Start Investing in Yourself with Help from The Episcopal Church Retirement Savings Plan (RSVP) or The Episcopal Church Lay Employees' Defined ...

 
 
RSVP & Lay DC Plan Employee Guide - Church Pension Group
Start Investing in Yourself with Help from
The Episcopal Church Retirement
Savings Plan (RSVP) or
The Episcopal Church Lay Employees’
Defined Contribution Retirement Plan
(Lay DC Plan)
EMPLOYEE GUIDE
19 East 34th Street
                                                                                                           New York, NY 10016
                                                                                                           (866) 802-6333
                                                                                                           (877) 208-0092
                                                                                                           Fax: (212) 592-9487

  Welcome to your retirement plan. Depending upon your eligibility and the plan your employer has
  adopted, you are now enrolled in either:
      • The Episcopal Church Retirement Savings Plan (RSVP) or
      • The Episcopal Church Lay Employees’ Defined Contribution Retirement Plan (Lay DC Plan).
  We are delighted that you are participating in this important savings vehicle for your retirement.
  Now that you are enrolled in a plan, here’s what you need to do next:
     • Go online to Fidelity NetBenefits® at www.cpg.org/myaccount to set up your Web account.
     • Change your contribution amount and/or investment elections.*
     • Designate your beneficiaries by logging on to Fidelity NetBenefits® at www.cpg.org/myaccount and
        clicking Beneficiaries in the Profile section.
  Please note that wherever the word “Plan” or “Plans” is used in the Employee Guide, that term will refer to the
  RSVP and the Lay DC Plan. Specific reference will be made to the RSVP or to the Lay DC Plan, as applicable,
  if anything in the Employee Guide applies only to one of the Plans. Accordingly, the rules and provisions
  described in the Employee Guide are applicable to both Plans unless specified otherwise.
  The Employee Guide contains a description of the material terms of the Plans. Below are a few highlights.
  Pretax contributions: Your contributions to the Plans are deducted from your pay before federal income
  taxes are taken out. This is referred to as a “pretax contribution” and can lower the amount of income taxes
  you currently pay.
  Tax-deferred growth: Because each Plan is what’s known as a “qualified plan,” you will not pay any taxes on
  the earnings in your account until you receive a distribution from the Plan. When you retire and start making
  withdrawals, you will be taxed on that distribution. You may also be in a lower tax bracket at that time.
  Employer contributions:** Under the RSVP, your employer may or may not make base and/or matching
  contributions in its discretion.
  Under the rules of the Lay DC Plan, your employer typically contributes a base of 5% of your annual
  compensation, and also typically matches your contributions up to 4% of your compensation. That means that
  your employer will contribute the base whether or not you contribute to the Lay DC Plan. But to get employer
  matching money, you must contribute to the Lay DC Plan. The more you contribute, the more employer
  matching money you will get — up to 4% of your annual compensation. If you are unable to commit to the 4%
  contribution at this time, you can contribute at a lower rate and still build your retirement savings.
  If you’re a cleric, there may be additional tax advantages: At retirement, you may be able to apply your
  RSVP withdrawals toward your housing allowance, so you might not have to pay income taxes on your total
  withdrawal. Make sure to consult your tax advisor about this.
  Contributing the maximum amount allowed by the IRS: Each year, the IRS sets the maximum allowable
  pretax contribution you can make to the Plans. If you can, it makes good sense to contribute the maximum
  allowable to your retirement account because it will grow tax-deferred.
  We wish you a fulfilling career and a comfortable retirement.




 *Participants
                are defaulted to a Fidelity Freedom® Fund – Class K option at the point of enrollment based on their current age and
     assuming a retirement age of 65.
**Contributions
                  vary, so please obtain further information regarding employer contributions directly from your employer.
Frequently asked questions about the Plans.*
The Episcopal Church Retirement Savings Plan (RSVP) is a defined contribution retirement plan
designed to satisfy Section 403(b)(9) of the Internal Revenue Code (Code).




                                                                                                                                                                        FAQs
The Episcopal Church Lay Employees’ Defined Contribution Retirement Plan (Lay DC Plan)
is divided into two distinct defined contribution retirement plans: one of which is designed to satisfy
Section 401(a) of the Code, and the second of which is designed to satisfy Section 403(b)(9) of the Code.


INTRODUCTORY FAQS                                                      ENROLLMENT AND ELIGIBILITY
What are the purposes of the Plans?                                    What does my employer have to do to allow




                                                                                                                                          or for help enrolling call a Fidelity representative at (877) 208-0092.
                                                                                                                                          For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
The Plans were established for employees of                            employees to enroll in the Plan?
participating employers of the Episcopal Church                        In order to be accepted for membership in
to save for their retirement on a tax-deferred                         the Plan, your employer must adopt the Plan.
basis. They function similarly to a 401(k) plan,                       The adoption process consists of completing
which is offered by many for-profit companies.                         and returning the applicable Employer
The RSVP is meant primarily to supplement the                          Adoption Agreement to Client Services at
retirement savings of clergy and lay employees                         The Church Pension Fund. “Participating
who are enrolled in a defined benefit pension                          employers” are employers that have been
plan. The Lay DC Plan is meant to serve as                             accepted for membership in the Plan by the
the primary retirement savings vehicle for                             Plan administrator.
lay employees whose employers are offering                             When am I eligible to participate in the Plan?
a defined contribution retirement plan in
accordance with Resolution A138, 76th General                          As a new or existing employee, once your
Convention, 2009. (For more information about                          employer adopts the Plan, you are eligible to
Resolution A138, see the FAQ “What are the                             make salary deferrals on the first day of the
employer contribution requirements for the Lay                         month following your date of hire and receipt
DC Plan?” on page 3.)                                                  by the Plan administrator of the Employee
                                                                       Application for Membership form. However,
Can I actively participate in the RSVP and                             you are not eligible for employer contributions,
Lay DC Plan at the same time?                                          if applicable, until you meet the eligibility
No, you may only actively participate in the                           requirements selected by your employer in its
Plan that your employer has adopted and in                             Employer Adoption Agreement. The maximum
which you have been enrolled. Check with your                          eligibility requirement is working at least 1,000
employer to determine the Plan your employer                           hours during the year. Participating employers
offers and the eligibility requirements, if                            may adopt an eligibility requirement that is
applicable.                                                            less stringent than the maximum requirement,
How is my retirement benefit determined?                               but not more stringent than the established
                                                                       maximum. Scheduled time off for vacation,
The amount available at retirement is based on                         sick leave, or temporary disability (not to
your account balance, which depends on the                             exceed one year) counts toward the eligibility
amount invested and the performance of the                             requirement adopted by your employer. Check
investment(s) over time. Each participant has his                      with your employer to determine the applicable
or her own account and directs how the money                           eligibility requirement.
is invested by choosing among a range of
investment options.




