Annuity Loan Rule Changes  

There are 2 recent changes to the way the Annuity Fund is administering loans. First, the Fund has replaced the ability to refinance a 2nd loan, with the ability to take a 3rd loan. The reason for this change is that IRS regulations limited the ability to change the loan term on a refinance in certain circumstances. Other than that, there is little difference between the old refinance provision and the new 3rd loan provision. If you were ineligible to refinance a 2nd loan under the old rules because you had defaulted on either of your loans, you are also ineligible to take a 3rd loan under the new rules. You cannot take a 3rd loan if you have defaulted on either of your other loans.

Please note that you will not be able to process a 3rd loan on the MassMutual web site. In order to take a 3rd loan, you must fill out the applications that are available on this web site (in the "Annuity" section, on the Annuity Forms page), and mail the signed forms back to the Fund Office for processing.

The other change regarding Annuity loans is that it is now possible to refinance any of your loans for the sole purpose of lowering your loan interest rate. If you wish to refinance your interest rate, call MassMutual at 1-800-74-FLASH (35274) and a customer
service representative will help you understand how refinancing would affect you monthly repayment amounts. The forms for
refinancing can also be picked up on this web site on the Annuity Forms page, but completed forms must be mailed to MassMutual for processing.