PLAN. Enroll today. Enjoy tomorrow. Chicago Public Schools 403(b) Tax-Deferred Retirement Plan and 457(b) Deferred Compensation Plan
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1 PLAN Enroll today. Enjoy tomorrow. Chicago Public Schools 403(b) Tax-Deferred Retirement Plan and 457(b) Deferred Compensation Plan saving : investing : planning
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3 Workplace retirement plans to help you prepare for and enjoy a secure retirement As an employee of Chicago Public Schools, you have a special opportunity to prepare for the future. Chicago Public Schools, through the provider, VALIC, offers two plans to help you save for retirement. You set aside money through pretax payroll reduction that lowers your taxable income and can possibly reduce your current income taxes. And taxes on earnings from your account are deferred until withdrawal, which can accelerate your account s growth. Click VALIC.com/cps 1
4 plan highlights Your workplace retirement plans offer you a unique advantage in helping prepare for a secure retirement Save today for a bright tomorrow > > You contribute pretax dollars through payroll reduction > > If you contribute to both plans, you could possibly contribute as much as $58,000 in 2011 > > Your contributions might lower current income taxes > > Your accounts benefit from tax-advantaged growth Eligibility Employees of Chicago Public Schools (CPS) who normally work 20 hours or more per week are eligible to make elective deferrals by salary reduction. Enrolling is easy! Here s how It s easy to join simply decide how much you want to save and how you want to invest contributions to your account. Then choose from one of the convenient enrollment methods listed below. Online Visit VALIC.com/cps, click on either the 403(b) or 457(b) enrollment line, and follow the prompts. Have your Group ID handy: for the 403(b) plan; for the 457(b) DCP. Personal service To contact a VALIC financial advisor, please call the Chicago Public Schools VALIC Message Center at , ext Custom website For additional information about the plan, including access to fund performance, prospectuses, financial planning tools and more, visit: VALIC.com/cps. By phone Call our Enrollment Center at between 7:30 a.m. and 7:00 p.m. (CT). Have your Group ID handy: for the 403(b) plan; for the 457(b) DCP. In person Your VALIC financial advisor can meet with you and walk you through the enrollment process. 2 Click VALIC.com/cps
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6 plan highlights Choose your plan type 403(b) plan Your contributions As much as 100% of your annual includible compensation up to $16,500 in You may increase or decrease the amount you contribute to the plan as often as your employer allows. Includible compensation is not reduced by elective salary reduction contributions to the 403(b) program or other plans sponsored by CPS. The maximum limit on total employer and employee contributions, whether elective or nonelective contributions, is 100% of includible compensation up to $49,000 in This limit may be higher in certain circumstances. Catch-up contributions You may qualify for a higher level of elective contributions than those described above if certain requirements are met: An additional $3,000 in 2011 if you have 15 or more years of service and have undercontributed in prior years, and An additional $5,500 in 2011 if you are age 50 or older Employer contributions Withdrawal restrictions CPS may make employer contributions to the plan on behalf of eligible employees. The amount, if any, of employer contributions is determined by CPS in its full discretion each year. Subject to provisions of your employer s retirement plan. Your plans were established to encourage long-term savings. A 403(b) plan has less stringent withdrawal restrictions while you are employed; however, a 10% federal tax penalty can apply to withdrawals prior to age 59½. The 10% federal tax penalty on early withdrawals may also apply to amounts rolled into the 457(b) plan from non-457(b) plans. Distribution events Attaining age 59½ Retirement or separation from service* Your death or total disability Hardship withdrawals (from employee contributions only) Minimum distribution required at attaining age 70½ or upon retirement, whichever is later. Bear in mind that income taxes are payable upon withdrawal. * Distributions where the employee retires or separates from service at or after age 55 are not subject to the 10% early withdrawal federal tax penalty. 4 Click VALIC.com/cps
