Employee Guide RSVP & Lay DC Plan Pension Your To Getting Started 1

Lay_Pension_Your_Guide_to_Getting_Started

Lay_Pension_Your_Guide_to_Getting_Started

User Manual:

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employee guide

Start Investing in Yourself with Help from

The Episcopal Church Retirement

Savings Plan (RSVP) or

The Episcopal Church Lay Employees’

Defined Contribution Retirement Plan

(Lay DC Plan)

Dear Friend,

Welcome to your retirement plan. Depending upon your eligibility and the plan your employer has

adopted, you are now enrolled in either:

 •TheEpiscopalChurchRetirementSavingsPlan(RSVP)or

 •TheEpiscopalChurchLayEmployees’DefinedContributionRetirementPlan(LayDCPlan).

Wearedelightedthatyouareparticipatinginthisimportantsavingsvehicleforyourretirement.

Now that you enrolled in a plan, here’s what you need to do next:

 •Goonlinetowww.cpg.org/myaccount to set up your Web account.

 •Chooseyourcontributionamountandinvestmentelections.*

 •DesignateyourbeneficiariesbyloggingontoFidelityNetBenefits® at www.cpg.org/myaccount and

clicking Beneficiaries in the About YousectionofYour Profile.

Pleasenotethatwherevertheword“Plan”or“Plans”isusedintheEmployeeGuide,thattermwillrefertoone

orbothoftheRSVPandtheLayDCPlan.IfanythingintheEmployeeGuideappliesonlytoonePlan,specific

referencewillbemadetotheRSVPortotheLayDCPlan,asapplicable.Accordingly,therulesandprovisions

describedintheEmployeeGuideareapplicabletobothPlansunlessspecifiedotherwise.

TheEmployeeGuidecontainsadescriptionofthematerialtermsofthePlans.Belowareafewhighlights.

Pretax contributions:YourcontributionstothePlansaredeductedfromyourpaybeforefederalincome

taxesaretakenout.Thisisreferredtoasa“pretaxcontribution”andcanlowertheamountofincometaxes

you currently pay.

Tax-deferred growth:BecauseeachPlaniswhat’sknownasa“qualifiedplan,”youwillpaynotaxesonany

earningsinyourPlanaccountuntilyoureceiveadistributionfromthePlan,soyourmoneycangrowfaster.

When you retire and start making withdrawals, you will be taxed on the money you take out, but you may

well be in a lower tax bracket at that time.

Employer contributions:**UndertheRSVP,youremployermayormaynotmakebaseand/ormatching

contributions in its discretion.

UndertherulesoftheLayDCPlan,youremployertypicallycontributesabaseof5%ofyourannual

compensation,andalsotypicallymatchesyourcontributionsupto4%ofyourcompensation.Thatmeansthat

youremployerwillcontributethebasewhetherornotyoucontributeanything.Buttogetemployermatching

money,youmustcontributetotheLayDCPlan.Themoreyoucontribute,themoreemployermatchingmoney

youwillget—upto4%ofyourannualcompensation.Ifyouareunabletocommittothe4%contributionatthis

time,youcancontributeatalowerrateandstillbuildyourretirementsavings.

If you’re a cleric, there may be additional tax advantages:Atretirement,youmaybeabletoapplyyour

RSVPwithdrawalstowardyourhousingallowance,soyoumightnothavetopayincometaxesonyourtotal

withdrawal.Makesuretoconsultyourtaxadvisoraboutthis.

Contributing the maximum amount allowed by the IRS:Eachyear,theIRSsetsthemaximumallowable

pretaxcontributionyoucanmaketothePlans.Ifyoucan,itmakesgoodsensetocontributethemaximum

allowabletoyourretirementaccountbecauseitwillgrowtax-deferred.

Wewishyouafulfillingcareerandacomfortableretirement.

Sincerely,

FredBeaver

SeniorVicePresident,PensionServices

19East34thStreet

NewYork,NY10016

(866)802-6333

(877)208-0092

Fax:(212)592-9487

*ParticipantsaredefaultedtoaFidelityFreedomK®Fundoptionatthepointofenrollment.

**Contributionsvary,sopleaseobtainfurtherinformationregardingemployercontributionsdirectlyfromyouremployer.

Countonustosupportyou

everystepoftheway.

Investing in yourself is easy with the Plans. We’ll show you how to get started, step by step.

When you’re ready to enroll, call (877) 208-0092 or go to www.cpg.org/rsvp, for

the RSVP, or to www.cpg.org/laydc, for the Lay DC Plan.

Decidehowmuchtoinvest.

Step

1

Step

2

Step

3

Determineinvestmentsthatarerightforyou.

Completeyourenrollment.

First: Let’s see why it’s important to start today.

Getstartedtoday.

Starting now can have an impact on your account.

Your decision to start today could give you quite a bit more savings at retirement than starting five

years from now.

Hypothetical example:

Potential growth if you contribute $100 of your paycheck monthly

Potential account value

in 10 years (2024)

Potential account value

in 20 years (2034)

Start today $16,580* $49,195*

Wait five years to start $6,901 $30,155

$9,679 difference $19,040 difference

* Increase your contribution to $200 a month, and your potential account value could be even

more — $33,159 in 10 years and $98,389 in 20 years.

This hypothetical illustration is based on the following assumptions: (1) Hypothetical participant remains employed and contributes

$100 ($200 in the second example) at the beginning of each month throughout the periods shown, (2) a hypothetical effective

annual rate of return of 7%, (3) reinvestment of all earnings, (4) no withdrawals or loans throughout the indicated periods, and

(5) participant is 100% vested. Income taxes, inflation, fees, and expenses are not taken into account. If they were, values would be

lower. Earnings, pretax contributions, and employer contributions in a tax-deferred plan are subject to income taxes when withdrawn,

and if distributions are taken before age 59½ may also be subject to a 10% penalty. Individual results will vary. Systematic investing

does not ensure a profit and does not protect against loss in a declining market. This example is for illustrative purposes only and

does not represent the performance of any investment. Contributions are subject to Plan and IRS limits, and such limits are indexed

and adjusted for cost of living increases. Plan limits may be less than IRS limits. For highly compensated employees, additional limits

may apply.

This hypothetical illustration is for educational purposes. Actual benefits are provided solely according to the terms of the Plan.

A participant’s actual account balance at any point in the future will be determined by the contributions that have been made, any

Plan or account activity, and any investment gains or losses that may occur. The illustrations of future balances should in no way be

construed to imply any guarantee of future employment.

2

Step1 For more information, visit www.cpg.org or call (877) 208-0092.

3

Decide how much

toinvest.

1

Step

More than any other factor, the amount you put away will help determine

how much your savings may grow. How much should you invest? For

starters, if your employer makes matching contributions, you should con-

tribute at least enough to be credited with all of the matching contributions

your employer is offering.

Herearesomesuggestionsfor

setting your contribution amount:

• Try for 10%.Fidelityconsiders10%–15%per

paycheckaverygoodstart.Thisamountcan

take you a long way toward reaching your

financialgoals.

•Do what you can afford—you can change

your contribution amount later if needed.

Startwithanamountthatfeelscomfortableto

you.Theimportantthingistoinvestwhatyou

canaffordandstartrightaway.

•  Invest more in the Plan, pay less in taxes.

Yourpretaxcontributionscomeoutofyour

paybeforeincometaxesaretakenout.You

can actually lower your current taxes by

investinginthePlantoday.Takealookatthe

chart to see how it works.

Take-home pretax pay calculations

If your pay-period

contribution is:

Your take-home pay

is estimated to be

reduced by only:

$100 $72

$200 $144

Estimatedannualafter-taxcostassumesasingletaxpayer

inthe28%federaltaxbracketandnostatetaxesincurred.

Youractualtaxsavingsmaybemoreorlessthantheestimate

showndependingonyourtaxablefederalandstateincome,

exemptions,andfilingstatus.Potentialchangestofederal

and/orstatetaxratesmayaffecttaxsavingsinfutureyears.

Find out more:

TheFidelity Take-Home Pay Calculator

showshowaffordableitcanbetoinvest

inthePlan,thankstopretaxcontributions.

You’llfinditintheTools & Learningsectionof

the Fidelity Web site that you can access at

www.cpg.org/myaccount.

Step2

4

Determineinvestments

thatarerightforyou.

2

Step

What kind of investor are you? The answer to this question will determine

which Plan investments may be right for you. The Plan offers a range of

investments, so you can build your portfolio your way.

Option A:

Are you a hands-on investor?

•Doyouwanttomakeyourowninvestmentdecisions?

•Doyouhavethetimetoactivelymanageyourinvestments?

•Areyoucomfortablebuildingyourownportfolio?

If you answered yes to any of these questions, the following steps will help you

build your portfolio.

First,startbyfindingyourapproach.

Areyouaconservativeinvestor?Anaggressive

investor?Somewhereinbetween?Theansweris

afunctionofthreethings.Thefirstisthelength

oftimeyouhavetoinvest—inthiscase,the

numberofyearsuntilyouexpecttoretire.The

secondisyourcomfortwithrisk.Thethirdis

yourfinancialsituation.

Ifyourtimehorizonislong,yourrisktolerance

ishigh,andyourfinancialsituationstable,

youmaybeanaggressiveinvestor.Onthe

otherhand,ifyou’llneedyourmoneysoon,

areuncomfortablewithrisk,andyourfinancial

situation is somewhat uncertain, you may need

amoreconservativeapproach.Manyinvestors

may be somewhere in between, taking a growth

or balanced approach.

Tohelpdetermineyourpossibleinvestment

approach,considerthesefactors:

•Theageyouwanttoretire

•Yourcomfortlevelwiththestockmarket’s

ups and downs

•Whetheryoupreferstabilityorthepotential

forbiggerreturns,whichentailsgreaterrisk

•Yourshort-andlong-termfinancialneeds

*Hypothetical, for illustrative purposes only.

Here are the approaches two

others have taken.*

This is Larry. Age:42

Hehasabout23yearsuntilheretires.

Hecantoleratesignificantup-and-

downmovementinthemarket.

Hehasapreferenceforgrowthand

doesn’tmindsubstantialmovement

inhisportfolio’svalue.

Hisfinancialsituationissecure.

Based on these factors, Larry considers

himself a fairly aggressive investor.

