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Your New Investment Option Line-up Decision Support Guide

Helping You Build a Brighter Financial Future

More Choice and Flexibility for Your Future


At EchoStar were committed to providing opportunities that help you improve your financial health. Thats why we review the EchoStar 401(k) Plans investment option line-up regularly to ensure that you have a variety of choices and flexibility to meet your needs. The EchoStar 401(k) Plan was designed to help you meet your retirement savings goals through your pre-tax deferrals and a company match. But saving is only part of the equation choosing the investment options that match your goals, time horizon and risk tolerance are equally important.

Whats Changing?
With that in mind, were excited to announce the following change to the EchoStar 401(k) Plan investment line-up, effective January 2, 2014.
T. Rowe Price Retirement Funds will replace Fidelity Freedom K Funds and will become the required default funds in case you dont make an investment election, providing diversification.

Highlights of the EchoStar 401(k) Plan


Save for retirement through automatic payroll deduction. Contribute up to 75% of your eligible pay on a pre-tax basis, up to the annual IRS dollar limit ($17,500 in 2014 for pre-tax contributions). Make additional catch-up contributions if you are age 50 or over.

What Do I Need to Do?


While no action is required on your part, you should review the changes and use this opportunity to review your savings strategy and investments to ensure they continue to align with your long-term retirement goals.

Receive a company matching contribution of 50% of the first 6% of your eligible compensation contributed to the Plan each pay period.

Be sure to:
Read this brochure for more details about these changes and how they may affect you. Review the Investment Fund Mapping and Summary to learn how your current investments will be mapped to the new investment options as of January 2, 2014. Review the tools and resources available to help you to make informed savings and investment decisions using Fidelity NetBenefits. This brochure will help you take full advantage of this opportunity by giving you more details about the investment options available to you and how they can help you make the most of your savings.

Whats Inside
Key Dates................................................... 2 Investment Fund Mapping.......................... 2 Find the Right Investment Mix................... 4 What Kind of Investor are You?.................. 5 The New EchoStar 401(k) Plan Investment Line-Up.................................... 6 Additional Tools and Resources............... 10 About Your New Investment Options........ 11

Key Dates
This chart shows how the changes could affect your account based on your current investment elections and the actions you may need to take. If you have a balance in any of the Fidelity Freedom K Funds:
Future Contributions As of January 2, 2014, you will no longer be able to make contributions to the Fidelity Freedom K Funds. Starting January 2, 2014, you can direct contributions to the T. Rowe Price Retirement Funds or any other plan investment option. If you havent changed your contribution election by January 2, 2014, 4:00 p.m. Eastern time, your contributions directed to the Fidelity Freedom K Funds will be allocated to the T. Rowe Price Retirement Funds with a target date closest to your 65th birthday. Existing Balances Starting January 2, 2014, you may transfer your existing fund balances to T. Rowe Price Retirement Funds. On January 2, 2014, any remaining balances in the Fidelity Freedom K Funds will be transferred to the T. Rowe Price Retirement Fund with a target date closest to your 65th birthday.

Investment Fund Mapping


If youre currently invested in the Fidelity Freedom K Funds, your investment will map to the corresponding T. Rowe Price Retirement Fund, as shown in this chart.
If you are currently invested in this investment option Fidelity Freedom K Income Fund Fidelity Freedom K 2000 Fund Fidelity Freedom K 2005 Fund

your fund balance and future contributions will transfer to the following investment option T. Rowe Price Retirement Income Fund Expense Ratio: 0.57% T. Rowe Price Retirement Income Fund Expense Ratio: 0.57% T. Rowe Price Retirement 2005 Fund Expense Ratio: 0.59% T. Rowe Price Retirement 2010 Fund Expense Ratio: 0.60% T. Rowe Price Retirement 2015 Fund Expense Ratio: 0.65% T. Rowe Price Retirement 2020 Fund Expense Ratio: 0.69% T. Rowe Price Retirement 2025 Fund Expense Ratio: 0.72% T. Rowe Price Retirement 2030 Fund Expense Ratio: 0.75% T. Rowe Price Retirement 2035 Fund Expense Ratio: 0.77% T. Rowe Price Retirement 2040 Fund Expense Ratio: 0.78% T. Rowe Price Retirement 2045 Fund Expense Ratio: 0.78% T. Rowe Price Retirement 2050 Fund Expense Ratio: 0.78% T. Rowe Price Retirement 2055 Fund Expense Ratio: 0.78%

