Retirement Savings Plan Summary Plan Description
5.1 You May Self-Direct the Investment of Your Account
The Plan allows you to self-direct the investment of the assets credited to your account. Investment options include a wide range of funds that vary from conservative capital preservation to more aggressive, growth investment approaches, allowing you to design an investment strategy that best suits your goals, time horizon and risk tolerance. Your share of the fund's earnings or losses will be credited to, or deducted from, your account as of the end of each business day.
The Plan is a plan described in ERISA §404(c), and related regulations, which means that, to the extent you control the investment of your account, you are responsible for investment results. Because you can control your Plan investments, the Board and other Plan fiduciaries generally are not responsible for investment losses attributable to your investment decisions. In structuring the Plan to allow participant-directed investments, the Board intends that the Plan qualify as a "Section 404(c) Plan" and for the Plan's fiduciaries to be relieved of any liability for losses incurred as a result of your investment instructions.
A detailed description of the Plan's investment options, and their recent performance, is available online at Fidelity NetBenefits at www.netbenefits.com or you may obtain a hardcopy by calling 866-84UNION (or 866-848-6466). You may also request a hardcopy of this information by contacting the Plan Office. Please note that an investment fund's past performance is not necessarily an indication of how the fund will perform in the future, and any investment option you select may lose money. At any time, subject to administrative processing, you may make changes to your investment elections for future contributions and/or exchange all or a portion of your existing balance into other funds that are available under the Plan via NetBenefits or by phone. You should review your investment mix and deferral percentage and update as appropriate.
Default Fund.If you have not provided express direction instructing the Plan how your account should be invested, your account will be invested by default in the age-appropriate SFEW Lifecycle Fund, which is a series of funds that the Board manages and is designed to contain at least one investment option that is appropriate for a Participant based on the Participant's age. Because your investment objectives may not be consistent with the age-appropriate SFEW Lifecycle Fund, you should consider self-directing your account to one or more other fund options. We encourage you to select your own investment funds for your account so that your need for investment return and tolerance for risk reflect your sensibilities and not those of the Trustees.
Voting, tender and similar shareholder rights for the mutual funds you hold in your account are exercised by the Plan's investment consultant, which employs a process for determining how shareholder rights are exercised. Voting, tender and similar shareholder rights for Plan assets held in bank common or collective trusts are exercised by the trustee of those trusts. The Plan does not provide for pass-through voting.