 |
|
|
|
|
|
|
SARBANES-OXLEY Blackout NoticeDear International Union of Operating Engineers, Local No. 132 Annuity and Savings Fund Participant: Exciting changes are on the way for the participants of the International Union of Operating Engineers, Local No. 132 Annuity and Savings Fund. These enhancements will continue with increased flexibility, greater control, more information and timely reporting regarding your retirement plan, and the Trustees anticipate this change will result in a reduction in your plan expenses. Effective August 1, 2010, United Bank Wealth Management, headquartered in Charleston, West Virginia, will be appointed record keeper for your plan. Due to the transition, you will not be able to make changes to your current account after July 22, 2010. Your plan will be in a transition period until the conversion process is complete. During the transition period, you will not be able to request distributions or make changes to your investment elections and account balances. Though you are not required to take any action prior to the blackout period, you should review the attached Sarbanes-Oxley Blackout Notice for the details of this brief restriction on your ability to effect transactions within your individual plan account. Current Fund Options – United Bank will begin receiving your contributions on August 1, 2010. These monies, along with your current balances, will be invested in your current investment options. Therefore, your employer contributions will be invested in a manner broadly similar to the manner in which they were previously being invested. If you wish to begin investing in a new investment option, which is different than the chosen “replacement fund,” you may make changes to your current investment elections and account balance on the Fifth Third Retirement Services website, Retire.53.com, prior to July 22, 2010. The following current investment options will remain in the Plan: Fund Name Ticker
Manning & Napier Conservative Term
EXDAX Timely Transactions – The enhancements to the plan will enable you to perform transactions in a timelier manner. You will have until 4:00 p.m. ET to complete your request to transfer balances and receive that day’s closing price. In addition, both the sale and purchase to complete the transfer happen the same day at that day’s closing price. There are no transaction fees or tax implications for conducting balance transfers. Timely Statements – You will receive your participant statement on a quarterly basis. These statements will be distributed approximately 10 business days after the quarter-end. The statement will include beginning and ending balances, activity for the period, and the balances by fund. More Information – You will receive quarterly performance information on your investments and a newsletter from United Bank covering a variety of retirement planning topics. The performance information and newsletter will be included with your participant statement. Toll-Free and Internet Account Access – You will have the ability to access your retirement account for both inquiries and transactions on a daily basis, as well as retirement planning and investment education services through United Bank’s toll-free Retirement Response Line and via the internet at FRPS.retirementpartner.com. Once the conversion process is complete, you will receive a Personal Identification Number (PIN) at your home address that will allow you to access your account through both systems. We are enthusiastic about these upcoming changes and encourage you to take advantage of the many enhancements.
|