the year ended December 31 differs from the amount obtained by applying the federal statutory rate of 21% to income from operations before federal income taxes for the following reasons (in millions):

   12-2023   12-2022 

Provision computed at federal statutory rate

  $(29.6  $40.3 

Reinsurance items

   11.7    54.9 

OAC 3901-1-67 adoption

   —     (46.2

Investment items

   (3.8   (10.4

Nonadmitted assets

   2.3    (3.6

Tax credits

   —     (0.1

Section 481 - change in accounting method

   25.2    —  

Other

   (2.0   (2.5
  

 

 

   

 

 

 

Total statutory income tax expense (benefit)

  $3.8   $32.4 
  

 

 

   

 

 

 

Federal and foreign income tax expense (benefit)

  $218.4   $(0.7

Change in net deferred income taxes

   (214.6   33.1 
  

 

 

   

 

 

 

Total statutory income tax expense (benefit)

  $3.8   $32.4 
  

 

 

   

 

 

 

F-54


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

G. FEDERAL INCOME TAXES (CONTINUED)

The Company’s income tax expense and change in DTA/DTL for the year ended December 31 differs from the amount obtained by applying the federal statutory rate of 21% to income from operations before federal income taxes for the following reasons (in millions):

   2021 

Provision computed at statutory rate (operations and realized gains/losses, excluding amortization of IMR)

  $112.0 

Permanent differences:

  

Company-owned life insurance

   (1.3

Dividend received deduction

   (0.7

Stock options

   (0.2

Tax exempt interest

   (1.8

Other

   0.6 
  

 

 

 

Total permanent differences

   (3.4

Timing adjustments:

  

Investment differences

   (1.4

Reserves

   43.8 

DAC tax adjustment

   8.5 

Provision to return adjustments

   (20.0

Sale of real estate and subs

   20.1 

Other

   5.7 
  

 

 

 

Total timing adjustments

   56.7 

Other adjustments:

  

Unrealized loss on equity index options

   (1.6

Miscellaneous items

   0.1 
  

 

 

 

Total other adjustments

   (1.5
  

 

 

 

Federal income tax expense on operations and realized gains

  $163.8 
  

 

 

 

Federal income tax expense on operations and realized gains

  $163.8 

Change in net deferred tax assets (excluding unrealized)

   (39.4
  

 

 

 

Total statutory income tax expense (excluding unrealized)

  $124.4 
  

 

 

 

F-55


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

G. FEDERAL INCOME TAXES (CONTINUED)

As of December 31, 2023 and 2022, the Company does not have any operating loss carryforwards available to offset future net income subject to federal income taxes. As of December 31, 2023 and 2022, the Company does not have a pretax capital loss carryforward.

The following are income taxes incurred in the current and prior years that will be available for recoupment in the event of future net losses (in millions):

Year

  Operations   Realized Gains   Total 

2023

  $—    $—    $—  

2022

  $—    $13.4   $13.4 

2021

  $—    $28.9   $28.9 

As of December 31, 2023, MMALIC’s consolidated federal income tax returns for the 2021 through 2023 tax years remain subject to examination by the IRS.

The consolidated federal income tax returns include the following entities:

AAG Insurance Agency, LLC

Annuity Investors Life Insurance Company

MM

Ascend Life Investor Services, LLC

MassMutual Ascend Life Insurance Company

Manhattan National Holding, LLC

Manhattan National Life Insurance Company

The Company has determined that it is more likely than not that gross DTAs will be recoverable through future taxable income and that a valuation allowance is not necessary.

F-56


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

H. RELATED PARTY TRANSACTIONS

Certain administrative, management, accounting, actuarial, data processing, underwriting, claim, collection and investment services are provided under agreements between MMALIC and affiliates at charges not unfavorable to MMALIC or the insurance affiliates. The net amount received from affiliates was $8.4 million in 2023, the net amount received from affiliates was $13.1 million in 2022, and the net amount received from affiliates was $14.4 million in 2021, included in general insurance expenses in the Statement of Operations.

As of May 28, 2021, the Company has an agreement with Barings, LLC, an affiliate, which provides investment advisory services to the Company. MMALIC expensed investment management charges related to Barings, LLC of $34.8 million in 2023, $32.8 million in 2022 and $27.5 million during the last seven months of 2021, included in net investment income in the Statement of Operations. Prior to that agreement and to the sale of the Company to MassMutual, the Company and affiliated insurance companies had contracts with American Money Management Corporation (“AMMC”), which, subject to the direction of the Finance Committee, provided for management and accounting services related to the investment portfolios. MMALIC expensed investment management charges related to AMMC of $4.0 million in 2021, included in net investment income in the Statement of Operations.

For the first five months of 2021, AFG provided retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG made all contributions to the retirement fund portion of the plan and matched a percentage of employee contributions to the savings fund. Company contributions were expensed in the year for which they were declared. Beginning in June of 2021, the Company participates in the retirement plans of MMALIC. MMALIC sponsors funded (qualified 401(k) thrift savings) and unfunded (nonqualified deferred compensation thrift savings) defined contribution plans for its employees and retirees. The qualified 401(k) thrift savings plan’s net assets available for benefits were $58.7 million and $37.4 million as of December 31, 2023 and 2022, respectively. The Company matches a percentage of employee contributions to the qualified 401(k) thrift savings plan. MMALIC expensed approximately $4.5 million, $4.0 million, and $3.4 million in 2023, 2022, and 2021, respectively, for its retirement and employee savings plan.

In contemplation of the sale of MMALIC to Glidepath, effective May 28, 2021, a condition to the sale agreement was that MMALIC sell certain assets to AFG prior to sale, representing approximately $66 million of directly owned real estate and approximately $405 million of Schedule BA assets. The proceeds from these sales were approximately $579 million and the net gain recognized by MMALIC as a result of these sales was approximately $108 million (all on Schedule BA assets) recognized in the accompanying statements of operations statutory-basis.

MMALIC has an agreement with MassMutual Ascend Life Investor Services (“MMALIS,” formerly known as Great American Advisors, Inc.), a wholly-owned subsidiary of MMALIC, whereby MMALIS is the principal underwriter and distributor of MMALIC’s registered index-linked annuity contracts. MMALIC pays MMALIS for acting as underwriter under a distribution agreement. MMALIC paid $69.2 million in 2023 to MMALIS, 99% of which was paid to other broker/dealers as commissions. The remaining 1% of MMALIC commissions were paid to registered representatives of MMALIS. MMALIC paid $71.1 million in 2022 to MMALIS, 99% of which was paid to other broker/dealers as commissions. The remaining 1% of MMALIC commissions were paid to registered representatives of MMALIS. MMALIC paid $32.3 million in 2021 to MMALIS, 97% of which was paid to other broker/dealers as commissions. The remaining 3% of MMALIC commissions were paid to registered representatives of MMALIS. MMALIS exited the retail brokerage business on August 3, 2010 after MMALIC announced a definitive agreement with Lincoln Investment Planning, Inc., an independent broker dealer.

The Company paid $200 million in dividends to Glidepath in 2023, none in 2022 and paid $300.0 million in dividends to GAFRI, its former parent, in 2021.

F-57


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

I. ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS

At December 31, 2023, MMALIC’s annuity (individual and group) reserves and deposit-type funds that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal are summarized as follows (in millions):

A. Individual Annuities:

      General
Account
   Separate
Account with
Guarantees
   Separate
Account
Nonguaranteed
   Total   % of Total 
1.  Subject to discretionary withdrawal:          
  

a.  With market value adjustment

  $22,517.3   $—    $—    $22,517.3    51.5
  

b. At book value less current surrender charge of 5% or more

   5,279.5    —     —     5,279.5    12.1
  

c.  At fair value

   —     —     387.5    387.5    0.9
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

d. Total with market value adjustment or at fair value (total of a through c)

   27,796.8    —     387.5    28,184.3    64.5
  

e.  At book value without adjustment (minimal or no charge or adjustment)

   13,422.5    —     —     13,422.5    30.7
2.  Not subject to discretionary withdrawal   2,063.5    —     —     2,063.5    4.7
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3.  Total (gross: direct + assumed)   43,282.8    —     387.5    43,670.3    100.0
            

 

 

 
4.  Reinsurance ceded   14,472.5    —     —     14,472.5   
    

 

 

   

 

 

   

 

 

   

 

 

   
5.  Total (net) (3) - (4)   28,810.3    —     387.5    29,197.8   
    

 

 

   

 

 

   

 

 

   

 

 

   
6.  Amount included in A(1)b above that will move to A(1)e in the year after the statement date  $970.2   $—    $—    $970.2   

