Future. Working Together For Your. Montefiore Medical Center Retirement Program Transition Guide

Transcription

1 Working Together For Your Future Montefiore Medical Center Retirement Program Transition Guide One-on-one Consultations Target Date Funds Mobile Tools and Resources

2 Get ready for the changes ahead Fidelity Investments will be the new service provider for the Montefiore Medical Center 403(b) Plan As previously announced, the Montefiore Medical Center 403(b) Plan (the Plan ) will be transferring recordkeeping services from Principal Financial Group to Fidelity Investments effective January 2, Some changes to the investment options under the Plan will also be made. At Montefiore, we believe in offering a strong benefits program and your retirement savings plan is an important part. Accordingly, we aim to provide you with information, resources and support to help you make your benefit decisions with confidence. With more than 65 years of financial services experience, Fidelity is available to help you put a plan in place that balances the needs of your life today with your retirement vision for tomorrow. You can use this guide as a resource to help you understand the transition to Fidelity and learn more about the Plan so you can take an active role in your retirement planning, and: Review key transition dates, including when your ability to direct investment decisions will not be available. Take note of other services that will be temporarily unavailable during the transition. Learn about the new services and features that are being added to the Plan. Understand changes in the Plan s investment lineup that will occur with the transition. Table of Contents Page Transition Highlights 3 Attend a Workshop 5 Activity Calendar 6 Investment Options 9 Tools and Resources 15 Key Dates and Action Steps 16 Important Notice concerning your rights under the Montefiore Medical Center 403(b) Plan: This notice is to inform you that the Montefiore Medical Center 403(b) Plan will be transferring from Principal Financial Group to Fidelity Investments. 2

3 Transition Service Highlights You can find all of the latest information on the transition at This transition website will be updated as needed to provide current details regarding the move to Fidelity, including key dates, investment information and on-site meeting schedules. There is no log-in required to view the website. Please review the information below to understand some of the key features of the Plan at Fidelity. What s new beginning in 2018? Single 403(b) Plan Fidelity NetBenefits Website: Rebalance Notification and Automatic Rebalance Workplace Planning and Support In connection with the change to Fidelity, the TDA (tax-deferred annuity) and PVA (voluntary tax-deferred annuity) plans will be combined into a single plan.at Fidelity. While separate recordkeeping will be maintained for your contributions and those from Montefiore, if applicable, all contributions will be held in a single Plan account. Having all of your 403(b) assets in one place may help make it easier for you to manage your retirement savings and plan for your future. You will have access to Fidelity s website dedicated to retirement planning. Here is where you will manage your account, make decisions on your investment choices, and find interactive tools and calculators to help you meet your retirement savings goals. See the Tools and Resources section of this guide for more details. Get notified via when your account s investment mix strays from your stated strategy. You can have your account assets rebalance automatically to stay consistent with the investment strategy you have chosen. Fidelity Retirement Planners are knowledgeable professionals equipped with detailed information about the Plan and the financial know-how to provide advice on investing that will help you get on your way. Advice services are provided directly by Fidelity and not by the Plan. 3

