Vassar College 403(b) Retirement Plans INVESTMENT AND FUND TRANSFER GUIDE

Transcription

1 Vassar College 403(b) Plans INVESTMENT AND FUND TRANSFER GUIDE

2 This resorce gide will help yo nderstand how yor crrent investments may be affected. Page 3 Fidelity Investments Transfers Page 13 TIAA Transfers Page 16 Fidelity Investment Defalt s Page 17 TIAA Defalt s

3 Fidelity Investments Transfers When the market closes (generally 4 p.m. Eastern time) on November 1, 2018, the following Fidelity Investments fnds crrently offered throgh the Vassar College 403(b) Plans will be removed from the investment linep and existing balances and/or ftre contribtions will be transferred to new investment options. See the chart below for details. The transfer of balances will appear as an exchange on yor accont history and qarterly statement. Before investing in any mtal fnd, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospects or, if available, a smmary prospects containing this information. Read it careflly. Crrent Investment New Investment Fidelity Asset Manager 20% 0328 Fidelity Asset Manager 30% 1957 Fidelity Asset Manager 40% 1958 Fidelity Asset Manager 50% 0314 Fidelity Asset Manager 60% 1959 Fidelity Freedom Fidelity Asset Manager 70% 0321 Fidelity Asset Manager 85% 0347 Fidelity Balanced - Class K Fidelity Ble Chip Growth - Class K 2078 T. Rowe Price Ble Chip Growth I Class Fidelity Ble Chip Vale 1271 MFS Vale Class R6 OU4M Fidelity Canada 0309 Fidelity Capital & Income Fidelity Capital Appreciation - Class K 2079 Fidelity Freedom T. Rowe Price Ble Chip Growth I Class 3

4 Crrent Investment New Investment Fidelity China Region 0352 Fidelity Conservative Income Bond 2267 Fidelity Contrafnd - Class K Fidelity Convertible Secrities 0308 Fidelity Corporate Bond 2208 Fidelity Freedom T. Rowe Price Ble Chip Growth I Class Fidelity Freedom Fidelity Disciplined Eqity - Class K 2081 Fidelity 500 Index Instittional Premim Class 2328 Fidelity Diversified International - Class K 2082 American s EroPacific Growth Class R-6 OUBE Fidelity Dividend Growth - Class K 2083 Fidelity 500 Index Instittional Premim Class 2328 Fidelity Emerging Asia 0351 Fidelity Emerging Erope, Middle East, Africa (EMEA) Fidelity Emerging Markets Discovery Fidelity Emerging Markets - Class K Fidelity Emerging Markets Index - Premim Class Fidelity Eqity Dividend Income - Class K Fidelity Eqity-Income - Class K Fidelity Erope 0301 Fidelity Export and Mltinational - Class K 2087 Fidelity Extended Market Index - Premim Class Fidelity 500 Index Premim Class Fidelity Freedom MFS Vale Class R6 OU4M Fidelity Freedom T. Rowe Price Ble Chip Growth I Class Fidelity Mid Cap Index Instittional Premim Class Fidelity 500 Index Instittional Premim Class

5 Crrent Investment Fidelity Floating Rate High Income Fidelity Focsed High Income Fidelity Focsed Stock 0333 Fidelity For-in-One Index 0355 Fidelity - Class K 2088 Fidelity Global Commodity Stock 2120 Fidelity Global Credit 2423 New Investment Fidelity Freedom T. Rowe Price Ble Chip Growth I Class Fidelity Freedom T. Rowe Price Ble Chip Growth I Class Fidelity Freedom Fidelity Global Eqity Income Fidelity Global High Income Fidelity GNMA 0015 Fidelity Government Cash Reserves Fidelity Government Income Fidelity Government Money Market Fidelity Growth & Income - Class K Fidelity Growth Company - Class K Fidelity Growth Discovery - Class K Fidelity Growth Strategies - Class K Fidelity High Income 0455 Fidelity Government Money Market - Premim Class Fidelity Freedom Fidelity Government Money Market - Premim Class Fidelity 500 Index Instittional Premim Class T. Rowe Price Ble Chip Growth I Class Fidelity Mid Cap Index Instittional Premim Class Fidelity Freedom

