Taking Your Required Minimum Distributions

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Taking Your Required

Minimum Distributions

A Guide for Retirement Account

Owners and Beneficiaries

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Most people are required to start withdrawing from IRAs and other tax-deferred retirement accounts by age 70½. The withdrawal—called a Required Minimum Distribution (RMD)—must meet or exceed a specific dollar amount each year as determined by an IRS formula. (Note: RMD requirements do not apply to Roth IRA owners, but do apply to Roth IRA beneficiaries maintaining Inherited Roth IRAs.)

Tax laws generally require that you take your RMD each year beginning with the year you turn 70½ (or, for plans other than IRAs, the year you retire¹, if later). While distributions may be taken anytime during the distribution calendar year, the IRS allows you until April 1 of the year following the year you turn 70½ (or the year you retire, if applicable) to take your first year’s RMD. This date is re- ferred to as your Required Beginning Date. If you choose to delay receiving your first year’s RMD until the next calendar year, you must take two years worth of RMDs in that same year—your first year’s RMD by April 1 and your second year’s RMD by December 31. For all subsequent years, you must take your RMD by December 31 of each year. It can be costly if you don’t meet IRS requirements for taking RMDs. You could be subject to a 50% federal tax penalty on amounts that you should have, but did not, receive.

1 A delayed required beginning date does not apply to business owners who own 5% or more of the business sponsoring the plan. Consult a qualified tax advisor for additional information.

RMD Tip #1

If you are a participant under a 403(b) plan or an employer sponsored plan (and you are not a business owner who owns 5% or more of the business sponsoring the plan), your first distribution year for which you must take an RMD is the later of the year in which you reach age 70½ or retire.

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Most people are required to start withdrawing from IRAs and other tax-deferred retirement accounts by age 70½. The withdrawal—called a Required Minimum Distribution (RMD)—must meet or exceed a specific dollar amount each year as determined by an IRS formula. (Note: RMD requirements do not apply to Roth IRA owners, but do apply to Roth IRA beneficiaries maintaining Inherited Roth IRAs.)

Tax laws generally require that you take your RMD each year beginning with the year you turn 70½ (or, for plans other than IRAs, the year you retire¹, if later). While distributions may be taken anytime during the distribution calendar year, the IRS allows you until April 1 of the year following the year you turn 70½ (or the year you retire, if applicable) to take your first year’s RMD. This date is re- ferred to as your Required Beginning Date. If you choose to delay receiving your first year’s RMD until the next calendar year, you must take two years worth of RMDs in that same year—your first year’s RMD by April 1 and your second year’s RMD by December 31. For all subsequent years, you must take your RMD by December 31 of each year. It can be costly if you don’t meet IRS requirements for taking RMDs. You could be subject to a 50% federal tax penalty on amounts that you should have, but did not, receive.

1 A delayed required beginning date does not apply to business owners who own 5% or more of the business sponsoring the plan. Consult a qualified tax advisor for additional information.

RMD Tip #1

If you are a participant under a 403(b) plan or an employer sponsored plan (and you are not a business owner who owns 5% or more of the business sponsoring the plan), your first distribution year for which you must take an RMD is the later of the year in which you reach age 70½ or retire.

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The Calculation Formula to

Determine Your RMD

Uniform Lifetime Table (IRS Table III)

Age Factor Age Factor

70 27.4 93 9.6

71 26.5 94 9.1

72 25.6 95 8.6

73 24.7 96 8.1

74 23.8 97 7.6

75 22.9 98 7.1

76 22.0 99 6.7

77 21.2 100 6.3

78 20.3 101 5.9

79 19.5 102 5.5

80 18.7 103 5.2

81 17.9 104 4.9

82 17.1 105 4.5

83 16.3 106 4.2

84 15.5 107 3.9

85 14.8 108 3.7

86 14.1 109 3.4

87 13.4 110 3.1

88 12.7 111 2.9

89 12.0 112 2.6

90 11.4 113 2.4

91 10.8 114 2.1

92 10.2 115+ 1.9

1 Check your year-end retirement statement for your December 31 balance. If you hold multiple retirement accounts, see Questions and Answers on pages 10-12.

