Investment Options Guide

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Investment Options Guide

for the

Partners HealthCare Retirement Savings Plans

Partners Community

Physicians Organization

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It’s a great time to be involved in your

Partners HealthCare Retirement Savings Plan.

We encourage you to use this guide as a resource to help you

make the best investment decisions for your future.

Welcome to your retirement savings plan! 3

Retirement Savings Plan Overview 4

If You Have Questions 5

How to enroll 6

STEP 1: Choosing your contribution type and amount 6

Which type of contribution is right for you?

How much should you contribute from each paycheck?

Designating your contribution type and amount

STEP 2: Choosing your investments 9

Tier 1: Easy Choice -- Vanguard Target Retirement Date Funds

Tier 2: Guided Choice -- Mutual Funds

Tier 3: Open Choice -- Fidelity BrokerageLink

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Account

Tier 4: Annuity Choice -- TIAA-CREF Funds

Making your investment fund elections in Fidelity NetBenefits

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STEP 3: Designating your beneficiaries 12

A note about fees 13

Frequently asked questions 14

Investment option descriptions 15

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Welcome to Your Retirement Savings Plan!

It is important to think about your total sources of income at retirement. Your income

when you retire is a function of how long your time frame is for saving, as well as how

much you save, in addition to other sources of income. Retirement income may come

from three major areas: employer-sponsored plans from your entire working career,

Social Security, and personal savings.

While it is important to begin early to save for your own retirement, it is also just as

important to know how to save. Studies indicate that proper asset allocations made

early on are at least as important as when you start to save for retirement. It is with

these thoughts in mind that the lineup design, utilizing the Vanguard Target Retirement

Date Funds as the automatic fund selection, was selected for your retirement savings

plan. These types of funds have become the industry standard across the retirement

plans of the nation’s leading employers.

You will find the offerings in this investment lineup to be plentiful, but not overwhelming.

They include selections from diverse funds, annuities, and the age-specific Vanguard

Target Retirement Date Funds. If you enroll and do not select an investment fund

option, the automatic selection of your Target Retirement Date Fund will ensure that you

are enrolled in an appropriate asset allocation specific to your projected retirement date.

We hope the guide will be a good tool to assist you in thinking about your financial

security at retirement.

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Retirement Savings Plans Overview

Here are a few things you should know about the plans:

The Partners HealthCare Retirement Savings Plans are Defined Contribution plans.

A “Defined Contribution” plan is a plan where an employee can elect to make contributions from

his or her paycheck to a retirement savings account set up by his or her employer.

o In most cases, your Defined Contribution Plan is a 403(b) plan, otherwise known as a

Tax-Sheltered Annuity (TSA). These plans are offered by not-for-profit organizations

such as hospitals.

o Some Partners HealthCare organizations offer a 401(k) Defined Contribution plan. While

this differs slightly from a 403(b) plan, all of the information in this guide applies equally

to your plan.

Throughout this guide, we will refer to your plan as a “retirement savings” plan.

Participation in your retirement savings plan is voluntary.

It is your choice whether to contribute to your retirement savings plan. However, we strongly

encourage you to take advantage of this effortless way to set aside the money you will need

when you retire. If you choose to participate, the plan will automatically take contributions from

each paycheck and direct them to the investments you have chosen. It is an easy way to save

toward your future!

Partners HealthCare offers a four-tier investment structure for your retirement savings.

You can choose from Vanguard Retirement Date Funds that rebalance automatically as you

approach your projected retirement date; “best in class” pre-screened mutual funds; a

brokerage window with more than 350 investment companies participating; or TIAA-CREF

annuities that offer you the assurance of a lifetime income in retirement. You pick whatever

options work best for you, based on your desired level of involvement.

Fidelity Investments provides administrative services for your retirement savings fund

lineup. You can use Fidelity’s NetBenefits

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online system to easily update your investment funds

(other than TIAA-CREF annuities), and to name your retirement savings plan beneficiaries.

Complete directions for enrolling in your retirement savings plan and investments are included in

this guide. Please refer to the websites listed on page 12 to designate your beneficiaries.

