my BENEFITS Retirement Redesign Decision Guide

Transcription

1 my BENEFITS Retirement Redesign Decision Guide April 2018

2 If you need this information in an alternate format, please contact the Human Resource Information Center at Si necesita esta información en otro formato, por favor comuníquese con el Centro de Información de Recursos Humanos al Rev. 05/2018

3 IMPORTANT INFORMATION ABOUT YOUR DUKE FACULTY AND STAFF RETIREMENT PLAN New Investment Lineup Retirement Plan Decision Guide Contents Redesigning the Duke Faculty and Staff Retirement Plan...2 Plan changes overview...2 What is changing?...2 What is not changing?...3 When?...3 What do I need to do?...3 Where can I get help?...3 Things you might want to know...3 What are my options to direct future contributions?...4 What are my options for my account balances?...5 How do these changes affect my account?...6 New investment lineup at Fidelity... 8 Tier 1: Target Date Funds for a ready made portfolio... 8 Tier 2: Core Funds to build your own portfolio... 8 Tier 3: Self-directed brokerage account (BrokerageLink ) Optional one-time transfer in-kind to a self-directed brokerage account...11 Retirement plan fees...11 How balances will transfer in January 2019: Investment option mapping strategy Mapping details for current Fidelity Investment Options Mapping details for current TIAA Investment Options Mapping details for current VALIC Investment Options Mapping details for current Vanguard Investment Options A note for retirees, former employees and beneficiaries with an account balance in the plan If you have an account balance in the Duke Faculty and Staff Retirement Plan, the upcoming changes may affect you even if you are now retired or no longer employed by Duke. You have the following options for your vested account balance in the Duke Faculty and Staff Retirement Plan: leave your retirement savings in the Duke Faculty and Staff Retirement Plan to take advantage of the new investment lineup; roll any or all of your vested balances into an Individual Retirement Account (IRA) or another employer s retirement plan (if allowed by new employer); withdraw vested balances using various distribution options such as lump sum, installments or an annuity. IRS penalties may apply on distributions if you are younger than 59 ½. Distributions are taxed as ordinary income.

4 Redesigning the Duke Faculty and Staff Retirement Plan This guide will provide you information about the upcoming changes to the Duke Faculty and Staff Retirement Plan. Use this guide to help you understand: your options resources available to help you key action dates Fidelity is here to help you Speak with a Fidelity representative over the phone at to get help and advice on investing. Local on-site help when you need it flexible appointment times fidelity.com/reserve or call Access your account anytime at fidelity.com/duke Plan changes overview What is changing? Fidelity will become the primary recordkeeper for retirement services, including investment options, enrollment, distributions, and changes to your contribution amount effective January May 21, 2018 You will have the opportunity to choose investments from the new investment lineup at Fidelity. The current investment options at Fidelity and through the other providers will continue to be available until January Unless you elect otherwise, your contributions will continue to be directed to your selected provider(s) and investment option(s) until January Effective January 2019 Fidelity will become the primary retirement service provider for retirement recordkeeping services, including investments, enrollment, distributions, and changes to your contribution amount. All balances at Vanguard will transfer to the new investment lineup at Fidelity and future contributions will be redirected to Fidelity. Vanguard will be eliminated as a retirement service provider for the Duke Retirement Plan. A new TIAA Traditional Fixed Annuity contract will be added in January TIAA annuity accounts will be frozen to all new contributions. TIAA will continue to administer balances in frozen annuity accounts and the TIAA Traditional Fixed Annuity fund. All mutual fund balances at TIAA will transfer to the new investment lineup at Fidelity. Your future contributions will be redirected to Fidelity. VALIC annuity accounts will be frozen to all new contributions. VALIC will continue to administer frozen annuity accounts. Mutual funds balances at VALIC will transfer to the new investment lineup at Fidelity. Your future contributions will be redirected to Fidelity. A new loan program with Fidelity will be introduced in Fidelity will separate the cost of operating the plan from investment expenses. Plan operating expenses will appear as a separate administrative fee on your account statements. What is not changing? Employees Retirement Plan (ERP) is not changing. The Duke contribution formula to the Faculty and Staff Retirement plan is not changing. Roth 403(b) feature is not changing. The maximum amount you can contribute to the plan is not changing. This is set by the Internal Revenue Service annually. Duke s 457(b) plan is not changing. Note: It is important to note that Fidelity will be the primary recordkeeper. This does not mean that you will only have access to Fidelity funds. Other options are available in the new investment lineup, including Vanguard, T. Rowe Price and others. 2 Retirement Redesign Decision Guide

5 When? Starting May 21, 2018, you will be able to select investments in the new investment lineup at Fidelity. Mutual fund account balances will map to Fidelity based on a mapping strategy in January Note: Annuity accounts at TIAA and VALIC will not transfer to Fidelity unless you initiate a transfer. Future contributions will be directed to your chosen investments in the new investment lineup at Fidelity beginning in January If you do not make an investment election in the new investment lineup at Fidelity, your contributions will be directed to the appropriate age-based Vanguard Target Retirement Date Fund. What do I need to do? Review investment options in the new investment lineup at Fidelity and direct where future contributions will be invested prior to January Review the Investment Option Mapping Strategy for account balances and move your balances prior to December 2018 if you do not want your balances mapped according to the mapping strategy described in this guide. Key actions Make decision about your investments Meet with a Fidelity representative Update Beneficiaries Meet with a Fidelity representative to get help. Call Fidelity at to schedule an appointment or to get help and advice on investing. Update your beneficiaries. If you have an account that is administered by Vanguard, TIAA or VALIC, the beneficiary data will not transfer to Fidelity. You will need to update your beneficiary information with Fidelity. Where can I get help? Get more information online at hr.duke.edu/ retirementredesign. Call Fidelity at to speak to a Fidelity representative to get help and advice on investing over the phone. Set up a one-on-one appointment with a Fidelity representative at fidelity.com/reserve or call Things you might want to know Financial Fitness Week is May 21 May 24. There will be information sessions about the plan redesign, selecting investments and the self-directed brokerage account. Visit hr.duke.edu/ffw for additional information. Annuity accounts at TIAA and VALIC will not move to Fidelity automatically but you can transfer these at any time, subject to any restrictions described in the annuity contract. A new loan program with Fidelity will be introduced in If you have a current loan with TIAA or VALIC you should continue to repay the loan as normal. Additional information about the new loan program will be provided later in the year. To ensure that all information is transferred accurately for your Duke Retirement Plan, there will be a period of time in January 2019 when you will be unable to direct or change investments in your individual account, obtain a loan or obtain a new distribution, if eligible, from the Plan. This time during which you will be unable to do transactions in the Plan is called a blackout period. A typical blackout period is 7-14 business days. Additional information will be provided closer to the date of transition of assets to Fidelity. Retirement Redesign Decision Guide 3

6 What are my options to direct future contributions? Starting May 21, you will have the opportunity to choose investments from the new investment lineup at Fidelity. All future contributions will be directed to Fidelity in January You can choose the option that best suits your needs for your future contributions. Option 1: If you are a Fidelity participant, select investments for future contributions from the new investment lineup If you already have a Fidelity account and are directing contributions to Fidelity, your elections in the new investment lineup will be effective immediately following your investment election. In January 2019, all contributions will be directed to the appropriate age-based target date fund if you have not made investment elections in the new investment lineup or you have elections at Fidelity that are not in the new investment lineup. Contributions and elections to the new investment lineup at Fidelity will be effective with the first contribution made to your account following your vendor change and investment election. Option 3: Take no action In January 2019, all contributions will be directed to the appropriate age-based target date fund provided you have not made investment elections in the new investment lineup or you have elections at Fidelity that are not in the new investment lineup. After your future contributions are redirected in January 2019, you will have the ability to change your investment options through Fidelity at any time. To make your investment elections call Fidelity at or go to fidelity.com/duke. Option 2: Direct contributions to Fidelity and invest in the new investment lineup before January You can redirect your contributions to Fidelity before January by making a vendor election change online. For information regarding how to make a vendor election change to your contributions, please visit hr.duke.edu/retirementmanager. 4 Retirement Redesign Decision Guide

