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HomeMy WebLinkAboutMissionSquare 457 Transition Guide to EmpowerEverything we do centers around you Your path to retirement is unique. We believe your retirement plan should be, too. With a focus on monthly income in retirement, we strive to help people replace – for life – the income they made while working. This innovative approach, combined with our unique offerings and commitment to service excellence, has earned the trust of millions of retirement plan participants. A bold new path to retirement starts now Your City of Palm Desert 457(b) is moving to Empower. Effective June 22, 2023 Your future in the making Welcome to Empower. Your journey is about to begin. This guidebook is intended to help you understand what to expect during the transition and which features you can expect to see, including: • Take advantage of investment advice available through Empower Advisory Services. There is no guarantee provided by any party that participation in any of the advisory services will result in a profit. • A personalized estimate of the amount of income you’re on track to replace in retirement. • The Empower app to view your account wherever you go. • My Financial Path: Your plan offers a place to help you make sense of your finances. *Online Advice and My Total RetirementTM are part of the Advisory Services suite of services offered by Empower Advisory Group, LLC, a registered investment adviser. YOU’RE ALL SET The transfer to Empower will happen automatically. You don’t need to do anything right now unless you want to make changes to your account at MissionSquare. June 14, 2023, at 4 p.m. Eastern time Transition period begins You will have limited access to your City of Palm Desert 457(b) account at MissionSquare and no access to your account at Empower. This “blackout period” will give us time to transfer your plan’s administrative records to Empower (see the Important notice section of this document for details). Week of July 7, 2023 Transition period is expected to end Once the blackout period has ended, you will have full access to your account online and by phone. WE’VE GOT YOUR BACK As you continue to plan for a successful future, we’re here to help. Let us know if you have any questions about your plan, or if you need to make updates to your account. Check in at empowermyretirement.com or 800-701-8255 . Or you can contact JoAnn Parrino at jparrino@sfgrpc.com or 626-578-0816 x229. Important dates Start off on the right foot Your account statements MissionSquare will provide a final statement that reflects the closing of your account in June, 2023. Around the same time, you’ll receive your first statement from Empower, which will show you the amount transferred into your new account. Confirm your beneficiary Once the transition is complete, be sure to verify or update your beneficiary elections. Update your contact info Update your contact information and personal preferences to stay up to date and receive account alerts. Not employed at City of Palm Desert? If you’re retired or separated from service, you may have additional options related to this account transition. For more information, contact your plan provider. How your account will transfer The information in this section shows you how your account will transfer to Empower. If you’d like your account to transfer differently, simply change the elections for your current balance and your future contributions, if you’re an active participant, by contacting MissionSquare by June 14, 2023. You can also make changes with Empower after the transfer is complete. BALANCES IN THESE FUNDS:WILL AUTOMATICALLY TRANSFER TO: MissionSquare Retirement Target Income Fund Cl R3 92210F828 American Funds 2010 Trgt Date Retire R6 RFTTX MissionSquare Retirement Target 2015 Fund Class R3 92210F711 American Funds 2015 Trgt Date Retire R6 RFJTX MissionSquare Retirement Target 2020 Fund Class R3 92210F653 American Funds 2020 Trgt Date Retire R6 RRCTX MissionSquare Retirement Target 2025 Fund Class R3 92210F596 American Funds 2025 Trgt Date Retire R6 RFDTX MissionSquare Retirement Target 2030 Fund Class R3 92210F547 American Funds 2030 Trgt Date Retire R6 RFETX MissionSquare Retirement Target 2035 Fund Class R3 92210F489 American Funds 2035 Trgt Date Retire R6 RFFTX MissionSquare Retirement Target 2040 Fund Class R3 92210F430 American Funds 2040 Trgt Date Retire R6 RFGTX MissionSquare Retirement Target 2045 Fund Class R3 92210F372 American Funds 2045 Trgt Date Retire R6 RFHTX MissionSquare Retirement Target 2050 Fund Class R3 92210F323 American Funds 2050 Trgt Date Retire R6 RFITX MissionSquare Retirement Target 2055 Fund Class R3 92210J333 American Funds 2055 Trgt Date Retire R6 RFKTX MissionSquare Retirement Target 2060 Fund Class R3 92211B792 American Funds 2060 Trgt Date Retire R6 RFUTX MissionSquare MP Conservative Growth Fund Class R3 92210F263 Vanguard Wellesley Income Admiral VWIAX MissionSquare MP Traditional Growth Fund Class R3 92210F216 American Funds American Balanced R6 RLBGX MissionSquare MP Long-Term Growth Fund Class R3 92210J200 Fidelity Puritan K6 FPKFX MissionSquare Retirement IncomeAdvantage Fund R5 74440A696.icma American Funds American Balanced R6 RLBGX MSQ Puritan R5 FPURX Fidelity Puritan K6 FPKFX MSQ BlackRock Equity Dividend R5 MADVX Vanguard Equity-Income Adm VEIRX MissionSquare Equity Income Fund Class R3 92210J853 Vanguard Equity-Income Adm VEIRX BALANCES IN THESE FUNDS:WILL AUTOMATICALLY TRANSFER TO: MSQ MFS Value R5 MEIJX Vanguard Equity-Income Adm VEIRX MSQ Parnassus Core Equity Investor R5 PRBLX GMO Quality R6 GQESX MSQ Invesco Main Street R5 MIGYX GMO Quality R6 GQESX MissionSquare Growth & Income Fund Class R3 92210J762 GMO Quality R6 GQESX MissionSquare 500 Stock Index Fund Class R3 92210J796 Fidelity 500 Index FXAIX MissionSquare Broad Market Index Fund Class R3 92210J713 Fidelity Total Market Index FSKAX MissionSquare Growth