This guide provides an overview of your retirement savings

plan investment options. For more details on your

employer-paid retirement plans, see your benefits website.

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If you have questions

You can easily find answers through the following resources:

Fidelity Investments

Phone: To ask a question or schedule an individual session with a Fidelity Workplace Planning and

Guidance Consultant, call the Partners HealthCare Savings Plan Service Center at Fidelity

Investments at 1-855-999-1PHS (1747). Please bring your latest Fidelity statement (if you have one)

to consultant appointments.

Online: You can also schedule an appointment with a consultant, or view more information about

your plan options, at http://www.netbenefits.com/partners.

TIAA-CREF (annuities only)

Phone: Call 1-800-842-2776 to ask a question. To schedule an on-site individual session with a

TIAA-CREF representative, call 617-788-5906.

Online: You can also find information about annuities or scheduling an appointment with

TIAA-CREF at http://www.tiaa-cref.org.

The Partners Benefits Office

As always, your Benefits Office is here to help with your retirement savings questions.

Phone: 617-726-8133

Email: [email protected]

BWH Monthly-paid Professional Staff, Fellows, and Residents

Please contact the BWH Professional Staff Benefits Office.

Phone: 617-713-2259

Email:

BWPO Monthly-paid Professional Staff

Please contact the BWPO Professional Staff Benefits Office.

Phone: 617-582-1117

Email

MGH Monthly-paid Professional Staff, Fellows, and Residents

Please contact the MGH Professional Staff Benefits Office.

Last names A-G Last names H-O Last names P-Z

Susan Frain Linda Gulla Virginia Rosales, CEBS

617-726-9264 617-726-9266 617-724-9356

[email protected] [email protected] [email protected]

Partners Community Physicians Organization, Inc. Employees

Please contact the PCPO Benefits Office.

Phone:

781‐433‐3600 (press 0)

Partners Private Service Employees

Please contact your local Human Resources office

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How to Enroll

To participate in the Partners HealthCare retirement savings plan:

1. Choose your contribution type and amount in PeopleSoft Self Service, where

available, or through your local Human Resources Office.

2. Choose your investments in Fidelity NetBenefits

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.

3. Designate your retirement savings plan beneficiaries through Fidelity’s or

TIAA-CREF’s websites.

The following sections explain how to complete these steps.

Step One: Choosing Your Contribution Type and Amount

You will need to indicate the type of contribution you want to make from each paycheck, and the

amount, in the PeopleSoft online system. Before you log on to PeopleSoft to make your

selections, consider:

1. What type of contribution do you want to make?

Partners HealthCare offers two types of contributions for your retirement savings plan:

traditional (pre-tax) and Roth (after-tax). They differ by whether your contributions are taken

from each paycheck before taxes are deducted, or afterward:

 Traditional (pre-tax) contributions are deducted from each paycheck before taxes are

deducted. Because you use pre-tax dollars to fund your investments, you reduce the

amount of federal and state income taxes you pay now. Balances and their investment

earnings grow on a tax-deferred basis, and are taxable later when you take distributions.

 Roth contributions are deducted from the after-tax dollars in your paycheck -- so your

weekly take-home pay will be less than with traditional contributions if you choose this

option. However, while you pay income taxes now, which reduces your net pay, you will pay

no taxes later when you receive qualified distributions from your retirements savings plan.

You can select traditional (pre-tax) contributions, Roth (after-tax) contributions, or both, and may

change your contribution type at any time.

Which type of contribution is right for you?

In general.

 If you expect to be in a lower tax bracket in retirement than now, a traditional (pre-tax)

contribution may be the better choice.

 If you expect to be in the same tax bracket in retirement as now, a traditional (pre-tax)

contribution and a Roth (after-tax) contribution are about the same from a tax perspective.

 If you expect to be in a higher tax bracket in retirement than now, a Roth contribution

may make more sense, as you will not pay taxes on qualified distributions of earnings.

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Comparing your retirement savings plan contribution options

Traditional (pre-tax) Contribution Roth (after-tax)Contribution

Who is eligible? All employees can participate.