*Please note that wherever the word “Plan” or “Plans” is used in these FAQs, that term will refer to one or both of the RSVP and the
 Lay DC Plan. If anything in these FAQs applies only to one Plan, specific reference will be made to the RSVP or to the Lay DC Plan, as
 applicable. Accordingly, the rules and provisions described in these FAQs are applicable to both Plans unless specified otherwise.

                                                                                                                                                                         1
How do I enroll in the Plan?                         5. Designate your beneficiary. Your final step
       Enrolling is easy. Follow these five simple steps    will be to designate your beneficiary. You
       to set up your account.                              may go online to designate your beneficiary
                                                            by logging on to Fidelity NetBenefits® at
       1. Complete the Employee Application for             www.cpg.org/myaccount or you may call a
FAQs




       Membership Form. Once you have completed             Fidelity representative at (877) 208-0092 to
       the form, you will be enrolled in the Plan. If you   request a paper form.
       have not completed this application, you will
       need to obtain the Employee Application for          CONTRIBUTIONS
       Membership Form from your employer.                  How are the Plans funded?
       2. Determine your contribution amount. Please        The Plans are funded by your individual
       indicate the contribution amount you would like      contributions (on a pretax or after-tax basis)
       deducted from your compensation. If you do           and/or employer contributions. Making pretax
       not complete the employee contribution section       contributions will reduce your current taxable
       of the application, you will be automatically        income.
       enrolled at a 4% pretax payroll deduction.
                                                            If you are enrolled in the RSVP, some employers
       You may change the percentage level of your
                                                            may make employer contributions to the RSVP
       contribution at any time. Any contributions that
                                                            as a housing equity allowance (clergy only) or
       are automatically deducted are not allowed to
                                                            other deferred compensation arrangement (lay
       be refunded due to IRS regulations.
                                                            employee or clergy).
       3. Choose your investments. Unless you
                                                            If you are enrolled in the Lay DC Plan and meet
       make investment elections, your contributions
                                                            the minimum eligibility requirements selected
       will be invested in the Fidelity Freedom®
                                                            by your employer in its Employer Adoption
       Fund – Class K that correlates with your birth
                                                            Agreement, your employer is required to make
       date as directed by the Plan sponsor, according
                                                            an employer contribution based on a percentage
       to the chart on page 18 of the Employee Guide.
                                                            of your annual compensation and match your
       You can elect to choose different investment
                                                            contributions up to a certain limit, as mandated
       option(s) at any time. See the “Investment
                                                            by the Episcopal Church. (For more information,
       Options” section in the Employee Guide
                                                            see the FAQ “What are the employer
       for more information about your investment
                                                            contribution requirements for the Lay DC Plan?”
       choices.
                                                            on page 11.)
       4. Set up your online Fidelity account.              How much can I contribute to the Plan?
       To set up your Fidelity account, go to Fidelity      You may contribute in 1% increments or a set
       NetBenefits® at www.cpg.org/myaccount. If            dollar amount of your base salary on a pretax
       you need assistance, please contact a Fidelity       or after-tax basis, up to the IRS limits. If you
       representative at (877) 208-0092. To set up          do not elect a set percentage or dollar amount
       your account:                                        on the Employee Application for Membership
       • E
          nter your Social Security number and set up      form, you will be automatically enrolled in
         a username and a password.                         the Plan at a pretax contribution rate of 4%
       • R
          eview and make your investment election(s),      of your compensation, until you subsequently
         by simply clicking Change Investments on the       elect otherwise.
         left side of the Web page. Click Investment
         Election to select any of the available Plan
         investment options.
       • R
          eview your contribution amount by clicking
         Contribution Amount located on the left side
         of the Web page.




   2
What are the IRS contribution limits?                      How do I change or suspend my contributions?
The IRS annual limit on pretax salary deferral             If you choose to go online to change your
contributions is $18,500 for 2018. If you will attain      contribution rate or suspend your contributions,
age 50 or older during the calendar year and               you will need to:




                                                                                                                                              FAQs
contribute up to the IRS pretax contribution               • L og on to Fidelity NetBenefits® at www.cpg
limit, you are eligible to make an additional                .org/myaccount and enter your username and
pretax catch-up contribution of $6,000 in 2018. In           password.
addition, there is a combined annual limit for total
Plan contributions (employee pretax and after-             • E
                                                              lect the contribution amount you wish
tax contributions and employer contributions),               to contribute to your account by clicking
which is 100% of your Form W-2 compensation or               Contribution Amount located on the left side
$55,000 ($61,000 including catch-up contributions)           of the web page.




                                                                                                                or for help enrolling call a Fidelity representative at (877) 208-0092.
                                                                                                                For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
for 2018, whichever is less.                               Alternatively, you may change or suspend your
Are there any tax advantages of contributing               contributions by calling a Fidelity representative
to the Plan?                                               at (877) 208-0092.

