What is the PCRA?The Schwab Personal Choice Retirement Account® (PCRA) is a self-directed brokerage (SDB) account offered through Charles Schwab & Co., Inc. (Member SIPC). It allows you to select from numerous load and no-load mutual funds and many other types of securities, such as stocks and bonds. These securities are not offered by the Texa$aver 401(k)/457 Program through GWFS Equities, Inc.

For whom is the PCRA appropriate?If you are interested in investing in funds other than those available in the Texa$aver lineup, this option could be for you. The Schwab PCRA is for knowledgeable investors who understand the opportunities and risks associated with the investment choices available through the PCRA. The PCRA offers many tools for investors to learn about the PCRA and for trading securities on the Charles Schwab website. It is up to the investor to decide if he or she is “knowledgeable” and wants to learn how to use the PCRA.

By utilizing the PCRA, you acknowledge that the available options in the PCRA have not been reviewed by the Employees Retirement System of Texas (ERS) or Empower Retirement, your service provider. You are solely responsible for determining the suitability of the options that are available through the PCRA. You agree to fully indemnify and hold harmless ERS, Empower Retirement and any and all service providers to Texa$aver against any claims, damages, or other possible causes of actions resulting from your use of the PCRA.

How do I get started?This is a web-based feature only. You can open an account by logging on to www.texasaver.com and clicking on the “Investments” tile. You will then need to select the “Enroll or Make Transfers in the Self-Directed Brokerage Account” link and click on the enrollment icon under “Enroll”. Complete the enrollment process online. During the enrollment process, you will immediately receive your Schwab PCRA account number. Follow the instructions to web-activate your account. There is no waiting period from when you enroll in a PCRA to when you can start transferring assets to your PCRA and Schwab will send you a Welcome Kit.

You may open a separate Roth PCRA. This will allow you to track your Roth investments and earnings separately from your traditional PCRA.

What fees are associated with the PCRA?» Fee per electronic trade is $6.95. »»

Fees for options are $6.95, plus 70 cents per contract. Fees for broker-assisted trades are the electronic commission plus $25.

Please review the Charles Schwab Pricing Guide for Retirement Plan Accounts for further details on fees and commissions that may apply.

What information is available to help me learn about and select investments?» Powerful proprietary research tools on www.schwab.com,

such as the Schwab Mutual Fund OneSource SelectList®1 as well as mutual fund commentary and insight.

» Access to mutual fund screener tools to help youchoose your investments.

» Knowledgeable PCRA Call Center representatives whocan help with investing information.

» Online or in-person investing workshops led by Schwabinvestment professionals covering timely topics.

» Find information about PCRA at www.schwab.com/pcra.» Once logged into your PCRA on www.schwab.com,

view the PCRA “How-to” video as well as other helpfulinformation contained in the “PCRA Resources”section or go to: www.schwab.com/pcrahowto.

» Over 330 Schwab branch offices nationwide to helpwith your other investing needs.

Charles Schwab PCRASelf-Directed Brokerage Account

How do I fund my self-directed account?You may contribute directly to your PCRA. To initiate transfers into the self-directed cash sweep feature at Schwab, go to www.texasaver.com. Transfers must be made into the cash sweep feature at Schwab first. Then, through Schwab, you can purchase other investments. Also, when moving money back to Texa$aver’s core options through Empower Retirement, Schwab assets must be liquidated and settled to the cash sweep feature first, then moved to the core options.

Transfers into the Schwab PCRA will be subject to the minimum transfer restriction of $100. If your transfer request does not meet the minimum amount, your transfer will not be completed. You must also maintain the minimum balance of $500 in Texa$aver’s core options.

If you transfer more than one contribution type to the PCRA, earnings (or losses) that accrue in the PCRA will be allocated proportionately to each contribution type. When an amount is transferred back from the PCRA, earnings (or losses) that accrued in the PCRA will be allocated proportionately into the core investment options based upon the contribution types in the PCRA prior to the returning transfer, regardless of whether such earnings (or losses) are attributable to investments in the PCRA that were purchased with amounts originally transferred to the PCRA from such contribution types. This may include a contribution type subject to a vesting schedule under Texa$aver, if applicable, if assets from that contribution type were invested in the PCRA.

What kind of access to funds in the PCRA will I have?When you transfer money from your core funds into the Schwab PCRA, the money will be automatically allocated to the cash sweep feature within approximately two business days. Once you see the transferred money in your cash sweep feature, you may then purchase securities in your PCRA.

What cash options are available in the PCRA?2

The cash feature is not intended to be a long-term investment. If you desire to maintain cash balances for other than a short-term period and/or are seeking the highest yields currently available in the market, you can use alternative cash investment options, such as Schwab purchased money market funds and certificates of deposit (CDs) from Schwab CD OneSource®.3 These options are available outside of the Cash Features Program to help maximize your return potential, consistent with your investment objectives and risk tolerance. For additional information, contact your Schwab representative or visit www.schwab.com/cash after you log in to your account.

How do I manage and make changes to my PCRA? » Place trades and manage your account through

Schwab’s electronic channels, such as www.schwab.com, mobile applications, and automated phone services.

» For www.schwab.com, log in and select your PCRA number to manage your account. Select “Research” to narrow down your choices, then click on “Trade” to place trade orders.