4 Some Plan services that will differ at Fidelity Principal- Step Ahead For Associates enrolled in Step Ahead at Principal If you are enrolled in Principal s Step Ahead program, your elections will be converted to Fidelity s corresponding Automatic Increase Program (AIP) using the following guidelines: -If you set a maximum limit election at Principal those elections will no longer apply. The annual increase date that you selected in Principal s Step Ahead program will be maintained in the Fidelity AIP. Unless changed, elections carry over from year to year. Auto Increase Program at Fidelity Fidelity s AIP will continue until you opt out of the service or reach the Plan s maximum deferral rate of 70% -Elections for an annual increase greater than 10% will be converted to 10% -Elections for an annual increase less than 1% will be converted to 1% -Fractional percentages on annual increases above 1% will be rounded down to the nearest 0.5%. If you wish to change your AIP percentage, annual increase date, or opt out of the AIP altogether, you can do so between now and December 20 at Principal; or at Fidelity when the transition is completed, during the week ending Friday, January 19, Principal- RetireView Tools at Fidelity- Planning & Guidance Center Rebalance Notification and Auto Rebalance For Associates enrolled in RetireView at Principal If you are enrolled in RetireView at Principal, your contributions will be transferred to Fidelity in accordance with the transfer rules under the section called Investment Options, beginning on Page 9. Once transferred, your contributions will continue to be invested in these funds unless you direct otherwise. At Fidelity, your investment mix will no longer be automatically rebalanced unless you enroll in Fidelity s Auto Rebalance service. You also may wish to visit Fidelity's Planning & Guidance Center to help you create a retirement plan based on a series of questions regarding risk tolerance, timeline until retirement and other factors, or meet with a Fidelity Retirement Planner to get investment advice on what type of asset allocation may be right for you. 4

5 Attend a Workshop Group Presentations Fidelity will be on-site to deliver the Get Ready for the Move to Fidelity workshop. Attend a workshop to learn more about the important changes to the Plan and get answers to your questions. Help Desks Have a quick question about the transition? Stop by a help desk and a Fidelity Representative will be available to provide the information you need. One-on-One Consultations Fidelity Retirement Planners will be available for One-on-One consultations. If you have questions about your account, retirement planning, or which investment options may be right for you, your dedicated team of Retirement Planners is available to help. One-on-One consultations must be scheduled at least 24 hours in advance either online at or by phone at weekdays from 8:00 a.m. to 9:00 p.m. ET. Meeting Schedule A campus-specific meeting schedule is enclosed and available on the transition website at Fidelity representatives will be available to explain the changes being made and answer your questions. Go mobile. Download the Fidelity NetBenefits mobile app. from the App Store, Google Play store, or Windows Store. Download a Fidelity NetBenefits mobile app from the App Store, Google Play store, or Windows Store. Screenshots are for illustrative purposes only. System availability and response times may be subject to market conditions. The trademarks and service marks appearing herein are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company, and may be registered. 5

6 Activities Calendar Please review this Activities Calendar to understand how your account will be affected during the transition period. To ensure that all information is transferred accurately from your current plan account at Principal to your new Plan account at Fidelity, there will be a period of time when you will be unable to direct or diversify investments in your individual accounts, obtain a loan from the Plan, or obtain a distribution from the Plan, 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 blackout period for the Plan is expected to begin on Wednesday December 20, 2017 at 4 p.m. ET. You will then have two additional days until Friday, December 22, 2017 at 4 p.m. ET, during which you can direct changes to your Plan investments. The blackout period is expected to end during the week ending January 19, During these weeks, you can determine whether the blackout period has started or ended by contacting the Fidelity Retirement Service Center at During the blackout period, you will be unable to direct or diversify the assets held in your Plan account. For this reason, it is very important that you review and consider the appropriateness of your current investments in light of your inability to direct or diversify those investments during the blackout period. For your long-term retirement security, you should give careful consideration to the importance of a wellbalanced and diversified investment portfolio, taking into account all your assets, income, and investments. If you have any questions concerning this blackout, you can attend one of the onsite transition presentations that Fidelity will be conducting. In addition, you can, contact the Fidelity Retirement Service Center at , or visit It is very important that you review and consider your current investment selections in light of your inability to direct or make changes to those investments during the period beginning at 4 p.m. ET on Friday, December 22, 2017 through the week ending Friday, January 19, If you would like to direct a loan or distribution, or make any changes to your investments at Principal, prior to the applicable dates above, please contact Principal at or call

