Your Future. Your Move. ClubCorp Individual Investment Plan ENROLLMENT GUIDE
ClubCorp Individual Investment Plan Highlights Plan Facts ELIGIBILITY As an Employee Partner at ClubCorp USA, Inc., you can save for the future on a before-tax or after-tax basis through the Individual Investment Plan (IIP). The before-tax advantage of this plan allows you to lower your current taxable income and delay paying taxes until it is time to withdraw your money. Investing in this plan can provide tools to help you plan for retirement. Full-time regular and part-time regular Employee Partners who have completed six consecutive months of service may join this plan at any time by calling the Milliman Benefits Service Center at 1.866.767.1212 or log on to the website at www.millimanbenefits.com. YOUR CONTRIBUTIONS You may save from 1% up to 50% of total pay (subject to IRS limits that are not plan-specific) on a combined before-tax and after-tax basis. Before-tax contributions are taken from your paycheck before income taxes are paid. After-tax contributions are taken from your paycheck after income taxes are paid. CLUBCORP CONTRIBUTIONS ClubCorp does not make contributions to the Plan. VESTING You are 100% vested (ownership) of your account at all times. INVESTMENT If you do not make an investment election, your accounts will automatically be invested in the Plan s default investment option, which is InvestMap. InvestMap creates a portfolio for you made up of existing funds within the plan. However, you have the right to direct the investment of all of your Plan accounts. The Plan offers these approaches to investing: Custom Investment Portfolio. You design your own asset allocation. You may choose to invest in any combination of the Plan s investment options, which represent a broad range of risk and return characteristics within various asset classes. InvestMap. Designed to take the confusion out of investing, InvestMap creates a portfolio for you made up of existing funds within the Plan. With InvestMap, your investments become more conservative as you approach your retirement, so you take on less and less investment risk. At younger ages, these adjustments will be slight, but they ll become greater as your age increases. Since not all retirement investors are the same, InvestMap lets you personalize your election to be more conservative or more aggressive. Your contributions will rebalance automatically every quarter and reallocate along the InvestMap glide path each year following your birthday. LOANS You may borrow up to 50% of your account balance up to $50,000. The minimum loan amount is $500. You may have only one loan at a time. A loan setup fee of $50 will be deducted from the requested loan amount and a $4 monthly fee is included in your loan repayments. Log on to MillimanBenefits.com to model or to request a loan. IN-SERVICE WITHDRAWALS The Plan provides for in-service withdrawals, which means you may be able to take money from the Plan while you are still employed. Details are provided in the Plan Summary or at MillimanBenefits.com. DISTRIBUTIONS Should you leave employment with ClubCorp and your account balance is $1,000 or less, you may receive a distribution package as soon as administratively feasible after your date of termination from employment. If you do not return the distribution package by the stated due date, your account balance may be distributed in a lump-sum payment. If your account balance is in-between $1,000 to $5,000, then a direct rollover will be made for you into an Individual Retirement Account (IRA) in your name. You may leave your money in the plan if your balance is $5,000 or more. Consider your distribution options carefully to avoid penalties and taxes. Contact the Benefits Service Center for help. Savings Tips The early bird gets the worm! Start saving early so your earnings can grow by compounding. Decide how to invest your savings to meet your goals. This is called your investment strategy. You may not want to put all of your eggs in one basket! With this plan, you are able to diversify your savings by investing in several different funds. Log on to www.millimanbenefits.com to use investing and planning tools, including PlanAhead For Retirement.
