MassMutual established an Employee Hardship Loan Program on January 1, 2011 to provide financial assistance to employees experiencing an extremely severe financial hardship due to an extraordinary, catastrophic event beyond their control which results in a financial hardship to them or their immediate family.  Immediate family means the employee’s spouse/domestic partner and dependent child(ren).

This program applies to non-officer level employees of:

  • Massachusetts Mutual Life Insurance Company
  • MassMutual International LLC
  • The MassMutual Trust Company, FSB
  • Barings LLC

Full- and part-time, non-officer level employees are eligible to participate in the program after their first day of employment. Long-term project employees and ATMP employees are not eligible for the program. In order to be eligible for the program you must:

  • be a current full- or part-time employee at the time of application;
  • be a member of the MassMutual Federal Credit Union (minimum $5 deposit in a savings account required for membership) and;
  • have exhausted other reasonable financial means available to you as determined by the MassMutual Federal Credit Union (i.e., expected/received reimbursements from insurance, etc.).

Program Guidelines

Loan applications, generally ranging from $1,000 up to a maximum of $3,500, will be considered depending on the facts and circumstances associated with the hardship. Eligible employees may apply for and have only one outstanding loan up to $3,500 per calendar year. Employees meeting one of the eligible hardship events listed below may apply for a loan under the program and, if approved, will receive a loan at the reduced interest rate of 2.99%.

Each application for a hardship loan will be evaluated based on the facts and circumstances pertaining to the event and personal information provided by the applicant. Below are examples of hardship events that could or would not qualify for financial assistance under this program.

Hardship Events that Could Qualify for Financial Assistance

  • Loss of employee’s housing or household furnishings due to natural disasters such as fires, hurricanes, floods and tornadoes, etc., where there is no insurance, insufficient insurance, or where funds are needed prior to the insurance payment being made.
  • Extraordinary medical expenses on the employee’s behalf, or on the behalf of members of his or her immediate family, to the extent that funds are not yet available through the employee’s FSA or HSA and not covered by a government program, car or homeowners insurance or other parties.
  • Employee medical costs – travel-related expenses not reimbursable or covered by a group health plan, FSA, HSA, etc., such as traveling to another city for surgery or treatments.
  • To pay for funeral and burial expenses of employee’s immediate family member for which funds are unavailable.
  • Extraordinary financial losses due to personal injury or being a victim of robbery or other crime.
  • To purchase or acquire adaptive technology related to the employee’s or the employee’s immediate family member’s disability.  Examples include voice dictation software, screen reading software and home modifications required for wheelchair accessibility.
  • Imminent threat of foreclosure of the employee’s primary residence or repossession of an automobile.

Hardship Events that Would Not Qualify for Financial Assistance

  • Loss of income when vacation, personal or sick leave is exhausted
  • Overextended credit
  • Divorce/Child Support
  • Job transfers/relocation
  • Payment of mortgage or down payment on house
  • Any type of hardship due to illegal activities or neglect
  • Other business expenses
  • Any situation where other reasonable, available financial means have not been exhausted as determined by the MassMutual Federal Credit Union (i.e., actual or anticipated insurance reimbursements, etc.).

How to Apply:
Eligible employees must complete and submit a loan application to the MassMutual Federal Credit Union (Credit Union), a Statement of Eligibility, and supporting documentation such as, but not limited to, bills, receipts or estimates of damage, cost of items or services not covered or paid for by insurance or other means. All applications will be handled within established privacy and confidentiality guidelines. Applications may be submitted:

  • in person to one of the Credit Union’s offices at MassMutual’s State Street or Bright Meadow campuses;
  • via interoffice mail to MIP, F-235, Consumer Loan Department, or
  • via e-mail to [email protected]

The Credit Union will review each application for completeness and against program qualification guidelines to determine eligibility for financial assistance. Decisions on applications will generally be made within one business day from the date the complete application is received. If loan is issued it will be subject to any applicable state or federal taxes. In the event that:

  • the application or supporting documentation is incomplete;
  • information provided is insufficient to clearly demonstrate that the request meets the program’s hardship guidelines, or
  • the Credit Union determines it has a conflict in reviewing the application (e.g., applicant is a relative of a reviewing Credit Union staff member),

the application will be forwarded to a Hardship Review Committee or committee member for evaluation and decision. The Credit Union and the Hardship Review Committee may request any additional information deemed necessary to complete assessment of the application in order to reach a decision. All decisions made are final.

Participating in the Hardship Loan Program is not to be construed as an employment agreement. MassMutual reserves the right to extend, alter, amend, delete, cancel or otherwise change the program or any of the provisions of the program at any time.

Loan Repayment:

All loan(s) must be repaid within 18 months and may be repaid via payroll deduction. Payroll deduction can be set up through the Credit Union or online via Workday. There is no penalty for early repayment. Under Law, any default will be taxable to the borrower.

Contact Us:

If you should have any questions, or need additional information, you can find all of our contact information here.

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