# Retirement Information Guide

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1 Retirement Information Guide Image courtesy of the University of Utah University of Utah Retirement Plans: 401(a) Defined Contribution Retirement Plan for Plan H Benefit Program Participants and Employee Supplemental Retirement Plans

2 2 Image courtesy of the University of Utah

5 How Much Should You Save? During retirement, most of us will rely on Social Security income, employer-provided retirement funds, and personal retirement savings. According to the Social Security Administration, Social Security retirement benefits will replace only about 40% of income for most people. (For people in a low income bracket, Social Security benefits will replace more than 40%; for people in a higher income bracket, the percentage is lower.) Research indicates that those who have calculated how much they need to save are much more likely to be saving enough for retirement. To calculate an estimate of the amount you will need at retirement, you can do a simple calculation using the Rule of 25 : Rule of 25 Worksheet For Example Your Calculation 1 Annual income you anticipate making prior to retirement \$50,000 2 Multiply by 0.80 to estimate annual amount needed during retirement \$40,000 3 Multiply by 0.40 to estimate Social Security income \$20,000 4 Subtract line 3 from line 2 to estimate annual amount needed from savings \$20,000 5 Multiply line 4 by 25 to estimate amount needed in savings at retirement \$500,000 The Rule of 25 is a hypothetical example to help you arrive at an estimate of the amount of assets you will need to retire at age 67. To obtain a more accurate view of your personal situation, contact one of the University s investment service providers for a full retirement planning analysis. The minimum amount you can contribute to a University supplemental retirement plan is \$12.50 per pay period. The maximum amount you can contribute is set and increased periodically by the Internal Revenue Service. For 2013, the annual maximum increases to \$17,500 to each plan. (The maximum you can contribute to the 403(b) Plan is combined with any 401(k) contributions you may make through another employer.) If you are or will be age 50 or older, you can contribute an additional \$5,500 to each plan. Each plan also has an additional catch-up option for employees who have not contributed the maximum in prior years. Contact the Benefits Department or one of the investment service providers to see if you qualify for the catch-up option. 5

7 Where Can You Get Help? Fidelity Investments and TIAA-CREF have registered representatives who can meet with you to help answer your questions about saving for retirement. Consultations are provided at no cost to you. To schedule a confidential consultation, contact the investment provider directly. Fidelity Investments (800) Mon. Fri. 6 a.m. to 10 p.m. Mountain time TIAA-CREF (801) Mon. Fri. 8 a.m. to 5 p.m. Mountain time 7 Image courtesy of the University of Utah

8 Investment Fundamentals Even if you are new to investing, you may already know some of the most fundamental principles of investing. The money in your account is an asset. Your portfolio is the total assets in your account. The assets in your portfolio can be divided (or allocated) between different types of investments. The following are some of the most common types of investments or asset categories that make up the funds available to you: Money Market Funds A collection of short-term debt investments that mature in 13 months or less, such as money market accounts, Treasury bills, and commercial paper. Fixed Income Accounts A security that pays a fixed rate of interest over a set time period and then returns the investor s principal. They typically pay lower interest rates but may be safer for short-term savings. Bonds A bond is a loan to a corporation or the government. Investors are paid interest during the term of the loan and the loan is repaid at the end of the loan period (the maturity date). Stocks (Equities) Stocks give you ownership or shares of a company. Stock prices move up or down based on how well the company and its industry are doing. Stocks fall into basic categories: Large-Cap Stocks are issued by large, well-known corporations. Since most of them are part of established industries, they are considered more stable and attractive to investors. Mid- and Small-Cap Stocks are issued by medium or small companies, generally trying to raise money for expansion. Because they are smaller, their stocks have more potential for growth, but because of competition and uncertain markets, they can be riskier than large-cap stocks. International Stocks are issued by companies headquartered outside the United States. Foreign currency, economic, and political factors may result in higher risk. Mutual Funds Mutual funds are professionally managed funds where investors pool their money to invest in a variety of stocks, bonds, and cash accounts. Instead of buying individual stocks or bonds, investors buy units of the mutual fund. Mutual funds range in investment risk and are diversified to spread the risk of loss from any one asset. Investors in the mutual fund share in the gains (or losses) that the stocks, bonds, and/or cash investments produce. 8