B. Group Annuities:

      General
Account
   Separate
Account with
Guarantees
   Separate
Account
Nonguaranteed
   Total   % of Total 
1.  Subject to discretionary withdrawal:          
  

a.  With market value adjustment

  $—    $—    $—    $—     0.0
  

b. At book value less current surrender charge of 5% or more

   116.0    —     —     116.0    6.8
  

c.  At fair value

   —     —     —     —     0.0
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

d. Total with market value adjustment or at fair value (total of a through c)

   116.0    —     —     116.0    6.8
  

e.  At book value without adjustment (minimal or no charge or adjustment)

   686.3    —     —     686.3    40.4
2.  Not subject to discretionary withdrawal   898.1    —     —     898.1    52.8
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3.  Total (gross: direct + assumed)   1,700.4    —     —     1,700.4    100.0
            

 

 

 
4.  Reinsurance ceded   481.2    —     —     481.2   
    

 

 

   

 

 

   

 

 

   

 

 

   
5.  Total (net) (3) - (4)   1,219.2    —     —     1,219.2   
    

 

 

   

 

 

   

 

 

   

 

 

   
6.  Amount included in A(1)b above that will move to A(1)e in the year after the statement date  $2,548.1   $—    $—    $2,548.1   

F-58


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

I. ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS (CONTINUED)

C. Deposit-Type Funds

 (no life contingencies):

      General
Account
   Separate
Account with
Guarantees
   Separate
Account
Nonguaranteed
   Total   % of Total 
1.  Subject to discretionary withdrawal:          
  

a.  With market value adjustment

  $—    $—    $—    $—     0.0
  

b. At book value less current surrender charge of 5% or more

   —     —     —     —     0.0
  

c.  At fair value

   —     —     —     —     0.0
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

d. Total with market value adjustment or at fair value (total of a through c)

   —     —     —     —     0.0
  

e.  At book value without adjustment (minimal or no charge or adjustment)

   —     —     —     —     0.0
2.  Not subject to discretionary withdrawal   903.6    —     —     903.6    100.0
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3.  Total (gross: direct + assumed)   903.6    —     —     903.6    100.0
            

 

 

 
4.  Reinsurance ceded   115.6    —     —     115.6   
    

 

 

   

 

 

   

 

 

   

 

 

   
5.  Total (net) (3) - (4)   788.0    —     —     788.0   
    

 

 

   

 

 

   

 

 

   

 

 

   
6.  Amount included in A(1)b above that will move to A(1)e in the year after the statement date  $—    $—    $—    $—    

D. Reconciliation to total annuity reserves and deposit-type funds:

Net annuity reserves

  $30,028.6 

Net supplementary contracts

   0.9 

Deposit-type funds

   788.0 

Separate account nonguaranteed liabilities

   387.5 
  

 

 

 

Total

  $31,205.0 
  

 

 

 

F-59


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

I. ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS (CONTINUED)

At December 31, 2022, MMALIC’s annuity (individual and group) reserves and deposit-type funds that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal are summarized as follows (in millions):

A. Individual Annuities:

      General
Account
   Separate
Account with
Guarantees
   Separate
Account
Nonguaranteed
   Total   % of Total 
1.  Subject to discretionary withdrawal:          
  

a.  With market value adjustment

  $17,148.9   $—    $—    $17,148.9    42.2
  

b. At book value less current surrender charge of 5% or more

   7,044.3    —     —     7,044.3    17.3
  

c.  At fair value

   —     —     30.6    30.6    0.1
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

d. Total with market value adjustment or at fair value (total of a through c)

   24,193.0    —     30.6    24,223.8    59.6
  

e.  At book value without adjustment (minimal or no charge or adjustment)

   14,464.8    —     —     14,464.8    35.5
2.  Not subject to discretionary withdrawal   1,985.4    —     —     1,985.4    4.9
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3.  Total (gross: direct + assumed)   40,643.3    —     30.6    40,674.0    100.0
            

 

 

 
4.  Reinsurance ceded   17,817.8    —     —     17,817.8   
    

 

 

   

 

 

   

 

 

   

 

 

   
5.  Total (net) (3) - (4)   22,825.5    —     30.6    22,856.2   
    

 

 

   

 

 

   

 

 

   

 

 

   
6.  Amount included in A(1)b above that will move to A(1)e in the year after the statement date  $2,241.2   $—    $—    $—    

B. Group Annuities:

      General
Account
   Separate
Account with
Guarantees
   Separate
Account
Nonguaranteed
   Total   % of Total 
1.  Subject to discretionary withdrawal:          
  

a.  With market value adjustment

  $—    $—    $—    $—     0.0
  

b. At book value less current surrender charge of 5% or more

   118.9    —     —     118.9    6.7
  

c.  At fair value

   —     —     —     —     0.0
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

d. Total with market value adjustment or at fair value (total of a through c)

   118.9    —     —     118.9    6.7
  

e.  At book value without adjustment (minimal or no charge or adjustment)

   723.0    —     —     723.0    40.5
2.  Not subject to discretionary withdrawal   943.3    —     —     943.3    52.8
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3.  Total (gross: direct + assumed)   1,785.2    —     —     1,785.2    100.0
            

 

 

 
4.  Reinsurance ceded   496.7    —     —     496.7   
    

 

 

   

 

 

   

 

 

   

 

 

   
5.  Total (net) (3) - (4)   1,288.5    —     —     1,288.5   
    

 

 

   

 

 

   

 

 

   

 

 

   
6.  Amount included in A(1)b above that will move to A(1)e in the year after the statement date  $2.7   $—    $—    $—    

F-60


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

I. ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS (CONTINUED)

C. Deposit-Type Funds

 (no life contingencies):

      General
Account
   Separate
Account with
Guarantees
   Separate
Account
Nonguaranteed
   Total   % of Total 
1.  Subject to discretionary withdrawal:          
  

a.  With market value adjustment

  $—    $—    $—    $—     0.0
  

b. At book value less current surrender charge of 5% or more

   —     —     —     —     0.0
  

c.  At fair value

   —     —     —     —     0.0
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

d. Total with market value adjustment or at fair value (total of a through c)

   —     —     —     —     0.0
  

e.  At book value without adjustment (minimal or no charge or adjustment)

   —     —     —     —     0.0
2.  Not subject to discretionary withdrawal   889.6    —     —     889.6    100.0
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3.  Total (gross: direct + assumed)   889.6    —     —     889.6    100.0
            

 

 

 
4.  Reinsurance ceded   109.8    —     —     109.8   
    

 

 

   

 

 

   

 

 

   

 

 

   
5.  Total (net) (3) - (4)   779.8    —     —     779.8   
    

 

 

   

 

 

   

 

 

   

 

 

   
6.  Amount included in A(1)b above that will move to A(1)e in the year after the statement date  $—    $—    $—    $—    

D. Reconciliation to total annuity reserves and deposit-type funds:

Net annuity reserves

  $24,113.2 

Net supplementary contracts

   0.9 

Deposit-type funds

   779.8 

Separate account nonguaranteed liabilities

   30.6 
  

 

 

 

Total

  $24,924.5 
  

 

 

 

F-61


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

J. LIFE RESERVES

At December 31, 2023, MMALIC’s account value, cash value and reserves for the breakouts of life insurance by withdrawal characteristics for general account products are summarized as follows (in millions):

   December 31, 2023 
   General Account 
   Account
Value
   Cash
Value
   Reserve 

A. Subject to discretionary withdrawal, surrender values, or policy loans:

      

Universal Life

  $105.4   $104.6   $104.6 

Other Permanent Cash Value Life Insurance

   —     48.7    48.7 

B. Not subject to discretionary withdrawal or no cash values

      

Term Policies without Cash Value

   XXX    XXX    184.2 

Accidental Death Benefits

   XXX    XXX    0.1 

Disability - Active Lives

   XXX    XXX    0.1 

Disability - Disabled Lives

   XXX    XXX    3.4 

Miscellaneous Reserves

   XXX    XXX    5.5 
  

 

 

   

 

 

   

 

 

 

C. Total (gross: direct + assumed)

   105.4    153.3    346.6 

D. Reinsurance ceded

   64.2    93.9    216.3 
  

 

 

   

 

 

   

 

 

 

E. Total (net) (C) - (D)

  $41.2   $59.4   $130.3 
  

 

 

   

 

 

   

 

 

 

F.