Any earnings on the amounts that you contribute            We recommend that you also notify your
to the Plan grow on a tax-deferred basis. You will         employer of any change.
not pay income taxes on those earnings until you           What are the employer contribution
receive a distribution from the Plan.                      requirements for the Lay DC Plan?
In addition, you may be eligible to take a                 Resolution D165, 70th General Convention, 1991,
tax credit (known as the Retirement Savings                establishes minimum contribution requirements
Contributions Credit, or Saver’s Credit) for the           as follows: “If the Plan is a defined contribution
eligible contributions that you make to the Plan.          plan, the employer shall contribute not less
The amount of the credit is 50%, 20%, or 10% of            than five percent and agree to match employee
your contributions up to $2,000 ($4,000 if married         contributions up to another four percent.”
filing jointly), depending on your adjusted gross          Resolution A138, 76th General Convention,
income (reported on your Form 1040 or 1040A).              2009, reaffirmed these minimum contribution
See the IRS website (www.irs.gov) for more                 requirements for employers that elect to
information about the Saver’s Credit.                      provide a defined contribution plan for their
If you are a cleric, the amounts that you                  employees. If the employer is a school, a
contribute to the RSVP are eligible for the                different contribution rate schedule may
housing allowance exclusion when you receive a             apply, as set forth in Resolution C042,
distribution, subject to IRS requirements.                 77th General Convention, 2012. For more
Distributions received by clergy on account of             information about these resolutions, please
retirement may be exempt from SECA taxes.                  visit www.cpg.org/laypensions.
What counts as “retirement” depends on a
cleric’s individual circumstances.
Please consult your tax advisor to discuss your
specific situation.
Can I change or suspend my contributions?
Yes, you can change or suspend your pretax
salary deferral contribution (or after-tax contribution)
election at any time for future contributions. However,
if you change your contributions and your employer
makes matching contributions, the matching
contribution may also change.




                                                                                                                             3
How are employer contributions calculated              Please see the following example:
       under the Plans?                                       Base Salary = $40,000
       If you are enrolled in the RSVP, your employer         Value of housing = $12,000 (i.e. 30% of $40,000)
       may, but is not required to, make employer
       contributions on your behalf. If you are enrolled      Employer base contribution = 5%
FAQs




       in the Lay DC Plan, your employer is required to       Employer matching contribution = up to 4%
       make employer contributions on your behalf as          Employee elective pretax salary deferral = 4%
       explained in the immediately preceding FAQ. In
       either case, the types of employer contributions       The employee will receive an employer base
       that can be made to the Plans are the same and         contribution equal to $2,600 (i.e. 5% x ($40,000
       are described below.                                   +$12,000)). The maximum employer matching
                                                              contribution is $2,080, which is 4% of the
       An employer base contribution is a percentage          employee’s total compensation of $52,000 (i.e.
       of your total compensation that includes your          $40,000 + $12,000). Based on the employee’s
       base salary as well as all overtime, special service   election of a 4% pretax salary deferral, the
       fees, bonuses, utilities, severance pay, and           employer matching contribution that the
       housing (as described below).                          employee will actually receive is $1,600 (i.e. 4%
       If you are a lay employee and receive church-          x $40,000) because the employee cannot make
       provided housing, your employer must include           a salary deferral on the value of housing. To
       30% of your base salary and utilities as housing.      maximize the employer match, the employee
       If you are a lay employee and receive both             would have to contribute an additional $480
       church-provided housing and meals, your                to the Plan, which amount is equivalent to 1%
       employer must include 40% of your base salary          (rounded to the nearest whole percent) of the
       and utilities as housing. Any cash housing             employee’s cash compensation of $40,000 (i.e.
       allowance that a lay employee receives is not          $480/$40,000 = 1.2%). Thus, the employee needs
       included as part of his or her total compensation.     to elect a 5% pretax salary deferral in order to
       Note that the total compensation for clergy            maximize the employer match. All contributions
       enrolled in the RSVP also includes Social Security     are subject to the IRS limits described above.
       tax reimbursements, employer-paid tuition              Can I move money from another retirement
       for dependents, and other taxable income. In           plan into my account in the Plan?
       addition, clergy housing is calculated differently.    You are permitted to roll over eligible pretax
       Please contact Client Services at The Church           contributions from another 401(k) plan, 401(a) plan,
       Pension Fund at (866) 802-6333 for more details.       403(b) plan or a governmental 457(b) retirement
       An employer matching contribution is a                 plan account, or eligible pretax contributions
       percentage of the amount that you actually             from an IRA. In addition, you may roll over eligible
       contribute to the Plan. Both pretax and after-tax      after-tax contributions from another 401(k) plan,
       salary deferrals are matched on a dollar for dollar    401(a) plan, or 403(b) plan. You should consult
       basis. To maximize your employer match, you            your tax advisor and carefully consider the impact
       should try to contribute the same percentage of        of making a rollover contribution to your Plan
       your compensation that your employer matches.          account because it could affect your eligibility for
       For example, if your employer matches up to            future special tax treatment. For example, if you
       4% of an employee’s compensation, you should           are a cleric and roll over eligible amounts from a
       contribute 4% of your compensation on a pretax         secular employer into the RSVP, those amounts are
       and/or after-tax basis. If you receive church-         not eligible for the housing allowance exclusion
       provided housing, however, you must contribute         when they are distributed to you. Be sure to
       more than the employer match percent in order          consider all your available options and the
       to fully maximize the employer match. This is          applicable fees and features of each before
       because, under IRS regulations, you cannot make        moving your retirement assets.
       salary deferrals on compensation that you do not
       actually receive.