December 31 balance¹ Your factor from the Uniform Lifetime Table

= Your RMD

How Your Required Minimum

Distribution Is Calculated

Simply stated, your RMD amount is calculated by dividing your December 31 account value by a life expectancy factor. For most account owners the factor is taken from the Uniform Lifetime Table, (IRS Table III), unless an exception applies. (See RMD Tip #2 for the exception.) For example: The December 31, 2013 value of your retirement account is $100,000. You attain age 70 in 2014 (your 70½ year), so the life expectancy factor according to the Uniform Lifetime Table is 27.4. As a result, the minimum amount you must withdraw for your 2014 RMD is

$3,649.64 ($100,000 ÷ 27.4 = $3,649.64).

Note:

• If you attained age 71 in 2014, your life expectancy factor according to the Uniform Lifetime Table is 26.5 years.

• For IRAs, your December 31 account value may have to be adjusted if you have any outstanding rollovers, transfers, or recharacterized conversions. Please contact your investment professional or Pioneer’s Retirement Plans Account Information line for additional information.

RMD Tip #2

If your spouse is more than 10 years younger than you and you name him or her as your sole beneficiary, use the Joint Life and Last Survivor Expectancy Table (Table II) to calculate your RMD. The Joint Life and Survivor Expectancy Table can be found in IRS Publication 590, or call Pioneer for further assistance.

RMD Tip #3

A non-spouse beneficiary may directly roll inherited assets from a qualified plan, 403(b) arrangements or governmental 457(b) plan to an Inherited IRA. Distributions are then required to be taken from the IRA, when applicable. Also, a non-spouse beneficiary may transfer from one Inherited IRA to another Inherited IRA. Contact your financial advisor or Pioneer for more information.

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The Calculation Formula to

Determine Your RMD

Uniform Lifetime Table (IRS Table III)

Age Factor Age Factor

70 27.4 93 9.6

71 26.5 94 9.1

72 25.6 95 8.6

73 24.7 96 8.1

74 23.8 97 7.6

75 22.9 98 7.1

76 22.0 99 6.7

77 21.2 100 6.3

78 20.3 101 5.9

79 19.5 102 5.5

80 18.7 103 5.2

81 17.9 104 4.9

82 17.1 105 4.5

83 16.3 106 4.2

84 15.5 107 3.9

85 14.8 108 3.7

86 14.1 109 3.4

87 13.4 110 3.1

88 12.7 111 2.9

89 12.0 112 2.6

90 11.4 113 2.4

91 10.8 114 2.1

92 10.2 115+ 1.9

1 Check your year-end retirement statement for your December 31 balance. If you hold multiple retirement accounts, see Questions and Answers on pages 10-12.

December 31 balance¹ Your factor from the Uniform Lifetime Table

= Your RMD

How Your Required Minimum

Distribution Is Calculated

Simply stated, your RMD amount is calculated by dividing your December 31 account value by a life expectancy factor. For most account owners the factor is taken from the Uniform Lifetime Table, (IRS Table III), unless an exception applies. (See RMD Tip #2 for the exception.) For example: The December 31, 2013 value of your retirement account is $100,000. You attain age 70 in 2014 (your 70½ year), so the life expectancy factor according to the Uniform Lifetime Table is 27.4. As a result, the minimum amount you must withdraw for your 2014 RMD is

$3,649.64 ($100,000 ÷ 27.4 = $3,649.64).

Note:

• If you attained age 71 in 2014, your life expectancy factor according to the Uniform Lifetime Table is 26.5 years.

• For IRAs, your December 31 account value may have to be adjusted if you have any outstanding rollovers, transfers, or recharacterized conversions. Please contact your investment professional or Pioneer’s Retirement Plans Account Information line for additional information.

RMD Tip #2

If your spouse is more than 10 years younger than you and you name him or her as your sole beneficiary, use the Joint Life and Last Survivor Expectancy Table (Table II) to calculate your RMD. The Joint Life and Survivor Expectancy Table can be found in IRS Publication 590, or call Pioneer for further assistance.

RMD Tip #3

A non-spouse beneficiary may directly roll inherited assets from a qualified plan, 403(b) arrangements or governmental 457(b) plan to an Inherited IRA. Distributions are then required to be taken from the IRA, when applicable. Also, a non-spouse beneficiary may transfer from one Inherited IRA to another Inherited IRA. Contact your financial advisor or Pioneer for more information.

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Required Minimum Distribution Rules

for Your Beneficiaries

Beneficiaries who inherit your retirement plan account must take Required Minimum Distributions. The payout options that are available to your beneficiaries depend on two factors: 1. Whether you die before, on or after your Required Beginning Date

2. The IRA owner’s relationship to the beneficiary (spouse, non-spouse, or other entity)

The following tables illustrate the payout options your beneficiaries have, depending on whether death occurs before or after your Required Beginning Date.