Fidelity Freedom K 2010 Fund Fidelity Freedom K 2015 Fund Fidelity Freedom K 2020 Fund

Fidelity Freedom K 2025 Fund Fidelity Freedom K 2030 Fund Fidelity Freedom K 2035 Fund Fidelity Freedom K 2040 Fund Fidelity Freedom K 2045 Fund Fidelity Freedom K 2050 Fund Fidelity Freedom K 2055 Fund

The effective date of Plan changes depend upon the transfer of data. To ensure accurate data transfer, the delivery of services and investment options described in this brochure could be delayed. 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. Expense ratios change periodically and are drawn from the funds prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports.

Default Fund Notification


Under the EchoStar 401(k) Plan, any contributions for which you do not provide investment direction will be invested in the Plans designated default fund. The Fidelity Freedom K Funds are currently the Plans designated default funds. However, effective January 2, 2014, the T. Rowe Price Retirement Funds as described in this brochure will be added as an investment option under the EchoStar 401(k) Plan and will become the Plans designated default funds. This notice constitutes the Plans notice under section 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and 29 C.F.R. 2550.404c-5. You have the right under the Plan to direct the investment of your existing balances and future contributions to any of the Plans available investment options, including the right to transfer out of the Plans designated default fund to another investment option. Unless you provide alternative direction, your contributions and/or the portion of your account that is currently invested in the Plans designated default fund will continue to be invested in this option. If you do not actively enroll in the Plan, you are automatically enrolled, unless you elect not to participate pursuant to the Plans opt-out process. If you are automatically enrolled, pre-tax contributions are made on your behalf to the Plan at a rate of 3% of eligible compensation, and have been, or will be invested in the Plans designated default fund. You have the right to change your contribution percentage, as well as elect to discontinue contributions to the Plan altogether. The T. Rowe Price Retirement Funds used as the Plans designated default funds are based on the assumption that you will retire at age 65. The table on page 2 indicates the Plans designated default funds for any investment elections, loan repayments and current balances that remain in discontinued funds as of the transfer dates listed on page 2. EchoStar determined these funds based on your date of birth.

Find the Right Investment Mix


How you invest your savings can be even more important than the amount you save. The equities, bonds, and short-term investments you include in your investment portfolio are called your investment mix. Diversification is how you choose to spread your money within those equities, bonds and short-term investments. There are multiple factors to consider when choosing your investment mix, including:

Your time horizon The longer you have to invest, the


better equipped you are to ride out short-term fluctuations in the stock market, and the more aggressive your investment strategy can be. But if youre nearing retirement, you may need more of the security that bonds and short-term investments can bring.

Your risk tolerance Before deciding on your risk

tolerance level, there are two types of risk to think about: the risk that an investment will not generate the return youd hoped for (investment risk), and the risk that inflation will eat away at the value of your savings (inflation risk). Equities tend to involve greater investment risk and less inflation risk. Bonds and short-term investments offer less investment risk but greater inflation risk. Ultimately, your comfort level with each type of risk will determine which investment mix is right for you.

Experts generally agree that how you divide your investments among equities, bonds and short-term investments can be more important than the specific funds you actually choose.

Your financial situation No two people are alike, which is why you need to identify your unique
financial situation. Understanding both your short- and long-term financial needs will help you choose the best approach to help you meet your goals.

Once you determine your investment mix, consider diversifying which can help limit your risk. By spreading your money over different investments, you can reduce your investment
and your inflation risk. A diversified investment mix can help keep your long-term returns on track as the market fluctuates. However, you should know that diversification doesnt ensure a profit or guarantee against loss. To sum it all up, the higher your risk tolerance and the longer your timeframe, the more weight you may want to give to equities. On the other hand, the lower your risk tolerance and the shorter your time frame, the more you may want to rely on bonds and short-term investments.

