Get a 360-degree view of your financial wellness - On January 3, 2023, the Government and Public Health Solutions, Inc. 401(k) Salary Reduction ...
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Get a 360-degree view of your financial wellness On January 3, 2023, the Government and Public Health Solutions, Inc. 401(k) Salary Reduction Plan & Trust (GPHS Plan) will move to Empower ICON401k.com/transition
Introduction
Why Empower
ICON selected Empower as its new retirement provider because of its innovative tools and resources and strong,
streamlined approach to helping you with your retirement needs and overall financial planning. And in keeping with
ICON’s focus on harmonization, both the GPHS and ICON 401(k) Plans at Transamerica and the PRA 401(k) Plan at
Fidelity will merge as part of the transition to Empower on January 3, 2023. You will have complete access to your
account at Empower starting the week of January 15, 2023, when the transition ends and you are notified when the
transfer is complete.
ICON is excited about the new features you’ll get with the move to Empower:
- A robust website with access to a state-of-the-art app, personalized financial planning tools to help you easily
model different saving and investing scenarios, and future healthcare spending tools
- A broad range of investment choices to help you build a diversified portfolio
- The ability to contribute to the plan on an after-tax basis to help you save even more for your future
- Expanded customer care assistance when you need it and while you’re on the go
No action required!
The transfer of your account balance, contribution elections, beneficiary elections and any loans will occur
automatically. You don’t need to do anything right now unless you want to make changes to your account at
Transamerica. Once the transfer is complete, you will receive a notification from Empower during the week
of January 15, 2023.
NOTE: No longer employed? Please note that if you are no longer an active employee, you should review the
information in this brochure as it impacts your account balance and provides information regarding other plan
features and benefits.Key dates
Transition period begins
You will have limited access to your GPHS Plan account at Transamerica and no
December 22, 2022, access to your account at Empower. This “blackout period” will give us time to
at 4 p.m. Eastern time transfer your plan’s administrative records to Empower (see the Important
Notice section of this document for details).
Payroll deductions will continue during the transition period.
Transition period is expected to end
You will receive a notification that you have full access to your account online
and by phone.
Week of January 15, 2023 You can also add or update your beneficiary information.
You can make requests and changes.
Please note that payrolls may be processed a few days after the blackout period
is over and contributions may take a few days to appear in your account.
Questions?
November 22, 2022 – week of January 15, 2023
For general information about the transition, to review a FAQ document or to obtain information on upcoming education
webinars about the move, visit ICON401k.com/transition.
Starting week of January 15, 2023
Contact Empower for all retirement questions or to complete transactions, review your account or make an appointment to
discuss your retirement/financial planning needs.
Visit ICON401k.com or call 833-RET-ICON (833-738-4266).How your account will transfer The information in this section shows you how your account will transfer to Empower. If you’d like your account to transfer differently, simply change the elections for your current balance by contacting Transamerica by December 22, 2022. You can also make changes with Empower after the transfer is complete. Balances in these funds: Will automatically transfer to: BlackRock High Yield Bond Instl (BHYIX) US Fixed Income Fund JHancock Disciplined Value Mid Cap I (JVMIX) US Small/Mid Cap Equity Fund JPMorgan Government Bond I (HLGAX) State St US Bnd Indx SL Cl XIV Metropolitan West Total Return Bd M (MWTRX) US Fixed Income Fund PIMCO Real Estate Real Return Strategy I (PRRSX) State St Real Asset NL Cl C Reliance MetLife Series 25157 CL 0 Reliance Metlife Series 25157 CL 0 T. Rowe Price Blue Chip