Circle K and Voya® have prepared this newsletter to help you understand how we will transition the Circle K Retirement Plan (the Plan) to Voya Financial® (Voya). It also contains contact information if you have any questions about your personal account or the upcoming changes to the Plan. Please review this newsletter carefully to understand what will happen during the transition and beyond. We are pleased to announce that the Circle K Retirement Plan is moving to a new recordkeeper, Voya Financial® in January 2020. Get ready – your Plan is on the move! CIRCLE K RETIREMENT PLAN December 2019 Table of contents: Key Dates Calendar .............................................................. Page 2 Special Investment Elections Website.................................................................. Page 3 What’s New.............................................................................. Page 4 What’s Not Changing .......................................................... Page 6 New Fund Lineup .................................................................. Page 7 Tools and Resources ............................................................ Page 10 Next Steps ................................................................................ Page 12
Transcript
Circle K and Voya® have prepared this newsletter to help you understand how we will transition the Circle K Retirement Plan (the Plan) to Voya Financial® (Voya). It also contains contact information if you have any questions about your personal account or the upcoming changes to the Plan. Please review this newsletter carefully to understand what will happen during the transition and beyond.
We are pleased to announce that the Circle K Retirement Plan is moving to a new recordkeeper, Voya Financial® in January 2020.
Special Investment Elections Website ..................................................................Page 3
What’s New ..............................................................................Page 4
What’s Not Changing ..........................................................Page 6
New Fund Lineup ..................................................................Page 7
Tools and Resources ............................................................Page 10
Next Steps ................................................................................Page 12
Circle K Retirement Plan– December 20192
The transfer of Plan records to Voya will happen automatically. There will be a brief blackout period during which you will have restricted access to your account.
Unless you elect otherwise, all existing account balances1 and elections for future contributions will be automatically invested in an age-appropriate flexPATH Index Moderate Target Date Fund when the Plan transitions to Voya. If you would like to make a different election for the investment of your existing balances and future contributions, please visit circlek401kelect.com before 4 p.m., ET, on January 13, 2020.
The Transition
1 Balances in the Principal Stable Value Fund will NOT be mapped during the transition to Voya. See page 4 for details.2 Principal is a separate entity and not a corporate affiliate of Voya Financial®.
Here are some key dates related to the transition.
DATE ACTIVITY
Available Now!
Customer Service Line Opens at Voya for Transition Questions If you have general questions about the transition, call Voya at 866-220-0034 to speak with a Customer Service Associate, weekdays from 8 a.m. to 8 p.m., ET, excluding stock market holidays. Please note that Voya will not have access to your account information until after the transition is complete the week of January 27, 2020.
Special Investment Election Website is open!Visit circlek401kelect.com to make elections for how you would like your existing account balance and future contributions to transfer to Voya. If you do not make an election on this site before 4 p.m., ET, on January 13, 2020, your existing account balance1 and future contributions will automatically default into an age-appropriate flexPATH Index Moderate Target Date Fund. See Page 7 for details.
Before 4 p.m., ET, January 7, 2020
Blackout Period Begins — Limited Account Access Last day for you to request a loan or a withdrawal from your account at Principal2.
4 p.m., ET,January 10, 2020
Special Investment Election Microsite closesElections made on circlek401kelect.com prior to this deadline will be applied to the transfer of your existing account balances and future contributions. If you do not make an election on this site before 4 p.m., ET, on January 10, 2020, your existing account balance1 and future contributions will automatically default into an age-appropriate flexPATH Index Moderate Target Date Fund, as shown on Page 7.
4 p.m., ET, January 13, 2020
Full Blackout – No account accessLast day to make fund transfers in your account at Principal. You will not be able to access your account until the transition to Voya is complete.
You will be able to make investment changes after the transition to Voya the week of January 27, 2020, by logging in to Circlek401k.voya.com, or by calling 866-220-0034.
Key Dates Calendar
Circle K Retirement Plan– December 2019 3
DATE ACTIVITY
Week of January 20, 2020
PIN Mailing Voya will mail you a personal identification number (PIN) in a plain security mailer. You will need your PIN to access the new Plan website and the Customer Service Line.
