457(b)/401(a) PLANS CITY OF PHOENIX PLAN HIGHLIGHTS LOOK INSIDE TO LEARN MORE ABOUT THE PLAN AND FIND ANSWERS ABOUT YOUR INVESTMENT OPTIONS.

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1 457(b)/401(a) PLANS CITY OF PHOENIX PLAN HIGHLIGHTS LOOK INSIDE TO LEARN MORE ABOUT THE PLAN AND FIND ANSWERS ABOUT YOUR INVESTMENT OPTIONS.

2 457/401(A) PLANS GET STARTED IN THREE STEPS Find your comfort zone. Consider your interest and confidence levels, then choose the investment strategy that s right for your unique situation. Choose the Investment Options that are right for you. Choose your funds and think about how much you want to contribute. Enroll in the plan. Follow the instructions on the enrollment packet, which will be provided by your Plan Service Representative. Complete and turn in any applicable forms. Still need more information about retirement? Planning shouldn t be overwhelming, and we have just the resource to help. Learn more about smart preparation in Planning for Retirement 101, a guide available from your Plan Service Representative. Request a copy today. Questions? Just call us at or PHX (4749). Investment options and enrollment shouldn t be overwhelming. That s why we re here: to give you the information you need to feel confident about your retirement decisions. You can also visit us on the Web at Information provided by Nationwide representatives is for educational purposes only and is not intended as investment advice. Investors must ultimately rely on their own judgment, or that of their investment professional, in making suitability determinations. Neither Nationwide nor its representatives give tax or legal advice. 1

3 STEP ONE Step 1 Find your comfort zone. As mentioned in Planning for Retirement 101, everyone is different when it comes to managing their 457(b) and 401(a) Plan Accounts. Consider your interest and confidence levels when choosing your strategy. What s your preference? Less Hands-On More Hands-On Investor Profile Funds¹ The Plan s Available Investments/ Self-Directed Option Investor Profile Funds are managed with your specific risk level in mind. Asset mixes range from Conservative to Aggressive and are rebalanced periodically to maintain the appropriate risk level. 1 The Nationwide Investor Destinations Funds can be selected based on your personal objectives and risk tolerance and are designed to provide asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Included in the Investor Destination fund total operating expenses (found in the prospectus) are a proportional share of the underlying fund expenses. Please see fund prospectuses for further fee and expense details. The Plan s Available Investments allow you to hand-select and manage your investments based on your risk tolerance or another strategy. A Self-Directed Option is available. This provides you with expanded investment options if you re looking for a greater role in managing your account. You ll need to review your account on a regular basis to make sure that your selections are still in line with your goals. Brokerage services for the Self-Directed Brokerage Account (SDBA) are provided by Charles Schwab & Co., Inc. 2

4 457/401(A) PLANS STEP TWO Step 2 Choose the investment options that are right for you. If you chose Less Hands-On, check out the Asset Allocation section below for Investor Profile investment ideas. If you chose More Hands-On, you can take a look at the investments in solid colors on pages 4 5 to create your own asset mix. Asset Allocation Funds Asset allocation funds are designed to provide diversification across several types of investment and asset classes, primarily by investing in a mixture of funds. This mixture takes into account either the target date the investor would like to retire, or the investor s tolerance for risk. Unlike a balanced fund, which does not adjust its asset mix in consideration of age or risk tolerance, asset allocation funds are routinely adjusted in response to market conditions. Investor Profile Funds 1 Fund Name Class Ticker Nationwide Investor Destinations Aggressive Fund Institutional Class GAIDX Nationwide Investor Destinations Moderately Aggressive Fund Institutional Class GMIAX Nationwide Investor Destinations Moderate Fund Institutional Class GMDIX Nationwide Investor Destinations Moderately Conservative Fund Institutional Class GMIMX Nationwide Investor Destinations Conservative Fund Institutional Class GIMCX Specialty Funds Funds that invest in a concentrated sector or focus on a relatively small number of securities may be subject to greater volatility than a more diversified investment. Funds that focus on real estate investing are sensitive to economic and business cycles, changing demographic patterns and government actions. Fund Name Class Ticker PIMCO All Asset Fund 2 Institutional Class PAAIX Fund prospectuses can be obtained by calling PHX. Before investing, carefully consider the fund s investment objectives, risks, charges and expenses. The fund prospectus contains this and other important information. Read the prospectuses carefully before investing. Ticker symbols are provided to help you research mutual funds. Information related to pricing or performance of these funds published in publicly available media such as newspapers and Websites will be different than performance data and pricing specific to your employer-sponsored retirement plan. This is partially due to the additional fees and expenses associated with your plan. You should avoid making a direct comparison between a publicly available fund and a fund offered to you within your plan. A ticker symbol listed as N/A indicates the investment option is not a publicly traded mutual fund. To find pricing or performance related information specific to your account, visit the Investment Info tab on your plan s Website at 2 This fund-of-funds invests in PIMCO mutual funds representing different asset classes and investment strategies. It uses a broader tactical allocation beyond stocks, bonds, and cash that includes, but is not limited to, inflation-indexed bonds, commodities, and real estate. Additionally, it may allocate up to 75% of net assets to those strategies but no more than 50% of an allocation in one specific fund. 3