7 Please review the following key dates for each stage of the transition* KEY DATES Wednesday, December 20, 2017 at 4:00 p.m. Eastern time Friday, December 22, 2017 at 4:00 p.m. Eastern time Friday, December 29, 2017 at 4:00 p.m. Eastern time Tuesday, January 2, 2018 The week ending Friday, January 19, PLAN ACTIVITY/ACTION STEPS Blackout Period begins This is the last day at Principal to: Request a loan or distribution. Change your contribution rate Take all necessary action with Principal if you wish to process a loan or distribution, or change your contribution rate before the blackout period begins. This is the last day at Principal to: Check your account balance. Change how future contributions to your account (employee and/or employer contributions) will be invested. Direct an exchange (transfer of current balances) between investment options. Your account balances are valued for the transfer to Fidelity at the close of the market. Your account balances are scheduled to transfer to Fidelity. Review the Investment Options section of this guide to learn how your current investment choices may change as a result of the transition. * The blackout period is expected to end and access to Plan and account information, transactions through Fidelity is scheduled to be operational. *The timing of the plan changes and transition period, including any asset reallocations, described within this brochure depends on a variety of factors, which may include: the timing and accuracy of the transfer of data, receipt of instructions, and receipt of assets. Changes in any of these factors may result in changes to the timing of the delivery of services, the transition period, and/or the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested. Services not affected during this transition period Payroll Contributions Your pretax and Roth contributions from your pay in effect on December 20, 2017 will continue and transfer to Fidelity. You will not need to re-enroll in the Plan. If you are contributing a fractional percentage, that percentage will be rounded down to the nearest 0.5% Outstanding Loans Any outstanding loan balances in the 403(b) Plan will transfer to Fidelity. You will continue to repay your loan in the same manner as you have with the Principal. The transition will not affect the terms or length of your loan. 1 Auto Enrollment New associates will continue to be automatically enrolled in the Plan at a contribution rate of 3% plus a 1% auto increase annually. Associates may opt out of the enrollment or auto increase at any time during the first 90 days of employment. Some associates will receive extra time to opt out on account of the blackout. You will be notified if this applies to you. 1 Loan repayments received during the blackout period will be invested in the Vanguard Prime Money Market Fund until the blackout period ends. At that time, loan repayments and any associated earnings will be posted to your account according to your future investment elections on file with Fidelity. If you do not have any elections on file, your loan repayments and any associated earnings will be invested in a BlackRock LifePath Index Fund Class K. Please see the chart on page 12 for more details. You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund s liquidity falls below required minimums because of market conditions or other factors. 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 fund sponsor will provide financial support to the fund at any time. 7

8 After the transition ends* All services at Fidelity are expected to be fully available by the end of the week ending Friday, January 19, You then will be able to direct loans and distributions (if available) as well as changes to your contributions and account investments. You will need to do the following: Set up your Fidelity NetBenefits account and preferences - If you have a Username and Password for other accounts at Fidelity, you will be able to use that information to access your Montefiore 403(b) Plan account. - If you do not already have a Fidelity Username and Password, you can access your account online at click Register Now, and follow the step-by-step instructions to set up your account access information. You can also contact the Fidelity Retirement Service Center at to set up your account access. If you have any questions, you can call the Fidelity Retirement Service Center at to speak with a Fidelity representative who can answer questions and walk you through any transaction you want to make in your account. Beneficiary Designation: It is important to establish your beneficiaries when the transition is complete in January This allows your account to be distributed based on your direction in the event of your death. Beneficiary information on file at Principal will not transfer to Fidelity. You must contact Fidelity to designate a beneficiary for your account. You can designate your beneficiary on NetBenefits at under Profile. See instructions below for setting up your NetBenefits account. You can also call Fidelity at to request a beneficiary form to fill out and return. If no beneficiary information is on file at the time of your death, your account will be distributed as directed by the Plan rules using the following hierarchy: spouse, children, estate. We encourage you to make your own designations when the transition is complete. Account Statements Your first quarterly statement from Fidelity will be available in April Compare Fidelity s statement with your final account statement from Principal which will be sent to you in late January. Contact Fidelity with any questions. Account statements for the Plan are available online at and will not be automatically mailed to your home. To change your mail preferences and request that statements be mailed to your home address, call Fidelity at or log on to NetBenefits at and click Profile, then Preferences. If you have any questions, feel free to contact a Fidelity representative at or go online to 8

