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Self-directed brokerage accountSchwab Personal Choice Retirement Account (PCRA)San Mateo County Deferred Compensation Plan

Your employer has arranged with Massachusetts Mutual Life InsuranceCompany (MassMutual ) to offer you a Self-Directed Brokerage Account (SDBA)through Charles Schwab & Co., Inc., Member SIPC (Schwab). The SchwabPersonal Choice Retirement Account (PCRA) provides you with the ability toinvest in a wide variety of investments, including stocks, bonds, exchange-tradedfunds and mutual funds.Below are important definitions to help you tounderstand your Schwab PCRA. These terms willbe used throughout this brochure: MassMutual Account is your coreretirement account containinginvestment options offered under youremployer-sponsored retirement plan. Complete and submit the online AccountApplication to open your Schwab PCRA. Once you submit the form electronically,your account will be open, and you willreceive your Schwab PCRA accountnumber on the screen soon after. Schwab PCRA is the brokerage accountyou will use to purchase and sell certaininvestments, including bonds, stocks,exchange-traded funds or mutual funds.Please note that no more than 50% of yourretirement plan account balance, or anamount specified by your employer, may beinvested in your Schwab PCRA.You will receive a Schwab PCRA Welcome Kit thatconfirms your account number and explains thedetails of investing through the Schwab PCRA. Total Retirement Account is thecombination of your MassMutualAccount and your Schwab PCRA.You can view your Schwab PCRA balance inyour Total Retirement Account by logging on towww.retiresmart.com. However, for the mostcurrent information or investment details aboutyour Schwab PCRA, you may log on to the SchwabPCRA Internet site at www.schwab.com or speakto a Schwab PCRA client service representative at1-888-393-PCRA (7272).Activating yourSchwab PCRAIt’s a quick and easy process. Just followthese simple steps:1. Activate Your Schwab PCRA Go to www.schwab.com/pcraopen. Enter your Retirement Plan ID andPlan Access Code provided below.You will also need to enter yourSocial Security Number:Retirement Plan ID: 61869-01Plan Access Code: sdbaPlease note that once you activate yourSchwab PCRA, it will generally be availablewithin 2 business days for funding from yourMassMutual Account.2. Activate Schwab Web Access:You will need to activate webaccess for your account. Go to www.schwab.com. Click the “First Time Users” tab, thenthe “Register” button to activate youraccount for online access. Fill in the required information.You will need your new SchwabPCRA number for this step.NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION NOT FDIC OR NCUA INSURED NOT INSUREDBY ANY FEDERAL GOVERNMENT AGENCY NOT GUARANTEED BY ANY BANK OR CREDIT UNION

If you are already a Schwab client, log in withyour ID and password. From the Select Accountdrop-down menu, choose your Schwab PCRAaccount number. If you encounter any problemswith online activation, call the Schwab PCRA CallCenter at 1-888-393-7272.Non-eligible Collectibles Currencies Purchases on margin Futures Annuities3. Place Trade Orders inYour Schwab PCRA:You have a variety of ways to place trades in yourSchwab PCRA using one of the following channelsat Schwab: www.schwab.com TeleBroker touch-tone Schwab by Phone voice recognition Mobile applications Dedicated Schwab PCRA Call Centerat 1-888-393-7272 Automatic Investment Plan (AIP)*InvestmentsEligible Over 8,500 mutual funds with over 4,000no load, no transaction fee mutual funds More than 2,700 institutional funds notnormally available to retail customers Stock listed on all major exchanges,including over-the-counter issues Exchange-traded funds (ETFs), includingover 500 commission-free ETF’s throughSchwab ETF OneSourceTM Bonds, US Treasuries and other fixedincome investments Money market funds Foreign securities Short sales Commodities Life insurance policies Precious metals Physical assets (e.g., real estate) Limited partnerships (private placements) Employer stock Non-registered, publicly traded limitedpartnerships Tax-exempt municipal securities Options (except covered calls, andprotective puts, and cash-securedequity puts) Non-DTC eligible securitiesListed investments are subject to change withoutnotice. Investment restrictions apply. Employeesshould see their employer for additionalrestrictions specific to their plan.Investment ResearchSchwab makes available the following informationto help you learn about and select investments: Powerful proprietary research tools onschwab.com, including Schwab EquityRatingsTM, the Schwab Mutual FundOneSource Select List and the Schwab ETFOnesource Select ListTM. In addition, Schwabprovides independent, third-party researchfrom leading providers such as Credit Suisse,Argus Research, CFRA, Morningstar ,Reuters, and MarketEdge . Equity, mutual fund, exchange-traded fundand fixed income screener tools to helpyou choose your investments.* An Automatic Investment Plan (AIP) gives you the ability to automatically invest fixed dollar amounts in eligible SchwabOneSource mutual funds at regular intervals (monthly, bi-monthly or quarterly), provided that the initial purchase minimumfor the mutual fund has previously been met.1