Death Before Your Required Beginning Date

Beneficiary Beneficiary Options Deadlines

Spouse • Rollover (or transfer, if applicable) to IRA in surviving spouse’s name.

• Take payouts from inherited IRA based on surviving spouse beneficiary’s own life expectancy.¹

• Deplete account in 5 years.

• Rollover at any time.²

• Payouts must begin in the later of the year following the account owner’s death or in the year the deceased account owner would have reached 70½.³

• Distribute entire account by December 31 of the fifth anniversary year of the account owner’s death.

Children, grandchildren or other individuals

• Take payouts based on beneficiary’s life expectancy.⁴

Note: Non-spouse beneficiaries may directly roll inher- ited assets from a qualified plans, 403(b) arrangements or governmental 457(b) plans to an inherited IRA. Distributions are then required to be take distributions from the Inherited IRA, when applicable.⁵

• Payouts must begin by December 31 of the year following account owner’s death.

Other Entity (Estate, Charity or Trust⁶)

• Deplete account in 5 years. • Distribute entire account by December 31 of the fifth anniversary year of the plan owner’s death.

1 If spouse is not the sole beneficiary, and the account is not split by the required deadline, payouts are generally based on the oldest beneficiary’s life expectancy.

2 Amounts attributable to RMD (including any undistributed amounts from previous years) are not eligible to be rolled over.

3 If spouse is not the sole beneficiary, payouts must begin in year following the year of the account owner’s death.

4 If there are multiple beneficiaries and the account is not split by the required deadline, payout for all beneficiaries will be based on the oldest beneficiary’s life expectancy.

5 Conservatively complete the direct rollover by December 31 of the year following the death of the account owner to ensure the availability of the life expectancy payout option in the Inherited IRA. Otherwise, 5-year rule may apply to Inherited IRA.

6 Certain qualified trusts may have different beneficiary distribution options. Please contact your investment professional for additional information. Also, for qualified plans, 403(b) arrangements, and governmental 457(b) plans, a trust beneficiary may be eligible to directly rollover to an Inherited IRA.

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Required Minimum Distribution Rules

for Your Beneficiaries

Beneficiaries who inherit your retirement plan account must take Required Minimum Distributions. The payout options that are available to your beneficiaries depend on two factors: 1. Whether you die before, on or after your Required Beginning Date

2. The IRA owner’s relationship to the beneficiary (spouse, non-spouse, or other entity)

The following tables illustrate the payout options your beneficiaries have, depending on whether death occurs before or after your Required Beginning Date.

Death Before Your Required Beginning Date

Spouse • Rollover (or transfer, if applicable) to IRA in surviving spouse’s name.

• Take payouts from inherited IRA based on surviving spouse beneficiary’s own life expectancy.¹

• Payouts must begin in the later of the year following the account owner’s death or in the year the deceased account owner would have reached 70½.³

• Take payouts based on beneficiary’s life expectancy.⁴

Note: Non-spouse beneficiaries may directly roll inher- ited assets from a qualified plans, 403(b) arrangements or governmental 457(b) plans to an inherited IRA. Distributions are then required to be take distributions from the Inherited IRA, when applicable.⁵

• Payouts must begin by December 31 of the year following account owner’s death.

Other Entity (Estate, Charity or Trust⁶)

• Deplete account in 5 years. • Distribute entire account by December 31 of the fifth anniversary year of the plan owner’s death.

1 If spouse is not the sole beneficiary, and the account is not split by the required deadline, payouts are generally based on the oldest beneficiary’s life expectancy.

2 Amounts attributable to RMD (including any undistributed amounts from previous years) are not eligible to be rolled over.

3 If spouse is not the sole beneficiary, payouts must begin in year following the year of the account owner’s death.

4 If there are multiple beneficiaries and the account is not split by the required deadline, payout for all beneficiaries will be based on the oldest beneficiary’s life expectancy.

5 Conservatively complete the direct rollover by December 31 of the year following the death of the account owner to ensure the availability of the life expectancy payout option in the Inherited IRA. Otherwise, 5-year rule may apply to Inherited IRA.

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Death On or After Your Required Beginning Date

Spouse • Rollover to IRA in surviving spouse’s name (or transfer, if applicable).

