VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

Index of Questions

New 403(b) Plan

Why is our 403(b) Plan changing?

3

Who selected Voya to be our 403(b) Service Provider?

3

Why was an exclusive arrangement with Voya selected?

3

How does this benefit me?

3

What services will Voya be providing to VBCPS?

3

Contribution Election with Voya

When can I enroll in a 403(b) with Voya?

4

How do I start contributing to Voya if I don't currently have a 403(b)?

4

How do I make future changes to my Voya contribution and when does it become effective? 4

May I contribute my one-time leave payout to Voya upon retirement?

4

Investing with Voya

How do I select the funds I want to contribute to if VBCPS is going to redirect my current 403(b)

contribution to Voya on December 1?

4

Where will my contributions from my December 15 pay check be invested if I don't log in and

make fund elections by December 13 by 4:00 p.m., 2019?

4

How do I elect my funds as a new participant?

5

Can I roll other accounts into my Voya 403(b) account? What type of accounts?

5

Who can I talk with to help me understand my options?

5

Can I get help from Voya's Account Consolidation Team if I do not have an account with them? 5

Should I have all my retirement savings with one company?

5

Can I roll my Voya funds back to my current 403(b) service provider once I have a distributable

event?

5

Investment Options

Where can I find information about the funds to invest in?

6

Why is there a limited number of funds in which I may invest?

6

What criteria is used to evaluate the investment options?

6

Beneficiary Designations

Will my beneficiary designations from my current 403(b) service provider be given to Voya? 6

How do I designate my beneficiary?

6

VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

Index of Questions ? continued

Current 403(b) Service Provider and Account Balance

May I continue to contribute to my current 403(b) Service Provider?

6

What happens to my current 403(b) account balance(s)?

6

Am I required to exchange (transfer) my funds to Voya?

6

Would it be in my best interest to exchange (transfer) my funds to Voya?

7

How can I take a distribution from my current 403(b) service provider after the transition to

Voya?

7

May I contribute my one-time leave payout to my current 403(b) service provider if I am

retiring soon?

7

Loans

Are loans permitted with Voya?

8

What happens to the loan I have with my current 403(b) service provider?

8

Can I exchange (transfer) my investments to Voya if I have a current loan?

8

Fees and Expenses

What are the fees associated with investing with Voya?

8

Access to My Account

How do I access my account?

8

What information is available on the website and mobile app?

8

Will I be able to access my account through the website and mobile app after I am no longer

employed or contributing to Voya?

8

Advisors

Will there be local advisors that I can schedule meetings with?

9

Who may I call with questions about my Voya account?

9

May I continue to work with the advisor with my current service provider?

9

Educational Meetings

Will education sessions be provided so that I may learn more about Voya and this transition? 9

Will there be future educational meetings to help me continue to learn about investing?

9

Additional Questions

Where can I get additional questions answered?

9

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Revised October 23, 2019

VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

New 403(b) Plan

Why is our 403(b) Plan changing? Our existing contract for 403(b) plan administration is expiring and we are required under Virginia public procurement to conduct a Request for Proposal. As a fiduciary and sponsor of the Plan, VBCPS has the obligation and authority to make necessary enhancements and adjustments including the selection of the Plan's service provider to ensure that we offer competitive products and services.

Who selected Voya to be our 403(b) Service Provider? A committee of six members comprised of chief executives, directors, and staff, along with consultants from Mercer hired to assist with the RFP, evaluated the proposals and interviewed the companies at finalist meetings. The committee scored and awarded the contract to Voya Financial? ("Voya") on June 3, 2019. Communication was provided to the School Board on June 21 and an email notification was issued to employees on June 24.

Why was an exclusive arrangement with Voya selected? Exclusive provider arrangements are widely regarded to be best practice, especially among larger K-12 and higher education institutions. VBCPS is confident that Voya's impressive array of services, including diversified investment options for every type of investor, personalized investment advice and retirement savings guidance, interactive investment tools and resources, including online, telephone and mobile account access, will provide a better overall opportunity to build personal retirement security at a lower cost for employees and with more complete expense transparency.

How does this benefit me? The move to Voya will provide lower costs for employees and an overall greater experience. Please refer to the plan comparison document that provides information on cost reduction for participants, fee transparency, fund options, plan types, fund expenses, investment advice to participants, fund performance monitoring, salaried advisors, enhanced education, online tools and resources, and administration of your transactions.