This is Nancy. Age:47

Shehasabout18yearsuntil

she retires.

Shecantoleratesomeup-and-down

movementinthemarket.

Sheislookingforsomeopportunityfor

growth and can tolerate some up-and-

downmovementinherportfolio’svalue.

Herfinancialsituationissomewhatsecure.

Based on these factors, Nancy considers

herself a fairly conservative investor.

CONSERVATIVE AGGRESSIVE

14% domestic stocks

6% international/global

50% bonds

30% short-term

investments

May be appropriate

if you prefer steadier

performance over time,

with some opportunity

for growth.

35% domestic stocks

15% international/global

40% bonds

10% short-term

investments

May be appropriate if

you want some opportunity

for growth, and can

tolerate some up-and-

down movement in your

portfolio’s value.

49% domestic stocks

21% international/global

25% bonds

5% short-term

investments

May be appropriate if

you have a preference

for growth, and can

tolerate significant up-

and-down movement in

your portfolio’s value.

60% domestic stocks

25% international/global

15% bonds

May be appropriate if you

have a strong preference

for growth, and can tolerate

wide, and sometimes sudden,

up-and-down movement

in your portfolio’s value.

Conservative Mix Balanced Mix Growth Mix Aggressive Growth Mix

14% domestic

stocks

6% international

stocks

50% bonds

30% short-term

investments

C

onservative

Mix

Ba

l

a

n

ced

Mix

35

%

do

m

est

i

c

stocks

15%

in

te

rn

at

i

o

n

al

stocks

40

%

bo

n

ds

10

%

sho

r

t

-

te

r

m

i

nv

est

m

e

n

ts

G

r

o

w

th

Mix

49%

do

m

est

i

c

stocks

21%

in

te

rn

at

i

o

n

al

stocks

25%

bo

n

ds

5%

sho

r

t

-

te

r

m

i

nv

e

s

t

m

e

n

t

s

60% domestic

stocks

25% international

stocks

15% bonds

Aggressive

Growth Mix

q q q q

Step2 For more information, visit www.cpg.org or call (877) 208-0092.

5

Thepurposeofthesampleinvestmentmixesistoshowhowmixesmaybecreatedwithdifferentriskandreturncharacteristicstohelp

meetaparticipant’sgoals.Youshouldchooseyourowninvestmentsbasedonyourparticularobjectivesandsituation.Remember,you

maychangehowyouraccountisinvested.Besuretoreviewyourdecisionsperiodicallytomakesuretheyarestillconsistentwithyour

goals.YoushouldalsoconsideranyinvestmentsyouhaveoutsidethePlanwhenmakingyourinvestmentchoices.

TheinvestmentoptionsofferedthroughthePlanwerechosenbyTheChurchPensionFund.Thesamplemixesillustratesomeofthe

manycombinationsthatcouldbecreatedandshouldnotbeconsideredinvestmentadvice.

Next, learn about the different

kinds of investments.

There are four basic investment types — short-

term investments, stable value investments,

bonds, and stocks. And they, like investors, fall

along a range from conservative to aggressive.

Short-term investments are the most

conservative. Short-term investments, like

money market funds, are also known as “cash”

investments. They involve the least amount of

risk, but also provide the lowest potential return.

Bonds and stable value investments are in

the middle. Bonds are generally less risky than

stocks. These investment types typically offer

moderate returns compared with stocks. Stable

value investments seek to preserve principal and

provide income by means of a stable rate of

interest.

Stocks are the most aggressive. Although

past investment results do not guarantee future

results, this investment type has historically

provided the highest long-term returns and the

greatest risk. Stock investments include large

(large cap), medium-sized (mid-cap), and small

(small cap) U.S. companies, as well as foreign

companies. However, each of these types of

stock investments has its own level of risk — for

example, small cap tends to be more risky than

large cap.

Then, select the right mix of

investment types for your situation.

Once you know how conservative or aggressive

your approach is as an investor, and you

understand the difference between investment

types, you can figure out what mix of investment

types matches your approach.

This chart shows how four hypothetical investment mixes align with different approaches

to investing, from relatively conservative to relatively aggressive.

Step2

6

Finally, pick your

investmentoptions.

ThePlanoffersinvestmentoptionsacrossthree

investmenttypes.Fordescriptions,turntothe

“InvestmentOptions”sectionoftheEmployee

Guide.Youcanalsogotowww.cpg.org/myaccount

togetup-to-dateperformanceinformation,other

investmentspecifics,andeducationalmaterial.

*Hypothetical, for illustrative purposes only.

Growth Mix

G

r

o

w

th

Mix

49%

do

m

est

i

c

stocks

21%

in

te

rn

at

i

o

n

al

stocks

25%

bo

n

ds

5%

sho

r

t

-

te

r

m

i

nv

e

s

t

m

e

n

t

s

49% domestic

stocks

21% international/

global

25% bonds

5% short-term/

stable value

investments

This is Larry. Age:42

As a fairly aggressive investor,

Larry selected a growth mix of

investments.

This is Nancy. Age:47

As a fairly conservative investor, Nancy

chose a balanced mix of investments.

Balanced Mix

Larry and Nancy revisited: a look

at their investment mixes.*

35% domestic

stocks

15% international/

global

40% bonds

10% short-term/

stable value

investments

Ba

l

a

n

ced

Mix

35

%

do

m

est

i

c

stocks

15%

in

te

rn

at

i

o

n

al

stocks

40

%

bo

n

ds

10

%

sho

r

t

-

te

r

m

i

nv

est

m

e

n

ts

For help finding your

investment mix:

e-Learning:OnlineFidelitye-Learning®

workshopscanteachyouthefundamentals

ofsavingforretirement,includingEvaluating

InvestmentOptions.You’llfinditintheTools

&LearningsectiononFidelityNetBenefits®

atwww.cpg.org/myaccountorcallthe

RetirementBenefitsLineat(877)208-0092.

Step2

7

Option B:

Are you a hands-off investor?

•Areyouuncertainabouthowtobuildyourretirementportfolio?

•Areyouunabletospendasmuchtimeasyou’dlikemanagingyourinvestments?

•Wouldyoupreferaneasier,lessinvolvedapproachtoinvesting?

If you answered yes to any of these questions, you may want to consider the following:

Fidelity Freedom K® Funds offer a single-

fund approach to investing. Lifecycle funds

are designed for investors expecting to retire

around the year indicated in each fund’s

name. The investment risk of each lifecycle

fund changes over time as each fund’s asset

allocation changes. The funds 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, commodity-linked, and foreign

securities. Principal invested is not guaranteed

at any time, including at or after the fund’s

applicable target date.

For more information, visit www.cpg.org or call (877) 208-0092.

3

Step Completeyour

enrollment.

It’seasytojointhePlanandmakethatnextgreatinvestmentinyourself.Here’show:

• Ifyouhavenotalreadydoneso,completeanEmployeeApplicationforMembershipform

(availablefromyouremployer)

• Access Your Account

 oGotoFidelityNetBenefits®atwww.cpg.org/myaccountorcalltheRetirementBenefitsLineat

(877)208-0092,8:30a.m.to8:30p.m.Easterntime,MondaythroughFriday.

 oSetupyourpassword.IfyouarealreadyaFidelitycustomer,youcanuseyourexistingpassword.

•Select Your Salary Contribution Amount

 oIfyoudidnotindicateasalarydeferralamountatthetimeofenrollmentorwishtochangewhat

youindicatedatthattime,chooseyoursalarycontribution(deferralamount)indollarsor

1%increments.

•Select Your Investment Options

 oYouhaveanumberofinvestmentoptionstochoosefrom,plustheFidelityFreedomK®

Funds.

 oIfyoudonotselectspecificinvestmentoptionsinthePlan,yourcontributionswillbeinvestedin

theFidelityFreedomK®

Fund with the target retirement date closest to the year you might retire,

basedonyourcurrentageandassumingaretirementageof65,atthedirectionofTheChurch

PensionFund.

•Designate Your Beneficiary

 oSimplylogontoFidelityNetBenefits®atwww.cpg.org/myaccountandclickBeneficiaries in the

About YousectionofYour Profile.IfyoudonothaveaccesstotheInternetorprefertocomplete

yourbeneficiaryinformationbyusingapaperform,pleasecontacttheRetirementBenefitsLine

at(877)208-0092.

Please note:ItisimportanttoselectyourbeneficiarieswhenyoufirstenrollinthePlan.Also,

pleasekeepinmindthatifyouhaveexperiencedalife-changingevent,suchasamarriage,

divorce,birthofachild,oradeathinthefamily,it’stimetoreconsideryourbeneficiary

designation(s).

Please see the following pages for important details about the Plan, including FAQs and

descriptions of your investment options.

Remember, we’re here to help.

Ifyouneedanyhelpalongtheway,visitFidelity

NetBenefits®atwww.cpg.org/myaccountorcallthe

RetirementBenefitsLineat(877)208-0092.

8

Step3

FAQs For more information, visit www.cpg.org or call (877) 208-0092.

9

The Episcopal Church Retirement Savings Plan (RSVP) isadefinedcontributionretirementplan

designedtosatisfySection403(b)(9)oftheInternalRevenueCode(Code).

The Episcopal Church Lay Employees’ Defined Contribution Retirement Plan (Lay DC Plan)

isdividedintotwodistinctdefinedcontributionretirementplans:oneofwhichisdesignedtosatisfy

Section401(a)oftheCode,andthesecondofwhichisdesignedtosatisfySection403(b)(9)oftheCode.

INTRODUCTORY FAQS

What are the purposes of the Plans?

ThePlanswereestablishedforemployeesof

participatingemployersoftheEpiscopalChurch

tosavefortheirretirementonatax-deferred

basis.Theyfunctionsimilarlytoa401(k)plan,

whichisofferedbymanyfor-profitcompanies.

TheRSVPismeantprimarilytosupplementthe

retirementsavingsofclergyandlayemployees

whoareenrolledinadefinedbenefitpension

plan.TheLayDCPlanismeanttoserveas

theprimaryretirementsavingsvehiclefor

layemployeeswhoseemployersareoffering

adefinedcontributionretirementplanin

accordancewithResolutionA138,76thGeneral

Convention,2009.(Formoreinformationabout

ResolutionA138,seetheFAQ“Whatarethe

employercontributionrequirementsfortheLay

DCPlan?”onpage11.)