9 Appendix: Investment Information Before investing in any investment option, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a mutual fund or variable annuity prospectus or, if available, a summary prospectus containing this information. Read it carefully. Overview of Investment Option Changes When the transition is complete, the investment lineup in the Plan will include: Fund options that remain the same Fund options that will continue to be invested according to their current strategy but change to a new share class, and Fund options that are new to the Plan, including new Target Date funds and a new Stable Value Fund. Depending on the fund options in which you are invested at 4 p.m. ET on December 22, 2017, your investments may change upon the transfer to Fidelity. See below for more details. Check your currently selected investment options to understand how they will transition to Fidelity, and decide whether you want to make any changes before 4 p.m. ET on December 22. While many accounts may need to be liquidated and reinvested in the new investment options, the plan sponsor may determine that a reregistration, or in-kind transfer, is appropriate. Please be aware that the transfer methodology may vary by individual investment option, and certain options may be out of the market for a day or more while others remain fully invested during the transition. We encourage you to review the investment transfer information on the following pages and if necessary make any changes to your account at Principal before December 22, 2017 at 4 p.m. ET to appropriately position your holdings to help achieve the desired transfer of your account to Fidelity. To review the full Plan fund lineup as of January 2018 please see page 13. Before making any investment decisions, it is important that you become familiar with the investment options changes under the Plan. Additional information regarding each investment option s risk, as well as its strategy and objective can be found in the enclosed Investment Options Guide. When the transition is complete, you can also obtain a prospectus or fact sheet, if available, on NetBenefits at Please consider all investment information before making your investment decisions. For an explanation of your rights to direct investments, any Plan restrictions, and a description of the types of fees and expenses associated with your Plan account, refer to the enclosed Participant Disclosure Notice. 9

10 Investment options that will remain the same: The following current investment options are not being changed. They will transfer in-kind from Principal to Fidelity. An in-kind transfer means the same investment fund will continue to be available. INVESTMENT OPTIONS THAT WILL BE THE SAME AT FIDELITY American Funds EuroPacific Growth R6 Fund American Funds Income Fund of America R6 Fund DFA Short-Term Extended Quality I Fund DFA US Small Cap Value I Fund Dodge & Cox International Stock Fund Prudential Jennison Growth Z Fund Vanguard Inflation-Protected Securities Institutional Fund Vanguard Mid Cap Index Institutional Plus Fund Vanguard Small Cap Index Institutional Fund Vanguard Total Bond Market Index Institutional Fund Investment options whose current strategy will not change but available in a new share class*: While the investment objective and strategy of the following funds remain the same, the funds will transfer to a new share class at Fidelity. A share class is related to the funds expenses and how the fund is purchased by an investor. There are several mutual fund share classes which are designated to be used in retirement plans offered through an employer. Share classes like I, R N K Y, Investor and Institutional are all examples of available shares classes through a 403(b) Plan. Balances invested (and elections for future contribution to be invested) in the fund options on the left of the chart as of December 29, 2017 will move to the new share class of the fund on the right side of the chart effective at the close of business on January 2, EXISTING INVESTMENT OPTION WITH PRINCIPAL Wells Fargo International Bond R6 Fund Metropolitan West Total Return Bond Plan Fund MFS Value R6 Fund Parnassus Core Equity Institutional Fund Vanguard Institutional Index Institutional Fund NEW INVESTMENT SHARE CLASS WITH FIDELITY Wells Fargo International Bond Fund - Class Inst. Metropolitan West Total Return Bond Fund Class I MFS Value Fund Class R3 Parnassus Core Equity Fund - Investor Shares Vanguard Institutional Index Institutional Plus Fund Vanguard Total Stock Market Index Institutional Fund Vanguard Total Stock Market Index Institutional Plus Fund Oppenheimer International Growth Institutional Fund Oppenheimer International Growth Fund Class Y 10