9 Managing Risk Experts agree the best way to invest is through diversification. All investment options have some level of risk. By investing in more than one type of investment option, you are spreading your money and reducing your risk. The process of determining how to allocate your investment portfolio is a very personal one. Investors should always be aware of the relationship between risk and return. The two are directly tied together. Generally, the more return you expect from an investment, the more risk you must be willing to assume. No investment is completely risk free. As a general rule, stocks are more risky than bonds and offer the potential for higher returns. There are also varying degrees of risk within stocks and bonds. Cash investments are typically safer than either stocks or bonds, but such investments have the risk of inflation growing faster than the investment s earnings. The percentage of each asset category in your mutual funds or your portfolio determines the amount of risk you are assuming. Keep in mind that all investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money. Understanding Fees Invested assets are subject to fees. Investing through an employer s retirement plan can shield you from many types of fees. However, all investments are subject to some fees. Most fees you will pay are included in the investment option s published expense ratio. The expense ratio means the amount (expressed as a percentage of total investment) that you will pay for fund operating expenses and management fees. Knowing a fund s expense ratio is important, but fees are not the only thing to consider when you choose an investment a fund with a higher fee may be a better option if its rate of return is high as well. For example, assume you have \$10,000 invested in Fund A, which has an expense ratio of 0.21%, and \$10,000 invested in Fund B, which has an expense ratio of 1.17%. If both have the same rate of return (profit), your investment in Fund A will be \$96 higher after one year. Expense Ratio Rate of Return Balance After One Year Fund A 0.21% 4% \$10,379 Fund B 1.17% 4% \$10,283 However, if Fund B has a two-percent higher rate of return (profit) than Fund A, your balance in Fund B will be higher after one year, even though Fund B s expense ratio is larger. Expense Ratio Rate of Return Balance After One Year Fund A 0.21% 4% \$10,379 Fund B 1.17% 6% \$10,483 9

10 A few funds have Redemption/Short-Term Trading Fees. These fees are charged if you withdraw your money from that fund shortly after the date you invest in the fund. Redemption/Short-Term Trading Fees, if any, are disclosed in the fund s prospectus (available on the Internet or through your investment service provider). Measuring Performance Morningstar Ratings Morningstar, Inc., is a leading provider of investment information and research. Morningstar analyzes stocks and mutual funds with a three-year history and provides unbiased commentary and performance information. Morningstar ratings from one to five stars are given, based on costs, past performance, and risk. Morningstar s star rating system is a tool some use as one step in the evaluation process. Morningstar reviews and updates the star ratings monthly. Investors should use caution when relying on Morningstar ratings, since even if the investment earns a five-star rating, it may not continue to perform at the highest level in the future and may not necessarily be the best investment choice for you. Before investing in any option, you should consider your long-term financial goals. Both investment service providers have information that will assist you in this process. 10 Image courtesy of the University of Utah

11 University Plan Features As a University of Utah employee, you have a choice of plans, providers, and investment options. Below, you ll find information to help you understand the choices available and choose a strategy that s right for you. This guide describes the features of the 401(a) Plan for University employees enrolled in the H Benefit Program, as well as the 403(b) and 457(b) supplemental retirement plans. Similar guides describe the features of the 401(a) Plan for University employees in the 401(a) Plan (University Benefit Program) and the Utah Retirement Systems Plan. Quick Plan Facts Eligibility Enrollment Contributions 1 Contribution Types University Funded 401(a) Defined Contribution Plan and 403(b) Supplemental Retirement Savings Plan Eligibility rules and information are at Eligible employees are automatically enrolled by the University 401(a) Plan: the University contributes an amount equal to 6% of your compensation 403(b) Plan: the University matches the amount you contribute to the 403(b) Plan up to 3% of your compensation 403(b) Supplemental Retirement Savings Plan Employee Funded 457(b) Supplemental Retirement Savings Plan All employees receiving compensation through the University payroll system Submit a Salary Reduction Agreement to the University s Benefits Department You can contribute from \$12.50 to 100% of your salary up to the IRS limit of \$17,500 to each plan in 2013 Employees age 50 or older can contribute an additional catch-up amount of \$5,500 to each plan in 2012 and 2013 Each plan includes an additional catch-up option that may be available to employees who have not contributed the maximum in past years Employees can contribute to both the 403(b) and 457(b) Plans for a combined total of \$35,000 in 2013, plus any catch-up amounts Pretax and/or Roth (after-tax) contributions 1 Annual additions to both the 401(a) Plan and the 403(b) Plan (your contributions and the University s contributions combined) may not exceed the lesser of 100% of your pay or \$50,000 for 2012 (\$51,000 for 2013). 11

