YOUR BOARDING PASS TO THE FUTURE

Transcription

1 BlueRetirement: YOUR BOARDING PASS TO THE FUTURE In August, your JetBlue Retirement Plan will transfer recordkeeping and other administrative and investment-related services to Empower Retirement. You are receiving this announcement because you currently have a balance in the Plan, are the beneficiary of an account participant, or are eligible to enroll through T. Rowe Price and therefore will be impacted as outlined in this guide. How to access your historical information at T. Rowe Price Once the transition to Empower is complete, you can still access your past information at T. Rowe Price for six months. Now Boarding: BlueRetirement Life is about the journey as well as the destination. The same can be said about retirement. That s why JetBlue is excited to announce your new retirement planning experience: BlueRetirement. Together with Empower, we re committed to helping you reach new heights with BlueRetirement. After the move is complete, you will be greeted with great customer service and technology and a unique user experience to help guide you through your retirement journey. elections beneficiary designations contributions investments loan or distribution The Transition: It s Automatic! Your elections, contributions, investments, beneficiary designations, and any loan or distribution arrangements will transfer automatically. Think of it as a travel itinerary for your retirement plan!

2 WHAT YOU CAN EXPECT: BLACKOUT PERIODS IN AUGUST The JetBlue Retirement Plan is scheduled to depart from T. Rowe Price on August 8 and arrive at Empower by the end of the week of August 27. A blackout period is required so that T. Rowe Price can perform checks and balances as they transfer your account and assets to Empower. If You Invest Through Self-Directed Brokerage Accounts August 8, p.m. Eastern Time Blackout period begins Last day to make a trade within your TradeLink brokerage account is August 8 by 4 p.m. Eastern Time. Please initiate trades by August 1 to allow for settlement periods. If you have a brokerage account through TradeLink, your contribution and investment elections, assets, and allocations will transfer to a Charles Schwab brokerage account. You can make a trade or change your future investment elections before the blackout period begins as long as you do so by 4 p.m. Eastern Time on August 8, After this date, you will have inquiry/view-only access with respect to your nontransferable brokerage assets. Charles Schwab will and mail a welcome kit to current brokerage account holders at the beginning of August. Once you receive your welcome kit from Charles Schwab, you will need to complete online enrollment for your brokerage account. After the transfer, your self-directed brokerage account will be offered through Charles Schwab with a reduced commission fee of $3.95 per trade and expanded investment choices. Viewing Your Account History at T. Rowe Price After the transition, you will continue to have access to your T. Rowe Price account history for six months by visiting rps.troweprice.com/jetblue or calling If You Are Enrolled in a Traditional or Roth 401(k) August 15, p.m. Eastern Time Blackout period begins During the blackout period, you will be temporarily unable to: Check your account balance Transfer or diversify your investments Change your contributions Review, add, or update a beneficiary Obtain a loan, withdrawal, or distribution Payroll deductions and matching contributions will continue to be made toward your Traditional and/or Roth 401(k) during the blackout period and held in a general account. Please take time to evaluate your financial circumstances and make necessary changes before the blackout period begins. Review the flight itinerary for specifics on dates related to when requests for desired changes can be implemented. If you do nothing, your investments will automatically change, as described under Making Your Connection: How Your Account Will Transfer. Contact T. Rowe Price at or visit rps.troweprice.com/jetblue before the blackout period begins to: Request a loan or distribution Review, update, or add a beneficiary Change your contributions or investments Make other changes If you want to take action (like request a change or transaction) after August 15, you must wait until your account transfers to Empower which is expected to occur by the end of the week of August 27. 2

