What Do I Need to Do? section to learn more.

October, 2016

Re: Changes to the Central Michigan University 403(b) Basic Retirement and Supplemental Tax Deferral Plan Investment Lineup

Dear Participant,

Central Michigan University is committed to periodically reviewing the Central Michigan University 403(b) Basic Retirement and Supplemental Tax Deferral Plan (the Plan) to make sure it continues to help you meet your retirement and financial goals. Among the things considered are the range of investment options available through the Plan, investment option performance and value, and whether the Plan gives you access to services that complement your account.

As a result of a recent review, the Central Michigan University retirement investment advisory committee has recommended ? and plan fiduciary has approved ? changes to the Plan's investment lineup.

The changes described on the following pages will take place without any action required on your part. However, if you are not satisfied with how your current investment elections will be modified, you will have the opportunity to make changes. Go to the What Do I Need to Do? section to learn more.

Sincerely,

Fidelity Investments

CHANGES TO THE CENTRAL MICHIGAN UNIVERSITY 403(b) BASIC RETIREMENT AND SUPPLEMENTAL PLAN

Investment Options Being Removed

When the market closes (generally 4 p.m. Eastern time) on November 8, 2016, several investment options offered through the Plan will no longer be available. As a result, all existing balances and future contributions designated to the below listed investment options will be transferred to the new investment option, New York Life Guaranteed Interest Account at market open (generally 9:30 a.m. Eastern time) on November 9, 2016. Please note November 9, 2016 is a change from the date Central Michigan University communicated in September 2016. See the following chart for details.

The transfer of balances will appear as an exchange on your account history and quarterly statement.

Old Investment Options

New Investment Option

Fund Name: Fidelity? Government Cash Reserves Fund Code: 0055 Ticker Symbol: FDRXX Expense Ratio: 0.37%

Fund Name: Fidelity Asset Manager? 20% Fund Code: 0328 Ticker Symbol: FASIX Expense Ratio: 0.53%

Fund Name: Fidelity? Treasury Only Money Market Fund Fund Code: 0415 Ticker Symbol: FDLXX Expense Ratio: 0.42%

Fund Name: Fidelity? Short-Term Bond Fund

Fund Code: 0450 Ticker Symbol: FSHBX

Fund Name: New York Life Guaranteed Interest

Account

Expense Ratio: 0.45%

Fund Code: GAPZ

Fund Name: Fidelity? Government Money Market

Ticker Symbol: N/A

Fund

Fund Code: 0458

Ticker Symbol: SPAXX

Expense Ratio: 0.42%

Fund Name: Fidelity? Money Market Trust Retirement Government Money Market II Portfolio Fund Code: 0630 Ticker Symbol: FRTXX Expense Ratio: 0.42%

Fund Name: Fidelity? Money Market Trust Retirement Government Money Market Portfolio Fund Code: 0631 Ticker Symbol: FGMXX Expense Ratio: 0.42%

Fund Name: Fidelity? Limited Term Government Fund Fund Code: 0662 Ticker Symbol: FFXSX Expense Ratio: 0.45%

Fund Name: Fidelity? Short-Term Treasury Bond Index Fund - Premium Class Fund Code: 1563 Ticker Symbol: FSBAX Expense Ratio: 0.09%

Fund Name: Fidelity? Conservative Income Bond

Fund

Fund Code: 2267 Ticker Symbol: FCONX Expense Ratio: 0.4%

Fund Name: Fidelity? Limited Term Bond Fund Fund Code: 2622

Fund Name: New York Life Guaranteed Interest

Account Fund Code: GAPZ Ticker Symbol: N/A

Ticker Symbol: FJRLX

Expense Ratio: 0.45%

Fund Name: Fidelity? Government Money Market Fund - Premium Class Fund Code: 2741 Ticker Symbol: FZCXX Expense Ratio: 0.38%

Fund Name: Fidelity? Treasury Money Market Fund Fund Code: 2742 Ticker Symbol: FZFXX Expense Ratio: 0.42%

Expense ratio information as of 06/29/2016.

What Do I Need to Do?

If you are satisfied with how your current investment elections will be modified, as shown previously, no action is required on your part. Central Michigan University has worked carefully to move the existing balances and future contributions to an investment option that it believes has the most similar investment objectives.

However, if you do not want these changes to take place, you must contact Fidelity Investments and complete a change of investments. Log on to Fidelity NetBenefits? at cmu or call 800343-0860 Monday through Friday, between 8:30 a.m. and midnight Eastern time.

Important Note if You Use Automatic Rebalance

If you are currently using the Automatic Rebalance feature offered through your Plan, you need to update your rebalance elections given the changes to the Plan lineup on November 9, 2016 if you want to continue using Automatic Rebalance. Fidelity is not able to adjust your rebalance elections to reflect the upcoming plan-directed fund reallocation changes. As a result, your Automatic Rebalance elections will not occur as scheduled if you have a current investment option that will no longer be offered.