7 What are my options for my account balances? All mutual fund account balances will be transferred to the new investment lineup in January Your eligible balance will transfer according to the predetermined investment option mapping strategy described in this guide. Prior to when the mapping occurs, you can make changes to your current balances with your current provider. Mutual fund account balances in the closing investment options held at Fidelity, TIAA, VALIC and Vanguard will be affected. Annuities held at TIAA and VALIC will remain at TIAA or VALIC unless you initiate an individual transfer of assets. In addition, closing investment options at Fidelity and Vanguard may be eligible for an optional one-time transfer in-kind to a self-directed brokerage account. A transfer in-kind means your holdings will not be bought or sold; your holdings will simply transfer to your self-directed brokerage account. Contact Fidelity to discuss this option at You can choose the option that best suits your needs for your account balances. Option 1: Move your current account balance to Fidelity and invest in the new investment lineup before January Contact Fidelity at for instructions and the necessary paperwork for a plan-to-plan transfer. If you already have a Fidelity account, you may move your current investments to the new investment lineup. Contributions will continue to be directed to your current provider(s) until January 2019, unless you direct otherwise. Option 2: Make changes to your current account balance before January Review how your balances will map to the new investment lineup and make any changes with your current provider. Keep in mind, mutual fund balances held in any closing investment option will be mapped to the new investment lineup at Fidelity. Option 3: Take advantage of the optional onetime transfer in-kind to a self-directed brokerage account before January Opening a self-directed brokerage account between May 21 and December 2018 will serve as your request to participate in the optional one-time transfer in-kind of all your eligible Fidelity and Vanguard mutual fund account balances to the selfdirected brokerage account at Fidelity. Investments in the self-directed brokerage account are not monitored by Duke s Investment Advisory Committee or any fiduciary of the plan. You are solely responsible for assessing whether these investments are suitable for your retirement savings needs. Be sure to refer to the additional considerations about transfer in-kind to the self-directed brokerage account on page 11. Contact Fidelity to discuss this option at Option 4: Take no action Your eligible account balances will be transferred to the new investment lineup at Fidelity per the investment option mapping strategy described in this guide in January After your balances are transferred in January 2019, you will have the ability to change your investment options through Fidelity at any time. Note: If you have an account balance in the annuity accounts at TIAA or VALIC, these will remain at TIAA and VALIC. These are in individually owned contracts and only you can transfer the assets to Fidelity. Additional contributions will not be allowed to the frozen annuity platform effective January Retirement Redesign Decision Guide 5

8 How do these changes affect my account? Current accounts at Fidelity In January 2019, all account balances in the closing investment options at Fidelity will be transferred to the new investment lineup, according to the investment option mapping strategy described in this guide. If you would like to keep investments that are not included in the new investment lineup, these mutual funds may be eligible to be transferred in-kind to the same fund(s) within a self-directed brokerage account. If you want to choose this option, you must set up a self-directed brokerage account by December 2018 to participate in the optional one-time transfer in-kind of existing investment options. See additional details regarding the optional one-time transfer in-kind on page 11. If you do not want your account balances to transfer according to the investment option mapping strategy, contact Fidelity to initiate a transfer to the investments of your choice in the new investment lineup by December If you do not want your new contributions to be invested according to the mapping strategy, contact Fidelity to change your investment selections and transfer your existing balances by December Keep in mind, all closing investment options will transfer to the new investment lineup at Fidelity. Contributions starting in January If you do not select investment options from the new investment lineup, your contributions (both payroll deductions and Duke s contributions) will be directed to Fidelity and invested in the appropriate age-based Vanguard Target Retirement Date Fund in January Current accounts at TIAA In January 2019, all mutual fund balances in the closing investment options at TIAA will be transferred to the new investment lineup, according to the investment option mapping strategy described in this guide. If you do not want your TIAA mutual fund balances to transfer according to the investment option mapping strategy, you can request a change to your balance at TIAA by December 2018 or transfer balances to Fidelity. Keep in mind, all closing mutual fund options will transfer to the new investment lineup at Fidelity. TIAA annuity account balances that will not transfer unless you initiate a transfer request are: CREF Stock TIAA Real Estate CREF Money Market CREF Social Choice CREF Bond Market CREF Global Equities CREF Growth CREF Equity Index CREF Inflation-Linked Bond TIAA Traditional (Retirement Annuity and Group Supplemental Retirement Annuity) Contact TIAA to discuss any questions you have about the annuity products. Remember that some annuity products may have penalties or restrictions on transfer. Note: Annuity and mutual fund options held at TIAA are not eligible for a transfer-in-kind to the self-directed brokerage account. 6 Retirement Redesign Decision Guide

9 Current accounts at Vanguard In January 2019, all account balances in the closing investment options at Vanguard will be transferred to the new investment lineup, according to the investment option mapping strategy described in this guide. If you would like to keep investments that are not in the new investment lineup, these mutual funds may be eligible to be transferred in-kind to the same fund(s) within a self-directed brokerage account. If you want to choose this option, you must set up a self-directed brokerage account at Fidelity by December 2018 to participate in the one-time transfer in-kind of existing investment options. See additional details regarding the optional one-time transfer in-kind option on page 11. If you do not want your account balances to transfer according to the investment option mapping strategy, you can request a change to your balance at Vanguard by December 2018 or transfer balances to Fidelity. Keep in mind, all closing investment options will transfer to the new investment lineup at Fidelity. Current accounts at VALIC In January 2019, all mutual fund balances in the closing investment options at VALIC will be transferred to the new investment lineup, according to the investment option mapping strategy described in this guide. If you do not want your mutual fund balances to transfer according to the investment option mapping strategy, you can request a change to your balance at VALIC by December 2018 or transfer balances to Fidelity. Keep in mind, all closing mutual fund options will transfer to the new investment lineup at Fidelity. VALIC annuity account balances that will not transfer unless you initiate a transfer request are: Aggressive Growth Lifestyle Am Beac Holland Lg Cap Growth Ariel Appreciation Fund Ariel Fund Asset Allocation Fund Blue Chip Growth Fund Broad Cap Value Inc Capital Appreciation Fund Capital Conservation Conservative Growth Lifestyle Core Bond Fund Core Equity Fund Dividend Value Emerging Economies Fixed Account Plus Foreign Value Global Social Awareness Fund Global Strategy Government Money Market I Government Money Market II Government Securities Fund Growth & Income Fund Growth Fund Health Sciences Fund High Yield Bond Fund International Government Bond International Growth Fund International Equities Index Fund Intl Opportunities Large Cap Value Fund Large Capital Growth Mid Cap Growth Fund Mid Cap Index Fund Mid Cap Strategic Growth Mid Cap Value Fund Moderate Growth Lifestyle Multi-Year Enhanced Fixed 3Yr Nasdaq-100(R) Index Fund Science & Technology Fund Short Term Fixed Account Small Cap Aggressive Growth Small Cap Fund Small Cap Growth Fund Small Cap Index Fund Small Cap Special Value Fund Small Cap Value Fund Small Mid Growth Fund Socially Responsible Fund Stock Index Fund Strategic Bond Fund Value Fund Vanguard Lifestrategy Conservative Vanguard Lifestrategy Growth Vanguard Lifestrategy Moderate Vanguard Long-Term Treasury Vanguard Lt Inv-Grade Fund Vanguard Wellington Fund Inc Contact VALIC to discuss any questions you have about their annuity products. Remember that some annuity products may have penalties or restrictions on transfer. Note: Annuity and mutual fund options held at VALIC are not eligible to transfer-in-kind to the self-directed brokerage account. Retirement Redesign Decision Guide 7

