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This retirement plan includes an automatic contribution arrangement that applies to new participants or re-hired participants as they enter the plan. If you are a new participant, you will be automatically enrolled in the retirement plan, meaning $50.00 of your pay will be deducted from paychecks your paycheck each month and contributed to the retirement plan on your behalf unless you elect a different salary deferral percentage. If you are currently eligible for the plan, you will maintain your current salary deferral amount unless you elect a different salary deferral percentage.
The retirement plan also includes an automatic salary deferral increase provision. Salary deferral contributions for automatically enrolled participants will be automatically be increased by $10 every 01/01 up to $150.
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See the table below to identify the Principal LifeTime Hybrid Collective Investment Fund (CIT) that will apply based on your current age and when you will reach the plan's normal retirement date. For information on how you may make an investment direction election, please see the "Right to Direct" section below.
| Normal Retirement Date | Principal LifeTime Hybrid Funds |
|---|---|
| 2004 or earlier | Principal LifeTime Hybrid Income CIT |
| Between 2005 and 2012 | Principal LifeTime Hybrid 2010 CIT |
| Between 2003 and 2017 | Principal LifeTime Hybrid 2015 CIT |
| Between 2008 2018 and 2022 | Principal LifeTime Hybrid 2020 CIT |
| Between 2023 and 2027 | Principal LifeTime Hybrid 2025 CIT |
| Between 2028 and 2032 | Principal LifeTime Hybrid 2030 CIT |
| Between 2033 and 2037 | Principal LifeTime Hybrid 2035 CIT |
| Between 2038 and 2042 | Principal LifeTime Hybrid 2040 CIT |
| Between 2043 and 2047 | Principal LifeTime Hybrid 2045 CIT |
| Between 2048 and 2052 | Principal LifeTime Hybrid 2050 CIT |
| Between 2053 and end of 2057 | Principal LifeTime Hybrid 2055 CIT 2058 |
| or laterBetween 2058 and end of 2062 | Principal LifeTime Hybrid 2060 CIT |
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| 2063 or later | Principal LifeTime Hybrid 2065 CIT |
Note: Neither the principal nor the underlying assets of the Principal LifeTime Hybrid CIT funds CITs are guaranteed at any time, including the target date. Investment risk remains at all times.
Please see the description below and the attached investment information or the Investment Option Summary included in the enrollment workbook for important information about the Principal LifeTime Hybrid CIT funds (formerly known as Principal Trust Target Funds) Collective Investment Fund that will apply as the default investment option. You will find information including, but not limited to, related objectives, risk and return characteristics, fees and expenses, and certain affiliations of Principal Global Investors Trust Company and Company and the nondiscretionary investment adviser Principal Management CorporationGlobal Investors, LLC.
Principal LifeTime Hybrid CIT Collective Investment Funds (CITs) funds may invest in various types of investments including underlying Principal Funds Inc., mutual funds, and each is managed toward a particular target (retirement) date, or the approximate date the participant or investor starts withdrawing money. As each Principal LifeTime Hybrid CIT funds fund approaches its target date, the investment mix becomes more conservative by increasing exposure to generally more conservative investment options and reducing exposure to typically more aggressive investment options. The asset allocation for each Principal LifeTime Hybrid CIT fund is regularly re-adjusted within a time frame that extends 10-15 years beyond the target date, at which point it reaches its most conservative allocation. Principal LifeTime Hybrid CIT funds CITs assume the value of the investor's account will be withdrawn gradually during retirement.
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You may make changes to your investment direction as allowed under the retirement plan. This includes transferring any contributions from the applicable investment option default to another investment option. Transfers out of the investment option default are not subject to restrictions, fees, or expenses1 for a 90-day period , unless the fees and expenses are charged on an ongoing basis for the operation of the investment2.
See the attached investment information for information regarding restrictions, fees, or expenses after the 90-day period.
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David Meldrum-Green, CPA
Director of Organizational Affairs & Treasurer
11002 Lake Hart Drive Suite 100
Orlando, FL 32832
(407) 671-9700 ext 134-459-7496
dave.meldrum-green@reliant.org
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1Includes surrender charges, liquidation or exchange fees, redemption fees, and similar expenses charged in connection with the liquidation of, or transfer from, the investment option default.
2Includes investment management fees, distribution and/or service fees, "12b-1" fees, or legal, accounting, transfer agent, and similar administrative expenses.