13 Quick Plan Facts (continued) Withdrawals/ Distributions University Funded 401(a) Defined Contribution Plan and 403(b) Supplemental Retirement Savings Plan 32 days or more following retirement or termination of employment, former employees and retirees can withdraw funds or begin distribution of retirement funds after their employment with the University has been terminated for more than 31 days Distributions while employed are only allowed for employees age 59½ or older with a severe financial hardship Withdrawals are subject to income taxes upon withdrawal and may be subject to IRS penalties if withdrawn prior to reaching age 59½ 403(b) Supplemental Retirement Savings Plan 32 days or more following retirement or termination of employment, former employees and retirees can withdraw funds or begin distribution of retirement funds Distributions while employed are allowed for employees age 59½ or older, or employees with a qualifying hardship Withdrawals prior to age 59½ may be subject to a 10% IRS penalty Pretax contributions and associated earnings are subject to income taxes upon withdrawal Roth contributions and associated earnings are free from federal income tax, provided certain requirements have been met Employee Funded 457(b) Supplemental Retirement Savings Plan 32 days or more following retirement or termination of employment, former employees and retirees can withdraw funds or begin distribution of retirement funds Distributions while employed are allowed for employees age 70½ or older, or employees with a qualifying hardship Pretax contributions and associated earnings are subject to income taxes upon withdrawal Roth contributions and associated earnings are free from federal income tax, provided certain requirements have been met 13

14 Investment Service Providers The University of Utah has contracted with two investment service providers with which you can invest your contributions. You may choose to open accounts with one or both companies. The providers are: Fidelity Investments TIAA-CREF These investment service providers are two of the most respected companies in the financial services business. A summary of the investments and services offered by both providers is included at the end of this brochure. Each summary was prepared by the applicable provider. See the Provider Fact Sheets beginning on page 20 for additional information on both Fidelity Investments and TIAA-CREF and the investment options and services they offer. 14 Image courtesy of the University of Utah

15 Investment Options Through the University-funded and supplemental retirement plans, you may enroll in a wide variety of mutual funds. For your convenience, we have categorized the options into levels. Lifecycle Funds (One-Step Investing) Lifecycle or target-date funds are mutual funds designed for investors who want a simple yet diversified approach to investing. Lifecycle funds are a professionally managed assortment of funds (such as stocks and bonds). Each fund has an asset mix designed for investors expecting to retire around the year indicated in the fund s name. The asset allocations of each lifecycle fund are automatically adjusted over time to become more conservative as retirement nears, and continue to become more conservative during retirement. The fund manager periodically rebalances the fund s assets to keep the fund in line with the target asset allocation. The investment risk of each lifecycle fund changes over time as the fund s asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed-income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. Amounts invested are not guaranteed at any time, including at or after the funds target dates. Core Investment Options Both investment service providers have a core investment menu of mutual funds that invest primarily in the three major asset classes (stocks, bonds, and short-term investments). You may want to consider these options if you are comfortable diversifying your investments on your own. Expanded Investment Options In addition to the core investment options, both investment service providers offer a variety of additional mutual fund investment options for those who want to have more involvement in choosing investment options. 15

16 Annuity Options TIAA-CREF offers fixed and/or variable annuity products. An annuity is a contract with an insurance company. It allows you to accumulate contributions in a separate account. Fixed annuities are designed to provide a fixed rate of return, while variable annuities let you select investment options from a group offered by the applicable annuity. Some annuities have withdrawal restrictions and/or charge surrender fees if you wish to exchange out of them or take early distributions from them. At the time you begin taking distributions, most annuities offer you the option of receiving a regular series of income payments over your lifetime or for another specified period of time, subject to the claims-paying ability of the issuer. Need Help Choosing an Investment Mix? Both investment service providers have registered representatives who can meet with you to help you choose investments for your retirement portfolio. In addition, both providers web sites offer online planning tools to help you manage and track your portfolio on your own. To schedule a consultation, contact the investment service provider directly. See page 7 for contact information. 16

