Mutual fund changes

DATE | 02/07/22
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Certain funds in our mutual fund lineup are changing in early 2022. Here is a summary of what will be taking place.

We want to thank everyone we serve through our vision of “every member financially secure” who is saving for retirement with a 403(b) or IRA from WEA Member Benefits. We value you and we’re looking forward to our next 50 years of serving you (learn more at our 50th anniversary celebration page).

Participants utilizing these funds received a letter in January 2022 with details and important dates to note regarding two mutual fund changes that will be taking place in our 403(b) and IRA programs. Here is a summary of the information participants in our retirement programs received.

Vanguard Institutional Target Retirement Funds

Vanguard is merging the Institutional share class with the Investor share class for all Vanguard Target Retirement Funds. This is good news for members as it’s expected to result in a lower expense ratio of 0.08% for each target retirement fund following the completion of the mergers. The merger is scheduled to take place on or about February 9–16 and will result in a blackout period of up to seven business days. Other important dates regarding these funds can be found in the letter.

T. Rowe Price Mid-Cap Growth

Member Benefits will also be replacing the T. Rowe Price Mid-Cap Growth fund with the ClearBridge Select Fund IS in the WEA Tax Sheltered Annuity 403(b) and WEA Member Benefits IRA programs.

Beginning March 2, 2022, contributions, distributions, and trades will be held for processing until after the mutual fund change is complete during the week of March 7. Other important dates regarding these funds can be found in the letter.

What you can do

These changes will happen automatically—no action is required on your part. You may download a prospectus and fact sheet or call and request a prospectus and fact sheet to be mailed to you. We are advising participants to read the prospectus carefully and consider the fund’s investment objectives, risk, and charges and expenses before investing. The prospectus contains this and other information about the investment company.

This may be a good time to review your portfolio to take advantage of the choices available. Member Benefits offers financial planning services that also include nonretirement personal investment accounts.