10 New investment lineup at Fidelity Duke s Investment Advisory Committee (IAC) selected the new investment lineup. The role of the Investment Advisory Committee is to ensure that you have access to quality investment options at the lowest reasonable cost. The IAC is comprised of key Duke University and Duke University Health System administrators and faculty who work closely with expert consultants who specialize in investment management. The IAC has chosen a group of funds they will continue to regularly monitor to ensure that they remain appropriate investment options for Duke s plan. To make the new investment lineup easier to navigate, investments continue to be grouped into three tiers. Funds in Tier 1 and Tier 2 have been specifically selected by the IAC for the Faculty and Staff Retirement Plan based on their suitability for use in a diversified retirement savings portfolio and their competitive expense level. These funds are benchmarked annually to ensure that their performance and cost remain competitive. Funds in Tier 1 and 2 are monitored regularly by the IAC. Tier 3 offers a self-directed brokerage account for investors who wish to use funds that are outside of the monitored options. Investments you select through the Tier 3 brokerage account are not monitored by the IAC. Tier 1: Target Date Funds for a ready made portfolio The Vanguard Retirement Target Date fund series is currently offered across all retirement service providers. The Vanguard Retirement Target Date fund series will continue to be the plan s Tier 1 funds at Fidelity. These funds are designed for investors expecting to retire around the year indicated in each fund s name. A Target Date Fund is invested in a portfolio of mutual funds that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed. These funds are chosen and monitored by the IAC. Tier 2: Core Funds to build your own portfolio Duke s IAC, with the assistance of an investment advisory firm, carefully selected the core investment options, which include some existing funds as well as new funds, that reflect all major asset classes and includes short-term investments, bonds, and stocks. Each fund offered is priced at the lowest share class available for the particular fund. The new investment lineup allows you to customize and build a portfolio your way. These funds are chosen and monitored by the IAC. 8 Retirement Redesign Decision Guide

11 Duke s New Investment Lineup Tier 1 and Tier 2 Asset Class Fund Name Tier 1 Target date fund Vanguard Target Retirement Income VITRX Vanguard Target Retirement 2015 Fund VITVX Vanguard Target Retirement 2020 Fund VITWX Vanguard Target Retirement 2025 Fund VRIVX Vanguard Target Retirement 2030 Fund VTTWX Vanguard Target Retirement 2035 Fund VITFX Vanguard Target Retirement 2040 Fund VIRSX Vanguard Target Retirement 2045 Fund VITLX Vanguard Target Retirement 2050 Fund VTRLX Vanguard Target Retirement 2055 Fund VIVLX Vanguard Target Retirement 2060 Fund VILVX Vanguard Target Retirement 2065 Fund VSXFX Tier 2 Money Market Vanguard Federal Money Market Investor VMFXX Fixed Interest Account VALIC Fixed Interest Option N/A Intermediate-Term Bond Vanguard Total Bond Market Index I VBTIX Metropolitan West Total Return Bd Plan MWTSX Multisector Bond PIMCO Income Instl PIMIX Large Value MFS Value R6 MEIKX Vanguard Equity-Income Adm VEIRX Large Blend Vanguard Institutional Index Instl Pl VIIIX Vanguard FTSE Social Index Instl VFTNX Large Growth Vanguard PRIMECAP Adm VPMAX Fidelity Contrafund K6 FLCNX T. Rowe Price Growth Stock I PRUFX Mid-Cap Value American Century Mid Cap Value R6 AMDVX MFS Mid Cap Value R6 MVCKX Mid-Cap Blend Vanguard Extended Market Index Instl Plus VEMPX Fidelity Low-Priced Stock K6 FLKSX Mid-Cap Growth MassMutual Select Mid Cap Growth I MEFZX Foreign Large Blend Vanguard Total Intl Stock Index I VTSNX American Funds Europacific Growth R6 RERGX Foreign Large Growth Vanguard International Growth Adm VWILX Foreign Small/Mid Blend Fidelity International Small Cap FISMX Small Value Goldman Sachs Small Cap Value R6 GSSUX Fidelity Small Cap Value FCPVX Small Growth Janus Henderson Triton N JGMNX Fidelity Small Cap Growth K6 FOCSX Diversified Emerging Mkts Vanguard Emerging Mkts Stock Idx Instl VEMIX Real Estate Vanguard REIT Index Institutional VGSNX TIAA Traditional Annuity will continue to be available for future contributions in January 2019 on TIAA s platform. Retirement Redesign Decision Guide 9

12 Tier 3: Self-directed brokerage account (BrokerageLink ) Fidelity BrokerageLink is a self-directed brokerage account that gives participants access to thousands of mutual funds from many different mutual fund companies. A self-directed brokerage account is essentially a do-it-yourself option that is designed for investors who desire more choice of investments. When you direct contributions to a self-directed brokerage account, your investments are allocated to mutual funds apart from those available in the plan. This option offers participants a broad range of mutual fund options, but may require more time to assess, monitor, and manage your chosen funds. If you do not feel comfortable actively managing a portfolio of investments, then a self-directed brokerage account may not be appropriate for you. The investments available through BrokerageLink are not monitored by the Duke Investment Advisory Committee. It is your responsibility to ensure the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance. Self-directed brokerage investments may consist only of mutual funds due to regulations that limit investment choices in 403(b) plans to fixed/variable annuities and mutual funds. Additional fees may apply for a brokerage account, including transaction fees and brokerage commissions for some transactions. For complete information regarding brokerage fees, please refer to the Fidelity BrokerageLink fact sheet and commission schedule. Copies of these materials are available at hr.duke.edu/retirementredesign or by calling In order to open a self-directed brokerage account, you will need to complete a BrokerageLink application either online at fidelity.com/duke or by paper form. If submitting a paper application, refer to the fact sheet for information to help you with the Account Setup section of the Fidelity BrokerageLink Participant Acknowledgment Form. Note: Opening a self-directed brokerage account between May 21 and December 2018 will serve as your request to participate in the optional one-time transfer in-kind of all your eligible Fidelity and Vanguard mutual fund account balances to your self-directed brokerage account. See additional details regarding the optional one-time transfer in-kind option on page Retirement Redesign Decision Guide

13 Optional one-time transfer in-kind to a self-directed brokerage account You have the option to transfer in-kind all of your eligible Fidelity or Vanguard balances that are not in the new investment lineup into the same fund(s) in a self-directed brokerage account. An in-kind balance transfer means your holdings will not be bought or sold; your holdings will simply transfer to your self-directed brokerage account. This is a one-time transfer in-kind available to Fidelity and Vanguard eligible mutual funds only and will apply to all Plan balances at Fidelity and Vanguard. Mutual funds with institutional share classes are not offered in the self-directed brokerage account and are not eligible for a transfer in-kind. However, as part of the transfer, the institutional share class may be liquidated and reinvested in the retail share class within the self-directed brokerage account. To take advantage of the one-time transfer in-kind to a self-directed brokerage account, you must open a Fidelity BrokerageLink account no later than December Doing so will serve as your request to transfer in-kind all of your eligible balances in mutual funds at Fidelity and Vanguard into your self-directed brokerage account at Fidelity. For assistance establishing a self-directed brokerage account, please contact Fidelity at or visit fidelity.com/duke. TIAA and VALIC do not permit in-kind transfers into the self-directed brokerage account at Fidelity. To transfer balances from TIAA or VALIC to the Fidelity self-directed brokerage account, please contact the Fidelity team at to arrange the transfer. Contact Fidelity at for instructions and the necessary paperwork for a plan-to-plan transfer. Retirement plan fees Duke s Investment Advisory Committee oversees the fees and plan expenses and strives to ensure that faculty and staff pay competitive fees for the investments and services provided. The cost to operate a retirement plan has been historically paid for by the revenue generated by the investments in the plan and has been layered into the expense ratio of the funds. As part of this plan redesign, the fees for plan expenses will no longer be layered into the expense ratios of the funds so that funds may be offered at the lowest reasonable cost. Instead all participants in the plan will have an administration fee deducted from their plan account each quarter to cover the cost of operating the plan. This will make it easier for you to determine how much you are paying in administrative fees. Depending on your balance and investments, this fee could be lower or higher than what you currently pay. If your plan balance is below $5,000, a $6.25 fee per quarter ($25 annually) will apply. If your plan balance is over $5,000, a fee of approximately $13.50 fee per quarter ($54 annually) will apply. This charge helps pay expenses for the call center, educational communications, group and individual meetings, the plan s website, and more. The fee will be deducted pro rata from all investments in your account. This will not only make the cost of investing easier to understand but it also allows the plan to offer lower-cost investment options that can reduce the overall cost of the plan for participants. Investing in funds with lower expense ratios means that more of what your money earns stays in your account, where it could increase over the years through compounding. Note: This change in fees does not apply to the frozen accounts at TIAA or VALIC. Please review the hr.duke.edu/feedisclosure for current fees on these products. Retirement Redesign Decision Guide 11