11 Investment options that will be new to the Plan Certain current investment options will not be available through the Plan at Fidelity. As a result, the assets and future contribution elections in those investments will move to a new fund. There will be: New target date funds New stable value fund Two new investment options New Target Date Funds* The Principal LifeTime target date funds will be replaced at Fidelity with the BlackRock LifePath Index target date funds. Balances invested in the Principal LifeTime funds will be transferred to the BlackRock Life Path fund that is applicable to you based on your age. If you chose a target date fund at Principal that was not based on your retirement date at age 65, it will be changed to the fund applicable to you based on your age (i.e., based on your retirement date at age 65) as provided by the Plan sponsor. The BlackRock LifePath Index Funds Class K are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach the target date. The investment risk of each BlackRock LifePath Index Fund Class K. changes over time as the fund's asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after the funds' target dates. Please use this chart to determine which Black Rock Life Path Index Fund Class K is applicable to you. DATE OF BIRTH FUND NAME TARGET RETIREMENT DATE Before 12/31/1952 BlackRock LifePath Index Retirement Fund Class K Before /01/1953 to 12/31/1957 BlackRock LifePath Index 2020 Fund Class K 2018 to /01/1958 to 12/31/1962 BlackRock LifePath Index 2025 Fund Class K 2023 to /01/1963 to 12/31/1967 BlackRock LifePath Index 2030 Fund Class K 2028 to /01/1968 to 12/31/1972 BlackRock LifePath Index 2035 Fund Class K 2033 to /01/1973 to 12/31/1977 BlackRock LifePath Index 2040 Fund Class K 2038 to /01/1978 to 12/31/1982 BlackRock LifePath Index 2045 Fund Class K 2043 to /01/1983 to 12/31/1987 BlackRock LifePath Index 2050 Fund Class K 2048 to /01/1988 to 12/31/1992 BlackRock LifePath Index 2055 Fund Class K 2053 to /01/1993 and later BlackRock LifePath Index 2060 Fund Class K 2058 and later 11

12 New Stable Value Fund* If you hold a balance in the Principal Guaranteed Separate Account as of December 29, 2017, effective January 2, 2018, the balance will transfer to the Montefiore Stable Value Account in the Plan at Fidelity. All future contribution elections that were directed to the Principal Guaranteed Separate Account at Principal will be directed to the Montefiore Stable Value Account at Fidelity. Until the end of the 6 year transfer period described below, the Montefiore Stable Value Account will be a blended fund with underlying holdings in: (i) the MetLife Stable Value Option (MetLife holding); and (ii) the Principal Guaranteed Separate Account (Principal holding). For a description of the Montefiore Stable Value Account please review the enclosed Investment Option Guide. The Met Life Stable Value Account (MetLife holding) New contributions at Fidelity will be held solely in the underlying MetLife holding within the option. Amounts transferred from the Principal Guaranteed Separate Account in accordance with the chart below, also will be held in the underlying MetLife holding. For example, as of January 2, 2018 the blend will be roughly 4.2% (1/24 th ) in the MetLife holding and 95.8% in the Principal holding. The return rate for all investors in the Montefiore Stable Value Account will be a blended rate of the MetLife and Principal holdings which will be announced at a later date. The Principal Guaranteed Separate Account will undergo a 6 year transfer* The balance in the underlying Principal holding will be transferred to the MetLife holding in the Montefiore Stable Value Account over the next 6 years. Transfers will occur on a quarterly basis until the full remaining balance is transferred in the fourth quarter of You will have the option to make an exchange out of the Montefiore Stable Value Account to another investment option at any time. YEAR Q Q PORTION OF BALANCE TO BE TRANSFERRED One 24 th of your balance in the option as of January 2, 2018 One 23 rd of your balance in the option as of the transfer date YEAR Q Q PORTION OF BALANCE TO BE TRANSFERRED One 12 th of your balance One 11 th of your balance Q One 22 nd of your balance Q One 10 th of your balance Q One 21 st of your balance Q One 9 th of your balance Q One 20 th of your balance Q One 8 th of your balance Q One 19 th of your balance Q One 7 th of your balance Q One 18 th of your balance Q One 6 th of your balance Q One 17 th of your balance Q One 5 th of your balance Q One 16 th of your balance Q One 4 th of your balance Q One 15 th of your balance Q One 3 rd of your balance Q One 14 th of your balance Q One half of your balance Q One 13 th of your balance Q Full remaining balance 12

