Get a 360-degree view of your financial wellness - On January 3, 2023, the PRA Holdings, Inc. 401(k) Plan will move to Empower
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Get a 360-degree view of your financial wellness On January 3, 2023, the PRA Holdings, Inc. 401(k) Plan will move to Empower ICON401k.com/transition
Introduction
Why Empower
ICON selected Empower as its new retirement provider because of its innovative tools and resources, and its strong,
streamlined approach to helping you related to your retirement needs and overall financial planning. And in keeping with
ICON’s focus on harmonization, the PRA Holdings, Inc. 401(k) Plan at Fidelity Investments, and both the ICON 401(k) and
GPHS plans at Transamerica, will merge as part of the transition to Empower on January 3, 2023. You will have complete
access to your account at Empower starting the week of January 15, 2023, when the transition ends and you will be
notified when the transfer is complete.
ICON is excited about the new features you’ll get with the move to Empower:
- A robust website with access to a state-of-the-art app, personalized financial planning tools to help you easily
model different saving and investing scenarios, and future healthcare spending tools
- A broad range of investment choices to help you build a diversified portfolio
- Expanded customer care assistance when you need it and while you’re on the go
No action required!
The transfer of your account balance, contribution elections, beneficiary elections and any loans will occur
automatically. You don’t need to do anything right now unless you want to make changes to your account at
Fidelity Investments. Once the transfer is complete, you will receive a notification from Empower during the
week of January 15, 2023.
If you also have an account in the ICON Clinical Research, LLC 401(k) Plan or the GPHS Plan at Transamerica,
you will receive additional transition materials in the mail regarding the move from Transamerica to Empower.
NOTE: No longer employed? Please note that if you are no longer an active employee, you should review the
information in this brochure as it impacts your account balance and provides information regarding other plan
features and benefits.Key dates
Transition period begins
You will have limited access to your PRA Holdings, Inc. 401(k) Plan account at
December 27, 2022, Fidelity Investments and no access to your account at Empower. This “blackout
at 4 p.m. Eastern time period” will give us time to transfer your plan’s administrative records
to Empower (see the Important Notice section of this document for details).
Payroll deductions will continue during the transition period.
Transition period is expected to end
You will receive a notification that you have full access to your account online
and by phone.
Week of January 15, 2023 You can also add or update your beneficiary information.
You can make requests and changes.
Please note that payrolls may be processed a few days after the blackout period
is over and contributions may take a few days to appear in your account.
Questions?
November 22, 2022 – week of January 15, 2023
For general information about the transition, to review a FAQ document or to obtain information on upcoming education
webinars about the move, visit ICON401k.com/transition.
Starting week of January 15, 2023
Contact Empower for all retirement questions or to complete transactions, review your account or make an appointment to
discuss your retirement/financial planning needs.
Visit ICON401k.com or call 833-RET-ICON (833-738-4266).How your account will transfer The information in this section shows you how your account will transfer to Empower. If you’d like your account to transfer differently, simply change the elections for your current balance by contacting Fidelity Investments by December 27, 2022. You can also make changes with Empower after the transfer is complete. Balances in these funds: Ticker Will automatically transfer to: Ticker Allspring Special Small Cap Value A ESPAX US Small/Mid Cap Equity Fund N/A American Funds Europacific Growth R5 RERFX International Equity Fund N/A BlackRock MSCI ACWI ex-US Index CL R N/A State St Gbl AllCp Eq ex-US Idx SL Cl II N/A DWS RREEF Real Assets S AAASX State St Real Asset NL Cl C N/A Emerald Growth Institutional FGROX US Small/Mid Cap Equity Fund N/A Fidelity 500 Index FXAIX State St S&P 500 ® Indx SL Cl II N/A Fidelity Extended Market Index FSMAX State St Russell Sm/Mid Cp® Indx SL Cl II N/A Fidelity Government Income FGOVX State St US Bnd Indx SL Cl XIV N/A Fidelity Growth Company K6 FGKFX US Large Cap Equity Fund N/A Fidelity MIP: Class I N/A Fidelity MIP: Class I N/A Fidelity US Bond Index FXNAX State St US Bnd Indx SL Cl XIV N/A Invesco Eqv Emerging Markets All Cap R5 GTDIX International Equity Fund N/A Janus Henderson Enterprise T JAENX US Small/Mid Cap Equity Fund N/A JPMorgan Equity Income R5 OIERX US Large Cap Equity Fund N/A Metropolitan West Total Return Bd Admin MWTNX US Fixed Income Fund N/A MFS Mid Cap Value R3 MVCHX US Small/Mid Cap Equity Fund N/A American Funds 2010 Target Date Ret R6 RFTTX State St Target Ret Income SL Cl IV N/A American Funds 2015 Target Date Ret R6 RFJTX State St Target Ret Income SL Cl IV N/A American Funds 2020 Target Date Ret R6 RRCTX State St Target Ret 2020 SL Cl IV N/A American Funds 2025 Target Date Ret R6 RFDTX State St Target Ret 2025 SL Cl IV N/A American Funds 2030 Target Date Ret R6 RFETX State St Target Ret 2030 SL Cl IV N/A American Funds 2035 Target Date Ret R6 RFFTX State St Target Ret 2035 SL Cl IV N/A American Funds 2040 Target Date Ret R6 RFGTX State St Target Ret 2040 SL Cl IV N/A American Funds 2045 Target Date Ret R6 RFHTX State St Target Ret 2045 SL Cl IV N/A American Funds 2050 Target Date Ret R6 RFITX State St Target Ret 2050 SL Cl IV N/A American Funds 2055 Target Date Ret R6 RFKTX State St Target Ret 2055 SL Cl IV N/A American Funds 2060 Target Date Ret R6 RFUTX State St Target Ret 2060 SL Cl IV N/A American Funds 2065 Target Date Ret R6 RFVTX State St Target Ret 2065 SL Cl IV N/A Investing involves risk, including possible loss of principal. Funds that are not mutual funds do not have ticker symbols because they are exempt from SEC registration.