Are contributions taxable when

made? ^No ^Yes

Are contributions taxable when

distributed? ^Yes ^No

Are investment earnings

taxable when distributed? ^Yes

No, if a qualified distribution is made

at least five years after your first

contributions, AND attainment of

age 59 1/2, disability, or death.

Are there limits to how much I

can contribute?

Federal regulations limit the amount you can contribute to retirement

savings plans each year. These cost-of-living dollar limits are adjusted

annually and are communicated each year during Open Enrollment

following their release by the IRS.

How do I contribute funds? Through payroll deduction, either a % of pay or specified $ amount.

When can I take a distribution

from my account? Attainment of age 59 1/2, disability, death, separation from service.

When does the IRS 10% Penalty

Tax apply?

Applies to all distributions prior to

age 59 1/2, except for death,

disability, or retirement after age

55. Applies to distributions of

investment earnings only if prior to

age 59 1/2, except for death,

disability, or retirement after age 55.

Can I get a loan? Yes. Please contact your retirement savings plan provider (Fidelity or

TIAA-CREF) for more information.

Can I roll over my 403(b)/401(k)

plan account funds?

Yes, you can rollover to another

Traditional 401(k) or 403(b)

retirement savings plan, Traditional

IRA, or Roth IRA.

Yes, you can rollover to another

Roth 401(k) or 403(b) savings plan

or Roth IRA only.

2. How much should you contribute from each paycheck?

You may contribute a flat amount to your retirement savings plan from each paycheck (for example, $50

each pay period) or a percentage of each paycheck (for example, 10% of your pay each pay period).

If you choose to contribute a percentage of each

paycheck, as your salary increases, your

contribution will also increase automatically.

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Designating Your Contribution Type and Amount

Once you have decided on a contribution type and amount, you will need to enroll in your

retirement savings plan:

1. Visit PeopleSoft Self-Service at https://ibridge.partners.org. Log on to PeopleSoft

with your Partners username and password.

2. Go to: HRMS Production >

Main Menu > Self Service >

eBenefits > Savings Summary

3. On the Savings Summary screen,

click to select your contribution type

(traditional and/or Roth).

4. Indicate whether you wish to

contribute a percentage or flat

amount from each paycheck, and

how much you want to contribute per

paycheck.

5. Make sure to click “Submit” when

you are done.

You are now ready to move on to Step 2, selecting your investment funds, which you will do in

Fidelity’s NetBenefits

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online system.

Note: if you work for a Partners HealthCare

organization that does not have PeopleSoft, please

contact your local Human Resources Office to enroll.

Note: Your contributions will be directed to an age

appropriate Tier 1 Vanguard Target Retirement Date

Fund unless you choose a different investment

option in Fidelity NetBenefits

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.

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Step 2: Choosing Your Investments

Your savings plan has a four-tier investment structure that lets you manage risk by creating a

diverse investment portfolio to meet your goals. You simply select the tier, or tiers, of investments

you want, based on the level of involvement that feels most comfortable for you.

The four investment tiers, along with some details, are listed below. To review additional

information, including performance, on the available investment options, please visit

http://www.netbenefits.com/partners.

Tier 1 Tier 2 Tier 3 Tier 4

Easy Choice Guided Choice Open Choice Annuity Choice

Vanguard Target

Retirement Date Funds

5 “best-in-class” mutual

funds Fidelity BrokerageLink

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TIAA-CREF Annuities

TIER 1: Easy Choice

It's automatic!

Tier 1 Easy Choice funds may be a good choice if you want a diversified, low-cost retirement

portfolio that utilizes the expertise of professional investment managers.

The Easy Choice option contains Target Retirement Date Funds managed by Vanguard. Each fund

corresponds to a range of target retirement years, as shown in the table below, and automatically

rebalances between stocks and bonds to become more conservative as you approach your projected

retirement date. Many employees may find that this option works best for them.