   4
VESTING                                             May I invest in the Church Life Insurance
                                                    Corporation Tax Sheltered Annuity?
What is vesting?
                                                    The Church Life Insurance Corporation Tax
Vesting defines when a participating employee
                                                    Sheltered Annuity (CLIC TSA) is available under
receives complete ownership of contributions
                                                    the RSVP only and was frozen to new investors




                                                                                                                                          FAQs
made into his or her account, including the
                                                    effective January 1, 2005.
earnings on those contributions. Once you are
vested, you are entitled to all amounts in your     May I transfer money in my account between
account even if you terminate employment with       investment options and, if so, how often?
your employer.                                      You can request a transfer of your full account
When am I vested?                                   balance or any portion thereof between
                                                    investment options on a daily basis, but keep in
Employee and employer contributions
                                                    mind that certain investment options may have




                                                                                                            or for help enrolling call a Fidelity representative at (877) 208-0092.
                                                                                                            For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
(if applicable) and the earnings on those
                                                    short-term trading fees.
contributions are always 100% vested under
the Plan. Any rollover contributions you make       How do I change my investment elections?
and the earnings on those contributions are         To change your investment elections, simply
also always 100% vested.                            log on to Fidelity NetBenefits® at www.cpg
                                                    .org/myaccount. You will need to enter your
INVESTMENTS
                                                    username and password. Once you have
What are my available investment options?           logged on to your account, you will need to
The investment options available under the Plan     click Change Investments. You will be able to
include a variety of selections such as a stable    update your investment elections to any of the
value investment option offering a fixed rate of    investment options available under the Plan.
return, which is reset periodically, and mutual     What if I don’t make an investment election?
funds ranging from a money market fund to           We encourage you to take an active role in the
growth-focused stock funds.                         Plan and choose investment options that best
You can invest your account balance in one or       suit your goals, time horizon, and risk tolerance.
more of these investment options. We encourage      If you do not select specific investment options,
you to take an active role in the Plan and choose   your contributions will be invested in the Fidelity
investment options that best suit your goals,       Freedom® Fund – Class K with the target
time horizon, and risk tolerance. To assist you     retirement date closest to the year you might
in making investment decisions, a complete          retire, based on your current age and assuming
description of the Plan’s investment options and    a retirement age of 65, at the direction of
their historical performance, as well as planning   The Church Pension Fund. Please refer to the
tools to help you choose an appropriate mix, are    “Investment Options” section in the Employee
available online at www.cpg.org/myaccount. You      Guide for more details.
will need to enter your username and password.      If no date of birth or an invalid date of birth is on
Please also refer to the “Investment Options”       file at Fidelity, your contributions may be invested
section in the Employee Guide for more details.     in the Fidelity Freedom® Income Fund – Class K.
Can I allocate my contributions among
different investment options?
Yes, you can allocate some or all of your
contributions among a variety of investment
options, including a stable value investment
option and mutual funds ranging from a money
market fund to growth-focused stock funds.




                                                                                                                         5
What are my rights with respect to mutual            If you fail to repay your loan (based on the
       fund pass-through voting?                            original terms of the loan), it will be considered
       As a Plan participant, you have the ability to       in “default” and treated as a distribution,
       exercise voting, tender, and other similar rights    making it subject to income tax and possibly
       for mutual funds in which you are invested under     to a 10% early withdrawal penalty. Defaulted
FAQs




       the Plan. Materials related to the exercise of       loans may also impact your eligibility to request
       these rights will be sent at the time of any proxy   additional loans.
       meeting, tender offer, or when other similar         To learn more about, or to request a loan, call a
       rights relating to the particular mutual funds       Fidelity representative at (877) 208-0092. Be sure
       held in your account can be exercised.               you understand the Plan guidelines and impact
                                                            of taking a loan before you initiate a loan from
       Descriptions of the investment options available
                                                            your Plan account.
       under the Plans begin on page 10 of the
       Employee Guide.                                      Can I make withdrawals from my account?
                                                            Withdrawals from the Plan of pretax
       LOANS, WITHDRAWALS, AND OTHER
                                                            contributions are permitted when you have
       DISTRIBUTIONS
                                                            a distributable event. These events include
       Can I take a loan from my account?                   termination of employment, retirement,
       The Plan allows an active participant to take a      attaining age 59½, becoming disabled, financial
       loan subject to IRS limitations. You may borrow      hardship, or death. The taxable portion of your
       up to fifty percent (50%) of the balance of your     withdrawal that is eligible for rollover into an
       account to a maximum of $50,000. The minimum         individual retirement account (IRA) or another
       principal amount of any loan is $500.00. Any         employer’s retirement plan is subject to 20%
       outstanding loan balances over the previous          mandatory federal income tax withholding,
       12 months may reduce the amount you have             unless it is directly rolled over to an IRA or
       available to borrow. A maximum of two loans          another employer plan. (You may owe more
       may be outstanding at any one time. (Note that       or less when you file your income taxes.) If
       any amount invested in the CLIC TSA cannot be        you are under age 59½, the taxable portion
       taken as a loan but is included for purposes of      of your withdrawal is also subject to a 10%
       calculating the maximum amount available to          early withdrawal penalty, unless you qualify for
       borrow. You should carefully consider whether        an exception to this rule (e.g., a distribution
       to transfer money out of the CLIC TSA to a           following termination of employment after
       different investment option if you wish to make      age 55). The Plan documents and current
       it available to borrow.)                             tax laws and regulations will govern in case
                                                            of a discrepancy. Be sure you understand
       The minimum loan repayment period is
                                                            the tax consequences and the Plan rules for
       12 months. The maximum loan repayment
                                                            distributions before you initiate a distribution.
       period is five years, unless the purpose of the
                                                            You may want to consult your tax advisor about
       loan is to acquire a principal residence, in which
                                                            your situation.
       case a repayment period of up to 15 years
       is permitted (not including refinancing of a
       previous loan). Loans may be prepaid in full
       or in part at any time without penalty.
       All loans will be charged a one-time $35
       application fee and a $3.75 quarterly
       recordkeeping fee. The loan application
       and quarterly loan recordkeeping fees will
       be deducted directly from your individual
       Plan account. Loans are repaid by Automatic
       Clearing House (ACH) debits through your
       bank account.
   6
Do I have to take a distribution of my                  Please note that if you have designated your
entire retirement account if I terminate                current spouse as your beneficiary, then he or
my employment?                                          she will remain your beneficiary even if you
No, you do not have to take a distribution of           subsequently divorce or legally separate, unless
your entire retirement account if you terminate         you affirmatively designate a new beneficiary or




