echostar decision guide

8/12/2019 ECHOSTAR Decision Guide

1/20

Helping You Builda Brighter Financial Future

Your New InvestmentOption Line-up

Decision Support Guide


2/20

1

More Choice and Flexibility for Your Future

Whats Changing?

With that in mind, were excited to announce the following

change to the EchoStar 401(k) Plan investment line-up,

effective January 2, 2014.

T. Rowe Price Retirement Funds will replace Fidelity

Freedom KFunds and will become the required default

funds in case you dont make an investment election,

providing diversification.

What Do I Need to Do?

While no action is required on your part, you should review the

changes and use this opportunity to review your savings strategy

and investments to ensure they continue to align with your

long-term retirement goals.

Be sure to:

Read this brochurefor more details about these changes

and how they may affect you.

Review theInvestment Fund Mapping and Summary

to learn how your current investments will be mapped to the

new investment options as of January 2, 2014.

Review the tools and resources availableto help you

to make informed savings and investment decisions using

Fidelity NetBenefits.

This brochure will help you take full advantage of this oppor-

tunity by giving you more details about the investment options

available to you and how they can help you make the most of

your savings.

Highlights of the

EchoStar 401(k) Plan

Save for retirement through automaticpayroll deduction.

Contribute up to 75% of your eligible

pay on a pre-tax basis, up to the

annual IRS dollar limit ($17,500 in

2014 for pre-tax contributions).

Make additional catch-up

contributions if you are age 50 or over.

Receive a company matching

contribution of 50% of the first 6% of

your eligible compensation contributed

to the Plan each pay period.

At EchoStar were committed to providing opportunities that help you improve your financial health.

Thats why we review the EchoStar 401(k) Plans investment option line-up regularly to ensure that

you have a variety of choices and flexibility to meet your needs. The EchoStar 401(k) Plan wasdesigned to help you meet your retirement savings goals through your pre-tax deferrals and a

company match. But saving is only part of the equation choosing the investment options that

match your goals, time horizon and risk tolerance are equally important.

Whats Inside

Key Dates .................................................. 2

Investment Fund Mapping ......................... 2

Find the Right Investment Mix................... 4

What Kind of Investor are You? ................. 5

The New EchoStar 401(k) Plan

Investment Line-Up ................................... 6

Additional Tools and Resources .............. 10

About Your New Investment Options ....... 11


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2

Key Dates

This chart shows how the changes could affect your account based on your current investment elections and the

actions you may need to take.

Investment Fund Mapping

If youre currently invested in the Fidelity Freedom KFunds, your investment will map to the corresponding T. Rowe Price

Retirement Fund, as shown in this chart.

If you have a balance in any of the Fidelity Freedom KFunds:

Future Contributions As of January 2, 2014, you will no longer be able to make contributions to the Fidelity

Freedom K Funds.

Starting January 2, 2014, you can direct contributions to the T. Rowe Price Retirement Funds

or any other plan investment option.

If you havent changed your contribution election by January 2, 2014, 4:00 p.m. Eastern time,

your contributions directed to the Fidelity Freedom KFunds will be allocated to the T. Rowe

Price Retirement Funds with a target date closest to your 65th birthday.

Existing Balances Starting January 2, 2014, you may transfer your existing fund balances to T. Rowe Price

Retirement Funds.

On January 2, 2014, any remaining balances in the Fidelity Freedom KFunds will be transferred

to the T. Rowe Price Retirement Fund with a target date closest to your 65th birthday.

The effective date of Plan changes depend upon the transfer of data. To ensure accurate data transfer, the delivery of services and investment options described in this

brochure could be delayed.

For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage

of the fund's total net assets. Expense ratios change periodically and are drawn from the funds prospectus. For more detailed fee information, see the fund prospectus or

annual or semiannual reports.