Knowledgable PCRA Call CenterRepresentatives who can help withinvesting information. Online or in-person investing workshopsled by Schwab investment professionalscovering timely topics. Once logged into your PCRA onschwab.com, view the PCRA “how-to”video (www.schwab.com/pcrahowto), aswell as other helpful information containedin the “PCRA Resources” section.Funding your Schwab PCRAA 5,000 minimum initial investment is required.Subsequent contributions of 1,000 or greater areallowed, provided the amount doesn’t exceed themaximum investment amount specified by youremployer. To transfer funds into your Schwab PCRA:1. If cash is not available for transfer into yourSchwab PCRA account, you will need todecide which of your core investments youwant to sell in order to move money into yourSchwab PCRA.2. Once you decide how much money you wantto transfer from each investment, you willneed to contact MassMutual and follow theinstructions provided for transferring moneyinto your Schwab PCRA. Please note any limitsthat may be imposed.3. Your funds will be automatically swept into theSchwab Cash Sweep feature in your SchwabPCRA, where they will earn interest until youplace a trade.ContributionsDirect contributions into your Schwab PCRA arenot allowed. All contributions must be transferredfrom your MassMutual Account to your SchwabPCRA. To do so, log on to www.retiresmart.comor speak to a MassMutual representativeon the Retirement Plan Information Line at1-800-743-5274.** Business day is any day the New York Stock Exchange is open.2Proceeds from sales are automatically credited tothe Schwab Cash Sweep feature when transferred.Transferring assets from your MassMutual accountto your Schwab PCRA typically takes 2 businessdays** after which they will become available inyour Schwab PCRA.Transferring funds to andfrom your Schwab PCRATo transfer money from your Schwab PCRA back toyour MassMutual Account please follow the stepsbelow (this process may take up to 8 business daysif you need to liquidate securities):1. If required visit schwab.com or call the PCRA CallCenter 1-888-393-PCRA (7272) to liquidatesecurities to make cash available for transfer.2. As soon as settled cash is available in theCash Sweep feature in your PCRA account,you may transfer the assets back to yourMassMutual Account.3. Either log onto www.retiresmart.com orcontact a MassMutual representative at1-800-743-5274 and follow the steps to initiatea transfer (this typically takes upto 3 business days).To transfer funds from the Schwab CashSweep feature to your MassMutual Account(this typically takes up to 2 business days), log onto www.retiresmart.com, contact the RetirementPlan Information Line or speak to a MassMutualrepresentative at 1-800-743-5274.To transfer funds from your MassMutual Accountto your Schwab PCRA (this process typically takes2 business days): You must exchange funds from yourMassMutual Account to your Schwab PCRAby logging on to www.retiresmart.com,contacting the Retirement Plan InformationLine or speaking to a MassMutual representative at 1-800-743-5274. Your exchange is typically reflected in theSchwab Cash Sweep feature on the thirdbusiness day.

What transferrestrictions exist?Money in a stable value product, whichwould include the MassMutual GuaranteedInterest Account (GIA), Fixed Interest Account,SAGIC, and Capital Preservation Account or, ifapplicable, another stable value fund or productmade available in the plan, cannot betransferred directly or indirectly to the SelfDirected Brokerage Account. It first must betransferred to other core investments in theplan and remain there for a minimum of 90 daysbefore being transferred to your BrokerageAccount. Specifically, Any direct transfer between the stablevalue product and your Brokerage Accountis not allowed. If you make a transfer from the stablevalue product to any core plan investment,you will not be permitted to transfer intoyour Brokerage Account from any coreinvestment for a period of 90 days. If you make a transfer to the stable valueproduct from any core plan investment,you will not be permitted to transferfrom your Brokerage Account to anycore investment for a period of 90 days. If you make a transfer from your BrokerageAccount to any core plan investment,you will not be permitted to transfer tothe stable value product from any coreinvestment for a period of 90 days. If you make a transfer to your BrokerageAccount from any core plan investment,you will not be permitted to transferfrom the stable value product to any coreinvestment for a period of 90 days.To protect long term investors, yourcore investment options may imposetransfer restrictions (those other than thebrokerage account). A participant will be prohibited fromtransferring into most core investmentoptions if the participant has transferredinto and out of the same option within theprevious 60 days. Certain stable value,fixed income and guaranteed interestoptions are not subject to this rule. Thisrule does not prohibit participants fromtransferring out of any option at any time. All core investment options are alsosubject to the restrictions described inMassMutual’s Excessive Trading Policy,which is available by logging into youraccount at www.retiresmart.com orby calling MassMutual’s ParticipantInformation Center at 1-800-743-5274.Plan Sponsor-directedaccount liquidationUnder certain circumstances, your Plan Sponsormay provide authorization to MassMutual todirect Schwab to liquidate all or a portion ofyour Schwab PCRA balance. The following areexamples that could force such a liquidation: A qualified domestic relations order(QDRO) that requires the division ofyour account Refunds of excess contribution necessaryto satisfy IRS requirements Payments of a deferred account balance atage 65 or 70 as mandated by your Plan Payment of a mandatory distributionif your entire Retirement Savings Planaccount is 5,000 or less at termination ofyour employment Maintenance of required Core Accountminimum balance or payment of SchwabPCRA maintenance fee Payment of your account to yourbeneficiary after your death Discontinuance of your plan’s relationshipwith MassMutualAt the direction of the Plan Sponsor, MassMutualwill request transfer of the designated amountfrom the Schwab PCRA either to satisfy a planpayment and the good order requirementsor upon the discontinuance of the Contract.3