Investment Options

Transfer Rules

Group annuities are intended as long-term investments designed for retirement purposes. Money taken from the annuity will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. An annuity does not provide any additional tax deferral benefit, as tax deferral is provided by the plan. Annuities may be subject to additional fees and expenses to which other tax-qualified funding vehicles may not be subject. However, an annuity does provide other features and benefits, such as lifetime income payments and death benefits.

Transfers are allowed among all investment options with the exception of the Voya Stable Value Option (Stabilizer) and the Self-Directed Brokerage Account (SDBA).

The product includes a limiting provision, called an “equity wash,” that applies to transfers between the Voya Stabilizer and the SDBA. These two options are considered to be competing investment options. We are not imposing the equity wash provision at this time.

When this provision applies:

• Direct transfers between these two options are not allowed; and
• Once a transfer involving either of these options occurs, there is a 90-day waiting period before another transfer involving these investment options is permitted.

You can transfer from either one of these investment options directly into other investment options offered under the Plan.

Amounts must be transferred in whole percentages. There are no fees or charges for investment option transfers.

Self-Directed Brokerage Account

The Schwab Personal Choice Retirement Account® (PCRA) which is a Self-Directed Brokerage Account (SDBA) is offered as an additional investment option under your San Bernardino County 457(b) and 401(k) Plans (Plans). 

The PCRA is designed for the experienced investor who wants to independently and actively manage an even greater choice of their investments and is willing to pay additional fees and accept full responsibility for researching, selecting, monitoring and managing their investments. An annual $50 fee is charged for participants who select PCRA and deducted from their core investment options.

Through PCRA, you can access more than 8,700 no-load mutual funds from over 600 well-known fund families, including over 2,700 funds typically available only to institutional clients. Over 3,800 mutual funds are available with no-loads and no-transaction fees¹. Please refer to the Participant Guide for transfer rules that apply to PCRA.

Note: Investors should carefully consider information contained in the prospectus, including investment objectives, risks, trading policies, charges and expenses. You can request a prospectus by calling Schwab’s dedicated PCRA Call Center at 1-888-393-PCRA (7272). You may also request a prospectus online at www.schwab.com/prospectus. Please read the prospectus carefully before investing.

To speak to a dedicated PCRA Call Center representative, call 1-888-393-PCRA (7272). PCRA Registered Representatives are available Monday through Friday, 8:00 a.m. to 7:30 p.m. (ET). Outside of these hours, Schwab Investor Service Center representatives are available 24 hours a day, seven days a week.

¹ For participants who utilize the Personal Choice Retirement Account (PCRA), the following fees and conditions may apply: Depending on when Voya decides to publish this letter they may want to use the extended hours. No further review needed by Schwab, hours listed on communication are at discretion of Voya.

This option gives you the freedom to invest a portion of your account in a self-directed brokerage account that provides access to a wider array of investment choices, including open-end mutual funds. 

Online Investment Advice and Managed Accounts for the San Bernardino County 457 and 401(k) Plans

You have access to in-plan advisory services offered through Voya Retirement Advisors, LLC (VRA), powered by Morningstar Investment Management LLC. Service options include:

• Online Advice - If you prefer to monitor and update in-plan assets yourself, this service is available to you at no cost.
• Professional Management - If you don’t have the time, knowledge or interest to monitor and manage your in plan assets on an ongoing basis, this fee-based service may be right for you.

You can call (800) 584-6001 at any time and ask to speak with a VRA Investment Advisor Representative at no cost.

IMPORTANT: Projections or other information generated by VRA regarding the likelihood of various retirement income and/or investment outcomes are hypothetical in nature, do not reflect actual results (including investment results) and are not guarantees of future results. Results may vary with each use and over time.

Advisory Services provided by Voya Retirement Advisors, LLC (VRA). VRA is a member of the Voya Financial (Voya) family of companies. For more information, please read the Voya Retirement Advisors Disclosure Statement, Advisory Services Agreement, and Advisory Services Overview. You may also request these from a VRA Investment Advisor Representative by calling your plan’s information line. VRA has retained Morningstar Investment Management LLC as an independent “financial expert” (as defined in the Department of Labor’s Advisory Opinion 2001-09A) to develop, design, and implement the asset allocations and investment recommendations generated by the Advisory Services. Morningstar Investment Management LLC is a federally registered investment adviser and wholly owned subsidiary of Morningstar, Inc. Neither VRA nor Morningstar Investment Management LLC provides tax or legal advice. If you need tax advice, consult your accountant or if you need legal advice consult your lawyer. Future results are not guaranteed by VRA, Morningstar Investment Management LLC or any other party and past performance is no guarantee of future results. The Morningstar name and logo are registered trademarks of Morningstar, Inc. All other marks are the exclusive property of their respective owners. Morningstar Investment Management LLC and Morningstar, Inc. are not members of the Voya family of companies.

Ongoing Investment Monitoring

The County is committed to ensuring that the investments remain appropriate for employees on an ongoing basis. To this end, they are committed to an initial and ongoing monitoring and evaluation of the fund options through a formal and detailed investment policy. Click here for a copy of the County’s investment policy.