If you are currently invested in this

investment option

your fund balance and future contributions will

transfer to the following investment option

Fidelity Freedom KIncome Fund T. Rowe Price Retirement Income Fund Expense Ratio: 0.57%

Fidelity Freedom K2000 Fund T. Rowe Price Retirement Income Fund Expense Ratio: 0.57%

Fidelity Freedom K2005 Fund T. Rowe Price Retirement 2005 Fund Expense Ratio: 0.59%





Fidelity Freedom K

2030 Fund T. Rowe Price Retirement 2030 Fund Expense Ratio: 0.75%

Fidelity Freedom K2035 Fund T. Rowe Price Retirement 2035 Fund Expense Ratio:0.77%






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3

Default Fund Notification

Under the EchoStar 401(k) Plan, any contributions for which you do not provide investment direction will

be invested in the Plans designated default fund. The Fidelity Freedom KFunds are currently the Plans

designated default funds. However, effective January 2, 2014, the T. Rowe Price Retirement Funds as

described in this brochure will be added as an investment option under the EchoStar 401(k) Plan and will

become the Plans designated default funds. This notice constitutes the Plans notice under section 404(c) of

the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and 29 C.F.R. 2550.404c-5.

You have the right under the Plan to direct the investment of your existing balances and future contributions

to any of the Plans available investment options, including the right to transfer out of the Plans designated

default fund to another investment option. Unless you provide alternative direction, your contributions and/or

the portion of your account that is currently invested in the Plans designated default fund will continue to be

invested in this option.

If you do not actively enroll in the Plan, you are automatically enrolled, unless you elect not to participate

pursuant to the Plans opt-out process. If you are automatically enrolled, pre-tax contributions are made

on your behalf to the Plan at a rate of 3% of eligible compensation, and have been, or will be invested in the

Plans designated default fund. You have the right to change your contribution percentage, as well as elect to

discontinue contributions to the Plan altogether. The T. Rowe Price Retirement Funds used as the Plans

designated default funds are based on the assumption that you will retire at age 65. The table on page 2

indicates the Plans designated default funds for any investment elections, loan repayments and current

balances that remain in discontinued funds as of the transfer dates listed on page 2. EchoStar determined

these funds based on your date of birth.


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5

What Kind of Investor are You?

Which investment path is right for you? The EchoStar 401(k) Plan investment option line-up gives you choice

and flexibility to decide how actively you want to participate in selecting and managing your 401(k) Plan

investments whether you choose investment options from a single group of funds or from several.

Do you have

the desire

to learn

about

investment

options

and makeinvestment

decisions

for your

401(k) Plan

account?

NOIf you

answer NO,

considerthese

options:

T. Rowe Price Retirement Fundssee page 6.

For the investor who is looking for a single investment strategy that

will provide a diversified portfolio targeted to a planned retirement date.

You decide what year you want to retire, then pick the fund with a

target date closest to your retirement date, from 2000 to 2055 in

five-year intervals.

Investment professionals will make all the investment selections and

asset allocation decisions based on the funds target date.

The investment mix in your T. Rowe Price Retirement Fund will adjust

automatically to a more conservative mix as the funds target dateapproaches.

T. Rowe Price Retirement Funds are designed for investors expecting to

retire around the year indicated in each funds name, except for the

T. Rowe Price Retirement Income Fund. The funds asset allocation strategy

becomes increasingly conservative as it approaches the target date and

beyond. Ultimately, they are expected to merge with the T. Rowe Price

Retirement Income Fund. The investment risks of each T. Rowe Price

Retirement Fund will change over time as its asset allocation changes.

YESIf you

answer YES,

consider

these

options:

Core Fundssee page 8.

For the investor who wants to build and frequently monitor a portfolio

from funds that have been selected by EchoStar.

You choose among a variety of pre-screened funds covering a wide

range of asset classes.

You decide how to invest and rebalance your portfolio over time and

as your circumstances change.

Self-Directed Account (Fidelity BrokerageLink)see page 9.

For the investor who wants a wide range of investment choices and

has the knowledge and desire to build and manage an investment

portfolio through a brokerage account.

You open a Self-Directed Account through Fidelity BrokerageLink.

You choose from thousands of mutual fund offerings.

You decide how to invest and rebalance your portfolio over time and

as your circumstances change.

You make every decision and actively manage and monitor your

fund choices.

In return for the flexibility of a brokerage account, you may be required to

pay fees associated with various funds and transactions.