13 New Investment Options* Two investment options are being changed as listed in the chart below. Unless you direct a transfer to another option by the 4:00 p.m. December 22, 2017 deadline, balances currently invested (and elections for future contribution to be invested) in the funds on the left of the chart will transfer to the new investment on the right when the transfer to Fidelity is made as of the close of business on Tuesday, January 2, EXISTING INVESTMENT OPTION WITH PRINCIPAL Vanguard Developed Markets Index Admiral Fund TIAA-CREF High Yield Institutional Fund NEW INVESTMENT WITH FIDELITY Vanguard Total International Stock Index Admiral Fund Prudential High Yield Fund WITH FIDELITY Your Plan s investment lineup as of January 2, 2018 Here is the full list of investment that will be available in the Plan at Fidelity. The transfer method for each fund is noted; In-kind, new share class, or new investment. INVESTMENT OPTION TICKER SYMBOL Stable Value Investment Montefiore Stable Value Account (NEW FUND OPTION) N/A Bond Investments DFA Short-Term Extended Quality I Fund (NO CHANGE) Wells Fargo International Bond Fund - Class Inst (NEW SHARE CLASS) Metropolitan West Total Return Bond Fund Class I (NEW SHARE CLASS) Prudential High Yield Fund (NEW FUND OPTION) Vanguard Total Bond Market Index Institutional Fund (NO CHANGE) Vanguard Inflation-Protected Securities Institutional Fund (NO CHANGE) DFEQX ESICX MWTIX PHYZX VBTIX VIPIX Balanced Fund American Funds Income Fund of America R6 Fund (NO CHANGE) RIDGX Domestic Equity Funds DFA US Small Cap Value I Fund (NO CHANGE) MFS Value Fund Class R3 (NEW SHARE CLASS) Parnassus Core Equity Fund - Investor Shares (NEW SHARE CLASS) Prudential Jennison Growth Z Fund (NO CHANGE) DFSVX MEIHX PRBLX PJFZX 13

14 INVESTMENT OPTION TICKER SYMBOL Domestic Equity Funds continued Vanguard Institutional Index Institutional Plus Fund (NEW SHARE CLASS) Vanguard Total Stock Market Index Institutional Plus Fund (NEW SHARE CLASS) Vanguard Mid Cap Index Institutional Plus Fund (NO CHANGE) Vanguard Small Cap Index Institutional Fund (NO CHANGE) VIIIX VSMPX VMCPX VSCIX International Equity Funds American Funds EuroPacific Growth R6 Fund (NO CHANGE) Dodge & Cox International Stock Fund (NO CHANGE) Oppenheimer International Growth Fund Class Y (NEW FUND OPTION) Vanguard Total International Stock Index Admiral Fund (NEW FUND OPTION) RERGX DODFX OIGYX VTIAX Target Date Funds BlackRock LifePath Index Retirement Class K (NEW FUND OPTION) BlackRock LifePath Index 2020 Class K (NEW FUND OPTION) BlackRock LifePath Index 2025 Class K (NEW FUND OPTION) BlackRock LifePath Index 2030 Class K (NEW FUND OPTION) BlackRock LifePath Index 2035 Class K (NEW FUND OPTION) BlackRock LifePath Index 2040 Class K (NEW FUND OPTION) BlackRock LifePath Index 2045 Class K (NEW FUND OPTION) BlackRock LifePath Index 2050 Class K (NEW FUND OPTION) BlackRock LifePath Index 2055 Class K (NEW FUND OPTION) BlackRock LifePath Index 2060 Class K (NEW FUND OPTION) Investing involves risk, including risk of loss. LIRKX LIMKX LIBKX LINKX LIJKX LIKKX LIHKX LIPKX LIVKX LIZKX 14