6 Crrent Investment Fidelity Independence - Class K Fidelity Inflation-Protected Bond Fidelity Inflation-Protected Bond Index - Premim Class Fidelity Intermediate Bond Fidelity Intermediate Government Income Fidelity Intermediate Treasry Bond Index - Premim Class Fidelity International Capital Appreciation Fidelity International Discovery - Class K Fidelity International Enhanced Index Fidelity International Growth Fidelity International Index - Premim Class Fidelity International Real Estate Fidelity International Small Cap Fidelity International Small Cap Opportnities Fidelity International Vale Fidelity Investment Grade Bond Fidelity Japan 0350 Fidelity Japan Smaller Companies Fidelity Large Cap Core Enhanced Index New Investment T. Rowe Price Ble Chip Growth I Class Fidelity Freedom BlackRock Total Retrn Class K Shares Fidelity Freedom American s EroPacific Growth Class R-6 Fidelity Global ex U.S. Index Instittional Premim Class American s EroPacific Growth Class R-6 Fidelity Global ex U.S. Index Instittional Premim Class Fidelity Freedom American s EroPacific Growth Class R-6 BlackRock Total Retrn Class K Shares Fidelity Freedom Fidelity 500 Index Instittional Premim Class OVTS OUBE 2348 OUBE 2348 OUBE OVTS

7 Crrent Investment Fidelity Large Cap Growth Enhanced Index 1829 Fidelity Large Cap Stock 0338 Fidelity Large Cap Vale Enhanced Index Fidelity Latin America 0349 Fidelity Leveraged Company Stock - Class K Fidelity Limited Term Government Fidelity Long-Term Treasry Bond Index - Premim Class Fidelity Low-Priced Stock - Class K Fidelity Magellan - Class K New Investment T. Rowe Price Ble Chip Growth I Class Fidelity 500 Index Instittional Premim Class MFS Vale Class R6 OU4M Fidelity Mega Cap Stock 0361 Fidelity Mid Cap Enhanced Index 2012 Fidelity Mid Cap Vale 0762 Fidelity Mid-Cap Stock - Class K Fidelity Mortgage Secrities Fidelity Nasdaq Composite Index Fidelity New Markets Income Fidelity New Millennim 0300 Fidelity Freedom Fidelity Mid Cap Index Instittional Premim Class Fidelity Freedom Fidelity Mid Cap Index Instittional Premim Class T. Rowe Price Ble Chip Growth I Class Fidelity 500 Index Instittional Premim Class Fidelity Mid Cap Index Instittional Premim Class Fidelity Freedom T. Rowe Price Ble Chip Growth I Class Fidelity Freedom T. Rowe Price Ble Chip Growth I Class

8 Crrent Investment Fidelity Nordic 0342 Fidelity OTC - Class K 2098 Fidelity Overseas - Class K 2099 Fidelity Pacific Basin 0302 New Investment Fidelity Freedom T. Rowe Price Ble Chip Growth I Class American s EroPacific Growth Class R-6 OUBE Fidelity Pritan - Class K 2100 Fidelity Real Estate Income 0833 Fidelity Real Estate Index - Premim Class 2354 Fidelity Real Estate Investment 0303 Fidelity Select Air Transportation 0034 Fidelity Select Atomotive 0502 Fidelity Select Banking 0507 Fidelity Select Biotechnology Fidelity Select Brokerage and Investment Management Fidelity Select Chemicals Fidelity Select Commnications Eqipment Fidelity Select Compters Fidelity Select Constrction and Hosing Fidelity Select Consmer Discretionary Fidelity Select Consmer Finance Fidelity Freedom 8