                                                                                                                                          FAQs
employment and the balance of your account              remarry and report your remarriage to the Plan
stays above $1,000. You have several options.           administrator.
You can maintain your retirement savings in the         What fees may be charged against my
Plan until you retire or until April 1 following        account balance?
the year in which you attain age 70½, when you          • A
                                                           dministrative fees are currently fixed at
may need to satisfy IRS minimum distribution              0.05% per quarter and are charged at the
requirements. You can also take partial or full           beginning of each quarter based on the




                                                                                                            or for help enrolling call a Fidelity representative at (877) 208-0092.
                                                                                                            For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
withdrawals from your account, annuitize all or           market value of the mutual fund account
a portion of your account, or roll over money             balances at the end of the previous quarter.
into an IRA or another employer’s retirement
plan. If your account balance is equal to or falls      • A
                                                           s with all mutual fund investments, there are
below $1,000, however, your entire account                some underlying fees and expenses, which
will be distributed directly to you, unless you           will vary by fund.
elect otherwise.                                        • T
                                                           here are no management or administrative
How can I access my Plan money                            fees charged on the Stable Value Option
in retirement?                                            (SVO).
The Plan offers several options to select               • T
                                                           here is no fee for transferring monies
from. These options are called “distribution              between mutual funds (except when fund
options” and include guaranteed lifetime                  short-term trading fees are applicable).
income that offers you the stability of equal           • T
                                                           aking a new loan incurs a $35.00 processing
monthly payments, a specified payment, partial            fee and a $3.75 quarterly recordkeeping fee
withdrawal, or a lump sum payment.                        for each outstanding loan.
What happens to the money in my account                 • T
                                                           here is no fee for processing a distribution
when I die?                                               from an account.
The balance is payable to your designated               How often will I receive account statements
beneficiary. If you did not designate a                 and in what format will they be delivered?
beneficiary, your account balance is payable to
                                                        You will receive account statements on a
your spouse (if any); otherwise, your account
                                                        quarterly basis. A link to your statement will
balance is payable to your estate.
                                                        be sent to you via e-mail. To receive your
BENEFICIARIES, FEES, AND STATEMENTS                     statement via print, please register online at
                                                        www.cpg.org/myaccount. Once registered, you
When should I designate my beneficiary?                 will be prompted to choose whether to keep the
It is important to select your beneficiaries when       electronic delivery of statements or to receive
you first enroll in the Plan. Also, please keep         printed statements in the mail. Regardless of
in mind that if you have experienced a life-            how you receive your quarterly statements, you
changing event, such as a marriage, divorce,            can view your account any time by logging on
birth of a child, or a death in the family, it’s time   to www.cpg.org/myaccount.
to reconsider your beneficiary designation(s).
To make your designations, simply log on to
Fidelity NetBenefits® at www.cpg.org/myaccount
and click Beneficiaries in the Profile section. If
you do not have access to the Internet or prefer
to complete your beneficiary information by
paper form, please call a Fidelity representative
at (877) 208-0092.
                                                                                                                         7
CLAIMS AND APPEALS PROCESS                           Appeal Procedure
       How do I file a claim if I have been denied a        Within 60 days after the date the claimant
       benefit under the Plan?                              receives CPF’s denial letter, the claimant (or his
                                                            or her authorized representative) may submit
       If a participant, beneficiary, or any other person   a written appeal letter to CPF at the address
FAQs




       (a “claimant”) believes that he or she has been      below. (CPF may, in its sole discretion, extend
       denied benefits that he or she is due under          the 60-day period to file an appeal.) The appeal
       the Plan, the claimant may file a claim with         letter should give a detailed explanation of why
       The Church Pension Fund (CPF) at the address         the claimant believes the claim should not have
       below. The claim:                                    been denied and include any other documents
                                                            or supporting information that may have bearing
       • must be in writing,
                                                            on the claim. The claimant will be afforded a full
       • m
          ay be submitted either by the claimant or        and fair review of the claim that does not give
         by his or her authorized representative, and       deference to the initial determination.
       • m
          ust provide detailed reasons (including          The claimant generally will receive a written
         any supporting evidence) regarding why the         response to his or her appeal within 90 days
         claimant believes CPF’s initial decision was       after the appeal is received by CPF. If CPF
         incorrect.                                         needs additional time (up to 90 days) to review
                                                            the claim, the claimant will be notified of the
       The claim will be subject to a full and fair
                                                            reason(s) for the delay and the anticipated
       review. The claimant generally will receive a
                                                            response date, which may not exceed a total of
       written response to his or her claim within 60       180 days from the date CPF received the appeal.
       days after the claim is received by CPF. If CPF
       needs additional time (up to 60 days) to review      If, upon appeal, the denial of the claim is upheld,
       the claim, the claimant will be notified of the      CPF’s written response will again give the specific
                                                            reason(s) for the denial and the plan provision(s)
       reason(s) for the delay and the anticipated
                                                            on which the denial is based.
       response date, which may not exceed a total of
       120 days from the date CPF received the claim.       Where to file an appeal:
       If CPF denies the claim, in whole or in part,        Attn: Benefit Appeals Committee
       CPF’s written response to the claimant will          Church Pension Group
       include:                                             P.O. Box 2745
                                                            New York, NY 10164-4514
       • the specific reason(s) for the denial,
                                                            How do I file a claim if my application for
       • s pecific reference to the Plan provision(s) on   disability status is rejected?
         which the denial is based, and
                                                            If a claim relates to whether or not a participant is
       • a
          description of the Plan’s appeal procedures      disabled, the initial disability benefit claim should
         and the time limits applicable to such             be submitted to CPF’s Medical Board, which
         procedures.                                        is currently Liberty Life Assurance Company of
       Where to file an initial benefit claim:              Boston (“Liberty Mutual”), in accordance with
                                                            Liberty Mutual’s claims procedures.
       Attn: Pension Appeals — Initial Benefit Claims
                                                            Disability Appeal Procedure
       Church Pension Group
       P.O. Box 2745                                        If Liberty Mutual denies the initial disability
       New York, NY 10164-4514                              benefit claim, the claimant (or his or her
                                                            authorized representative) may submit a
                                                            written appeal letter to CPF’s Benefit Appeals
                                                            Committee. The same appeal procedures
                                                            outlined above generally will apply, except that:




   8
• the appeal must be submitted to CPF within
     180 days after the claimant’s receipt of Liberty
     Mutual’s denial letter (CPF may, in its sole
     discretion, extend the 180-day period to file
     an appeal), and




                                                                                       FAQs
  • in rendering its decision, CPF may, in its sole
     discretion, consult an independent expert
     selected by CPF from time to time.
What are my options after I exhaust the
Plan’s claims procedures?
If a claimant is not satisfied with CPF’s final
determination and has exhausted the Plan’s




                                                         or for help enrolling call a Fidelity representative at (877) 208-0092.
                                                         For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
administrative review process outlined above in
the previous two questions, the claimant may
file a civil suit. The civil suit must be filed within
180 days after the claimant receives CPF’s final
determination. As a participant or beneficiary
in the Plan, the claimant has consented to the
venue and exclusive jurisdiction of the courts
located in New York City. Therefore, any civil
action must be filed in New York City.




                                                                      9
Investment Options
            The Episcopal Church Retirement Savings Plan
Spectrums




            and
            The Episcopal Church Lay Employees’ Defined Contribution
            Retirement Plan


                      CONSERVATIVE                                                                                                    AGGRESSIVE



            Categories to the left have potentially                                                                  Categories to the right have potentially
            more inflation risk and less investment risk                                                          less inflation risk and more investment risk

                                                                                                   Domestic                                  International/
            Short Term            Stable Value          Bond
                                                                                                   Equity                                    Global Equity
            Government            CLIC TSA*             Diversified           Large Value          Large Blend            Large Growth       Diversified
            Fidelity®                                   Dodge & Cox           Dodge & Cox          DFA U.S.               Fidelity®          American Funds
                                  Stable Value
            Investments                                 Income Fund           Stock Fund           Sustainability         Contrafund®—       EuroPacific Growth
                                  Option
            Money Market                                                                           Core 1 Portfolio       Class K            Fund® Class R-6
                                                        Fidelity® U.S. Bond
            Government
                                                        Index Fund—                                Fidelity® 500 Index    Small Growth       Fidelity®
            Portfolio -
                                                        Premium Class                              Fund - Institutional   Neuberger Berman   International Index
            Institutional Class
                                                                                                   Premium Class          Genesis Fund       Fund—Premium
                                                        Inflation-Protected
                                                                                                   Mid Blend              Class R6           Class
                                                        American Century
                                                                                                   Fidelity® Extended
                                                        Inflation Adjusted
                                                                                                   Market Index
                                                        Bond Fund R5
                                                                                                   Fund—Premium
                                                        Class
                                                                                                   Class




            *Please note that the CLIC TSA is available under the RSVP only and was frozen to new investors effective January 1, 2005.




            This spectrum, with the exception of the Domestic Equity category, is based on Fidelity’s analysis of the characteristics of the general
            investment categories and not on the actual investment options and their holdings, which can change frequently. Investment options
            in the Domestic Equity category are based on the options’ Morningstar categories as of 09/30/2017. Morningstar categories are
            based on a fund’s style as measured by its underlying portfolio holdings over the past three years and may change at any time.
            These style calculations do not represent the investment options’ objectives and do not predict the investment options’ future styles.
            Investment options are listed in alphabetical order within each investment category. Risk associated with the investment options can
            vary significantly within each particular investment category and the relative risk of categories may change under certain economic
            conditions. For a more complete discussion of risk associated with the mutual fund options, please read the prospectuses before
            making your investment decisions. The spectrum does not represent actual or implied performance.




    10
Investment Options
The Episcopal Church Retirement Savings Plan




                                                                                                                                                                    Spectrums
and
The Episcopal Church Lay Employees’ Defined Contribution
Retirement Plan

Target Date Funds

Placement of investment options within each risk spectrum is only in relation to the investment options




                                                                                                                                      or for help enrolling call a Fidelity representative at (877) 208-0092.
                                                                                                                                      For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
within that specific spectrum. Placement does not reflect risk relative to the investment options shown in
the other risk spectrums.

For each risk spectrum below, investment options to the left        For each risk spectrum below, investment options to the right
have potentially more inflation risk and less investment risk         have potentially less inflation risk and more investment risk


                                              Risk Spectrum for Target Date Funds


  Fidelity Freedom® Income Fund - Class K        Fidelity Freedom® 2020 Fund - Class K        Fidelity Freedom® 2040 Fund - Class K

  Fidelity Freedom® 2010 Fund - Class K          Fidelity Freedom® 2025 Fund - Class K        Fidelity Freedom® 2045 Fund - Class K

  Fidelity Freedom® 2015 Fund - Class K          Fidelity Freedom® 2030 Fund - Class K        Fidelity Freedom® 2050 Fund - Class K

                                                 Fidelity Freedom® 2035 Fund - Class K        Fidelity Freedom® 2055 Fund - Class K

                                                                                              Fidelity Freedom® 2060 Fund - Class K


Target date investments are generally designed for investors expecting to retire around the year indicated in each investment’s
name. The investments are managed to gradually become more conservative over time. The investment risk of each target
date investment changes over time as the investment’s asset allocation changes. The investments 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 the investments’ target dates.