Can I actively participate in the RSVP and

Lay DC Plan at the same time?

No,youmayonlyactivelyparticipateinthe

Planthatyouremployerhasadoptedandin

whichyouhavebeenenrolled.Checkwithyour

employertodeterminethePlanyouremployer

offersandtheeligibilityrequirements,if

applicable.

How is my retirement benefit determined?

Theamountavailableatretirementisbasedon

your account balance, which depends on the

amountinvestedandtheperformanceofthe

investment(s)overtime.Eachparticipanthashis

or her own account and directs how the money

isinvestedbychoosingamongarangeof

investmentoptions.

ENROLLMENT AND ELIGIBILITY

What does my employer have to do to allow

employees to enroll in the Plan?

Inordertobeacceptedformembershipinthe

Plan,youremployermustadoptthePlan.The

adoptionprocessconsistsofcompletingand

returningtothePlanAdministrationDepartment

atTheChurchPensionFundtheapplicable

EmployerAdoptionAgreement.“Participating

employers”areemployersthathavebeen

acceptedformembershipinthePlanbythe

Planadministrator.

When am I eligible to participate in the Plan?

Asaneworexistingemployee,onceyour

employeradoptsthePlan,youareeligible

tomakesalarydeferralsonthefirstdayof

themonthfollowingyourdateofhireand

submissionoftheEmployeeApplicationfor

Membershipform.However,youarenoteligible

foremployercontributions,ifapplicable,

untilyoumeettheeligibilityrequirements

selectedbyyouremployerinitsEmployer

AdoptionAgreement.Themaximumeligibility

requirementisworkingatleast1,000hours

duringtheyear.Participatingemployersmay

adoptaneligibilityrequirementthatisless

stringentthanthemaximumrequirement,

but not more stringent than the established

maximum.Scheduledtimeoffforvacation,sick

leave,ortemporarydisability(nottoexceedone

year)countstowardtheeligibilityrequirement

adoptedbyyouremployer.Checkwithyour

employer to determine the applicable eligibility

requirement.

FrequentlyaskedquestionsaboutthePlans.

*

*Pleasenotethatwherevertheword“Plan”or“Plans”isusedintheseFAQs,thattermwillrefertooneorbothoftheRSVPandthe

LayDCPlan.IfanythingintheseFAQsappliesonlytoonePlan,specicreferencewillbemadetotheRSVPortotheLayDCPlan,as

applicable.Accordingly,therulesandprovisionsdescribedintheseFAQsareapplicabletobothPlansunlessspeciedotherwise.

10

FAQs

How do I enroll in the Plan?

Enrollingiseasy.Followthesefivesimplesteps

to set up your account.

1.CompletetheEmployeeApplicationfor

MembershipForm.Onceyouhavecompleted

theform,youwillbeenrolledinthePlan.Ifyou

havenotcompletedthisapplication,youwill

needtoobtaintheEmployeeApplicationfor

MembershipFormfromyouremployer.

2.Determineyourcontributionamount.Please

indicate the contribution amount you would like

deductedfromyourcompensation.Ifyoudo

not complete the employee contribution section

oftheapplication,youwillbeautomatically

enrolledata4%pretaxpayrolldeduction.

Youmaychangethepercentagelevelofyour

contributionatanytime.Anycontributionsthat

are automatically deducted are not allowed to

berefundedduetoIRSregulations.

3.Chooseyourinvestments.Onceyouenroll,

allcontributionswillbeinvestedintheFidelity

FreedomK® Fund that correlates with your

birthdateasdirectedbythePlansponsor,

accordingtothechartonpage18ofthe

EmployeeGuide.However,youcanelectto

choosedifferentinvestmentoption(s)atany

time.Seethe“InvestmentOptions”sectionin

theEmployeeGuideformoreinformationabout

yourinvestmentchoices.

4.SetupyouronlineFidelityaccount.

TosetupyourFidelityaccount,goto

www.cpg.org/myaccount.Ifyouneedassistance,

pleasecontactaFidelityRetirementBenefits

Representativeat(877)208-0092.Tosetup

your account:

• EnteryourSocialSecuritynumberandsetup

a username and a password.

• Reviewandmakeyourinvestmentelection(s),

by simply clicking Change Investments on the

leftsideoftheWebpage.ClickInvestment

ElectiontoselectanyoftheavailablePlan

investmentoptions.

• Reviewyourcontributionamountbyclicking

Contribution Amountlocatedontheleftside

oftheWebpage.

5.Designateyourbeneficiary.Yourfinalstepwill

betodesignateyourbeneficiary.Youmaygo

onlinetodesignateyourbeneficiarybylogging

ontoFidelityNetBenefits®atwww.cpg.org/

myaccountoryoumaycall(877)208-0092to

requestapaperform.

CONTRIBUTIONS

How are the Plans funded?

ThePlansarefundedbyyourindividual

contributions(onapretaxorafter-taxbasis)

and/oremployercontributions.Makingpretax

contributions will reduce your current taxable

income.

IfyouareenrolledintheRSVP,someemployers

maymakeemployercontributionstotheRSVP

asahousingequityallowance(clergyonly)or

otherdeferredcompensationarrangement(lay

employeeorclergy).

IfyouareenrolledintheLayDCPlan,your

employerisrequiredtomakeanemployer

contributionbasedonapercentageof

your annual compensation and match your

contributions up to a certain limit, as mandated

bytheEpiscopalChurch.(Formoreinformation,

seetheFAQ“Whataretheemployer

contributionrequirementsfortheLayDCPlan?”

onpage11.)

How much can I contribute to the Plan?

Youmaycontributein1%incrementsoraset

dollaramountofyourbasesalaryonapretax

orafter-taxbasis,uptotheIRSlimits.Ifyoudo

not elect a set percentage or dollar amount

ontheEmployeeApplicationforMembership

form,youwillbeautomaticallyenrolledinthe

Planatapretaxcontributionrateof4%ofyour

compensation,untilyousubsequentlyelect

otherwise.

What are the IRS contribution limits?

TheIRSannuallimitonpretaxsalarydeferral

contributionsis$17,500for2014.Ifyouwillattain

age50orolderduringthecalendaryearand

contributeuptotheIRSpretaxcontribution

limit, you are eligible to make an additional

pretaxcatch-upcontributionof$5,500in2014.In

addition,thereisacombinedannuallimitfortotal

Plancontributions(employeepretaxandafter-

taxcontributionsandemployercontributions),

whichis100%ofyourFormW-2compensationor

$52,000($57,500includingcatch-upcontributions)

for2014,whicheverisless.

Can I change or suspend my contributions?

Yes, you can change or suspend your pretax

salarydeferralcontribution(orafter-taxcontribution)

electionatanytimeforfuturecontributions.However,

ifyouchangeyourcontributionsandyouremployer

makes matching contributions, the matching

contribution may also change.

FAQs For more information, visit www.cpg.org or call (877) 208-0092.

11

How do I change or suspend my contributions?

Ifyouchoosetogoonlinetochangeyour

contribution rate or suspend your contributions,

you will need to:

• LogontoFidelityNetBenefits® at www.cpg

.org/myaccountandenteryourusernameand

password.

• Electthecontributionamountyouwish

to contribute to your account by clicking

Contribution Amountlocatedontheleftside

ofthewebpage.

Alternatively,youmaychangeorsuspendyour

contributionsbycallingFidelityat(877)208-0092.

What are the employer contribution

requirements for the Lay DC Plan?

Resolutiond165(a),70thGeneralConvention,

1991, establishes minimum contribution

requirementsasfollows:“IfthePlanisadefined

contribution plan, the employer shall contribute

notlessthanfivepercentandagreetomatch

employeecontributionsuptoanotherfour

percent.”

ResolutionA138,76thGeneralConvention,

2009,reaffirmedtheseminimumcontribution

requirementsforemployersthatelectto

provideadefinedcontributionplanfortheir

employees.Iftheemployerisaschool,a

differentcontributionrateschedulemayapply,

assetforthinResolutionC042,77thGeneral

Convention,2012.Formoreinformationabout

theseresolutions,pleasevisitwww.cpg.org/

laypensions.

How are employer contributions calculated

under the Plans?

IfyouareenrolledintheRSVP,youremployer

may,butisnotrequiredto,makeemployer

contributionsonyourbehalf.Ifyouareenrolled

intheLayDCPlan,youremployerisrequiredto

makeemployercontributionsonyourbehalfas

explainedintheimmediatelyprecedingFAQ.In

eithercase,thetypesofemployercontributions

thatcanbemadetothePlansarethesameand

are described below.

Anemployer base contribution is a percentage

ofyourtotalwagesthatisreportedorwould

bereportableintheboxtitled“Medicare

WagesandTips”ofFormW-2,plusanypretax

contributionstoacafeteriaplan.Inaddition,all

overtime,bonuses,commissions,andseverance

pay generally will be included in compensation

forpurposesofdeterminingtheamountof

theemployerbasecontribution.Ifyoureceive

church-providedhousing,youremployeralso

mustincludeanamountequivalenttothevalue

ofmaintenancefurnishedtoyou(includingutility

and room and board expenses and the rental

valueofhousing).

Anemployer matching contribution is a

percentageoftheamountthatyouactually

contributetothePlan.Bothpretaxandafter-tax

salarydeferralsarematchedonadollarfordollar

basis.Tomaximizeyouremployermatch,you

shouldtrytocontributethesamepercentageof

your compensation that your employer matches.

Forexample,ifyouremployermatchesupto

4%ofanemployee’scompensation,youshould

contribute4%ofyourcompensationonapretax

and/orafter-taxbasis.Ifyoureceivechurch-

providedhousing,however,youmustcontribute

more than the employer match percent in order

tofullymaximizetheemployermatch.Thisis

because,underIRSregulations,youcannotmake

salarydeferralsoncompensationthatyoudonot

actuallyreceive.

Please see the following example:

Cashcompensation=$40,000

Valueofhousing=$10,000

Employerbasecontribution=5%

Employermatchingcontribution=upto4%

Employeeelectivepretaxsalarydeferral=4%

Theemployeewillreceiveanemployerbase

contributionequalto$2,500(i.e.5%x($40,000

+$10,000)).Themaximumemployermatching

contributionis$2,000,whichis4%ofthe

employee’stotalcompensationof$50,000(i.e.