Additional fund information State Street Target Retirement Date Funds The State Street Target Retirement Date funds will be the new default investment options. If you’re currently invested in an American Fund Target Date Retirement R6 Fund, your balance will map according to the table on the previous page. Please review the enclosed Qualified Default Investment Option Notice for birthdate information to see if the date range for the target date fund you have selected is still appropriate for your election and matches your birthdate range and risk tolerance. The date in the name of the target date fund is the assumed date of retirement. The asset allocation becomes more conservative as the fund nears the target retirement date; however, the principal value of the fund is never guaranteed. Fund restrictions The Fidelity MIP CL 1 will be frozen for a period of time as determined by ICON. Any future allocations to the Fidelity MIP CL 1 fund will be mapped to the Invesco Stable Value Trust - B1. Empower will work with the plan to transfer the assets into the Invesco Stable Value Trust - B1 at a later date. The Fidelity MIP CL 1 and the Invesco Stable Value Trust - B1 are subject to a trading provision called an equity wash that restricts assets in each fund from being transferred directly into a competing fund. Assets may be transferred to a noncompeting fund for a 90-day period before being moved into a competing fund. Please review the Notice of Investment Returns and Fee Comparison enclosed in this packet of material.
New features you can take advantage of
Get answers to your financial questions
Your plan is partnering with Empower to offer you a better approach to financial wellness. My Financial Path can help you
take control of your finances and strike a balance between living for today and planning for tomorrow.
My Financial Path can also help you make better sense of your money. Whether you’re new to the workforce, in the middle
of your career or getting close to retirement, My Financial Path provides personalized, actionable steps you can take to
reduce financial stress and get closer to achieving your goals.
Managing your account
You will receive a final statement from Transamerica reflecting the closing of your account. In April 2023, you will receive
your first statement from Empower, which will show you the amount transferred into your new account.
Confirm your beneficiary
Once the transition is complete, be sure to verify or update your beneficiary elections.
Update your contact info
Update your contact information and personal preferences to stay up to date and receive account alerts.
Your new ICON401k.com!
After the transition is over, you’ll have full access to
all the benefits and features online at
ICON401k.com and on the Empower app:
- The ability to access financial modeling tools
and calculators along with a financial wellness
learning center
- Resources and educational videos to help
you prepare for retirement
- A personalized estimate of income you’ll
need to help ensure you’re on track for
your retirement
FOR ILLUSTRATIVE PURPOSES ONLYImportant notice concerning your rights in the PRA Holdings, Inc. 401(k) Plan November 22, 2022 This notice is to inform you that your account in the PRA Holdings, Inc. 401(k) Plan will transfer to Empower effective January 3, 2023. As a result of this change, you temporarily will be unable to check your account balance and transfer or diversify your investments in your PRA Holdings, Inc. 401(k) Plan account or obtain a loan, withdrawal or distribution. This period during which you will be unable to exercise these rights otherwise available under the plan is called a blackout period. Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this blackout period may affect your retirement planning as well as your overall financial plan. The temporary blackout period begins at 4 p.m. Eastern time on December 27, 2022, and ends during the week of January 15, 2023. During this time, you will have limited or no access to your account. You will be unable to check your account balance; transfer or diversify your investments; or obtain a loan, withdrawal or distribution from your PRA Holdings, Inc. 401(k) Plan account. Before the blackout period begins, it is very important that you review and consider the appropriateness of your current investments because you will be unable to transfer or diversify those investments during the blackout period. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income and investments. To review your plan account before the blackout period begins, contact Fidelity Investments at 800-835-5095 or access your account online at 401k.com by December 27, 2022. If you have questions concerning this notice, please contact Empower at 833-RET-ICON (833-738-4266). Once the blackout period ends, you will have full access to your plan account. If you would like to confirm the status of the blackout period, contact Empower at 833-RET-ICON (833-738-4266) or ICON401k.com. These dates and times are subject to change. Please contact Empower for more information. Diversification does not ensure a profit or protect against loss.
Carefully consider the investment option’s objectives, risks, fees and expenses. Contact Empower for a prospectus, summary prospectus for SEC-registered products or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing. If a money market fund is included in your plan’s lineup, 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. Fund changes may alter the risk exposure of an investment account. Some cash-alternative options (other than money market funds), such as guaranteed interest funds or stable value funds, may have withdrawal and transfer restrictions. Carefully consider the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income and investments. Adjustments may be needed to realign the account with its desired investment strategy. Once the transition is complete, please review the information for each fund on the plan website. Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. Putnam is affiliated with Empower Retirement, LLC and its affiliates. My Financial Path includes products made available by Empower Retirement, LLC and third-party providers outside the benefits provided under your retirement account. Inclusion of a product in My Financial Path is not an endorsement or recommendation of the product by your retirement account sponsor or providers. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America. Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not Bank Guaranteed | Funds May Lose Value | Not Insured by Any Federal Government Agency ©2022 Empower Retirement, LLC. All rights reserved. 150586-01-FBK-WF-2119939-1122(2181251) RO2476591-1022
You can also read