Tier 1 Vanguard Funds serve as the default investment funds for Partners HealthCare’s retirement

savings plan. If you enroll in the retirement savings plan, but do not select an investment tier or tiers in

Fidelity NetBenefits

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, your future contributions will be invested in the Tier 1: Vanguard Target

Retirement Date Fund closest to your retirement date, based on your date of birth and assuming a

retirement age of 65 (see table below). You can change to a Vanguard fund for a different retirement

year or switch to an entirely different investment tier at any time.

INSTITUTIONAL SHARE CLASS FUND ^TICKER

SYMBOL DATE OF BIRTH ^TARGET

RETIREMENT DATE

Vanguard Target Retirement Income Fund VITRX Before 1943 Retired before 2008

Vanguard Target Retirement 2010 Fund ^VIRTX 1/1/1943 - 12/31/1947 2008 - 2012

Vanguard Target Retirement 2015 Fund VITVX 1/1/1948 - 12/31/1952 2013 - 2017

Vanguard Target Retirement 2020 Fund ^VITWX 1/1/1953 - 12/31/1957 2018 - 2022

Vanguard Target Retirement 2025 Fund VRIVX 1/1/1958 - 12/31/1962 2023 - 2027

Vanguard Target Retirement 2030 Fund VTTWX 1/1/1963 - 12/31/1967 2028 - 2032

Vanguard Target Retirement 2035 Fund ^VITFX 1/1/1968 - 12/31/1972 2033 - 2037

Vanguard Target Retirement 2040 Fund VIRSX 1/1/1973 - 12/31/1977 2038 - 2042

Vanguard Target Retirement 2045 Fund ^VITLX 1/1/1978 - 12/31/1982 2043 - 2047

Vanguard Target Retirement 2050 Fund VTRLX 1/1/1983 - 12/31/1987 2048 - 2052

Vanguard Target Retirement 2055 Fund ^VIVLX 1/1/1988 - 12/31/1992 2053 - 2057

Vanguard Target Retirement 2060 Fund VILVX 1993 and later 2058 and later

Investments defaulted to a Vanguard Target Retirement Date Fund are based on the participant’s current age and the assumption that the participant will retire at age 65, as indicated in the chart above.

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Tier 2: Guided Choice

Five Pre-Screened, Best-in-Class Mutual Funds

If you know your investment objectives and want to build a more diversified portfolio, Tier 2

Guided Choice mutual funds may be the best choice for you. Tier 2 funds offer the flexibility to

design a diverse portfolio without having to sort through an overwhelming array of fund choices.

The funds have been specifically selected for Tier 2 Guided Choice by a Partners Investment

Committee, in conjunction with investment consultants, for use by participants who wish to

manage their own asset allocations. The funds are professionally managed and monitored on a

quarterly basis. Generally, the fund managers select investments with broad mandates, looking

for opportunities that may be potentially rewarding.

FUND NAME ^TICKER

SYMBOL ASSET CLASS FUND TYPE

Vanguard Prime Money Market Fund

Institutional Shares ^VMRXX Money Market Short Term

PIMCO Global Advantage Strategy Bond Fund

Institutional Shares ^PSAIX World Blend Bond

GMO Global Asset Allocation Fund R6 GATRX* World Allocation Blended

JP Morgan Diversified Real Return Fund R5 JRLRX Inflation Sensitive Blended

MFS Global Equity Fund Class I MWEIX World Equity Stock

*With an inception date of July 31, 2012, GATRX has a fairly short track record. You may want to check out the performance of GMO Global Asset Allocation Fund III (GMWAX) instead, since it’s simply a different share class of GATRX, but has a performance track record dating back to June 28, 1996.

Participants looking for a specific asset allocation, or looking to complement their total portfolio

of investments may be best suited for Tier 2. Refer to the full fund descriptions in the back of

this guide for more information.

TIER 3: Open Choice

Fidelity BrokerageLink

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Fidelity BrokerageLink

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combines the convenience of your workplace retirement savings plan with

the additional flexibility of a brokerage account. BrokerageLink

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gives you the widest range of

investment choices with hundreds of available mutual funds, and provides you with the opportunity

to more actively manage your funds. However, if you lack the time or expertise to actively manage

your portfolio, a self-directed brokerage account may not be appropriate for your needs. A self-

directed brokerage account may entail greater risk and is not appropriate for everyone.