      

   Amount 

Reconciliation to total life reserves:

  

Life insurance, total (net)

  $125.2 

Accidental death benefits, total (net)

   —  

Disability - active lives, total (net)

   —  

Disability - disabled lives, total (net)

   1.3 

Miscellaneous reserves, total (net)

   3.8 
  

 

 

 

Total

  $130.3 
  

 

 

 

F-62


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

J. LIFE RESERVES (CONTINUED)

At December 31, 2022, MMALIC’s account value, cash value and reserves for the breakouts of life insurance by withdrawal characteristics for general account products are summarized as follows (in millions):

   December 31, 2022 
   General Account 
   Account
Value
   Cash
Value
   Reserve 

A. Subject to discretionary withdrawal, surrender values, or policy loans:

  $107.6   $107.6   $107.6 

Universal Life

      

Other Permanent Cash Value Life Insurance

   —     51.3    51.3 

B. Not subject to discretionary withdrawal or no cash values

      

Term Policies without Cash Value

   XXX    XXX    209.6 

Accidental Death Benefits

   XXX    XXX    0.1 

Disability - Active Lives

   XXX    XXX    0.1 

Disability - Disabled Lives

   XXX    XXX    3.6 

Miscellaneous Reserves

   XXX    XXX    5.6 
  

 

 

   

 

 

   

 

 

 

C. Total (gross: direct + assumed)

   107.6    158.9    377.9 

D. Reinsurance ceded

   66.9    97.8    232.1 
  

 

 

   

 

 

   

 

 

 

E. Total (net) (C) - (D)

  $40.7   $61.1   $145.8 
  

 

 

   

 

 

   

 

 

 

F.

      

   Amount 

Reconciliation to total life reserves:

  

Life insurance, total (net)

  $140.2 

Accidental death benefits, total (net)

   —  

Disability - active lives, total (net)

   —  

Disability - disabled lives, total (net)

   1.5 

Miscellaneous reserves, total (net)

   4.1 
  

 

 

 

Total

  $145.8 
  

 

 

 

F-63


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

K. CAPITAL AND SURPLUS

The portion of the Company’s unassigned funds represented or reduced by each item below is as follows at December 31 (in millions):

   2023   2022   2021 

Unrealized gains and losses (excluding subsidiaries)

  $339.7   $213.4   $678.1 

Nonadmitted asset values

  $(54.7  $(31.9  $(27.2

Asset valuation reserve

  $(528.4  $(577.1  $(504.1

Life/health insurance companies are subject to certain Risk-Based Capital (“RBC”) requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life/health insurance company is to be determined based on the various risk factors related to it. At December 31, 2023 and 2022, MMALIC exceeds the RBC requirements.

The maximum amount of dividends which can be paid to stockholders by life insurance companies domiciled in the State of Ohio without prior approval of the Insurance Commissioner is the greater of 10% of surplus as regards policyholders or net income as of the preceding December 31, but only to the extent of earned surplus as of the preceding December 31. The maximum amount of dividends payable in 2024 without prior approval is $ 304.9 million based on 10% of surplus as regards to policyholders as of the preceding December 31. At December 31, 2023, surplus as regards policyholders was $3,049.4 million, earned surplus was $1,962.7 million, and 2023 net loss was $5.1 million.

F-64


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS (CONTINUED)

L. SEPARATE ACCOUNT

The Company utilizes a non-unitized separate account to record and account for assets and liabilities for individual registered index-linked annuities. MMALIC maintains the separate account pursuant to the laws of Ohio for the purpose of supporting the obligation to adjust the indexed strategy values based on the daily value calculation or rise and fall of the index. The assets of the separate account are held in MMALIC’s name on behalf of the separate account and legally belong to MMALIC. The assets in the separate account are not chargeable with liabilities arising out of any other business the Company conducts. MMALIC may invest these assets in hedging instruments, including derivative contracts as well as other assets permitted under state law (ORC 3907.15). To support the Company’s obligations to adjust the index strategy values, the Company may move funds between the separate account and the general account. MMALIC is not obligated to invest the assets of the separate account according to any particular plan except as the Company may be required to by state insurance laws (MMALIC does have a derivative use plan).

In accordance with the products and transactions recorded within the separate account, all assets are considered legally insulated from the general account and are not chargeable with liabilities incurred in any other business operation of the Company. As of December 31, 2023 and 2022, the Company’s separate account statement included legally insulated registered index-linked annuity assets of $443.3 million and $103.7 million, respectively.

With regard to the products and transactions recorded within the separate account, registered index-linked annuity products have guarantees backed by the general account. The separate account does not remit any risk charges to the general account for guaranteed benefits for the registered index-linked annuity products. The general account has not paid any guarantees for registered index-linked annuity products through December 31, 2023.

Net transfers to or (from) the Company’s separate account for the years ended December 31, 2023, 2022, and 2021 were $356.8 million, ($22.0) million and $36.8 million, respectively.

All separate account reserves are non-guaranteed and subject to discretionary withdrawal at fair value. Investments in the separate account at December 31, 2023 had a cost of $232.6 million and fair value of $387.5 million. The notional amount of these investments at December 31, 2023 was $5,650.5 million. Investments in the separate account at December 31, 2022 had a cost of $79.5 million and fair value of $30.6 million. The notional amount of these investments at December 31, 2022 was $3,800.5 million.

F-65


SUPPLEMENTARY INFORMATION

F-66


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

NOTE TO SUPPLEMENTAL SCHEDULE OF SELECTED STATUTORY-BASIS FINANCIAL DATA

AND SUPPLEMENTAL INVESTMENT DISCLOSURES

DECEMBER 31, 2023

Basis of Presentation

The accompanying supplemental schedules and interrogatories present selected statutory-basis financial data as of December 31, 2023 and for the year then ended for purposes of complying with the National Association of Insurance Commissioners’ (“NAIC”) Annual Statement Instructions and the NAIC’s Accounting Practices and Procedures Manual, and agrees to or is included in the amounts reported in the Company’s 2023 Statutory Annual Statement asamended and filed with the Ohio Department of Insurance.

Captions not presented were not applicable to the Company.

F-67


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF SELECTED STATUTORY-BASIS FINANCIAL DATA

DECEMBER 31, 2023

(Dollars in millions)

Investment income earned:

  

U.S. Government bonds

  $7.8 

Bonds exempt from U.S. tax

   —  

Other bonds (unaffiliated)

   1,779.1 

Bonds of affiliates

   16.3 

Preferred stocks (unaffiliated)

   11.5 

Common stocks (unaffiliated)

   12.2 

Common stocks (affiliated)

   —  

Mortgage loans

   200.3 

Real estate

   —  

Policy loans

   3.8 

Cash, cash equivalents and short-term investments

   109.7 

Derivative instruments

   (41.3

Other invested assets

   131.9 
  

 

 

 

Gross investment income

  $2,231.3 
  

 

 

 

Real estate owned (book value less encumbrances)

  $—  
  

 

 

 

Mortgage loans - book value:

  

Residential mortgages

  $2,777.0 

Commercial mortgages

   1,479.5 
  

 

 

 

Total mortgage loans

  $4,256.5 
  

 

 

 

Mortgage loans by standing - book value

  

Good standing

  $4,256.5 
  

 

 

 

Interest overdue more than 90 days, not in foreclosure

  $—  
  

 

 

 

Other long term assets - statement value

  $1,407.8 
  

 

 

 

Bonds and stocks of parents, subsidiaries and affiliates - book value

  

Bonds

  $—  
  

 

 

 

Common stocks

  $445.2 
  

 

 

 

Bonds (including short-term investments and cash equivalents) by expected maturity - statement value

  

Due within one year or less

  $4,463.5 

Over 1 year through 5 years

   14,032.5 

Over 5 years through 10 years

   10,975.9 

Over 10 years through 20 years

   4,761.5 

Over 20 years

   2,680.0 
  

 

 

 

Total by maturity

  $36,913.4 
  

 

 

 

Bonds (including short-term investments and cash equivalents) by NAIC designation - statement value

  

NAIC 1

  $20,587.6 

NAIC 2

   14,265.4 

NAIC 3

   1,252.4 

NAIC 4

   494.4 

NAIC 5

   271.7 

NAIC 6

   41.9 

Total by NAIC designation

  $36,913.4 
  

 

 

 

Total bonds publicly traded

  $13,705.1 
  

 

 

 

Total bonds privately placed

  $23,208.3 
  

 

 

 

Preferred stocks - statement value

  $201.0 
  

 

 

 

Common stocks - market value

  $716.4 
  

 

 

 

Short-term investments - book value

  $424.2 
  

 

 

 

Derivative instruments owned - statement value

  $243.2 
  

 

 

 

Cash on deposit

  $(157.3
  

 

 

 

Cash equivalents

  $1,944.4 
  

 

 

 

(Continued)

F-68


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF SELECTED STATUTORY-BASIS FINANCIAL DATA

(CONTINUED)

DECEMBER 31, 2023

(Dollars in millions)

Life insurance in force:

  

Ordinary

  $4,074.2 
  

 

 

 

Group life

  $12.7 
  

 

 

 

Amount of accidental death insurance in-force under ordinary policies:

  $67.6 
  

 

 

 

Life insurance with disability provisions in-force:

  

Ordinary

  $75.8 
  

 

 

 

Group life

  $—  
  

 

 

 

Annuities:

  

Ordinary:

  

Immediate - amount of income payable

  $178.9 
  

 

 

 

Deferred - fully paid account balance

  $26,918.9 
  

 

 

 

Deferred - not fully paid - account balance

  $13,332.4 
  

 

 

 

Group

  

Amount of income payable

  $74.3 
  

 

 

 

Fully paid account balance

  $93.7 
  

 

 

 

Not fully paid - account balance

  $711.0 
  

 

 

 

Accident and health insurance - premiums in force:

  

Ordinary

  $3.0 
  

 

 

 

Claim payments 2023

  

Other accident and health:

  

2023

  $3.8 
  

 

 

 

See accompanying independent auditors’ report.

