PERSI Choice 401(k) Plan

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PERSI
PERSI Choice 401(k) Plan
Important News About Enhancements
to Your PERSI Choice 401(k) Plan
Dear Plan Participant:
The Public Employee Retirement System of Idaho (PERSI) is pleased to announce
that it has selected Empower Retirement as the new provider of administrative,
recordkeeping, communication and investment education services effective
May 1, 2015. Empower will replace Xerox HR Solutions, which is the current
service provider. Existing 401(k) accounts at Xerox HR Solutions will be moving
to Empower as part of the Plan’s transition, and all new employee and employer
401(k) contributions will be directed to Empower as of May 1, 2015. Below you
will find more information regarding this transition in service providers.
This is an exciting change that can benefit you in many ways:
▪▪ On-site education counselors
dedicated to the Choice
401(k) Plan
▪▪ Robust retirement plan education
program, including face-to-face
counseling sessions and online
seminars
▪▪ Fully interactive website customized
for the Choice 401(k) Plan
▪▪ Extensive suite of account
management tools available 24/7,
through both the website and an
automated voice response system
called KeyTalk®1
For questions regarding information contained in this notice, please contact
Empower at 800-876-4953.
2
Why Are We Changing Service Providers? What Can I Expect?
As part of our commitment to providing our members with an opportunity to go BIG with a
high-quality 401(k) retirement savings plan, an extensive selection process was conducted
by PERSI with the aid of an independent consulting firm. Empower was chosen as the new
service provider based upon its enhanced education tools, online services, competitive fees
and availability of on-site education services. Here are some things you can expect during
the transition to Empower:
▪▪ Your
investment options will transfer in kind, meaning there will be no changes to your
existing investment selections other than the change noted directly below. Please review
the investment options section in this bulletin to learn more about your current funds.
»» MCM
U.S. Equity Index will map to U.S. Broad Market Equity Index Fund
▪▪ Group
meetings will be held for you to learn more about the transition and the enhanced
services. A Meeting Schedule is included in this guide.
▪▪ During
the transition, there will be a “blackout period” when you won’t have access to
your current account. The blackout period is necessary in order for Xerox HR Solutions to
finalize the records and transfer the Choice 401(k) Plan assets to Empower, where they
will be processed and verified. During the blackout period, your funds will remain invested
and will continue to gain and/or lose value depending on market conditions. The blackout
period will occur from 2 p.m. MT on Thursday, April 30, 2015, to close of business on
Wednesday, May 13, 2015.
▪▪ Participants
currently receiving monthly installment payments through Xerox HR Solutions
will soon receive a separate communication from Empower that will explain how their
payments will be handled during the transition.
We are committed to making this transition as simple and seamless as possible, and we think
you’ll be pleased with the resulting improvements in your Choice 401(k) Plan. PERSI provides this
opportunity to "Go Now, Go BIG" with your retirement planning so you can get the best out of
your Choice 401(k) Plan. If you have any questions, please contact Empower at 800-876-4953.
Sincerely,
Public Employee Retirement System of Idaho
3
What Do I Need to Do?
You do not need to do anything during the transition. Your account will be set up at
Empower and your balance will transfer automatically.
▪▪ You will receive a new Personal Identification Number2 (PIN) in the mail the week of
May 11, 2015. Once you do, be sure to go online to www.mypersi401k.com and access
your new Empower online account.
▪▪ Review the information in this transition bulletin and then attend one of the scheduled group
meetings to learn more about the enhanced investment services now available to you from Empower.
See the Meeting Schedule in this document for more information on where and when meetings will
be held. You can also find a meeting schedule at www.mypersi401k.com, or check with your employer’s
Human Resources contact person.
▪▪ If you normally access your Choice Plan account by clicking on the “hot link” in your myPERSI account, you
can continue to do so.
▪▪ If you are not yet registered on myPERSI, please go to www.persi.idaho.gov and register.
Your Improved Services
Improved Technology Services
A range of improved services will make it easier for you to manage your account and obtain Plan and investment
information. A useful, interactive website is available for PERSI participants at www.mypersi401k.com, as is an
interactive telephone account management system, KeyTalk, at 866-437-3774 (available May 1, 2015). This will
make it easier to keep an eye on your account and make transactions at any time you choose, 24 hours a day,
seven days a week.1
Some of your improved technology services will provide a simple and paperless solution to managing your
account. The new paperless solutions will include:
▪▪ Online Access – This allows you to access your account once your PIN letter is received.2
▪▪ Statements on Demand – Access your account data, including transaction history, for a specified time period
on the website. If you are not registered on myPERSI, you will only receive paper statements.
▪▪ ACH Distributions – One-time distributions can now be deposited automatically to your bank account.
Additional Flexibility Regarding Your Installment Payments
Installment payments elected as a fixed amount may last longer than 10 years for the payment stream. After
the transition and beginning with your June monthly installment, you can elect to have this paid on any date
between the 1st and 28th of the month by contacting Client Services.
Installment payments may be elected in a frequency of monthly, quarterly, semiannually or annually.