14 How balances will transfer in January 2019: Investment option mapping strategy If you take no action to transfer balances by December 2018 then your balances will be transferred to funds in the new investment lineup according to the investment option mapping strategy. There are three scenarios that will occur during Duke s mapping to the new investment lineup on the Fidelity platform: 1. Mapping to the Same Fund If the same fund that is currently offered at Fidelity, TIAA, VALIC or Vanguard is available in the new investment lineup at Fidelity then account balances will be transferred in-kind to the same fund on the Fidelity platform. Opening a self-directed brokerage account is not necessary for this mapping scenario. For example, if Mary has 100% of her balance in the Vanguard Target Retirement 2040 Fund at Vanguard, then this exact same fund will transfer in-kind to the Vanguard Target Retirement 2040 Fund at Fidelity. The only change is the record-keeper. Mary will not be out of the market during this transfer and nothing will change with her account other than she will receive account statements from Fidelity now and not receive statements from Vanguard. She could log onto Fidelity s website fidelity.com/duke to view her account at any time after the transfer is complete. 2. Mapping to a Similar Fund - If the same fund is not available but a similar or comparable fund is available, the fund will be mapped to the comparable fund in the new investment lineup at Fidelity. For example, if Bill has the Dreyfus Bond Market Index (DBIRX) fund at VALIC, then his account balance that is invested in this fund would be mapped to the comparable fund, the Vanguard Total Bond Market Index (VBTIX) at Fidelity. Bill would see the total balance of his Dreyfus Bond Market Index liquidated on the transfer date, then that balance used to purchase new shares of the Vanguard Total Bond Market Index Fund at Fidelity. Bill would be out of the market one business day as the funds are transferred from VALIC to Fidelity. Bill could log onto Fidelity s website fidelity.com/duke to view his account at any time after the transfer is complete. 3. Mapping to a Default Fund If the same or similar fund is not available, then the fund balance will be mapped to the appropriate age-based Vanguard Target Retirement Date Fund at Fidelity (based on the year the employee turns age 65). For example, Sara has the Vanguard Health Care Adm (VGHAX) at Vanguard. This fund does not have a similar or comparable fund in the new investment lineup. Sara s balance in the Vanguard Health Care Adm fund would be mapped to the appropriate age based Vanguard Target Date Fund at Fidelity. Sara would see the total balance of her Vanguard Health Care Adm fund liquidated on the transfer date, then that balance used to purchase new shares of the appropriate Vanguard Target Date Fund at Fidelity. Sara would be out of the market one business day as the funds are transferred from Vanguard to Fidelity. Sara could log onto Fidelity s website fidelity.com/duke to view her account at any time after the transfer is complete. Note: Funds that are not available in the new investment lineup may be available in the self-directed brokerage account. To arrange a transfer to the self-directed brokerage account please contact Fidelity at To ensure that all information is transferred accurately for your 403(b) Plan, there will be a period of time in January 2019 when you will be unable to direct or change investments in your individual account, obtain a loan or obtain a new distribution, if eligible, from the Plan. This time during which you will be unable to exercise your rights in the Plan is called a blackout period. A typical blackout period is 7-14 business days. Additional information will be provided close to the transition of assets to Fidelity. Contributions starting in January If you do not select investment options from the new investment lineup, your contributions (both payroll deductions and Duke s contributions) will be directed to Fidelity and invested in the appropriate age-based Vanguard Target Retirement Date Fund in January Retirement Redesign Decision Guide

15 Mapping details for current Fidelity investment options No changes to current investment options at Fidelity Balances and investment elections in these options will remain the same. Fund Name Fund Name American Century Mid Cap Value R6** AMDVX American Funds Europacific Growth R6** RERGX Fidelity Contrafund K6 FLCNX Fidelity International Small Cap FISMX Fidelity Low-Priced Stock K6 FLKSX Fidelity Small Cap Growth K6 FOCSX Fidelity Small Cap Value FCPVX Goldman Sachs Small Cap Value R6 GSSUX Janus Henderson Triton N JGMNX MassMutual Select Mid Cap Growth I** MEFZX Metropolitan West Total Return Bd Plan MWTSX MFS Mid Cap Value R6** MVCKX MFS Value R6 MEIKX PIMCO Income Instl * PIMIX T. Rowe Price Growth Stock I** PRUFX VALIC Fixed Interest Option** N/A Vanguard Emerging Mkts Stock Idx Instl** VEMIX Vanguard Equity-Income Fund Admiral Shares** VEIRX Vanguard Extended Market Index InstlPlus** VEMPX Vanguard Federal Money Market Investor VMFXX Vanguard FTSE Social Index I** VFTNX Vanguard Institutional Index Instl Pl** VIIIX Vanguard Institutional Target Retirement VITVX 2015 Institutional Vanguard Institutional Target Retirement VITWX 2020 Institutional Vanguard Institutional Target Retirement VRIVX 2025 Institutional Vanguard Institutional Target Retirement VTTWX 2030 Institutional Vanguard Institutional Target Retirement VITFX 2035 Institutional Vanguard Institutional Target Retirement VIRSX 2040 Institutional Vanguard Institutional Target Retirement VITLX 2045 Institutional Vanguard Institutional Target Retirement VTRLX 2050 Institutional Vanguard Institutional Target Retirement VIVLX 2055 Institutional Vanguard Institutional Target Retirement VILVX 2060 Institutional Vanguard Institutional Target Retirement VSXFX 2065 Institutional Vanguard Institutional Target Retirement Inc VITRX Institutional Vanguard International Growth Adm** VWILX Vanguard PRIMECAP Fund Admiral Shares** VPMAX Vanguard REIT Index Institutional ** VGSNX Vanguard Total Bond Market Index I ** VBTIX Vanguard Total Intl Stock Index I ** VTSNX * Not available until April 19, 2018 or thereafter. ** Not available until May 21, 2018 or thereafter. Retirement Redesign Decision Guide 13

