A New Retirement Savings Experience Is Just Ahead - Empower
A new retirementsavings experienceis just aheadThe AbbVie Savings Plan is transitioning toa new recordkeeper effective April 1, 2021
IntroductionTable of contents2 Introduction3 Important dates4 What’s new in the AbbVie Savings Plan?6 Get started on the right foot7 Important notice concerning your rightsin the AbbVie Savings PlanThe AbbVie Savings Plan (Plan) recordkeeper is changingfrom Alight Solutions (Alight) to Empower Retirement(Empower) effective April 1, 2021.Together with Empower, we are committed to helping youreach the retirement you imagine. This change will have noimpact on the design or provisions of the Plan.As a result of this change, you will be temporarily unable toperform transactions in your Plan account for a period oftime called a blackout period. Review carefully theinformation in this guidebook to help you prepare for thetransition to Empower.The transition happens automaticallyTo make the transition as smooth as possible,your elections, contributions, investments,beneficiary designations, and any loan ordistribution arrangements will transferautomatically. Other than making any changesyou want before the blackout period, you donot need to do anything during the transition.2
Important datesDATESMarch 22, 2021Deadline to return transaction documentationIf you have requested a hardship withdrawal, primary residential loan or rollover contribution, this is yourlast day to return documentation to Alight (855-538-7796, Alight UPoint digital.alight.com/abbvie).If you miss the deadline, you’ll be able to make requests with Empower after the end of the blackoutperiod, which is expected to occur the week of April 11, 2021. Plan accordingly to ensure yourdocumentation is received in a timely manner.March 29, 2021Deadline to make account changesThis is your last day to contact Alight (855-538-7796, Alight UPoint digital.alight.com/abbvie) torequest account transactions, including changes to contribution rates, investment elections, loans,withdrawals or distributions. If you miss the deadline, you’ll be able to make requests with Empowerafter the end of the blackout period, which is expected to occur the week of April 11, 2021.March 29, 2021, at3 p.m. CTPlan blackout period beginsAs part of the transition, there will be a required blackout period, which occurs when moving accountsand balances to a new recordkeeper. The blackout period will begin at 3 p.m. CT on March 29, 2021,and is expected to end during the week of April 11, 2021. The blackout applies to your AbbVie SavingsPlan account only. You will have continued access to your AbbVie Pension Plan account at Alight.During this time, you will have limited access to your account at Alight and no access to your account atEmpower. Once the blackout period begins, you will not be able to change your contribution rate, makeinvestment election changes or obtain loans or distributions until the blackout period ends. See theImportant notice concerning your rights in the AbbVie Savings Plan section of this documentfor details.During the blackout period, your investments will continue to gain and/or lose value depending onmarket conditions.Payroll deductions and any matching contributions will continue during the blackout period and will bereflected in your account when the blackout is complete.Week of April 11, 2021Plan blackout period is expected to endEnjoy full access to your Empower account online, by phone and on the Empower app. You will benotified by email and postcard when the blackout period ends.We’ve got your backAs you continue to plan for a successful financial future, we’re here to help. Let us know if you have any questions about yourPlan account.Check in at savingsplan.abbvie.net or 844-8-ABBVIE (844-822-2843).¿Preguntas?Si necesita ayuda sobre el contenido de este folleto o tiene preguntas, por favor llame a Empower.3
What’s new in the AbbVie Savings Plan?AbbVie understands the importance that our 401(k) plan plays in your long-term financial strategy. Below and on the next page,you will find information on some investment changes and features you can access at savingsplan.abbvie.net after the transitionto Empower.Announcing changes to the investment options in the PlanOn April 1, 2021, the share class for the State Street Target Retirement Funds will change, resulting in lower investment costs foryou. You do not need to take any action. Your money in the State Street Target Retirement Funds will automatically transfer to thenew share class of the funds. The following chart shows the old and new expense ratios for each of the State Street TargetRetirement Funds.YOUR AGE-APPROPRIATE TARGETPRIOR EXPENSENEW EXPENSEIF YOU WERE BORN:DATE INVESTMENT OPTION IS:RATIORATIO12/31/1952 or earlierState Street Target Retirement Income NL Fund M0.10%0.07%1/1/1953 - 12/31/1957State Street Target Retirement 2020 NL Fund M0.10%0.07%1/1/1958 - 12/31/1962State Street Target Retirement 2025 NL Fund M0.10%0.07%1/1/1963 - 12/31/1967State Street Target Retirement 2030 NL Fund M0.10%0.07%1/1/1968 - 12/31/1972State Street Target Retirement 2035 NL Fund