On-Site Education, Enrollment and Retirement Planning Counseling Services
During the transition, a team of Empower field representatives will conduct informational meetings and
webinars, and will be available to answer any additional questions you may have about the Plan’s transition.3
After the transition is complete, regularly scheduled on-site educational meetings will be conducted for
the Plan, and you will also have access to local dedicated representatives. In addition, you can speak with
a customer service representative who can answer your questions by calling KeyTalk at 866-437-3774
(available May 1, 2015) Monday through Friday, from 7 a.m. to 6 p.m. MT.1
4
Important Dates4
April 6, 2015 – April 17, 2015—Group Meetings
Week of May 11, 2015—Your New PIN Will Be Mailed
Group meetings to discuss the Plan enhancements
and transition activities will be held.
Empower will mail a letter to your home with your
new PIN2 and the current investment allocations for
your payroll deferrals. These allocations will be based
on the final allocation information received from
Xerox HR Solutions.
April 30, 2015, Close of Business—Last Xerox HR
Solutions Payroll
This will be the last day Xerox HR Solutions will
process employer payroll contributions.
April 30, 2015—Last Xerox HR Solutions Requests
This will be the last day Xerox HR Solutions will
accept any distribution requests and loan requests.
April 30, 2015—Blackout Period Begins
This will be the last day to make any fund transfers
or account changes with Xerox HR Solutions. Between
2 p.m. MT on April 30, 2015, and close of business on
May 13, 2015, no transactions can be made, including
investment option transfers and distribution requests.
May 1, 2015—Empower Retirement Will Begin
Record Keeping Your Account
May 13, 2015, Close of Business—All Account
Activities Become Available
The Plan will reopen for all account activities. All
existing account balances will have been verified and
reconciled. You will need your Social Security number
(SSN) and PIN to access www.mypersi401k.com and
KeyTalk.1 When logging in to www.mypersi401k.com
for the first time, click on Let’s Get Started! under
the Access Your Account box and follow the prompts.
If you don’t know your PIN, you will still be able
to access your account online by selecting “I don’t
have my PIN” and providing additional personal
information when prompted.
This will be the first day that Empower will begin
record keeping your account.
In addition, you will also continue to be able to
access your Choice 401(k) Plan account from the Base
Plan website by logging in to your myPERSI account
and linking to your Choice Plan account from there.
May 11, 2015—First Empower Retirement Payroll
May 2015—Quarterly Statement Mailings
This will be the first day that Empower will receive and
process payroll contributions remitted by employers
from May 1 through May 9, 2015.
You will receive your final account statement from
Xerox HR Solutions. In July 2015, you will receive
your first quarterly statement from Empower,
reflecting activity from May 1, 2015, through
June 30, 2015.
Meeting Schedule
Attend an informational meeting and learn more about your Plan’s transition to Empower. Empower staff will
also be on hand to answer general benefits and open enrollment questions.
At these meetings, we will:
▪▪ Review your Plan’s features
▪▪ Outline the details and important dates of the
transition
▪▪ Discuss your investment choices
▪▪ Give you information on how to build and manage
your account
▪▪ Offer information about how to meet your savings
and investing goals
▪▪ Answer your questions
See the Meeting Schedule contained in this publication for meeting dates, times and locations.
5
5
In-Kind Transfer of Investment Options
The Choice 401(k) Plan continues to provide a diversified mix of investment
options. In order to complete the process of moving funds to Empower, there will
be a period of time when you cannot access your account, known as a blackout period.
During this period, your funds will remain fully invested and will continue to gain and/or
lose value depending on market conditions. Your current investments will simply move over
to the new recordkeeping platform. Please note that funds in your investment lineup
with Empower can be changed after the blackout period has ended.
▪▪ As of 2 p.m. MT April 30, 2015, your investment elections for future contributions cannot be
changed until close of business on May 13, 2015.
▪▪ As of 2 p.m. MT April 30, 2015, your current investments will be transferred in kind to Empower. This
means you will still hold the same number of shares in the same exact investments — no buying or selling
will occur. This transfer is simply an administrative change for the Choice 401(k) Plan.
During the blackout period, you will be unable to direct or diversify the assets held in your Plan account.
It is very important that you:
▪▪ Prior to the blackout period, review and consider the appropriateness of your current investments in light
of your inability to direct or diversify those investments during this period.
▪▪ Give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking
into account all your assets, income and investments.5
Please consider the investment objectives, risks, fees and expenses carefully before investing. The prospectus
contains this and other information about the investment options. Depending on the investment options
offered in your Plan, your registered representative can provide you with prospectuses for any mutual
funds; any applicable annuity contracts and the annuity’s underlying funds; and/or disclosure documents
for investment options exempt from SEC registration. Please read them carefully before investing.
Review of Investment Options
Whether or not you plan to retire in the near future, you are encouraged to carefully consider how the
blackout period may affect your investment selection(s), as well as your overall financial plan.
Please see your new investment lineup on the following page.
