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You have the right to direct the investment of retirement plan contributions among the investment
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options offered under the retirement plan. Properly investing retirement contributions is important for planning
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your future retirement income. You should consider your investment direction decision carefully. This
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notice provides information regarding where contributions submitted to the retirement plan for your benefit will
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be directed in the absence of your investment election. You may direct the investment of the retirement
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funds by visiting www.principal.com.
Automatic Enrollment
This retirement plan includes an automatic contribution arrangement that applies to new participants or
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or re-hired participants as they enter the plan. If you are a new participant, you will be automatically enrolled
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in the retirement plan, meaning $50.00
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will be deducted from
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your paycheck each month and contributed to
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the retirement plan on your behalf unless you elect a different salary deferral percentage. If you are
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currently eligible for the plan, you will maintain your current salary deferral amount unless you elect a different
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salary deferral percentage.
The retirement plan also includes an automatic salary deferral increase provision. Salary deferral contributions for automatically enrolled participants will be automatically increased by $10 every 01/01 up to $150.
If you do not wish to be automatically enrolled, you may elect not to defer or to
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defer another percentage. If you affirmatively elect to make salary deferral contributions, or if you are
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automatically enrolled, and you do not provide an investment direction as to how contributions made on your behalf
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should be directed, then the contributions will be directed to the plan's investment option default discussed below.
Investment Option Default
If you have not provided complete, up-to-date direction as to how the account set up for you under theretirement the retirement plan is to be invested, the account will be invested under automatic rules. You need to understand these rules and make sure that you are comfortable with them or that you take action to direct the investmentof investment of the account according to your preferences. These rules state that, if we do not have complete investmentdirections investment directions from you, the retirement funds in the account and new contributions for which we do not havedirection have direction will be directed to the applicable Principal Trust SM Target Date LifeTime Hybrid Fund (Principal ManagementCorporation Management Corporation provides nondiscretionary advisory services to Principal Trust regarding these funds) based onyour on your current age and the definition of normal retirement date under the plan. Your directions must bereceived be received at the Corporate Center of Principal Life Insurance Company.
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See the table below to identify the Principal Trust Target Date Fund LifeTime Hybrid Collective Investment Fund (CIT) that will apply based on your current age andwhen and when you will reach the plan's normal retirement date. For information on how you may make an investmentdirection investment direction election, please see the "Right to Direct" section below.
Normal Retirement Date | Principal Trust Target Date LifeTime Hybrid Funds |
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2004 or earlier | Principal Trust(SM) Income FundLifeTime Hybrid Income CIT |
Between 2005 and 2012 | Principal Trust(SM) Target 2010 FundLifeTime Hybrid 2010 CIT |
Between 2003 and 2017 | Principal Trust(SM) Target 2015 FundLifeTime Hybrid 2015 CIT |
Between 2008 2018 and 2022 | Principal Trust(SM) Target 2020 FundLifeTime Hybrid 2020 CIT |
Between 2023 and 2027 | Principal Trust(SM) Target 2025 FundLifeTime Hybrid 2025 CIT |
Between 2028 and 2032 | Principal Trust(SM) Target 2030 FundLifeTime Hybrid 2030 CIT |
Between 2033 and 2037 | Principal Trust(SM) Target 2035 FundLifeTime Hybrid 2035 CIT |
Between 2038 and 2042 | Principal Trust(SM) Target 2040 FundLifeTime Hybrid 2040 CIT |
Between 2043 and 2047 | Principal Trust(SM) Target 2045 FundLifeTime Hybrid 2045 CIT |
Between 2048 and 2052 | Principal Trust(SM) Target 2050 FundLifeTime Hybrid 2050 CIT |
Between 2053 and end of 2057 | Principal Trust(SM) Target 2055 Fund |
2058 or later | Principal Trust(SM) Target 2060 Fund |
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LifeTime Hybrid 2055 CIT | |
Between 2058 and end of 2062 | Principal LifeTime Hybrid 2060 CIT |
2063 or later | Principal LifeTime Hybrid 2065 CIT |
Note: Neither the principal nor the underlying assets of the Principal Trust Target Date Funds areguaranteed LifeTime Hybrid 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 Trust Target Date FundLifeTime Hybrid Collective Investment Fund that will apply as the default investment option. You will find information including, but not limited to, relatedobjectivesrelated objectives, risk and return characteristics, fees and expenses, and certain affiliations of Principal Global Investors Trust Company and the nondiscretionary investment adviser Principal Management Corporation.
Global Investors, LLC.
Principal LifeTime Hybrid Collective Investment Funds (CITs) funds Principal Trust Target Date Funds may invest in various types of investments including underlying PrincipalFunds Principal Funds Inc., mutual funds, and each is managed toward a particular target (retirement) date, or the approximatedate approximate date the participant or investor starts withdrawing money. As each Principal Trust Target Date Fund approachesits LifeTime Hybrid CIT fund approaches its target date, the investment mix becomes more conservative by increasing exposure to generally more conservativemore conservative investment options and reducing exposure to typically more aggressive investment options. The The asset allocation for each Principal Trust Target Date Fund LifeTime Hybrid CIT fund is regularly re-adjusted within a time frame that extends that extends 10-15 years beyond the target date, at which point it reaches its most conservative allocation. Principal Trust Target Date Funds Principal LifeTime Hybrid CITs assume the value of the investor's account will be withdrawn gradually during retirementduring retirement.
Right to Direct
If you do not want retirement funds to be directed as indicated above, then you may elect to direct the retirement fundsretirement funds to investment options under the retirement plan by visiting The Principal Web site at www.principal.com and logging into the account or by calling 1-800-547-7754.
You may make changes to your investment direction as allowed under the retirement plan. This includes transferringincludes transferring any contributions from the applicable investment option default to another investment option. Transfers Transfers out of the investment option default are not subject to restrictions, fees, or expenses1 for a 90-day period, 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 90the 90-day period.
Additional Information
For additional information about the investment option default or other investment alternatives under the planthe plan please visit www.principal.com or contact:
DAVID MELDRUM-GREEN
11002 LAKE HART DR STE 100
ORLANDO, FL 32832-0101
(407)671-9700 134
David Meldrum-Green, CPA
Director of Organizational Affairs & Treasurer
11002 Lake Hart Drive Suite 100
Orlando, FL 32832
407-459-7496
dave.meldrum-green@reliant.org
1Includes surrender charges, liquidation or exchange fees, redemption fees, and similar expenses charged in connectionin 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 transfer agent, and similar administrative expenses.