Week of January 27, 2020
Blackout Period Ends; Full Account Access to:New website: Circlek401k.voya.comNew phone number: 866-220-0034 Hearing Impaired number: 800-579-5708
You will be notified when the transition to Voya is complete! At this time, you’ll have full access to your account, or you can enroll in the Plan if you’re not already participating.
February 2020Final Account Statement from Principal Principal will send a final statement to your home address following the transition of your account to Voya.
How to access the Special Elections WebsiteLog in today at circlek401kelect.com to make your investment elections for the Circle K Retirement Plan. It’s easy. You just need your Social Security number and date of birth. Visit circlek401kelect.com to make your fund choices.
The special elections site is open now and will close at 4 p.m., ET, on January 10, 2020. If you have questions, call 866-220-0034 to speak with a Customer Service Associate, weekdays from 8 a.m. to 8 p.m., ET, excluding stock market holidays. Important: If you do not make an election on this site before 4 p.m., ET on January 10, 2020, your existing account balance1 and future contributions will automatically default into an age-appropriate flexPATH Index Moderate Target Date Fund as shown on page 7.
Circle K Retirement Plan– December 20194
WHAT’S NEW?
New Investment Options – including New Target Date FundsYou will have a range of new investments to choose from, including a new family of Target Date Funds that make investing simple. You can elect one Target Date Fund based on your year of birth and when you expect to retire. You’ll get a diversified mix of investments appropriate for your age. For more details, see page 7. For additional information, review the fund fact sheets at circlek401kelect.com.
Special limited window to pick new funds before the transition to Voya takes place: December 6, 2019 to January 10, 2020.If you would like to make different elections for your investments prior to the transition, please visit circlek401kelect.com before 4 p.m., ET, on January, 10, 2020. You will also be able to make investment changes after the transition to Voya the week of January 27, 2020, by logging in to Circlek401k.voya.com, or by calling 866-220-0034.
Important note about the Principal Stable Value FundYou may transfer into or out of the Principal Stable Value Fund (PSVF) at Principal until 4 p.m., ET, on January 10, 2020. After that, the PSVF will be closed to new investments. Balances in the PSVF after this deadline will be excluded from the fund mapping described on circlek401kelect.com and will remain invested in that fund upon the transition to Voya. Once the transition period has ended, you will be able to transfer assets out of (but not into) the PSVF in your account at Voya.
The PSVF can’t be mapped during the transition to Voya because the fund has a 12 month restriction that is scheduled to expire on August 12, 2020. At that time, any assets in the PSVF will map to the Standard Insurance Company Capital Preservation Income Fund I.
As part of the transition, all existing account balances and future contributions, with the exception of any investments in the Principal Stable Value Fund (see below), will be invested in an age-appropriate flexPATH Index Moderate Target Date Fund, unless you elect otherwise.
Default FundThe new default funds for the Plan will be the flexPATH Index Moderate Target Date Funds.
Professional 401(k) Advice for Every Level of Investor You can receive professional 401(k) investment advice, offered through Voya Retirement Advisors (VRA3), powered by Financial Engines®. VRA offers personalized, professional and objective investment advice through two levels of service:• Online advice (at no additional cost) • Professional management (for a fee) Learn more after the transition is complete by logging in to the Plan website and selecting the Voya Retirement Advisor link.
New Plan RecordkeeperVoya will replace Principal as your 401(k) Plan recordkeeper.
eDelivery
You will automatically receive electronic statements via eDelivery. Once the transition is complete, you may access your Plan account with Voya to change your preferred email address, or to sign up for paper statements.
About Voya Financial Voya Financial® (NYSE: VOYA) is a retirement, investment and insurance company servicing the financial needs of approximately 13.8 million individual and institutional customers throughout the United States. Voya Institutional Plan Services, LLC, a member of the Voya family of companies, is the Plan’s recordkeeper. Voya provides you with Plan information, retirement, saving and investing education, transaction processing and more on your journey to retirement.