3 YOUR FLIGHT ITINERARY: IMPORTANT DATES Like with any flight, schedules may be subject to change. We ll keep you informed of any potential delays. KEY DATES ALL CREWMEMBERS SELF-DIRECTED BROKERAGE ACCOUNT HOLDERS July 21 4 p.m. Eastern Time Deadline to ensure your contribution election takes effect by the last paycheck before the blackout period begins - August 1 4 p.m. Eastern Time - Deadline to initiate trades to allow for settlement time August 8 Prior to 4 p.m. Eastern Time 4 p.m. Eastern Time - Last day to make a trade through TradeLink Blackout period begins August 15 Prior to 4 p.m. Eastern Time Last day to review, update, or add a beneficiary to your account at T. Rowe Price Last day to request a loan or distribution from your account at T. Rowe Price - Last day to contact T. Rowe Price to make contribution or investment changes to your account 4 p.m. Eastern Time Blackout period begins August 21 Assets transfer from T. Rowe Price to Empower Week of August 27 Blackout period ends Important Information for Crewmembers with Self-Directed Brokerage Accounts Investment of Your Brokerage Contributions During the Transition Because the blackout period for brokerage accounts begins on August 8, contributions to those accounts made from payroll periods between August 11 and the end of the blackout period will be directed to the U.S. Treasury Money Market Fund within your retirement account. After the transition is complete (expected to be by the end of the week of August 27), you may redirect these monies into your brokerage account at Charles Schwab or into the Plan s core menu of investment options outside the self-directed brokerage account. Please Be Advised Securities No Longer Available In order to prevent the Plan from potentially being subject to unrelated business taxable income (UBTI), investments in securities that generate UBTI will no longer be available for purchase once self-directed brokerage accounts transfer to Charles Schwab. These types of securities include master limited partnerships (MLPs), commodity exchange-traded funds (ETFs), and other securities that meet the IRS requirements for partnership taxation. 3

4 WELCOME TO BLUERETIREMENT THROUGH EMPOWER! Check your mailbox and for your welcome announcement with details on accessing your JetBlue Retirement Plan and your Charles Schwab self-directed brokerage account, if applicable. You will have full access to: Change your 401(k) contribution amount Change your investment elections for your balance and/ or future contributions Review, update, or add a beneficiary Check and update your communication delivery preferences Request a loan or distribution Transact in your self-directed brokerage account (if applicable) Making Your Connection: How Your Account Will Transfer As part of the move to Empower, the investments in your BlueRetirement account will transfer as shown below. If you would like your Traditional and Roth 401(k) account to transfer differently, you must change your investment elections for both your current balance and future contributions by contacting T. Rowe Price by 4 p.m. Eastern Time August 15, If you do nothing, your investments will automatically change from the Current Investment to the New Investment identified in the chart below. After the blackout period is complete, you can make investment election changes at any time with Empower. You will receive more information about the Plan s investments, including investment objectives, fees, and performance information, later in July. This information also will be available at lifeisbetterinblue.com/blueretirement. CURRENT INVESTMENT NEW INVESTMENT Fund Name Ticker Fund Name Ticker T. Rowe Price US Money Market Trust B N/A Vanguard Federal Money Market Investor Shares VMFXX T. Rowe Price Short-Term Bond PRWBX Vanguard Federal Money Market Investor Shares VMFXX T. Rowe Price GNMA PRGMX Prudential Core Bond Fund 7 N/A Vanguard Total Bond Market Index Admiral 1 VBTLX Vanguard Total Bond Market Index I 1 VBTIX T. Rowe Price Equity Income Trust D 1 N/A T. Rowe Price Equity Income Trust A 1 N/A Vanguard Institutional Index I 2 VINIX Vanguard Institutional Index I 2 VINIX T. Rowe Price Growth Stock Trust A N/A T. Rowe Price Blue Chip Growth Trust T 1 N/A T. Rowe Price US Small-Cap Value Equity Trust D 3 N/A T. Rowe Price Small/Mid Cap Value 3 N/A T. Rowe Price US Mid-Cap Value Equity Trust D 3 N/A T. Rowe Price Small/Mid Cap Value 3 N/A T. Rowe Price US Small-Cap Core Equity Trust D N/A Vanguard Extended Market Index Institutional VIEIX Vanguard Extended Market Index Admiral 1 VEXAX Vanguard Extended Market Index Institutional 1 VIEIX T. Rowe Price New Horizons Trust A 3 N/A T. Rowe Price Small/Mid Cap Growth 3 N/A T. Rowe Price US Mid-Cap Growth Equity Trust D 3 N/A T. Rowe Price Small/Mid Cap Growth 3 N/A Harbor International Institutional HAINX Hartford International Opportunities HLS IA HIAOX American Funds EuroPacific Growth R6 RERGX Hartford International Opportunities HLS IA HIAOX Vanguard Developed Markets Index Admiral 1 VTMGX Vanguard Developed Markets Index Institutional 1 VTMNX 4

