plan re-enrollment: sample employee communications · plan re-enrollment: sample employee...

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TIAA-CREF Asset Management

Plan Re-enrollment: Sample Employee Communications

This document is for sample purposes only. Please review with your legal counsel or advisor.

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Contents

Communication 1: Initial Employee Retirement Plan Re-enrollment Program Announcement ................................... 4

This high-level communication lets employees know that a change is coming to their retirement plan and introduces the concept of plan re-enrollment to new employees.

Distribute the notice to all plan participants (active and terminated) and all eligible participants (not yet participating) via mail or e-mail and post on intranet.

Include specifics about the process and all key dates. Mail notifications 10 to 12 weeks prior to the conversion.

Communication 2: On-Site or Virtual Employee Retirement Plan Re-enrollment Program Meeting Announcement 6

This communication notifies employees that face-to-face or virtual meetings will take place that will cover specific plan re-enrollment changes.

It reminds participants for the final time that the plan re-enrollment window is closing and answers investment-related questions for employees.

Communications 2a and 2b: 90-Day Retirement Plan Re-enrollment Program Announcement letter and email ...... 7

This communication informs employees of the specifics of the enrollment event, including changes that will be made, key actions that must be taken and critical dates.

Communication 3: Short Employee Retirement Plan Re-enrollment Program PowerPoint for in-Person Meetings . 9

Supports face-to-face or virtual meetings with employees to explain upcoming changes, rationale and how and when to take action.

These meetings frequently include firm representatives as well as representatives from the plan record keeper and the advisor.

Communication 4: Detailed Retirement Plan Re-enrollment Communication: Employee Notice .............................. 10

This is a follow-up communication with all the specific details about plan re-enrollment. It includes important plan features and benefits as well as important dates, investment choices/information,

employee meeting dates, plan enrollment time frames and the specific steps the employee or participant should take.

It may include any legally required notices. Mail six to eight weeks prior to the blackout period.

Communications 5a (letter) and 5b (email) ...................................................................................................................... 14


Communication 6: Retirement Plan Re-enrollment Program Company Newsletter Article ........................................ 16

Provides general information, critical dates and rationale for plan changes. Directs employees to appropriate website and phone number to take action.

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Communication 7: Retirement Plan Re-enrollment Program Flyer Copy ..................................................................... 17

Provides general information on upcoming plan changes and where to get more information.

Communication 8a (letter) and 8b (email): 30-Day Retirement Plan Re-enrollment Program Announcement letter

and email .............................................................................................................................................................................. 18

This communication includes specific re-enrollment information and required notifications highlighting information on procedures, key dates and the “opt out” process for making investment decisions.

Communication 9a (letter) and 9b (email): 7-Day FINAL Retirement Plan Re-enrollment Program Announcement

letter and email .................................................................................................................................................................... 20

This communication reminds participants for the final time that the time to make decisions regarding plan re-enrollment will soon be ending.

Many firms utilize educational meetings at this stage as the final reminder to reinforce key re-enrollment messages and to provide specific direction on actions employees must take.

Communication 10: Senior Executive Retirement Plan Re-enrollment Program Voicemail Script ............................ 24

Final reminder to employees of plan changes to come Provides rationale for why the program is coming and steps employees need to take

Communication 11: Retirement Plan Re-enrollment Program Intranet Notice ............................................................. 25

Provides general information, critical dates and rationale for plan changes. Directs employees to appropriate website and phone number to take action.

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Communication 1: Initial Employee Retirement Plan Re‐enrollment Program Announcement

This is a high-level communication to let employees know that a change is coming to their retirement plan and to introduce the concept of plan re-enrollment to new employees.

Distribute the notice to all plan participants (active and terminated) and all eligible participants (not yet participating) via mail or e-mail and post on intranet.

Include specifics about the process and all key dates. Mail notifications 10 to 12 weeks prior to the conversion.

Very Important Changes are Coming Soon to [FIRM’s] 401(k) Plan In the interest of providing our employees with the support they need in helping them to reach their retirement savings goals, [FIRM] is adding important features to our 401(k) plan. Beginning [DATE], [FIRM] is making saving for retirement under our 401(k) plan even easier. How? Through [FIRM’s] 401(k) Plan Re-enrollment Program. [FIRM] currently offers all new employees the opportunity to automatically enroll in our 401(k) plan, automatically increase their contributions to their 401(k) account and either choose from a wide range of risk-appropriate investment options or “default” into an existing appropriate investment choice selected by [FIRM]. Between [START DATE] and [END DATE], [FIRM] is enhancing our automated plan enrollment and plan allocation increase features by allowing all non-participating employees the opportunity to enroll in the 401(k) plan and providing all current plan participants with the opportunity to “reset” the amount they direct into their accounts and to make changes to their retirement account investment allocation. To support these enhancements, we are excited to also announce that we have added a range of new investment options to help support you in better achieving your retirement savings goals. More information on these investment options can be found here [URL]. [FIRM] should add any other additional plan enhancements that will be part of the program, e.g. increased company match, vesting schedule changes or details, etc. Why we’re doing this We have two reasons. The first is that [FIRM] cares about the retirement security of all of our employees, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. Our 401(k) is a valuable benefit, and we want everyone to take advantage of it. Also, many other companies now automatically enroll their employees to help them save for retirement. We’ve studied their experiences, and found that so many more people participate as a result—and they’re glad they did. Program features [FIRM’s] 401(K) Plan Re-enrollment Program will:

Allow current non-participating employees the opportunity to automatically enroll in the 401(k) plan, to automatically chose how much in pretax dollars you would like to contribute per pay period, the amount of future annual contributions and choose optimal retirement account investments, given your age and risk profile.

Allow current plan participants to change the amount of pretax dollars you direct into your account, adjust the

amount that these contributions automatically increase annually and change the allocation of these funds into optimal investments given your age and risk profile.