5 STEP TWO International Funds These funds include stock in companies located outside of the United States. These stocks may trade on either the U.S. or foreign stock exchanges and are generally considered higher-risk investments. Additional risks include currency fluctuations, political instability, differences in accounting standards and foreign regulations. Fund Name Class Ticker American Funds EuroPacific Growth Fund N/A RERGX Small-cap Funds Small-cap refers to companies with market values under $2 billion. Small companies can often grow much faster than big companies, but their stocks also tend to be more risky. Fund Name Class Ticker T. Rowe Price Small Cap Value Fund N/A PRSVX Morgan Stanley Inst. Fund Trust Small Company Growth Portfolio Class I MSSGX Mid-cap Funds Mid-cap refers to companies with market values (or capitalization) between $2 and $10 billion. These stocks are typically more volatile than large-cap stocks, but less risky than small-cap stocks. Fund Name Class Ticker MFS Midcap Value Fund R5 MVCKX Times Square Mid Cap Growth Fund N/A TMDIX Large-cap Funds Large-cap refers to companies with market values (or capitalization) greater than $10 billion. Because these tend to be large, established corporations, their stocks generally offer lower risk than stocks from mid and small-cap companies. Fund Name Class Ticker Fidelity Contrafund N/A FCNTX American Funds Growth Fund of America Fund N/A RGAGX Dreyfus Basic S&P 500 Stock Index Fund N/A DSPIX Allianz NFJ Dividend Value Fund N/A NFJEX 4

6 457/401(A) PLANS STEP TWO Bond Funds Bond funds are made up of bonds purchased from a government entity or corporation who agrees to pay back the original amount paid along with interest on a specified date. Many bonds are generally more stable than stocks and provide a more steady flow of income. However, they also typically provide a lower rate of return. High-yield bond securities are typically subject to greater risk and price volatility than funds which invest in higher rated securities. Fund Name Class Ticker Metropolitan West Total Return Bond Fund N/A MWTSX Short-term Investments (fixed accounts/cash) Short-term investments are sometimes referred to as cash equivalents because they can be easily sold (converted to cash) without affecting their value. While these short-term investments are generally less risky than stocks or bonds, their returns are also usually much lower and may not keep pace with inflation. A variety of investment types can be generally categorized as shortterm investments, including certificates of deposit (CDs), money-market accounts (MMAs), and treasury bills (T-bills). Fund Name Class Ticker City of Phoenix Stable Income 3 N/A N/A Fund prospectuses can be obtained by calling PHX. Before investing, carefully consider the fund s investment objectives, risks, and charges and expenses. The fund prospectus contains this and other important information. Read the prospectuses carefully before investing. Nationwide Retirement Solutions, Inc. and its affiliates (Nationwide) offer a variety of investment options to public sector retirement plans through variable annuity contracts, trust or custodial accounts. Nationwide may receive payments from mutual funds or their affiliates in connection with those investment options. For more detail about the payments Nationwide receives, please visit 3 City of Phoenix Stable Income seeks safety of principal, consistency of return with minimal volatility and liquidity for participant initiated withdrawals. The fund is designed to provide the stability of a money market s net asset value with the better return potential of a short-term bond fund. Because the value of the securities held by stable value funds will fluctuate, there is the risk that an investor will lose money investing in stable value funds. 5