16 Fidelity balances mapping to a similar fund or the appropriate age-based Vanguard Target Retirement Fund (as noted) through Fidelity Closing Investment Option New Investment Option Deutsche Core Equity R6 SUWZX Vanguard Institutional Index Instl Pl VIIIX Deutsche CROCI Equity Dividend R6 KDHTX MFS Value R6 MEIKX Deutsche CROCI International R6 SUIRX American Funds Europacific Growth R6 RERGX Deutsche Emerging Markets Equity Instl SEKIX Vanguard Emerging Mkts Stock Idx Instl VEMIX Deutsche Emerging Markets Fixed Inc Inst SZEIX PIMCO Income Instl PIMIX Deutsche Global Income Builder R6 KTRZX Vanguard Institutional Target Retirement various Deutsche Global Small Cap R6 KGDZX Vanguard Institutional Target Retirement various Deutsche GNMA Institutional GIGGX Metropolitan West Total Return Bd Plan MWTSX Deutsche High Conviction Global Bd S SSTGX PIMCO Income Instl PIMIX Deutsche International Growth Inst SGQIX Vanguard Institutional Target Retirement various Deutsche Large Cap Focus Growth Instl SGGIX Fidelity Contrafund K6 FLCNX Deutsche Latin America Equity S SLAFX Vanguard Institutional Target Retirement various Deutsche Mid Cap Value Institutional MIDIX MFS Mid Cap Value R6 MVCKX Deutsche S&P 500 Index R6 SXPRX Vanguard Institutional Index Instl Pl VIIIX Deutsche Total Return Bond Institutional SZIIX Metropolitan West Total Return Bd Plan MWTSX Fidelity Advisor Stock Sel All Cp K FSSKX Fidelity Contrafund K6 FLCNX Fidelity Advisor Value Strategies K FVSKX MFS Value R6 MEIKX Fidelity Asset Manager 20% FASIX Vanguard Institutional Target Retirement various Fidelity Asset Manager 30% FTANX Vanguard Institutional Target Retirement various Fidelity Asset Manager 40% FFANX Vanguard Institutional Target Retirement various Fidelity Asset Manager 50% FASMX Vanguard Institutional Target Retirement various Fidelity Asset Manager 60% FSANX Vanguard Institutional Target Retirement various Fidelity Asset Manager 70% FASGX Vanguard Institutional Target Retirement various Fidelity Asset Manager 85% FAMRX Vanguard Institutional Target Retirement various Fidelity 500 Index Institutional FXSIX Vanguard Institutional Index Instl Pl VIIIX Fidelity Balanced K FBAKX Vanguard Institutional Target Retirement various Fidelity Blue Chip Growth K6 FBCGX Fidelity Contrafund K6 FLCNX Fidelity Blue Chip Value FBCVX MFS Value R6 MEIKX Fidelity Canada FICDX Vanguard Institutional Target Retirement various Fidelity Capital & Income FAGIX PIMCO Income Instl PIMIX Fidelity Capital Appreciation K FCAKX Fidelity Contrafund K6 FLCNX Fidelity China Region FHKCX Vanguard Institutional Target Retirement various Fidelity Conservative Income Bond Instl FCNVX Vanguard Federal Money Market VMFXX 14 Retirement Redesign Decision Guide

17 Closing Investment Option New Investment Option Fidelity Convertible Securities FCVSX Vanguard Institutional Target Retirement various Fidelity Corporate Bond FCBFX Metropolitan West Total Return Bd Plan MWTSX Fidelity Disciplined Equity K FDEKX Vanguard Institutional Index Instl Pl VIIIX Fidelity Diversified Intl K6 FKIDX Vanguard International Growth Adm VWILX Fidelity Dividend Growth K FDGKX Vanguard Institutional Index Instl Pl VIIIX Fidelity EMEA FEMEX Vanguard Emerging Mkts Stock Idx Instl VEMIX Fidelity Emerging Asia FSEAX Vanguard Institutional Target Retirement various Fidelity Emerging Markets K FKEMX Vanguard Emerging Mkts Stock Idx Instl VEMIX Fidelity Equity Dividend Income K FETKX MFS Value R6 MEIKX Fidelity Equity-Income K FEIKX MFS Value R6 MEIKX Fidelity Europe FIEUX Vanguard Institutional Target Retirement various Fidelity Export and Multinational K FEXKX Vanguard Institutional Index Instl Pl VIIIX Fidelity Extended Market Index Premium FSEVX Vanguard Extended Market Index InstlPlus VEMPX Fidelity Floating Rate High Income FFRHX PIMCO Income Instl PIMIX Fidelity Focused High Income FHIFX PIMCO Income Instl PIMIX Fidelity Focused Stock FTQGX Fidelity Contrafund K6 FLCNX Fidelity Four-in-One Index FFNOX Vanguard Institutional Target Retirement various Fidelity Global Balanced FGBLX Vanguard Institutional Target Retirement various Fidelity Global Commodity Stock FFGCX Vanguard Institutional Target Retirement various Fidelity Global Credit FGBFX PIMCO Income Instl PIMIX Fidelity Global Equity Income FGILX Vanguard Institutional Target Retirement various Fidelity Global High Income FGHNX PIMCO Income Instl PIMIX Fidelity Global Strategies FDYSX Vanguard Institutional Target Retirement various Fidelity GNMA FGMNX Metropolitan West Total Return Bd Plan MWTSX Fidelity Government Income FGOVX Metropolitan West Total Return Bd Plan MWTSX Fidelity Growth & Income K FGIKX Vanguard Institutional Index Instl Pl VIIIX Fidelity Growth Company K FGCKX Fidelity Contrafund K6 FLCNX Fidelity Growth Discovery K FGDKX Fidelity Contrafund K6 FLCNX Fidelity Growth Strategies K6 FSKGX MassMutual Select Mid Cap Growth I MEFZX Fidelity High Income SPHIX PIMCO Income Instl PIMIX Fidelity Independence K FDFKX Fidelity Contrafund K6 FLCNX Fidelity Inflation-Prot Bd Idx Prem FSIYX Vanguard Total Bond Market Index I VBTIX Fidelity Inflation-Protected Bond FINPX Metropolitan West Total Return Bd Plan MWTSX Fidelity Intermediate Bond FTHRX Metropolitan West Total Return Bd Plan MWTSX Fidelity Intermediate Government Income FSTGX Metropolitan West Total Return Bd Plan MWTSX Fidelity Intermediate Trs Bd Idx Prem FIBAX Vanguard Total Bond Market Index I VBTIX Fidelity International Discovery K FIDKX Vanguard International Growth Adm VWILX Fidelity International Enhanced Index FIENX American Funds Europacific Growth R6 RERGX Fidelity International Growth FIGFX Vanguard International Growth Adm VWILX Fidelity International Index Instl FSPNX Vanguard Total Intl Stock Index I VTSNX Fidelity International Small Cap Opp FSCOX Fidelity International Small Cap FISMX Retirement Redesign Decision Guide 15

18 Closing Investment Option New Investment Option Fidelity International Value FIVLX American Funds Europacific Growth R6 RERGX Fidelity Intl Cptl Apprec K6 FAPCX Vanguard International Growth Adm VWILX Fidelity Intl Real Estate FIREX Vanguard Institutional Target Retirement various Fidelity Investment Grade Bond FBNDX Metropolitan West Total Return Bd Plan MWTSX Fidelity Japan FJPNX Vanguard Institutional Target Retirement various Fidelity Japan Smaller Companies FJSCX Vanguard Institutional Target Retirement various Fidelity K FFDKX Fidelity Contrafund K6 FLCNX Fidelity Large Cap Core Enhanced Index FLCEX Vanguard Institutional Index Instl Pl VIIIX Fidelity Large Cap Growth Enhanced Idx FLGEX Fidelity Contrafund K6 FLCNX Fidelity Large Cap Stock K6 FCLKX Vanguard Institutional Index Instl Pl VIIIX Fidelity Large Cap Value Enhanced Index FLVEX MFS Value R6 MEIKX Fidelity Latin America FLATX Vanguard Institutional Target Retirement various Fidelity Leveraged Company Stock K FLCKX MassMutual Select Mid Cap Growth I MEFZX Fidelity Limited Term Government FFXSX VALIC Fixed Interest Option Fidelity Long-Term Treasury Bd Idx Prem FLBAX Vanguard Institutional Target Retirement various Fidelity Magellan K FMGKX Fidelity Contrafund K6 FLCNX Fidelity Mega Cap Stock FGRTX Vanguard Institutional Index Instl Pl VIIIX Fidelity Mid Cap Enhanced Index FMEIX Vanguard Extended Market Index InstlPlus VEMPX Fidelity Mid Cap Value FSMVX MFS Mid Cap Value R6 MVCKX Fidelity Mid Cap Value K6 FCMVX MassMutual Select Mid Cap Growth I MEFZX Fidelity Mortgage Securities FMSFX Metropolitan West Total Return Bd Plan MWTSX Fidelity NASDAQ Composite Index FNCMX Fidelity Contrafund K6 FLCNX Fidelity New Markets Income FNMIX PIMCO Income Instl PIMIX Fidelity New Millennium FMILX Fidelity Contrafund K6 FLCNX Fidelity Nordic FNORX Vanguard Institutional Target Retirement various Fidelity OTC K FOCKX Fidelity Contrafund K6 FLCNX Fidelity Overseas K FOSKX Vanguard International Growth Adm VWILX Fidelity Pacific Basin FPBFX Vanguard Institutional Target Retirement various Fidelity Puritan K FPUKX Vanguard Institutional Target Retirement various Fidelity Real Estate Income FRIFX Vanguard REIT Index Institutional VGSNX Fidelity Real Estate Investment Port FRESX Vanguard REIT Index Institutional VGSNX Fidelity Select Air Transportation Port FSAIX Vanguard Institutional Target Retirement various Fidelity Select Automotive Port FSAVX Vanguard Institutional Target Retirement various Fidelity Select Banking FSRBX Vanguard Institutional Target Retirement various Fidelity Select Biotechnology FBIOX Vanguard Institutional Target Retirement various Fidelity Select Brokerage & Invmt Mgmt FSLBX Vanguard Institutional Target Retirement various Fidelity Select Chemicals FSCHX Vanguard Institutional Target Retirement various 16 Retirement Redesign Decision Guide