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6

The New EchoStar 401(k) Plan Investment Line-Up

The T. Rowe Price Retirement Funds an All-in-One Approach

T. Rowe Price Retirement Funds are professionally managed

investment options designed for people who feel they have limitedtime or experience to select and monitor investment portfolios.

Each is a mutual fund composed of other mutual funds, offering:

One-step convenience, so you dont need to mix and

match them with other options.

Professional diversificationthat may help reduce the

impact of the markets ups and downs on your account.

Stock exposurethat can help your retirement account

outpace inflation and maintain its buying power

throughout retirement.

Rebalancingamong equities and bonds helps the fundsallocations stay on track.

Consider T. Rowe PriceRetirement Funds if You:

Want a one-fund savingsstrategy that adjusts its assetallocation mix to reflect atargeted retirement date.

Have limited knowledge ordesire to learn about the Coreinvestment funds.

The performance and risks of each Retirement Fund will directly correspond to the performance and risks of the funds in which it invests. By

investing in many underlying funds, the Retirement Funds have partial exposure to the risks of many different areas of the market, including

possible loss of principal. The Retirement Funds assume a retirement age of 65.

20

40

60

80

100%

Age: 35 40 45 50 55 60 65 70 75 80 85 90 95

Less Market Risk

As the chart below shows you, the Retirement Funds allocations are actively managed for approximately

30 years after their target dates before arriving at their final 20% stock, 80% bond and short-term fixed

income ratio. This strategy helps your savings continue working for you in retirement.


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If you were born This Retirement Fund may be right for you

In 1937 or before T. Rowe Price Retirement Income Fund

1938 1942 T. Rowe Price Retirement 2005 Fund










If youre interested in this type of investment:

STARTwith the year you were born.

ADDyour expected retirement age to your birth year.

CHOOSEthe T. Rowe Price Retirement Fund with a target date closest to your anticipated retirement year.

For example, if your expected retirement age is 65, the chart below shows what fund you might consider choosing.

Timeline determined by the plan sponsor .

The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which

is the approximate date when investors turn age 65. The funds invest in a broad range of underlying mutual funds that

include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. The

funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the

need for appreciation with the need for income as retirement approaches, and focus more on income and principal

stability during retirement. The funds maintain a substantial allocation to equities both prior to and after the target date,

which can result in greater volatility.

Target date investments are generally designed for investors expecting to retire around the year indicated in each investments name. The

investments are managed to gradually become more conservative over time. The investment risks of each target date investment change over

time as its asset allocation changes. They are subject to the volatility of the financial markets, including equity and fixed income investments in

the U.S. and abroad and may be subject to risks associated with investing in high-yield, small-cap and foreign securities. Principal invested is

not guaranteed at any time, including at or after their target dates.

Investment Options to the left have potentially

more inflation risk and less investment risk

Investment Options to the right have potentially

less inflation risk and more investment risk

T. Rowe Price Retirement Income Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2005 Fund T. Rowe Price Retirement 2020 Fund T. Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2025 Fund T. Rowe Price Retirement 2045 Fund

T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement 2055 Fund

T. Rowe Price Retirement Funds Risk Spectrum


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The Core Funds a Build Your Own Approach

The Core Funds are designed to appeal to investors who have

some experience investing and who prefer a pre-screened

menu of funds across a range of the investment spectrum.

How Do Core Funds Work?

Core Funds offer:

A variety of asset classes The Core Funds consist of

an array of investment options designed to accommodate

most investors needs. You select a combination of funds depending on how much risk you want in your portfolio.

Choice You decide how to invest and how to allocate your assets among the menu of investment options.

Responsibility You are responsible for periodically evaluating your investments and retirement portfolio, and

for adjusting your investments and asset allocations over time.

Consider Core Funds if You:

Want to build your own diversified

portfolio.

Have the interest to consistentlymonitor and rebalance yourretirement portfolio.