Easy Account Access By accessing MillimanBenefits.com, you can change your deferral amount, make investment elections and name your beneficiary. You can also learn more about investment options offered in the Plan, including historical performance information. Use the online tools to help you determine your investing style, to create your own custom portfolio and to help you determine whether before-tax or after-tax contributions will benefit you more. INTERNET: MillimanBenefits.com When you log on to MillimanBenefits.com, enter your Social Security number and/or password. The first time you log on to the website, your password will be your month and year of birth (MMYY). You must change your initial password to a 6- to 15-digit password made up of upper and lower case letters and numbers. Symbols and special characters are allowed. If you forget your password, help is available on the site from the log-in screen. BENEFITS SERVICE CENTER: 1.866.767.1212 When you call the Benefits Service Center, your Personal Identification Number (PIN) is your date of birth (MMYY). For example, if you were born in September 1974, your initial PIN would be 0974. You must change your PIN the first time you call. Follow the prompts to speak with a Benefits Service Center representative, Monday through Friday from 7 a.m. to 7 p.m. Central time. Plan Your Future Through MillimanBenefits.com, get the latest information about your retirement benefits and initiate transactions quickly. From this website, you can: Access your information in English or Spanish. Chat online with a live person during Benefits Service Center hours. Use EZ Guides that walk you step by step through Plan transactions. Use the PlanAhead For Retirement tool to model your retirement. Access the icenter with articles, calculators, workbooks and videos to help you through your life stages. Use the website to plan your future. Estimate your financial needs. Are you on track to meet them? If not, the website will offer ideas to help you get on track! Log in today to take advantage of the information and tools that are literally at your fingertips 24 hours a day, 7 days a week. It s your future. Your move. Mobile Access At your desk, on the phone, on the go you ve got access to your plan account. Access your account information, and enroll or change the amount you are saving, all from your smartphone. Scan the appropriate code below to link directly to the free app. Android Devices Apple Devices How Your Savings Can Grow Over Time If you earn $26,000 per year ($1,000 per biweekly pay period), contribute 1% to the IIP ($10 a pay period) and receive an annual investment return of 7%, you will have contributed and saved the amounts of money as shown in the chart to the right at the end of 10, 20, 30 and 40 years. Don t worry if you can only start small. The important thing is to consider starting to save now then increasing the amount you save over time. Finally, you may want to think about how to invest and diversify your portfolio. You may want to invest in a variety of funds, including cash, bonds and stocks.
Thinking Ahead 05/2015 PLANAHEAD FOR RETIREMENT The powerful PlanAhead For Retirement tool at MillimanBenefits.com will give you a complete picture of your progress toward your retirement goal. You can use this tool to model different scenarios to discover how increasing your contributions or changing your investment strategy will impact your results. Enter your information once; the tool will retain it for you to access at any time. Your Quarterly Account Statement Milliman will provide your quarterly retirement plan statement electronically with continuous access through the secure plan website MillimanBenefits.com. You can expect your electronic statements to be available approximately 3 weeks following the end of each calendar quarter. If you enter your email address on MillimanBenefits.com, you will automatically receive an email reminder when your statement is available for viewing. At any time, you have the right to request and obtain a free paper version of your statement. To do this, log on to MillimanBenefits.com and choose the option for paper statements under ecommunications (located in the bottom right corner of your plan s At-A-Glance page). You may also contact the Milliman Benefits Service Center to request a paper statement and/or to opt out of electronic delivery. Give us your email address in the Personal Profile section. The website will allow you to input multiple email addresses and phone numbers. With ecommunications, all plan communications and notices will be provided to you electronically. You will receive confirmations online at the time a transaction is completed. When your quarterly statement is ready, the system will send a reminder email to your preferred email address. Phone numbers will be used only in the event that Milliman needs to contact you regarding your account. This election is voluntary and can be changed at any time. Did you know? Financial advisors generally recommend saving enough to replace 80% or more of your income. The PlanAhead For Retirement tool at MillimanBenefits.com allows you to make changes to your goals and run revised projections to see if you re heading in the right direction. This guide provides a general explanation of the provisions and investment options in Club Corp s Individual Investment Plan (IIP). If there is any discrepancy between the information in this newsletter and the official plan document, the terms of the plan document govern. This guide is not a guarantee or contract of continued employment. The terms and conditions of the plan are subject to Internal Revenue Service regulations. 2015 Milliman Inc. All rights reserved.