Where do you fit along the spectrum of investment approaches? CONSERVATIVE AGGRESSIVE

Shorter time horizon Lower risk tolerance

Longer time horizon Higher risk tolerance

What Kind of Investor are You?


Which investment path is right for you? The EchoStar 401(k) Plan investment option line-up gives you choice and flexibility to decide how actively you want to participate in selecting and managing your 401(k) Plan investments whether you choose investment options from a single group of funds or from several.

T. Rowe Price Retirement Funds see page 6.


For the investor who is looking for a single investment strategy that will provide a diversified portfolio targeted to a planned retirement date. You decide what year you want to retire, then pick the fund with a target date closest to your retirement date, from 2000 to 2055 in five-year intervals. Investment professionals will make all the investment selections and asset allocation decisions based on the funds target date. The investment mix in your T. Rowe Price Retirement Fund will adjust automatically to a more conservative mix as the funds target date approaches. T. Rowe Price Retirement Funds are designed for investors expecting to retire around the year indicated in each funds name, except for the T. Rowe Price Retirement Income Fund. The funds asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. Ultimately, they are expected to merge with the T. Rowe Price Retirement Income Fund. The investment risks of each T. Rowe Price Retirement Fund will change over time as its asset allocation changes.

NO
If you answer NO, consider these options:

Do you have the desire to learn about investment options and make investment decisions for your 401(k) Plan account?

Core Funds see page 8.


For the investor who wants to build and frequently monitor a portfolio from funds that have been selected by EchoStar. You choose among a variety of pre-screened funds covering a wide range of asset classes. You decide how to invest and rebalance your portfolio over time and as your circumstances change.

YES
If you answer YES, consider these options:

Self-Directed Account (Fidelity BrokerageLink) see page 9.


For the investor who wants a wide range of investment choices and has the knowledge and desire to build and manage an investment portfolio through a brokerage account. You open a Self-Directed Account through Fidelity BrokerageLink. You choose from thousands of mutual fund offerings. You decide how to invest and rebalance your portfolio over time and as your circumstances change. You make every decision and actively manage and monitor your fund choices. In return for the flexibility of a brokerage account, you may be required to pay fees associated with various funds and transactions.

The New EchoStar 401(k) Plan Investment Line-Up


The T. Rowe Price Retirement Funds an All-in-One Approach
T. Rowe Price Retirement Funds are professionally managed investment options designed for people who feel they have limited time or experience to select and monitor investment portfolios. Each is a mutual fund composed of other mutual funds, offering: One-step convenience, so you dont need to mix and match them with other options. Professional diversification that may help reduce the impact of the markets ups and downs on your account. Stock exposure that can help your retirement account outpace inflation and maintain its buying power throughout retirement. Rebalancing among equities and bonds helps the funds allocations stay on track.

Consider T. Rowe Price Retirement Funds if You:


Want a one-fund savings strategy that adjusts its asset allocation mix to reflect a targeted retirement date. Have limited knowledge or desire to learn about the Core investment funds.

As the chart below shows you, the Retirement Funds allocations are actively managed for approximately 30 years after their target dates before arriving at their final 20% stock, 80% bond and shortterm fixed income ratio. This strategy helps your savings continue working for you in retirement.

Less Market Risk 100%

80

60

40

20

Age: 35

40

45

50

55

60

65

70

75

80

85

90

95

The performance and risks of each Retirement Fund will directly correspond to the performance and risks of the funds in which it invests. By investing in many underlying funds, the Retirement Funds have partial exposure to the risks of many different areas of the market, including possible loss of principal. The Retirement Funds assume a retirement age of 65.