Dates to remember Between [START DATE] and [END DATE], all [FIRM] employees will have the opportunity to make changes to their participation in [FIRM’s] 401(k) plan. During this time, you will be provided with [PLAN ENROLLMENT FORM] and [PLAN CONTRIBUTION ELECTION FORM] to complete. These forms will require you to:

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Verify your participation or non-participation in the plan Specify the amount you will be contributing per paycheck in the plan Specify the amount your contributions into the plan will increase on an annual basis Select your specific plan account investment allocations

Current 401(k) Plan Non-Participants: What You Need to Do If you currently do not participate in the [FIRM] 401(k) plan and do not want to be enrolled, you need to document this decision and turn in the [PLAN ENROLLMENT FORM] to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan non-participant and have not turned in your plan enrollment form to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], you will be automatically enrolled in the [FIRM] 401(k) plan starting with your first paycheck after [DATE]. Current 401(k) Plan Participants: What You Need to Do If you currently participate in the [FIRM] 401(k) plan, you will need to reaffirm your participation status, contribution amounts, annual increases in contribution amounts and investment selections between [START DATE] and [END DATE] by completing the [PLAN RE-ENROLLMENT FORM] and returning it to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan participant and have not turned in your [PLAN RE-ENROLLMENT FORM] to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], your 401(k) plan contribution amounts will be increased to [DEFAULT] PERCENTAGE] per pay period starting on [DATE], these contributions will increase by [DEFAULT ANNUAL PERCENTAGE INCREASE] starting on [DATE] and ending on [DATE] and your contributions will be automatically your 401(k) plan account will be invested in the [QDIA FUND NAME], a Qualified Default Investment Option (QDIA), which we have selected on your behalf. More information [IF AVAILABLE AT TIME OF THIS COMUNICATION DISTRIBUTION]: Both [PLAN ENROLLMENT FORMs] and [PLAN CONTRIBUTION ELECTION FORMs] can be found by logging onto [PLAN ADMINISTRATOR’s] web site at www.websitename.com or by calling [PLAN ADMINISTRATOR] customer service at [1-xxx-xxx-xxxx] to speak to a representative. For more information You can find out more about [FIRM’s] 401(k) plan in the Plan’s Summary Plan Description (SPD), which is available here [URL]. Additional important information on when your plan account will be vested (that is, not lost when you leave your job), and when, how you can access your plan account and other important plan information is also available at [URL]. Please watch for additional communications on these important plan enhancements as [FIRM] moves close to implementation date. In the meantime, if you have any questions, please contact [FIRM’s] 401(k) plan administrator at: [PLAN ADMINISTRATOR NAME] [ADDRESS] [TELEPHONE NUMBER] [E-MAIL ADDRESS] [FIRM REPRESENTATIVE NAME, TITLE, PHONE, EMAIL]

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Communication 2: On‐Site or Virtual Employee Retirement Plan Re‐enrollment Program Meeting Announcement

This communication is designed to provide notice to employees that face-to-face or virtual meetings will take place that will cover specific plan re-enrollment changes.

It reminds participants for the final time that the plan re-enrollment window is closing and to answer investment-related questions for employees.

WE’D LIKE TO HELP YOU UNDERSTAND MORE ABOUT IMPORTANT CHANGES TO [FIRM’S] RETIREMENT PLAN The window is closing! It is time to make [FIRM’S] 401(k) work harder for you. Please join your peers and representatives from [PLAN ADNINISTRATOR] on [DATE] in [LOCATION] for a detailed overview and Q&A session on [FIRM’S] Retirement Plan Re-enrollment Program. OR Please join your peers and representatives from [PLAN ADNINISTRATOR] on [DATE] online for a virtual webinar that will provide a detailed overview and Q&A session on [FIRM’S] Retirement Plan Re-enrollment Program. This meeting will provide you with specifics regarding automated changes to [FIRM’s] 401(k) plan participation, plan contributions and plan investment choices: all designed to make retirement savings and investing easier. All employees, current participants and non-participants, must take specific actions regarding the plan before [DATE]. Topics covered will include: Automated Enrollment Options Automated Contributions New Investment Choices There will be ample time for questions and answers. FOR MORE INFORMATION AND TO SIGN UP TO ATTEND GO TO: www.websitename.com

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Communications 2a and 2b: 90‐Day Retirement Plan Re‐enrollment Program Announcement letter and email


90-Day Employee Reminder of Important Upcoming [FIRM] 401(K) Plan Changes On [DATE], we sent a notice to all [FIRM] employees regarding upcoming important changes to [FIRM’s] 401(k) Plan. The purpose of this communication is:

To remind you of these plan changes, which go into effect on [DATE] To specify the actions all non-participating employees and plan participants must take To reiterate the critical dates by which plan related documentation must be submitted to [PLAN ADMINISTATOR

DEPARTMENT OR NAME] In the interest of providing our employees with additional support to help them in reaching their retirement savings goals, [FIRM] is adding important features to our 401(k) plan. Beginning [DATE], [FIRM] is making saving for retirement under our 401(k) plan even easier. How? Through [FIRM’s] 401(k) Plan Re-enrollment Program. [FIRM] currently offers all new employees the opportunity to automatically enroll in our 401(k) plan, automatically increase their contributions to their 401(k) account and either choose from a wide range of risk-appropriate investment options or “default” into an existing investment choice selected by [FIRM]. What is happening? Between [START DATE] and [END DATE], [FIRM] is enhancing our automated plan enrollment and plan allocation increase features by allowing all non-participating employees the opportunity to enroll in the 401(k) plan and providing all current plan participants with the opportunity to “reset” the amount they direct into their accounts and to make changes to their retirement account investment allocation. To support these enhancements, we are excited to also announce that we have added a range of new investment options to help support you in better achieving your retirement savings goals. More information on these investment options can be found here [URL]. [FIRM] should add any other plan enhancements, e.g. increased company match, vesting schedule details, etc. as appropriate Why we’re doing this We have two reasons. The first is that [FIRM] cares about the retirement security of all of our people, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. Our 401(k) is a valuable benefit, and we want everyone to take advantage of it. Also, many other companies now offer their employees the opportunity to evaluate their retirement plan participation status on an annual basis. We’ve studied their experiences, and found that so many more people participate as a result—and they’re glad they did! [FIRM’s] 401(K) Plan Re-enrollment Program will:




Important dates

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Between [START DATE] and [END DATE], all [FIRM] employees will have the opportunity to make changes to their participation in [FIRM’s] 401(k) plan. During this time, you will be provided with [PLAN ENROLLMENT FORM] and [PLAN CONTRIBUTION ELECTION FORM] to complete. These forms will require you to:


Current 401(k) Plan Non-Participants: What You Need to Do If you currently do not participate in the [FIRM] 401(k) plan and do not want to be enrolled, you need to document this decision and turn in the [PLAN ENROLLMENT FORM] to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan non-participant and have not turned in your plan enrollment form to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], you will be automatically enrolled in the [FIRM] 401(k) plan starting with your first paycheck after [DATE]. Current 401(k) Plan Participants: What You Need to Do If you currently participate in the [FIRM] 401(k) plan, you will need to reaffirm your participation status, contribution amounts, annual increases in contribution amounts and investment selections between [START DATE] and [END DATE] by completing the [PLAN RE-ENROLLMENT FORM] and returning it to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan participant and have not turned in your [PLAN RE-ENROLLMENT FORM] to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], your 401(k) plan contribution amounts will be increased to [DEFAULT PERCENTAGE] per pay period starting on [DATE], these contributions will increase by [DEFAULT ANNUAL PERCENTAGE INCREASE] starting on [DATE] and ending on [DATE] and your contributions will be automatically your 401(k) plan account will be invested in the [QDIA FUND NAME], a Qualified Default Investment Option (QDIA), which we have selected on your behalf. More information on the QDIAs is available here [URL]. Both [PLAN ENROLLMENT FORMs] and [PLAN CONTRIBUTION ELECTION FORMs] can be found by logging onto [PLAN ADMINISTRATOR’s] web site at www.websitename.com or by calling [PLAN ADMINISTRATOR] customer service at [1-xxx-xxx-xxxx] to speak to a representative. For more information You can find out more about [FIRM’s] 401(k) plan in the Plan’s Summary Plan Description (SPD), which is available here [URL]. Additional important information on when your plan account will be vested (that is, not lost when you leave your job), and when, how you can access your plan account and other important plan information is also available at [URL]. Please watch for additional communications on these important plan enhancements as [FIRM] moves close to implementation date. In the meantime, if you have any questions, please contact [FIRM’s] 401(k) plan administrator at: [PLAN ADMINISTRATOR NAME] [ADDRESS] [TELEPHONE NUMBER] [E-MAIL ADDRESS]

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Communication 3: Short Employee Retirement Plan Re‐enrollment Program PowerPoint for in‐Person Meetings

Supports face-to-face or virtual meetings with employees to explain upcoming changes, rationale and how and when to take action.

These meetings frequently include firm representatives as well as representatives from the plan record keeper and the advisor.

View Employee PowerPoint

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Communication 4: Detailed Retirement Plan Re‐enrollment Communication: Employee Notice

This is a follow up communication with all specific details about plan re-enrollment. This communications includes important plan features and benefits as well as important dates, investment

choices/information, employee meeting dates, plan enrollment time frames and specific steps the employee or participant should take.

It may include any legally required notices. Mail six to eight weeks prior to the blackout period.

[FIRM] Employee Notification of Important Changes to [FIRM’s] 401(k) Plan This notice provides you with important information about changes that are coming to [FIRM’S] 401(K) plan rules, including plan re-enrollment, plan contribution levels, investment choice features, and [COMPANY MATCHING CONTRIBUTIONS, VESTING AND OTHER CHANGES, IF APPROPRIATE]. The notice covers the following points

What [FIRM’s] 401(k) Plan Re-enrollment Program is and how it applies to you What plan enrollment, contribution and investment choices you have as a non-participant or a participant in

[FIRM’s] 401(k) plan Amounts that will be automatically taken from your pay and contributed to the plan What other amounts [FIRM] will contribute to your 401(k) plan account Automatic annual increases to the 401(k) plan that will be deducted from your pay and contributed to your plan

account How your 401(k) plan account will be invested How to access more information on [FIRM’s] 401(k) plan

Introduction In the interest of providing our employees with additional support in reaching their retirement savings goals, we are adding important features to our 401(k) plan. Beginning [DATE], [FIRM] is making saving for retirement under our 401(k) plan even easier. How? Through [FIRM’s] 401(k) Plan Re-enrollment Program. [FIRM] currently offers all new employees the opportunity to automatically enroll in our 401(k) plan, automatically increase their contributions to their 401(k) account and either choose from a wide range of risk-appropriate investment options or “default” into an existing appropriate investment choice selected by [FIRM]. Between [START DATE] and [END DATE], [FIRM] is enhancing our automated plan enrollment and plan allocation increase features by allowing all non-participating employees the opportunity to enroll in the 401(k) plan and providing all current plan participants with the opportunity to “reset” the amount they direct into their accounts and to make changes to their retirement account investment allocation. To support these enhancements, we are excited to also announce that we have added a range of new investment options to help support you in better achieving your retirement savings goals. More information on these investment options can be found here [URL]. [FIRM] should add any other plan enhancements, e.g. Increased company match, vesting schedule details, etc. if appropriate. Why we’re doing this We have two reasons. The first is that [FIRM] cares about the retirement security of all of our employees, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. Our 401(k) is a valuable benefit, and we want everyone to take advantage of it. Also, many other companies now offer their employees the opportunity to evaluate their retirement plan participation status on an annual basis. We’ve studied their experiences, and found that so many more people participate as a result—and they’re glad they did! [FIRM’s] 401(K) Plan Re-enrollment Program will:

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Important dates Between [START DATE] and [END DATE], all [FIRM] employees will have the opportunity to make changes to their participation in [FIRM’s] 401(k) plan. During this time, you will be provided with [PLAN ENROLLMENT FORM] and [PLAN CONTRIBUTION ELECTION FORM] to complete. These forms will require you to:


Both [PLAN ENROLLMENT FORMs] and [PLAN CONTRIBUTION ELECTION FORMs] can be found by logging onto [PLAN ADMINISTRATOR’S] web site at www.websitename.com or by calling [PLAN ADMINISTRATOR’S] customer service at [1-xxx-xxx-xxxx] to speak to a representative. 401(k) Plan Non-Participants: What You Need to Do If you currently do not participate in the [FIRM] 401(k) plan and do not want to be enrolled, you need to document this decision and turn in the [PLAN ENROLLMENT FORM] to the [PLAN ADMNISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan non-participant and have not turned in your plan enrollment form to [PLAN ADMNISTRATOR DEPARTMENT OR NAME] by [END DATE], you will be automatically enrolled in the [FIRM] 401(k) plan starting with your first paycheck after [DATE]. This means that unless you notify us otherwise:

[DEFAULT PERCENTAGE] of your eligible pay will be deducted from your pay and contributed to your 401(k) plan account. This will start with your first paycheck on [DATE] and continue through the pay period ending [DATE].

You can always change the amount you contribute to the plan. If you know now that you do not want to

contribute to the plan (and you haven’t already elected not to contribute), you will want to turn in the [PLAN ENROLLMENT FORM] electing zero contributions by [DATE]. That way, you avoid any automatic contributions.