2016 QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE TO PARTICIPANTS IN THE INDIVIDUAL INVESTMENT PLAN The Individual Investment Plan (the Plan ), sponsored by ClubCorp USA, Inc., includes features that allow Plan participants to make contributions to the Plan. This notice explains your rights to direct the investment of your Plan contribution accounts. Right to direct investment/default investment. You have the right to direct the investment of your accounts in any of the Plan s investment choices. If you do not make an election as to how the Plan should invest your contributions, then the Plan trustee will invest them in the default investment option. In accordance with Department of Labor Regulations, the Plan s default investment option is intended to qualify as an ERISA 404(c) qualified default investment alternative, which relieves plan fiduciaries of liability for any investment losses that result from investment directions made by plan participants. The default investment is InvestMap. InvestMap is not a single investment; it is a lifetime age-based diversified asset allocation investment strategy. Developed by investment professionals, InvestMap creates a portfolio for you using the Plan's investment options. Investment objectives: Each individual s age-based InvestMap portfolio is comprised of the Plan s underlying mutual funds from the Plan s other investment options (diversified stock funds and bond funds) designed to manage risk and maximize performance. InvestMap uses your current age along with your complete life span to chart a long-term investment strategy called a glide path. With annual reallocations according to the glide path, your portfolio gradually becomes more conservative so you take on less and less investment risk. At younger ages, the reallocation adjustments will be slight (and may not occur every year); they will become greater as your age increases. Your account will automatically rebalance every 3 months based on the date of your default investment to InvestMap. The allocations may also change to reflect long-term stock market trends and updates to the plan s investment lineup. To help reduce the risk of outliving your savings, InvestMap allocations continue to change until you reach age 75. InvestMap assumes that withdrawals will begin at a normal retirement age of 65, which may differ from the plan s stated retirement date. Risk and return characteristics: The risk associated with each individual s age-based InvestMap portfolio will be commensurate with the higher risk associated with stock investing. While moderate risk is expected, each portfolio can experience periods of extreme return volatility during stock market downturns. Over the long term, portfolios with more stock investments carry relatively more risk but offer higher potential returns. There is no assurance or guarantee the default funds will achieve their stated objective. Fees and expenses: The operating expenses of portfolios within the InvestMap offering vary depending on the individual s age-based InvestMap portfolio. The chart below shows the estimated expense ratios at representative ages: Age Estimated Expense Ratio 25 0.69% 35 0.69% 45 0.68% 55 0.67% 65 0.65% 75 0.61% For more information about the default investment, call the telephone hotline at 1.866.767.1212 or log on through the Internet at MillimanBenefits.com. Right to alternative investment. Even if the Plan trustee invests some or all of your contributions in the default investment, you have the continuing right to direct your investments in one or more of the other investment choices available to you. You may change your investments at any time. To change your investments, call the telephone hotline at 1.866.767.1212 or log on through the Internet at MillimanBenefits.com. You are entitled to invest in any of the alternative investment choices without incurring a financial penalty. This notice is intended to provide a brief review of the automatic enrollment aspects of the Plan. If there are discrepancies between the contents of this notice and the Plan document, the terms of the Plan shall govern. Please refer to your Summary Plan Description (Plan Summary) for more information on this subject. If you have any questions or if you would like an additional copy of the Plan Summary, call the telephone hotline at 1.866.767.1212 or log on through the Internet at MillimanBenefits.com.