5 CURRENT INVESTMENT NEW INVESTMENT Fund Name Ticker Fund Name Ticker T. Rowe Price Capital Appreciation Trust A 4 N/A Vanguard Target Retirement Trust I by age 4 N/A T. Rowe Price Retirement Balanced Trust B N/A Vanguard Target Retirement Income Trust I N/A T. Rowe Price Retirement 2005 Trust B N/A Vanguard Target Retirement Income Trust I N/A T. Rowe Price Retirement 2010 Trust B N/A Vanguard Target Retirement Income Trust I N/A T. Rowe Price Retirement 2015 Trust B N/A Vanguard Target Retirement 2015 Trust I N/A T. Rowe Price Retirement 2020 Trust B N/A Vanguard Target Retirement 2020 Trust I N/A T. Rowe Price Retirement 2025 Trust B N/A Vanguard Target Retirement 2025 Trust I N/A T. Rowe Price Retirement 2030 Trust B N/A Vanguard Target Retirement 2030 Trust I N/A T. Rowe Price Retirement 2035 Trust B N/A Vanguard Target Retirement 2035 Trust I N/A T. Rowe Price Retirement 2040 Trust B N/A Vanguard Target Retirement 2040 Trust I N/A T. Rowe Price Retirement 2045 Trust B N/A Vanguard Target Retirement 2045 Trust I N/A T. Rowe Price Retirement 2050 Trust B N/A Vanguard Target Retirement 2050 Trust I N/A T. Rowe Price Retirement 2055 Trust B N/A Vanguard Target Retirement 2055 Trust I N/A T. Rowe Price Retirement 2060 Trust B N/A Vanguard Target Retirement 2060 Trust I N/A Not Applicable 5 N/A Vanguard Target Retirement 2065 Trust I 5 N/A TradeLink Self-Directed Brokerage N/A Schwab Personal Choice Retirement Account (self-directed brokerage) N/A What Is a Target Date Fund? A target date fund allows you to invest your retirement savings into a single fund based on the year you plan to retire or your target date. Each target date fund is pre-diversified with a mix of investments. Generally, each target date fund will become more conservative as it gets closer to the target retirement date (the year when you might start withdrawing your money, assumed to be at age 65). Birth Year Range December 31, 1947 and earlier January 1, 1948 to December 31, 1952 January 1, 1953 to December 31, 1957 January 1, 1958 to December 31, 1962 January 1, 1963 to December 31, 1967 January 1, 1968 to December 31, 1972 January 1, 1973 to December 31, 1977 January 1, 1978 to December 31, 1982 January 1, 1983 to December 31, 1987 January 1, 1988 to December 31, 1992 January 1, 1993 to December 31, 1997 January 1, 1998 and later Fund Name Vanguard Target Retirement Income Trust I Vanguard Target Retirement 2015 Trust I Vanguard Target Retirement 2020 Trust I Vanguard Target Retirement 2025 Trust I Vanguard Target Retirement 2030 Trust I Vanguard Target Retirement 2035 Trust I Vanguard Target Retirement 2040 Trust I Vanguard Target Retirement 2045 Trust I Vanguard Target Retirement 2050 Trust I Vanguard Target Retirement 2055 Trust I Vanguard Target Retirement 2060 Trust I Vanguard Target Retirement 2065 Trust I 1 Vanguard Total Bond Market Index Admiral, T. Rowe Price Equity Income Trust, Vanguard Extended Market Index Admiral, and Vanguard Developed Markets Index Admiral will map to a different share class of the same fund. Each share class invests in the same investment portfolio of securities and has the same investment objectives and policies; however, each class has different fees and expenses and, therefore, different performance results. The change in share class offers a lower gross expense ratio, which means it costs less to invest in the fund. 2 The Vanguard Institutional Index Fund will transfer in kind. In kind means the investment elections you have on file for both your current balance and any future contributions will be carried over to your BlueRetirement account at Empower. 3 The Z share class of the T. Rowe Price Small-Cap Value Equity Trust and the Z share class of the T. Rowe Price Mid-Cap Value Equity Trust will be blended into the new T. Rowe Price Small/Mid Cap Value Trust. The Z share class of the T. Rowe Price New Horizons Trust A and the Z share class of the T. Rowe Price US Mid-Cap Growth Equity Trust D will be blended into the new T. Rowe Price Small/Mid Cap Growth Trust. Because these are new trusts established exclusively for BlueRetirement, no historical fund performance will exist when they launch. 4 If you are invested currently in the T. Rowe Price Capital Appreciation Trust A, your balance and future contribution will be transferred to a Vanguard Target Retirement Trust based on your date of birth. See chart above. To identify the fund where your investment will be transferred, look for the appropriate date range on the left, based on your birthdate, and then see the fund name on the right. 5 New Fund Addition Target Retirement 2065 I is a new addition to the plan; this fund is not replacing any funds currently in the plan investment lineup. For more information, please refer to the Qualified Default Investment Alternative notice mailed to your address of record later in July. 5