If you have questions or need assistance with the Automatic Rebalance feature, log on to Fidelity NetBenefits? at cmu or call 800-343-0860, Monday through Friday, between 8:30 a.m. and midnight Eastern time.

We Are Here to Help

Central Michigan University is committed to offering you a range of investment options. While selecting an appropriate mix of investments might seem challenging, you have access to resources that can help make it easier.

Planning & Guidance Center

Visit the Planning & Guidance Center for help creating an investment mix for your goals. By answering just a few questions, you'll be able to compare investment options for your portfolio and receive guidance in selecting a target asset mix based on your time horizon and risk tolerance.

Get investment suggestions within the Planning & Guidance Center at NetBenefits.planningcenter.

Need in-person help?

Visit atwork/reservations or call 1-800-642-7131 to schedule a one-on-one consultation where you work.

Guidance provided by Fidelity through the Planning and Guidance Center is educational in nature, is not individualized, and is not intended to serve as the primary basis for your investment or tax-planning decisions.

Go Paperless Tired of mailbox clutter? You can significantly reduce paper mail by providing us your email address and updating your mail preferences to electronic delivery.

Log on to Fidelity NetBenefits at cmu and go to Your Profile.

Investment Option Description

New York Life Guaranteed Interest Account

Fund code: GAPZ Objective: Seeks to provide competitive yields and limited volatility with a guarantee of principal and accumulated interest. These guarantees are backed by the full faith and credit of New York Life Insurance Company.

Strategy: Contributions to the Guaranteed Interest Account are invested in a group annuity contract issued by New York Life Insurance Company. Contributions to the contract are currently invested in a broadly diversified fixed income portfolio within New York Life Insurance Company's general account. The investments in the general account are intended to provide a stable crediting rate consistent with preservation of principal. The general account is invested primarily in a conservative array of securities and cash-equivalent investments in accordance with the investment restrictions of New York Insurance Law. The primary objective of the general account is to ensure that New York Life Insurance Company can meet its obligations to policyholders and contract holders. Balances may be transferred into the Guaranteed Interest Account at any time.

Risk: The fund is backed by a diversified portfolio of fixed-income assets held in the general account of the issuer. Guarantees are subject to the claims paying ability of the issuer. Restrictions or fees may apply to exchanges or withdrawals. The Contracts provide for the payment of certain withdrawals and exchanges at book value during the terms of the Contracts. In order to maintain the Contract issuers' promise to pay such withdrawals and exchanges at book value, the Contracts subject the fund and its participants to certain restrictions. For example, withdrawals prompted by certain events (e.g., layoffs, early retirement windows, spin-offs, sale of a division, facility closings, plan terminations, partial plan terminations, changes in laws or regulations) may be paid at the market value of the fund's securities, which may be less than your book value balance or may restrict withdrawals in these events. Additional risk information for this product may be found in the prospectus or other product materials, if

available.Certain investment options offered by your plan (e.g., money market funds, short term bond funds, certain asset allocation/lifecycle funds and brokerage window) may be deemed by the Contract issuers to "compete" with this fund. The terms of the Contracts prohibit you from making a direct exchange from this fund to such competing funds. Instead, you must first exchange to a non-competing fund for 90 days. While these requirements may seem restrictive, they are imposed by the Contract issuers as a condition for the issuer's promise to pay certain withdrawals and exchanges at book value.This annuity contract contains withdrawal charges and terms for keeping it in force. No restrictions or additional fees, including surrender charges, will apply to the amount you withdraw as a result of certain life events. Please see your certificate or contact Fidelity for more information. Partial withdrawals or exchanges of up to 15.00% of your account balance may be made in any contract year without incurring contract surrender charges. Withdrawals or exchanges in excess of 15.00% may be subject to a surrender charge of up to 4.00 % of the amount of the excess withdrawal or exchange. Please see your certificate or contact Fidelity for more information.

Short-term redemption fee: None Who may want to invest: Someone who seeks a slightly higher yield over the long term than is offered by money market funds, but who is willing to accept slightly more investment risk; Someone who is interested in balancing an aggressive portfolio with an investment that seeks to provide a declared crediting rate that is reset on a periodic basis.

The investment option is an annuity. The fund is managed by New York Life Insurance Company. This description is only intended to provide a brief overview of the fund.

This option is not insured by the FDIC or the Federal Government.

New York Life Insurance Company provided the description for this investment option.

Fidelity Brokerage Services LLC and New York Life Insurance Company are not affiliated.

This investment option is not a mutual fund.

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

Investing involves risk, including risk of loss.

For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. Where the investment option is not a mutual fund, the figure displayed in the expense ratio field is intended to reflect similar information. However, it may have been calculated using methodologies that differ from those used for mutual funds. Mutual fund data has been drawn from the fund's prospectus. For non?mutual fund investment options, the information has been provided by the plan sponsor or investment option's manager or the trustee. When no ratio is shown for these options, it is because none was available. There may be fees and expenses associated with the investment option. Expense information changes periodically. Please consult NetBenefits for updates. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 ? 2016 FMR LLC. All rights reserved. 617556.42.146

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download