Fidelity BrokerageLink

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provides access to both transaction fee and no transaction fee mutual funds,

meaning you may incur additional costs when investing in this tier. An example of this is a $75

trading fee when using transaction fee funds. Please review the Fidelity BrokerageLink

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Commission

Schedule, available online at http://www.netbenefits.com/partners for complete details before

choosing this tier. Also refer to the full description in the back of this guide for more information.

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TIER 4: Annuity Choice

TIAA Traditional Annuity

CREF Stock Account Variable Annuity

TIAA Real Estate Account Variable Annuity

Ensuring adequate lifetime income is a primary reason you save for retirement. In fact, the goal of

saving for retirement isn’t just to build wealth — it’s to replace the income you were earning when

you were working. A low-cost annuity can be a valuable component of a well-diversified retirement

portfolio, both before and during retirement. And unlike mutual funds, an annuity offers the

opportunity to receive the assurance of a lifetime income in retirement.

You have access to three annuity accounts — the TIAA Traditional Annuity, the CREF Stock Account

and the TIAA Real Estate Account. The Traditional Annuity is a guaranteed annuity that offers a fixed

rate of return, while the Stock Account is a variable annuity account whose rate of return will fluctuate

with the market and the Real Estate Account is a variable annuity whose rate of return will fluctuate with

its underlying real estate investments. Refer to the full fund descriptions in the back of this guide for

more information.

If you choose to contribute to Tier 4, you will first need to select TIAA-CREF as a Retirement

Provider through Fidelity NetBenefits

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by clicking the "Contributions" tab and then "Retirement

Providers.” Then, you can provide TIAA-CREF with your allocation between the three annuity

choices, and designate your beneficiary information. Call TIAA-CREF at 1-800-842-2776 or go

online to http://www.tiaa-cref.org.

Making Your Investment Elections in Fidelity NetBenefits

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If you want to contribute to the Tier 1 Easy Choice Vanguard Target Retirement

Date fund that is closest to when you will turn age 65:

Do nothing. Your future contributions will be directed to the Tier 1: Easy Choice Vanguard Target

Retirement Date Fund closest to when you will turn age 65.

Keep in mind: You can change your investment fund choices at any time in the future.

Even if you do not take any action with your investment fund choices, please make sure you have

current beneficiary information on file with Fidelity. You can do this online through Fidelity NetBenefits

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.

Please see page 12 for instructions on naming your beneficiaries.

If you want to contribute to a Vanguard Target Retirement Date fund for a year

other than when you will turn age 65, or Tiers 2, 3, and/or 4:

You will need to select your investment fund choices in Fidelity NetBenefits

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. Please see the

instructions on page 12. Otherwise, your future contributions will be directed to Tier 1.

An annuity is an amount of money

paid to someone yearly, or at

another regular interval.

You can choose to allocate your contributions

across tiers and across options within those tiers. If

you do, please make sure to carefully review the

investment option descriptions found in this guide.

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To make your investment fund elections:

1. Visit

http://www.netbenefits.com/partners, click on the “Register” link at the top of the

page and follow the steps to access your account information. If you have previously

registered with Fidelity, use your existing Username and Password to login.

2. Once you are logged into Fidelity NetBenefits

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, click your plan’s name on the Home page.

3. To select your investment options, click the "Investments" tab and then "Change

Investments". This will allow you to choose a Tier One: Easy Choice or Tier Two: Guided

Choice Option.

4. If you would like to use Tier Three: Open Choice (Fidelity BrokerageLink

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):

Select BrokerageLink

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under the "Investments" tab. Follow the steps to review information

on the option and open a BrokerageLink

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account if you would like.

5. If you would like to invest in Tier Four: Annuity Choice, you should select the

"Contributions" tab and then "Retirement Providers". Follow the steps to direct some or all of

your contributions to TIAA-CREF. After reviewing and confirming your vendor elections, you

should contact TIAA-CREF at 1-800-842-2776 or http://www.tiaa-cref.org to choose among

the three annuities offered.