68

F-69


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT DISCLOSURES

DECEMBER 31, 2023

(Dollars in millions)

1.

MMALIC’s total admitted assets as reported on page two of its Annual Statement excluding separate account assets are $46,545.4 million.

2.

Following are the 10 largest exposures to a single issuer/borrower/investment, by investment category, excluding: (i) U.S. Government, U.S. Government agency securities and those U.S. Government money market funds listed in the appendix to the SVO Practices and Procedures Manual as exempt, (ii) property occupied by MMALIC, and (iii) policy loans.

Issuer

  Amount   Percent of Total Admitted Assets 

NP Inc/US

  $570.8    1.2

Annuity Investors Life (AILIC) Common St

   427.5    0.9

Penny Mac Loan Services LLC

   399.3    0.9

LOAN ASSET ISSUER LLC SER 2021 M-2

   234.6    0.5

Churchill Finance LLC

   217.5    0.5

Herlan Peak Funding Trust

   192.8    0.4

Deephaven Mortgage LLC

   171.3    0.4

Conrex Corp

   160.4    0.3

ERAC USA Finance LLC

   144.2    0.3

CIP VIII Holdings Spv LP Inc

   136.3    0.3

3.

MMALIC’s total admitted assets held in bonds (including short-term investments and cash equivalents) and preferred stocks by NAIC rating, are as follows:

Bonds

 

NAIC Rating

  Amount   Percentage
of Total
Admitted
Assets
 

NAIC-1

  $20,587.6    44.2

NAIC-2

   14,265.4    30.6

NAIC-3

   1,252.4    2.7

NAIC-4

   494.4    1.1

NAIC-5

   271.7    0.6

NAIC-6

   41.9    0.1
  

 

 

   

 

 

 

Total

  $36,913.4    79.3
  

 

 

   

 

 

 

Preferred Stocks

 

NAIC

Rating

  Amount   Percentage
of Total
Admitted
Assets
 

P/RP-1

  $4.9    0.0

P/RP-2

   161.9    0.3

P/RP-3

   7.0    0.0

P/RP-4

   3.0    0.0

P/RP-5

   24.1    0.1

P/RP-6

   0.0    0.0
  

 

 

   

 

 

 

Total

  $201.0    0.4
  

 

 

   

 

 

 

4.

Assets held in foreign investments:

   Amount   Percent of Total Admitted Assets 

Total admitted assets held in foreign investments

  $7,789.9    16.7

Foreign-currency-denominated investments

   —     0.0

Insurance liabilities denominated in that same foreign currency

   —     0.0

(Continued)

F-70


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT DISCLOSURES (CONTINUED)

DECEMBER 31, 2023

(Dollars in millions)

5.

Aggregate foreign investment exposure categorized by NAIC sovereign rating:

   Amount   Percent of Total Admitted Assets 

Countries rated NAIC-1

  $5,006.0    10.8

Countries rated NAIC-2

   1,934.8    4.2

Countries rated NAIC-3 or below

   849.1    1.8

6.

Two largest foreign investment exposures to a single country, categorized by the country’s NAIC sovereign rating:

   Amount   Percent of Total Admitted Assets 

Countries rated NAIC-1:

    

Cayman Islands

  $3,514.3    7.6

Jersey

   297.0    0.6

Countries rated NAIC-2

    

United Kingdom

  $429.0    0.9

Cayman Islands

   378.8    0.8

Countries rated NAIC-3 or below

    

Cayman Islands

  $254.8    0.5

United Kingdom

   73.6    0.2

7.

The Company does not have any unhedged foreign currency exposure.

8.

The Company does not have any unhedged foreign currency exposure.

9.

The Company does not have any unhedged foreign currency exposure.

10.

Ten largest non-sovereign (i.e. non-governmental) foreign issues:

Issuer

  NAIC
Rating
  Amount   Percent of Total Admitted Assets 

NP Inc/ Us

  Mortgage Loan  $192.0    0.4

CIP VIII Holdings Spv LP Inc

  1.F PL   136.3    0.3

Barings Loan Partners CLO Ltd 3

  1.A Z   107.0    0.2

Barings Clo Ltd 2023-I

  1.C FE   103.6    0.2

Elis SA

  2.C PL   88.0    0.2

Seaspan Holdco III Ltd

  2.B PL   80.0    0.2

Modec Finance B.V.

  2.C PL   75.0    0.2

Vodafone Group PLC

  2.B FE   62.0    0.1

Zais Clo 6 Ltd

  1.A FE   55.8    0.1

Hildene TruPS Financials Note Securitization 2018-1 Ltd

  1.B FE   54.9    0.1

11.

Assets held in Canadian investments are less than 2.5% of the Company’s total admitted assets.

12.

Assets held with contractual sales restrictions are less than 2.5% of the Company’s total admitted assets.

(Continued)

F-71


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT DISCLOSURES (CONTINUED)

DECEMBER 31, 2023

(Dollars in millions)

13.

Following are MMALIC’s total admitted assets held in the largest 10 equity interests:

Name of Issuer

  Amount   Percentage of Total
Admitted Assets
 

Annuity Investors Life (AILIC) Common St

  $427.5    0.9

CGL Holdings LLC

   63.9    0.1

FEDERAL HOME LOAN BANK CINCINNATI-R

   41.5    0.1

NexBank Capital Inc Noncumulative Perpet

   39.0    0.1

AT&T Mobility II LLC Preferred Equity

   23.3    0.1

Farm Credit Bank of Texas

   21.7    0.0

Apollo Global Management Inc

   20.0    0.0

TS Opco Holding LLC

   19.7    0.0

MANHATTAN NATIONAL HOLDING LLC

   16.8    0.0

Lincoln National Corp

   16.4    0.0

14.

Following are MMALIC’s largest three investments held in nonaffiliated, privately placed equities:

Name of Issuer

  Amount   Percentage of Total
Admitted Assets
 

CGL Holdings LLC

  $63.9    0.1

FEDERAL HOME LOAN BANK CINCINNATI-R

   41.5    0.1

NexBank Capital Inc

   39.0    0.1

15.

Assets held in general partnership interests are less than 2.5% of the Company’s total admitted assets.

16.

Following are MMALIC’s total admitted assets held in the largest 10 mortgage loans:

Type (Residential, Commercial, Agricultural)

  Amount   Percentage of Total
Admitted Assets
 

NP Inc (Residential)

  $568.8    1.2

PennyMac Loan Services LLC (Residential)

   399.3    0.9

Churchill Finance LLC (Residential)

   217.5    0.5

Herlan Peak Funding Trust (Residential)

   192.8    0.4

Deephaven Mortgage LLC (Residential)

   171.3    0.4

Conrex Corp (Residential)

   160.4    0.3

Quontic Bank (Residential)

   129.5    0.3

Luxury Mortgage Corp (Residential)

   124.5    0.3

Churchill Financial LLC (Residential)

   108.2    0.2

Deephaven Mortgage Trust (Residential)

   100.4    0.2

17.

Following are MMALIC’s loan-to-value ratios as determined from the most current appraisal:

Loan-to-Value

  Residential  Commercial  Agricultural 

above 95%

  $2,770.0    5.9 $76.7    0.2 $—     0.0

91% to 95%

   7.0    0.0  —     0.0  —     0.0

81% to 90%

   —     0.0  130.5    0.3  —     0.0

71% to 80%

   —     0.0  212.3    0.5  —     0.0

below 70%

   —     0.0  1,060.0    2.3  —     0.0

18.

The assets held in real estate are less than 2.5% of the Company’s total admitted assets.

19.

Investments in mezzanine real estate loans are less than 2.5% of the Company’s total admitted assets.

20.

