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relying on independent advice frorax an industry leader - the employee, as dxe employee ages a' his/her financial Ibbotson. ICMA-RC will continually monitor the advisory circumstances change. After the initial enrollment in services provided to ensure that they remain wirltin broadly Managed Accounts, employees no longer need to worry accepeed industry standards. about the day-ro-day moniroring and reallocating of the In providing the invesunenc advisory services to your, investments in their retirement plan accounts. ' employees who elect to participate in dte Guided Pathways Unlike the Fuud Advice service, where an employee's services, including Managed Accounts, ICMA-RC is acting asset allocariat could diA$r from the target allocation as dxc invesnnent advisor by providing inc{ividualized due to investment performance, employees who enroll investment advice for a fee to dxese erployees. in Managed Accounts will have their asset allocation maintained consistent with their time lxorizon> objectives Q Now frequently ore aaaunts reviewed in the Managed for retirement, and cwrent fnancial situation. - Accounts service? Q How does Managed Accounts differ from the target-date A Lvery quarter, or more frequently if the emp{ogee notifies ICMA-ITC. Managed Accourts reviews dte account Vantagepoint Milestone Funds? to derernxirae if the current investment portfolio is still Q Although both Managed Accowtts and Milestone Funds" appropriate fm your employee's current persatal and provide professional management, Managed Accounts financial information. If a new portfolio is needed, the provides a greater degree of persatalization and accowu accotun will he reallocated to the new investment portfolio. management focused on an employee's individual On a quarterly basis if a new investment portfolio is circumsrauces and investing goals. not needed, assets are transferrer{ among the currently With ICMA-RC's Vantagepoint Milestone Funds, an designated funds co ensure the accoune remains consistent employee selects a single diversified fund, comprised ' with the targee allocation, entirely oPICMA-RC's proprieear}' Vantagepoint Funds, In adclieion, we know that life changes anti we want your. that is managed towards a specific target dare For when employees ro keep i? touclx with us. When they provide he/she plans to withdraw funds. On the other hand, us with updated pcrsonai or financial information, their Managed Aecounes factors iu a wide range of personalized accowu is reforacasc to derermine if the current target asset information in addition to just ehe Target withdrawal date. allocation is still appropriate for titent. Lx addition, Managed Accounts is based ou a personalized retirement savings plan and all fiords available in your Q How does Managed Accounts differ from Fund Advice? rettremcnr plan are considered for inclusion in tlxe A Fund Advice provides employees with a '}>oint-in-rime," portfolios generared mtder Managed Accounts. fund specific investment reconnnendatiat foe their retirement plan assets. L:mployees are encouraged ro Q As un employer, how do I make Managed Auounts periodically revisit the service as circumstances change available to my employees? (e.g., salary increase, change in their reciremerxt A ICMA-RC makes offering Managed Accounts to your plan contribution race) to receive an updated advice employees eas}'. (here is no fee to the employer to offer recommendation, and adjust their portfolio accordingly. this service. I-Iowcver, after the initial Puud Advice recommendatimt, employees are responsible for moniroring the account and 10 offer Managed Accounts to your employees, please initiating any future changes. review dxe MmartgeclAccourrts ServrcesAgreenzerst and - sign and return the Mrtnaged Accorerats Services Flgreemeru Managed Accounts provides ongoing disa'etiaaary signature page ns soon as possible. If }'ou have any management of an employee's account, automatically questions, please coneaer our Client Services `learn ar rebalancing the accomxt periodically ro keep the assee 800-326-7272. allocation in-line wieh dxe target allocation best suited for Please consult both the current opplicable prospectus and Moking Sound Investment Decisions: A Retirement Investment Guide mrefully for o cmnplete summary of all fees, expenses, charges, financial highlights, investment objectives, risks and performonce informotion.Investors should consider the Fmrd's investment objectives, risks, <horges and expenses before investing or sending money. The prospectus contains this Doti other information ohout the investment company. Please read the prospectus carefully before investing. All Vantagepoint Funds invested Through 401 or 457 plans are held through Vnntagelrust. Vantagepoint Funds ore distributed byICMA-RC Services llC, n wholly owned brokerdeoler subsidiary of ICMA RC and member FlNRA/SIPC. Pot o curreN prospectus, contact ICMA-RC Services, LlC by colliny 800.669-1400 or by writing to 777 North Capitol Street, NE, Washington, DC 20002.4240, or by visiting www.ianarcorg. En Espo~ol home al 800.669.821 b. AC: Ob09-32i' Please be odvisetl that with "fund of Funds" arranyements, adtlitionol underlying lees may apply. Please consult the prospectus for detuils. D Questions and Answers q