ClubCorp Individual Investment Plan August 31, 2015 Important Information Regarding Your Plan Investments This document includes important information to help you compare the investment options under the ClubCorp Individual Investment Plan ("Plan"). If you want additional information about your investment options, you can go to www.millimanbenefits.com or you can contact the Milliman Benefits Service Center at 866 767 1212. A free paper copy of the information available on the Website can be obtained by contacting the Milliman Benefits Service Center at 866 767 1212. How To Give Investment Instructions You have the right to direct the investment of all of your Plan contribution accounts in any of the Plan s investment choices. If you do not make an election as to how you wish to invest your contributions, then the Plan trustee will invest them in the "default" investment option. You may direct the investment of your account balance in the Plan at any time, subject only to any frequent trading restrictions imposed by the investment fund. Transactions submitted by the closure of the New York Stock Exchange will be submitted for trades the same day and most funds settle the same day. To make a change to your account, go to the Investments tab of www.millimanbenefits.com. Call Center representatives are also available to assist you at 866 767 1212 Monday through Friday between 7 a.m. and 7 p.m. Central Time. When you log on to www.millimanbenefits.com, enter your Social Security number (or custom login ID) and password. The first time you log on to the website, your password will be your month and year of birth (MMYY). If you forgot your password or login ID, help is available on the site from the login screen. When you call the telephone hotline, your initial PIN will be your month and year of birth (MMYY). The Plan offers InvestMap portfolios, developed by independent investment professionals, as age based, diversified asset allocation strategies. If you elect InvestMap, all future contributions and your entire account balance will be invested in the InvestMap strategy. With InvestMap, you will make one election that can be modified to be more conservative or more aggressive. Then, your portfolio updates automatically through quarterly rebalancing based on your election date and annual reallocations according to the glidepath. The age based asset allocations are based on industry standards and may change from time to time to reflect long term stock market trends or changes to the plan s investment lineup. InvestMap is not investment advice and should not be relied upon as advice. Like any investment, there is no guarantee of the value of your account upon withdrawal or that InvestMap will succeed in its objectives. If you do not choose to use InvestMap, you may also design your own custom asset allocation. You may choose to invest in any combination of the plan s investment options which represent a broad range of risk and return characteristics within various asset classes. For your long term retirement security, you should give careful consideration to the importance of a well balanced and diversified investment portfolio, taking into account all your assets, income and investments. Voting Rights The Plan Sponsor or other designated plan fiduciary will exercise any voting or other rights associated with ownership of your investments held in your plan account. Designated Investment Alternatives The Plan provides designated investment alternatives into which you can direct the investment of your account balance. The Comparative Chart lists the designated investment alternatives and provides information regarding the alternatives. Designated Investment Managers The Plan does not offer the services of a designated investment manager. 89960 41765 09/14/15 P Page 1 of 5
Allocation of Administrative Expenses All publicly traded mutual funds, including the ones offered by the Plan, have expenses associated with their management and operations. These mutual fund management fees are automatically reflected in the share price you receive on any purchase or sale of a fund; they are not deducted from your Plan account. The Plan is charged a monthly fee for administration services (recordkeeping services, accounting services, trustee services, reporting services, etc.). While ClubCorp pays a portion of this fee for current employees, the remainder is charged directly to participants in the Plan. Currently, the administration charge to the Plan varies monthly, but typically ranges from 0.15% to 