Dear Participant: We are pleased to present SUP Welfare Plan's Summary Plan Description describing the benefits provided by the SUP Welfare Plan. The Plan was established in accordance with Collective Bargaining Agreements between the Sailors' Union of the Pacific and participating employers.
The Plan Description furnishes a brief description of the benefits to which you and your family are entitled, the rules governing these benefits, and the procedures that should be followed when making a claim. This booklet includes certain information concerning the administration of the Plan as required by the Employee Retirement Income Security Act of 1974. We urge you and your family to read this booklet thoroughly so that you will be familiar with the benefits of the Plan. We are pleased to present this booklet describing the benefits provided by the SUP Welfare Plan.
Announcement of Investment Changes
To Plan Participants and Beneficiaries of
SUP Money Purchase Pension Plan and SUP 401(k) Plan
Investment Change Announcement Explanation
The Plans' investment committee recently met to review the performance of Plans investment choices. If an investment choice does not meet the established minimum standards, the committee reviews other alternatives with similar investment objectives to discuss possible replacement options. This important notice is to inform you that the SUP Money Purchase Pension Plan and SUP 401(k) Plan will be making a change to the Plans? investment options as outlined below. This change is scheduled to go into effect the week of 08/18/2014.
Morningstar Category: Large Growth
Prior Fund: American Century Growth Inv
New Fund: MFS Growth R3
The fund below will be added to your Plans and accessible to Plans participants the week of 08/18/2014
Fund Name: MFS Growth R3
How will this affect me?
During the week of 08/18/2014 assets invested in the prior fund will automatically be transferred to the corresponding replacement fund shown above. In addition, all of your directives for investing future contributions in the prior fund will automatically be changed to the corresponding replacement fund.
Do I need to take action?
No. However, if you want to make changes to your account you can:
- Change your investment directives to ensure that future contributions are invested in the investment option of your choice.
- Transfer any balance in this fund to the investment option of your choice.
These changes can be made using either:
- Personal Savings Center at www.standard.com/retirement
- Calling a customer service representative at 800.858.5420
If you have questions, please contact a Standard customer service representative at 800.858.5420.