• Take payouts from Inherited IRA based on life expectancy¹

• Payouts must begin in the year following the year of the account owner’s death.³

Note: Nonspouse beneficiaries may directly roll inher- ited assets from qualified plans, 403(b) arrangements or governmental 457(b) plans to an inherited IRA. Distributions are then required to take distributions from the Inherited IRA, when applicable.⁵

• Payouts must begin in the the year following the year of the account owner’s death.³

Other Entity (Estate, Charity or Trust⁴)

• Take payouts from Inherited IRA based on the account owner’s life expectancy.¹

• Payouts begin in the year following the year of the account owner’s death.³

1 The beneficiary’s life expectancy payments are based on the single life expectancy of the beneficiary, another beneficiary or the deceased account owner. Please contact your investment professional or Pioneer’s Retirement Plans Account Information line for additional information.

2 Amounts attributable to RMD (including any undistributed amounts from previous years) are not eligible to be rolled over.

3 The RMD for the year of death must be taken by the beneficiary if not fulfilled by the account owner in the year of death.

5 Direct the rollover at any time. Amounts attributable to RMD (including any undistributed amounts from previous years) are not eligible to be rolled over. Beneficiaries will be subject to required distributions in the Inherited IRA, when applicable.

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Death On or After Your Required Beginning Date

Spouse • Rollover to IRA in surviving spouse’s name (or transfer, if applicable).

• Payouts must begin in the year following the year of the account owner’s death.³

Note: Nonspouse beneficiaries may directly roll inher- ited assets from qualified plans, 403(b) arrangements or governmental 457(b) plans to an inherited IRA. Distributions are then required to take distributions from the Inherited IRA, when applicable.⁵

• Payouts must begin in the the year following the year of the account owner’s death.³

Other Entity (Estate, Charity or Trust⁴)

• Take payouts from Inherited IRA based on the account owner’s life expectancy.¹

• Payouts begin in the year following the year of the account owner’s death.³

1 The beneficiary’s life expectancy payments are based on the single life expectancy of the beneficiary, another beneficiary or the deceased account owner. Please contact your investment professional or Pioneer’s Retirement Plans Account Information line for additional information.

2 Amounts attributable to RMD (including any undistributed amounts from previous years) are not eligible to be rolled over.

3 The RMD for the year of death must be taken by the beneficiary if not fulfilled by the account owner in the year of death.

5 Direct the rollover at any time. Amounts attributable to RMD (including any undistributed amounts from previous years) are not eligible to be rolled over. Beneficiaries will be subject to required distributions in the Inherited IRA, when applicable.

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RMD Tip #4

Make sure you review your beneficiary designations on a regular basis. If your circumstances change you can update your beneficiary designation to reflect those changes. Talk to your investment profes- sional or call Pioneer for more information.

RMD Tip #5

Your beneficiaries will want to be aware that December 31 of the year following the year of your death is an important date. Splitting the IRA into separate accounts by that date will minimize required distribu- tions and stretch the payouts thereby maximizing the tax-deferral.

Your RMD and Your Choice of Beneficiary

During your lifetime, you can name anyone as your beneficiary, including your spouse, your children or other individuals. You also can name an entity such as a charity, trust or your estate as your beneficiary. With the exception of a spouse who is more than 10 years younger (see RMD Tip #2 on page 3), your beneficiary designation has no impact on how quickly your retirement plan must be paid out during your lifetime. After your beneficiary inherits your account, however, whom you designated as beneficiary determines how quickly the assets must be paid out. By naming younger beneficiaries, such as children or grandchildren, you can potentially stretch the tax-deferral of your retirement assets over decades.

This stretching is possible because the IRS rules generally al- low beneficiaries to use their own individual life expectancies for calculating their payouts after they inherit your retirement plan. Keep in mind that your beneficiaries can always take more than the RMD, just as you can during your lifetime. If you are designating a beneficiary other than an individual, special requirements may apply. Please contact your investment professional or Pioneer’s Retirement Plans Account Information line at 1-800-622-0176 to request more information.

Multiple Beneficiaries Named:

Establishing Separate Accounts for

Each Beneficiary

If you have named multiple beneficiaries on your retirement account, your beneficiaries should be aware that December 31 of the year following the year of your death is an important date. If your account is split into separate accounts by December 31 of the year following the year of your death, each beneficiary can take his or her RMD based on his or her own individual life expectancy.