0.25% annually against invested assets (i.e., a maximum of $2.08 per month on $10,000 worth of assets). In addition, if you are an active participant, a $1.32 administration fee is deducted monthly, if you terminate employment and your account balance remains in the Plan, a $1.66 monthly administration services fee will be deducted from your account. Some of the Plan s administrative fees are paid from a portion of the operating expenses of one or more of the investment alternatives in which you may be invested. Schedule of Individual Expenses Description Amount or Rate Florida residents: Documentary Stamp Tax (per $100 borrowed) $0.35 New Loan $50.00 Loan Administration Per Year (prorated per payment) $48.00 Distribution $35.00 QDRO Standard (split between both parties) $750.00 QDRO Non Standard (split between both parties) $1500.00 Stale Dated Check Processing $75.00 Special Handling Disbursements $25.00 Installment Payment (If applicable) $10.00 Roth Conversion (If applicable) $125.00 Lost Beneficiary Search $125.00 This represents a schedule of individual expenses that could be incurred for certain transactions and optional services. Post transaction fees may also be assessed to be paid outside of the Plan, including: check reissuance, additional copies of IRS Form 1099 R, and express payment methods like wire transfer or overnight mail delivery. Glossary For your reference, a glossary of retirement plan terms is available from the icenter link at www.millimanbenefits.com. Designated Investment Alternatives Performance and Benchmarks This table focuses on the performance of investment options that do not have a fixed or stated rate of return. It shows how these options have performed over time and allows you to compare them with an appropriate benchmark for the same time periods. For additional fund information, please visit the "Investments" page of your account at www.millimanbenefits.com. Current performance information is available on the "View Fund Information" link. Links to the investment option summaries are available. Each summary includes the issuing company, the objectives and goals of the fund, the principal strategies and risks of the fund, and the fund s turnover rate and operating expenses. Performance shown is net of mutual fund expenses, but before any applicable Plan charges. Returns assume the reinvestment of dividends and capital gains distributions. Past performance does not guarantee how the investment option will perform in the future. Your investment in these investment options could lose money. Fund performance is gathered from sources that are believed to be reliable, such as investment companies and Morningstar, Inc. However, Milliman Inc. cannot guarantee the complete accuracy of all performance information. 2015 Morningstar Inc. All Rights Reserved. With respect to data provided by Morningstar Inc. all information contained herein: (1) is proprietary to Morningstar and/or its content providers, (2) may not be copied or distributed, and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers (Milliman) are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Page 2 of 5
Designated Investment Alternatives Performance and Benchmarks Investment Name/Type of Option/Ticker Average Annual Total Return as of Benchmark as of 08/31/2015 08/31/2015 More information online at www.millimanbenefits.com Since 1 Yr 5 Yr 10 Yr 1 Yr 5 Yr 10 Yr Go to Investmenst>> Inception View Fund Information Schwab Retirement Advantage Money /MMarket Taxable/SWIXX Since Inception 0.01% 0.01% 1.34% 2.68% 0.02% 0.06% 1.29% N/A Fund Inception Date: 01/04/1994 Citi Treasury Bill 3 Mon USD Metropolitan West Total Return Bond M /Intrmdt termbnd/mwtrx Vanguard Wellington Inv/Moderate Alloc/VWELX 1.13% 4.58% 6.12% 6.79% 1.56% 2.98% 4.46% 5.63% Fund Inception Date: 03/31/1997 BarCap US Agg Bond TR USD 0.82% 10.76% 7.24% 8.19% 0.90% 11.02% 6.76% N/A Fund Inception Date: 07/01/1929 DJ US Moderate TR USD Dodge & Cox Stock/Large Value/DODGX 3.68% 16.19% 6.09% 11.00% 3.48% 14.68% 6.18% N/A Fund Inception Date: 01/04/1965 Russell 1000 Value TR USD Vanguard 500 Index Admiral/Large Blend/VFIAX Mainstay Large Cap Growth I/Large Growth/MLAIX Vanguard Selected Value Inv/Mid Cap Value/VASVX 0.45% 15.84% 7.14% 4.60% 0.48% 15.87% 7.15% 4.62% Fund Inception Date: 11/13/2000 S&P 500 TR 5.93% 16.66% 9.11% 9.74% 4.26% 17.40% 8.41% 8.77% Fund Inception Date: 04/01/2005 Russell 1000 Growth TR USD 4.67% 15.55% 7.92% 8.80% 4.77% 14.42% 6.71% 10.25% Fund Inception Date: 02/15/1996 Russell 2500 Value TR USD Janus Enterprise I/Mid Cap Growth/JMGRX 7.05% 17.01% 9.91% 18.36% 4.53% 18.12% 9.09% 18.79% Fund Inception Date: 07/06/2009 Russell 2500 Growth TR USD Goldman Sachs Small Cap Val Instl/Small Blend/GSSIX Wells Fargo Advantage Emerging Growth Ad/Small Growth/WFGDX Dodge & Cox International Stock/Foreign LgBlend/DODFX 1.92% 16.16% 8.49% 9.51% 0.03% 15.55% 7.12% 7.34% Fund Inception Date: 08/15/1997 Russell 2000 TR USD 7.96% 18.21% 7.28% 8.20% 5.11% 17.83% 8.46% 7.80% Fund Inception Date: 01/31/2007 Russell 2000 Growth TR USD 14.06% 7.61% 5.22% 7.65% 9.76% 4.03% 1.13% 1.58% Fund Inception Date: 05/01/2001 MSCI EAFE USD Page 3 of 5 89960 41765 09/14/15 P