The Company has no admitted assets subject to securities lending agreements, repurchase agreements, reverse repurchase agreements, dollar repurchase agreements, or dollar reverse repurchase agreements.

(Continued)

F-72


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT DISCLOSURES (CONTINUED)

DECEMBER 31, 2023

(Dollars in millions)

21.

The Company owns $305.7 million in hedging options.

22.

The Company’s potential exposure for swaps and forwards is $89.8 million.

23.

The Company’s potential exposure for financial futures is $22.7 million.

F-73


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT DISCLOSURES (CONTINUED)

DECEMBER 31, 2023

(Dollars in millions)

         Gross Investment Holdings*   Admitted Assets as Reported in the Annual Statement 
Investment Categories  Amount   Percentage
of Column
1 Line 13
   Amount   Securities Lending
Reinvested
Collateral Amount
   Total
(Col 3 +4)
Amount
   Percentage
of Column 5
Line 13
 
1.  Long-Term Bonds:            
  1.01  U.S. Governments  $186.7    0.4  $186.7   $—    $186.7    0.4
  1.02  All Other Governments   19.2    0.0   19.2    —     19.2    0.0
  1.03  U.S. States, Territories and Possessions etc., Guaranteed   180.4    0.4   180.4    —     180.4    0.4
  1.04  U.S. Political Subdivisions of States, Territories and Possessions, Guaranteed   231.5    0.5   231.5    —     231.5    0.5
  1.05  U.S. Special Revenue and Special Assessment Obligations, etc., Non-Guaranteed   1,920.8    4.3   1,920.8    —     1,920.8    4.3
  1.06  Industrial and Miscellaneous   27,812.7    62.4   27,812.7    —     27,812.7    62.4
  1.07  Hybrid Securities   772.6    1.7   772.6    —     772.6    1.7
  1.08  Parent, Subsidiaries and Affiliates   745.2    1.7   745.2    —     745.2    1.7
  1.09  SVO Identified Funds   —     0.0   —     —     —     0.0
  1.10  Unaffiliated Bank Loans   3,103.2    6.9   3,103.2    —     3,103.2    6.9
      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  1.11  Total Long-Term Bonds   34,972.3    78.3   34,972.3    —     34,972.3    78.3
2.  Preferred Stocks:            
  2.01  Industrial and Misc. (Unaffiliated)   201.0    0.4   201.0    —     201.0    0.4
  2.02  Parent, Subsidiaries and Affiliates   —     0.0   —     —     —     0.0
      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  2.03  Total Preferred Stock   201.0    0.4   201.0    —     201.0    0.4
3.  Common Stocks:            
  3.01  Industrial and Miscellaneous Publicly Traded (Unaffiliated)   107.7    0.2   107.7    —     107.7    0.2
  3.02  Industrial and Miscellaneous Other (Unaffiliated)   162.9    0.4   162.9    —     162.9    0.4
  3.03  Parent, Subsidiaries and Affiliates Publicly Traded   —     0.0   —     —     —     0.0
  3.04  Parent, Subsidiaries and Affiliates Other   445.2    1.0   445.2    —     445.2    1.0
  3.05  Mutual Funds   —     0.0   —     —     —     0.0
  3.06  Unit Investment Trusts   —     0.0   —     —     —     0.0
  3.07  Closed-End Funds.   —     0.0   —     —     —     0.0
  3.08  Exchange traded funds   0.6    0.0   0.6    —     0.6    0.0
      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  3.09  Total Common Stocks   716.4    1.6   716.4    —     716.4    1.6
4.  Mortgage Loans:            
  4.01  Farm Mortgages   —     0.0   —     —     —     0.0
  4.02  Residential Mortgages   2,777.0    6.2   2,777.0    —     2,777.0    6.2
  4.03  Commercial Mortgages   1,431.9    3.2   1,431.9    —     1,431.9    3.2
  4.04  Mezzanine Real Estate Loans   47.6    0.1   47.6    —     47.6    0.1
      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  4.05  Total Mortgage Loans   4,256.5    9.5   4,256.5    —     4,256.5    9.5
5.  Real estate:            
  5.01  Properties Occupied by Company   —     0.0   —     —     —     0.0
  5.02  Properties Held for Production of Income   —     0.0   —     —     —     0.0
  5.03  Properties Held for Sale   —     0.0   —     —     —     0.0
      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  5.04  Total Real Estate   —     0.0   —     —     —     0.0
6.  Cash, Cash Equivalents, and Short-Term Investments:            
  6.01  Cash   (157.3   -0.4   (157.3   —     (157.3   -0.4
  6.02  Cash Equivalents   1,944.4    4.4   1,944.4    —     1,944.4    4.4
  6.03  Short-Term Investments   424.2    0.9   424.2    —     424.2    0.9
      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  6.04  Total Cash, Cash Equivalents, and Short-Term Investments   2,211.3    4.9   2,211.3    —     2,211.3    4.9
7.  Contract Loans   30.0    0.1   30.0    —     30.0    0.1
8.  Derivatives   771.4    1.7   771.4    —     771.4    1.7
9.  Other Invested Assets   1,407.8    3.1   1,407.8    —     1,407.8    3.1
10.  Receivables for Securities   165.4    0.4   165.4    —     165.4    0.4
11.  Securities Lending   —     0.0   —     —     —     0.0
12.  Other Invested Assets   —     0.0   —     —     —     0.0
      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
13.  Total Invested Assets   44,732.1    100.0   44,732.1    —     44,732.1    100.0
      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

*

Gross investment holdings as valued in compliance with NAIC SAP.

See accompanying independent auditors’ report.

F-74


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF LIFE AND HEALTH REINSURANCE DISCLOSURES

FOR THE YEAR ENDED DECEMBER 31, 2023

(Dollars in millions)

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

1.

Has MassMutual Ascend Life Insurance Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is subject to Appendix A-791,Life and Health Reinsurance Agreements, and includes a provision that limits the reinsurer’s assumption of significantrisks identified in Appendix A-791?

Examples of risk-limiting features include provisions such as a deductible, a loss ratio corridor, a loss cap, an aggregate limit or other provisions that result in similar effects.

Yes ☐ No ☒

If yes, indicate the number of reinsurance contracts to which such provisions apply:

If yes, indicate if deposit accounting was applied for all contracts subject to Appendix A-791 that limit significant risks.

Yes ☐ No ☐ N/A ☒

2.

Has MassMutual Ascend Life Insurance Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is not subject to Appendix A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer’s assumption of risk?

Examples of risk-limiting features include provisions such as a deductible, a loss ratio corridor, a loss cap, an aggregate limit or other provisions that result in similar effects.

Yes ☐ No ☒

If yes, indicate the number of reinsurance contracts to which such provisions apply:

If yes, indicate whether the reinsurance credit was reduced for the risk-limiting features.

Yes ☐ No ☐ N/A ☒

3.

Does MassMutual Ascend Life Insurance Company have any reinsurance contracts (other than reinsurance contracts with a federal or state facility) that contain one or more of the following features which may result in delays in payment in form or in fact:

(a)

Provisions that permit the reporting of losses to be made less frequently than quarterly;

(b)

Provisions that permit settlements to be made less frequently than quarterly;

(c)

Provisions that permit payments due from the reinsurer to not be made in cash within ninety (90) days of the settlement date (unless there is no activity during the period); or

(d)

The existence of payment schedules, accumulating retentions from multiple years, or any features inherently designed to delay timing of the reimbursement to the ceding entity.

Yes ☐ No ☒

(Continued)

F-75


MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF LIFE AND HEALTH REINSURANCE DISCLOSURES

(CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023

(Dollars in millions)

4.

Has MassMutual Ascend Life Insurance Company reflected reinsurance accounting credit for any contracts that are not subject to Appendix A-791 and not yearly renewable term reinsurance, which meet the risk transfer requirements of SSAP No. 61R?

Type of contract:

Response:

Identify reinsurance contract(s):

Has the insured
event(s) triggering
contract coverage been
recognized?

Assumption reinsurance – new for the reporting periodYes ☐ No ☒N/A
Non-proportional reinsurance, which does not result in significant surplus reliefYes ☐ No ☒Yes ☐ No ☐ N/A ☒

5.

Has MassMutual Ascend Life Insurance Company ceded any risk, which is not subject to Appendix A-791 and not yearly renewable term reinsurance, under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statements, and either:

(a)

Accounted for that contract as reinsurance under statutory accounting principles (SAP) and as a deposit under generally accepted accounting principles (GAAP); or

Yes ☐ No ☒ N/A ☐

(b)

Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?