Step 3: Designating Your Beneficiaries

Regardless of which funds you choose, it is important to name one or more beneficiaries to receive

your account in the event that you should die.

To name beneficiaries for your Fidelity Tier 1, 2, or 3 funds:

Log in to your account at http://www.netbenefits.com/partners. Click “Profile” at the top of the

screen, then click “Beneficiaries” and follow the instructions.

To name beneficiaries for your Tier 4 TIAA-CREF Annuity Choice funds:

Visit http://www.tiaa-cref.org to designate beneficiaries for your annuities.

You have now completed the enrollment and

investment fund selection process for your

retirement savings plan!

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A Note about Fees

Participants in Partners retirement savings plans are subject to a quarterly administration fee.

The fee is in place to cover typical administrative expenses and participants having the option of

investing in the default, Vanguard Target Retirement Funds, which are lower-cost funds.

Once you have completed twelve months of employment, the administrative fee of $11.50 will

be deducted from your account balance following the end of each calendar quarter (total of $46

each year).

Additionally, participants who require special transaction support may be assessed a flat fee for

each transaction. Please refer to the chart below for information on individual fees for specific

transactions.

Individual Fees and Expenses

New Loan Administration Fee - $50 per loan for setup, and $0 per loan, per year, for ongoing

administrative services.

In-service Withdrawals by Phone/Fidelity NetBenefits

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Fee - $25 for each in-service, non-hardship

withdrawal. For investments held on Fidelity recordkeeping platform only.

Minimum Required Distribution (MRD) Service Fee - $25 per Minimum Required Distribution. Fidelity

will monitor qualifying participants who have reached age 70 ½, helping to calculate their required

distribution, and mail checks to the participants on an annual basis. For investments held on Fidelity

recordkeeping platform only.

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Frequently Asked Questions

Here are some common retirement savings questions the Partners Benefits Office receives

from employees.

Am I locked into the choices I make?

No. You may change the amount you contribute to your retirement savings account, as well as

the funds you invest in, at any time throughout the year.

 Log on to PeopleSoft at https://ibridge.partners.org to change your contribution type

or amount.

 Log on to Fidelity NetBenefits

^®

at http://netbenefits.com/partners to change your

investment fund lineup choices.

Can I invest in more than one of the tiers?

Absolutely. We encourage employees who want to take an active role in designing their

retirement portfolio to utilize any of the tiers to design the retirement investment portfolio that's

right for them.

I don't know anything about investing and don't want to be bothered with rebalancing my

retirement portfolio, but I know I should be contributing to a retirement savings plan.

What's the best choice for someone like me?

The best choice for someone in your situation is often Tier 1, Easy Choice - which is made up of

the Vanguard Target Retirement Date Funds. You never have to rebalance your portfolio; the

funds automatically rebalance and become more conservative as you approach your projected

retirement age.

Can I choose a Vanguard Target Retirement Date Fund other than the one closest to

when I turn age 65?

Yes. You can choose any of the target date funds that are appropriate for your particular

situation. For example, you may not be planning to retire until age 70, so you may want to select

the fund closest to the date when you will turn 70. Regardless of which fund year you select,

your funds will be available on the date when you actually retire.

Tier 4 is called the Annuity Choice option. What's the difference between an annuity and

a mutual fund?

An annuity offers you the option of converting your balance at retirement to a monthly lifetime

income. You don't have to select that option, but it is available with an annuity. You can do the

same thing with a mutual fund, but you would need to purchase an annuity - it's not an option

that's built in to the product.

The TIAA Traditional Annuity is available in Tier 4 (Annuity Choice) and provides a guaranteed

minimum interest rate of 3%.

Most financial planners would recommend that you don't invest 100% of your retirement portfolio

in a fixed account, like the TIAA Traditional Annuity, since it doesn't provide growth over the long

term. Many TIAA-CREF participants pair the TIAA Traditional Annuity with the CREF Stock

Account for an excellent combination of stability (Traditional Annuity) and growth (CREF Stock).

