PT-11996_Fresno Economics Opportunity Commission_403b (04/14)

PT-11996_Fresno Economics Opportunity Commission_403b (04/14)

Important information about your retirement plan
As you have heard, the Fresno County Economic Opportunities Commission 403(b) Plan is moving to Transamerica
Retirement Solutions on April 1, 2016.
We recognize that change is not always easy, but we are working to make the transition as smooth as possible for
you. More information is coming soon, including a newsletter and website with additional details. In the
meantime, enclosed are the following notices that we recommend you read through.
Fee disclosure notice: Like all retirement plans (including your current one), the investments and services offered
through your plan have associated fees. This notice explains fees that may apply to your account.
Initial Notice of Automatic Investment of Contributions under the Plan: This notice explains what to do if you
have not participated in the 403(b) and wish to enroll, and if you are currently enrolled in the plan, how your plan
account will be invested.
Privacy notice: Protecting your privacy is very important to us. This notice explains what information we collect,
how we use it, and how we keep it secure.
If you have questions, please call Transamerica at 888-676-5512. Representatives are available Monday through
Friday, from 8:00 a.m. to 9:00 p.m. ET. Please keep in mind, though, that Transamerica won’t be able to answer
specific questions about your account until April 1, 2016.
Fresno Economic Opportunities Commission has selected Transamerica Retirement Solutions as your retirement
plan provider, but there are no other affiliations between the two organizations.
Thank you,
Dawn Cagle, SHRM-CP, PHR
Human Resources Officer
Fresno Economic Opportunities Commission
PT-11996_Fresno Economics Opportunity Commission_403b (04/14)
© 2014 Transamerica Retirement Solutions, LLC.
1
Fresno County Economic Opportunities Commission 403(b)
Plan
TA069804 00001
Initial Notice of Automatic Investment of Contributions under the Plan
To help you fund your retirement, Fresno County Economic Opportunities Commission d/b/a Fresno Economic
Opportunities Commission provides the Fresno County Economic Opportunities Commission 403(b) Plan ("Plan").
Please see below for details and answers to common questions. For additional information, you can contact your plan
service provider, Transamerica Retirement Solutions, by visiting your participant website at
eocretirement.trsretire.com or calling 800-755-5801.
Q. How do I enroll in the plan?
You can enroll in the plan by contacting your plan service provider, Transamerica Retirement Solutions. Upon
enrollment, you will be asked to choose a contribution amount and to designate your contributions as traditional
pretax, "Roth" after-tax, or a combination of both. Each type of contribution offers different benefits; information on
the website and in your Summary Plan Description can help you decide between them.
You also will be asked to choose how to invest contributions to your account. If you do not make an election, all
contributions to your account will be allocated to the plan's qualified default investment alternative (QDIA), T. Rowe
Price Target Date Funds, one will be chosen based on your assumed retirement age of 65.
Q. How much can I contribute to my account?
You can start contributing to your plan account or change your existing contribution level on your plan website or by
contacting your plan service provider, Transamerica Retirement Solutions.
Your contributions to the plan are taken out of your compensation and, when designated as traditional pretax, are not
subject to federal income tax at that time (as well as most states, check your own state's tax rules). Instead, they are
contributed to your plan account and may grow over time with earnings. Your account will be subject to federal income
tax and state (check your own state's tax rules) only when withdrawn. Roth contributions are subject to current federal
income tax, however, any Roth related earnings will be tax-free for qualified distributions if you hold the account at
least five years and are age 59½ or over at the time you take a distribution.
You are in charge of how much you contribute, within annual limits set by the Internal Revenue Service. The IRS limits
how much you can contribute each year; the current IRS annual limit is $18,000. If you are (or will be) at least age 50
during the current calendar year, you can make additional "catch-up" contributions ($6,000) above the regular IRS
annual limit for the year.
Q. How will my plan account be invested?
You have the right to direct the investments within your plan account. The way contributions are invested in your
account is referred to as your "investment allocation".
You can elect or change how your contributions and existing assets are invested as well as obtain information on the
other investment alternatives available under the plan by contacting your plan service provider, Transamerica
Retirement Solutions. Any such election or change by you, whether by making a transfer, or submitting a new
investment allocation, will be considered an affirmative investment election.
