BlackOut Notice: Kent Companies PSP 401(k)
Time Sensitive Information for all Participants in the Kent Companies, Inc. Profit Sharing and 401(k) Savings Plan
Macatawa Bank Retirement Plan Services will soon become the investment provider and record keeper for your retirement plan.
What Is Changing?
There are many enhancements coming to your plan.
- New Funds allowing for rich diversity.
- One-on-One Meetings with local financial representatives.
- Local Provider to assist you with all plan questions.
The Blackout Period—December 22, 2017 to January, 2018
In order to move your account information and balances from the current service provider to Macatawa Bank, a period of account inactivity will be necessary. Terms commonly used to describe this period of account inactivity are “blackout”, “lockdown”, “quiet”, or “freeze” periods. We will be using the term “blackout” in this notice.
The blackout period begins December 22, 2017 and is expected to conclude during January 2018. We will keep you informed of the anticipated “end” date as the time gets closer. During the blackout period you will not be able to:
- Request fund reallocations or transfers.
- Make investment direction elections.
- Request a final distribution, in-service withdrawal or hardship withdrawal.
- Request new participant loans.
- Access the voice response unit or web site you have been accessing up until now.
After the blackout period ends, you will again be able to do all the items listed above.
Your Account During the Black Out Period
During the blackout period, your account will be fully invested and will share in any market gains or losses.
Listed below are the funds your current provider offered and the funds Macatawa Bank is offering. Note that any fund you are holding on December 29, 2017 will be sold and replaced by the fund directly opposite to it on the table below. This will happen automatically with no action from you.
How Your Current Funds will be Mapped to the New Funds
|Currently Held Fund||Replacement Fund|
|Pioneer Fundamental Growth Y||T. Rowe Price Growth Stock I|
|Vanguard 500 Index Adm||Vanguard 500 Index Adm|
|AB Relative Value I||DFA US Large Cap Value I|
|Pioneer Select Mid Cap Growth Y||T. Rowe Price Mid-Cap Growth I|
|Vanguard Mid-Cap Index Adm||Vanguard Mid-Cap Index Adm|
|MFS Mid Cap Value R6||Vanguard Mid-Cap Value Index Adm|
|Janus Henderson Triton I||Janus Henderson Triton N|
|Vanguard Small Cap Index Adm||Vanguard Small Cap Index Adm|
|DFA US Targeted Value I||Vanguard Small Cap Value Index Adm|
|American New World R6||Oppenheimer Developing Markets I|
|Oppenheimer International Growth Y||American EuroPacific Growth R6|
|Vanguard Developed Markets Idx Adm||Vanguard Developed Markets Idx Adm|
|Vanguard Target Retirement Income Inv||Vanguard Target Retirement Income Inv|
|Vanguard Target Retirement 2010 Inv||Vanguard Target Retirement 2015 Inv|
|Vanguard Target Retirement 2015 Inv||Vanguard Target Retirement 2015 Inv|
|Vanguard Target Retirement 2020 Inv||Vanguard Target Retirement 2025 Inv|
|Vanguard Target Retirement 2025 Inv||Vanguard Target Retirement 2025 Inv|
|Vanguard Target Retirement 2030 Inv||Vanguard Target Retirement 2035 Inv|
|Vanguard Target Retirement 2035 Inv||Vanguard Target Retirement 2035 Inv|
|Vanguard Target Retirement 2040 Inv||Vanguard Target Retirement 2045 Inv|
|Vanguard Target Retirement 2045 Inv||Vanguard Target Retirement 2045 Inv|
|Vanguard Target Retirement 2050 Inv||Vanguard Target Retirement 2055 Inv|
|Vanguard Target Retirement 2055 Inv||Vanguard Target Retirement 2055 Inv|
|Vanguard Target Retirement 2060 Inv||Vanguard Target Retirement 2065 Inv|
|DFA Real Estate Securities I||Vanguard REIT Index Adm|
|AB High Income I||Vanguard High-Yield Corp Adm|
|DFA Inflation Protected I||Vanguard Int-Term Bond Idx Adm|
|Prudential Total Return Bond Z||Vanguard Int-Term Bond Idx Adm|
|Vanguard Total Bond Mkt Index Adm||Vanguard Int-Term Bond Idx Adm|
|AB Global Bond I||Vanguard Int-Term Bond Idx Adm|
|Transamerica Stable Value Focus||Reliance MetLife Stable Value|
|TFLIC Stable||Reliance MetLife Stable Value|
For all actively employed individuals, your payroll deduction contributions will be deposited into your new account during the black out period and invested according to your investment elections when we receive them from your current provider.
If you Intend to Make Changes to your Account, Don’t Wait!
Last day for distribution requests: December 21, 2017
Last day for investment election changes: December 21, 2017
Note: You will not be able to change your investment choices during the blackout period. You should be certain you are comfortable with the way your account balance will be invested during the 4-6 week blackout period. (See table above.)
When the plan emerges from black out, you will be able to view your account on the web. Instructions on how to do this will be provided to you.
You will receive a statement through December 31, 2017 from your current provider. Your next statement will cover January 1 to March 31, 2018. This statement will come from Macatawa Bank, and will be mailed to your home address in April 2018. Once the conversion is complete, you will be able to elect Electronic Statements through the Macatawa Bank web site.
More Information Available
Instruction on how to use the Macatawa web site will be distributed after January 1. Assistance will also be available from our human resource staff. Meetings with Macatawa Bank investment professionals will also be offered once the conversion has been completed.
Contact: Randy Brink 616-534-4909