$40,000+$10,000).Basedontheemployee’s

electionofa4%pretaxsalarydeferral,the

employer matching contribution that the

employeewillactuallyreceiveis$1,600(i.e.4%

x$40,000)becausetheemployeecannotmake

asalarydeferralonthevalueofhousing.To

maximizetheemployermatch,theemployee

wouldhavetocontributeanadditional$400to

thePlan,whichamountisequivalentto1%ofthe

employee’scashcompensationof$40,000(i.e.

$400/$40,000=1%).Thus,theemployeeneeds

toelecta5%pretaxsalarydeferralinorderto

maximizetheemployermatch.Allcontributions

aresubjecttotheIRSlimitsdescribedabove.

FAQs

12

Can I move money from another retirement

plan into my account in the Plan?

Youarepermittedtorollovereligiblepretax

contributionsfromanother401(k)plan,401(a)plan,

403(b)planoragovernmental457(b)retirement

plan account, or eligible pretax contributions

fromanIRA.CalltheRetirementBenefitsLine

at(877)208-0092fordetails.Youshouldconsult

yourtaxadvisorandcarefullyconsidertheimpact

ofmakingarollovercontributiontoyourPlan

accountbecauseitcouldaffectyoureligibility

forfuturespecialtaxtreatment.

VESTING

What is vesting?

Vestingdefineswhenaparticipatingemployee

receivescompleteownershipofcontributions

made into his or her account, including the

earningsonthosecontributions.Onceyouare

vested,youareentitledtoallamountsinyour

accountevenifyouterminateemploymentwith

your employer.

When am I vested?

Employeeandemployercontributions

(ifapplicable)andtheearningsonthose

contributionsarealways100%vestedunder

thePlan.Anyrollovercontributionsyoumake

and the earnings on those contributions are

alsoalways100%vested.

INVESTMENTS

What are my available investment options?

TheinvestmentoptionsavailableunderthePlan

includeavarietyofselectionssuchasastable

valueinvestmentoptionofferingafixedrateof

return, which is reset periodically, and mutual

fundsrangingfromamoneymarketfundto

growth-focusedstockfunds.

ThePlanalsoofferstheFidelityFreedomK® Funds,

whichprovideablendofstocks,bonds,andshort-

terminvestmentswithinasinglefund.EachFidelity

FreedomK®Fund’sassetallocationisbased

onthenumberofyearsuntilthefund’starget

retirementdate.TheFidelityFreedomK® Funds

aredesignedforinvestorswhowantasimple

approachtoinvestingforretirement.Lifecycle

fundsaredesignedforinvestorsexpectingtoretire

aroundtheyearindicatedineachfund’sname.The

investmentriskofeachlifecyclefundchangesover

timeaseachfund’sassetallocationchanges.The

funds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,commodity-linked,andforeign

securities.Principalinvestedisnotguaranteed

atanytime,includingatorafterthefunds’

target dates.

Youcaninvestyouraccountbalanceinoneor

moreoftheseinvestmentoptions.Weencourage

youtotakeanactiveroleinthePlanandchoose

investmentoptionsthatbestsuityourgoals,

timehorizon,andrisktolerance.Toassistyou

inmakinginvestmentdecisions,acomplete

descriptionofthePlan’sinvestmentoptionsand

theirhistoricalperformance,aswellasplanning

tools to help you choose an appropriate mix, are

availableonlineatwww.cpg.org/myaccount.You

will need to enter your username and password.

Pleasealsorefertothe“InvestmentOptions”

sectionintheEmployeeGuideformoredetails.

Can I allocate my contributions among

different investment options?

Yes,youcanallocatesomeorallofyour

contributionsamongavarietyofinvestment

options,includingastablevalueinvestment

optionandmutualfundsrangingfromamoney

marketfundtogrowth-focusedstockfunds.

Youmayalsoallocatesomeorallofyour

contributionstoFidelityFreedomK® Funds.

What is the Stable Value Option?

TheStableValueOption(SVO)isaninvestment

optioninthePlanthatoffersstable,tax-deferred

growthataninterestratebasedonfinancial

conditions.Itisfundedbyanunallocated

groupannuitycontractissuedbytheChurch

LifeInsuranceCorporationtoTheChurch

PensionFund.*

*Guaranteesandobligationsunderthegroupannuitycontractare

solelythoseofChurchLifeInsuranceCorporation(ChurchLife)

andaresubjecttotheclaims-payingabilityofChurchLife.The

ChurchPensionFunddoesnotguaranteethenancialperfor-

manceofChurchLifeoranyprincipalorinterestinvestedinthe

StableValueOption.Tolearnmoreaboutthenancialcondition

ofChurchLife,reviewthesummaryofChurchLife’snancial

conditiondescribedintheChurchPensionGroupAnnualReport

locatedatwww.cpg.orgorcall(866)802-6333foradditional

informationrelatingtothenancialconditionofChurchLife,fora

copyoftheChurchPensionGroupAnnualReportorforacopyof

ChurchLife’sstatutorynancialstatements.

InformationabouttheStableValueOptionwasprovidedbyThe

ChurchPensionFund.

May I invest in the CLIC TSA?

TheCLICTSAisavailableundertheRSVPonlyand

wasfrozentonewinvestorseffectiveJanuary1,2005.

FAQs For more information, visit www.cpg.org or call (877) 208-0092.

13

May I transfer money in my account between

investment options and, if so, how often?

Youcanrequestatransferofyourfullaccount

balanceoranyportionthereofbetween

investmentoptionsonadailybasis.Ifyouwant

totransferfundsfromtheStableValueOption

(SVO)toanotheroption,youmaymakepenalty-

freetransfersofupto20%ofyourSVOaccount

balanceeachyearasofJanuary1(plusany

transfersorcontributionsmadetoyourSVO

account in the same calendar year, less any

transfersoutthatyoumayhavepreviouslymade

inthesamecalendaryear).Ifyoutransfermore

than20%intotal,youwillincura5%feeon

theamounttransferredinexcessof20%.Upon

attainingage59½,thisfeenolongerapplies.

Theremayalsobetaxconsequencestoa

withdrawal.Youshouldconsultyourtaxadvisor

beforemakingawithdrawal.

How do I change my investment elections?

Tochangeyourinvestmentelections,simply

logontoFidelityNetBenefits® at www.cpg

.org/myaccount.Youwillneedtoenteryour

usernameandpassword.Onceyouhave

logged on to your account, you will need to

click Change Investments. You will be able to

updateyourinvestmentelectionstoanyofthe

investmentoptionsavailableunderthePlan.

What if I don’t make an investment election?

Weencourageyoutotakeanactiveroleinthe

Planandchooseinvestmentoptionsthatbest

suityourgoals,timehorizon,andrisktolerance.

Ifyoudonotselectspecificinvestmentoptions,

yourcontributionswillbeinvestedintheFidelity

FreedomK® Fund with the target retirement

date closest to the year you might retire, based

on your current age and assuming a retirement

ageof65,atthedirectionofTheChurch

PensionFund.Pleaserefertothe“Investment

Options”sectionintheEmployeeGuidefor

more details.

Ifnodateofbirthoraninvaliddateofbirthison

fileatFidelity,yourcontributionsmaybeinvested

intheFidelityFreedomK®IncomeFund.

How do I obtain additional investment option

information?

YouremployerhasappointedFidelitytoprovide

additionalinformationontheinvestment

optionsavailableunderthePlan.Contacta

FidelityRetirementBenefitsRepresentativeat

(877)208-0092orlogontoFidelityNetBenefits®

atwww.cpg.org/myaccount.

What are my rights with respect to mutual

fund pass-through voting?

AsaPlanparticipant,youhavetheabilityto

exercisevoting,tender,andothersimilarrights

formutualfundsinwhichyouareinvestedunder

thePlan.Materialsrelatedtotheexerciseof

theserightswillbesentatthetimeofanyproxy

meeting,tenderoffer,orwhenothersimilar

rightsrelatingtotheparticularmutualfunds

held in your account can be exercised.

Descriptions of the investment options available

under the Plans begin on page 19 of the

Employee Guide.

LOANS, WITHDRAWALS, AND OTHER

DISTRIBUTIONS

Can I take a loan from my account?

ThePlanallowsanactiveparticipanttotakea

loansubjecttoIRSlimitations.Youmayborrow

uptofiftypercent(50%)ofthebalanceofyour

accounttoamaximumof$50,000.Theminimum

principalamountofanyloanis$500.00.Any

outstandingloanbalancesovertheprevious

12monthsmayreducetheamountyouhave

availabletoborrow.Amaximumoftwoloans

may be outstanding at any one time.

Theminimumloanrepaymentperiodis

12months.Themaximumloanrepayment

periodisfiveyears,unlessthepurposeofthe

loanistoacquireaprincipalresidence,inwhich

casearepaymentperiodofupto15years

ispermitted(notincludingrefinancingofa

previousloan).Loansmaybeprepaidinfullor

in part at any time without penalty.

Allloanswillbechargedaone-time$35

applicationfeeanda$3.75quarterly

recordkeepingfee.Theloanapplication

andquarterlyloanrecordkeepingfeeswill

bededucteddirectlyfromyourindividual

Planaccount.LoansarerepaidbyAutomatic

ClearingHouse(ACH)debitsthroughyour

bank account.

Ifyoufailtorepayyourloan(basedonthe

originaltermsoftheloan),itwillbeconsidered

in“default”andtreatedasadistribution,

makingitsubjecttoincometaxandpossibly

toa10%earlywithdrawalpenalty.Defaulted

loansmayalsoimpactyoureligibilitytorequest

additional loans.

FAQs

14

Tolearnmoreabout,ortorequestaloan,call

theRetirementBenefitsLineat(877)208-0092.

BesureyouunderstandthePlanguidelinesand

impactoftakingaloanbeforeyouinitiatealoan

fromyourPlanaccount.

Can I make withdrawals from my account?