3 Advisory Services provided by Voya Retirement Advisors, LLC (VRA). For more information, please read the Voya Retirement Advisors Disclosure Statement, Advisory Services Agreement and your Plan’s Fact Sheet. These documents may be viewed online by accessing the advisory services link(s), once the Plan goes live around January 27, 2020, through the Plan website. You may also request these from a Voya Investment Advisor Representative by calling 866-220-0034. Financial Engines Advisors®, LLC acts as a sub advisor for Voya Retirement Advisors, LLC. Financial Engines Advisors, LLC (FEA) is a federally registered investment advisor and wholly owned subsidiary of Financial Engines, Inc. Neither VRA nor FEA provides tax or legal advice. If you need tax advice consult your accountant, or if you need legal advice consult your lawyer. Voya Retirement Advisors does not guarantee results, and past performance is no guarantee of future results.
Financial Engines® is a registered trademark of Financial Engines, Inc. All other marks are the exclusive property of their respective owners.
Circle K Retirement Plan– December 2019 5
Circle K Retirement Plan– December 20196
Contribution TypesYou may continue to make before-tax contributions, Roth 401(k) after-tax contributions, as well as catch-up contributions (if you are age 50 or over). For more information, visit voyadelivers.com/IRSlimits.
Contribution LimitsYou can contribute up to 100% of your earnings, up to the IRS annual limit. For more information, visit voyadelivers.com/IRSlimits.
Automatic Contribution Rate IncreasesIf you are currently using an automatic contribution rate increase feature, your current election to automatically increase your contribution rate will automatically transfer to Voya.
BeneficiariesYour beneficiary elections will automatically transfer to Voya. It is always a good idea to periodically check your beneficiaries to make sure they are correct and up to date, particularly if you have recently married, divorced, or had children. Once the transition is complete, you may change your beneficiaries online at any time.
LoansIf you have an outstanding loan, it will automatically transfer to Voya and payments will continue to be made through payroll deduction.
WHAT’S NOT CHANGING?
Circle K Retirement Plan– December 2019 7
The Plan offers both individual core funds as well as Target Date Funds. Fund fact sheets for all of the investments can be found at circlek401kelect.com.
Year of Birth Target Date FundsBefore 1955 flexPATH Index Aggressive Retirement Fund
flexPATH Index Moderate Retirement FundflexPATH Index Conservative Retirement Fund
1955-1964 flexPATH Index Aggressive 2025 FundflexPATH Index Moderate 2025 FundflexPATH Index Conservative 2025 Fund
1965-1974 flexPATH Index Aggressive 2035 FundflexPATH Index Moderate 2035 FundflexPATH Index Conservative 2035 Fund
1975-1984 flexPATH Index Aggressive 2045 FundflexPATH Index Moderate 2045 FundflexPATH Index Conservative 2045 Fund
1985 and after flexPATH Index Aggressive 2055 FundflexPATH Index Moderate 2055 FundflexPATH Index Conservative 2055 Fund
Target Date Funds target a certain date range for retirement, or the date the investor plans to start withdrawing money. Investors can select the fund that corresponds to their target date. They are designed to rebalance to a more conservative approach as the date nears. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date.
NEW FUND LINEUP
flexPATH Index Target Date FundsWhat are Target Date Funds?Target Date Funds are designed to simplify your investment decisions by providing an age-appropriate investment option, with a conservative, moderate or aggressive type. The year in the fund name refers to the approximate year when you expect to retire. You select a single Target Date Fund with the date closest to your planned retirement date (generally age 65).
Each Target Date Fund starts out with more assets in growth-oriented investments, such as stocks, when the target retirement date is far away and there is time to ride out the short-term ups and downs, in order to increase your likelihood of generating better long-term returns. Then, a Target Date Fund gradually shifts its asset allocation over time to invest in more conservative investments, such as bonds and stable value, which provide more stability as the target retirement year approaches.
The table shows which Target Date Funds correspond to your year of birth. Your investment options are NOT mapping automatically to Voya. As part of the transition, all existing account balances and future contributions will be invested in an age-appropriate flexPATH Index Moderate Target Date Fund, as shown in the chart below, unless you go to circlek401kelect.com and make your own choices.
Circle K Retirement Plan– December 2019 7
Circle K Retirement Plan– December 20198
Stability of Principal
Standard Insurance Company Capital Preservation Income Fund I
Principal Stable Value Z Fund (not open to new investments after January 13, 2020. See page 4 for more details.)