This spectrum, with the exception of the Domestic Equity category, is based on Fidelitys analysis of the characteristics of the general investment categoriesand not on the actual investment options and their holdings, which can change frequently. Investment options in the Domestic Equity category are based on theoptions Morningstar categories as of 9/30/13. Morningstar categories are based on a funds style as measured by its underlying portfolio holdings over the pastthree years and may change at any time. These style calculations do not represent the investment options objectives and do not predict the investment optionsfuture styles. Investment options are listed in alphabetical order within each investment category. Risk associated with the investment options can vary significantlywithin each particular investment category and the relative risk of categories may change under certain economic conditions. For a more complete discussion of

risk associated with the mutual fund options, please read the prospectuses before making your investment decisions. The spectrum does not represent actual orimplied performance.

Investments in smaller companies may involve greater risk than those in larger, more well known companies.

Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includespolitical and economic uncertainties of foreign countries, as well as the risk of currency fluctuation.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market fundsseek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in these funds.

Company stock funds are neither mutual funds nor diversified or managed investment options.

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economicdevelopments.

In general the bond market is volatile and bonds entail interest rate risk (as interest rates rise bond prices usually fall and vice versa). This effect is usually pronouncedfor longer-term securities. Bonds also entail the risk of issuer default, issuer credit risk and inflation risk.

The value of your investment in a company stock fund is affected by the performance of the company and the overall stock market and, if applicable, by theamount and performance of any short-term investments held by the fund.

To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio.Spreading your assets among different types of investments can help you achieve a favorable rate of return, while minimizing your overall r isk of losing money.This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another assetcategory, or other particular security to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may

not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help manage your investment risk.

EchoStar Corporation Stock Fund: This investment option is not a mutual fund.

MoneyMarket Bond

Balanced /Hybrid Domestic Equities

International /Global Equity

CompanyStock

Vanguard PrimeMoney

Market FundInstitutional Shares

Diversified

VanguardIntermediate Term Bond-Index Fund

Signal Shares

FidelityTotalBond Fund

FidelityPuritanFund

Class K

Large Value

American CenturyInvestments Equity

Income Fund Institutional Class

Putnam EquityIncome Fund

Class Y

Large Blend

Spartan500Index Fund

Institutional Class

Large Growth

FidelityContrafund

Class K

FidelityGrowthCompany Fund

Class K

Diversified

American FundsEuroPacific Growth

Fund Class R-5

FidelityDiversified

International Fund Class K

FidelityInternational

Small-cap FundFidelity

Worldwide Fund

EchoStarCorporationStock Fund

Mid Value

Goldman SachsMid Cap ValueFund Class A

Mid Blend

SpartanExtendedMarket Index

Fund FidelityAdvantage Class

Mid Growth

Morgan StanleyInstitutional Fund

Trust Mid CapGrowth Portfolio

Class A

Small Blend

Goldman SachsSmall-cap ValueFund Institutional

Small Growth

FidelitySmall-cap Growth Fund

Core Funds Investment Spectrum


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Fidelity BrokerageLink a Self-Directed Account

Fidelity BrokerageLinkis for hands-on investors who want to

invest in funds available outside the EchoStar 401(k) Plan.

BrokerageLinkoffers you the flexibility to select from thousands

of mutual funds from either Fidelity or from other mutual fund

companies through BrokerageLink. Brokerage services are

provided through Fidelity Brokerage Services LLC, a member

of the New York Stock Exchange and Securities Investor

Protection Corporation.

What Is BrokerageLink?

The Fidelity BrokerageLinkaccount is a self-directed brokerage

account designed for investors who are willing to take on the

potential for more risk and who are prepared to assume the

responsibility of more closely monitoring this portion of theirportfolio.

With BrokerageLink, you take charge of your investments by creating a retirement portfolio to match your

personal situation including your goals, time horizon and risk tolerance and you monitor your portfolio

and adjust it as your needs change.

A self-directed brokerage account is not for everyone. If you do not feel comfortable actively managing a

portfolio beyond the plans standard investment options, then a self-directed brokerage account may not

be appropriate for you.

Additional fees apply to a brokerage account; please see the fact sheet and commission schedule on

NetBenefitsfor a complete listing of brokerage fees.

You must open a Fidelity BrokerageLinkaccount to participate.

After your account is open, youll receive a welcome kit with a handbook that provides more detail about how

to invest through your BrokerageLinkaccount.