What services will Voya be providing to VBCPS? Voya will be the new provider of investments and services for all contributions beginning in December 2019. In addition to all future investment activity, Voya is assuming centralized administrative responsibility for the review and approval of common participant requests. No matter where you invest your VBCPS plan account, Voya will assist you by reviewing and approving all requests for loans, hardships, withdrawals and other distributions.

3

Revised October 23, 2019

VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

Contribution Election with Voya

When can I enroll in a 403(b) with Voya? The Voya plan will be available on December 1, 2019. If you are currently contributing to another 403(b) Plan, that contribution will stop on November 30, 2019 and your future contribution will be directed to Voya.

How do I start contributing to Voya if I don't currently have a 403(b)? Beginning December 1, 2019 you may visitVBCPS403b. to establish your account and make an election. Your election will become effective on January 1, 2020 and your first contribution will be January 15, 2020.

How do I make future changes to my Voya contribution and when does it become effective? All new elections or changes in contributions are made on VBCPS403b. and become effective the first of the month following your election if made by 4:00PM on the last work day of the month. (Voya is a publicly traded company on the New York Stock Exchange (NYSE) and therefore work days follow the schedule of the NYSE.)

May I contribute my one-time leave payout to Voya upon retirement? Yes. You should submit the Consolidated Benefits Office (CBO) one-time contribution form to the CBO by the 25th of the month prior to retirement. You do not need to make a special election for this one-time contribution on the Voya website, however, if you do not have an established account with Voya you must visit VBCPS403b. to establish your account before the monies can be contributed. The one-time contribution must be taken on the same pay cycle as your payout.

Investing with Voya

How do I select the funds I want to contribute to if VBCPS is going to redirect my current 403(b) contribution to Voya on December 1? Beginning December 1, 2019 you may log in to VBCPS403b. to make your fund elections. Your contribution from your December 15, 2019 pay check will be invested with the funds you elect if made by close of the NYSE (generally 4:00 pm Eastern) on Friday, December 13, 2019.

Where will my contributions from my December 15 pay check be invested if I don't log in and make fund elections by December 13 by 4:00 p.m., 2019? Your initial contributions will be invested in Vanguard Target Retirement Funds based upon your birth year and assuming retirement at age 65; however, you can reallocate your investments or redirect future contributions at any time.

4

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VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

Investing with Voya -- continued

How do I elect my funds as a new participant? If you do not have a current 403(b) contribution, and newly elect the plan on or after December 1, 2019, you will select your funds at the time you enroll. You may also move funds or redirect future contributions at any time at VBCPS403b. or on the mobile app.

Can I roll other accounts into my Voya 403(b) account? What type of accounts? You may roll funds from other 403(b), 401(k), 401(a), 457(b) of governmental employers and IRA plans into your new Voya account, subject to the rules governing the plans. It is important to understand the tax implications as well as any applicable fees or charges associated for each type of plan when rolling your funds and you should seek financial advice before doing so.

Who can I talk with to help me understand my options? Voya has an Account Consolidation Team that can assist you in determining your best option. They are experienced in handling these transactions and can make third-party calls with you and your current service provider to understand your account details to ensure that you have all the information you need to make an informed decision. On or after Monday, December 2, 2019 when we transition to Voya, you may contact the Account Consolidation Team at 866-865-2660 or email act@ to help you through the process.

Can I get help from Voya's Account Consolidation Team if I do not have an account with them? You must have an account established with Voya to utilize the services of the Account Consolidation Team but you do not necessarily have to have a balance or an active contribution. If you have a current contribution at the time of our transition to Voya an account will be established for you; otherwise you may visit the Voya website beginning December 1 to establish an account before contacting the Account Consolidation Team.

Should I have all my retirement savings with one company? Many individuals have investments with different types of retirement plans (e.g., 403(b), 457, 401(k), IRA, pension plan, etc.) and all investments do not need to be with the same company. However, some individuals prefer for their investments to be all in one place and it is a personal decision.

Can I roll my Voya funds back to my current 403(b) service provider once I have a distributable event? No. The current service provider plans will no longer be eligible to receive monies through contributions or rollovers after November 30.

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VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

Investment Options

Where can I find information about the funds to invest in? You may visit VBCPS403b. to review the investment options, performance, fund fees and more information on the Plan's funds.

Why is there a limited number of funds in which I may invest? Providing a streamlined investment lineup that is well diversified across all asset classes prevents overlapping investment styles that will help reduce confusion in the fund selection process for all participants, and provides for professionally managed solutions, including target retirement funds and managed accounts.