7 STEP THREE Step 3 Enroll in the plan. Ask your Plan Service Representative for an enrollment packet today. It includes everything you need to complete and mail your applicable forms. If you need further help, just use the contact information below to get the answers you need. Keeping up and getting help is easy. Easy 24/7 Web access at Account actions include: Account review Beneficiary update Set up Web access to your account Find out your account balance Make deferral/allocation changes Exchange funds or restructure your account View fund pricing and performance Change your personal information and password Online planning tools include: On Your Side Interactive Retirement Planner sm Account growth estimator Take-home pay calculator Asset allocation tool Questions? Easy phone access at or PHX (4749) Plan Service Representatives and Local Phoenix Office are available from 8:00 a.m. to 5:00 p.m. (Arizona Time) and Customer Service Reps are available 8 a.m. to 11 p.m. ET: Account review Beneficiary update To take your questions over the phone Set up a one-on-one appointment The automated Voice Response Unit (VRU) is available 24/7. Account actions include: Find out your account balance Make deferral/allocation changes Exchange funds or restructure your account Change future allocations Change your PIN Just call us at or PHX (4749). Investment options and enrollment shouldn t be overwhelming. That s why we re here: to give you the information you need to feel confident about your retirement decisions. You can also visit us on the Web at The local Phoenix office is available to assist you Monday through Friday 8:00 a.m. 5:00 p.m., no appointment necessary. 6 Information provided by Nationwide representatives is for educational purposes only and is not intended as investment advice. Investors must ultimately rely on their own judgement, or that of their investment professional, in making suitability determinations. Neither Nationwide nor its representatives give tax or legal advice.

8 457/401(A) PLANS 401(a) Plan, Sick Leave Payout (Special Pay) The below information summarizes the manner in which the city s 401(a) Plan is now being administered based upon a 2014 restated 401(a) Plan Document which amended some provisions. 1. SICK LEAVE PAYOUT AT RETIREMENT (SPECIAL PAY) This mandatory payment into a 401(a) Plan is exempt from FICA (currently 6.2% for OASDI taxes and 1.45% for Medicare taxes). The retirement contribution and other pre-tax items will be calculated by city payroll staff, as required. The annual limit for the 401(a) plan is the lesser of 100% of your compensation or $53,000. For the 457(b) Plan, the calendar limit is the lessor of 100% of your compensation or $18,000 or $24,000 if 50 years of age or older or $36,000 if eligible for the special catch up contribution. Effective April 1, 2014, the Special Pay Component consists of the automatic tax-deferred contribution of an employee s accumulated sick leave time eligible for payout at retirement to the city s 401(a) and 457(b) Plans. A retiring employee s allowable contribution limit of sick leave payouts to the 401(a) and 457(b) Plans is the lesser of the employee s compensation in the year of retirement as of retirement date or the IRS limit for each Plan, minus any contributions already in either Plan for the employee for the current year. Compensation under both Plans is now defined as wages plus accumulated vacation and compensatory leave time payouts. Effective April 1, 2014, a more detailed calculation process, referred to as a circular calculation is being implemented to allow for potentially greater contribution amounts of a retiring employee s sick leave payout (Special Pay) to one or both Plans compared to the prior calculation method. After initial contributions to the 401(a) Plan and 457(b) Plan are determined, IRS rules provide that for every dollar of the remaining amount of sick leave payout which is counted as compensation, another dollar can be contributed to the Plans. This means that half of the remaining balance can be counted as compensation under the Plans. This results in an increased contribution limit to both Plans that would be applied to the balance of the sick leave payout, which would allow for a potential second round of contributions to one or both Plans, depending upon the allowable contribution limit for that employee to each Plan. The other half of the remaining balance of the sick leave payout could then be treated as additional contributions to those Plans, if those contributions would not result in exceeding the employee s allowable contribution limit to one or both Plans. The initial and potential second contributions of the sick leave payout to the 401(a) Plan and the initial sick leave contributions to the 457(b) Plan are all mandatory and automatic employer contributions. However, if a potential second contribution of the sick leave payout to the 457(b) Plan ( post severance deferral ) is determined as part of this new calculation process, it cannot be implemented by city Payroll unless the employee has elected it in advance. That election must be made via the appropriate section in Nationwide s 457(b) Participation Agreement. Please contact your local Plan Service Representative for more information and to obtain this form. IRS rules require that, IF an employee wishes to maximize deferral of their sick leave to the 457(b) Plan by utilizing that second calculation, he/she must make that election in the month prior to the month in which he/she is retiring. That election must be made by completing the appropriate section of Nationwide s 457(b) Plan Participation Agreement. As stated on the form, Nationwide requires the election form to be received by the 18th of the month prior to the month the employee is retiring; or the prior Friday (if the 18th falls on a weekend). If the form is not recieved by the deadline and the circular calculation results in a potential second contribution/ deferral of an employee s sick leave payout to the 457(b) Plan, that second contribution cannot be processed by City Payroll and would become taxable income. (However, the mandatory initial contribution of the sick leave payout to the 457(b) Plan determined as part of this calculation process would still take place.) The annual limit for the 401(a) Plan is $53,000 (or your gross compensation, if lower). For the 457(b) Plan, this calendar year s annual limit is $18,000 or $24,000 if age 50 or older (or your gross compensation, if lower). Example: If an employee plans to retire April 10, the election form must be completed, signed and received by Nationwide no later than March 18th. If you are planning to retire within the next few months, please contact your local Nationwide Plan Representative regarding contribution/deferral of your sick leave payout. This calculation change can be a benefit to employees who retire early in a given year and earn compensation less than the IRS limits for the 401(a) and/or 457(b) Plans. As explained in the summary section, vacation and compensatory leave time payout accumulated at the time 7