For example, if you named two beneficiaries on your account– your son, age 49 and grandson, age 10–each could use his own life expectancy if the account is split by the deadline. For your grandson, this means potentially stretching his life expectancy payouts for nearly 73 years, versus taking them out over your son’s life expectancy of only 35 years.

If the beneficiaries do not split the account by this deadline, the life expectancy of your oldest beneficiary must be used as the factor in the payout calculation for all your beneficiaries (see RMD Tip #5 above).

Also, your beneficiaries want to be aware that the presence of a charity, estate, certain trusts, or any other entity as one of your primary beneficiaries may limit the payout options available to your other beneficiaries if the beneficiaries do not split the account into separate accounts by the December 31 of the year following your death.

Your beneficiaries will also want to be aware that the penalty for not taking out an RMD each year is 50% of the amount that is under-withdrawn. This is the same penalty that applies to you during your lifetime. Your beneficiaries will want to work with their investment professional and Pioneer to make sure they understand how to take their RMD each year. RMD Tip

#4

Make sure you review your beneficiar y designations on a regular

basis. If your cir cumstances change you can update your beneficiar

y vestment profes- Talk to your in designation to reflect those changes.

sional or call Pioneer for more information.

RMD Tip

#5

Your beneficiaries will w ant to be aware that December 31 of the year

following the year of your death is an important date. Splitting the IRA

into separate accounts b y that date will minimize required distribu-

tions and stretch the payouts thereb y maximizing the tax-deferral.

Your RMD and

Your Choice of Beneficiar

y

Dur ing your lif etime, you can name an yone as y

our benefi -

ciary, including y our spouse,

your c hildren o

r other indi vid u-

als. Y ou also can name an ent

ity s uch as a c harit

y, t rust o r your

estate as y our beneficiar

y. W ith the exc

ept ion o f a sp ouse who

is more than 10 y ears y

ounger (se e RMD Tip #2 o

n page 3),

your b eneficiar y desig

natio n has no impact o

n how q uickl y

your r etir eme nt plan must b

e paid out d uring y our lifet

ime.

Aft er y our beneficiar y inherits y

our acc ount, ho wev er, w hom

you d esignat ed as b eneficiar y det

ermines ho w quic

kly the as -

sets m ust be paid ou

t. B y naming young

er b eneficiar ies, suc

h

as childr en o r grand childr en, you can p otent

ially st ret ch the

tax-def err al of y our ret ireme nt assets o

ver d eca des.

This st ret ching is p ossible b

ecause the IRS r ules gene

ral ly al -

low b eneficiar ies to use the

ir ow n individ ual life e

xpec tancies

for calculat ing their pa

you ts after the y inherit y

our ret ireme nt

plan. K eep in mind that y our beneficiar

ies can alwa ys tak e

more than the RMD , just as y

ou can dur ing your lif etime.

If y ou are d esignat ing a beneficiar

y other than an indi vid

ual,

special r equir eme nts may ap

ply. Please conta

ct y our invest -

ment p rof essional o r Pione

er’s R etir eme nt Plans A

ccount

Inf ormat ion line at 1-800-622-0176 t o req

uest more

infor matio n.

Multiple Beneficiaries Named:

Establishing Separate Accounts for

Each Beneficiary

If y ou have name d mult

iple beneficiar ies on y

our ret ireme nt

acc ount, y our beneficiar ies should be a

ware that D ece

mber 31

of the y ear fol

low ing the year o

f y our death is an imp ortant

date. If y our acc ount is split into se

parat e acc ounts by

Dec emb er 31 o f the y ear fol

low ing the year o

f y our death,

each b eneficiar y can take his o

r her RMD base d on his o

r

her o wn indi vid ual life e xpec tancy.

For e xample, if

you name d two b

eneficiar ies on y

our acc ount–

your so n, ag e 49 and grandso

n, ag e 10–each c

ould use his ow n

life e xpec tancy if the a

ccount is split b y the dea

dline. For y our

grandso n, this means p

otent ially st ret ching his lif e exp

ectancy

payou ts for near ly 73 y ears,

ver sus taking the m out o

ver y our

son’ s life e xpec tancy of o

nly 35 y ears.

If the b eneficiar ies do not split the a

ccount b y this dea

dline,

the life e xpec tancy of y

our oldest b eneficiar y must b

e used as

the fact or in the pa you

t calculatio n for al l your b eneficiar ies

(see RMD T ip #5 abov

e).