What criteria is used to evaluate the investment options? Investment options were evaluated and will continue to be monitored regularly based upon the following criteria: performance (net of fees) in both up and down markets, consistency of investment returns, fees, portfolio characteristics (including risk), consistency of investment style, clarity and strength of investment philosophy and process, depth and quality of resources, and portfolio manager tenure.

Beneficiary Designations

Will my beneficiary designations from my current 403(b) service provider be given to Voya? No. Although a new plan account with Voya will be established if you have a current 403(b) contribution, no beneficiary designations will transfer from any of the current service providers.

How do I designate my beneficiary? You may visit VBCPS403b. once the site is available on December 1, 2019 to make your beneficiary designation or contact the Voya Call Center directly at 800-584-6001.

Current 403(b) Service Provider and Account Balance

May I continue to contribute to my current 403(b) Service Provider? No. The last contribution to your current service provider will be the November 30, 2019 pay cycle.

What happens to my current 403(b) account balance(s)? The account balances that you have with your current 403(b) Service Provider will remain with your current 403(b) Service Provider unless you exchange (transfer) your funds.

Am I required to exchange (transfer) my funds to Voya? No. You are not required to exchange (transfer) your funds but if you choose to, you can exchange (transfer) your current 403(b) funds to Voya after December 1.

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VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

Current 403(b) Service Provider and Account Balance -- continued

Would it be in my best interest to exchange (transfer) my funds to Voya? Every individual has their own unique circumstances that must be considered before a decision is made to exchange (transfer) funds. The contracts offered by the current service providers may include a combination of withdrawal charges and/or other restrictions that could make the transfer of your balance to Voya costly or otherwise challenging. You should carefully consider any potential benefits of your current contract along with the number of years that your funds will remain invested and potential cost savings associated with lower fees with our new 403(b) Plan with Voya. Voya has an Account Consolidation Team that can assist you in determining your best option. They are experienced in handling these transactions and can make third-party calls with you and your current service provider to understand your account details to ensure that you have all the information you need to make an informed decision. On or after Monday, December 2, 2019 when we transition to Voya, you may contact the Account Consolidation Team at 866-865-2660 or email act@ to help you through the process.

How can I take a distribution from my current 403(b) service provider after the transition to Voya? The termination of the agreement with the current service providers is not considered an eligible distributable event and you must continue to meet the requirements under the plan for a distribution. If you do have a distributable event, you must contact your current 403(b) service provider to initiate the process. The process through November 30 will require that the forms be submitted to the Consolidated Benefits Office for authorization, however, beginning December 1 you or your current 403(b) service provider will be required to contact planwithease? to secure eligibility for a distribution.

May I contribute my one-time leave payout to my current 403(b) service provider if I am retiring soon? Beginning 12/1/2019 no new money can be contributed to your current 403(b) service provider and therefore your one-time leave payment must be contributed to your 403(b) account with Voya or your COV 457 deferred compensation plan if you wish to contribute to a retirement savings plan.

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Revised October 23, 2019

VBCPS 403(b) PLAN FREQUENTLY ASKED QUESTIONS

Loans

Are loans permitted with Voya? Loans are permitted to a maximum of two at any given time and it will include any loans that you have with a current service provider.

What happens to the loan I have with my current 403(b) service provider? You will continue to repay your loan to your current 403(b) service provider directly by check or electronic debit. You must repay your loan to your current service provider or otherwise be in default of your loan and may be subject to taxation and penalties.

Can I exchange (transfer) my investments to Voya if I have a current loan? You will be required to keep a balance with your current service provider that is typically 125% of your loan amount until the loan has been repaid.

Fees and Expenses

What are the fees associated with investing with Voya? Recordkeeping fee ? Annual 0.5% of account balance Fund fees ? Visit VBCPS403b. for details

Access to My Account

How do I access my account? After December 1, you may access your account online at VBCPS403b., by calling the Voya Call Center at 800-584-6001, or via the Voya Retire mobile app available at the App Store or Google play.

What information is available on the website and mobile app? Through the website or mobile app, you may view your account balance, view and change asset allocations, make changes to contribution elections, review fund performance, elect and change beneficiaries, utilize interactive retirement planning tools and resources, and more. You may also model loans and make distribution requests on the website.

Will I be able to access my account through the website and mobile app after I am no longer employed or contributing to Voya? Yes. If you have an account balance you will be able to access your account.

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Revised October 23, 2019

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