9 of retirement are included as compensation, in addition to wages earned, when determining an employee s allowable limit for sick leave payout contributions to the Plans. Employees also have to ability to elect to defer their final pay to the 457(b) Plan, which would include vacation and/or compensatory leave time payout at retirement, by submitting a completed Nationwide 457(b) Participation Agreement within the required timeframe in the month prior to the month in which he/she is retiring. If a retiring employee only wishes to defer his/her vacation and/or compensatory leave time payout at retirement, he/she would need to independently estimate that amount and reflect it on the Agreement as the requested amount to be deferred. It s important to keep in mind that such a deferral would be deducted from the employee s allowable contribution limit for their sick leave payout at retirement (Special Pay). Please contact a local Nationwide Plan Representative for assistance and to ensure you meet the appropriate deadline for such an election. 2. NONELECTIVE CITY CONTRIBUTION (FRINGE) COMPONENT All Fringe contributions are automatically deposited into the 401(a) Plan by the city on behalf of each eligible employee through the biweekly payroll. This is a negotiated benefit so the amount varies based upon your employee unit/group. There is a provision within this component which provides that if the Fringe contribution (and other 401(a) contributions) were to exceed the annual limits for the Plan, any excess would automatically be deposited into the 457(b) Plan up to the current year s annual limit for the Plan or 100% of the participant s compensation received from the city for that year, whichever is less. 3. SUPPLEMENTAL CONTRIBUTIONS (SUPPLEMENTAL COMPONENT) The Supplemental Component allows for irrevocable personal contributions into the 401(a) Plan via biweekly payroll deduction by election of one of the percentage contribution options available for eligible employees. Effective January 1, 2015, upon the employee s hire date, the employee has up to 31 calendar days to make a decision regarding participation in this component of the Plan. Once made, the election is irrevocable. The payroll deduction for your selected contribution will commence the first available payroll date following the date that Nationwide receives and accepts your completed election and release forms. If you do not elect to participate in the Supplemental Component within the required 31-day timeframe, you will be considered to have elected to contribute 0% under this component of the Plan and that decision is irrevocable. You will not have the opportunity to participate at a later date. The initial contribution option elected by an employee will remain in place as an irrevocable election for the duration of an employee s career with the city regardless of whether or not they change employee units/groups. (NOTE: The election will be reinstated if an employee leaves city employment and is later rehired by the city.) All units/groups have the option of electing a contribution representing a whole number percentage from 1% through 32% of their gross salary. Some units/groups also have available a years of service option. That option consists of a percentage scale which increases in certain increments, such as five years, based upon the employee s years of service. The percentages and increments of service vary based upon the unit/group. However, if you select the years of service option, your initial election will still remain in place for the duration of your city career even if you change employee units/groups. 8