Fresno County Economic Opportunities Commission d/b/a Fresno Economic Opportunities Commission has chosen the
default investment alternative as a qualified default investment alternative (QDIA) in accordance with the legal
requirements under section 404(c)(5) of ERISA. This means that even though you did not elect to invest in the QDIA,
the plan fiduciary should not be liable for any investment losses. This relief from liability applies whether or not the
plan is intended to be a 404(c) plan. You have the right to transfer your investment in the default investment
alternative to any other available investment alternative under the plan by contacting your plan service provider,
Transamerica Retirement Solutions. Therefore, unless you choose otherwise, your account will be invested in the QDIA,
T. Rowe Price Target Date Funds, which is a group of single target date funds; one will be chosen based on your
assumed retirement age of 65.
Fund Family Name
T. Rowe Price Retirement 2020
T. Rowe Price Retirement 2025
T. Rowe Price Retirement 2030
T. Rowe Price Retirement 2035
T. Rowe Price Retirement 2040
T. Rowe Price Retirement 2045
T. Rowe Price Retirement 2050
T. Rowe Price Retirement 2055
Year in Which You Turn 65
2022 or earlier
from 2023 to 2027
from 2028 to 2032
from 2033 to 2037
from 2038 to 2042
from 2043 to 2047
from 2048 to 2052
2053 or later
Target Date Funds: These options generally invest in a mix of stocks, bonds, cash equivalents, and potentially other
asset classes, either directly or via underlying investments, and may be subject to all of the risks of these asset classes.
The allocations become more conservative over time: The percentage of assets allocated to stocks will decrease while
the percentage allocated to bonds will increase as the target date approaches. The higher the allocation is to stocks, the
greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date.
For more information about the plan default investment, additional details and individual fund profiles are available on
your plan website at eocretirement.trsretire.com.
2
0
Q. When will my plan account be vested?
Vesting refers to your "ownership" of your account—the portion to which you are entitled even if you leave the plan.
You are always 100% vested in your own contributions plus any earnings on them (including any rollover or transfer
contributions you have made).
For more information on any registered fund, please call 800-755-5801 for a free summary prospectus (if available)
and/or prospectus. You should consider the objectives, risks, charges, and expenses of an investment carefully
before investing. The summary prospectus and prospectus contain this and other information. Read them carefully
before you invest.
Securities offered by Transamerica Investors Securities Corporation (TISC), 440 Mamaroneck Avenue, Harrison, NY
10528. Fresno County Economic Opportunities Commission d/b/a Fresno Economic Opportunities Commission has
selected Transamerica Retirement Solutions (Transamerica) as your retirement plan provider, but there are no other
affiliations between Fresno County Economic Opportunities Commission d/b/a Fresno Economic Opportunities
Commission and Transamerica or its affiliate, TISC.
If you have any questions about how the plan works or your rights and obligations under the plan, please call 800-7555801. We can also assist in providing you a copy of your Summary Plan Description.
Si necesita aclaraciones en español, llame al número gratuito de Transamerica 1-800-755-5801, diga "Español" para
continuar en su idioma. Después de suministrar su información, inmediatamente diga "Servicio al cliente" y uno de
nuestros representantes contestará sus preguntas.
Produced 02/16 PT-13162
© 2014 Transamerica Retirement Solutions, LLC.
PRIVACY NOTICE
Information Only - No Response Required
At Transamerica Retirement Solutions, protecting your privacy is very important to us. We want you to understand what
information we collect and how we use it. We collect and use "nonpublic personal information" in order to provide our
customers with a broad range of financial products and services. We treat nonpublic personal information of our
customers and former customers with the utmost respect and in accordance with our Privacy Notice.
What information is collected, and from whom is it collected?
We may collect nonpublic personal information about you from the following sources:
•
Information we receive from you on applications or other forms;
•
Information about your transactions with us, our affiliates, or others; and
•
Information we receive from non-affiliated third parties.
"Nonpublic personal information" is nonpublic information about you that we obtain in connection with providing
a financial product or service to you. This information may be collected in person, by mail, fax, or by other
electronic means.
What information is disclosed, and to whom is it disclosed?