Also , y our beneficiar ies want to b

e awar e that the prese

nce o f a

char ity, estate, cer tain trusts, or an y other e

ntit y as one o f y our

primar y beneficiar

ies may limit the pa you

t opt ions a vailab le

to y our other b

eneficiar ies if the b

eneficiar ies do not split the

acc ount into se

parat e acc ounts by the D

ece mber 31 o f the y ear

fol low ing your d eath.

Y our b eneficiar ies will also want t

o be a ware that the p enalt

y

for not taking ou t an RMD each y

ear is 50% of the amount

that is under -withdr aw n. T his is the same penalt

y that applies

to y ou dur ing your lif etime. Your b eneficiar ies will want t

o

wor k with the ir invest

ment p rof essional and Pio neer t

o make

sur e they und erstand ho w to tak

e their RMD ea ch y

ear.

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RMD Tip #4

Make sure you review your beneficiary designations on a regular basis. If your circumstances change you can update your beneficiary designation to reflect those changes. Talk to your investment profes- sional or call Pioneer for more information.

RMD Tip #5

Your beneficiaries will want to be aware that December 31 of the year following the year of your death is an important date. Splitting the IRA into separate accounts by that date will minimize required distribu- tions and stretch the payouts thereby maximizing the tax-deferral.

Your RMD and Your Choice of Beneficiary

During your lifetime, you can name anyone as your beneficiary, including your spouse, your children or other individuals. You also can name an entity such as a charity, trust or your estate as your beneficiary. With the exception of a spouse who is more than 10 years younger (see RMD Tip #2 on page 3), your beneficiary designation has no impact on how quickly your retirement plan must be paid out during your lifetime. After your beneficiary inherits your account, however, whom you designated as beneficiary determines how quickly the assets must be paid out. By naming younger beneficiaries, such as children or grandchildren, you can potentially stretch the tax-deferral of your retirement assets over decades.

This stretching is possible because the IRS rules generally al- low beneficiaries to use their own individual life expectancies for calculating their payouts after they inherit your retirement plan. Keep in mind that your beneficiaries can always take more than the RMD, just as you can during your lifetime. If you are designating a beneficiary other than an individual, special requirements may apply. Please contact your investment professional or Pioneer’s Retirement Plans Account Information line at 1-800-622-0176 to request more information.

Multiple Beneficiaries Named:

Establishing Separate Accounts for

Each Beneficiary

If you have named multiple beneficiaries on your retirement account, your beneficiaries should be aware that December 31 of the year following the year of your death is an important date. If your account is split into separate accounts by December 31 of the year following the year of your death, each beneficiary can take his or her RMD based on his or her own individual life expectancy.

For example, if you named two beneficiaries on your account– your son, age 49 and grandson, age 10–each could use his own life expectancy if the account is split by the deadline. For your grandson, this means potentially stretching his life expectancy payouts for nearly 73 years, versus taking them out over your son’s life expectancy of only 35 years.

If the beneficiaries do not split the account by this deadline, the life expectancy of your oldest beneficiary must be used as the factor in the payout calculation for all your beneficiaries (see RMD Tip #5 above).

Also, your beneficiaries want to be aware that the presence of a charity, estate, certain trusts, or any other entity as one of your primary beneficiaries may limit the payout options available to your other beneficiaries if the beneficiaries do not split the account into separate accounts by the December 31 of the year following your death.

Your beneficiaries will also want to be aware that the penalty for not taking out an RMD each year is 50% of the amount that is under-withdrawn. This is the same penalty that applies to you during your lifetime. Your beneficiaries will want to work with their investment professional and Pioneer to make sure they understand how to take their RMD each year.

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Questions & Answers

Q. Will Pioneer help me determine my Required Minimum Distribution (RMD)?

A. Yes. Pioneer, together with your tax professional, can help you determine your RMD for the assets that are held in Pioneer retirement plans, including Pioneer IRAs and 403(b) accounts.

Q. Will my RMD be reported to the IRS?

A. Yes. Each year, Pioneer sends the IRS information regarding the amount of the annual distribution taken from your Pioneer retirement account(s). For IRAs, Pioneer also reports to the IRS that you are required to take a distribution.