10 457/401(A) PLANS Frequently asked questions about the 401(a) Plan. SPECIAL PAY Why is the deferral of my eligible accumulated sick leave payout (Special Pay) into the 401(a) Plan mandatory? In order for city employees and the city to have the benefit of no FICA taxes (or Medicare taxes in the case of Sworn Public Safety employees), it has to be mandatory. However, you can withdraw your money from your 401(a) immediately upon retirement/separation, if you wish. It can be distributed as a lump sum, partial lump sum, installment payments, or annuity payments. When I retire and my sick leave payout is deferred to the 401(a) Plan, what if I reach the annual maximum allowable contribution limit in my 401(a) Plan Account, as defined by the Internal Revenue Code (IR C), before all of my sick leave payout has been contributed? Does the remainder automatically go to my 457(b) Plan Account, or do I have to request it? You do not have to request this. It is automatic. If you reach the allowable limit of your 401(a) account before all of your sick leave payout (Special Pay) is deferred, the remainder will automatically be contributed to your 457(b) account up to the allowable contribution limit, if there is still capacity in that portion of your account. However, if a potential second contribution of sick leave to the 457(b) Plan ( post severance deferral ) is determined as part of the new calculation process described in the summary section, it cannot be implemented by City Payroll unless the employee has elected this option by the 15th of the month prior the month in which he/ she is retiring. That election must be made via the appropriate section in Nationwide s 457(b) Participation Agreement. Please contact your local Nationwide Plan Service Representative for more information. Do I have to open a 401(a) account before my sick leave payout will be contributed into the 401(a) Plan? No. The mandatory contribution of your sick leave payout (Special Pay) upon retirement is automatic and it doesn t matter whether or not you are participating in either of the other two components of the Plan. The Special Pay, Nonelective City Contribution (Fringe) and Supplemental Components of the 401(a) Plan are separate and independent of each other and are identified accordingly in your account. NON-ELECTIVE CITY CONTRIBUTION (FRINGE) What if I ve been employed with the city since prior to implementation of the change from 457(b) Plan Fringe contributions to 401(a) Plan Fringe contributions? Any 457(b) Fringe contributions already in your 457(b)/401(a) Plan account prior to the change which was effective January 1, 2008, will remain there and will not/cannot be moved to the 401(a) Plan. SUPPLEMENTAL COMPONENT (IRREVOCABLE, PERSONAL CONTRIBUTIONS) Can I make personal contributions to both the 401(a) and the 457(b) plan? Yes. However, you would need to meet the eligibility criteria for personal (supplemental) contributions to the 401(a) Plan as stated on page 8 (referring to Supplemental Contributions). There is a 31-day eligibility period for enrollment in the 401(a) Plan s Supplemental Component and whatever contribution percentage you select would be irrevocable once you elect to participate. (Your 457(b) personal contribution can be changed or stopped at any time.) Can I elect a specific dollar amount to be deducted from my paychecks for the 401(a) Plan s Supplemental Component, which are allowed, not like we do with our 457(b) Plan? No. You have to select a percentage from 1 32% or an escalating percentage based upon your years of service, if included in the list of election options for your employee unit/group. If I am still eligible to enroll in the Supplemental Component and I select the years of service option, if I change units, will that option selection be automatically changed to the appropriate years of service option under my new unit? No. As explained above, if you select the years of service option, your initial election remains in place for the duration of your city career even if you change employee units/groups. 9