6
Updated Investment Options Lineup
Below is a summary of the investment options for your Choice 401(k) Plan. PERSI has added some new
funds, which represent additional choices available to you as of May 1, 2015. In addition, one fund, the
MCM U.S. Equity Index Fund, and all assets in it will map to the U.S. Broad Market Equity Index Fund.
Finally, some funds have changed names (with no change to the actual underlying investments).
New Funds
Emerging Markets Equity Index Fund
U.S. REIT Index Fund
U.S. TIPS Index Fund
Funds Mapping
Existing Fund
New Fund
MCM U.S. Equity Index
U.S. Broad Market Equity Index Fund
Funds with Name Changes
Existing Fund Name
New Fund Name
MCM Market Completion Stock Index Fund
U.S. Small/Mid Cap Equity Index Fund
MCM S&P 500 Stock Index Fund
U.S. Large Cap Equity Index Fund
MCM International Stock Index Fund
International Equity Index Fund
MCM Aggregate Bond Index Fund
U.S. Bond Market Index Fund
sUMMARY OF fUNDS lIST
Fund Name
Ticker
Dodge & Cox Income Fund
DODIX
PERSI Total Return Fund
N/A
Vanguard Growth and Income Fund
VGIAX
T. Rowe Price Small-Cap Stock Fund
OTCFX
U.S. Small/Mid Cap Equity Index Fund
N/A
Brandes International Equity Fund
BIIEX
Calvert SRI Sudan Free Balanced Fund
(Calvert Balanced I)
CBAIX
PERSI Short-Term Investment Portfolio
N/A
U.S. Large Cap Equity Index Fund
N/A
U.S. REIT Index Fund
N/A
Emerging Markets Equity Index Fund
N/A
International Equity Index Fund
N/A
U.S. Bond Market Index Fund
N/A
U.S. TIPS Index Fund
N/A
U.S Broad Market Equity Index Fund
N/A
7
Fees
The below fee structure displays the various administration fees associated with particular plan transactions.
Benefit Disbursement Fees
ACH Payment Fee
$15 per distribution
Wire Withdrawal
$40 per distribution
Overnight Delivery
$25 per distribution
Note: Installment payments do not incur an ACH fee.
Transaction Fee
Loan Origination Fee
$75
Questions? Call 800-876-4953 through April 30, 2015.
Beginning May 1, 2015, please call 866-437-3774.
PERSI
PERSI Choice 401(k) Plan
Emerging Markets - Equity securities of companies located in emerging markets involve greater risks than investing in more established
markets, including currency fluctuations, political developments and share illiquidity.
Real Estate Investment Trust Funds - Real estate securities and trusts involve greater risks than other non-diversified investments,
including but not limited to: declining property values, varying economic conditions, changes in zoning laws, or losses from casualty. Real
estate securities that invest in foreign real estate involve additional risk, including currency fluctuations and political developments.
BOND – A bond fund's yield, share price and total return change daily and are based on changes in interest rates, market conditions, economic
and political news, and the quality and maturity of its investments. In general, bond prices fall when interest rates rise and vice versa.
SMALL CAP – Equity securities of small-sized companies may be more volatile than securities of larger, more established companies.
INTERNATIONAL – Foreign investments involve special risks, including currency fluctuations, taxation differences and political developments.
SPECIALTY – Specialty funds invest in a limited number of companies and are generally non-diversified. As a result, changes in market value
of a single issuer could cause greater volatility than with a more diversified fund.
ASSET ALLOCATION/BALANCED – Asset allocation and balanced investment options and models are subject to the risks of the underlying funds,
which can be a mix of stocks/stock funds and bonds/bond funds. For more information, see the prospectus and/or disclosure documents.
1 Access to KeyTalk and/or any website may be limited or unavailable during periods of peak demand, market volatility, systems upgrades/
maintenance or other reasons. Transfer requests made via the website and/or KeyTalk received on business days prior to close of the New
York Stock Exchange (4 p.m. Eastern time or earlier on some holidays or other special circumstances) will be initiated at the close of business
the same day the request was received. The actual effective date of your transaction may vary depending on the investment option selected.
2 The account owner is responsible for keeping the assigned PIN/passcode confidential. Please contact Client Services immediately if you
suspect any unauthorized use.
3 Representatives of GWFS Equities, Inc. are not registered investment advisors and cannot offer financial, legal or tax advice. Please
consult with your financial planner, attorney and/or tax advisor as needed.
4 These dates and times are subject to change based on the ability of Xerox HR Solutions and Empower Retirement to meet the associated
deadlines and the successful transfer of data and assets by Xerox HR Solutions to Empower Retirement.
5 Diversification does not ensure a profit and does not protect against loss in declining markets.
8
Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker dealers.
GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company.
Empower Retirement refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company
(GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office:
White Plains, NY; and their subsidiaries and affiliates. The trademarks, logos, service marks, and design elements used are owned by their
respective owners and are used by permission. ©2015 Great-West Life & Annuity Insurance Company. All rights reserved. Form# CB1222TB
(03/2015) PT224258