Yes ☐ No ☒ N/A ☐

If the answer to item (a) or item (b) is yes, include relevant information regarding GAAP to SAP differences from the accounting policy footnote to the audited statutory-basis financial statements to explain why the contract(s) is treated differently for GAAP and SAP below:

See accompanying independent auditors’ report

F-76


PART II — INFORMATION NOT REQUIRED IN PROSPECTUS

Item 13.

Item 13. Other Expenses of Issuance and Distribution

The following is a list of the estimated expenses to be incurred in connection with the securities being offered.

 

Estimated Accounting Fees

  $[1,784,320  $1,784,320 

Estimated Filing Fees

  $0   $0 

Estimated Legal Fees

  $[200,000  $200,000 

Registration Fees

  $0   $0 

Item 14.

Item 14. Indemnification of Directors and Officers

Ohio Revised Code, Section 1701.13(E), allows indemnification by the Registrant to any person made or threatened to be made a party to any proceedings, other than a proceeding by or in the right of the Registrant, by reason of the fact that he is or was a director, officer, employee or agent of the Registrant, against expenses, including judgment and fines, if he acted in good faith and in a manner reasonably believed to be in or not opposed to our best interests and, with respect to criminal actions, in which he had no reasonable cause to believe that his conduct was unlawful. Similar provisions apply to actions brought by or in the right of the Registrant, except that no indemnification shall be made in such cases when the person shall have been adjudged to be liable for negligence or misconduct to the Registrant unless deemed otherwise by the court. Indemnifications are to be made by a majority vote of a quorum of disinterested directors or the written opinion of independent counsel or by the shareholders or by the court.

Article VII of the Registrant’s Amended and Restated Code of Regulations includes the following provisions related to indemnification of its directors, officers, employees and agents.

ARTICLE VII INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 1. Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to or is otherwise involved (including, without limitation, as a witness) in any actual or threatened action, claim, suit investigation or proceeding, of any nature whatsoever (hereinafter “proceeding”), by reason of the fact that he or she is or was a director, board member, committee member, partner, trustee, officer or employee of any foreign or domestic organization or any separate investment account, or any individual who serves in any capacity with respect to any employee benefit plan, or that, being or having been such a director, board member, committee member, partner, trustee, officer or employee of any foreign or domestic organization or any separate investment account or any individual who serves in any capacity with respect to any employee benefit plan, he or she is or was serving at the request of an executive officer of the Corporation as a director, board member, committee member, partner, trustee, officer, employee or agent of another corporation or of a partnership, joint venture, trust, limited liability company or other enterprise, including service with respect to an employee benefit plan (hereinafter an “indemnitee”), whenever the basis of such proceeding is alleged action in an official capacity as such shall be indemnified and held harmless by the Corporation to the fullest extent permitted by law, as the same exists or may hereinafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than permitted prior thereto), or by other applicable law as then in effect, against all costs and reasonable counsel fees, fines, penalties, judgments or awards of any kind, and the amount of reasonable settlements, whether or not payable to the Corporation or to any of the other entities described above actually incurred or suffered by such indemnitee in connection therewith and such indemnification shall continue as to an indemnitee who has ceased to be a director, board member, committee member, partner, trustee, officer or employee of any foreign or domestic organization or any separate investment account or any individual who serves in any capacity with respect to any employee benefit plan and shall inure to the benefit of the indemnitee’s heirs, executors, legal representatives and

Part II – Page 1


administrators. To the extent any of the indemnification provisions set forth above prove to be ineffective for any reason in furnishing the indemnification provided, each of the persons named above shall be indemnified by the Corporation to the fullest extent not prohibited by applicable law.

Notwithstanding the foregoing, no indemnification shall be provided with respect to:

1. any matter as to which the person shall have been adjudicated in any proceeding not to have acted in good faith in the reasonable belief that his or her action was in the best interests of the Corporation or, to the extent that such matter relates to service with respect to any employee benefit plan, in the best interests of the participants or beneficiaries of such employee benefit plan;

Part II -Page 1


2. any liability to any entity which is registered as an investment company under the Federal

Investment Company Act of 1940 or to the security holders thereof, where the basis for such liability is willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office; and

3. any action, claim or proceeding voluntarily initiated by any person seeking indemnification, unless such action, claim or proceeding had been authorized by the Board or unless such person’s indemnification is awarded by vote of the Board.

In any matter disposed of by settlement or in the event of an adjudication which in the opinion of the General Counsel or his or her delegate does not make a sufficient determination of conduct which could preclude or permit indemnification in accordance with the preceding paragraphs, the person shall be entitled to indemnification unless, as determined by the majority of the disinterested directors or in the opinion of counsel (who may be an officer of the Corporation or outside counsel employed by the Corporation), such person’s conduct was such as precludes indemnification under any such paragraph. The termination of any action, claim, suit, investigation or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in the best interests of the Corporation.

1.1 Advancements. The Corporation may at its option indemnify for expenses incurred in connection with any action or proceeding in advance of its final disposition, upon receipt of a satisfactory undertaking for repayment if it be subsequently determined that the person thus indemnified is not entitled to indemnification under this Article VII.

Section 2. Procedures for the Submission of Claims. The Board may establish reasonable procedures for the submission of claims for indemnification pursuant to this ARTICLE VII, determination of the entitlement of any person thereto, and review of any such determination.

Massachusetts Mutual Life Insurance Company (“MassMutual”), the Registrant’s parent company, maintains, at its expense, Directors and Officers Liability and Company Reimbursement Liability Insurance. The Directors and Officers Liability portion of such policy covers all directors and officers of MassMutual and of the companies which are, directly or indirectly, more than 50% owned by MassMutual, which includes the Registrant. The policy provides for payment on behalf of the directors and officers, up to the policy limits and after expenditure of a specified deductible, of all Loss (as defined) from claims made against them during the policy period for defined wrongful acts, and neglect or breach of duty by directors and officers in the discharge of their individual or collective duties as such. The insurance includes the cost of investigations and defenses,

Part II – Page 2


appeals, and settlements and judgments, but not fines or penalties imposed by law. The insurance does not cover any claims arising out of acts alleged to have been committed prior to December 31,1996, or in the case of companies directly or indirectly 50% owned by MassMutual, which includes the Registrant, such later date as MassMutual or its predecessors may be deemed to control the company. The prior acts effective date for the Registrant is May 28, 2021. The policy contains various exclusions and reporting requirements.

Item 15.

Item 15. Recent Sales of Unregistered Securities

Not applicable

Item 16. Exhibits and Financial Statement Schedules

 

Item 16.

Exhibits and Financial Statement Schedules

(a)

Exhibits

(1)

Principal Underwriting Agreement between Great American Life Insurance Company and Great American Advisors, Inc. effective as of February 2, 2018 is incorporated by reference to Post-Effective Amendment No. 4 filed on behalf of Great American Life Insurance Company on April 24, 2018. 1933 Act File No. 333-207914.

(2)

Plan of acquisition, reorganization, arrangement, liquidation or succession—Not applicable.

(3)   Governing Documents

(3)Governing Documents

(a)   Amended and Restated Articles of Incorporation are incorporated by reference to the Registration Statement on Form S-1 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,January 25, 2023. 1933 Act File No. 333-270740.333-269395.

(b)   Amended and Restated Code of Regulations are incorporated by reference to the Registration Statement on Form S-1 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,January 25, 2023. 1933 Act File No. 333-270740.333-269395.

(4)(a)Contracts

Part II - Page 2


(1)

Index   [Index Frontier® 7 5 Plus] Individual Deferred Annuity Contract (Form No. P11822317NW)P1850822NW) is incorporated by reference to Post-Effective Amendment No. 3 filed on behalf of Great American Life Insurance Company on November 21, 2017. 1933 Act File No. 333-207914.
(2)Endorsement-Limitations on Transfer or Assignment (Form No. E1824618NW) is incorporated by reference to Post-Effective Amendment No. 4 filed on behalf of Great American Life Insurance Company on April 24, 2018. 1933 Act File No. 333-207914.
(3)Index Frontier®  5 Individual Deferred Annuity Contract (Form No. P1182217NW) is incorporated by reference to Post-Effective Amendment No. 4 filed on behalf of Great American Life Insurance Company on April 24, 2018. 1933 Act File No. 333-207914.
(4)(b)Tax Endorsements
(1)Inherited Contract Endorsement (Form No. E1091612NW) is incorporated by reference to the Registration Statement on Form S-1 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,January 25, 2023. 1933 Act File No. 333-270740.333-269395.