11 Frequently asked questions about the 401(a) Plan. How soon can I get my 401(a) assets out of my account with Nationwide? Once you separate from city service, you can call the local Nationwide Retirement Solutions office at (602) and request all or any part of your 401(a) assets be paid to you in cash. Nationwide will prepare a check in about a week. Nationwide will withhold the appropriate taxes. However, Nationwide does not withhold the 10% excise tax, but would notify the IRS. I am a Sworn Public Safety employee currently in DROP. When I retire, can I rollover those funds into the 401(a) plan? Does that amount count toward the annual maximum? You can rollover your DROP money into your 401(a) or 457(b) Plans with Nationwide. The rollover amount does not count toward the annual maximum because it is not defined as a plan contribution but as a rollover. However, DROP is a 401(a) plan so those monies would be subject to the rules applicable to 401(a) plans such as the potential 10% early withdrawal excise tax if under age 59½. Do all three components: Special Pay, Nonelective City Contribution (Fringe), and Supplemental, apply toward my annual 401(a) Plan limit? Yes. The Special Pay contribution (sick leave payout) is only applicable for the calendar year in which you retire. Do I have a choice of which components, if any, in which I wish to participate? The Special Pay, Nonelective City Contribution (Fringe), and Supplemental Components are three separate parts of the 401(a) Plan. The Special Pay Component is mandatory for all City employees, and the Fringe Component consists of an automatic 401(a) Plan contributions made by the City on behalf of each eligible employee. The Supplemental Component is the only voluntary component. City Contributions (Fringe) be listed separately on my paycheck if I am participating in both Plans? Yes. Employer and employee deductions for the 401(a) and 457(b) Plans will be listed separately on your paycheck details. Can I rollover my 401(a) account to another provider? Yes, you can choose to rollover those funds to an individual retirement account (IRA) or another eligible retirement plan that accepts rollovers. If I retire or separate employment before age 59½, is there any way to avoid the 10% excise tax? The Internal Revenue Service mandates a 10% excise tax for most withdrawals from a 401(a) Plan taken prior to age 59½, unless you qualify for one of the exceptions to the excise tax. One such exception provides that if you are 55 or older when you retire or separate from employment, no early withdrawal penalty will apply. Another exception applies if you are under age 55 when you retire or separate from employment and you take your distribution in substantially equal periodic payments over your life expectancy or the joint life expectancies of you and your designated beneficiary. There is no early distribution penalty for withdrawals from the 457(b) Plan. Life expectancy is calculated by the plan administrator, Nationwide Retirement Solutions, using IRS actuarial tables and the employee s age at time of retirement. Once you reach age 59½ or have received 5 years of those equal payments, whichever is later, you can then change your distribution, if you wish. At that time, the distribution could be requested in the form of lump sum, partial lump sum, installment payments, or the employee can arrange to purchase annuities with that money. Will my payroll deductions for 457(b) and 401(a) Plan personal contributions and 401(a) Nonelective 10

12 457/401(A) PLANS Frequently asked questions about distributions. 457(B) AND 401(a) PLANS DISTRIBUTIONS Can I withdraw my funds before I separate from service? Because your funds receive the benefit of tax-deferred status, there are limits to when you can withdraw them without penalty. If you are still employed, you can withdraw money from your 457(b) Plan if you experience an unforeseeable emergency or if the Plan s Smaller Account option is applicable. If you meet criteria to qualify, you can withdraw funds from your 457(b) account under that Plan s loan provision. If you have transferred funds from other eligible retirement plans into your 457(b) Plan, you may withdraw these funds at any time. Excise taxes may be assessed for withdrawal of these funds What happens when I leave my job? If you leave your employment, or your employment ends because of retirement or permanent disability, there are many options available to you. Specific retirement information is available by calling your local Plan Service Representative at or PHX (4749) for more information. Are there any additional excise taxes applicable when I withdraw my money after retirement or separation from employment? There are no penalties in a standard 457(b) account. However, if you take distributions from your 401(a) account before age 59½, you may be subject to early withdrawal excise taxes. Excise taxes may also apply to a rollover made to the 457(b) Plan from a 401(a) or 403(b) Plan or an IRA where no exceptions apply. Will I have to pay taxes on the funds I withdraw? When you withdraw your funds or start to receive distributions, they are considered taxable income. This means a distribution will generally be includible in your income for the year in which you take a distribution and you will need to complete federal and state income tax withholding forms for the year the withdrawal/ distributions are made. Neither Nationwide nor its representatives give tax or legal advice. Please consult with a tax or legal advisor for such advice. When I m close to retirement or leave my job, what options do I have with my account? If you sever from employment, contact your Plan Service Representative to discuss the options available to you. These options include: Leaving your money in the plan Taking a lump sum Taking a partial lump sum Taking systematic withdrawals Annuity payout options Rolling your money into another eligible retirement plan or into an IRA Do I have to withdraw my money when I retire? No, if you are not ready to take any portion of your account now, you can leave it invested and delay your benefit payment. You must begin taking the Required Minimum Distribution no later than April 1st of the year following the year you attain 70½, or sever from employment, whichever is later. Who should I notify to start my distributions? If you are planning to stop working, contact your Plan Service Representative to receive assistance in planning your distributions. What systematic withdrawal options are available? You select your own payment schedule. You can choose monthly, quarterly, semi-annual, or annual payments. Can I change my distributions? Under the plan s systematic withdrawal options, if you decide you want to change the frequency or amount of your payments, simply fill out a new Benefit Payment Election form with your preferred payment schedule. Important: If you elect an annuity payout option, you will not be able to change your distribution election. How do I receive my distribution? You can either receive it as a direct deposit into a savings or checking account, or a check. If you choose direct deposit, you will receive your initial payments through the mail until your account is set up and your bank account information is confirmed. 11