The chart below illustrates the Plan-assigned fund that the Plan sponsor believes will best fit your diversification needs should
you not select an investment option.

 Your Birth Date*                                     Fund Name                                             Target Retirement Years

 December 31, 1942, or before                         Fidelity Freedom® Income Fund - Class K               Retired 2007 or before
 January 1, 1943–December 31, 1947                    Fidelity Freedom® 2010 Fund - Class K                 2008–2012
 January 1, 1948–December 31, 1952                    Fidelity Freedom® 2015 Fund - Class K                 2013–2017
 January 1, 1953–December 31, 1957                    Fidelity Freedom® 2020 Fund - Class K                 2018–2022
 January 1, 1958–December 31, 1962                    Fidelity Freedom® 2025 Fund - Class K                 2023–2027
 January 1, 1963–December 31, 1967                    Fidelity Freedom® 2030 Fund - Class K                 2028–2032
 January 1, 1968–December 31, 1972                    Fidelity Freedom® 2035 Fund - Class K                 2033–2037
 January 1, 1973–December 31, 1977                    Fidelity Freedom® 2040 Fund - Class K                 2038–2042
 January 1, 1978–December 31, 1982                    Fidelity Freedom® 2045 Fund - Class K                 2043–2047
 January 1, 1983–December 31, 1987                    Fidelity Freedom® 2050 Fund - Class K                 2048–2052
 January 1, 1988–December 31, 1992                    Fidelity Freedom® 2055 Fund - Class K                 2053–2057
 January 1, 1993, or after                            Fidelity Freedom® 2060 Fund - Class K                 2058 or later


*Dates selected by Plan sponsor.




                                                                                                                                                   11
Investment Options
Investment Options




                     Before investing in any investment option, consider the investment objectives, risks, charges,
                     and expenses. Contact Fidelity for a mutual fund prospectus or, if available, a summary
                     prospectus containing this information. Read it carefully.


                     American Century Inflation Adjusted Bond Fund R5 Class
                     Ticker: AIANX
                     Objective: The investment seeks total return and inflation protection consistent with investment in inflation-
                     indexed securities.
                     Strategy: Under normal market conditions, the fund invests at least 80% of its net assets in inflation-adjusted bonds.
                     It also may invest in derivative instruments such as futures contracts and swap agreements (including, but not limited
                     to, inflation swap agreements and credit default swap agreements), or in mortgage- or asset-backed securities. The fund
                     may invest in U.S. Treasury futures, inflation swap agreements and credit default swap agreements to manage duration,
                     inflation and credit exposure.
                     Risk: The interest payments of TIPS are variable, they generally rise with inflation and fall with deflation. 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.
                     Short-term redemption fee: None
                     Who may want to invest:
                     • Someone who is seeking potential returns primarily in the form of interest dividends and who can tolerate more
                       frequent changes in the size of dividend distributions than those usually found with more conservative bond funds.
                     • Someone who is seeking to supplement his or her core fixed-income holdings with a bond investment that is tied to
                       changes in inflation.
                     This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
                     detailed information about the fund.
                     The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class’s actual
                     inception of 10/01/2002. These calculated returns reflect the historical performance of the oldest share class of the fund,
                     with an inception date of 02/10/1997, adjusted to reflect the fees and expenses of this share class (when this share class’s
                     fees and expenses are higher.) Please refer to a fund’s prospectus for information regarding fees and expenses. These
                     adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from
                     those applied by other entities, including the fund itself.



                     American Funds EuroPacific Growth Fund® Class R-6
                     Ticker: RERGX
                     Objective: The investment seeks long-term growth of capital.
                     Strategy: The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment
                     adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the
                     potential for above-average capital appreciation. It normally will invest at least 80% of its net assets in securities of
                     issuers in Europe and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities
                     of companies in emerging markets.
                     Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which
                     may be magnified in emerging markets. Growth stocks can perform differently from the market as a whole and can be
                     more volatile than other types of stocks. 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: None
                     Who may want to invest:
                     • Someone who is seeking to complement a portfolio of domestic investments with international investments, which can
                       behave differently.
        12           • Someone who is willing to accept the higher degree of risk associated with investing overseas.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.




                                                                                                                                                                Investment Options
The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class’s actual
inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund,
with an inception date of 04/16/1984, adjusted to reflect the fees and expenses of this share class (when this share class’s
fees and expenses are higher.) Please refer to a fund’s prospectus for information regarding fees and expenses. These
adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from
those applied by other entities, including the fund itself.



DFA U.S. Sustainability Core 1 Portfolio
Ticker: DFSIX
Objective: The investment seeks long-term capital appreciation.




                                                                                                                                  or for help enrolling call a Fidelity representative at (877) 208-0092.
                                                                                                                                  For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
Strategy: The Portfolio purchases a broad and diverse group of securities of U.S. companies with a greater emphasis on
small capitalization and value companies as compared to their representation in the U.S. Universe, while adjusting the
composition of the Portfolio based on sustainability impact considerations. It also may purchase or sell futures contracts
and options on futures contracts for U.S. equity securities and indices, to adjust market exposure based on actual or
expected cash inflows to or outflows from the Portfolio.
Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile.
Value stocks can continue to be undervalued by the market for long periods of time. 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.
Short-term redemption fee: None
Who may want to invest:
• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.
• Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated
  with investing in the stock market.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.