9 Crrent Investment New Investment Fidelity Select Consmer Staples 0009 Fidelity Select Defense and Aerospace 0067 Fidelity Select Energy 0060 Fidelity Select Energy Service Fidelity Select Environment and Alternative Energy Fidelity Select Financial Services Fidelity Select Gold 0041 Fidelity Select Health Care 0063 Fidelity Select Health Care Services Fidelity Select Indstrials Fidelity Select Insrance Fidelity Freedom Fidelity Select IT Services 0353 Fidelity Select Leisre 0062 Fidelity Select Materials Fidelity Select Medical Technology and Devices Fidelity Select Mltimedia Fidelity Select Natral Gas Fidelity Select Natral Resorces Fidelity Select Pharmaceticals Fidelity Select Retailing

10 Crrent Investment New Investment Fidelity Select Semicondctors 0008 Fidelity Select Software and IT Services 0028 Fidelity Select Technology 0064 Fidelity Select Telecommnications Fidelity Select Transportation Fidelity Select Utilities 0065 Fidelity Freedom Fidelity Select Wireless 0963 Fidelity Short-Term Bond 0450 Fidelity Short-Term Treasry Bond Index - Premim Class Fidelity Small Cap Discovery Fidelity Small Cap Enhanced Index Fidelity Small Cap Growth 1388 Fidelity Small Cap Stock 0340 Fidelity Small Cap Vale 1389 Fidelity Stock Selector All Cap - Class K Fidelity Stock Selector Large Cap Vale Fidelity Stock Selector Mid Cap 2101 Fidelity Small Cap Index Instittional Premim Class Nationwide Geneva Small Cap Growth Class R6 Fidelity Small Cap Index Instittional Premim Class Boston Partners Small Cap Vale II Instittional Class T. Rowe Price Ble Chip Growth I Class 2358 OIRM 2358 OK0P 0708 MFS Vale Class R6 OU4M 2412 Fidelity Stock Selector Small Cap Fidelity Strategic Dividend & Income Fidelity Mid Cap Index Instittional Premim Class Fidelity Small Cap Index Instittional Premim Class MFS Vale Class R6 OU4M 10

11 Crrent Investment New Investment Fidelity Strategic Income Fidelity Strategic Real Retrn Fidelity Telecom and Utilities Fidelity Total Bond 0820 Fidelity Total Emerging Markets Fidelity Total International Eqity Fidelity Total Market Index - Premim Class Fidelity Treasry Only Money Market Fidelity Trend 0005 Fidelity Vale Discovery - Class K Fidelity Vale - Class K Fidelity Vale Strategies - Class K Fidelity Freedom BlackRock Total Retrn Class K Shares Fidelity Freedom American s EroPacific Growth Class R-6 Fidelity 500 Index Instittional Premim Class Fidelity Government Money Market - Premim Class T. Rowe Price Ble Chip Growth I Class OVTS OUBE MFS Vale Class R6 OU4M 2104 Fidelity Worldwide 0318 Fidelity Mid Cap Index Instittional Premim Class Fidelity Freedom 2352 Invesco Diversified Dividend R5 Class 2 OKTK MFS Vale Class R6 OU4M MFS Massachsetts Investors Trst Class R3 2 OUCL Neberger Berman Sstainable Eqity Trst Class 1 OFN6 Pax Balanced Individal Investor Class 1 OFEV Fidelity 500 Index - Instittional Premim Class Vangard FTSE Social Index Investor Shares Fidelity Freedom 2328 OQPN 11

12 Crrent Investment PIMCO Total Retrn Administrative Class 1 Strategic Advisers Core Income Mlti-Manager Strategic Advisers Core Mlti- Manager Strategic Advisers Emerging Markets of s Strategic Advisers Growth Mlti-Manager Strategic Advisers Income Opportnities of s Strategic Advisers International Mlti-Manager Strategic Advisers Small-Mid Cap Mlti-Manager Strategic Advisers Vale Mlti- Manager OFAP Third Avene Real Estate Vale Instittional Class 3 OSBV Vangard Total Bond Market Index Investor Shares 1 OQLY New Investment BlackRock Total Retrn Class K Shares Fidelity Freedom T. Rowe Price Ble Chip Growth I Class Fidelity Freedom American s EroPacific Growth Class R-6 Fidelity Small Cap Index Instittional Premim Class OVTS OUBE MFS Vale Class R6 OU4M Fidelity Freedom Fidelity U.S. Bond Index Instittional Premim Class 2326 The date shown is based on the timing and accracy of a variety of factors, inclding the transfer of data, receipt of instrctions, and receipt of assets. Changes in any of these factors may reslt in changes to the dates and timing, inclding the dates on which, and ths the prices at which, assets in yor accont are sold and/or reinvested. 1 The fnd transfer will occr on both the Vassar College Plan for Staff Employees and Vassar College SRA Plan. 2 The fnd transfer will occr on jst the Vassar College Plan for Staff Employees. 3 There is a short-term redemption fee of 1.00% for fee eligible shares held less than 60 days. A short-term redemption fee will not be charged as part of this reallocation. However, if yo reqest a change before the transition withot satisfying the reqired holding period, yo may incr a short-term redemption fee. 12