After [DATE], your contribution level will increase by [DEFAULT PERCENTAGE] each year (unless you choose a

different level), until it reaches 10 percent of your eligible pay.

[FIRM] should include information on any other plan details. e.g. company match and vesting information as appropriate here.

[FIRM’s] 401(k) plan lets you invest your account in a number of different investment funds. A comprehensive

listing of these funds is available here [URL]. Unless you choose a different investment fund or funds, your 401(k) plan account will be invested in the [QDIA FUND NAME], a Qualified Default Investment Alternative (QDIA), which we have selected on your behalf. More information on [QDIA FUND NAME] is available here [URL].

Your contributions will remain in [QDIA FUND NAME] until [DATE], when you will be required to reconfirm your

plan participation status and retirement account investment choice.

Your contributions to the plan are taken out of your pay and are not subject to federal income tax at that time. Instead, they are contributed to your plan account and can grow over time with earnings. Your account will be

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subject to federal income tax only when withdrawn. This helpful tax rule is a reason to save for retirement through plan contributions.

[FIRM] 401(k) plan’s automatic enrollment feature will not apply to you if you turn in the [PLAN ENROLLMENT FORM] to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] and indicate that you will make contributions to the plan or not contribute. Contributions will be taken out of your pay if you do nothing. But you are in charge of the amount that you contribute. You may decide to do nothing and become automatically enrolled, or you may choose to contribute an amount that better meets your needs. For example, you may want to get the full amount of [FIRM’s] matching contributions by contributing [RECOMMENDED PERCENTAGE]. If you want to contribute more to your account than would be provided automatically, there are limits on the maximum amount. These limits are described in the [SECTION] of the Plan’s Summary Plan Description (SPD), which is available [URL]. To access [FIRM’s] [PLAN ENROLLMENT FORM], you may do so by logging onto [PLAN ADMINISTRATOR’S] web site at www.websitename.com or by calling [PLAN ADMINISTRATOR’S] customer service at [1-xxx-xxx-xxxx] to speak to a representative. But if you do not turn in the [PLAN ENROLLMENT FORM] in time to prevent automatic contributions, you can withdraw the automatic contributions for a short time, despite the general limits on Plan withdrawals. During the 90 days after automatic contributions are first taken from your pay, you can withdraw the prior automatic contributions by turning in a [NAME] Form to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME]. The amount you withdraw will be adjusted for any gain or loss. If you take out your automatic contributions, you lose [FIRM] contributions that matched the automatic contributions. Also, your withdrawal will be subject to federal income tax (but not the extra 10 percent tax that normally applies to early distributions). If you take out automatic contributions, [FIRM] will treat you as having chosen to make no further contributions. However, you can always choose to continue or restart your contributions by turning in a [PLAN ENROLLMENT FORM]. For more information You can find out more about [FIRM’s] 401(k) plan in the Plan’s Summary Plan Description (SPD), which is available at [URL]. Additional important information on when your plan account will be vested (that is, not lost when you leave your job), and when, how you can access your plan account and other important plan information is also available at [URL]. If you have any questions about how the plan works or your rights and obligations under the plan, or if you would like a copy of the plan’s SPD or other plan documents, please contact the [PLAN ADMINISTRATOR DEPARTMENT OR NAME]. [PLAN ADMINISTRATOR NAME] [ADDRESS] [TELEPHONE NUMBER] [E-MAIL ADDRESS] Current 401(k) Plan Participants: What You Need to Do If you currently participate in the [FIRM] 401(k) plan, you will need to reaffirm your participation status, contribution amounts, annual increases in contribution amounts and investment selections between [START DATE] and [END DATE] by completing the [PLAN RE-ENROLLMENT FORM] and returning it to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan participant and have not turned in your [PLAN RE-ENROLLMENT FORM] to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], your 401(k) plan contribution amounts will be increased to [DEFAULT PERCENTAGE] per pay period starting on [DATE], these contributions will increase by [DEFAULT ANNUAL PERCENTAGE INCREASE] starting on [DATE] and ending on [DATE] and your contributions will be automatically your 401(k) plan account will be invested in the [QDIA FUND NAME], a Qualified Default Investment Option (QDIA), which we have selected on your behalf. More information on [QDIA FUND NAME] is available here [URL]. This means that, unless you notify us otherwise:

[DEFAULT PERCENTAGE] of your pay will be deducted from your pay and contributed to your 401(k) plan account.

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This will start with your first paycheck on [DATE] and will continue through the end of the pay period ending [DATE].



[FIRM] should include information on any other plan details. e.g. company match and vesting information as appropriate here.

The [FIRM] 401(k) plan lets you invest your account in a number of different investment funds. A comprehensive

listing of these funds is available here [URL]. Unless you choose a different investment fund or funds, your Plan account will be invested in the [FUND NAME], a Qualified Default Investment Option (QDIA), which we have selected on your behalf. More information on [QDIA FUND NAME] is available here [URL]. Your contributions will remain in [QDIA FUND NAME] until [DATE], when you will be required to reconfirm your plan participation status.

Your contributions to the plan are taken out of your pay and are not subject to federal income tax at that time. Instead, they are contributed to your plan account and can grow over time with earnings. Your account will be subject to federal income tax only when withdrawn. This helpful tax rule is a reason to save for retirement through plan contributions. Contributions to the plan will be taken out of your pay at the [DEFAULT PERCENTAGE] if you do nothing. But you are in charge of the amount that you contribute. You may choose to contribute an amount that better meets your needs. For example, you may want to get the full amount of [FIRM’s] matching contributions by contributing [RECOMMENDED PERCENTAGE]. If you want to contribute more to your account than would be provided automatically, there are limits on the maximum amount. These limits are described in the [SECTION] of the Plan’s Summary Plan Description (SPD), which is available [URL]. To access [FIRM’s] [PLAN RE-ENROLLMENT FORM], you may do so by logging onto [PLAN ADMNISTRATOR’S] web site at www.websitename.com or by calling [PLAN ADMNISTRATOR’S] customer service at [1-xxx-xxx-xxxx] to speak to a representative. For more information You can find out more about [FIRM’s] 401(k) plan in the Plan’s Summary Plan Description (SPD), which is available here [URL]. Additional important information on when your plan account will be vested (that is, not lost when you leave your job), and when, how you can access your plan account and other important plan information is also available at [URL]. If you have any questions about how the Plan works or your rights and obligations under the Plan, or if you would like a copy of the Plan’s SPD or other Plan documents, please contact the Plan Administrator at: [PLAN ADMINISTRATOR NAME] [ADDRESS] [TELEPHONE NUMBER] [E-MAIL ADDRESS]