6 FINAL APPROACH: HERE S WHAT HAPPENS NEXT You can look forward to a smooth landing. Other than making any changes you want before the blackout period, you do not need to do anything during the transition to Empower. Once the transfer is complete, you will receive a welcome guide in the mail with more information about your new BlueRetirement Plan. We re excited to partner with Empower and offer great enhancements and options to help you meet your retirement goals, such as: An update to how often you receive your 5% Retirement Plus contribution see it deposited into your Empower account with each paycheck! That s 5% every time you get paid rather than quarterly. New cost-effective investment choices. A new online experience featuring an enhanced website with tools to help you plan for your retirement and compare your retirement savings with the savings of others like you. Answers on the go! Chat with an Empower representative online for quick answers to your questions. We ve Got You Covered Until August 15, contact T. Rowe Price for: Questions about your account before and during the transition Account changes and transactions before the blackout period Help and guidance before the blackout period Phone: Web: rps.troweprice.com/jetblue By mail: T. Rowe Price Retirement Plan Services Mail Code Attn.: JetBlue 4515 Painters Mill Road Owings Mills, MD Contact Empower for: General information about the transition before and during the blackout period, including whether the blackout period has begun or ended Questions about your account after the transition is complete Account changes and transactions after the transition is complete Help and guidance after the transition is complete Phone: Web: blueretirement.com By mail: Empower Retirement 8515 E. Orchard Road Greenwood Village, CO