If you think BrokerageLinkmay be right for you, you can request additional materials and a BrokerageLink

application by calling Fidelity NetBenefitsat1-800-890-4015.

A self-directed brokerage account may entail greater risk and is not appropriate for everyone. Additional fees

apply to a brokerage account; please refer to the Participant Acknowledgement Form within your Brokerage-

LinkWelcome Kitfor a complete listing of brokerage fees.

Consider Fidelity

BrokerageLinkif you:

Want access to the broadestrange of investment choicesavailable, including thousandsof mutual funds

Are willing to pay additional fees,in some cases, to make trades

Are prepared to be activelyinvolved in researching, monitoringand managing investments in abrokerage account


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Additional Tools & Resources

Whether you are just getting started, preparing to retire, or somewhere in between, Fidelity offers a number of

convenient educational tools to help guide you to your next step. These resources help simplify the planning

process so you can focus on reaching your goals.

Simply log on to www.netbenefits.comand select the Tools & Learninglink to access the many tools, resources,

articles, and courses designed to help you manage your investments and build a successful retirement.

Income Simulator:can help you with your retirement planning. Its an interactive, online guidance toolthat illustrates how your savings may translate into after-tax monthly retirement income.

IMPORTANT: The projections or other information generated by Fidelitys Income Simulator

regarding the likelihood of various investment outcomes are hypothetical in nature, do not

reflect actual investment results, and are not guarantees of future results. Results may vary.

Contribution Calculator: Determine how much to save and understand how your money might

grow over time.

Take Home Pay Calculator:See how your pay check will be impacted if you contribute more tothe Savings Plan.

Portfolio Review:With Fidelitys streamlined investment planning tool, you get guidance to help youmake decisions about all your investments, including your retirement plan portfolio.

e-Learning: Fidelity workshops deliver an e-Learning experience on retirement saving that is bothengaging and educational. The workshops are entirely self-directed, so you can learn at any time and

proceed at your own pace.

Voice Response System (VRS)is available virtually 24 hours a day,

seven days a week.

1-800-890-4015www.netbenefits.comFor account information, a wide variety of

planning tools, calculators, educational

content and other valuable resources.

Representativesare available to answer questions on business

days from 8:30 a.m. to midnight, Eastern time.

CONTACT INFORMATION


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11

About Your New Investment Options

T. Rowe Price Retirement Income Fund

VRS Code:47364

Ticker:TRRIX

Objective:The investment seeks the highest total return

over time consistent with an emphasis on both capital

growth and income.

Strategy:The fund invests in a diversified portfolio of

other T. Rowe Price stock and bond funds that represent

various asset classes and sectors. It is intended for retired

investors who seek income and relative stability from bonds

along with some capital appreciation potential from stocks.

The funds neutral allocations, which are what T. Rowe

Price considers broadly appropriate for investors duringtheir retirement years, are 40% stock funds and 60% bond

funds. While the fund is non-diversified, it invests in

diversified underlying holdings.

Risk:The fund is subject to the volatility of the financial

markets, including that of equity and fixed income

investments. Fixed income investments carry issuer default

and credit risk, inflation risk, and interest rate risk. (As

interest rates rise, bond prices usually fall, and vice versa.

This effect is usually more pronounced for longer-term

securities.) Principal invested is not guaranteed at any time,

including at or after retirement. Additional risk information

for this product may be found in the prospectus or other

product materials, if available.

Short-term Redemption Fee Note:None

Who may want to invest:

Someone who is seeking an investment option intended

for people in retirement and who is willing to accept the

volatility of diversified investments in the market.

Someone who is seeking a diversified mix of stocks,

bonds, and short-term investments in one investment

option and looking primarily for the potential for income

and, secondarily, for share-price appreciation.

A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,

and managed by T. Rowe Price Associates, Inc. This description is only

intended to provide a brief overview of the fund. Read the funds prospec-

tus for more detailed information about the fund.


VRS Code:40466

Ticker:TRRFX



growth and income.