Bonds
Voya Intermediate Bond
Artisan High Income
Large Cap Value
JPMorgan Equity Income
Fidelity 500 Index
Large Cap Growth
Brown Advisory Sustainable Growth
Small/Mid/Specialty
Victory Sycamore Established Value
Fidelity Mid Cap Index
MFS Mid Cap Growth
Victory Sycamore Small Company Opp
Fidelity Small Cap Index
AB Small Cap Growth
Cohen & Steers Real Estate Securities
Global/International
Fidelity Advisor Intl Capital APP
Fidelity International Index
Core Funds You can also choose from a variety of active and passive investments in the Plan’s core fund lineup to create your own personalized portfolio.
Remember – if you do not make an election by visiting circlek401kelect.com before 4 p.m., ET, on January 10, 2020, your existing account balance and future contributions will automatically default into an age-appropriate flexPATH Index Moderate Target Date Fund.
Circle K Retirement Plan– December 2019 9
REMEMBER! Your investment options are NOT mapping automatically to VoyaAs part of the transition, all existing account balances and future contributions will be invested in an age-appropriate flexPATH Index Moderate Target Date Fund, unless you elect otherwise. See page 4 for more details.
Existing investment option at Principal Most Like New investment option at Voya Ticker Symbol
Principal Lifetime Hybrid CIT Z Series flexPATH Index Target Date Funds
MFS Value R6 JP Morgan Equity Income R6 OIEJX
Principal LargeCap S&P 500 IDX Separate Account-Z
Fidelity 500 Index FXAIX
Principal LargeCap Growth I Separate Account-Z
Brown Advisory Sustainable Growth I BAFWX
Principal MidCap S&P 400 Index Separate Account-Z Fidelity Mid Cap Index FSMDX
Principal Diversified Intl Separate Account-Z
Fidelity Advisor Intl Capital App Z FIDZX
Principal Intl Equity Index Separate Account-Z
Fidelity International Index FSPSX
Principal Income Separate Account-Z Voya Intermediate Bond R6 IIBZX
Principal Core Plus Bond Separate Account-Z
Voya Intermediate Bond R6 IIBZX
Templeton Global Bond R6 Voya Intermediate Bond R6 IIBZX
Principal Stable Value Z Fund Standard Insurance Company Capital Preservation Income Fund I N/A
Automatic Rebalancing Due to the changes in the investments offered by the Plan, if you are currently using an automatic rebalancing feature, your current election to rebalance your account will not automatically transfer to Voya. Once the transition is complete, you may access your Plan account with Voya to re-establish this feature.
Looking for similar funds?The list below has been provided by independent financial consultant Levine Group, LLC. These funds have been described as most like the funds in the new Plan and have been provided for comparative purposes only. Since the investment option list has been expanded, there are new funds in the lineup that were not previously available at Principal. Please refer to the complete list of new funds on pages 7 and 8.
If you need help after the transition to Voya takes place, you can receive professional 401(k) investment advice, offered through Voya Retirement Advisors (VRA), powered by Financial Engines®. VRA offers personalized, professional and objective investment advice through two levels of service. See page 5 for more information.
Circle K Retirement Plan– December 201910
myOrangeMoney® web experience4
myOrangeMoney is an educational, interactive online experience that shows you how your current retirement savings may translate into monthly retirement income. It shows you where you stand today, highlights areas that need improvement, and lets you take immediate action to improve your readiness. Orange Money is the money you need to save for retirement, versus green money, which can be spent now. This back-to-basics approach helps you see the steps you need to follow to take control of your financial future.
People with special needs and their caregivers can also use myOrangeMoney to visualize their retirement goals and progress. myOrangeMoney will take your unique circumstances into account with eligibility for government programs, such as: • Supplemental Security Income (SSI) • Social Security Disability Insurance (SSDI)
Check out these great tools and resources offered by Voya Financial which will be available to you the week of January 27, 2020.