M0.10%0.07%1/1/1973 - 12/31/1977State Street Target Retirement 2040 NL Fund M0.10%0.07%1/1/1978 - 12/31/1982State Street Target Retirement 2045 NL Fund M0.10%0.07%1/1/1983 - 12/31/1987State Street Target Retirement 2050 NL Fund M0.10%0.07%1/1/1988 - 12/31/1992State Street Target Retirement 2055 NL Fund M0.10%0.07%1/1/1993 - 12/31/1997State Street Target Retirement 2060 NL Fund M0.12%0.07%1/1/1998 or laterState Street Target Retirement 2065 NL Fund M0.12%0.07%On April 30, 2021, two investment options will be removed from the fund lineup — GMO Global Asset Allocation R6 (GMWRX) andPIMCO All Asset Instl (PAAIX). AbbVie regularly reviews the investments available in the Plan and determined that these investmentoptions had low utilization when compared to similar investments available in the Plan. If you are currently participating in theseinvestment options, your account balance and any future contributions for these options will be transferred to an age-appropriateState Street Target Retirement NL Fund M (target date fund) based on your date of birth as described in the table above, assumingage 65 as the standard retirement age. You can also make changes with Empower after the fund lineup change is complete.Empower Brokerage AccountAfter the transition is complete, you will have additional investment options beyond the Plan’s core funds through an EmpowerBrokerage account. If you’re an experienced investor looking for ways to diversify your portfolio, this self-directed brokerageaccount makes it easy to allocate your assets over a broad array of investment options.Additional information about the Empower Brokerage account investment option will be provided to you in the near future. Pleasereview all such information before electing to invest any portion of your Plan account balance in investments through EmpowerBrokerage. The Empower Brokerage account is intended for knowledgeable investors who acknowledge and understand therisks associated with the investments available through an Empower Brokerage account.4
Your retirement savings experience simplifiedAfter the transition is complete, you can log in to view your Plan account and find information such as: Your savings rate. The total savings you have in the Plan. Your estimated monthly retirement income. The percentage of your current salary you’re on track to replace in retirement.My Financial PathThe AbbVie Savings Plan is partnering with Empower to offer you a new approach to improving your financial wellness. MyFinancial Path can help you make better sense of your long-term savings needs. Whether you’re new to the workforce, inthe middle of your career or getting close to retirement, My Financial Path provides personalized, actionable steps you cantake to reduce financial stress and help you get closer to achieving your long-term financial goals.5
Get started on the right footVisit the websiteAt savingsplan.abbvie.net you can find additional information about the Plan transition, what’s changing and the blackout period(which is described in detail on pages 3 and 7). When the blackout period is over, savingsplan.abbvie.net will convert toEmpower’s interactive website with tools to help you manage your Plan account.Understand how your account will transferThe Plan continues to provide a diversified mix of investment options. As part of the transition to Empower, your Plan account willremain invested in the same funds in which you are invested as of March 29, 2021, at 3 p.m. CT.If you’d like your account to be invested differently, you can either change the elections for your current balance and/or your futurecontributions by contacting Alight (855-538-7796, Alight UPoint digital.alight.com/abbvie) by March 29, 2021, or you canmake changes with Empower after the transition and blackout period are complete.Alight Financial Advisors (AFA) programIf you’re enrolled in the AFA program at the start of the blackout period, your enrollment will transfer to the ProfessionalManagement Program at Empower.* In early March, you will receive additional information in the mail from Alight regarding howyour enrollment will transfer. If you wish to cancel AFA management of your account before the transition to Empower, please callAFA at 855-538-7796 before 3 p.m. CT on March 25, 2021.Through the Plan, you currently have the option to enroll in the AFA program offered in partnership with Financial Engines. After thetransition to Empower, you will have the option to enroll in the Professional Management Program offered through Advised AssetsGroup, LLC (AAG), an Empower affiliate.There is no guarantee provided by any party that participation in any of the advisory services will result in a profit.Your account statements and historyAfter April 1, 2021, you will no longer have access to your AbbVie Savings Plan account at Alight. Your historical Plan data withAlight will not transfer to Empower (e.g., statements, investment history, contribution and balance history). If you wish to savecopies of your historical Plan data, sign on to your account at Alight UPoint digital.alight.com/abbvie before April 1, 2021, todownload your