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Communications 5a (letter) and 5b (email) 60-Day Retirement Plan Re-enrollment Program Announcement letter and email


Changes are coming! 60-Day Employee Reminder of Important Upcoming [FIRM] 401(K) Plan Enhancements On [DATES], we sent notices to all [FIRM] employees regarding upcoming important changes to [FIRM’s] 401(k) Plan. The purpose of this communication is:


DEPARTMENT OR NAME] In the interest of providing our employees with additional support in helping them reach their retirement savings goals, [FIRM] is adding important features to our 401(k) plan. Beginning [DATE], [FIRM] is making saving for retirement under our 401(k) plan even easier. How? Through [FIRM’s] 401(k) Plan Re-enrollment Program. What is happening? [FIRM] currently offers all new employees the opportunity to automatically enroll in our 401(k) plan, automatically increase their contributions to their 401(k) account and either choose from a wide range of risk-appropriate investment options or “default” into an existing investment choice selected by [FIRM]. Between [START DATE] and [END DATE], [FIRM] is enhancing our automated plan enrollment and plan allocation increase features by allowing all non-participating employees the opportunity to enroll in the 401(k) plan and providing all current plan participants with the opportunity to “reset” the amount they direct into their accounts and to make changes to their retirement account investment allocation. To support these enhancements, we are excited to also announce that we have added a range of new investment options to help support you in better achieving your retirement savings goals. More information on these investment options can be found here [URL]. [FIRM] should add any other plan enhancements, i.e. increased company match, vesting schedule details, etc. if appropriate. Why we’re doing this We have two reasons. The first is that [FIRM] cares about the retirement security of all of our people, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. Our 401(k) is a valuable benefit, and we want everyone to take advantage of it. Also, many other companies now offer their employees the opportunity to evaluate their retirement plan participation status on an annual basis. We’ve studied their experiences, and found that so many more people participate as a result—and they’re glad they did. [FIRM’s] 401(K) Plan Re-enrollment Program will:




Important dates Between [START DATE] and [END DATE], all [FIRM] employees will have the opportunity to make changes to their participation in [FIRM’s] 401(k) plan.

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During this time, you will be provided with [PLAN ENROLLMENT FORM] and [PLAN CONTRIBUTION ELECTION FORM] to complete. These forms will require you to:


Current 401(k) Plan Non-Participants: What You Need to Do If you currently do not participate in the [FIRM] 401(k) plan and do not want to be enrolled, you need to document this decision and turn in the [PLAN ENROLLMENT FORM] to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan non-participant and have not turned in your plan enrollment form to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], you will be automatically enrolled in the [FIRM] 401(k) plan starting with your first paycheck after [DATE]. Current 401(k) Plan Participants: What You Need to Do If you currently participate in the [FIRM] 401(k) plan, you will need to reaffirm your participation status, contribution amounts, annual increases in contribution amounts and investment selections between [START DATE] and [END DATE] by completing the [PLAN RE-ENROLLMENT FORM] and returning it to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan participant and have not turned in your [PLAN RE-ENROLLMENT FORM] to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], your 401(k) plan contribution amounts will be increased to [DEFAULT PERCENTAGE] per pay period starting on [DATE], these contributions will increase by [DEFAULT ANNUAL PERCENTAGE INCREASE] starting on [DATE] and ending on [DATE] and your contributions will be automatically your 401(k) plan account will be invested in the [QDIA FUND NAME], a Qualified Default Investment Option (QDIA), which we have selected on your behalf. More information on QDIAs can be found here [URL]. Both [PLAN ENROLLMENT FORMs] and [PLAN CONTRIBUTION ELECTION FORMs] can be found by logging onto [PLAN ADMINISTRATOR’s] web site at www.websitename.com or by calling [PLAN ADMINISTRATOR] customer service at [1-xxx-xxx-xxxx] to speak to a representative. For more information You can find out more about [FIRM’s] 401(k) plan in the Plan’s Summary Plan Description (SPD), which is available here [URL]. Additional important information on when your plan account will be vested (that is, not lost when you leave your job), and when, how you can access your plan account and other important plan information is also available at [URL]. Please watch for additional communications on these important plan enhancements as [FIRM] moves close to implementation date. In the meantime, if you have any questions, please contact [FIRM’s] 401(k) plan administrator at: [PLAN ADMINISTRATOR NAME] [ADDRESS] [TELEPHONE NUMBER] [E-MAIL ADDRESS]

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Communication 6: Retirement Plan Re‐enrollment Program Company Newsletter Article

Provides general information, critical dates and rationale for plan changes. Directs employees to appropriate site/phone to take action.

Many of us save for a wide range of objects and experiences that are important to us: A new home, a new car, the trip of a lifetime or our child’s education. But one of the most important things many of us don't save for is our future and ourselves. Today, many of us face a retirement savings crisis. We are simply not putting enough away to support ourselves in our later years. One tool that can greatly assist us in savings for retirement is the 401(k) plan. These savings programs, offered by many firms, allow employees to put money aside tax-free during their working years. Additionally, at many firms, employee contributions to the plan are often matched by employer contributions. And the news gets better. In the last few years, advances in technology have allowed employers and employees to automate setting up and managing participation in 401(k) plans. “Auto tools,” as they are known, have proven to be effective in allowing employees to easily enroll and choose investment options. In fact, many companies now automatically enroll their employees on their start date to help them save for retirement. Leading companies have now taken the concept of 401(k) auto tools one-step further and “reenroll” all participants and offer plan enrollment to non-participating employees on an annual basis. Generally, through this type of program, employees either proactively choose their participation level or are defaulted into the program at a predetermined contribution level. This is very similar to the process of choosing health care benefits on a yearly basis. Think about it. Tax deferred contributions, employer matches, automated tools to make it easy to enroll and more security knowing you are “paying yourself first” to help support your future financial security. If you are not participating in your 401(k) plan, you might consider finding out more about it. If you are participating, take another look at your contributions and investing strategy to make sure it is aligned with your long-term goals. It could be the smartest move you make this year. For more information, go to www.websitename.com.

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Communication 7: Retirement Plan Re‐enrollment Program Flyer Copy Provides general information on upcoming plan changes and where to go to get more information.