13 TIAA Transfers Some of the TIAA investment options will be removed from the Vassar College 403(b) Plan investment men and replaced with new options. Existing mtal fnd assets will be transferred to the new accont and the new investment options as shown below, the week ending November 16, Ftre contribtions will be directed to the new accont and the new investment options as shown below, on or abot November 1, Crrent Investment Option Ticker Symbol Action Replacement Investment Option Ticker Symbol Lazard Emerging Markets Eqity Open LZOEX Close Age-Related Lifecycle - Instittional VARIOUS TIAA-CREF Bond Pls TCBRX Close BlackRock Total Retrn K MPHQX TIAA-CREF Eqity Index TIAA-CREF Growth & Income TIQRX Close Vangard Instittional Index I VINIX TRGIX Close Vangard Instittional Index I VINIX TIAA-CREF High-Yield TIHRX Close TIAA-CREF International Eqity Index TIAA-CREF International Eqity TIAA-CREF Large-Cap Vale TIAA-CREF Mid-Cap Growth TIAA-CREF Mid-Cap Vale TIAA-CREF Real Estate Sec. TIAA-CREF S&P 500 Index TIAA-CREF Social Choice Eq. TIAA-CREF Small-Cap Blend Index TIAA-CREF Small-Cap Eqity TRIEX TRERX Close Close Age-Related Lifecycle - Instittional Vangard Total International Stock Index Admiral Shares American s EroPacific Growth R6 VARIOUS VTIAX RERGX TRLCX Close MFS Vale R6 MEIKX TRGMX TRVRX TRRSX Close Close Close Vangard Mid-Cap Index Admiral Shares Vangard Mid-Cap Index Admiral Shares Age-Related Lifecycle - Instittional VIMAX VIMAX VARIOUS TRSPX Close Vangard Instittional Index I VINIX TRSCX Close Vangard Instittional Index I VINIX TRBIX TRSEX Close Close Vangard Small-Cap Index Admiral Shares Vangard Small-Cap Index Admiral Shares VSMAX VSMAX Please note that the TIAA-CREF Lifecycle s ( share class) will be replaced by the lower-cost share class of the same fnd, the TIAA-CREF Lifecycle s (Instittional share class). The change will apply to existing assets and ftre contribtions. Please see the chart on page 17 for more information. 13

14 TIAA: Restricted and replacement investments On or abot November 1, 2018, Vassar College will restrict certain TIAA investment options and they will no longer accept new contribtions, transfers or rollovers. Existing assets will remain in these investments and in the crrent acconts, nless yo make a change to yor accont. Transfers among existing assets in the crrent contract are allowed. Ftre contribtions, rollovers, and external transfers that yo make on or after November 5, 2018, will be invested in the replacement options and in the new acconts, as shown below. Crrent Investment Option CREF Bond Market Accont R2 (variable annity) CREF Eqity Index Accont R2 (variable annity) CREF Global Eqities R2 (variable annity) CREF Growth Accont R2 (variable annity) CREF Inflation-Linked Bond Accont R2 (variable annity) CREF Money Market Accont R2 (variable annity) TIAA Traditional* (garanteed annity) Ticker Symbol Action Replacement Investment Option Ticker Symbol QCBMPX Restrict BlackRock Total Retrn K MPHOX QCEQPX Restrict Vangard Instittional Index I VINIX QCGLPX QCGRPX QCILPX QCMMPX Restrict Restrict Restrict Restrict Restrict Age-Related Lifecycle - Instittional T. Rowe Price Ble Chip Growth I Age-Related Lifecycle Instittional Vangard Federal Money Market Inv TIAA Traditional* (Garanteed annity) VARIOUS TBCIX VARIOUS VMFXX 14