Q. How do I handle my RMD if I have multiple retirement accounts? A. The RMD is calculated separately for each IRA that you

maintain. However, the required distribution may be taken from any one or more of your IRAs, regardless of where the assets are actually invested. The same rule applies to 403(b) custodial accounts. However, if you hold both types of accounts, distributions taken from your IRAs will not satisfy the annual distribution requirements from your 403(b) accounts and vice versa. RMDs from all other types of retirement plans must be calculated separately and the distributions taken from the respective plans.

Q. Must I stop making contributions to my retirement plan(s) when I turn 70½?

A. You can no longer make contributions to your traditional IRA for the years beginning with the year in which you turn 70½ years of age. If you participate in other types of retirement plans, such as 401(k) and profit sharing plans, SEP and SIMPLE IRAs, you may still be eligible to make contributions (pursuant to the plans’ eligibility requirements).

Roth IRAs do not have a maximum age requirement. You may be able to contribute to a Roth IRA, provided that you have earned income (and it does not exceed certain limits). Refer to IRS Publication 590 or consult your qualified tax advisor for additional information.

Q. Can I roll over my RMD into a Roth IRA?

A. No. Your annual RMD from your traditional IRA or any other retirement plan may not be rolled over or

“converted” to a Roth IRA. However, after satisfying your RMD, you may convert the remaining portion of your traditional IRA assets to a Roth IRA. Converted assets would generally be subject to ordinary income taxes in the year of the conversion. Once converted, these assets would no longer be subject to the RMD rules for the remainder of your lifetime, and your assets could continue to grow on a tax-free basis. Benefi- ciaries of Roth IRAs maintained as an Inherited Roth IRA are subject to RMDs. We suggest that you contact your investment professional or qualified tax advisor before converting.

Q. Will the amount of my RMD change if I change my beneficiary or if my beneficiary dies?

A. Changing your beneficiary will generally not increase the amount of your RMD during your lifetime. If your primary beneficiary dies before you, and you have not already named a contingent or secondary beneficiary, make sure you update your beneficiary designation to ensure that your retirement account will be left according to your wishes.

Q. Who will receive my retirement account if I do not name a beneficiary?

A. Each retirement account has different default rules if you die without a named beneficiary. If you die without a named beneficiary, your Pioneer retirement plan automatically provides that your beneficiary will be your surviving spouse, if living; otherwise your retirement assets will go to your estate. Your estate as beneficiary may result in undesirable tax consequences for your heirs. Work with your investment professional and tax advisor to make sure that your retirement plan assets are considered in your overall estate plan. Q. Can my beneficiary disclaim some or all of my retirement ac-

count?

A. Generally, a beneficiary may disclaim the right to be considered a beneficiary, provided the disclaimer occurs within nine months of the plan owner’s death and satisfies certain other requirements. Check with your tax advisor for more information.

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Questions & Answers

Q. Will Pioneer help me determine my Required Minimum Distribution (RMD)?

A. Yes. Pioneer, together with your tax professional, can help you determine your RMD for the assets that are held in Pioneer retirement plans, including Pioneer IRAs and 403(b) accounts.

Q. Will my RMD be reported to the IRS?

A. Yes. Each year, Pioneer sends the IRS information regarding the amount of the annual distribution taken from your Pioneer retirement account(s). For IRAs, Pioneer also reports to the IRS that you are required to take a distribution.

Q. How do I handle my RMD if I have multiple retirement accounts? A. The RMD is calculated separately for each IRA that you

maintain. However, the required distribution may be taken from any one or more of your IRAs, regardless of where the assets are actually invested. The same rule applies to 403(b) custodial accounts. However, if you hold both types of accounts, distributions taken from your IRAs will not satisfy the annual distribution requirements from your 403(b) accounts and vice versa. RMDs from all other types of retirement plans must be calculated separately and the distributions taken from the respective plans.

Q. Must I stop making contributions to my retirement plan(s) when I turn 70½?

A. You can no longer make contributions to your traditional IRA for the years beginning with the year in which you turn 70½ years of age. If you participate in other types of retirement plans, such as 401(k) and profit sharing plans, SEP and SIMPLE IRAs, you may still be eligible to make contributions (pursuant to the plans’ eligibility requirements).

Roth IRAs do not have a maximum age requirement. You may be able to contribute to a Roth IRA, provided that you have earned income (and it does not exceed certain limits). Refer to IRS Publication 590 or consult your qualified tax advisor for additional information.