Option 1 Learn how you can simply and easily grow your retirement savings through automated solutions. Get more information about [Firm’s] retirement plan re-enrollment program. Plan enrollment dates are [DATE] to [DATE] Click or call www.websitename.com xxx-xxx-xxxx Option 2 AT [FIRM], SAVING FOR RETIREMENT IS AUTOMATIC! Learn how you can simply and easily grow your retirement savings through automated solutions. Get more information about [Firm’s] retirement plan re-enrollment program. Plan enrollment dates are [DATE] to [DATE] Click or call www.websitename.com xxx-xxx-xxxx

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Communication 8a (letter) and 8b (email): 30‐Day Retirement Plan Re‐enrollment Program Announcement letter and email

This communication includes specific re-enrollment information and required notifications highlighting information on procedures, key dates and the “opt out” process for making investment decisions.

30-Day Employee Reminder of [FIRM’S] 401(K) Plan Re-enrollment Program On [DATES], we sent notices to all [FIRM] employees regarding upcoming important changes to [FIRM’s] 401(k) Plan. The purpose of this communication is:


DEPARTMENT OR NAME] What is happening? In the interest of providing our employees with additional support in helping them reach their retirement savings goals, [FIRM] is adding important features to our 401(k) plan. Beginning [DATE], [FIRM] is making saving for retirement under our 401(k) plan even easier. How? Through [FIRM’s] 401(k) Plan Re-enrollment Program. [FIRM] currently offers all new employees the opportunity to automatically enroll in our 401(k) plan, automatically increase their contributions to their 401(k) account and either choose from a wide range of risk-appropriate investment options or “default” into an existing investment choice selected by [FIRM]. Between [START DATE] and [END DATE], [FIRM] is enhancing our automated plan enrollment and plan allocation increase features by allowing all non-participating employees the opportunity to enroll in the 401(k) plan and providing all current plan participants with the opportunity to “reset” the amount they direct into their accounts and to make changes to their retirement account investment allocation. To support these enhancements, we are excited to also announce that we have added a range of new investment options to help support you in better achieving your retirement savings goals. More information on these investment options can be found here [URL]. [FIRM] should add any other plan enhancements, i.e. increased company match, vesting schedule details, etc. as appropriate. Why we’re doing this We have two reasons. The first is that [FIRM] cares about the retirement security of all of our people, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. Our 401(k) is a valuable benefit, and we want everyone to take advantage of it. Also, many other companies now offer their employees the opportunity to evaluate their retirement plan participation status on an annual basis. We’ve studied their experiences, and found that so many more people participate as a result—and they’re glad they did! [FIRM’s] 401(K) Plan Re-enrollment Program will:





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Current 401(k) Plan Non-Participants: What You Need to Do If you currently do not participate in the [FIRM] 401(k) plan and do not want to be enrolled, you need to document this decision and turn in the [PLAN ENROLLMENT FORM] to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan non-participant and have not turned in your plan enrollment form to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], you will be automatically enrolled in the [FIRM] 401(k) plan starting with your first paycheck after [DATE]. Current 401(k) Plan Participants: What You Need to Do If you currently participate in the [FIRM] 401(k) plan, you will need to reaffirm your participation status, contribution amounts, annual increases in contribution amounts and investment selections between [START DATE] and [END DATE] by completing the [PLAN RE-ENROLLMENT FORM] and returning it to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan participant and have not turned in your [PLAN RE-ENROLLMENT FORM] to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], your 401(k) plan contribution amounts will be increased to [DEFAULT PERCENTAGE] per pay period starting on [DATE], these contributions will increase by [DEFAULT ANNUAL PERCENTAGE INCREASE] starting on [DATE] and ending on [DATE] and your contributions will be automatically your 401(k) plan account will be invested in the [QDIA FUND NAME], a Qualified Default Investment Option (QDIA), which we have selected on your behalf. More information on QDIAs are available here [URL]. Both [PLAN ENROLLMENT FORMs] and [PLAN CONTRIBUTION ELECTION FORMs] can be found by logging onto [PLAN ADMINISTRATOR’s] web site at www.websitename.com or by calling [PLAN ADMINISTRATOR] customer service at [1-xxx-xxx-xxxx] to speak to a representative. If you have not yet done so, please take the time to review these materials and complete the appropriate forms before [DATE]. For more information You can find out more about [FIRM’s] 401(k) plan in the Plan’s Summary Plan Description (SPD), which is available here [URL]. Additional important information on when your plan account will be vested (that is, not lost when you leave your job), and when, how you can access your plan account and other important plan information is also available at [URL]. Please watch for additional communications on these important plan enhancements as [FIRM] moves close to implementation date. In the meantime, if you have any questions, please contact [FIRM’s] 401(k) plan administrator at: [PLAN ADMINISTRATOR NAME] [ADDRESS] [TELEPHONE NUMBER] [E-MAIL ADDRESS]

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Communication 9a (letter) and 9b (email): 7‐Day FINAL Retirement Plan Re‐enrollment Program Announcement letter and email

This communication reminds participants for the final time that the time to make decisions regarding plan re-enrollment will soon be ending.

Many firms utilize educational meetings at this stage as the final reminder, to reinforce key re-enrollment messages and to provide specific direction on actions employees must take.

THE COUNTDOWN IS ON! FINAL [FIRM] 401(K) Plan Re-enrollment Program Announcement Over the past [NUMBER OF MONTHS], we have sent multiple notifications to all [FIRM] employees regarding upcoming important changes to [FIRM’s] 401(k) Plan. The purpose of this communication is:


DEPARTMENT OR NAME] If you have not yet done so, it is imperative that you review these upcoming changes and take appropriate action before [DATE]. In the interest of providing our employees with additional support in reaching their retirement savings goals, [FIRM] is adding important features to our 401(k) plan. What is happening? Beginning [DATE], [FIRM] is making saving for retirement under our 401(k) plan even easier. How? Through [FIRM’s] 401(k) Plan Re-enrollment Program. [FIRM] currently offers all new employees the opportunity to automatically enroll in our 401(k) plan, automatically increase their contributions to their 401(k) account and either choose from a wide range of risk-appropriate investment options or “default” into an existing investment choice selected by [FIRM]. Between [START DATE] and [END DATE], [FIRM] is enhancing our automated plan enrollment and plan allocation increase features by allowing all non-participating employees the opportunity to enroll in the 401(k) plan and providing all current plan participants with the opportunity to “reset” the amount they direct into their accounts and to make changes to their retirement account investment allocation. Why we’re doing this We have two reasons. The first is that [FIRM] cares about the retirement security of all of our people, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. Our 401(k) is a valuable benefit, and we want everyone to take advantage of it. Also, many other companies now offer their employees the opportunity to evaluate their retirement plan participation status on an annual basis. We’ve studied their experiences, and found that so many more people participate as a result—and they’re glad they did. [FIRM’s] 401(K) Plan Re-enrollment Program will:





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Verify your participation or non-participation in the plan. Specify the amount you will be contributing per paycheck in the plan. Specify the amount your contributions into the plan will increase on an annual basis. Select your specific plan account investment allocations.