15 New annity acconts On or abot November 5, 2018, new Choice (RC) and Choice Pls (RCP) contracts will be issed for any participant who is crrently contribting to or holds a balance in mtal fnds. Once the new contract(s) is/are issed, yo will receive an enrollment confirmation from TIAA that will provide additional information abot yor new accont(s). We encorage yo to check yor beneficiary election at this time. Yor beneficiary election(s) will atomatically transfer to yor new contract(s). 4 The first contribtion to the new acconts will go to the crrent allocation nless yo take action to change yor allocation by November 6, 2018 (two bsiness days before the first contribtion to the new accont). * Please note: The garanteed minimm interest rate for TIAA Traditional is different nder the new (RC, RCP) contract(s). 5 Any balances yo have in TIAA Traditional in yor crrent contracts ( Annity (RA), Grop Annity (GRA), Spplemental Annity (SRA) and Grop Spplemental Annity (GSRA) will contine to earn at least 3%, which is the minimm garanteed, and any additional amonts will be credited for as long as the assets remain in those acconts. TIAA Traditional in the new contracts can be liqidated within a shorter time frame than nder the crrent contract, and also has a rate garantee that is between 1% and 3%, determined annally, which may be lower than the garanteed rate in yor contract. 5 The adjstable rate garantee in the new contracts allows TIAA to be more responsive to the prevailing interest rate environment, and provides the potential for higher total credited rates throgh the crediting of additional amonts. 6 When TIAA Traditional balances are transferred ot of an existing contract, yo may risk giving p a favorable crediting rate(s) on older contribtions. 4 Withdrawals of earnings prior to age 59½ are sbject to ordinary income tax and a 10% penalty may apply. Earnings can be distribted taxfree if distribtion is no earlier than five years after contribtions were first made and yo meet at least one of the following conditions: age 59½ or older or permanently disabled. Beneficiaries may receive a distribtion in the event of yor death. For governmental 457(b) plans, withdrawals are only allowed following separation from service or when yo reach age 70½. 5 Any garantees nder annities issed by Teachers Insrance and Annity Association of America (TIAA) are sbject to its claims- paying ability. 6 TIAA s Board of Trstees declares whether additional amonts will be paid in March of each year. Sch additional amonts, when declared, remain in effect for the declaration year, which begins each March 1 for accmlating annities and Janary 1 for payot annities. Additional amonts are not garanteed for periods other than the period for which they were declared. For additional information, visit TIAA.org/contractcomparison. If yo are not crrently contribting to the Plan(s) and wold like to transfer existing balances in yor existing accont, please call TIAA at to enroll in a new accont. Moving money from an existing contract to a new contract is a permanent decision. Money cannot be moved back into an RA, GRA, SRA or GSRA contract. 15

16 Fidelity Investments Defalt Investment Option We encorage yo to take an active role in yor retirement plan(s) and choose investment options that best sit yor goals, time horizon, and risk tolerance. Yor ftre contribtions will be invested in the target date fnd that has a target to the year yo might retire and assming a retirement age of 65. The target retirement date timeline and retirement age were selected by Vassar College. Target date fnds are an asset mix of stocks, bonds, and other investments that atomatically becomes more conservative as the fnd approaches its target retirement date and beyond. Principal invested is not garanteed. Please se the gidelines in the table below to determine which Fidelity Freedom - Class K yor ftre contribtions will be invested in if yo do not pdate yor ftre contribtion allocation before the November 8th pay date. Date of Birth Name Target Date Before 1937 Fidelity Freedom Income Class K Retired before /01/ /31/1942 Fidelity Freedom 2005 Class K Target Years /01/ /31/1947 Fidelity Freedom 2010 Class K Target Years /01/ /31/1952 Fidelity Freedom 2015 Class K Target Years /01/ /31/1957 Fidelity Freedom 2020 Class K Target Years /01/ /31/1962 Fidelity Freedom 2025 Class K Target Years /01/ /31/1967 Fidelity Freedom 2030 Class K Target Years /01/ /31/1972 Fidelity Freedom 2035 Class K Target Years /01/ /31/1977 Fidelity Freedom 2040 Class K Target Years /01/ /31/1982 Fidelity Freedom 2045 Class K Target Years /01/ /31/1987 Fidelity Freedom 2050 Class K Target Years /01/ /31/1992 Fidelity Freedom 2055 Class K Target Years /01/1993 and later* Fidelity Freedom 2060 Class K Target Years 2058 and beyond Investing involves risk, inclding risk of loss. This docment provides only a smmary of the main featres of the Vassar College Plan, and the Plan docment will govern in the event of any discrepancies. 16