15 Tools and Resources It all starts on NetBenefits at Fidelity s website is designed so you can quickly and easily set up, monitor, and manage your retirement savings account. When the transition is complete If you have a username and password for other accounts at Fidelity, you can use that information to access your Montefiore retirement account. If you do not have a Fidelity username and password, log on to NetBenefits at click Register Now and follow the step-by-step instructions to set up your account access. Online resources to help you succeed Once your account is set up, it s time to make sure your investment strategy is on track. From practical education to easy-to-use tools, you now have access to the resources and insights that Fidelity has developed to help you make informed decisions. IF YOU WANT HELP WITH: Taking Control of Your Financial Future Financial Learning Resources Saving for Retirement Saving and Spending Investing Strategies Getting Ready to Retire TAKE THESE STEPS: Answer just a few questions and you ll be able to: Estimate how much income you may have or need in retirement Receive tips to help you get or stay on track Create a retirement plan in minutes Articles, infographics, videos, and more to suit your interests and skill level. See how increasing your contributions may help your money grow over time. View hypothetical scenarios showing some differences between Roth deferral and a pretax deferral. See how your pretax contribution might affect your takehome pay. Easily monitor all of your Fidelity and non-fidelity online financial accounts in one secure place. See how your savings and spending compare using a simple rule of thumb. Determine how to invest your savings among stocks, bonds, and short-term investments. Build a portfolio for your retirement income. If you're retiring or approaching retirement, create an income plan. USE THIS ONLINE RESOURCE: Planning & Guidance Center Library Contribution Calculator Roth Modeler Take-Home Pay Calculator Full View Savings and Spending Checkup Determine Your Asset Mix Worksheet Fidelity Income Strategy Evaluator Planning & Guidance Center IMPORTANT: The projections or other information generated by Fidelity s Income Strategy Evaluator and Planning & Guidance Center Retirement Analysis tools regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Results may vary with each use and over time. 15

16 Key Dates and Action Steps Beginning in October 2017 Attend a workshop. The schedule will be forthcoming. Visit the transition website at Initiate loans and distributions (if available) on or before Wednesday, December 20, 2017 at 4:00 p.m. ET Request any available loans or distributions that you wish to take. Call or go online to Make decisions on investments on or before Friday, December 22, 2017 at 4:00 p.m. ET Make any changes to your account at Principal. Call or go online to Remember, after 4 p.m. ET on Friday, December 22nd you will not be able to direct any transfers between investment options until the transition period is over. After the transition to Fidelity (expected to be complete during the week ending Friday January 19, 2018): Log on to NetBenefits at or call the Fidelity Retirement Service Center at to: Set up your username and password to access your account. Enter your beneficiary information. Add your preferred address and elect delivery. Change your contribution amount, and/or change your future contribution investment elections. Review your account balance. Move money between investments within your account Go mobile. Download the Fidelity NetBenefits mobile app. from the App Store, Google Play store, or Windows Store. If you have any questions, feel free to contact a Fidelity representative at or go online to This document provides only a summary of the main features of the Montefiore Medical Center 403(b) Plan and the Plan document will govern in the event of any discrepancies. The Plan is intended to be a participant-directed plan as described in Section 404(c) of ERISA, which means that fiduciaries of the Plan are ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary. Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI FMR LLC. All rights reserved