I’m a new employee. How do I roll over funds from a previous employer?

Call the Partners HealthCare Savings Plan Service Center at Fidelity Investments at

1-855-999-1PHS (1747) for details on how to roll over your funds. Please note: You might also

be required to fill out forms from your previous employer in order to roll over the money; contact

your previous employer to check.

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Investment Option Descriptions

TIER 1: Easy Choice

Vanguard Institutional Target Retirement Income Fund

Objective: The investment seeks to provide current income and some capital appreciation.

Strategy:The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. Its indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar.

Risk:The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments carry issuer default and credit risk, inflation risk, and interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Principal invested is not guaranteed at any time, including at or after retirement. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Short-term Redemption Fee Note: None Who may want to invest:

 Someone who is seeking an investment option intended for people in retirement and who is willing to accept the volatility of diversified investments in the market.

 Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option and looking primarily for the potential for income and, secondarily, for share-price appreciation.

Vanguard Institutional Target Retirement 2010 Fund

Objective: The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

Strategy:The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2010 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Risk:Target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available.

 Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market.

 Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.

Objective: The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. Strategy:The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2015 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Risk:The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available.

 Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market.

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Strategy:The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2020 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

 Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets.

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The Vanguard Target Retirement Date Funds are mutual funds registered under Vanguard Chester Funds, and managed by Vanguard Group, Inc. The descriptions are only intended to provide a brief overview of the funds. Read the fund's prospectus for more detailed information about the fund.

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TIER 2: Guided Choice

GMO Global Asset Allocation Series Fund Class R6

Objective: The investment seeks total return greater than that of its benchmark, the GMO Global Asset Allocation Index, an internally maintained index computed by GMO, consisting of 65% MSCI ACWI and 35% Barclays U.S. Aggregate Index. Strategy:The fund invests substantially all of its assets in GMO Global Asset Allocation Fund ("GAAF"), a series of GMO Trust. Under normal circumstances, GMO intends to invest not more than 85% of the fund's assets in the GMO Equity Funds. Risk:Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Additional risk information for this product may be found in the prospectus or other product materials, if available.

 Someone who is seeking to invest in a fund that invests in both domestic and international stocks and bonds.

 Someone who is seeking the potential both for income and for long-term share-price appreciation and who is willing to accept the potentially greater volatility of the foreign bond and stock markets.

Footnotes: A mutual fund registered under GMO Series Trust, and managed by Grantham, Mayo, Van Otterloo & Co., LLC. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

The GMO Global Asset Allocation Index is an internally maintained composite benchmark computed by the Manager, comprised of (i) 48.75% S&P 500 Index, 16.25% MSCI ACWI ex-U.S. Index (MSCI Standard Index Series), and 35% Barclays U.S. Aggregate Index from 6/30/2002 through 3/31/2007 and (ii) 65% MSCI ACWI (All Country World Index) Index (MSCI Standard Index Series) and 35% Barclays U.S. Aggregate Index thereafter. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.

The Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollar denominated investment-grade fixed- rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. The MSCI ACWI Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. It is not possible to invest directly in the index.

JPMorgan Diversified Real Return Fund Class R5

Objective: The investment seeks to maximize long-term real return.

Strategy:The fund is a fund of funds that seeks real return by allocating its assets across a combination of inflation sensitive asset classes. "Real return" means the return in excess of the actual rate of inflation. It invests in other J.P. Morgan Funds and, to a lesser extent, in exchange traded funds (ETFs) (collectively with the J.P. Morgan Funds, the "underlying funds") and exchange traded notes (ETNs).

Risk:In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.

 Someone who is seeking to invest in a fund that invests in both stocks and bonds.

 Someone who is seeking the potential both for income and for long-term share-price appreciation and who is willing to accept the volatility of the bond and stock markets.

Footnotes: A mutual fund registered under JPMorgan Trust I, and managed by J.P. Morgan Investment Management Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

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MFS^® Global Equity Fund Class I

Objective: The investment seeks capital appreciation.