19 Closing Investment Option New Investment Option Fidelity Select Comms Equip Port FSDCX Vanguard Institutional Target Retirement various Fidelity Select Computers FDCPX Vanguard Institutional Target Retirement various Fidelity Select Construction & Hsg Port FSHOX MassMutual Select Mid Cap Growth I MEFZX Fidelity Select Consumer Discret Port FSCPX Vanguard Institutional Target Retirement various Fidelity Select Consumer Finance Port FSVLX Vanguard Institutional Target Retirement various Fidelity Select Consumer Staples Port FDFAX Vanguard Institutional Target Retirement various Fidelity Select Defense & Aero Port FSDAX Vanguard Institutional Target Retirement various Fidelity Select Energy FSENX Vanguard Institutional Target Retirement various Fidelity Select Energy Service Port FSESX Vanguard Institutional Target Retirement various Fidelity Select Envir and Alt Engy Port FSLEX Vanguard Institutional Target Retirement various Fidelity Select Financial Services Port FIDSX Vanguard Institutional Target Retirement various Fidelity Select Gold FSAGX Vanguard Institutional Target Retirement various Fidelity Select Health Care FSPHX Vanguard Institutional Target Retirement various Fidelity Select Health Care Svcs Port FSHCX Vanguard Institutional Target Retirement various Fidelity Select Industrials FCYIX Vanguard Institutional Target Retirement various Fidelity Select Insurance Port FSPCX Vanguard Institutional Target Retirement various Fidelity Select IT Services FBSOX Vanguard Institutional Target Retirement various Fidelity Select Leisure FDLSX Vanguard Institutional Target Retirement various Fidelity Select Materials FSDPX Vanguard Institutional Target Retirement various Fidelity Select Medical Tech and Devcs FSMEX Vanguard Institutional Target Retirement various Fidelity Select Multimedia FBMPX Vanguard Institutional Target Retirement various Fidelity Select Natural Gas FSNGX Vanguard Institutional Target Retirement various Fidelity Select Natural Resources Port FNARX Vanguard Institutional Target Retirement various Fidelity Select Pharmaceuticals Port FPHAX Vanguard Institutional Target Retirement various Fidelity Select Retailing FSRPX Vanguard Institutional Target Retirement various Fidelity Select Semiconductors FSELX Vanguard Institutional Target Retirement various Fidelity Select Software & IT Svcs Port FSCSX Vanguard Institutional Target Retirement various Retirement Redesign Decision Guide 17

20 Closing Investment Option New Investment Option Fidelity Select Technology FSPTX Vanguard Institutional Target Retirement various Fidelity Select Telecommunications Port FSTCX Vanguard Institutional Target Retirement various Fidelity Select Transportation FSRFX Vanguard Institutional Target Retirement various Fidelity Select Utilities FSUTX Vanguard Institutional Target Retirement various Fidelity Select Wireless FWRLX Vanguard Institutional Target Retirement various Fidelity Short-Term Bond FSHBX VALIC Fixed Interest Option Fidelity Shrt-Term Trs Bd Idx Prm FSBAX VALIC Fixed Interest Option Fidelity Small Cap Discovery FSCRX Vanguard Extended Market Index InstlPlus VEMPX Fidelity Small Cap Enhanced Index FCPEX Vanguard Extended Market Index InstlPlus VEMPX Fidelity Small Cap Stock K6 FKICX Vanguard Extended Market Index InstlPlus VEMPX Fidelity Stk Selec Lg Cp Val FSLVX MFS Value R6 MEIKX Fidelity Stock Selector Mid Cap FSSMX MassMutual Select Mid Cap Growth I MEFZX Fidelity Stock Selector Small Cap FDSCX Vanguard Extended Market Index InstlPlus VEMPX Fidelity Strategic Dividend & Income FSDIX Vanguard Institutional Target Retirement various Fidelity Strategic Income FSICX PIMCO Income Instl PIMIX Fidelity Strategic Real Return FSRRX Vanguard Institutional Target Retirement various Fidelity Telecom and Utilities FIUIX Vanguard Institutional Target Retirement various Fidelity Total Bond K6 FTKFX Metropolitan West Total Return Bd Plan MWTSX Fidelity Total International Equity FTIEX Vanguard International Growth Adm VWILX Fidelity Total Market Index Instl FSKTX Vanguard Institutional Index Instl Pl VIIIX Fidelity Trend FTRNX Fidelity Contrafund K6 FLCNX Fidelity US Bond Index Institutional FXSTX Vanguard Total Bond Market Index I VBTIX Fidelity Value Discovery K6 FDVKX MFS Value R6 MEIKX Fidelity Value K FVLKX MFS Mid Cap Value R6 MVCKX Fidelity Worldwide FWWFX Vanguard Institutional Target Retirement various Harbor International Retirement HNINX American Funds Europacific Growth R6 RERGX Oppenheimer Developing Markets I ODVIX Vanguard Emerging Mkts Stock Idx Instl VEMIX Prudential Jennison Mid-Cap Growth Q PJGQX MassMutual Select Mid Cap Growth I MEFZX Strategic Advisers Core Inc Multi-Mgr FWHBX Metropolitan West Total Return Bd Plan MWTSX Strategic Advisers Emg Mkts Fd of Fds FLILX Vanguard Emerging Mkts Stock Idx Instl VEMIX Strategic Advisers Inc Opps Fd of Fds FSADX PIMCO Income Instl PIMIX Strategic Advisers Intl Multi-Mgr FMJDX American Funds Europacific Growth R6 RERGX Strategic Advisers S-M Cp Multi-Mgr FNAPX Janus Henderson Triton N JGMNX Virtus Ceredex Mid-Cap Value Equity R6 SMVZX MFS Mid Cap Value R6 MVCKX 18 Retirement Redesign Decision Guide