4IMPORTANT: The illustrations or other information generated by the calculators are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This information does not serve, either directly or indirectly, as legal, financial or tax advice and you should always consult a qualified professional legal, financial and/or tax advisor when making decisions related to your individual tax situation.
RETIREMENT READINESS TOOLS AND RESOURCES
Roth micrositeThe Roth Microsite provides saver scenarios and a comparison guide so you can learn more about before-tax and Roth after-tax contributions. Visit voyadelivers.com/Roth for more information.
Circle K Retirement Plan– December 2019 11
Voya Retire mobile appThe Voya Retire mobile app is a fast and easy way to access your retirement account, manage your savings and evaluate whether you’re on track toward reaching your goals—on the go! Search Voya Retire in your favorite app store5.
Based on your results, you’ll receive a summary to help you identify priorities and meaningful next steps in each of the six core financial pillars we believe are essential to balance your finances.
Protection Saving and Spending Emergency Fund
Retirement Managing Debt Other savings goals
9
So, where are you on your journey to financial wellness?
Circles animate into individual characters
5
Financial Wellness experience4
Financial Wellness is about the balance of living for today, saving for tomorrow and building confidence along the way. There are small steps you can take to understand your complete financial situation. To help guide you, Voya is proud to bring you the Financial Wellness experience. Take your personal assessment at voyadelivers.com/fw/ to gain insights that will help you take meaningful actions for your financial future.
5App Store is a service mark of Apple Inc. Android is a trademark of Google Inc. Amazon and Kindle are trademarks of Amazon.com, Inc. or its affiliates.
Personal financial dashboard4
Try our web-based tool that enables you to organize, integrate, and manage all of your financial information on one comprehensive and intuitive digital platform.
Voya Financial Blog for Savings and InvestingCheck out the Voya Financial blog for the latest information to help you with your goal of saving and planning for retirement. Visit blog.voya.com to find out more.
This guide is a brief, non-technical description of certain provisions of the Circle K Retirement Plan. It is not intended to be a complete statement of Plan provisions. If a description in this summary differs from the Plan documents, the Plan documents prevail. For additional information regarding the Plan, please refer to the Summary Plan Description (SPD).
Voya’s S.A.F.E.® GuaranteeVoya is committed to safeguarding plan participants’ accounts and personal information from the risk of fraud, cyber threats and unauthorized activity – so much so, we established the Voya S.A.F.E. (Secure Accounts for Everyone) Guarantee.
What does the S.A.F.E. Guarantee mean?If any assets are taken from your workplace retirement plan account due to unauthorized activity and through no fault of your own, we will restore the value of your account, subject to you taking action to satisfy the following key steps:
1. Register your account online.2. Review your account information on a regular basis and keep your contact information current.3. Promptly report any suspected identify theft or unauthorized activity.4. Practice safe computing habits.
Why the S.A.F.E. requirements?Because we’re in this fight together.
How to register your account at VoyaAfter the Plan goes live at Voya the week of January 27, 2020, the first time that you access the website, select “Register Now” below the “Enter” button and choose the way you would like to create your online account access. Enter your Social Security number and the PIN that was sent to you by Voya or you can use your Social Security number and Date of Birth. Once your identity is confirmed, you will create your Username and Password, which you will use to access your account going forward through both the website and the Voya Retire mobile app. You will also be asked to provide a mobile number or alternate email, which can be used for future recovery of your Username or Password, if needed.
Accessing your accountThe new phone lines are now open for general inquiry. Following the completion of the transition, you can log on or call to access your account and perform transactions.
Website: Circlek401k.voya.com Phone: 866-220-0034 Hearing Impaired: 800-579-5708Speak with a Voya Customer Service Associate weekdays from 8 a.m. to 8 p.m., ET, excluding stock market holidays.
Next Steps• Understand the actions in the Key Dates section on pages 2 and 3, so you can plan ahead and take action, if necessary,
as the transition to Voya unfolds.• Visit circlek401kelect.com to learn more about the Plan’s new investment lineup and to make elections for the
investment of your existing account balance and future contributions. Remember, if you do not make an election by visiting this website before 4 p.m., ET on January 10, 2020, your existing account balance and future contributions will automatically default into an age-appropriate flexPATH Index Moderate Target Date Fund.