WithdrawalsfromthePlanarepermittedwhen

youhaveadistributableevent.Theseevents

includeterminationofemployment,retirement,

attainingage59½,becomingdisabled,financial

hardship,ordeath.Thetaxableportionofyour

withdrawalthatiseligibleforrolloverintoan

individualretirementaccount(IRA)oranother

employer’sretirementplanissubjectto20%

mandatoryfederalincometaxwithholding,

unlessitisdirectlyrolledovertoanIRAor

anotheremployerplan.(Youmayowemore

orlesswhenyoufileyourincometaxes.)If

youareunderage59½,thetaxableportion

ofyourwithdrawalisalsosubjecttoa10%

earlywithdrawalpenalty,unlessyouqualifyfor

anexceptiontothisrule(e.g.,adistribution

followingterminationofemploymentafter

age55).ThePlandocumentsandcurrent

taxlawsandregulationswillgovernincase

ofadiscrepancy.Besureyouunderstand

thetaxconsequencesandthePlanrulesfor

distributionsbeforeyouinitiateadistribution.

Youmaywanttoconsultyourtaxadvisorabout

your situation.

YoucanwithdrawfundsfromtheStableValue

Optionwithoutasurrenderchargeifyou

experienceadistributableeventifyouwishto

beginreceivingpaymentsunderthePlan.

Do I have to take a distribution of my

entire retirement account if I terminate my

employment?

No,youdonothavetotakeadistributionof

yourentireretirementaccountifyouterminate

employment.Youhaveseveraloptions.You

canmaintainyourretirementsavingsinthe

PlanuntilyouretireoruntilApril1following

theyearinwhichyouattainage70½,whenyou

mayneedtosatisfyIRSminimumdistribution

requirements.Youcanalsotakepartialorfull

withdrawalsfromyouraccount,annuitizeallora

portionofyouraccount,orrollovermoneyinto

anIRAoranotheremployer’sretirementplan.

How can I access my Plan money in

retirement?

ThePlanoffersseveraloptionstoselect

from.Theseoptionsarecalled“distribution

options”andincludeguaranteedlifetime

incomethatoffersyouthestabilityofequal

monthlypayments,aspecifiedpayment,partial

withdrawal, or a lump sum payment. When you

arereadytodiscussyouroptions,callustollfree

at(877)208-0092andrequestaconsultationwith

aChurchPensionFundplanningrepresentative.

Pleasenotethatifyouareaclericandwishto

designatealloraportionofyourdistribution

asahousingallowance,youmustidentify

yourselfasaclergymembertotheFidelity

representative.

What happens to the money in my account

when I die?

Thebalanceispayabletoyourdesignated

beneficiary.Ifyoudidnotdesignatea

beneficiary,youraccountbalanceispayableto

yourspouse(ifany);otherwise,youraccount

balance is payable to your estate.

BENEFICIARIES, FEES, AND STATEMENTS

When should I designate my beneficiary?

Itisimportanttoselectyourbeneficiarieswhen

youfirstenrollinthePlan.Also,pleasekeep

inmindthatifyouhaveexperiencedalife-

changingevent,suchasamarriage,divorce,

birthofachild,oradeathinthefamily,it’stime

toreconsideryourbeneficiarydesignation(s).

Tomakeyourdesignations,simplylogonto

FidelityNetBenefits®atwww.cpg.org/myaccount

and click Beneficiaries in the About You section

ofYour Profile.Ifyoudonothaveaccesstothe

Internetorprefertocompleteyourbeneficiary

informationbypaperform,pleasecallthe

RetirementBenefitsLineat(877)208-0092.

Pleasenotethatifyouhavedesignatedyour

currentspouseasyourbeneficiary,thenheor

shewillremainyourbeneficiaryevenifyou

subsequentlydivorceorlegallyseparate,unless

youaffirmativelydesignateanewbeneficiaryor

remarryandreportyourremarriagetothePlan

administrator.

FAQs For more information, visit www.cpg.org or call (877) 208-0092.

15

What fees may be charged against my

account balance?

• Administrativefeesarecurrentlyfixedat

0.075%perquarterandarechargedatthe

beginningofeachquarterbasedonthe

marketvalueofthemutualfundaccount

balancesattheendofthepreviousquarter.

• Aswithallmutualfundinvestments,thereare

someunderlyingfeesandexpenses,which

willvarybyfund.

• Therearenomanagementoradministrative

feeschargedontheStableValueOption

(SVO).

• Thereisnofeefortransferringmonies

betweenmutualfunds(exceptwhenfund

short-termtradingfeesareapplicable).You

canmakepenalty-freetransfersofupto20%

ofyourSVOaccountbalanceeachyearasof

January1(plusanycontributionsortransfers

madetotheSVOinthesamecalendaryear,

lessanytransfersoutthatyoumayhave

previouslymadeinthesamecalendaryear).

Ifyoutransfermorethan20%intotal,you

willincura5%feeontheamounttransferred

inexcessof20%.Atage59½,thisfeeno

longer applies.

• Takinganewloanincursa$35.00processing

feeanda$3.75quarterlyrecordkeepingfee

foreachoutstandingloan.

• Thereisnofeeforprocessingadistribution

fromanaccount.

How often will I receive account statements

and in what format will they be delivered?

Youwillreceiveaccountstatementsona

quarterlybasis.Alinktoyourstatementwillbe

senttoyouviae-mail.Toreceiveyourstatement

viaprint,pleaseregisteronlineatwww.cpg

.org/myaccount.Onceregistered,youwill

be prompted to choose whether to keep the

electronicdeliveryofstatementsortoreceive

printedstatementsinthemail.Regardlessof

howyoureceiveyourquarterlystatements,you

canviewyouraccountanytimebyloggingon

towww.cpg.org/myaccount.

CLAIMS AND APPEALS PROCESS

How do I file a claim if I have been denied a

benefit under the Plan?

Ifaparticipant,beneficiary,oranyotherperson

(a“claimant”)believesthatheorshehasbeen

deniedbenefitsthatheorsheisdueunder

thePlan,theclaimantmayfileaclaimwithThe

ChurchPensionFund(CPF).(Seetheaddress

below.)Theclaim:

• mustbeinwriting,

• maybesubmittedeitherbytheclaimantorby

hisorherauthorizedrepresentative,and

• mustprovidedetailedreasons(including

anysupportingevidence)regardingwhythe

claimantbelievesCPF’sinitialdecisionwas

incorrect.

Theclaimwillbesubjecttoafullandfair

review.Theclaimantgenerallywillreceivea

writtenresponsetohisorherclaimwithin60

daysaftertheclaimisreceivedbyCPF.IfCPF

needsadditionaltime(upto60days)toreview

theclaim,theclaimantwillbenotifiedofthe

reason(s)forthedelayandtheanticipated

responsedate,whichmaynotexceedatotalof

120daysfromthedateCPFreceivedtheclaim.

IfCPFdeniestheclaim,inwholeorinpart,

CPF’swrittenresponsetotheclaimantwill

include:

• thespecificreason(s)forthedenial,

• specificreferencetothePlanprovision(s)on

which the denial is based, and

• adescriptionofthePlan’sappealprocedures

and the time limits applicable to such

procedures.

Wheretofileaninitialbenefitclaim:

SeniorVicePresident

PensionServicesDepartment

TheChurchPensionFund

19East34thStreet

NewYork,NY10016

Appeal Procedure

Within60daysafterthedatetheclaimant

receivesCPF’sdenialletter,theclaimant(orhis

orherauthorizedrepresentative)maysubmit

awrittenappeallettertoCPFattheaddress

FAQs

16

below.(CPFmay,initssolediscretion,extend

the60-dayperiodtofileanappeal.)Theappeal

lettershouldgiveadetailedexplanationofwhy

theclaimantbelievestheclaimshouldnothave

been denied and include any other documents

orsupportinginformationthatmayhavebearing

ontheclaim.Theclaimantwillbeaffordedafull

andfairreviewoftheclaimthatdoesnotgive

deferencetotheinitialdetermination.

Theclaimantgenerallywillreceiveawritten

responsetohisorherappealwithin90days

aftertheappealisreceivedbyCPF.IfCPF

needsadditionaltime(upto90days)toreview

theclaim,theclaimantwillbenotifiedofthe

reason(s)forthedelayandtheanticipated

responsedate,whichmaynotexceedatotalof

180daysfromthedateCPFreceivedtheappeal.

If,uponappeal,thedenialoftheclaimisupheld,

CPF’swrittenresponsewillagaingivethespecific

reason(s)forthedenialandtheplanprovision(s)

on which the denial is based.

Wheretofileanappeal:

BenefitAppealsCommittee

c/oLegalDepartment

TheChurchPensionFund

19East34thStreet

NewYork,NY10016

How do I file a claim if my application for

disability status is rejected?

Ifaclaimrelatestowhetheraparticipantis

disabled or not, the same procedures outlined

abovewillapply,exceptthat:

•TheclaimmustbesubmittedtoCPF’sMedical

Boardwithin180daysaftertheparticipant’s

receiptoftheMedicalBoard’sdetermination

thattheparticipantisnotdisabled.(Seethe

addressbelow.)CPFmay,initssolediscretion,

extendthe180-dayperiodtofileaclaim.

•CPF’sMedicalBoardgenerallywillrespond

inwritingtotheclaimwithin90daysafterits

receiptoftheclaimbutmaytakeuptoan

additional90daystoreviewtheclaim(fora

totalof180days).

•Inrenderingitsdecision,CPF’sMedicalBoard

may, in its sole discretion, consult with an

independentmedicalreviewboardselectedby

CPFfromtimetotime.

PleasenotethatifCPF’sMedicalBoardconsults

withanindependentmedicalreviewboard

inmakingitsdecision,CPF’sMedicalBoard’s

determinationwillbefinal,andnofurtherappeal

underthePlanwillbepermitted.

Disability Appeal Procedure

TotheextentthatCPF’sMedicalBoarddoes

notconsultwithanindependentmedicalreview

boardaspartofitsreviewoftheclaim,the

claimant may submit a written appeal letter to

CPF’sMedicalBoardrequestinganindependent

evaluation,within180daysaftertheclaimant’s

receiptofthedenialletter.(CPFmay,initssole

discretion,extendthe180-dayperiodtofilean

appeal.)Thesameappealproceduresoutlined

abovewillapply,exceptthat:

•theappealwillbeforwardedtoan

independentmedicalreviewboardofCPF’s

choosing, and

•CPF’sMedicalBoardgenerallywillsendafinal

determinationinwritingbasedonthatreview

board’srecommendationwithin90daysofits

receiptoftheappealbutmaytakeuptoan

additional90daystoreviewtheappeal(fora

totalof180days).