19 Where to Get Additional Information For additional information, contact the University Benefits Department or one of the investment service providers. University of Utah Division of Human Resources Benefits Department Open 8 a.m. 5 p.m. (Mountain time) Mon. Fri. 420 Wakara Way, Suite 105 Phone: (801) Salt Lake City, Utah Fax: (801) Fidelity Investments (800) Mon. Fri. 6 a.m. 10 p.m. Mountain time TIAA-CREF (800) Mon. Fri. 6 a.m. 8 p.m. and Sat. 7 a.m. 4 p.m. Mountain time This guide contains only a general description of some of the features of the University s retirement plans. The exact details of the plans are included in the legal plan documents that govern each plan. If there is any discrepancy between this announcement and the plan documents, the plan documents govern. 19

20 Provider Fact Sheets The pages that follow give additional information about both investment service providers offering products and services to University of Utah employees. If you have any questions about the enrollment process or the available investment options, you can contact the provider directly. You ll find information about the following providers on the pages listed below: Fidelity Investments... Page 21 TIAA-CREF... Page 27 Each provider is solely responsible for the content on its applicable pages and does not assume any responsibility or liability for the content supplied by any other provider. 20 Image courtesy of the University of Utah

21 About Fidelity Investments If you re like most people, you want your hard-earned retirement savings to be in good hands. Founded in 1946, Fidelity is a leading provider of investment management, retirement planning, portfolio guidance, brokerage benefits outsourcing, and many other financial products and services.* Take advantage of our experience to help you build a more rewarding future. Fidelity has always been committed to providing exceptional money management, outstanding customer service, and state of the-art technology. Fidelity is committed to providing a range of investment options, educational resources, and superior customer service to all our participants to help them plan for retirement. With Fidelity, you can count on: More than 65 years of investment experience More than 20 years of experience helping people plan for retirement Powerful online tools, experienced professional support, and easy access that can help make you a wiser investor Service excellence you can count on Chances are you already know Fidelity by reputation. Founded in 1946, Fidelity has always been committed to accuracy, top technologies, and the highest ethical standards. A relationship with us means you can count on accurate statements and information, as well as timely assistance with your questions. * Source: Fidelity Facts, FMR LLC,

24 Your Fidelity Fund Options By investing your Retirement Program contributions at Fidelity, you have access to a wide variety of investment options, all categorized in an easy-to-understand format: Level 1: Lifecycle Investment Options. Level 2: Core Investment Options. Concise menu of mutual funds representing the primary asset classes (stocks, bonds, short-term instruments) Level 3: Expanded Investment Options. More than 150 additional investments through a variety of mutual fund companies Level 1: Lifecycle Investment Options Fidelity Freedom K Income Fund Fidelity Freedom K 2000 Fund Fidelity Freedom K 2005 Fund Fidelity Freedom K 2010 Fund Fidelity Freedom K 2015 Fund Fidelity Freedom K 2020 Fund Fidelity Freedom K 2025 Fund Fidelity Freedom K 2030 Fund Fidelity Freedom K 2035 Fund Fidelity Freedom K 2040 Fund Fidelity Freedom K 2045 Fund Fidelity Freedom K 2050 Fund 24

25 Level 2: Core Investment Options MONEY MARKET Fidelity Money Market Trust Retirement Money Market Portfolio MANAGED INCOME (or STABLE VALUE) Managed Income Portfolio Principal Fixed Account BOND Diversified PIMCO Total Return Fund Institutional Class Vanguard Total Bond Market Index Fund Signal Shares Inflation Protected Fidelity Inflation-Protected Bond Fund BALANCED/HYBRID Fidelity Balanced Fund Class K Fidelity Puritan Fund Class K Oakmark Equity and Income Fund Class I Vanguard Wellington Fund Admiral Shares DOMESTIC EQUITY Large Value American Beacon Large Cap Value Fund Class Institutional Vanguard Windsor II Fund Admiral Shares Large Blend Spartan 500 Index Fund Institutional Class Large Growth American Funds Growth Fund of America Class R6 Fidelity Contrafund Class K Vanguard Morgan Growth Fund Admiral Shares Mid Value Perkins Mid Cap Value Fund Class I Mid Blend Fidelity Small Cap Stock Fund Mid Growth Morgan Stanley Institutional Mid Cap Growth Fund Class I Small Value Allianz NFJ Small Cap Value Fund Institutional Class Small Blend Vanguard Small Cap Index Fund Signal Shares Small Growth Columbia Acorn USA Class Z INTERNATIONAL/GLOBAL EQUITY Diversified Fidelity Diversified International Fund Class K Emerging Markets Fidelity Emerging Markets Fund Class K SPECIALTY Fidelity Real Estate Investment Portfolio Vanguard REIT Index Fund Signal Shares 25

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