Growth (TRCBX) US Large Cap Equity Fund T. Rowe Price Global Technology (PRGTX) *Age Appropriate Target Date Fund T. Rowe Price Health Sciences (PRHSX) *Age Appropriate Target Date Fund T. Rowe Price Retirement Balanced (TRRIX) *Age Appropriate Target Date Fund Vanguard Growth Index Institutional (VIGIX) State St S&P 500 Indx SL Cl II Vanguard Institutional Index I (VINIX) State St S&P 500 Indx SL Cl II Vanguard International Growth Adm (VWILX) International Equity Fund Vanguard Mid-Cap Growth Index Admiral (VMGMX) State St Russell Sm/Mid Cap Indx SL Cl II Vanguard Mid-Cap Index Institutional (VMCIX) State St Russell Sm/Mid Cap Indx SL Cl II Vanguard Mid-Cap Value Index Admiral (VMVAX) State St Russell Sm/Mid Cap Indx SL Cl II Vanguard Small Cap Growth Index I (VSGIX) State St Russell Sm/Mid Cap Indx SL Cl II Vanguard Small Cap Index I (VSCIX) State St Russell Sm/Mid Cap Indx SL Cl II Vanguard Small Cap Value Index I (VSIIX) State St Russell Sm/Mid Cap Indx SL Cl II Vanguard Value Index I (VIVIX) State St S&P 500 Indx SL Cl II Victory Trivalent International Sm-Cp R6 (MSSIX) International Equity Fund T. Rowe Price Retirement 2005 Target Fund State St Target Ret Income SL Cl IV T. Rowe Price Retirement 2010 Target Fund State St Target Ret Income SL Cl IV T. Rowe Price Retirement 2015 Target Fund State St Target Ret Income SL Cl IV T. Rowe Price Retirement 2020 Target Fund State St Target Ret 2020 SL CI IV T. Rowe Price Retirement 2025 Target Fund State St Target Ret 2025 SL CI IV T. Rowe Price Retirement 2030 Target Fund State St Target Ret 2030 SL CI IV T. Rowe Price Retirement 2035 Target Fund State St Target Ret 2035 SL CI IV T. Rowe Price Retirement 2040 Target Fund State St Target Ret 2040 SL CI IV
Balances in these funds: Will automatically transfer to: T. Rowe Price Retirement 2045 Target Fund State St Target Ret 2045 SL CI IV T. Rowe Price Retirement 2050 Target Fund State St Target Ret 2050 SL CI IV T. Rowe Price Retirement 2055 Target Fund State St Target Ret 2055 SL CI IV T. Rowe Price Retirement 2060 Target Fund State St Target Ret 2060 SL CI IV *During the blackout period, balances will be liquidated and temporarily invested in the Dreyfus Government Cash Management Fund before moving to an age-appropriate target date fund. (Please see enclosed Qualified Default Investment Alternative Notice for birthdate chart information.) Please note that the Dreyfus Government Cash Management Fund used during the transition process will not be added to the plan’s investment lineup and not be available to participants following the transition. Investing involves risk, including possible loss of principal. Funds that are not mutual funds do not have ticker symbols because they are exempt from SEC registration. Additional fund information State Street Target Retirement Date Funds The State Street Target Retirement Date funds will be the new default investment options. If you’re currently invested in a T. Rowe Price Retirement Target Date Fund, your balance will map according to the table above. Please review the enclosed Qualified Default Investment Option Notice for birthdate information to see if the date range for the target date fund you have selected is still appropriate for your election and matches your birthdate range and risk tolerance. The date in the name of the target date fund is the assumed date of retirement. The asset allocation becomes more conservative as the fund nears the target retirement date; however, the principal value of the fund is never guaranteed. Fund restrictions The Reliance MetLife Series 25157 CL 0 will be frozen for a period of time as determined by ICON. Any future allocations to the Reliance MetLife Series 25157 CL 0 fund will be mapped to the Invesco Stable Value Trust - B1. Empower will work with the plan to transfer the assets into the Invesco Stable Value Trust - B1. The Reliance MetLife Series 25157 CL 0 and the Invesco Stable Value Trust - B1 are subject to a trading provision called an equity wash that restricts assets in each fund from being transferred directly into a competing fund. Assets may be transferred to a noncompeting fund for a 90-day period before being moved into a competing fund. Please review the Notice of Investment Returns and Fee Comparison enclosed in this packet of material.