» For phone services, call (888) 393-PCRA (7272) to speak to a dedicated PCRA Call Center representative, to access TeleBroker® touch tone service, to use Schwab by Phone™ voice recognition service or to enroll in voice ID. PCRA Registered Representatives are available Monday through Friday, 9:00 a.m. to 7:30 p.m. (ET). Outside of these hours, Schwab Investor Service Center representatives are available 24 hours a day, seven days a week.

» You can also use Schwab’s Automatic Investment Plan (AIP) to automatically invest a fixed dollar amount in existing positions of eligible funds at regular intervals.

How do I transfer money from the PCRA back to my plan’s core funds?Visit the Schwab website at www.schwab.com or you may call (888) 393-7272 to liquidate securities from the Schwab PCRA. You will need to:

1. Instruct Schwab to liquidate the securities and/or mutual funds in your PCRA.

2. Wait for the proceeds to settle and be invested in your cash sweep feature.

3. Then visit www.texasaver.com or call (800) 634-5091 to transfer the cash from your cash sweep feature to your core account.

Direct distributions from your PCRA are not permitted.

» Partial transfers from your cash sweep feature will be allocated to the core fund you have indicated within approximately two business days.

» For full liquidation of your cash sweep feature, use the “Transfer All” button on www.texasaver.com. Money transferred into a core fund will be allocated to the fund you have indicated within approximately four business days. Additional time is needed for this transaction in order to transfer any accrued interest or dividends.

What do I do if I want to make a withdrawal?If you are requesting a payout option, you must transfer money from your Schwab PCRA back to Texa$aver’s core options. If you have requested a voluntary payout but have insufficient money in Texa$aver’s core options, the request will be canceled. If the payout is due to a required distribution, such as a required minimum distribution and you have insufficient money in Texa$aver’s core options, your PCRA may be liquidated and the account closed. You will be responsible for any losses or expenses associated with the liquidation.

If you are requesting a disbursement or loan, you must transfer sufficient money to Texa$aver’s core options to process your request. If you do not have sufficient money in your core funds at the time you submit your distribution request, your request will be processed to the extent possible from the core funds. However, this could result in a smaller payout than requested. Or, you may instead request an in-kind rollover of your PCRA securities to another eligible retirement plan.

A beneficiary is not authorized to trade and, therefore, cannot access the PCRA. Beneficiaries should contact the Texa$aver Information Line for assistance.

Who sends me statements?Empower Retirement sends quarterly statements. Schwab sends you a monthly statement.

Note: The account balance on your Empower Retirement and Schwab statements may be slightly different due to different period-ending dates (for example, one may be as of the last day of the quarter while the other may be as of the last business day).

1 Charles Schwab & Co., Inc. (Member SIPC) receives remuneration from fund companies for recordkeeping and shareholder services, and other administrative services for shares purchased through Schwab’s Mutual Fund OneSource® program. Schwab may also receive remuneration from transaction fee fund companies for certain administrative services.

Trades in no-load funds available through Schwab’s Mutual Fund OneSource service (including Schwab Funds®), as well as certain other funds, are available without transaction fees when placed through Schwab.com or our automated phone channels. Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds. Funds are also subject to management fees and expenses.

Schwab’s short-term redemption fee will be charged on redemption of funds (except certain Schwab Funds) bought through Schwab’s Mutual Fund OneSource program (and certain other funds) with no transaction fee and held for 90 days or less. Schwab reserves the right to exempt certain funds from this fee, including Schwab Funds, which may charge a separate redemption fee, and funds that accommodate short-term trading.

2 You could lose money by investing in a money market fund. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Effective October 14, 2016, all Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

3 CDs from Schwab CD OneSource are issued by FDIC-insured institutions, and are subject to change and system access. Funds are FDIC-insured up to $250,000 per depositor per insured institution, based on account ownership type. Visit www.fdic.gov for details. For most CDs, there are no additional commission charges when you buy a CD through Schwab CD OneSource. However, there may be costs and market value adjustments associated with early redemption.

Core securities, when offered, are offered by Texa$averSM Program through GWFS Equities, Inc.

GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company.

Securities available through Schwab Personal Choice Retirement Account® (PCRA) are offered through Charles Schwab & Co., Inc. (Member SIPC), a registered broker-dealer. Additional information can be obtained by calling (888) 393-7272. Charles Schwab & Co., Inc. and GWFS Equities, Inc. are separate and unaffiliated.

Empower Retirement refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: NY, NY, and their subsidiaries and affiliates. The trademarks, logos, service marks and design elements used are owned by their respective owners and are used by permission. Representatives of Empower Retirement do not offer or provide investment, fiduciary, financial, legal or tax advice or act in a fiduciary capacity for any client unless explicitly described in writing. Please consult with your investment advisor, attorney and/or tax advisor as needed.

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Please consider the investment objectives, risks, fees and expenses carefully before investing. For this and other important information, prospectuses for all PCRA funds can be obtained on the website at www.schwab.com or by calling (888) 393-7272. For other important information on core securities offered by the Texa$aver Program through GWFS Equities, Inc., you may obtain mutual fund prospectuses for registered investment options and/or disclosure documents from your registered representative. Read prospectuses carefully before investing.

You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.