Dodge & Cox Income Fund
Ticker: DODIX
Objective: The investment seeks a high and stable rate of current income, consistent with long-term preservation of
capital.
Strategy: The fund invests in a diversified portfolio of bonds and other debt securities. Under normal circumstances,
the fund will invest at least 80% of its total assets in (1) investment-grade debt securities and (2) cash equivalents.
“Investment grade” means securities rated Baa3 or higher by Moody’s Investors Service, or BBB- or higher by Standard
&Poor’s Ratings Group or Fitch Ratings, or equivalently rated by any nationally recognized statistical rating organization,
or, if unrated, deemed to be of similar quality by Dodge &Cox.
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. Additional risk information for this product may be found in the prospectus or other product materials, if
available.
Short-term redemption fee: None
Who may want to invest:
• 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 diversify an equity portfolio with a more conservative investment option.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.

                                                                                                                                               13
Dodge &Cox Stock Fund
                     Ticker: DODGX
Investment Options




                     Objective: The investment seeks long-term growth of principal and income; a secondary objective is to achieve a
                     reasonable current income.
                     Strategy: The fund invests primarily in a diversified portfolio of equity securities. It will invest at least 80% of its total assets in
                     equity securities, including common stocks, depositary receipts evidencing ownership of common stocks, preferred stocks,
                     securities convertible into common stocks, and securities that carry the right to buy common stocks. The fund may invest up to
                     20% of its total assets in U.S. dollar-denominated securities of non-U.S. issuers traded in the United States that are not in the
                     S&P 500.
                     Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market
                     for long periods of time. 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.
                     Short-term redemption fee: None
                     Who may want to invest:
                     • Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.
                     • Someone who is comfortable with the volatility of large-cap stocks and value-style investments.
                     This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
                     detailed information about the fund.
                     S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and
                     industry group representation to represent U.S. equity performance.



                     Fidelity Freedom® 2010 Fund - Class K
                     Ticker: FSNKX
                     Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high
                     current income and, as a secondary objective, capital appreciation.
                     Strategy: Designed for investors who anticipate retiring in or within a few years of the fund’s target retirement year at or
                     around age 65 and plan to gradually withdraw the value of their account in the fund over time. Investing in a
                     combination of Fidelity domestic equity funds, international equity funds (developed and emerging markets), bond
                     funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to a
                     “neutral” asset allocation strategy that becomes increasingly conservative until it reaches an allocation similar to that of
                     the Freedom Income Fund - approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond
                     funds, and 30% in short-term funds (approximately 10 to 19 years after the target year). Ultimately, the fund will merge
                     with the Freedom Income Fund. Through an active asset allocation strategy, the Adviser may increase or decrease neutral
                     asset class exposures by up to 10 percentage points for equity (includes domestic and international equity funds), bond
                     and short-term funds to reflect the Adviser’s market outlook, which is primarily focused on the intermediate term. The
                     Adviser may also make active asset allocations within other asset classes (including commodities, high yield debt, floating
                     rate debt, real estate debt, inflation-protected debt, and emerging markets debt) from 0% to 10% individually but no
                     more than 25% in aggregate within those other asset classes. The Adviser may continue to seek high total return for
                     several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.
                     Risk: The investment risk of each Fidelity Freedom Fund changes over time as its asset allocation changes. These risks are
                     subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser’s ability to use an active asset
                     allocation strategy, investors may be subject to a different risk profile compared to the fund’s neutral asset allocation strategy
                     shown in its glide path. The funds 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,
                     commodity-linked, and foreign securities. No target date fund is considered a complete retirement program and there is no
                     guarantee any single fund will provide sufficient retirement income at or through retirement. Principal invested is not
                     guaranteed at any time, including at or after the funds’ target dates.
                     Short-term redemption fee: None
                     Who may want to invest:
                     • 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.
        14
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
On July 20, 2017, an initial offering of the Fidelity Freedom K class took place. Returns and expenses prior to that date




                                                                                                                                                              Investment Options
are those of the Freedom (retail) class. Had K class expenses been reflected in the returns shown, total returns would
have been higher.



Fidelity Freedom® 2015 Fund - Class K
Ticker: FSNLX
Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high
current income and, as a secondary objective, capital appreciation.
Strategy: Designed for investors who anticipate retiring in or within a few years of the fund’s target retirement year
at or around age 65 and plan to gradually withdraw the value of their account in the fund over time. Investing in a
combination of Fidelity domestic equity funds, international equity funds (developed and emerging markets), bond




                                                                                                                                or for help enrolling call a Fidelity representative at (877) 208-0092.
                                                                                                                                For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to
a “neutral” asset allocation strategy that becomes increasingly conservative until it reaches an allocation similar to that
of the Freedom Income Fund - approximately 17% in domestic equity funds, 7% in international equity funds, 46% in
bond funds, and 30% in short-term funds (approximately 10 to 19 years after the target year). Ultimately, the fund will
merge with the Freedom Income Fund. Through an active asset allocation strategy, the Adviser may increase or decrease
neutral asset class exposures by up to 10 percentage points for equity (includes domestic and international equity funds),
bond and short-term funds to reflect the Adviser’s market outlook, which is primarily focused on the intermediate term.
The Adviser may also make active asset allocations within other asset classes (including commodities, high yield debt,
floating rate debt, real estate debt, inflation-protected debt, and emerging markets debt) from 0% to 10% individually
but no more than 25% in aggregate within those other asset classes. The Adviser may continue to seek high total return
for several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.
Risk: The investment risk of each Fidelity Freedom Fund changes over time as its asset allocation changes. These risks
are subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser’s ability to use an active
asset allocation strategy, investors may be subject to a different risk profile compared to the fund’s neutral asset
allocation strategy shown in its glide path. The funds 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, commodity-linked, and foreign securities. No target date fund is considered a complete retirement
program and there is no guarantee any single fund will provide sufficient retirement income at or through retirement.
Principal invested is not guaranteed at any time, including at or after the funds’ target dates.
Short-term redemption fee: None
Who may want to invest:
• 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.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
On July 20, 2017, an initial offering of the Fidelity Freedom K class took place. Returns and expenses prior to that date
are those of the Freedom (retail) class. Had K class expenses been reflected in the returns shown, total returns would
have been higher.




                                                                                                                                             15
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