Both [PLAN ENROLLMENT FORMs] and [PLAN CONTRIBUTION ELECTION FORMs] can be found by logging onto [PLAN ADMINISTRATOR’S] web site at www.websitename.com or by calling [PLAN ADMINISTRATOR’S] customer service at [1-xxx-xxx-xxxx] to speak to a representative. Current 401(k) Plan Non-Participants: What You Need to Do If you currently do not participate in the [FIRM] 401(k) plan and do not want to be enrolled, you need to document this decision and turn in the [PLAN ENROLLMENT FORM] to the [PLAN ADMNISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan non-participant and have not turned in your plan enrollment form to [PLAN ADMNISTRATOR DEPARTMENT OR NAME] by [END DATE], you will be automatically enrolled in the [FIRM] 401(k) plan starting with your first paycheck after [DATE]. This means that, unless you notify us otherwise:

[DEFAULT PERCENTAGE] of your eligible pay will be deducted from your pay and contributed to your 401(k) plan account. This will start with your first paycheck on [DATE] and continue through the pay period ending [DATE].

You can always change the amount you contribute to the plan. If you know now that you do not want to contribute

to the plan (and you haven’t already elected not to contribute), you will want to turn in the [PLAN ENROLLMENT FORM] electing zero contributions by [DATE]. That way, you avoid any automatic contributions.



[FIRM] should include information on any other plan details. i.e. company match and vesting information as appropriate here, as appropriate

The [FIRM’s] 401(k) plan lets you invest your account in a number of different investment funds. A comprehensive

listing of these funds is available here [URL]. Unless you choose a different investment fund or funds, your 401(k) plan account will be invested in the [QDIA FUND NAME], a Qualified Default Investment Alternative (QDIA), which we have selected on your behalf. More information on [QDIA FUND NAME] is available here [URL].

Your contributions will remain in [QDIA FUND NAME] until [DATE], when you will be required to reconfirm your

plan participation status and retirement account investment choice. Your contributions to the plan are taken out of your pay and are not subject to federal income tax at that time. Instead, they are contributed to your plan account and can grow over time with earnings. Your account will be subject to federal income tax only when withdrawn. This helpful tax rule is a reason to save for retirement through plan contributions. The [FIRM] 401(k) plan’s automatic enrollment feature will not apply to you if you turn in the [PLAN ENROLLMENT FORM] to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] and indicate that you will make contributions to the plan or not contribute. Contributions will be taken out of your pay if you do nothing. But you are in charge of the amount that you contribute. You may decide to do nothing and become automatically enrolled, or you may choose to contribute an amount that better meets your needs. For example, you may want to get the full amount of [FIRM’s] matching contributions by contributing [RECOMMENDED PERCENTAGE].

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If you want to contribute more to your account than would be provided automatically, there are limits on the maximum amount. These limits are described in the [SECTION] of the Plan’s Summary Plan Description (SPD), which is available [URL]. To access [FIRM’s] [PLAN ENROLLMENT FORM], you may do so by logging onto [PLAN ADMINISTRATOR’S] web site at www.websitename.com or by calling [PLAN ADMINISTRATOR’S] customer service at [1-xxx-xxx-xxxx] to speak to a representative. But if you do not turn in the [PLAN ENROLLMENT FORM] in time to prevent automatic contributions, you can withdraw the automatic contributions for a short time, despite the general limits on Plan withdrawals. During the 90 days after automatic contributions are first taken from your pay, you can withdraw the prior automatic contributions by turning in a [NAME] Form to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME]. The amount you withdraw will be adjusted for any gain or loss. If you take out your automatic contributions, you lose [FIRM] contributions that matched the automatic contributions. Also, your withdrawal will be subject to federal income tax (but not the extra 10 percent tax that normally applies to early distributions). If you take out automatic contributions, [FIRM] will treat you as having chosen to make no further contributions. However, you can always choose to continue or restart your contributions by turning in a [PLAN ENROLLMENT FORM]. You can find out more about [FIRM’s] 401(k) plan in the Plan’s Summary Plan Description (SPD), which is available at [URL]. Additional important information on when your plan account will be vested (that is, not lost when you leave your job), and when, how you can access your plan account and other important plan information is also available at [URL]. For more information If you have any questions about how the plan works or your rights and obligations under the plan, or if you would like a copy of the plan’s SPD or other plan documents, please contact the [PLAN ADMINISTRATOR DEPARTMENT OR NAME]. [PLAN ADMINISTRATOR NAME] [ADDRESS] [TELEPHONE NUMBER] [E-MAIL ADDRESS] Current 401(k) Plan Participants: What You Need to Do If you currently participate in the [FIRM] 401(k) plan, you will need to reaffirm your participation status, contribution amounts, annual increases in contribution amounts and investment selections between [START DATE] and [END DATE] by completing the [PLAN RE-ENROLLMENT FORM] and returning it to the [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [DATE]. If you are a current plan participant and have not turned in your [PLAN RE-ENROLLMENT FORM] to [PLAN ADMINISTRATOR DEPARTMENT OR NAME] by [END DATE], your 401(k) plan contribution amounts will be increased to [DEFAULT PERCENTAGE] per pay period starting on [DATE], these contributions will increase by [DEFAULT ANNUAL PERCENTAGE INCREASE] starting on [DATE] and ending on [DATE] and your contributions will be automatically your 401(k) plan account will be invested in the [QDIA FUND NAME], a Qualified Default Investment Option (QDIA), which we have selected on your behalf. More information on [QDIA FUND NAME] is available here [URL]. This means that, unless you notify us otherwise:

[DEFAULT PERCENTAGE] of your pay will be deducted from your pay and contributed to your 401(k) plan account.

This will start with your first paycheck on [DATE] and will continue through the end of the pay period ending

[DATE].