Strategy:The fund normally invests at least 80% of its net assets in equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, equity interests in real estate investment trusts (REITs), and depositary receipts for such securities. It may invest its assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. Risk:Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be found in the

prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest:

 Someone who is seeking an investment that invests in both domestic and international markets.

 Someone who is willing to accept the volatility of the markets and the generally higher degree of risk associated with international investments.

Footnotes: A mutual fund registered under MFS Series Trust VI, and managed by Massachusetts Financial Services Co. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

PIMCO Global Advantage Strategy Bond Fund Institutional Class

Objective: The investment seeks total return which exceeds that of its benchmarks, consistent with prudent investment management.

Strategy:The fund invests at least 80% of its assets in Fixed Income Instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It may invest up to 10% of its total assets in preferred stocks. The fund may also invest in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. Risk:Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. The fund may invest in lower-quality debt securities that involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional risk information for this product may be found in the prospectus or other product materials, if available.

 Someone who is seeking potential returns primarily in the form of interest dividends rather than through an increase in share price.

 Someone who is seeking to complement his or her core bond holdings with international bond investments and who can tolerate the greater risks associated with foreign investments.

Footnotes: A mutual fund registered under PIMCO Funds, and managed by Pacific Investment Management Co LLC. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

The Fund measures its performance against two benchmarks. The Fund's primary benchmark is the Barclays Capital U.S. Aggregate Index. The Barclays Capital U.S. Aggregate Index is an unmanaged market value-weighted index for U.S. dollar denominated investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. The Fund's secondary benchmark is the PIMCO Global Advantage Bond Index ("GLADI") (NY Close),. The PIMCO Global Advantage Bond Index ("GLADI") (NY Close), is a diversified bond index intended to provide a better representation of the fixed income universe through its wide coverage of fixed income instruments and sectors-from developed to emerging markets, nominal to real assets, and cash to derivative instruments.

Vanguard Prime Money Market Fund Institutional Shares

Objective: The investment seeks to provide current income while maintaining liquidity and a stable share price of $1. Strategy:The fund invests primarily in high-quality, short-term money market instruments, including certificates of deposit, banker's acceptances, commercial paper, Eurodollar and Yankee obligations, and other money market securities. To be considered high-quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services. It invests more than 25% of its assets in securities issued by companies in the financial services industry.

Risk:An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Additional risk information for this product may be found in the prospectus or other product materials, if available.

 Someone who has a low tolerance for investment risk and who wishes to keep the value of his or her investment relatively stable.

 Someone who is seeking to complement his or her bond and stock fund holdings in order to reach a particular asset allocation.

Footnotes: A mutual fund registered under Vanguard Money Market Reserves, and managed by Vanguard Group, Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

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TIER 3: Open Choice

Fidelity BrokerageLink^®

Objective: To provide a broad range of mutual funds that allow you expanded choices in managing your retirement savings more actively.

Strategy: Fidelity BrokerageLink^® is a brokerage account within your retirement plan. You alone decide how to invest the assets in your Fidelity BrokerageLink^® account. You can invest in a vast array of mutual funds from either Fidelity, or from Fidelity and other mutual fund companies through Fidelity BrokerageLink^®. Brokerage services are provided through Fidelity Brokerage Services LLC, a member of the New York Stock Exchange and Securities Investor Protection Corporation.

Risk:BrokerageLink includes investments beyond those in your plan's lineup. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure the investments you select are suitable for your situation including your goals, time horizon, and risk tolerance. This account is neither a mutual fund nor is it managed by any of the Fidelity Investments group of companies.Additional fees apply to a brokerage account, please refer to the fact sheet and commission schedule available at

http://www.netbenefits.com/partners for a complete listing of brokerage fees. Remember, it is always your responsibility to ensure that the options you select are consistent with your particular situation including your goals, time horizon, and risk tolerance.

 Someone who is comfortable with evaluating and researching a broad universe of mutual funds, and who wants to invest part of his or her retirement savings in mutual funds through a brokerage account.

 Someone who wants the highest degree of variety in selecting mutual funds investments for his or her retirement savings, and who is familiar with how a brokerage account operates.

Investment Options Guide