Fund Class R3 92210J671 JPMorgan Large Cap Growth R6 JLGMX MSQ Contrafund R5 FCNTX JPMorgan Large Cap Growth R6 JLGMX MSQ T. Rowe Price Growth Stock R5 TRSAX JPMorgan Large Cap Growth R6 JLGMX MSQ Victory Sycamore Established Value R5 VEVYX Victory Sycamore Established Value R6 VEVRX MissionSquare Select Value Fund Class R3 92210J622 Victory Sycamore Established Value R6 VEVRX MSQ Carillon Eagle Mid Cap Growth R5 HARSX MFS Mid Cap Growth R6 OTCKX MSQ AMG TimesSquare Mid Cap Growth R5 TMDPX MFS Mid Cap Growth R6 OTCKX MissionSquare Aggressive Opportun Fund Class R3 92210J531 MFS Mid Cap Growth R6 OTCKX JPMorgan Small Cap Value R3 JSVPX Fidelity Advisor Small Cap Value Z FIKNX MissionSquare Small Cap Discovery Fund Class R3 92210J473 Fuller & Thaler Behavioral Sm-Cp Eq R6 FTHFX MSQ Invesco Discovery R5 ODIYX Buffalo Small Cap Institutional BUISX MissionSquare Mid/Small Company Index Fund Cl R3 92210J564 Vanguard Extended Market Index Admiral VEXAX MissionSquare International Fund Class R3 92210J382 MFS Intl Diversification R6 MDIZX MissionSquare Overseas Equity Index Fund Class R3 92210J416 Fidelity International Index FSPSX MSQ Diversified International R5 FDIVX MFS International Growth R6 MGRDX MissionSquare Emerging Markets Fund Class R3 92210J275 American Funds New World R6 RNWGX MissionSquare MP Global Equity Grwth Fund Class R3 92210J705 DFA Global Equity I DGEIX MissionSquare Core Bond Index Fund Class R3 92210F208 Vanguard Interm-Term Bond Index Adm VBILX MSQ Western Asset Core Plus Bond R5 WACPX Fidelity Advisor Total Bond Fund FBKWX MissionSquare Inflation Focused Fund Class R3 92210F877 DFA Inflation-Protected Securities I DIPSX MSQ PIMCO High Yield R5 PHYAX BrandywineGLOBAL Corporate Credit IS BGISX MissionSquare PLUS Fund Class R3 92208J204 Standard APEX Guaranteed Rate Stable Value Fund SGSVF2 What to consider when your funds transfer over Stable value Because of the provisions of PLUS Fund , any portion of your account balance invested in the fund as of June 14, 2023 will remain invested in the PLUS Fund at MissionSquare until the restriction period is over on September 19, 2023 unless you make a different election. At that time, assets will be forwarded to Empower and invested in the Guaranteed Rate Stable Value Fund 2. These dates and times are subject to change. Please contact Andrea Staehle for more information. Diversification does not ensure a profit or protect against loss. Important notice concerning your rights in the City of Palm Desert 457(b) May 8, 2023 This notice is to inform you that your account in the City of Palm Desert 457(b) will transfer to Empower effective June 22, 2023. As a result of this change, you temporarily will be unable to check your account balance and transfer or diversify your investments in your City of Palm Desert 457(b) account or obtain a loan, withdrawal or distribution. This period during which you will be unable to exercise these rights otherwise available under the plan is called a blackout period. Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this blackout period may affect your retirement planning as well as your overall financial plan. The temporary blackout period begins at 4 p.m. Eastern time on June 14, 2023, and ends during the week of July 7, 2023. During this time, you will have limited or no access to your account. You will be unable to check your account balance; transfer or diversify your investments; or obtain a loan, withdrawal or distribution from your City of Palm Desert 457(b) account. Before the blackout period begins, it is very important that you review and consider the appropriateness of your current investments because you will be unable to transfer or diversify those investments during the blackout period. 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. To review your plan account before the blackout period begins, contact MissionSquare at 800-669-7400 or access your account online at www.missionsq.org by June 14, 2023. If you have questions concerning this notice, please contact Andrea Staehle at 760-776-6337. You may also write to: Andrea Staehle astaehle@cityofpalmdesert.com Once the blackout period ends, you will have full access to your plan account. If you would like to confirm the status of the blackout period, contact Empower at 800-701-8255 or empowermyretirement.com. Carefully consider the investment option’s objectives, risks, fees and expenses. Contact Empower for a prospectus, summary prospectus for SEC registered products or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing. If a money market fund is included in your plan’s lineup, you could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Fund changes may alter the risk exposure of an investment account. Some cash-alternative options (other than money market funds), such as guaranteed interest funds or stable value funds, may have withdrawal and transfer restrictions. Carefully consider the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income and investments. Adjustments may be needed to realign the account with its desired investment strategy. Once the transition is complete, please review the information for each fund on the plan website. Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc ., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal, or tax recommendations or advice. Investing involves risk, including possible loss of principal. My Financial Path includes products made available by Empower Retirement, LLC and third-party providers outside the benefits provided under your retirement account. Inclusion of a product in My Financial Path is not an endorsement or recommendation of the product by your retirement account sponsor or providers. Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not Bank Guaranteed | Funds May Lose Value | Not Insured by Any Federal Government Agency 100346-AA-FBK-8406-0519 RO1735287-0821 ©2023 Empower Retirement, LLC. All rights reserved.