After [DATE], your contribution level will increase by [DEFAULT PERCENTAGE] each year (unless you choose a different level), until it reaches 10 percent of your eligible pay.

[FIRM] should include information on any other plan details. i.e. company match and vesting information as

appropriate here, as appropriate

The [FIRM] 401(k) plan lets you invest your account in a number of different investment funds. A comprehensive listing of these funds is available here [URL]. Unless you choose a different investment fund or funds, your plan account will be invested in the [FUND NAME], a Qualified Default Investment Option (QDIA), which we have

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selected on your behalf. More information on [QDIA FUND NAME] is available here [URL]. Your contributions will remain in [QDIA FUND NAME] until [DATE], when you will be required to reconfirm your plan participation status.

Your contributions to the plan are taken out of your pay and are not subject to federal income tax at that time. Instead, they are contributed to your plan account and can grow over time with earnings. Your account will be subject to federal income tax only when withdrawn. This helpful tax rule is a reason to save for retirement through plan contributions. Contributions to the plan will be taken out of your pay at the [DEFAULT PERCENTAGE] if you do nothing. But you are in charge of the amount that you contribute. You may choose to contribute an amount that better meets your needs. For example, you may want to get the full amount of [FIRM’s] matching contributions by contributing [RECOMMENDED PERCENTAGE]. If you want to contribute more to your account than would be provided automatically, there are limits on the maximum amount. These limits are described in the [SECTION] of the Plan’s Summary Plan Description (SPD), which is available here [URL]. To access [FIRM’s] [PLAN RE-ENROLLMENT FORM], you may do so by logging onto [PLAN ADMNISTRATOR’S] web site at www.websitename.com or by calling [PLAN ADMNISTRATOR’S] customer service at [1-xxx-xxx-xxxx] to speak to a representative. For more information You can find out more about [FIRM’s] 401(k) plan in the Plan’s Summary Plan Description (SPD), which is available here [URL]. Additional important information on when your plan account will be vested (that is, not lost when you leave your job), and when, how you can access your plan account and other important plan information is also available at [URL]. If you have any questions about how the plan works or your rights and obligations under the plan, or if you would like a copy of the plan’s SPD or other plan documents, please contact the Plan Administrator at: [PLAN ADMINISTRATOR NAME] [ADDRESS] [TELEPHONE NUMBER] [E-MAIL ADDRESS]

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Communication 10: Senior Executive Retirement Plan Re‐enrollment Program Voicemail Script

Final reminder to employees of plan changes to come. Provides rationale for why the program is coming and steps employees need to take.

If your organization is able to reach employees through voice mail, consider this sample message as one means to communicate the launch of a 401(k) Plan Re-enrollment Program. Time: Approximately one minute, 45 seconds This is [NAME OF CEO OR SENIOR HR EXECUTIVE] with some great news about your future retirement security. Starting on [DATE], [FIRM] will launch our Retirement Plan Re-enrollment Program, which allows current non-participating employees the opportunity to automatically enroll in our 401(k) plan, to automatically chose how much you would like to contribute per pay period, the amount of future annual contributions and optimal retirement account investments, given your age and risk profile. The plan also allows current plan participants to change the amount of pretax dollars you direct into your account, adjust the amount that these contributions automatically increase annually and change the allocation of these funds into optimal investments given your age and risk profile. Everyone enrolled is free to change their contribution amount or to opt-out. You may ask why we’re doing this. We have two reasons. The first is that we care about the retirement security of all of our people, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. Our 401(k) is a valuable benefit, and we want everyone to take advantage of it. Also, many other companies now offer their employees the opportunity to evaluate their retirement plan participation status on an annual basis. We’ve studied their experiences, and found that so many more people participate as a result—and they’re glad they did. Now, to the extent there are people who really don’t want to save through our 401(k), they have every right to opt-out. And each participant can change the amount they’re saving and their investments [AT ANY TIME/APPLICABLE PLAN PROVISION]. I’m so pleased to share this news with you. Keep an eye out for information that will explain this benefit in more detail. We encourage you to make the most of your participation in our 401(k). We believe enrolling all of our people in the plan is a responsible step in the process. Thanks, everyone. For more specific information on these plan enhancements, and the specific actions you must take, please go to our plan website at www.websitename.com or call [xxx-xxx-xxxx].

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Communication 11: Retirement Plan Re‐enrollment Program Intranet Notice Provides general information, critical dates and rationale for plan changes. Directs employees to appropriate site/phone to take action.

In the interest of providing our employees with additional support in helping them reach their retirement savings goals, [FIRM] is adding important features to our 401(k) plan. Beginning [DATE], [FIRM] is making saving for retirement under our 401(k) plan even easier. How? Through [FIRM’s] 401(k) Plan Re-enrollment Program. [FIRM] currently offers all new employees the opportunity to automatically enroll in our 401(k) plan, automatically increase their contributions to their 401(k) account and either choose from a wide range of risk-appropriate investment options or “default” into an existing investment choice selected by [FIRM]. Between [START DATE] and [END DATE], [FIRM] is enhancing our automated plan enrollment and plan allocation increase features by allowing all non-participating employees the opportunity to enroll in the 401(k) plan and providing all current plan participants with the opportunity to “reset” the amount they direct into their accounts and to make changes to their retirement account investment allocation. Why we’re doing this We have two reasons. The first is that [FIRM] cares about the retirement security of all of our people, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. Our 401(k) is a valuable benefit, and we want everyone to take advantage of it. You may ask why we’re doing this. We have two reasons. The first is that we care about the retirement security of all of our people, and we felt the barriers to signing up for the plan or investing in the right funds were daunting. [FIRM’s] 401(K) Plan Re-enrollment Program will:




For more information on [FIRM’S] Re-enrollment Program, important dates and actions you must take, go to [PLAN ADMINISTRATOR URL].

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For institutional investor use only. Not for the use with or distribution to the public. These draft participant communications is to be used solely as a guide and reviewed with the institution’s legal counsel, advisor and/or recordkeeper. This material is for informational purposes only and the statements made in this presentation represent TIAA-CREF's interpretation of applicable law. It is presented with the understanding that TIAA-CREF (or its affiliates, distributors, employees, representatives and/or insurance agents) is not engaged in rendering legal or tax advice. You should consider the investment objectives, risks, charges and expenses carefully before investing. Go to tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Advisory services are provided by Advice and Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment adviser. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa-cref.org for details. Investment products are not FDIC insured, may lose value and are not bank guaranteed. C29152

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