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UPMC 403(b)/401(a) RETIREMENT SAVINGS PLANS
IMPORTANT NOTICE
DEFAULT INVESTMENTS AND CONTRIBUTIONS
This Notice explains: (1) where your contributions will be invested until you make an investment election,
(2) important information about the default investment options, and (3) how you may make an investment
election. Please read this entire Notice. This Notice is effective on and after your date of hire, which is the
first day you are eligible to contribute to the UPMC 403(b) and/or 401(a) Retirement Savings Plans (the
Savings Plan or Plan). The UPMC Savings Plan is intended to be operated and administered in compliance
with the provisions of Section 404(c) of the Employee Retirement Income Security Act of 1974, which sets
standards for retirement plans that offer investment direction and control by participants.
Investment of Your Contributions
Overview. You have a right as participants and beneficiaries to direct investments out of the qualified default
investment alternative, and direct the investment of your contributions (including rollovers from other
eligible retirement plans) under the Savings Plan in a number of different investment funds. Unless you have
chosen (or until you choose) a different investment fund or funds, your contributions will be invested in the
Savings Plan’s default investment option (the Default Investment Option). The Default Investment Options
are the age-appropriate Vanguard Target Retirement® Funds and are described in more detail below under
the portion of this Notice titled “What Are the Default Investment Options”.
How to Make (or Change) Your Investment Election. There are no restrictions or transfer fees associated
with the UPMC Savings Plan investment options. You can obtain investment information concerning the
other investment alternatives available under the Plan and make, or change, how your Savings Plan account
is invested among the Plan’s offered investment funds, one of two ways: (1) online or (2) phone, both of
which are described below.
(1) Online: Log on to the Your Benefits ResourcesTM
site via My HUB (Infonet.UPMC.com), UPMC’s
employee self-service website, by clicking on the Human Resources tab, then selecting My Retirement under
My Benefits. This will allow direct access to your retirement information without having to enter a separate
log on or password. You can also access Your Benefits Resources by typing resources.hewitt.com/upmc in
your Internet browser (a separate log on and password will be required to access your account information).
(2) Phone: Call the UPMC Retirement Center at 1-877-206-8264. Representatives are available to take your
call Monday through Friday, 8:30 a.m. to 5:00 p.m., Eastern Time. To learn more about the Plan’s investment
funds and procedures for changing how your Savings Plan account is invested, you can review the “Your
Investment Options” section of the Plan’s Summary Plan Description (SPD). Also, you can contact the
UPMC Retirement Center at 1-877-206-8264, or visit the Your Benefits Resources web site.
What Are the Default Investment Options? The Default Investment Options are specific to each participant.
The one that is specific to you is the Vanguard Target Retirement Fund with the target date closest to the
year in which you turn age 65. Currently, there are eleven (11) Vanguard Target Retirement Funds offered
under the Savings Plan, and they are listed in the following chart:
(Page 1 of 2)
H000153011
Birth Year Investment
Before 1945 Vanguard Target Retirement Income
1945-1947 Vanguard Target Retirement 2010
1948-1952 Vanguard Target Retirement 2015
1953-1957 Vanguard Target Retirement 2020
1958-1962 Vanguard Target Retirement 2025
1963-1967 Vanguard Target Retirement 2030
1968-1972 Vanguard Target Retirement 2035
1973-1977 Vanguard Target Retirement 2040
1978-1982 Vanguard Target Retirement 2045
1983-1987 Vanguard Target Retirement 2050
1988 and later Vanguard Target Retirement 2055
Investment Objectives for the Vanguard Target Retirement Funds. Each Vanguard Target Retirement Fund is
broadly diversified among various asset classes for their expected risk and return as Vanguard’s investment
team deems appropriate to meet a projected date when an investor’s money might be needed. As time passes,
the investment mix of Vanguard Target Retirement Funds gradually shifts from a greater concentration of
higher-risk investments (namely stock funds) to a greater concentration of lower-risk investments (bond
funds and money market instruments). The adjustment over time is referred to as the fund’s “glidepath”.
When the target date is reached, the fund continues to adjust its asset position until it transitions into the
Retirement Income fund (a time referred to as the “landing period”).
For Specific Information on Each Vanguard Target Retirement Fund, refer to the portfolio summary sheets
(Summary Sheets) for each of the above Vanguard Target Retirement Funds. The Summary Sheets provide a
description of the applicable investment objectives, risk and return characteristics, and fund expenses for
each portfolio. You can access this information by logging on to Your Benefits Resources, where you can
view the Plan’s SPD and the funds’ prospectuses, or by contacting the UPMC Retirement Center at 1-877-
206-8264 to request a copy of the Plan’s SPD or funds’ prospectuses.
Why this Type of Default Investment Option. The Vanguard Target Retirement Funds are used as the Default
Investment Options because they are the types of investment options that the U.S. Department of Labor
identified as “qualified default investment alternatives” under Section 404(c)(5) of the Employee Retirement
Income Security Act of 1974, as amended (also referred to as ERISA). When your contributions are invested
in a qualified default investment alternative and certain other requirements imposed upon the UPMC Savings
Plan are met, you are solely responsible for the investment performance of contributions invested in those
qualified default investment alternatives, i.e., the Default Investment Options. So, if you would prefer for
your contributions to be invested in another investment option, be sure to change your investment elections,
as described above. For further information on the other investment options available to you under the
Savings Plan, log on to Your Benefits Resources, where you can view the Plan’s SPD and the funds’
prospectuses. You can also contact the UPMC Retirement Center at 1-877-206-8264 to request a copy of the
Plan’s SPD or funds’ prospectuses.
Effective Jan. 1, 2015
(Page 2 of 2)
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