7 457(b) plan As much as 100% of your annual includible compensation up to $16,500 in You may increase or decrease the amount you contribute to the plan as often as your employer allows. Includible compensation is not reduced by elective salary reduction contributions to the 457(b) program or other plans sponsored by CPS. The maximum limit on total employer and employee contributions, whether elective or nonelective contributions, is 100% of includible compensation up to $16,500 in This limit may be higher in certain circumstances. You may qualify for a higher level of contributions than those described above if certain requirements are met: An additional $16,500 in 2011 if you are within the last three tax years ending the year before the year you attain normal retirement age and have undercontributed in prior years, or An additional $5,500 in 2011 if you are age 50 or older. If you are eligible for both, you must select one or the other. You cannot combine the two catch-up amounts, but you may contribute up to the higher amount. Not applicable. Subject to provisions of your employer s retirement plan. Your plans were established to encourage long-term savings. A 457(b) plan has more stringent withdrawal restrictions while you are employed, but less stringent rules after you separate from service and is not subject to a 10% federal early withdrawal penalty except on amounts rolled over from other non-457(b) eligible retirement plans. Attaining age 70½ (if your plan allows in-service distributions) Retirement or separation from service Your death Unforeseeable emergencies Minimum distribution required at attaining age 70½ or upon retirement, whichever is later. Bear in mind that income taxes are payable upon withdrawal. 5
8 plan highlights Plan features to help you manage your savings Account consolidation You might be able to transfer your vested retirement account balance from a prior employer s plan to your current workplace retirement plan with VALIC. This can be an excellent way to simplify your financial profile and to ensure your overall investments are suitably diversified and consistent with your investment preferences. However, before you make that decision, check to see if the other provider s contract imposes surrender charges. Tax-free loans Tax-free loans make it possible for you to access your account without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal tax penalty if you are under age 59½. The tax penalty does not apply to 457(b) plan accounts. Distribution options VALIC offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your employer s plan provisions, your withdrawal options include: > > Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts rollovers > > Receiving systematic withdrawals > > Taking a lump-sum distribution > > Choosing one of the many annuity options available from VALIC > > Deferring distributions until a later date (but no later than attainment of age 70½) if you are no longer working for the employer sponsoring the plan, allowing your account to continue to grow tax deferred Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal tax penalty for early withdrawal may apply to distributions taken prior to attainment of age 59½ from an account in the 403(b) plan. Consult your financial advisor for more specific information. Account statement VALIC sends all active participants a comprehensive account statement every calendar quarter. This statement documents the activity in your account for the preceding period, including total contributions and transfers among investment options. 6 Click VALIC.com/cps
9 Pay yourself first. Contribute pretax dollars automatically by convenient payroll reduction. 7
10 product highlights Portfolio Director Fixed and Variable Annuity Investment flexibility All contributions to your plan will be invested in Portfolio Director. And with Portfolio Director, you have the freedom to transfer money among the variable and fixed options without charges or tax consequences, subject to certain limitations as detailed in your prospectus. Fixed options can restrict when and how much you can transfer to other investments and how much you may withdraw from the plan in a single year. Remember that annuities are long-term investments. Investment values will fluctuate so that the investor's units, when redeemed, may be worth more or less than their original cost. Portfolio Director features and benefits > > Fixed and variable investment options Spanning major asset categories and classes Managed by well-known investment managers > > No initial sales charge > > No account maintenance fees > > Easy access to your account No-cost systematic and random transfers among investment options No-cost withdrawals or surrenders > > Fixed Account Plus in-service transfers are limited to 20% each contract year > > Multiple income options at retirement > > Potential for portability to maintain continuity if you relocate or change jobs (Portfolio Director may not be available in some states or in some workplace retirement plans) > > Separate Account fees (0.15% to 0.65%) and Fund Annual Expenses apply depending on your contract and the variable option selected. The total current Annual Net Fund Expense is 0.34% to 1.25%. The current Annual Net Fund Expense is the current annual total fund expense less expense waivers or reimbursements. Fees are subject to change based on expense waivers and reimbursements received. 8 Click VALIC.com/cps