desired information. Alight will provide a final first-quarter 2021 statement in April 2021 that reflects the transfer ofyour Plan account to Empower. In July 2021, you will receive your first quarterly statement from Empower, which will reflect theamount transferred to your account at Empower.No longer employed at AbbVie?You’re receiving this announcement because you have a balance in the Plan. And even though you’re not activelycontributing, you can still take advantage of certain Plan features.If you have separated from employment and are currently repaying a loan through automated clearing house (ACH) debitsfrom a personal bank account, your bank account information will transfer to Empower. If you make loan repayments bycheck to Alight, you will need to send your payments to Empower beginning in April 2021 to avoid defaulting on your loan.More information, including payment instructions, will be sent to you in March and April.The Professional Management Program is part of the Empower Retirement Advisory Services suite of services offered by Advised Assets Group,LLC, a registered investment adviser.*6
Important notice concerning your rights in theAbbVie Savings PlanFebruary 26, 2021This notice is to inform you that your account in the AbbVie Savings Plan will transfer to Empower Retirement effective April 1, 2021.As a result of this change, you temporarily will be unable to check your account balance; transfer or diversify your investments inyour AbbVie Savings Plan account; or obtain a loan, withdrawal or distribution. This period during which you will be unable toexercise these rights otherwise available under the Plan is called a blackout period. Whether or not you are planning retirement inthe near future, we encourage you to carefully consider how this blackout period may affect your retirement planning as well asyour overall financial plan. The temporary blackout period begins at 3 p.m. CT on March 29, 2021, and ends during the week ofApril 11, 2021. During this time, you will have limited or no access to your account.Before the blackout period begins, it is very important that you review and consider the appropriateness of your currentinvestments because you will be unable to transfer or diversify those investments during the blackout period. For your long-termretirement security, you should give careful consideration to the importance of a well-balanced and diversified investmentportfolio, taking into account all your assets, income and investments.You should be aware that there is a risk to holding substantial portions of your assets in the securities of any one company asindividual securities tend to have wider price swings, both up and down, in short periods of time than investments in diversifiedfunds. Stocks that have wide price swings might have a large loss during the blackout period, and you would not be able to directthe sale of such stocks from your account during the blackout period.To review your Plan account before the blackout period begins, contact Alight at 855-538-7796 or access your account onlineat Alight UPoint digital.alight.com/abbvie by March 29, 2021. If you have questions concerning this notice, please contactEmpower at 844-8-ABBVIE (844-822-2843).Once the blackout period has ended, you will receive a notice from Empower. You will then have full access to yourPlan account online and by phone. If you would like to confirm the status of the blackout period, contact Empower at844-8-ABBVIE (844-822-2843) or visit savingsplan.abbvie.net.These dates and times are subject to change. Please contact Empower for more information.7
Carefully consider the investment option’s objectives, risks, fees and expenses. Contact Empower Retirement for aprospectus, summary prospectus for SEC-registered products or disclosure document for unregistered products, ifavailable, containing this information. For prospectuses related to investments in your self-directed brokerage account(SDBA), contact your SDBA provider. Read them carefully before investing.Investing involves risk, including possible loss of principal.Fund changes may alter the risk exposure of an investment account. Some cash-alternative options (other than money market funds), suchas guaranteed interest funds or stable value funds, may have withdrawal and transfer restrictions. Carefully consider the importance of a wellbalanced and diversified investment portfolio, taking into account all your assets, income and investments. Adjustments may be needed to realignthe account with its desired investment strategy. Once the transition is complete, please review the information for each fund on the Plan website.Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; GreatWest Funds, Inc.; and registered investment advisers, Advised Assets Group, LLC and Personal Capital. This material is for informational purposesonly and is not intended to provide investment, legal or tax recommendations or advice.Securities available through Empower Brokerage are offered by GWFS Equities, Inc., Member FINRA/SIPC and a subsidiary of GreatWest Life & Annuity Insurance Company. Clearing, settlement, custody and other brokerage services are provided by Pershing LLC, MemberFINRA/NYSE/SIPC and a wholly owned subsidiary of The Bank of New York Mellon Corporation. Additional information may be obtained by calling877-788-6261. GWFS and Pershing are separate and unaffiliated brokerage firms. Accounts are subject to review and approval of GWFS.Brokerage Products: Unless otherwise noted: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUEAsset allocation and balanced investment options and models are subject to the risks of their underlying investments.Empower Retirement Advisory Services refers to the advisory services offered by Advised Assets Group, LLC, such as the ProfessionalManagement Program and Online Advice. AAG uses Financial Engines Advisors L.L.C. to provide subadvisory services. AAG and FEA areunaffiliated registered investment advisers. FEA is a subsidiary of Edelman Financial Engines, LLC. AAG is a subsidiary of Great-West Life &Annuity Insurance Company. Financial Engines is a registered trademark of Edelman Financial Engines, LLC. 2021 Edelman Financial Engines,LLC. Future results are not guaranteed by AAG, FEA or any other party.IMPORTANT: The projections, or other information generated on the website by the investment analysis tool regarding the likelihood of variousinvestment outcomes, are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. The results mayvary with each use and over time.My Financial Path includes products made available by Empower Retirement, LLC and third-party providers outside the retirement benefitsprovided under your Plan. Inclusion of a product in My Financial Path is not an endorsement or recommendation of the product by the Plan’ssponsor, service providers or fiduciaries.Diversification does not ensure a profit and does not protect against loss in declining markets.Alight is not affiliated with GWFS Equities, Inc. or its parent company or affiliates.Unless otherwise noted: Not a Deposit Not FDIC Insured Not Bank Guaranteed Funds May Lose Value Not Insured by Any FederalGovernment Agency 2021 Empower Retirement, LLC. All rights reserved.150569-01-FBK-WF-892540-0221 RO1500904-0221
The AbbVie Savings Plan (Plan) recordkeeper is changing from Alight Solutions (Alight) to Empower Retirement (Empower) effective April 1, 2021. Together with Empower, we are committed to helping you reach the retirement you imagine. This change will have no impact on the design or provisions of the Plan.
To get you started on retirement savings, as a new Employee you are automatically enrolled in the CHI 401(k) Retirement Savings Plan. Unless you elect otherwise, a 4% pretax contribution will be deducted from your paycheck each pay period and added to your newly established employer 401(k) Retirement Savings Plan account.
Important information 1 The 10X savings rule of thumb is developed assuming age-based allocations, a 15% savings rate beginning at age 25, a 1.5% constant real wage growth, a retirement age of 67 and a planning age of 92.The intended goal is to help build retirement savings sufficient to replace approximately 45% of preretirement income to augment Social Security throughout retirement.
Keys to Retirement Planning — the Details 1 Retirement planning and investing for retirement are important — no matter which retirement plan you choose. Your FRS retirement plan by itself cannot provide enough for a comfortable retirement. Everyone needs to learn about saving and investing to help close the gap.
Retirement Age 18,240/yr. 1 for every 2 The Year Full Retirement Age is Reached 48,600/yr. before month of full retirement age 1 for every 3 Month of Full Retirement Age and Above No Limit No Limit. Note: If some of your retirement benefits are withheld because of your earnings, your benefits will be increased starting at your full retirement
Mandatory Retirement Plan Election Job Aid BEN003.02: Mandatory Retirement Plan Election using Retirement@ Work Revised Date 12/4/2019 . Roth, 457(b), 457(b) Roth) if desired. Please note: You must wait 24 hours from the date of your retirement plan election in order to access Retirement@work to make your vendor selections.
Target Retirement Portfolios and how you can use Target Retirement Portfolios throughout your entire working career. Also, read about sample Target Retirement Portfolio investors and why they chose Target Retirement Portfolios for their retirement plan. Dig Into Target Retirement Portfolio Details. Here you can review the specific asset classes
insurance, investing and strategies for generating retirement income, including annuitization. RETIREMENT PLANNING Women are less likely to have conducted a calculation or estimate of their retirement savings needs and demonstrate a lower understanding of retirement savings plans, including 401(k)s and IRAs, compared to men.
Retirement savings plans, pensions, and health plans . Taking the Mystery Out Of Retirement Planning – This publication is designed to assist individuals who are . within 15 years of retirement to calculate their income, savings and likely expenses in retirement in order to understand how much more they need to save.