(4)(b) Tax Endorsements
(2)

Individual Retirement Annuity(1)   Inherited Contract Endorsement (Form No. E6004010NW)E1091612NW) (Non-Qualified Plans) is incorporated by reference to the Registration Statement on Form S-1Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(3)

Roth(2)   Individual Retirement Annuity Endorsement (Form No. E6004108NW)E6004010NW) (IRA/SEP IRA) is incorporated by reference to the Registration Statement on Form S-1Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(3)   Roth Individual Retirement Annuity Endorsement (Form No. E6004108NW) (Roth IRA) is incorporated by reference to Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on April 25, 2023. 1933 Act File No. 333-269395.

Part II – Page 3


(4)

Savings Incentive Match Plan for Employees Individual Retirement Annuity Endorsement (Form No. E6004202NW) (SIMPLE IRA) is incorporated by reference to the Registration Statement on Form S-1Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(5)

Individual Retirement Annuity Endorsement for Inherited IRA (Form No. E6014420NW)E6014407NW) (Inherited IRA) is incorporated by reference to the Registration Statement on Form S-1Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(6)

Governmental Section 457 Plan Endorsement (Form No. E6004505NW) (Section 457 (Traditional & Roth) Governmental Plan) is incorporated by reference to the Registration Statement on Form S-1Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(7)

Tax Sheltered Annuity Endorsement (Form No. E6004308NW) (Employer Plan TSA/TSA 403(B)/Roth 403(B)) is incorporated by reference to the Registration Statement on Form S-1Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(8)

Qualified Pension, Profit Sharing and Annuity Plan Endorsement (Form No. E6004405NW) (401(A), Pension or Profit Sharing) is incorporated by reference to the Registration Statement on Form S-1Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on March 22,April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(9)

Employer Plan Endorsement (EPLAN Rev. 2/98)-1 (For use with E6004308NW Employer Plan TSA/Roth 403(B), E6004405NW 401(A), Pension or Profit Sharing and E6004505NW Section 457 (Traditional & Roth) Governmental Plan) is incorporated by reference to the Registration Statement on Form S-1Pre-Effective filed on behalf of MassMutual Ascend Life Insurance Company on March 22, 2023. 1933 Act File No. 333-270740.
(4)(c)Strategy Endorsements
(1)Declared Rate Strategy-Crediting Strategy Endorsement-Interest Subject to a Guaranteed Minimum Interest Rate (Form No. E1822417NW) is incorporated by reference to Post-Effective Amendment No. 3 filed on behalf of Great American Life Insurance Company on November 21, 2017. 1933 Act File No. 333-207914.
(2)S&P 500 Conserve Indexed Strategy-Crediting Strategy Endorsement-Index Gain Subject to a Maximum Gain for the Term-No Index Loss (Maximum Loss 0%)-Bailout Feature (Form No. E1822517NW) is incorporated by reference to Post-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(4)(c) Strategy Endorsements
(3)

S&P 500 Growth Indexed Strategy-Crediting(1)   1-Year Declared Rate Strategy Endorsement-Index Gain- Crediting Strategy Endorsement - Interest Subject to a Maximum Gain for the Term-Index Loss Subject to a Maximum Loss of 10% Each Term-Bailout FeatureGuaranteed Minimum Interest Rate (Form No. E1822617NW)E1825318NW) is incorporated by reference to Post-Effectivethe S-1 filed on behalf of MassMutual Ascend Life Insurance Company on January 25, 2023. 1933 Act File No. 333-269395.

(2)   S&P 500 1-Year -10% Floor Indexed Strategy - Crediting Strategy Endorsement - Index Gain Subject to a Cap for Each Term - Index Loss Subject to a –10% Floor for Each Term (Form No. E1850022NW) is incorporated by reference to the S-1 filed on behalf of MassMutual Ascend Life Insurance Company on January 25, 2023. 1933 Act File No. 333-269395.

(3)   SPDR Gold Shares ETF 1-Year -10% Floor Indexed Strategy - Crediting Strategy Endorsement - Index Gain Subject to a Cap for Each Term - Index Loss Subject to a –10% Floor for Each Term (Form No. E1850522NW) is incorporated by reference to the S-1 filed on behalf of MassMutual Ascend Life Insurance Company on January 25, 2023. 1933 Act File No. 333-269395.

(4)   iShares US Real Estate ETF 1-Year -10% Floor Indexed Strategy - Crediting Strategy Endorsement - Index Gain Subject to a Cap for Each Term - Index Loss Subject to a –10% Floor for Each Term (Form No. E1850622NW) is incorporated by reference to the S-1 filed on behalf of MassMutual Ascend Life Insurance Company on January 25, 2023. 1933 Act File No. 333-269395.

(5)   iShares MSCI EAFE ETF 1-Year -10% Floor Indexed Strategy - Crediting Strategy Endorsement - Index Gain Subject to a Cap for Each Term - Index Loss Subject to a –10% Floor for Each Term (Form No. E1850722NW) is incorporated by reference to the S-1 filed on behalf of MassMutual Ascend Life Insurance Company on January 25, 2023. 1933 Act File No. 333-269395.

Part II – Page 4


(6)   First Trust Barclays Edge 1-Year 10% Buffer Indexed Strategy - Crediting Strategy Endorsement - Index Gain Subject to a Cap for Each Term - Index Loss Subject to a 10% Buffer for Each Term (Form No. E1849122NW) is incorporated by reference to Pre-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on April 25, 2023. 1933 Act File No. 333-270740.333-269395.

(4)

SPDR Gold Shares Conserve(7)   S&P 500 1-Year 10% Buffer Indexed Strategy-Crediting Strategy Endorsement-Index- Crediting Strategy Endorsement—Index Gain Subject to a Maximum GainCap for the Term-NoEach Term—Index Loss (Maximum Loss 0%)-Bailout FeatureSubject to a 10% Buffer for Each Term (Form No. E1822717NW)E1849922NW) is incorporated by reference to Post-Effective Amendment No.  3 filed on behalf of Great American Life Insurance Company on November 21, 2017. 1933 Act File No. 333-207914.

(5)SPDR Gold Shares Growth Indexed Strategy-Crediting Strategy Endorsement-Index Gain Subject to a Maximum Gain for the Term-Index Loss Subject to a Maximum Loss of 10% Each Term-Bailout Feature (Form No. E1822817NW) is incorporated by reference to Post-Effective Amendment No. 3 filed on behalf of Great American Life Insurance Company on November 21, 2017. 1933 Act File No. 333-207914.
(6)iShares U.S. Real Estate Conserve Indexed Strategy-Crediting Strategy Endorsement-Index Gain Subject to a Maximum Gain for the Term-NoS-1 Index Loss (Maximum Loss 0%)-Bailout Feature (Form No. E1822917NW) is incorporated by reference to Post-Effective Amendment No.  2 filed on behalf of MassMutual Ascend Life Insurance Company on AprilJanuary 25, 2023. 1933 Act File No. 333-270740.333-269395.

Part II - Page 3


(7)

iShares U.S. Real Estate Growth(8)   S&P 500 1-Year 10% Buffer with Performance Trigger Indexed Strategy-Crediting Strategy Endorsement-Index– Crediting Strategy Endorsement - Index Loss Subject to a 10% Buffer for Each Term – Trigger Rate Credited for Each Term with No Index Loss (Form No. E1856423NW-1) is filed herewith.

(9)   S&P 500 1-Year 20% Buffer with Performance Trigger Indexed Strategy – Crediting Strategy Endorsement - Index Loss Subject to a 20% Buffer for Each Term – Trigger Rate Credited for Each Term with No Index Loss (Form No. E1856523NW-1) is filed herewith.

(10)  S&P 500 1-Year 10% Buffer with Dual Performance Trigger Indexed Strategy – Crediting Strategy Endorsement - Index Loss Subject to a 10% Buffer for Each Term – Trigger Rate Credited for Each Term if Index Gain or Index Loss within 10% Buffer (Form No. E1856623NW-1) is filed herewith.

(11)  S&P 500 1-Year 20% Buffer with Cap Indexed Strategy – Crediting Strategy Endorsement - Index Loss Subject to a 20% Buffer for Each Term – Index Gain Subject to a Maximum GainCap for the Term-IndexEach Term (Form No. E1856723NW-1) is filed herewith.

(12)  S&P 500 5-Year 10% Buffer with Upside Participation Rate Indexed Strategy - Crediting Strategy Endorsement - Index Loss Subject to a Maximum Loss of 10% Buffer for Each Term-Bailout FeatureTerm - Index Gain Subject to an Upside Participation Rate for Each Term - (Form No. E1823017NW)E1857023NW-1) is incorporated by reference to Post-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on April 25, 2023. 1933 Act File No. 333-270740.herewith.