If youre interested in this type of investment:


START with the year you were born. ADD your expected retirement age to your birth year. CHOOSE the T. Rowe Price Retirement Fund with a target date closest to your anticipated retirement year. For example, if your expected retirement age is 65, the chart below shows what fund you might consider choosing.
If you were born In 1937 or before 1938 1942 1943 1947 1948 1952 1953 1957 1958 1962 1963 1967 1968 1972 1973 1977 1978 1982 1983 1987
Timeline determined by the plan sponsor . The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate date when investors turn age 65. The funds invest in a broad range of underlying mutual funds that include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. The funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus more on income and principal stability during retirement. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility.

This Retirement Fund may be right for you T. Rowe Price Retirement Income Fund T. Rowe Price Retirement 2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T. Rowe Price Retirement 2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T. Rowe Price Retirement 2045 Fund T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement Funds Risk Spectrum


Investment Options to the left have potentially more inflation risk and less investment risk Investment Options to the right have potentially less inflation risk and more investment risk

T. Rowe Price Retirement Income Fund T. Rowe Price Retirement 2005 Fund T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T. Rowe Price Retirement 2025 Fund T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T. Rowe Price Retirement 2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund

Target date investments are generally designed for investors expecting to retire around the year indicated in each investments name. The investments are managed to gradually become more conservative over time. The investment risks of each target date investment change over time as its asset allocation changes. They are subject to the volatility of the financial markets, including equity and fixed income investments in the U.S. and abroad and may be subject to risks associated with investing in high-yield, small-cap and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates.

The Core Funds a Build Your Own Approach


The Core Funds are designed to appeal to investors who have some experience investing and who prefer a pre-screened menu of funds across a range of the investment spectrum.

Consider Core Funds if You:


Want to build your own diversified portfolio. Have the interest to consistently monitor and rebalance your retirement portfolio.

How Do Core Funds Work?


Core Funds offer:

A variety of asset classes The Core Funds consist of an array of investment options designed to accommodate most investors needs. You select a combination of funds depending on how much risk you want in your portfolio. Choice You decide how to invest and how to allocate your assets among the menu of investment options. Responsibility You are responsible for periodically evaluating your investments and retirement portfolio, and for adjusting your investments and asset allocations over time.

Core Funds Investment Spectrum


Money Market Vanguard Prime Money Market Fund Institutional Shares Bond Diversified Vanguard Intermediate Term BondIndex Fund Signal Shares Fidelity Total Bond Fund Balanced / Hybrid Fidelity Puritan Fund Class K Large Value American Century Investments Equity Income Fund Institutional Class Putnam Equity Income Fund Class Y Mid Value Goldman Sachs Mid Cap Value Fund Class A Domestic Equities Large Blend Spartan 500 Index Fund Institutional Class Large Growth Fidelity Contrafund Class K Fidelity Growth Company Fund Class K Mid Growth Morgan Stanley Institutional Fund Trust Mid Cap Growth Portfolio Class A Small Growth Fidelity Smallcap Growth Fund International / Global Equity Diversified American Funds EuroPacific Growth Fund Class R-5 Fidelity Diversified International Fund Class K Fidelity International Small-cap Fund Fidelity Worldwide Fund Company Stock EchoStar Corporation Stock Fund

Mid Blend Spartan Extended Market Index Fund Fidelity Advantage Class Small Blend Goldman Sachs Small-cap Value Fund Institutional