Wheretofileadisabilityclaimandappeal:

TheMedicalBoardofTheChurchPensionFund

DisabilityReviewProgram

19East34thStreet

NewYork,NY10016

What are my options after I exhaust the

Plan’s claims procedures?

IfaclaimantisnotsatisfiedwithCPF’sfinal

determinationandhasexhaustedthePlan’s

administrativereviewprocessoutlinedabovein

theprevioustwoquestions,theclaimantmay

fileacivilsuit.Thecivilsuitmustbefiledwithin

180daysaftertheclaimantreceivesCPF’sfinal

determination.Asaparticipantorbeneficiary

inthePlan,theclaimanthasconsentedtothe

venueandexclusivejurisdictionofthecourts

locatedinNewYorkCity.Therefore,anycivil

actionmustbefiledinNewYorkCity.

For more information, visit www.cpg.org or call (877) 208-0092.

17

Spectrums

The Episcopal Church Retirement Savings Plan

and

The Episcopal Church Lay Employees’ Defined Contribution

Retirement Plan

InvestmentOptions

CONSERVATIVE AGGRESSIVE

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

Short Term Stable Value Bond Domestic

Equity

International/

Global Equity

Fidelity® Money

MarketTrust

RetirementMoney

MarketPortfolio

CLICTSA*

StableValue

Option

Diversified

Dodge&Cox

IncomeFund

Spartan®U.S.

Bond

IndexFund—

Fidelity

Advantage

Class

Inflation-Protected

AmericanCentury

Investments

InflationAdjusted

BondFund

InstitutionalClass

Large Value

Dodge&Cox

StockFund

Large Blend

DominiSocial

EquityFund

ClassR

Fidelity®Dividend

GrowthFund—

ClassK

Spartan®500Index

FundAdvantage

Class

Mid Blend

Spartan®Extended

MarketIndex

Fund—Fidelity

AdvantageClass

Small Blend

Fidelity®SmallCap

DiscoveryFund

Large Growth

Fidelity®

Contrafund®—

ClassK

Mid Growth

NeubergerBerman

GenesisFund

ClassR6

Diversified

AmericanFunds

EuroPacificGrowth

FundClassR-6

Spartan®

InternationalIndex

Fund—Fidelity

AdvantageClass

*PleasenotethattheCLICTSAisavailableundertheRSVPonlyandwasfrozentonewinvestorseffectiveJanuary1,2005.

Thisspectrum,withtheexceptionoftheDomesticEquitycategory,isbasedonFidelity’sanalysisofthecharacteristicsofthegeneral

investmentcategoriesandnotontheactualinvestmentoptionsandtheirholdings,whichcanchangefrequently.Investment

optionsintheDomesticEquitycategoryarebasedontheoptions’Morningstarcategoriesasof8/31/2013.Morningstarcategories

arebasedonafund’sstyleasmeasuredbyitsunderlyingportfolioholdingsoverthepastthreeyearsandmaychangeatanytime.

Thesestylecalculationsdonotrepresenttheinvestmentoptions’objectivesanddonotpredicttheinvestmentoptions’futurestyles.

Investmentoptionsarelistedinalphabeticalorderwithineachinvestmentcategory.Riskassociatedwiththeinvestmentoptionscan

varysignificantlywithin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orimpliedperformance.

Spectrums

18

The Episcopal Church Retirement Savings Plan

and

The Episcopal Church Lay Employees’ Defined Contribution

Retirement Plan

InvestmentOptions

Lifecycle Funds

Placement of investment options within each risk spectrum is only in relation to the investment options

within that specific spectrum. Placement does not reflect risk relative to the investment options shown in

the other risk spectrums.

For each risk spectrum below, investment options to the left

have potentially more inflation risk and less investment risk

For each risk spectrum below, investment options to the right

have potentially less inflation risk and more investment risk

Risk Spectrum for Lifecycle

FidelityFreedomK®IncomeFund

FidelityFreedomK®2010Fund

FidelityFreedomK®2015Fund

FidelityFreedomK®2020Fund

FidelityFreedomK®2025Fund

FidelityFreedomK®2030Fund

FidelityFreedomK®2035Fund

FidelityFreedomK®2040Fund

FidelityFreedomK®2045Fund

FidelityFreedomK®2050Fund

FidelityFreedomK®2055Fund

Targetdateinvestmentsarerepresentedonaseparatespectrumbecausetheyaregenerallydesignedforinvestorsexpectingto

retirearoundtheyearindicatedineachinvestment’sname.Theinvestmentsaremanagedtograduallybecomemoreconservative

overtime.Theinvestmentriskofeachtargetdateinvestmentchangesovertimeasitsassetallocationchanges.Theinvestments

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theinvestments’targetdates.

ThechartbelowillustratesthePlan-assignedfundthatthePlansponsorbelieveswillbestfityourdiversificationneedsshould

younotselectaninvestmentoption.

Your Birth Date* Fund Name Target Retirement Years

December31,1942,orbefore

January1,1943–December31,1947

January1,1948–December31,1952

January1,1953–December31,1957

January1,1958–December31,1962

January1,1963–December31,1967

January1,1968–December31,1972

January1,1973–December31,1977

January1,1978–December31,1982

January1,1983–December31,1987

January1,1988,orafter

FidelityFreedomK®IncomeFund

FidelityFreedomK®2010Fund

FidelityFreedomK®2015Fund

FidelityFreedomK®2020Fund

FidelityFreedomK®2025Fund

FidelityFreedomK®2030Fund

FidelityFreedomK®2035Fund

FidelityFreedomK®2040Fund

FidelityFreedomK®2045Fund

FidelityFreedomK®2050Fund

FidelityFreedomK®2055Fund

Retired1997orbefore

2008–2012

2013–2017

2018–2022

2023–2027

2028–2032

2033–2037

2038–2042

2043–2047

2048–2052

2053orlater

*DatesselectedbyPlansponsor.

For more information, visit www.cpg.org or call (877) 208-0092.

19

InvestmentOptions

InvestmentOptions

Before investing in any investment option, consider the investment objectives, risks, charges,

and expenses. Contact Fidelity for a mutual fund or variable annuity prospectus or, if available,

a summary prospectus. For information on fixed annuities, contact Fidelity to request a fact

sheet. Read them carefully.

American Century Investments Inflation Adjusted Bond Fund Institutional Class

FPRS Code: OKLX

Ticker: AIANX

Objective: The investment seeks total return and inflation protection consistent with investment in inflation-

indexed securities.

Strategy: Under normal market conditions, the fund invests at least 80% of its assets in inflation-adjusted debt securities.

It may invest up to 20% of its assets in traditional U.S. Treasury, U.S. government agency or other non-U.S. government

securities that are not inflation-indexed.

Risk: The interest payments of TIPS are variable; they generally rise with inflation and fall with deflation. In general the

bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually

fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry

inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds

do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

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 potential returns primarily in the form of interest dividends and who can tolerate more

frequent changes in the size of dividend distributions than those usually found with more conservative bond funds.

• Someone who is seeking to supplement his or her core fixed-income holdings with a bond investment that is tied to

changes in inflation.

A mutual fund registered under American Century Government Income Trust, and managed by American Century Inv

Mgt, Inc. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more

detailed information about the fund.

American Funds EuroPacific Growth Fund Class R-6

FPRS Code: OUBE

Ticker: RERGX

Objective: The investment seeks long-term growth of capital.

Strategy: The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment

adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the

potential for above-average capital appreciation. It normally invests at least 80% of net assets in securities of issuers

in Europe and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities of

companies in countries with developing economies and/or markets.

Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which

may be magnified in emerging markets. Value and growth stocks can perform differently from other types of stocks.

Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of

time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market,

economic or other developments. 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 to complement a portfolio of domestic investments with international investments, which can

behave differently.

• Someone who is willing to accept the higher degree of risk associated with investing overseas.

A mutual fund registered under EuroPacific Growth Fund, and managed by Capital Research and Management Company.

This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed

information about the fund.

20

InvestmentOptions

CLIC TSA

FPRS Code: OBYF

Ticker: N/A

Objective: Seeks to provide the highest possible yield while offering a guarantee of principal and interest, thus provid-

ing greater stability than a traditional income (bond) fund.

Strategy: Invests primarily in high-quality investment-grade securities including, but not limited to, U.S. Treasury, agency

and mortgage-backed securities, and publicly traded corporate bonds.

Risk: The fund is backed by a diversified portfolio of fixed-income assets held in the general account of the issuer.

Guarantees are subject to the claims-paying ability of the issuer. The Contracts provide for the payment of certain

withdrawals and exchanges at book value during the terms of the Contracts.

Short-term Redemption Fee Note: None

Who may want to invest:

• Someone seeking to safeguard their principal value or to balance out a more aggressive portfolio.

• The investor may be nearing retirement and looking to earn a predictable rate of return or looking for a fund that offers

guaranteed lifetime income options in retirement.

The investment option is an annuity. The fund is managed by Church Life Insurance Corporation. This description is only

intended to provide a brief overview of the fund. Investment elections and exchanges into the CLIC TSA are only allowed

if you have a balance in this investment option.

The Church Life Insurance Corporation Tax Sheltered Annuity is not a mutual fund and is underwritten and offered by

Church Life Insurance Corporation, which guarantees your principal and interest. Information furnished on the Church

Life Insurance Corporation Tax Sheltered Annuity was provided by Church Life. Fidelity Investments Institutional Service

Company, Inc. and Church Life Insurance Corporation are not affiliated.

This investment option is not a mutual fund.

Dodge & Cox Income Fund

FPRS Code: OFDZ

Ticker: DODIX

Objective: The investment seeks a high and stable rate of current income, consistent with long-term preservation

of capital.

Strategy: The fund invests in a diversified portfolio of high-quality bonds and other debt securities. Normally, the fund

will invest at least 80% of its total assets in the following categories: debt obligations issued or guaranteed by the U.S.

government, its agencies or GSEs; investment-grade debt securities; unrated securities if deemed to be of investment-

grade quality by Dodge & Cox; and bankers’ acceptances, bank certificates of deposit, repurchase agreements, and

commercial paper.

Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise,

bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income

securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds,

most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity

is not possible. 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 potential returns primarily in the form of interest dividends rather than through an increase in

share price.

• Someone who is seeking to diversify an equity portfolio with a more conservative investment option.

A mutual fund registered under Dodge & Cox Funds, and managed by Dodge & Cox. This description is only intended to

provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about the fund.

21

InvestmentOptions For more information, visit www.cpg.org or call (877) 208-0092.

Dodge & Cox Stock Fund

FPRS Code: OMAW

Ticker: DODGX

Objective: The investment seeks long-term growth of principal and income; a secondary objective is to achieve a

reasonable current income.

Strategy: The fund invests primarily in a diversified portfolio of common stocks. It will invest at least 80% of its total

assets in common stocks, including depositary receipts evidencing ownership of common stocks. The fund may also

purchase other types of securities, for example, preferred stocks, and debt securities which are convertible into common

stock. It may invest up to 20% of its total assets in U.S. dollar-denominated securities of non-U.S. issuers traded in the

United States that are not in the S&P 500.

Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market

for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political,

regulatory, market, economic or other developments. These risks may be magnified in foreign markets. 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 the potential for long-term share-price appreciation and, secondarily, dividend income.

• Someone who is comfortable with the volatility of large-cap stocks and value-style investments.

A mutual fund registered under Dodge & Cox Funds, and managed by Dodge & Cox. This description is only intended to

provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about the fund.

The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by

Fidelity Distributors Corporation and its affiliates. It is an unmanaged index of the common stock prices of 500 widely

held U.S. stocks that includes the reinvestment of dividends.

Domini Social Equity Fund Class R

FPRS Code: OSAE

Ticker: DSFRX

Objective: The investment seeks to provide its shareholders with long-term total return.

Strategy: The fund primarily invests in the equity securities of mid- and large-capitalization U.S. companies. Under

normal circumstances, at least 80% of the fund’s assets will be invested in equity securities and related investments with

similar economic characteristics. It may also invest in companies organized or traded outside the U.S. (or in equivalent

shares such as ADRs). Domini evaluates the fund’s potential investments against its social and environmental standards

based on the businesses in which they engage, as well as on the quality of their relations with key stakeholders.

Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile.

Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can

decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These

risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or

other product materials, if available.

Short-term Redemption Fee Note: This fund has a Short-term Redemption Fee of 2.00% for shares held less than

30 days.

Who may want to invest:

• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.

• Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated

with investing in the stock market.

A mutual fund registered under Domini Social Investment Trust, and managed by Domini Social Investments LLC. This

description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed

information about the fund.

22

InvestmentOptions

Fidelity Freedom K® 2010 Fund

FPRS Code: 2174

Ticker: FFKCX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2010). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

•Someone who is seeking an investment option intended for people in or very near 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 or

who does not feel comfortable making asset allocation choices over time.

AmutualfundregisteredunderFidelityAberdeenStreetTrust,andmanagedbyStrategicAdvisers,Inc.Thisdescription

isonlyintendedtoprovideabriefoverviewofthefund.Readthefund’sprospectusformoredetailedinformationabout

thefund.

Fidelity Freedom K® 2015 Fund

FPRS Code: 2175

Ticker: FKVFX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2015). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

•Someonewhoisseekinganinvestmentoptionintendedforpeopleinorverynear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or

who does not feel comfortable making asset allocation choices over time.

AmutualfundregisteredunderFidelityAberdeenStreetTrust,andmanagedbyStrategicAdvisers,Inc.Thisdescription

isonlyintendedtoprovideabriefoverviewofthefund.Readthefund’sprospectusformoredetailedinformationabout

thefund.

23

InvestmentOptions For more information, visit www.cpg.org or call (877) 208-0092.

Fidelity Freedom K® 2020 Fund

FPRS Code: 2176

Ticker: FFKDX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2020). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

• 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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

Fidelity Freedom K® 2025 Fund

FPRS Code: 2177

Ticker: FKTWX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2025). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

• 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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

24

InvestmentOptions

Fidelity Freedom K® 2030 Fund

FPRS Code: 2178

Ticker: FFKEX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2030). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

•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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

Fidelity Freedom K® 2035 Fund

FPRS Code: 2179

Ticker: FKTHX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2035). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

•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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

25

InvestmentOptions For more information, visit www.cpg.org or call (877) 208-0092.

Fidelity Freedom K® 2040 Fund

FPRS Code: 2180

Ticker: FFKFX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2040). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

• 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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

Fidelity Freedom K® 2045 Fund

FPRS Code: 2181

Ticker: FFKGX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2045). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

• 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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

26

InvestmentOptions

Fidelity Freedom K® 2050 Fund

FPRS Code: 2182

Ticker: FFKHX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2050). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

•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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

Fidelity Freedom K® 2055 Fund

FPRS Code: 2332

Ticker: FDENX

Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high

current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond funds,

and short-term funds. Allocating assets among underlying Fidelity funds according to an asset allocation strategy that

becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity

funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2055). Ultimately,

the fund will merge with Fidelity Freedom K Income Fund. Strategic Advisers may continue to seek high total return for

several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.

Risk: The investment risk of each Fidelity Freedom K Fund changes over time as its asset allocation changes. The funds

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, commodity-linked, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the funds’ target dates.

Short-term Redemption Fee Note: None

Who may want to invest:

•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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

27

InvestmentOptions For more information, visit www.cpg.org or call (877) 208-0092.

Fidelity Freedom K® Income Fund

FPRS Code: 2171

Ticker: FFKAX

Objective: Seeks high current income and, as a secondary objective, capital appreciation.

Strategy: Investing in a combination of underlying Fidelity domestic equity funds, international equity funds, bond

funds, and short-term funds. Allocating assets among underlying Fidelity funds according to a stable target asset alloca-

tion of approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond funds, and 30% in

short-term funds.

Risk: The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments.

Fixed income investments entail 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.

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 Fidelity Aberdeen Street Trust, and managed by Strategic Advisers, Inc. This description

is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed information about

the fund.

Fidelity® Contrafund®— Class K

FPRS Code: 2080

Ticker: FCNKX

Objective: Seeks capital appreciation.

Strategy: Investing in securities of companies whose value FMR believes is not fully recognized by the public. Investing

in either “growth” stocks or “value” stocks or both. Normally investing primarily in common stocks.

Risk: The value of the fund’s domestic and foreign investments will vary from day to day in response to many factors.

Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions.

Investments in foreign securities involve greater risk than U.S. investments. You may have a gain or loss when you sell

your shares.

Short-term Redemption Fee Note: None

Who may want to invest:

• Someone who is seeking the potential for long-term share-price appreciation.

• Someone who is willing to accept the generally greater price volatility associated with growth-oriented stocks.

A mutual fund registered under Fidelity Contrafund, and managed by Fidelity Management & Research Company.

This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed

information about the fund.

On May 9, 2008, an initial offering of the retirement (K) class took place. Returns and expenses prior to that date are

those of the non-K, non-advisor class. Had K class expenses been reflected in the returns shown, total returns would have

been higher.

28

InvestmentOptions

26

Fidelity® Dividend Growth Fund—Class K

FPRS Code: 2083

Ticker: FDGKX

Objective: Seeks capital appreciation.

Strategy: Normally investing at least 80% of assets in equity securities. Normally investing primarily in companies that

pay dividends or that FMR believes have the potential to pay dividends in the future. Investing in either “growth” stocks

or “value” stocks or both. Normally investing primarily in common stocks.

Risk: The value of the fund’s domestic and foreign investments fluctuates in response to issuer, political, market, or

economic developments and stock market volatility. Foreign markets can be more volatile than the U.S. market due to

increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently

from the U.S. market. The value of an individual security or particular type of security can be more volatile than the

market as a whole and can perform differently from the value of the market as a whole. When you sell your shares of the

fund, they could be worth more or less than what you paid for them.

Short-term Redemption Fee Note: None

Who may want to invest:

• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.

• Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated

with investing in the stock market.

A mutual fund registered under Fidelity Securities Fund, and managed by Fidelity Management & Research Company.

This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed

information about the fund.

On May 9, 2008, an initial offering of the retirement (K) class took place. Returns and expenses prior to that date are

those of the non-K, non-advisor class. Had K class expenses been reflected in the returns shown, total returns would have

been higher.

Fidelity® Money Market Trust Retirement Money Market Portfolio

FPRS Code: 0630

Ticker: FRTXX

Objective: Seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity.

Strategy: Investing in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchase

agreements. Investing more than 25% of total assets in the financial services industries. Potentially entering into reverse

repurchase agreements.

Risk: Interest rate increases can cause the price of a money market security to decrease. Foreign securities are subject to

interest rate, currency exchange rate, economic, and political risks. An investment in a money market fund is not insured

or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks

to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

Short-term Redemption Fee Note: None

Who may want to invest:

• Someone who has a low tolerance for investment risk and who wishes to keep the value of his or her investment

relatively stable.

• Someone who is seeking to complement his or her bond and stock fund holdings in order to reach a particular

asset allocation.

A mutual fund registered under Fidelity Money Market Trust, and managed by Fidelity Management & Research Company.

This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed

information about the fund.

29

InvestmentOptions For more information, visit www.cpg.org or call (877) 208-0092.

Fidelity® Small Cap Discovery Fund

FPRS Code: 0384

Ticker: FSCRX

Objective: Seeks long-term growth of capital.

Strategy: Normally investing at least 80% of assets in securities of companies with small market capitalizations

(companies with market capitalizations similar to the companies in the Russell 2000 Index or the S&P Small Cap 600).

Investing in either “growth” stocks or “value” stocks or both. Normally investing primarily in common stocks.

Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,

political, regulatory, market, or economic developments. The securities of smaller, less well-known companies can be

more volatile than those of larger companies. Foreign securities are subject to interest rate, currency exchange rate,

economic, and political risks.

Short-term Redemption Fee Note: This fund has a Short-term Redemption Fee of 1.50% for shares held less than

90 days.

Who may want to invest:

• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.

• Someone who is seeking both growth- and value-style investments and who is willing to accept the generally greater

volatility of investments in smaller companies.