Strategy:The fund pursues its objective by investing in a

diversified portfolio of other T. Rowe Price stock and bond

funds that represent various asset classes and sectors. It

is managed based on the specific retirement year (target

date 2005) included in its name and assumes a retirement

age of 65. The fund invests 42% of assets in stocks and

58% in bonds. While the fund is non-diversified, it invests in


Risk:Target date funds are designed for investors

expecting to retire around the year indicated in each funds

name. The funds are managed to gradually become more

conservative over time as they approach their target date.

The investment risk of each target date fund changes over

time as its asset allocation changes. They are subject to

the volatility of the financial markets, including that of equity

and fixed income investments in the U.S. and abroad, and

may be subject to risks associated with investing in high-

yield, small-cap, and foreign securities. Principal invested

is not guaranteed at any time, including at or after their

target dates. Additional risk information for this product

may be found in the prospectus or other product materials,if available.




for people in or very near retirement and who is willing

to accept the volatility of diversified investments in the

market.



option or who does not feel comfortable making asset

allocation choices over time.



intended to provide a brief overview of the fund. Read the funds

prospectus for more detailed information about the fund.


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1


VRS Code:47369

Ticker:TRRAX



growth and income.

Strategy:The fund invests in a diversified portfolio of other

T. Rowe Price stock and bond funds that represent various

asset classes and sectors. Its allocation between T. Rowe

Price stock and bond funds will change over time in

relation to its target retirement date. The fund is managed

based on the specific retirement year (target date 2010)

included in its name and assumes a retirement age of 65.

It normally invests 49% in stocks and 51% in bonds.While the fund is non-diversified, it invests in diversified

underlying holdings.

Risk:Target date funds are designed for investors






the volatility of the financial markets, including that of

equity and fixed income investments in the U.S. and

abroad, and may be subject to risks associated with

investing in high-yield, small-cap, and foreign securities.

Principal invested is not guaranteed at any time, includingat or after their target dates. Additional risk information



Short-term Redemption Fee Note: None





market.



option or who does not feel comfortable making assetallocation choices over time.


and managed by T. Rowe Price Associates, Inc. This description is

only intended to provide a brief overview of the fund. Read the funds



VRS Code:40467

Ticker:TRRGX



growth and income.




Price stock and bond funds will change over time in relation

to its target retirement date. The fund is managed based

on the specific retirement year (target date 2015) included

in its name and assumes a retirement age of 65. It normally

invests 58.5% in stocks and 41.5% in bonds. While thefund is non-diversified, it invests in diversified underlying

holdings.

Risk:The target date funds are designed for investors










is not guaranteed at any time, including at or after theirtarget dates. Additional risk information for this product

may be found in the prospectus or other product materials,

if available.






market.



option or who does not feel comfortable making assetallocation choices over time.






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VRS Code:47368

Ticker:TRRBX



growth and income.



various asset classes and sectors. Its allocation between

T. Rowe Price stock and bond funds will change over time

in relation to its target retirement date. The fund is

managed based on the specific retirement year (target


age of 65. It normally invests 67% in stocks and 33% in

bonds. While the fund is non-diversified, it invests in

















Someone who is seeking an investment option that

gradually becomes more conservative over time and

who is willing to accept the volatility of the markets.










VRS Code:40468

Ticker:TRRHX



growth and income.




Price stock and bond funds will change over time in relation

to its target retirement date. The fund is managed based

on the specific retirement year (target date 2025) included

in its name and assumes a retirement age of 65. The fund

normally invests 75% in stocks and 25% in bonds.

While the fund is non-diversified, it invests in diversified







time as its asset allocation changes. They are subject to the

volatility of the financial markets, including that of equity and

fixed income investments in the U.S. and abroad, and may

be subject to risks associated with investing in high-yield,

small-cap, and foreign securities. Principal invested is not

guaranteed at any time, including at or after their targetdates. Additional risk information for this product may

be found in the prospectus or other product materials,

if available.















15/20

1


VRS Code:47367

Ticker:TRRCX



growth and income.




T. Rowe Price stock and bond funds will change over

time in relation to its target retirement date. The fund is



age of 65. It normally invests 82.5% in stocks and 17.5%

in bonds. While the fund is non-diversified, it invests in





























VRS Code:40469

Ticker:TRRJX

Objective:The investment seeks the highest total return over

time consistent with an emphasis on both capital growth and

income.