This spectrum, with the exception of the Domestic Equity category, is based on Fidelitys analysis of the characteristics of the general investment categories and not on the actual investment options and their holdings, which can change frequently. Investment options in the Domestic Equity category are based on the options Morningstar categories as of 9/30/13. Morningstar categories are based on a funds style as measured by its underlying portfolio holdings over the past three years and may change at any time. These style calculations do not represent the investment options objectives and do not predict the investment options future styles. Investment options are listed in alphabetical order within each investment category. Risk associated with the investment options can vary significantly within each particular investment category and the relative risk of categories may change under certain economic conditions. For a more complete discussion of risk associated with the mutual fund options, please read the prospectuses before making your investment decisions. The spectrum does not represent actual or implied performance. Investments in smaller companies may involve greater risk than those in larger, more well known companies. Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political and economic uncertainties of foreign countries, as well as the risk of currency fluctuation. An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in these funds. Company stock funds are neither mutual funds nor diversified or managed investment options. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. In general the bond market is volatile and bonds entail interest rate risk (as interest rates rise bond prices usually fall and vice versa). This effect is usually pronounced for longer-term securities. Bonds also entail the risk of issuer default, issuer credit risk and inflation risk. The value of your investment in a company stock fund is affected by the performance of the company and the overall stock market and, if applicable, by the amount and performance of any short-term investments held by the fund. To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio. Spreading your assets among different types of investments can help you achieve a favorable rate of return, while minimizing your overall risk of losing money. This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another asset category, or other particular security to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help manage your investment risk. EchoStar Corporation Stock Fund: This investment option is not a mutual fund.

Fidelity BrokerageLink a Self-Directed Account


Fidelity BrokerageLink is for hands-on investors who want to invest in funds available outside the EchoStar 401(k) Plan. BrokerageLink offers you the flexibility to select from thousands of mutual funds from either Fidelity or from other mutual fund companies through BrokerageLink. Brokerage services are provided through Fidelity Brokerage Services LLC, a member of the New York Stock Exchange and Securities Investor Protection Corporation.

Consider Fidelity BrokerageLink if you:


Want access to the broadest range of investment choices available, including thousands of mutual funds Are willing to pay additional fees, in some cases, to make trades Are prepared to be actively involved in researching, monitoring and managing investments in a brokerage account

What Is BrokerageLink?
The Fidelity BrokerageLink account is a self-directed brokerage account designed for investors who are willing to take on the potential for more risk and who are prepared to assume the responsibility of more closely monitoring this portion of their portfolio.

With BrokerageLink, you take charge of your investments by creating a retirement portfolio to match your personal situation including your goals, time horizon and risk tolerance and you monitor your portfolio and adjust it as your needs change. A self-directed brokerage account is not for everyone. If you do not feel comfortable actively managing a portfolio beyond the plans standard investment options, then a self-directed brokerage account may not be appropriate for you. Additional fees apply to a brokerage account; please see the fact sheet and commission schedule on NetBenefits for a complete listing of brokerage fees. You must open a Fidelity BrokerageLink account to participate. After your account is open, youll receive a welcome kit with a handbook that provides more detail about how to invest through your BrokerageLink account. If you think BrokerageLink may be right for you, you can request additional materials and a BrokerageLink application by calling Fidelity NetBenefits at 1-800-890-4015. A self-directed brokerage account may entail greater risk and is not appropriate for everyone. Additional fees apply to a brokerage account; please refer to the Participant Acknowledgement Form within your BrokerageLink Welcome Kit for a complete listing of brokerage fees.

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Additional Tools & Resources


Whether you are just getting started, preparing to retire, or somewhere in between, Fidelity offers a number of convenient educational tools to help guide you to your next step. These resources help simplify the planning process so you can focus on reaching your goals. Simply log on to www.netbenefits.com and select the Tools & Learning link to access the many tools, resources, articles, and courses designed to help you manage your investments and build a successful retirement.

Income Simulator: can help you with your retirement planning. Its an interactive, online guidance tool
that illustrates how your savings may translate into after-tax monthly retirement income. IMPORTANT: The projections or other information generated by Fidelitys Income Simulator regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Results may vary.

Contribution Calculator: Determine how much to save and understand how your money might
grow over time.

Take Home Pay Calculator: See how your pay check will be impacted if you contribute more to
the Savings Plan.

Portfolio Review: With Fidelitys streamlined investment planning tool, you get guidance to help you
make decisions about all your investments, including your retirement plan portfolio.

e-Learning: Fidelity workshops deliver an e-Learning experience on retirement saving that is both
engaging and educational. The workshops are entirely self-directed, so you can learn at any time and proceed at your own pace.