11 Retirement plans and accounts that satisfy relevant qualification rules, such as 403(b)s, IRAs, 401(k)s, etc., can be tax deferred regardless of whether or not they are funded with an annuity. If you are considering funding a tax-qualified retirement plan or account with an annuity, you should know that an annuity does not provide any additional tax-deferred treatment of earnings beyond the tax deferral of the tax-qualified retirement plan or account itself. However, annuities do provide other features and benefits. Guaranteed death benefit In the event of your death prior to annuitization, your Portfolio Director contract provides for a death benefit. Whether you contribute to fixed or variable investment options, your contract guarantees that your beneficiary will never receive less than the amount contributed provided no withdrawals have been made from the account. Withdrawals will reduce the death benefit, depending on the account value at the time of withdrawal. All guarantees are backed by the claims-paying ability of The Variable Annuity Life Insurance Company. See your prospectus for details. Also, in the event of your death, the benefit passes directly to your named beneficiary. This generally avoids the costs and delays of probate. Your beneficiary can leave all or a portion of the account balance on deposit, depending on the circumstances. Usually, your beneficiary can make withdrawals at any time without incurring charges from VALIC, subject to tax laws that might require distributions to occur within certain time frames. There also will be no charges from the company if the beneficiary chooses to withdraw the entire account balance. Your plan was established to encourage long-term savings. 9
12 product highlights Invest your contributions in your choice of available funds Portfolio Director investment options Domestic large-cap equity options Value Vanguard Windsor II Fund [24] Blend Stock Index Fund (SunAmerica) [10] Growth Large Capital Growth Fund (SunAmerica, Invesco) [79] Growth Fund (American Century) [78] Domestic mid-cap equity options Value Ariel Appreciation Fund [69] Mid Cap Value Fund (Wellington, FAF Advisors) [38] Blend Mid Cap Index Fund (SunAmerica) [4] Growth Mid Cap Strategic Growth Fund (RCM, Morgan Stanley) [83] Domestic small-cap equity options Value Ariel Fund [68] Small Cap Value Fund (JP Morgan, SunAmerica, Metropolitan) [36] Blend Small Cap Index Fund (SunAmerica) [14] Global (international & domestic) equity option Global Equity Fund (BlackRock) [87] Specialty option Science & Technology Fund (T. Rowe Price, RCM, Wellington) [17] Hybrid (equity & fixed-income) option Balanced Vanguard Wellington Fund [25] Income options Core Bond Fund (PineBridge) [58] Money Market I Fund (SunAmerica) [6] * Fixed option Fixed Account Plus [1] * An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. While the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money while investing in the fund. 10 Click VALIC.com/cps
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14 Participation in your retirement plan is easy 1 Review this booklet. 2 Enroll online or by phone. > > Have your Group ID handy: for the 403(b) plan; for the 457(b) DCP > > Online: Visit VALIC.com/cps 24/7 > > By Phone: Call :30a.m. 7:00p.m. (CT) Financial solutions Let us help you prepare for a secure retirement Access account information 24/7. VALIC Online at VALIC.com/cps VALIC by Phone at Questions? Call the Chicago Public Schools VALIC Message Center Ext click VALIC.com/cps CALL ext VISIT your VALIC financial advisor
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16 VALIC has more than half a century of experience helping Americans plan for and enjoy a secure retirement. We provide real solutions for real lives by consistently offering products and services that are innovative, simple to understand and easy to use. We take a personal approach to retirement plans and programs, offering customized solutions for individual needs. We are committed to the same unchanging standard of one-on-one service we have delivered since our founding. Our goal is to help you live retirement on your terms. To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit or call and follow the prompts. The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Policy Form series UIT-194, UITG-194 and UITG-194P. This information is general in nature and may be subject to change. Neither VALIC nor its financial advisors or other representatives give legal or tax advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For legal or tax advice concerning your situation, consult your attorney or professional tax advisor. This is not your plan document. The administration of each plan is governed by the actual plan document. If discrepancies arise between this insert and the plan document, the plan document will govern. Annuity contracts are issued by The Variable Annuity Life Insurance Company and distributed by its affiliate, American General Distributors, Inc., member FINRA. VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company. VALIC.com Copyright The Variable Annuity Life Insurance Company. All rights reserved. VC CPS (02/2011) J80395 EE
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