21 Mapping details for current TIAA investment options Balances that will remain at TIAA TIAA annuity investments that will not move unless you initiate a transfer request include: CREF Stock TIAA Real Estate CREF Money Market CREF Social Choice CREF Bond Market CREF Global Equities CREF Growth CREF Equity Index TIAA Balances Mapping to Same Fund at Fidelity The following investment options at TIAA will move in-kind to Fidelity: CREF Inflation-Linked Bond TIAA Traditional Fund Name American American Funds Europacific Growth R6 Janus Henderson Triton N MassMutual Select Mid Cap Growth I* Vanguard Federal Money Market Investor Vanguard Institutional Target Retirement 2015 Institutional Vanguard Institutional Target Retirement 2020 Institutional Vanguard Institutional Target Retirement 2025 Institutional Vanguard Institutional Target Retirement 2030 Institutional Vanguard Institutional Target Retirement 2035 Institutional Vanguard Institutional Target Retirement 2040 Institutional Vanguard Institutional Target Retirement 2045 Institutional Vanguard Institutional Target Retirement 2050 Institutional Vanguard Institutional Target Retirement 2055 Institutional Vanguard Institutional Target Retirement 2060 Institutional Vanguard Institutional Target Retirement 2065 Institutional Vanguard Institutional Target Retirement Inc Institutional * Fund will be added at TIAA on or about May 21, RERGX JGMNX MEFZX VMFXX VITVX VITWX VRIVX VTTWX VITFX VIRSX VITLX VTRLX Closing Investment Option New Investment Option VIVLX VILVX VSXFX TIAA balances mapping to a similar fund or the appropriate age-based Vanguard Target Retirement Fund (as noted) through Fidelity VITRX American Funds Washington Mutual R5 RWMFX MFS Value R6 MEIKX DFA Emerging Markets I DFEMX Vanguard Emerging Mkts Stock Idx Instl VEMIX Prudential Jennison Growth Z PJFZX Fidelity Contrafund K6 FLCNX TIAA-CREF Equity Index Instl TIEIX Vanguard Institutional Index Instl Pl VIIIX TIAA-CREF Growth & Income Instl TIGRX Fidelity Contrafund K6 FLCNX TIAA-CREF International Eq Idx Instl TCIEX Vanguard Total Intl Stock Index I VTSNX TIAA-CREF International Eq Instl TIIEX Vanguard International Growth Adm VWILX TIAA-CREF Large-Cap Gr Idx Instl TILIX Fidelity Contrafund K6 FLCNX TIAA-CREF Large-Cap Value Idx Inst TILVX MFS Value R6 MEIKX TIAA-CREF Large-Cap Value Instl TRLIX MFS Value R6 MEIKX TIAA-CREF Mid-Cap Growth Instl TRPWX MassMutual Select Mid Cap Growth I MEFZX TIAA-CREF Mid-Cap Value Instl TIMVX MFS Mid Cap Value R6 MVCKX TIAA-CREF Real Estate Sec Instl TIREX Vanguard REIT Index Institutional VGSNX TIAA-CREF S&P 500 Index Instl TISPX Vanguard Institutional Index Instl Pl VIIIX TIAA-CREF Small-Cap Blend Idx Inst TISBX Vanguard Extended Market Index InstlPlus VEMPX TIAA-CREF Small-Cap Equity Instl TISEX Janus Henderson Triton N JGMNX TIAA-CREF Social Choice Eq Instl TISCX Vanguard FTSE Social Index I VFTNX Western Asset Core Plus Bond I WACPX Metropolitan West Total Return Bd Plan MWTSX Retirement Redesign Decision Guide 19

22 Mapping details for current VALIC investment options Balances that will remain at VALIC VALIC annuity investments that will not move unless you initiate a transfer request include: Fund Name Fund Name Fund Name AGGRESSIVE GROWTH LIFESTYLE AM BEAC HOLLAND LG CAP GROWTH ARIEL APPRECIATION FUND ARIEL FUND ASSET ALLOCATION FUND BLUE CHIP GROWTH FUND BROAD CAP VALUE INC CAPITAL APPRECIATION FUND CAPITAL CONSERVATION CONSERVATIVE GROWTH LIFESTYLE CORE BOND FUND CORE EQUITY FUND DIVIDEND VALUE EMERGING ECONOMIES FIXED ACCOUNT PLUS FOREIGN VALUE GLOBAL SOCIAL AWARENESS FUND GLOBAL STRATEGY GOVERNMENT MONEY MARKET I GOVERNMENT MONEY MARKET II GOVERNMENT SECURITIES FUND GROWTH & INCOME FUND GROWTH FUND HEALTH SCIENCES FUND HIGH YIELD BOND FUND INTERNATIONAL GOVERNMENT BOND INTERNATIONAL GROWTH FUND INTERNATL EQUITIES INDEX FUND INTL OPPORTUNITIES LARGE CAP CORE LARGE CAP VALUE FUND LARGE CAPITAL GROWTH MID CAP GROWTH FUND MID CAP INDEX FUND MID CAP STRATEGIC GWTH MID CAP VALUE FUND MODERATE GROWTH LIFESTYLE MULTI-YEAR ENHANCED FIXED 3YR NASDAQ-100(R) INDEX FUND SCIENCE & TECHNOLOGY FUND SHORT TERM FIXED ACCOUNT SM CAP AGGRESSIVE GWTH SMALL CAP FUND SMALL CAP GROWTH FUND SMALL CAP INDEX FUND SMALL CAP SPECIAL VALUE FUND SMALL CAP VALUE FUND SMALL MID GROWTH FUND SOCIALLY RESPONSIBLE FUND STOCK INDEX FUND STRATEGIC BOND FUND VALUE FUND VANGUARD LIFESTRATEGY CONSER VANGUARD LIFESTRATEGY GROWTH VANGUARD LIFESTRATEGY MODERA VANGUARD LONG-TERM TREASURY VANGUARD LT INV-GRADE FUND VANGUARD WELLINGTON FUND INC VANGUARD WINDSOR II VALIC balances mapping to same fund at Fidelity The following investment options at VALIC will move in-kind to Fidelity: Closing Investment Option Janus Henderson Triton N JGMNX Metropolitan West Total Return Bd Plan MWTSX VALIC Fixed Interest Option Vanguard Federal Money Market Investor VMFXX Vanguard Institutional Target Retirement 2015 Institutional VITVX Vanguard Institutional Target Retirement 2020 Institutional VITWX Vanguard Institutional Target Retirement 2025 Institutional VRIVX Vanguard Institutional Target Retirement 2030 Institutional VTTWX Vanguard Institutional Target Retirement 2035 Institutional VITFX Vanguard Institutional Target Retirement 2040 Institutional VIRSX Vanguard Institutional Target Retirement 2045 Institutional VITLX Vanguard Institutional Target Retirement 2050 Institutional VTRLX Vanguard Institutional Target Retirement 2055 Institutional VIVLX Vanguard Institutional Target Retirement 2060 Institutional VILVX Vanguard Institutional Target Retirement 2065 Institutional VSXFX Vanguard Institutional Target Retirement Inc Institutional VITRX 20 Retirement Redesign Decision Guide

23 VALIC balances mapping to a similar fund or the appropriate age-based Vanguard Target Retirement Fund (as noted) through Fidelity Closing Investment Option New Investment Option American Century Inflation Adjs Bond R5 AIANX Metropolitan West Total Return Bd Plan MWTSX American Century Mid Cap Value I AVUAX American Century Mid Cap Value R6 AMDVX American Funds AMCAP R4 RAFEX Fidelity Contrafund K6 FLCNX American Funds Europacific Growth R4 REREX American Funds Europacific Growth R6 RERGX Columbia Balanced Inst CBALX Vanguard Instl Target Retirement Date Fund, various based on age Dreyfus Bond Market Index I DBIRX Vanguard Total Bond Market Index I VBTIX Dreyfus Small Cap Stock Index Inv DISSX Vanguard Extended Market Index InstlPlus VEMPX Goldman Sachs Small Cap Value Instl GSSIX Goldman Sachs Small Cap Value R6 GSSUX Vanguard 500 Index Admiral VFIAX Vanguard Institutional Index Instl Pl VIIIX Vanguard Mid Cap Index Admiral VIMAX Vanguard Extended Market Index InstlPlus VEMPX Virtus Ceredex Large-Cap Value Equity I STVTX MFS Value R6 MEIKX Retirement Redesign Decision Guide 21