New features you can take advantage of
Get answers to your financial questions
Your plan is partnering with Empower to offer you a better approach to financial wellness. My Financial Path can help you
take control of your finances and strike a balance between living for today and planning for tomorrow.
My Financial Path can also help you make better sense of your money. Whether you’re new to the workforce, in the middle
of your career or getting close to retirement, My Financial Path provides personalized, actionable steps you can take to
reduce financial stress and get closer to achieving your goals.
Save your way with after-tax
There’s more than one way to save for the future you want. With the after-tax option in your plan, you can enjoy the
predictability of tax-free income in retirement with a qualified distribution.
After-tax may be a good fit if you expect to be in the same or a higher tax bracket during retirement, or if you don’t plan to
take the money out for many years.
Managing your account
You will receive a final statement from Transamerica reflecting the closing of your account. In April 2023, you will receive
your first statement from Empower, which will show you the amount transferred into your new account.
Confirm your beneficiary
Once the transition is complete, be sure to verify or update your beneficiary elections.
Update your contact info
Update your contact information and personal preferences to stay up to date and receive account alerts.
Your new ICON401k.com!
After the transition is over, you’ll have full access to
all the benefits and features online at
ICON401k.com and on the Empower app:
- The ability to access financial modeling tools
and calculators along with a financial wellness
learning center
- Resources and educational videos to help
you prepare for retirement
- A personalized estimate of income you’ll
need to help ensure you’re on track for
your retirement
FOR ILLUSTRATIVE PURPOSES ONLYImportant notice concerning your rights in the ICON GPHS Plan November 22, 2022 This notice is to inform you that your account in the ICON GPHS Plan will transfer to Empower effective January 3, 2023. As a result of this change, you temporarily will be unable to check your account balance and transfer or diversify your investments in your ICON GPHS Plan account or obtain a loan, withdrawal or distribution. This period during which you will be unable to exercise these rights otherwise available under the plan is called a blackout period. Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this blackout period may affect your retirement planning as well as your overall financial plan. The temporary blackout period begins at 4 p.m. Eastern time on December 22, 2022, and ends during the week of January 15, 2023. During this time, you will have limited or no access to your account. You will be unable to check your account balance; transfer or diversify your investments; or obtain a loan, withdrawal or distribution from your ICON GPHS Plan account. Before the blackout period begins, it is very important that you review and consider the appropriateness of your current investments because you will be unable to transfer or diversify those investments during the blackout period. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income and investments. To review your plan account before the blackout period begins, contact Transamerica at 800-755-5801 or access your account online at trsretire.com by December 22, 2022. If you have questions concerning this notice, please contact Empower at 833-RET-ICON (833-738-4266). Once the blackout period ends, you will have full access to your plan account. If you would like to confirm the status of the blackout period, contact Empower at 833-RET-ICON (833-738-4266) or ICON401k.com. These dates and times are subject to change. Please contact Empower for more information. Diversification does not ensure a profit or protect against loss.
Carefully consider the investment option’s objectives, risks, fees and expenses. Contact Empower for a prospectus, summary prospectus for SEC-registered products or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing. If a money market fund is included in your plan’s lineup, you could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Fund changes may alter the risk exposure of an investment account. Some cash-alternative options (other than money market funds), such as guaranteed interest funds or stable value funds, may have withdrawal and transfer restrictions. Carefully consider the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income and investments. Adjustments may be needed to realign the account with its desired investment strategy. Once the transition is complete, please review the information for each fund on the plan website. Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. Putnam is affiliated with Empower Retirement, LLC and its affiliates. My Financial Path includes products made available by Empower Retirement, LLC and third-party providers outside the benefits provided under your retirement account. Inclusion of a product in My Financial Path is not an endorsement or recommendation of the product by your retirement account sponsor or providers. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America. Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not Bank Guaranteed | Funds May Lose Value | Not Insured by Any Federal Government Agency ©2022 Empower Retirement, LLC. All rights reserved. 150586-01-FBK-WF-2119900-1122(2181268) RO2476591-1022
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