13 Frequently asked questions about contributions. PLANS Two plans are available to you as a City of Phoenix employee: a 457(b) Plan and a 401(a) Plan. Both the 457(b) and 401(a) Plans offer pre-tax contribution options. The 457(b) Plan also offers a catch-up contribution option. Both plans accept rollovers. The difference in the plans primarily lies with taxation of withdrawals and annual contribution limits. See the DISTRIBUTIONS section of this booklet for more details on the 457(b) Plan. Can I roll over my balance from another plan into this one? Yes, your plan accepts eligible rollover distributions from other eligible retirement plans. In addition, you may consolidate your retirement assets by executing a rollover from another 457(b), 401(a), 401(k) or DROP Plan or from an IRA. Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% excise tax if withdrawn before age 59½, where applicable. Please contact your legal or tax advisor for such advice. Are there any fees I need to be aware of? Yes. In order to make all funds of equal costs, some funds have an added administrative fee that is taken on a monthly basis. This fee pays for the recordkeeping and administration of the Plans. The Plan has an annual administration fee for most of the mutual fund options in the Plans portfolio which will be assessed on a monthly basis. The fee will be applied to funds which currently do not have a revenue sharing fee component within their expense ratios. The fee will also be applied as appropriate to funds which currently have a revenue sharing fee that is less than 10 basis points. What if I want to change the funds? You may make changes to your fund selections at anytime, subject to the rules and procedures adopted by the city of Phoenix 457(b)/401(a) Plans. For more information, please call or PHX (4749). Obtain a prospectus(es) from the Fund Performance section of our Web site at or by calling PHX (4749). What s the minimum I need to contribute to be in the 457(b) Plan? $5.00 per pay period If I m close to retirement, is there a way to contribute more? If you are within three years of Normal Retirement Age, under the plan, you may be eligible for a catch-up contribution through the Special 457(b) Catch-up provision. If you have not contributed the maximum in the past, you may be able to increase your deferral amount to up to two times the maximum contribution limit (for example, this calendar year the maximum is $36,000). Important: Special 457(b) Catch-up cannot be used in the same year as Age 50 Catch-up. If I m participating in another 457(b) plan, what s the maximum I can contribute then? If you are a member of another plan governed by Section 457(b) of the Internal Revenue Code, your total maximum deferrals, not including catch-up deferrals, may not exceed $18,000 this calendar year. Can I ever stop my payroll deferrals? You may stop your personal payroll deferrals to your 457(b) plan at any time, subject to timing restrictions. Contact your local Plan Service Representative for more information. How often can I change my payroll deferral amount? You can start/stop/increase/decrease your payroll deferral amount for 457(b) contributions at any time, subject to timing restrictions. Simply fill out and return a deferral increase/decrease request form, available from your Plan Service Representative. In addition, all payroll requests can be made via the plan Web site at or through the Voice Response Unit (VRU) or by calling Direct Access. All payroll deferral starts/stops/increases/ decreases will be effective the first available payroll of the month following the month in which the request is submitted. 12

14 457/401(A) PLANS Notes: 13

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16 Information from Retirement Specialists is for educational purposes only and should not be considered investment advice. Retirement Specialists are registered representatives of Nationwide Investment Services Corporation: Member FINRA. Nationwide Retirement Solutions, Inc. and Nationwide Life Insurance Company (collectively Nationwide ) have endorsement relationships with the National Association of Counties and the International Association of Fire Fighters-Financial Corporation. More information about the endorsement relationships may be found online at Nationwide, the Nationwide N and Eagle, Nationwide is on your side and On Your Side Interactive Retirement Planner are service marks of Nationwide Mutual Insurance Company Nationwide NRM-0154AO-PX.16 (01/15)

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