CONTACT INFORMATION

For account information, a wide variety of planning tools, calculators, educational content and other valuable resources.

www.netbenefits.com

1-800-890-4015

are available to answer questions on business days from 8:30 a.m. to midnight, Eastern time.

Representatives

Voice Response System (VRS)


is available virtually 24 hours a day, seven days a week.

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About Your New Investment Options


T. Rowe Price Retirement Income Fund
VRS Code: 47364 Ticker: TRRIX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. It is intended for retired investors who seek income and relative stability from bonds along with some capital appreciation potential from stocks. The funds neutral allocations, which are what T. Rowe Price considers broadly appropriate for investors during their retirement years, are 40% stock funds and 60% bond funds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments carry issuer default and credit risk, inflation risk, and interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Principal invested is not guaranteed at any time, including at or after retirement. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option intended for people in retirement and who is willing to accept the volatility of diversified investments in the market. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option and looking primarily for the potential for income and, secondarily, for share-price appreciation.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

T. Rowe Price Retirement 2005 Fund


VRS Code: 40466 Ticker: TRRFX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. It is managed based on the specific retirement year (target date 2005) included in its name and assumes a retirement age of 65. The fund invests 42% of assets in stocks and 58% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: Target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in highyield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

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T. Rowe Price Retirement 2010 Fund


VRS Code: 47369 Ticker: TRRAX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2010) included in its name and assumes a retirement age of 65. It normally invests 49% in stocks and 51% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: Target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

T. Rowe Price Retirement 2015 Fund


VRS Code: 40467 Ticker: TRRGX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2015) included in its name and assumes a retirement age of 65. It normally invests 58.5% in stocks and 41.5% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in highyield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

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T. Rowe Price Retirement 2020 Fund


VRS Code: 47368 Ticker: TRRBX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2020) included in its name and assumes a retirement age of 65. It normally invests 67% in stocks and 33% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

T. Rowe Price Retirement 2025 Fund


VRS Code: 40468 Ticker: TRRHX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2025) included in its name and assumes a retirement age of 65. The fund normally invests 75% in stocks and 25% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

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T. Rowe Price Retirement 2030 Fund


VRS Code: 47367 Ticker: TRRCX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2030) included in its name and assumes a retirement age of 65. It normally invests 82.5% in stocks and 17.5% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

T. Rowe Price Retirement 2035 Fund


VRS Code: 40469 Ticker: TRRJX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2035) included in its name and assumes a retirement age of 65. It normally invests 86.5% in stocks and 13.5% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

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T. Rowe Price Retirement 2040 Fund


VRS Code: 47366 Ticker: TRRDX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2040) included in its name and assumes a retirement age of 65. It normally invests 90% in stocks and 10% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

T. Rowe Price Retirement 2045 Fund


VRS Code: 40470 Ticker: TRRKX Objective:The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2045) included in its name and assumes a retirement age of 65. It normally invests 90% in stocks and 10% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in highyield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

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T. Rowe Price Retirement 2050 Fund


VRS Code: 42034 Ticker: TRRMX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2050) included in its name and assumes a retirement age of 65. It normally invests 90% in stocks and 10% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund.

T. Rowe Price Retirement 2055 Fund


VRS Code: 42032 Ticker: TRRNX Objective: The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. Strategy: The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2055) included in its name and assumes a retirement age of 65. It normally invests 90% in stocks and 10% in bonds. While the fund is non-diversified, it invests in diversified underlying holdings. Risk: The target date funds are designed for investors expecting to retire around the year indicated in each funds name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available. Short-term Redemption Fee Note: None Who may want to invest: Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and managed by T. Rowe Price Associates, Inc. This description is only intended to provide a brief overview of the fund. Read the funds prospectus for more detailed information about the fund

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Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges and expenses. For this and other information, call, write, or visit Fidelity at www.netbenefits.com for a free prospectus or summary prospectus, if available. Read it carefully before you invest.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Income simulator and portfolio review are educational tools. The Plan is intended to be a participantdirected plan as described in Section 404(c) of ERISA, which means that fiduciaries of the Plan are ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 668198.1.0

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