Q. Can I roll over my RMD into a Roth IRA?

A. No. Your annual RMD from your traditional IRA or any other retirement plan may not be rolled over or

“converted” to a Roth IRA. However, after satisfying your RMD, you may convert the remaining portion of your traditional IRA assets to a Roth IRA. Converted assets would generally be subject to ordinary income taxes in the year of the conversion. Once converted, these assets would no longer be subject to the RMD rules for the remainder of your lifetime, and your assets could continue to grow on a tax-free basis. Benefi- ciaries of Roth IRAs maintained as an Inherited Roth IRA are subject to RMDs. We suggest that you contact your investment professional or qualified tax advisor before converting.

Q. Will the amount of my RMD change if I change my beneficiary or if my beneficiary dies?

A. Changing your beneficiary will generally not increase the amount of your RMD during your lifetime. If your primary beneficiary dies before you, and you have not already named a contingent or secondary beneficiary, make sure you update your beneficiary designation to ensure that your retirement account will be left according to your wishes.

Q. Who will receive my retirement account if I do not name a beneficiary?

A. Each retirement account has different default rules if you die without a named beneficiary. If you die without a named beneficiary, your Pioneer retirement plan automatically provides that your beneficiary will be your surviving spouse, if living; otherwise your retirement assets will go to your estate. Your estate as beneficiary may result in undesirable tax consequences for your heirs. Work with your investment professional and tax advisor to make sure that your retirement plan assets are considered in your overall estate plan. Q. Can my beneficiary disclaim some or all of my retirement ac-

count?

A. Generally, a beneficiary may disclaim the right to be considered a beneficiary, provided the disclaimer occurs within nine months of the plan owner’s death and satisfies certain other requirements. Check with your tax advisor for more information.

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Please contact your investment professional or Pioneer’s Retirement Plans Account Information line at 1-800-622-0176 to request more information.

This brochure provides general information about RMDs and how Pioneer can help you comply with IRS requirements. It is not intended to provide you with specific tax or retirement planning advice.

We suggest you contact your tax professional or a qualified tax advisor before making any decisions about how and when to begin taking your RMD.

Investing in mutual funds involves significant risks; for complete information on the specific risks associated with each fund, please see the appropriate fund’s prospectus.

Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully.

Q. When must my beneficiary begin to take payments?

A. Generally, a beneficiary must begin receiving distributions no later than December 31 of the year following the plan owner’s death.

Q. Will my children or grandchildren be able to rollover to an Inherited IRA?

A. Yes. Non-spouse beneficiaries of qualified plans, 403(b) arrangements and governmental 457(b) plans are generally eligible to rollover directly from the inherited plan to an Inherited IRA. Additional restrictions may apply. Contact the plan administrator.

Q. Can my beneficiary also designate a beneficiary on the inherited IRA?

A. Yes. Beneficiaries of Pioneer’s inherited IRAs can name beneficiaries who can take the required distributions should the original beneficiary die before the account is completely paid out.

Q. How do I obtain the IRS publications mentioned in this guide? A. You may either call the IRS toll-free at 1-800-829-3676

or visit their website at: www.irs.gov.

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Please contact your investment professional or Pioneer’s Retirement Plans Account Information line at 1-800-622-0176 to request more information.

This brochure provides general information about RMDs and how Pioneer can help you comply with IRS requirements. It is not intended to provide you with specific tax or retirement planning advice.

We suggest you contact your tax professional or a qualified tax advisor before making any decisions about how and when to begin taking your RMD.

Investing in mutual funds involves significant risks; for complete information on the specific risks associated with each fund, please see the appropriate fund’s prospectus.

Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully.

Q. When must my beneficiary begin to take payments?

A. Generally, a beneficiary must begin receiving distributions no later than December 31 of the year following the plan owner’s death.

Q. Will my children or grandchildren be able to rollover to an Inherited IRA?

A. Yes. Non-spouse beneficiaries of qualified plans, 403(b) arrangements and governmental 457(b) plans are generally eligible to rollover directly from the inherited plan to an Inherited IRA. Additional restrictions may apply. Contact the plan administrator.

Q. Can my beneficiary also designate a beneficiary on the inherited IRA?

A. Yes. Beneficiaries of Pioneer’s inherited IRAs can name beneficiaries who can take the required distributions should the original beneficiary die before the account is completely paid out.

Q. How do I obtain the IRS publications mentioned in this guide? A. You may either call the IRS toll-free at 1-800-829-3676

or visit their website at: www.irs.gov.

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00109692 Underwriter of Pioneer mutual funds, Member SIPC