17 TIAA Defalt Investment Option Lower cost share class for the defalt investment option On or abot November 1, 2018, Vassar College will introdce a lower-cost share class for the defalt investment option, as shown in the following table. If yo are crrently invested in the defalt option, this change will apply to yor assets and any ftre contribtions. If yo do not wish to have yor ftre contribtions allocated to the new defalt investment, yo can change yor allocations after the changes to the retirement plan have been completed. For newly enrolled participants who do not make investment elections, ftre contribtions will be directed to the Lifecycle fnd selected for yo based on yor projected retirement date (assming a retirement age of 65). Date of Birth Name Ticker Symbol Before 1944 TIAA-CREF Lifecycle Retire Income Instittional TLRIX TIAA-CREF Lifecycle Instittional Class TCTIX TIAA-CREF Lifecycle Instittional Class TCNIX TIAA-CREF Lifecycle Instittional Class TCWIX TIAA-CREF Lifecycle Instittional Class TCYIX TIAA-CREF Lifecycle Instittional Class TCRIX TIAA-CREF Lifecycle Instittional Class TCIIX TIAA-CREF Lifecycle Instittional Class TCOIX TIAA-CREF Lifecycle Instittional Class TTFIX TIAA-CREF Lifecycle Instittional Class TFTIX TIAA-CREF Lifecycle Instittional Class TTRIX 1994 and later TIAA-CREF Lifecycle Instittional Class TLXNX 17

18 What are Lifecycle fnds? A Lifecycle fnd is a fnd of fnds, primarily invested in shares of other mtal fnds. The fnd s investments are adjsted from more aggressive to more conservative over time as the target retirement date approaches. The principal vale of a Lifecycle fnd isn t garanteed at any time and will flctate with market changes. Lifecycle fnds share the risks associated with the types of secrities held by each of the nderlying fnds in which they invest. In addition to the fees and expenses associated with the target-date fnds, there is exposre to the fees and expenses associated with the nderlying mtal fnds, as well. The target date represents an approximate date when investors may plan to begin withdrawing from the fnd. However, yo are not reqired to withdraw the fnds at that target date. Also, please note that the Lifecycle fnd is selected for yo based on yor projected retirement date (assming a retirement age of 65). Investment, insrance, and annity prodcts are not FDIC insred, are not bank garanteed, are not bank deposits, are not insred by any federal government agency, are not a condition to any banking service or activity, and may lose vale. Investment prodcts may be sbject to market and other risk factors. See the applicable prodct literatre or visit TIAA.org/vassar for details. Yo shold consider the investment objectives, risks, charges, and expenses careflly before investing. Please call or go to TIAA.org/vassar for crrent prodct and fnd prospectses that contain this and other information. Please read the prospectses careflly before investing Teachers Insrance and Annity Association of America-College Eqities, 730 Third Avene, New York, NY

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20 Althogh this brochre was prepared for the Vassar College 403(b) Plans by Fidelity Investments for the convenience of Plan participants, certain sections in it were spplied by non-fidelity investment providers. Each provider offering prodcts and services to the Plan or its participants is solely responsible for the content on its applicable pages/sections and does not assme any responsibility or liability for the content spplied by any other provider. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI FMR LLC. All rights reserved