7 Important Notice Concerning Your Rights in the JetBlue Airways 401(k) Retirement Plan July 2017 This notice is to inform you that your account in the JetBlue Airways 401(k) Retirement Plan (JetBlue Retirement Plan) will transfer to Empower Retirement effective August 21, As a result of this change, you will be temporarily unable to check your account balance; transfer or diversify your investments (including investments held within a self-directed brokerage account) in your JetBlue Retirement Plan account; or obtain a loan, withdrawal, or distribution. This period during which you will be unable to exercise these rights otherwise available under the plan is called a blackout period. Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this blackout period may affect your retirement planning as well as your overall financial plan. The temporary blackout period for brokerage accounts will begin at 4 p.m. Eastern Time on August 8, 2017, and the temporary blackout period for retirement plans will begin at 4 p.m. Eastern Time on August 15, Both blackout periods will end by the end of the week of August 27, During this time, you will have limited or no access to your retirement account as described above. For the self-directed brokerage account, any final brokerage trades must be submitted no later than 4 p.m. Eastern Time on August 8, 2017, in order for the trade to be complete prior to the blackout period and the transfer of assets. During the blackout period you will be unable to direct or diversify the assets held in your Plan account. Before the blackout period begins, it is very important that you review and consider the appropriateness of your current investments. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income, and investments. To access your plan account before the blackout period begins, or if you have questions concerning this notice, contact T. Rowe Price at or access rps.troweprice.com /jetblue. Upon receipt of this notice, if you have any questions, including whether the blackout period has begun or ended, you can contact Empower at without charge. Once the blackout period ends, you will have full access to your Plan account. Empower will notify you by , if you have an address on file, and by mailing a welcome guide to your address of record. If you would like to confirm the status of the blackout period, contact Empower at or blueretirement.com. Additional Notice to Brokerage Account Holders Through your continued use of the self-directed brokerage account, you agree that you are a knowledgeable investor and understand the fees and risks associated with investments in the self-directed brokerage account. You are solely responsible for determining those investments which are suitable to you and for any losses to your plan account. You, on behalf of yourself, your heirs, successors, and assigns, will not hold JetBlue, the self-directed brokerage account provider, or any of your plan s service providers liable for any negative consequences resulting from your use of the self-directed brokerage account. 7

8 Visit lifeisbetterinblue.com/blueretirement for more information. Learn more about the transition to Empower, including: FAQs Details on the new Plan Next steps you can take to work toward a successful future And Now for the Fine Print Please consider the investment objectives, risks, fees, and expenses carefully before investing. For this and other important information about investments offered through your plan, you may obtain mutual fund prospectuses for registered investment options and/or disclosure documents from your registered representative or plan website. Read them carefully before investing. For prospectuses related to investments in your self-directed brokerage account (SDBA), contact your SDBA provider. You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker-dealers. GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company. Empower Retirement refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: NY, NY; and their subsidiaries and affiliates. The trademarks, logos, service marks, and design elements used are owned by their respective owners and are used by permission. Representatives of Empower Retirement do not offer or provide investment, fiduciary, financial, legal, or tax advice, or act in a fiduciary capacity, for any client unless explicitly described in writing or required by law. Please consult with your investment advisor, attorney, and/or tax advisor as needed. IMPORTANT: The projections, or other information generated by the Empower participant experience regarding the likelihood of various investment outcomes, are hypothetical in nature. They do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time. A bond fund s yield, share price, and total return change daily and are based on changes in interest rates, market conditions, economic and political news, and the quality and maturity of its investments. In general, bond prices fall when interest rates rise and vice versa. Equity securities of small and mid-size companies may be more volatile than securities of larger, more established companies. Asset allocation and balanced investment options and models are subject to the risks of the underlying funds, which can be a mix of stocks/stock funds and bonds/bond funds. For more information, see the prospectus and/or disclosure documents. Foreign investments involve special risks, including currency fluctuations, taxation differences, and political developments. The self-directed brokerage account (SDBA) is intended for knowledgeable investors who acknowledge and understand the risks associated with the investments contained in the SDBA. Securities available through Schwab Personal Choice Retirement Account (PCRA) are offered through Charles Schwab & Co., Inc. (Member SIPC), a registered broker-dealer. Additional information can be obtained by calling PCRA (7272). Charles Schwab & Co., Inc. and GWFS Equities, Inc. are separate and unaffiliated Great-West Life & Annuity Insurance Company. All rights reserved CNV AM