Price stock and bond funds will change over time in relation to

its target retirement date. The fund is managed based on the

specific retirement year (target date 2035) included in its name

and assumes a retirement age of 65. It normally invests 86.5%

in stocks and 13.5% in bonds. While the fund is non-diversified,

it invests in diversified underlying holdings.

Risk:The target date funds are designed for investors expecting

to retire around the year indicated in each funds name. The

funds are managed to gradually become more conservative

over time as they approach their target date. The investment

risk of each target date fund changes over time as its asset

allocation changes. They are subject to the volatility of the

financial markets, including that of equity and fixed income

investments in the U.S. and abroad, and may be subject to

risks associated with investing in high-yield, small-cap, and

foreign securities. Principal invested is not guaranteed at any

time, including at or after their target dates. Additional risk

information for this product may be found in the prospectusor other product materials, if available.



Someone who is seeking an investment option that gradually

becomes more conservative over time and who is willing to

accept the volatility of the markets.

Someone who is seeking a diversified mix of stocks, bonds,

and short-term investments in one investment option or who

does not feel comfortable making asset allocation choices

over time.

A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and

managed by T. Rowe Price Associates, Inc. This description is only intended

to provide a brief overview of the fund. Read the funds prospectus for more

detailed information about the fund.


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15


VRS Code:47366

Ticker:TRRDX



growth and income.











Risk:The target date funds are designed for investorsexpecting to retire around the year indicated in each funds









Principal invested is not guaranteed at any time, including

at or after their target dates. Additional risk information

















VRS Code: 40470

Ticker:TRRKX



growth and income.






managed based on the specific retirement year (target date

2045) included in its name and assumes a retirement age

of 65. It normally invests 90% in stocks and 10% in bonds.

While the fund is non-diversified, it invests in diversified











is not guaranteed at any time, including at or after their

target dates. Additional risk information for this product

may be found in the prospectus or other product materials,

if available.















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1


VRS Code: 42034

Ticker:TRRMX



growth and income.




















Principal invested is not guaranteed at any time, including

at or after their target dates. Additional risk information

















VRS Code: 42032

Ticker:TRRNX

Objective:The investment seeks the highest total return over

time consistent with an emphasis on both capital growth and

income.




Price stock and bond funds will change over time in relation to

its target retirement date. The fund is managed based on the

specific retirement year (target date 2055) included in its name

and assumes a retirement age of 65. It normally invests 90% in

stocks and 10% in bonds. While the fund is non-diversified, it

invests in diversified underlying holdings.

Risk:The target date funds are designed for investors expecting

to retire around the year indicated in each funds name. Thefunds are managed to gradually become more conservative

over time as they approach their target date. The investment

risk of each target date fund changes over time as its asset

allocation changes. They are subject to the volatility of the

financial markets, including that of equity and fixed income

investments in the U.S. and abroad, and may be subject to

risks associated with investing in high-yield, small-cap, and

foreign securities. Principal invested is not guaranteed at any

time, including at or after their target dates. Additional risk

information for this product may be found in the prospectus

or other product materials, if available.



Someone who is seeking an investment option that gradually

becomes more conservative over time and who is willing to

accept the volatility of the markets.

Someone who is seeking a diversified mix of stocks, bonds,

and short-term investments in one investment option or who

does not feel comfortable making asset allocation choices

over time.

A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and

managed by T. Rowe Price Associates, Inc. This description is only intended

to provide a brief overview of the fund. Read the funds prospectus for more

detailed information about the fund


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Before investing in any mutual fund, please carefully consider the investment objectives,

risks, charges and expenses. For this and other information, call, write, or visit Fidelity at

www.netbenefits.comfor a free prospectus or summary prospectus, if available. Read it

carefully before you invest.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may

gain or lose money.

Income simulator and portfolio review are educational tools.

The Plan is intended to be a participantdirected plan as described in Section 404(c) of ERISA, which means that fiduciaries of the Plan are

ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

668198.1.0


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