Designated Investment Alternatives Performance and Benchmarks Investment Name/Type of Option/Ticker Average Annual Total Return as of Benchmark as of 08/31/2015 08/31/2015 More information online at www.millimanbenefits.com Since 1 Yr 5 Yr 10 Yr 1 Yr 5 Yr 10 Yr Go to Investmenst>> Inception View Fund Information Artisan International Investor/Foreign LgGwth/ARTIX Since Inception 7.92% 9.98% 5.84% 9.32% 9.76% 4.03% 1.13% 2.19% Fund Inception Date: 12/28/1995 MSCI EAFE USD Harding Loevner Emerging Markets Advisor /Div Emerg Mkts/HLEMX 20.35% 1.44% 5.96% 11.28% 24.74% 3.33% 3.05% 6.18% Fund Inception Date: 11/09/1998 MSCI EM USD Investment Fee and Expense Information This table shows fee and expense information for the investment options listed on the previous page, including the "Operating Expenses". These are expenses that reduce the rate of return of the investment options. This table also shows Shareholder type fees. These fees are in addition to "Operating Expenses". Operating Operating Investment Name/Type of Option Expenses Expenses /Ticker as a % per $1,000 Shareholder Type Fees Schwab Retirement Advantage Money/MMarket Taxable/SWIXX 0.49% $4.90 Metropolitan West Total Return Bond M/Intrmdt termbnd/mwtrx Vanguard Wellington Inv/Moderate Alloc/VWELX Dodge & Cox Stock/Large Value/DODGX Vanguard 500 Index Admiral/Large Blend/VFIAX Mainstay Large Cap Growth I/Large Growth/MLAIX Vanguard Selected Value Inv /Mid Cap Value/VASVX Janus Enterprise I/Mid Cap Growth/JMGRX Goldman Sachs Small Cap Val Instl/Small Blend/GSSIX Wells Fargo Advantage Emerging Growth Ad/Small Growth/WFGDX Dodge & Cox International Stock /Foreign LgBlend/DODFX Artisan International Investor /Foreign LgGwth/ARTIX 0.69% $6.90 0.26% $2.60 0.52% $5.20 0.05% $0.50 0.74% $7.40 0.44% $4.40 0.75% $7.50 0.95% $9.50 1.20% $12.00 0.64% $6.40 1.17% $11.70 The Vanguard Wellington Inv adopted a "roundtrip" policy to prohibit transfers in to that fund within 60 days following any transfer out from that fund. Exempt transactions: automatic rebalance transfers. Exempt funds: money market and short term bond funds. The Vanguard 500 Index Admiral adopted a "roundtrip" policy to prohibit transfers in to that fund within 60 days following any transfer out from that fund. Exempt transactions: automatic rebalance transfers. Exempt funds: money market and short term bond funds. The Vanguard Selected Value Inv adopted a "roundtrip" policy to prohibit transfers in to that fund within 60 days following any transfer out from that fund. Exempt transactions: automatic rebalance transfers. Exempt funds: money market and short term bond funds. The Artisan International Investor assesses a redemption fee of 2.00% on shares purchased within the last 90 days. Automatic rebalance transfers are exempt from this policy. Page 4 of 5
Investment Fee and Expense Information Operating Operating Investment Name/Type of Option Expenses Expenses /Ticker as a % per $1,000 Shareholder Type Fees Harding Loevner Emerging Markets Advisor/Div Emerg Mkts/HLEMX 1.45% $14.50 Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. The cumulative effect of fees and expenses can substantially reduce the growth of a participant s or beneficiary s retirement account. Participants and beneficiaries can visit the Employee Benefit Security Administration s website http://www.dol.gov/ebsa/publications/401k_employee.html for an example of the long term effect of fees and expenses. Additional investment related information, including current performance information, is available on the "Investments" section of www.millimanbenefits.com. To request a paper copy of the information (free of charge) on the website or additional investment information, you may contact the Milliman Benefits Service Center at 866 767 1212 or Milliman, Inc., 10000 North Central Expressway, Suite 1500, Dallas, TX 75231. 89960 41765 09/14/15 P Page 5 of 5