(8)

iShares U.S. MSCI EAFE Conserve(13)  S&P 500 5-Year 20% Buffer with Cap Indexed Strategy-Crediting Strategy Endorsement-Index- Crediting Strategy Endorsement - Index Loss Subject to a 20% Buffer for Each Term - Index Gain Subject to a Maximum GainCap for the Term-No Index Loss (Maximum Loss 0%)-Bailout FeatureEach Term - (Form No. E1829620NW)E1857123NW-1) is incorporated by reference to Post-Effective Amendment No.  2 filed on behalf of MassMutual Ascend Life Insurance Company on April 25, 2023. 1933 Act File No. 333-270740.herewith.

(9)iShares U.S. MSCI EAFE Growth Indexed Strategy-Crediting Strategy Endorsement-Index Gain Subject to a Maximum Gain for the Term-Index Loss Subject to a Maximum Loss of 10% Each Term-Bailout Feature (Form No. E1829720NW) is incorporated by reference to Post-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on April 25, 2023. 1933 Act File No. 333-270740.
(10)S&P 500 Buffer Indexed Strategy-Crediting Strategy Endorsement-Index Gain Subject to a Maximum Gain for the Term-Index Loss Subject by Buffer Each Term-Bailout Feature (Form No. E1829820NW) is incorporated by reference to Post-Effective Amendment No. 2 filed on behalf of MassMutual Ascend Life Insurance Company on April 25, 2023. 1933 Act File No. 333-270740.
(4)(d)Waiver Riders

(1)

Terminal Illness Waiver Rider (Form No. R1462416NW) is incorporated by reference to Post-Effective Amendment No.  2the S-1 filed on behalf of MassMutual Ascend Life Insurance Company on AprilJanuary 25, 2023. 1933 Act File No. 333-270740.333-269395.

(2)

Extended Care Waiver Rider (Form No. R1462316NW) is incorporated by reference to Post-Effective Amendment No.  2the S-1 filed on behalf of MassMutual Ascend Life Insurance Company on AprilJanuary 25, 2023. 1933 Act File No. 333-270740.333-269395.

(3)

California Terminal Illness Waiver Rider (Form No. R1462416CA) is incorporated by reference to Post-Effective Amendment No.  2the S-1 filed on behalf of MassMutual Ascend Life Insurance Company on AprilJanuary 25, 2023. 1933 Act File No. 333-270740.333-269395.

(4)

California Waiver of Early Withdrawal Charges for Facility Care Rider (Form No. R1462316CA) is incorporated by reference to Post-Effective Amendment No. 2the S-1 filed on behalf of MassMutual Ascend Life Insurance Company on AprilJanuary 25, 2023. 1933 Act File No. 333-270740.333-269395.

(5)

Opinion re Legality will beis filed by subsequent amendment.herewith.

Part II – Page 5


(8)

Opinion re Tax Matters—Not applicable.

(9)

Voting Trust Agreement—Not applicable.

(10)  Material Contracts

(10)Material Contracts

(a)   Administrative Services Agreement between MassMutual Life Insurance Company, Great American Life Insurance Company, Annuity Investors Life Insurance Company, and Manhattan National Life Insurance Company effective May 28, 2021 is incorporated by reference to the Registration Statement on Form S-1 filed on behalf of Great American Life Insurance Company on January 6, 2022. 1933 Act File No. 333-262034.

(b)   Amendment No. 1 to Administrative Services Agreement between MassMutual Life Insurance Company, Great American Life Insurance Company, Annuity Investors Life Insurance Company, and Manhattan National Life Insurance Company effective August 5, 2021 is incorporated by reference to the Registration Statement on Form S-1 filed on behalf of Great American Life Insurance Company on January 6, 2022. 1933 Act File No. 333-262034.

(c)   Leased Employee Agreement among Glidepath Holdings Inc., Great American Life Insurance Company, Annuity Investors Life Insurance Company, and Manhattan National Life Insurance Company effective May 28, 2021 is incorporated by reference to the Registration Statement on Form S-1 filed on behalf of Great American Life Insurance Company on January 6, 2022. 1933 Act File No. 333-262034.

(11)

Statement re Computation of Per Share Earnings—Not applicable.

(12)

Statements re Computation of Ratios—Not applicable.

(15)

Letter re Unaudited Interim Financial Information—Not applicable.

(16)

Letter re Change in Certifying Accountant—NotAccountant —Not applicable.

(21)

Subsidiaries of the Registrant—Information about the subsidiaries of MassMutual Ascend Life Insurance Company will beis filed by subsequent amendment.herewith.

(23)  Consents

(23)

(a)   Consent of legal counsel will beis included in Opinion re Legality, which is filed by subsequent amendment.herewith.

(b)   Consent of independent registered public accounting firm will be(KPMG LLP) is filed by subsequent amendment.herewith.

(24)  Powers of Attorney

(24)

(a)

Power of Attorney – Dominic L. Blue is filed herewith.

(b)

Power of Attorney – Susan M. Cicco is filed herewith.

Part II - Page 4



(26)Invitation for Competitive Bids—Not applicable.
(99)Additional Exhibits – NoneNone.
(101)Interactive Data File – Not applicable.applicable

 

(b)

(b)  Financial Statementswill be filed by subsequent amendment.

 

(c)

Report of Independent Auditors (KPMG)

F-1

Statutory-Basis Financial Statements

Balance Sheet as of December 31, 2023 and 2022 - Statutory-Basis

F-4

Statement of Operations for the years ended December 31, 2023, 2022, and 2021 - Statutory-Basis

F-5

Statement of Changes in Capital and Surplus for the years ended December 31, 2023, 2022, and 2021 - Statutory-Basis

F-6

Statement of Cash Flow for the years ended December 31, 2023, 2022, and 2021 - Statutory-Basis

F-7

Notes to Statutory-Basis Financial Statements

F-8

(c)Calculation of Filing Fee Tables is filed herewith.

Item 17.

Item 17. Undertakings

The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

 

(i)

(1)   To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

(ii)

(ii)  To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (§ 230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement.

(iii)

(iii)  To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

(2)   That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3)   To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4)   That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (§ 230.430A of this chapter), shall be deemed to be

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (§ 230.430A of this chapter), shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

 

Part II – Page 7


(i)

part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(5)   That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (§ 230.424 of this chapter);

Part II - Page 5


(ii)

(ii)  Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

(iii)

(iii)  The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv)

(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(6)   Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

 

Part II - Page 68



SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement on Form S-1 for the Individual Index-linked Modified Single Premium Deferred Annuity Contracts to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Cincinnati, State of Ohio, on March 25,April 26, 2024.

 

  MassMutual Ascend Life Insurance Company
March 25,April 26, 2024  By: 

/s/ Brian P. Sponaugle

   Brian P. Sponaugle
   Senior Vice President and Treasurer

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-1 for the Individual Index-linked Modified Single Premium Deferred Annuity Contracts has been signed by the following persons in the capacities and on the dates indicated.

 

Signature

  

Capacity

  

Date

/s/ Dominic L. Blue*

Dominic L. Blue*

  

Director

Chief Executive Officer (principal executive officer)

  March 25,April 26, 2024

/s/ Susan M. Cicco*

Susan M. Cicco*

  Director  March 25,April 26, 2024
Susan M. Cicco*

/s/ Geoffrey J. Craddock*

Geoffrey J. Craddock*

  Director  March 25,April 26, 2024
Geoffrey J. Craddock*

/s/ Roger W. Crandall*

Roger W. Crandall*

  Director  March 25,April 26, 2024
Roger W. Crandall*

/s/ Paul A. LaPiana*

Paul A. LaPiana*

  Director  March 25,April 26, 2024
Paul A. LaPiana*

/s/ Sears Merritt*

Sears Merritt*

  Director  March 25,April 26, 2024
Sears Merritt*

/s/ Mark F. Muething*

Mark F. Muething*

  

President

Director

  March 25,April 26, 2024

/s/ Michael J. O’Connor*

Michael J. O’Connor*

  Director  March 25,April 26, 2024
Michael J. O’Connor*

/s/ Eric W. Partlan*

Eric W. Partlan*

  Director  March 25,April 26, 2024
Eric W. Partlan*

/s/ Brian P. Sponaugle

Brian P. Sponaugle

  Principal Accounting Officer  March 25,April 26, 2024
Brian P. Sponaugle

/s/ Arthur W. Wallace*

Arthur W. Wallace*

  Director  March 25,April 26, 2024
Arthur W. Wallace*

/s/ Elizabeth A. Ward*

Elizabeth A. Ward*

  

Chief Financial Officer (principal financial officer)

Director

  March 25,April 26, 2024

*By: /s/

/s/ John P. Gruber

John P. Gruber

  

As Attorney-in-Fact pursuant to powers of

attorney filed herewith

John P. Gruber

  

Date: March 25,April 26, 2024