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HomeMy WebLinkAboutNationwide 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 Nationwide. 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 Nationwide 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 Nationwide 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 Nationwide by June 14, 2023. You can also make changes with Empower after the transfer is complete. BALANCES IN THESE FUNDS:WILL AUTOMATICALLY TRANSFER TO: NCIT Index Retirement Class B 63862W567 American Funds 2010 Trgt Date Retire R6 RFTTX NCIT Index 2025 Class B 63862W674 American Funds 2025 Trgt Date Retire R6 RFDTX NCIT Index 2030 Class B 63862W658 American Funds 2030 Trgt Date Retire R6 RFETX NCIT Index 2035 Class B 63862W641 American Funds 2035 Trgt Date Retire R6 RFFTX NCIT Index 2040 Class B 63862W633 American Funds 2040 Trgt Date Retire R6 RFGTX NCIT Index 2045 Class B 63862W625 American Funds 2045 Trgt Date Retire R6 RFHTX NCIT Index 2050 Class B 63862W617 American Funds 2050 Trgt Date Retire R6 RFITX NCIT Index 2055 Class B 63862W591 American Funds 2055 Trgt Date Retire R6 RFKTX NCIT Index 2060 Class B 63862W583 American Funds 2060 Trgt Date Retire R6 RFUTX NCIT Index 2065 Class B 63862W575 American Funds 2065 Trgt Date Retire R6 RFVTX Nationwide Inv Dest Cnsrv Svc NDCSX Vanguard LifeStrategy Income Inv VASIX Nationwide Inv Dest Mod Cnsrv Svc NSDCX Vanguard Wellesley Income Admiral VWIAX Nationwide Inv Dest Mod Svc NSDMX Fidelity Puritan K6 FPKFX Nationwide Inv Dest Mod Agrsv Svc NDMSX MFS Aggressive Growth Allocation R6 AGGPX Nationwide Inv Dest Agrsv Svc NDASX MFS Aggressive Growth Allocation R6 AGGPX American Funds Income Fund of Amer A AMECX American Funds American Balanced R6 RLBGX American Century Value Inv TWVLX Vanguard Equity-Income Adm VEIRX NCIT Clearbridge Large Cap Value Class B 63862W740 Vanguard Equity-Income Adm VEIRX Parnassus Core Equity Investor PRBLX GMO Quality R6 GQESX Nationwide Institutional Service MUIFX GMO Quality R6 GQESX Nationwide S&P 500 Index Instl Svc GRISX Fidelity 500 Index FXAIX BNY Mellon S&P 500 Index PEOPX Fidelity 500 Index FXAIX Fidelity Contrafund FCNTX JPMorgan Large Cap Growth R6 JLGMX American Funds Growth Fund of Amer A AGTHX JPMorgan Large Cap Growth R6 JLGMX Nationwide Loomis All Cap Gr Eagle NWADX JPMorgan Large Cap Growth R6 JLGMX T. Rowe Price Growth Stock Adv TRSAX JPMorgan Large Cap Growth R6 JLGMX Nationwide Large Cap Growth Portfolio N/P JPMorgan Large Cap Growth R6 JLGMX MFS Mid Cap Value R6 MVCKX Victory Sycamore Established Value R6 VEVRX BALANCES IN THESE FUNDS:WILL AUTOMATICALLY TRANSFER TO: JPMorgan Mid Cap Value A JAMCX Victory Sycamore Established Value R6 VEVRX Nationwide Mid Cap Market Idx A GMXAX Fidelity Mid Cap Index FSMDX NCIT ALLSPRING DISCOVERY FUND Class B 63862W690 MFS Mid Cap Growth R6 OTCKX Nationwide Amer Cntry Sm Cp Inc InstlSvc NWUSX Fidelity Advisor Small Cap Value Z FIKNX NVIT Multi-Manager Small Company I 0023V Fuller & Thaler Behavioral Sm-Cp Eq R6 FTHFX Nationwide Small Cap Index A GMRAX Vanguard Small Cap Index Adm VSMAX Nationwide Small Company Growth InSvc NWSIX Buffalo Small Cap Institutional BUISX Neuberger Berman Genesis Tr NBGEX Buffalo Small Cap Institutional BUISX Nationwide International Index A GIIAX Fidelity International Index FSPSX MFS International Intrinsic Value R3 MINGX MFS International Growth R6 MGRDX Nationwide AllianzGI Intl Gr Ins Svc NWAKX MFS International Growth R6 MGRDX American Funds New World R4 RNWEX American Funds New World R6 RNWGX Invesco Global A OPPAX DFA Global Equity I DGEIX Nationwide Bond Index A GBIAX Vanguard Interm-Term Bond Index Adm VBILX Nationwide Loomis Core Bond Instl Svc NWJJX Fidelity Total Bond Fund FTBFX Lord Abbett High Yield R5 LHYTX BrandywineGLOBAL Corporate Credit IS BGISX PIMCO International Bond (USD-Hdg) A PFOAX Fidelity Advisor Total Bond Fund FBKWX Loomis Sayles Ltd Term Govt and Agency Y NELYX Fidelity Advisor Total Bond Fund FBKWX Morley Stable Value Retirement Fund Standard APEX Guaranteed Rate Stable Value Fund SGSVF2 Nationwide Government Money Market Inv MIFXX Standard APEX Guaranteed Rate Stable Value Fund SGSVF2 Nationwide Fixed Assets Standard APEX Guaranteed Rate Stable Value Fund SGSVF2 Nationwide Fixed Assets (Managed Accts) Standard APEX Guaranteed Rate Stable Value Fund SGSVF2 Cohen & Steers Real Estate Securities A CSEIX TIAA-CREF Real Estate Sec Instl TIREX Investing involves risk, including possible loss of principal. What to consider when your funds transfer over Stable value Because of the provisions of the Nationwide Fixed Assets, 20% of the fund’s assets will transfer on January 3, 2024. The remainder will transfer in 5 annual installments ending January 5, 2028. Because of the provisions of Morley Stable Value Fund , any portion of your account balance invested in the fund as of June 14, 2023 will remain invested in the Morley Stable Value Fund at Nationwide until the restriction period is over on September 20, 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. Notes Notes 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 Nationwide at 877-669-6877 or access your account online at www.nationwide.com 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-BB-FBK-8406-0519 RO1735287-0821 ©2023 Empower Retirement, LLC. All rights reserved.