We do not disclose any nonpublic personal information about you to anyone, except as permitted by law. For example,
we may disclose all of the nonpublic personal information we collect, as described above, to affiliates and non-affiliated
third parties that perform services on our behalf, to other financial institutions with which we have joint marketing
agreements, and to law enforcement or other governmental authority to prevent or prosecute fraud or other unlawful
activities.
Our affiliates are companies with which we share common ownership and which offer life and health insurance and
pension and savings products. When you are no longer our customer, we continue to share your information as described
in this Privacy Notice.
How can you verify the accuracy of information we collect?
Keeping your information accurate and up to date is very important to us. You have reasonable access to your nonpublic
personal information. If you believe the information we collected about you is inaccurate, you may request that we
amend, correct or delete it. Your request will be verified with the persons or companies from whom we obtained the
information.
What are our security procedures?
We restrict access to your nonpublic personal information to persons who need access to it in order to do their jobs or to
provide products or services to you. We train our workforce in the proper handling of personal information. In addition,
we maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information.
To which companies does this notice apply?
This Notice applies to Transamerica Retirement Solutions, LLC, Transamerica Retirement Advisors, LLC, Transamerica
Retirement Insurance Agency, LLC, and Transamerica Investors Securities Corporation.
7234 (1/16)
NOTIFICACIÓN DE PRIVACIDAD
Únicamente Para su Información: No Requiere Respuesta
Para nosotros en Transamerica Retirement Solutions, es muy importante proteger su privacidad. Queremos que
conozca qué información colectamos y cómo la empleamos. Colectamos y empleamos “información personal
no pública” para proporcionar a nuestros clientes una amplia variedad de productos y servicios financieros.
Tratamos esta información personal no pública de nuestros clientes actuales y antiguos con el máximo respeto,
de acuerdo con nuestra Notificación de Privacidad.
¿Qué información es colectada y de quién se colecta?
Es posible que colectemos su información personal no pública de las siguientes fuentes:
•
Información que recibimos de usted en nuestras solicitudes o en otros formularios;
•
Información sobre sus transacciones con nosotros, nuestros afiliados, u otros; e
•
Información que recibimos de terceros no afiliados.
"Información personal no pública" es información no pública sobre usted que obtenemos en el proceso de
proveerle con un producto o servicio financiero. Esta información puede ser colectada en persona, por
correo, fax o por otros medios electrónicos.
¿Qué información es revelada y a quién se revela?
No revelamos ninguna información personal no pública sobre usted a nadie, salvo según sea permitido por la
ley. Por ejemplo, podríamos revelar toda la información personal no pública que colectamos, según lo descrito
arriba, a afiliados y terceros no afiliados que desempeñan servicios para nosotros, a otras instituciones financieras
con las cuales tenemos acuerdos conjuntos de marketing, y a los organismos de la seguridad u otra autoridad
gubernamental para prevenir o perseguir casos de fraude u otras actividades ilegales.
Nuestros afiliados son compañías con las cuales compartimos propiedad común, y que ofrecen seguros de vida
y de salud, además de productos de pensiones y ahorros. Cuando usted ya no sea nuestro cliente, continuamos
compartiendo su información según lo descrito en esta Notificación de Privacidad.
¿Cómo puede verificar la precisión de la información que colectamos?
A nosotros nos importa mucho el mantenimiento preciso y actualizado de su información. Usted tiene acceso
razonable a su información personal no pública. Si usted cree que la información que colectamos sobre usted no
está correcta, usted puede solicitar que la enmendemos, corrijamos o borremos. Su solicitud será verificada con
las personas o compañías de quien obteníamos la información.
¿Cuáles son nuestros procedimientos de seguridad?
Restringimos el acceso a su información personal no pública a personas que necesitan tener acceso a ella para
desempeñar su trabajo o para proveerle a usted con productos o servicios. Entrenamos a nuestra fuerza laboral
en el manejo apropiado de la información personal. Además, mantenemos protecciones físicas, electrónicas y de
procedimiento para resguardar su información personal no pública.
¿A cuáles compañías aplica esta notificación?
Esta Notificación aplica a Transamerica Retirement Solutions, LCC, Transamerica Retirement Advisors, LLC,
Transamerica Retirement Insurance Agency, LLC, y Transamerica Investors Securities Corporation (TISC).
7234-S (1/16)