24 Mapping details for current Vanguard investment options Balances mapping to same fund The following investment options at Vanguard will move in-kind to Fidelity: Fund Name Fund Name Janus Henderson Triton N JGMNX MassMutual Select Mid Cap Growth I* MEFZX Metropolitan West Total Return Bd Plan MWTSX T. Rowe Price Growth Stock I PRUFX Vanguard Emerging Mkts Stock Idx Instl VEMIX Vanguard Equity-Income Adm VEIRX Vanguard Federal Money Market Investor VMFXX Vanguard Institutional Target Retirement VITVX 2015 Institutional Vanguard Institutional Target Retirement VITWX 2020 Institutional Vanguard Institutional Target Retirement VRIVX 2025 Institutional Vanguard Institutional Target Retirement VTTWX 2030 Institutional Vanguard Institutional Target Retirement VITFX 2035 Institutional Vanguard Institutional Target Retirement VIRSX 2040 Institutional Vanguard Institutional Target Retirement VITLX 2045 Institutional Vanguard Institutional Target Retirement VTRLX 2050 Institutional Vanguard Institutional Target Retirement VIVLX 2055 Institutional Vanguard Institutional Target Retirement VILVX 2060 Institutional Vanguard Institutional Target Retirement VSXFX 2065 Institutional Vanguard Institutional Target Retirement VITRX Inc Institutional Vanguard International Growth Adm VWILX Vanguard PRIMECAP Fund Admiral Shares VPMAX Vanguard REIT Index Institutional VGSNX Vanguard Total Bond Market Index I VBTIX Vanguard Total Intl Stock Index I VTSNX * Fund will be added at Vanguard on or about May 21, Vanguard balances mapping to a similar fund or the appropriate age-based Vanguard Target Retirement Fund (as noted) through Fidelity Closing Investment Option New Investment Option Vanguard Balanced Index I VBAIX Vanguard Institutional Target Retirement various Vanguard Capital Opportunity Adm VHCAX Fidelity Contrafund K6 FLCNX Vanguard Capital Value Inv VCVLX Vanguard Extended Market Index InstlPlus VEMPX Vanguard Convertible Securities Inv VCVSX Vanguard Institutional Target Retirement various Vanguard Developed Markets Index Admiral VTMGX Vanguard Total Intl Stock Index I VTSNX Vanguard Diversified Equity Inv VDEQX Fidelity Contrafund K6 FLCNX Vanguard Dividend Appreciation Index Adm VDADX Vanguard Institutional Index Instl Pl VIIIX Vanguard Dividend Growth Inv VDIGX Vanguard Institutional Index Instl Pl VIIIX Vanguard Energy Adm VGELX Vanguard Institutional Target Retirement various Vanguard European Stock Index Admiral VEUSX Vanguard Institutional Target Retirement various Vanguard Explorer Adm VEXRX Janus Henderson Triton N JGMNX Vanguard Extended Market Index Instl VIEIX Vanguard Extended Market Index InstlPlus VEMPX Vanguard FTSE All-Wld ex-us Idx Admiral VFWAX Vanguard Total Intl Stock Index I VTSNX Vanguard FTSE All-Wld ex-us SmCp Idx Inv VFSVX Fidelity International Small Cap FISMX 22 Retirement Redesign Decision Guide

25 Closing Investment Option New Investment Option Vanguard FTSE Social Index Inv VFTSX Vanguard FTSE Social Index I VFTNX Vanguard Global Equity Inv VHGEX Vanguard Institutional Target Retirement various Vanguard GNMA Adm VFIJX Metropolitan West Total Return Bd Plan MWTSX Vanguard Growth & Income Adm VGIAX Vanguard Institutional Index Instl Pl VIIIX Vanguard Growth Index Institutional VIGIX Fidelity Contrafund K6 FLCNX Vanguard Health Care Adm VGHAX Vanguard Institutional Target Retirement various Vanguard High Dividend Yield Index Inv VHDYX MFS Value R6 MEIKX Vanguard High-Yield Corporate Adm VWEAX Metropolitan West Total Return Bd Plan MWTSX Vanguard Inflation-Protected Secs I VIPIX Metropolitan West Total Return Bd Plan MWTSX Vanguard Institutional Index I VINIX Vanguard Institutional Index Instl Pl VIIIX Vanguard Interm-Term Bond Index I VBIMX Vanguard Total Bond Market Index I VBTIX Vanguard Interm-Term Investment-Grde Adm VFIDX Metropolitan West Total Return Bd Plan MWTSX Vanguard Interm-Term Treasury Adm VFIUX Metropolitan West Total Return Bd Plan MWTSX Vanguard International Explorer Inv VINEX Fidelity International Small Cap FISMX Vanguard International Value Inv VTRIX American Funds Europacific Growth R6 RERGX Vanguard Large Cap Index Admiral VLCAX Vanguard Institutional Index Instl Pl VIIIX Vanguard LifeStrategy Cnsrv Gr Inv VSCGX Vanguard Institutional Target Retirement various Vanguard LifeStrategy Growth Inv VASGX Vanguard Institutional Target Retirement various Vanguard LifeStrategy Income Inv VASIX Vanguard Institutional Target Retirement various Vanguard LifeStrategy Moderate Gr Inv VSMGX Vanguard Institutional Target Retirement various Vanguard Long-Term Bond Index Instl VBLLX Vanguard Institutional Target Retirement various Vanguard Long-Term Investment-Grade Adm VWETX Vanguard Institutional Target Retirement various Vanguard Long-Term Treasury Admiral VUSUX Vanguard Institutional Target Retirement various Vanguard Mid Cap Growth Inv VMGRX MassMutual Select Mid Cap Growth I MEFZX Vanguard Mid Cap Index Institutional VMCIX Vanguard Extended Market Index InstlPlus VEMPX Vanguard Mid-Cap Growth Index Admiral VMGMX MassMutual Select Mid Cap Growth I MEFZX Vanguard Mid-Cap Value Index Admiral VMVAX MFS Mid Cap Value R6 MVCKX Vanguard Morgan Growth Admiral VMRAX Fidelity Contrafund K6 FLCNX Vanguard Pacific Stock Index Admiral VPADX Vanguard Institutional Target Retirement various Vanguard Precious Metals and Mining Inv VGPMX Vanguard Institutional Target Retirement various Vanguard PRIMECAP Core Inv VPCCX Fidelity Contrafund K6 FLCNX Vanguard Selected Value Inv VASVX MFS Mid Cap Value R6 MVCKX Vanguard Short-Term Bond Idx I VBITX VALIC Fixed Interest Option Vanguard Short-Term Federal Adm VSGDX VALIC Fixed Interest Option Vanguard Short-Term Investment-Grade I VFSIX VALIC Fixed Interest Option Vanguard Short-Term Treasury Adm VFIRX VALIC Fixed Interest Option Vanguard Small Cap Growth Index I VSGIX Janus Henderson Triton N JGMNX Vanguard Small Cap Index I VSCIX Vanguard Extended Market Index InstlPlus VEMPX Vanguard Small Cap Value Index I VSIIX Goldman Sachs Small Cap Value R6 GSSUX Retirement Redesign Decision Guide 23

26 Closing Investment Option New Investment Option Vanguard STAR Inv VGSTX Vanguard Institutional Target Retirement various Vanguard Strategic Equity Inv VSEQX Vanguard Extended Market Index InstlPlus VEMPX Vanguard Strategic Small-Cap Equity Inv VSTCX Vanguard Extended Market Index InstlPlus VEMPX Vanguard Total Stock Market Idx I VITSX Vanguard Institutional Index Instl Pl VIIIX Vanguard Total World Stock Index Inv VTWSX Vanguard Institutional Target Retirement various Vanguard US Growth Admiral VWUAX Fidelity Contrafund K6 FLCNX Vanguard US Value Inv VUVLX MFS Value R6 MEIKX Vanguard Value Index I VIVIX MFS Value R6 MEIKX Vanguard Wellesley Income Admiral VWIAX Vanguard Institutional Target Retirement various Vanguard Wellington Admiral VWENX Vanguard Institutional Target Retirement various Vanguard Windsor Admiral VWNEX MFS Value R6 MEIKX Vanguard Windsor II Admiral VWNAX MFS Value R6 MEIKX 24 Retirement Redesign Decision Guide

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