A mutual fund registered under Fidelity Commonwealth Trust, and managed by Fidelity Management & Research Company.

This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed

information about the fund.

The Russell 2000® Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S.

domiciled companies.

The S&P Small Cap 600® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed

for use by Fidelity Distributors Corporation and its affiliates. It is a market capitalization-weighted index of 600 small-

capitalization stocks.

Neuberger Berman Genesis Fund Class R6

FPRS Code: OK5B

Ticker: NRGSX

Objective: The investment seeks growth of capital.

Strategy: The fund invests mainly in common stocks of small-capitalization companies, which it defines as those with

a total market value of no more than $2 billion at the time the fund first invests in them. It may continue to hold or add

to a position in a stock after the company’s market value has grown beyond $2 billion. The fund seeks to reduce risk by

diversifying among many companies and industries.

Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types of

stocks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock

markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or

other developments. These risks may be magnified in foreign markets. 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 the potential for long-term share-price appreciation.

• Someone who is willing to accept the generally greater price volatility associated both with growth-oriented stocks and

with smaller companies.

A mutual fund registered under Neuberger Berman Equity Funds, and managed by Neuberger Berman Management

LLC. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more

detailed information about the fund.

30

InvestmentOptions

Spartan® 500 Index Fund — Fidelity Advantage Class

FPRS Code: 1523

Ticker: FUSVX

Objective: Seeks to provide investment results that correspond to the total return (i.e., the combination of capital

changes and income) performance of common stocks publicly traded in the United States.

Strategy: Normally investing at least 80% of assets in common stocks included in the S&P 500 Index, which broadly

represents the performance of common stocks publicly traded in the United States.

Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,

political, regulatory, market, or economic developments.

Short-term Redemption Fee Note: None

Who may want to invest:

• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.

• Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated

with investing in the stock market.

A mutual fund registered under Fidelity Concord Street Trust, and managed by Fidelity Management & Research

Company. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more

detailed information about the fund.

The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by

Fidelity Distributors Corporation and its affiliates. It is an unmanaged index of the common stock prices of 500 widely

held U.S. stocks that includes the reinvestment of dividends.

On October 17, 2005, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are

those of the Investor Class and reflect the Investor Class’ expense ratio. Had the Fidelity Advantage Class’ expense ratio

been reflected, total returns would have been higher.

Fidelity is voluntarily reimbursing a portion of the fund’s expenses. If Fidelity had not, the returns would have been lower.

Spartan® Extended Market Index Fund — Fidelity Advantage Class

FPRS Code: 1521

Ticker: FSEVX

Objective: Seeks to provide investment results that correspond to the total return stocks of mid- to small-capitalization

United States companies.

Strategy: Normally investing at least 80% of assets in common stocks included in the Dow Jones U.S. Completion Total

Stock Market Index, which represents the performance of stocks of mid- to small-capitalization U.S. companies.

Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,

political, regulatory, market, or economic developments. Investments in smaller companies may involve greater risks than

those in larger, more well known companies.

Short-term Redemption Fee Note: This fund has a Short-term Redemption Fee of 0.75% for shares held less than 90 days.

Who may want to invest:

• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.

• Someone who is seeking both growth- and value-style investments and who is willing to accept the generally greater

volatility of investments in smaller companies.

A mutual fund registered under Fidelity Concord Street Trust, and managed by Fidelity Management & Research

Company. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more

detailed information about the fund.

The Dow Jones U.S. Completion Total Stock Market Index is an unmanaged index that represents all U.S. equity issues

with readily available prices, excluding components of the S&P 500.

On October 17, 2005, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are

those of the Investor Class and reflect the Investor Class’ expense ratio. Had the Fidelity Advantage Class’ expense ratio

been reflected, total returns would have been higher.

31

InvestmentOptions For more information, visit www.cpg.org or call (877) 208-0092.

Spartan® International Index Fund — Fidelity Advantage Class

FPRS Code: 1522

Ticker: FSIVX

Objective: Seeks to provide investment results that correspond to the total return of foreign stock markets.

Strategy: Normally investing at least 80% of assets in common stocks included in the Morgan Stanley Capital

International Europe, Australasia, Far East Index, which represents the performance of foreign stock markets.

Risk: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer,

political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency

exchange rate, economic, and political risks, all of which are magnified in emerging markets.

Short-term Redemption Fee Note: This fund has a Short-term Redemption Fee of 1.00% for shares held less than

90 days.

Who may want to invest:

• Someone who is seeking to complement a portfolio of domestic investments with international investments, which can

behave differently.

• Someone who is willing to accept the higher degree of risk associated with investing overseas.

A mutual fund registered under Fidelity Concord Street Trust, and managed by Fidelity Management & Research

Company. This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more

detailed information about the fund.

The MSCI Europe, Australasia, Far East Index (net MA tax) is an unmanaged market capitalization-weighted index of equity

securities of companies domiciled in various countries. The index is designed to represent performance of developed stock

markets outside the United States and Canada and excludes certain market segments unavailable to U.S.-based investors. The

index returns for periods after 1/1/1997 are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized

as Massachusetts business trusts.

Fidelity is voluntarily reimbursing a portion of the fund’s expenses. If Fidelity had not, the returns would have been lower.

On October 17, 2005, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are

those of the Investor Class and reflect the Investor Class’ expense ratio. Had the Fidelity Advantage Class’ expense ratio

been reflected, total returns would have been higher.

Spartan® U.S. Bond Index Fund — Fidelity Advantage Class

FPRS Code: 2324

Ticker: FSITX

Objective: Seeks to provide investment results that correspond to the aggregate price and interest performance of the

debt securities in the Barclays U.S. Aggregate Bond Index.

Strategy: Normally investing at least 80% of the fund’s assets in bonds included in the Barclays U.S. Aggregate Bond

Index. Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and

credit quality to attempt to replicate the returns of the Index using a smaller number of securities. Engaging in transac-

tions that have a leveraging effect on the fund, including investments in derivatives — such as swaps (interest rate, total

return, and credit default) and futures contracts — and forward-settling securities, to adjust the fund’s risk exposure.

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity funds to invest in particular security

types or investment disciplines).

Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise,

bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income

securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds,

most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity

is not possible. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The

fund can invest in securities that may have a leveraging effect (such as derivatives and forward-settling securities), which

may increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

Short-term Redemption Fee Note: None

Who may want to invest:

• Someone who is seeking potential returns primarily in the form of interest dividends rather than through an increase

in share price.

• Someone who is seeking to diversify an equity portfolio with a more conservative investment option.

32

InvestmentOptions

A mutual fund registered under Fidelity Salem Street Trust, and managed by Fidelity Management & Research Company.

This description is only intended to provide a brief overview of the fund. Read the fund’s prospectus for more detailed

information about the fund.

The Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollar-denominated

investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities

with maturities of at least one year.

On May 10, 2011, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are those

of the Investor Class and reflect the Investor Class’ expense ratio. Had the Fidelity Advantage Class’ expense ratio been

reflected, total returns would have been higher.

Fidelity is voluntarily reimbursing a portion of the fund’s expenses. If Fidelity had not, the returns would have been lower.

Stable Value Option

FPRS Code: GAAA

Ticker: N/A

Objective: Seeks to preserve capital while providing a competitive rate of return, thus providing the potential for greater

stability than traditional income (bond) funds and a greater return than traditional money market funds.

Strategy: The Stable Value Option provides a guaranteed* minimum interest rate. It is funded by an unallocated group

annuity contract issued by Church Life Insurance Corporation (Church Life) to The Church Pension Fund.

Risk: Church Life’s obligations under the unallocated group annuity contract are backed by a diversified portfolio

of investment-grade fixed-income assets. The group annuity contract permits the payment of certain transfers and

withdrawals. Funds allocated to the Stable Value Option are available for transfer to other investment options under

the Plan.

If you are under age 59½, you can make penalty-free transfers of up to 20% of your account balance each year as of

January 1 (plus any contributions or transfers made to the Stable Value Option in the same calendar year, less any

transfers out that you may have previously made in the same calendar year). If you transfer more than 20% in total, you

will incur a 5% fee on the amount transferred in excess of 20%. Upon attaining age 59½, this fee no longe r applies.

No restric tions, withdrawal charges or other fees will apply to the amount you withdraw as a result of certain life events.

Please contact Fidelity for mor e information.

Short-term Redemption Fee Note: None

Who may want to invest:

• Someone seeking to safeguard their principal value or to balance out a more aggressive portfolio.

• The investor looking to earn a predictable rate of return.

*Guarantees and obligations under the group annuity contract (form number 1009A1004) are solely those of Church Life

and are subject to the claims-paying ability of Church Life. The Church Pension Fund does not guarantee the financial

performance of Church Life or any principal or interest invested in the Stable Value Option. To learn more about the

financial condition of Church Life, review the summary of Church Life’s financial condition described in the Church Pension

Group Annual Report located at www.cpg.org or call (866) 802-6333 for additional information relating to the financial

condition of Church Life, for a copy of the Church Pension Group Annual Report or for a copy of Church Life’s statutory

financial statements. The home office of Church Life is located at 19 East 34th Street, New York, NY 10016.

This description is only intended to provide a brief overview of the Stable Value Option.

This option is not insured by the FDIC or the Federal Government.

This investment option is not a mutual fund.

The Plan, or any company or account maintained to manage or hold Plan assets and interest in subject Plan, company or account, are

not subject to registration, regulation, or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities

Exchange Act of 1934, or state securities laws. Plan participants and beneficiaries therefore will not be afforded the protections of the

provision of those laws.

Annuities are long-term investments and may be limited by tax penalties. Surrender charges and income taxes may be due upon with-

drawal of funds.

Please note that the Employee Guide and FAQs are provided to you for informational purposes only and should not be viewed as invest-

ment, tax, or other advice. In the event of a conflict between the information contained in the Employee Guide and FAQs and the official

plan document, the official plan document will govern. The Church Pension Fund and its affiliates retain the right to amend, terminate, or

modify the terms of any benefit plans described in the Employee Guide and FAQs at any time, without notice and for any reason.

The Church Pension Fund and Fidelity Investments are independent entities and are not legally affiliated.

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

© 2014 FMR LLC. All rights reserved.

ChurchPensionFund

19East34thStreet

NewYork,NY10016

(800)223-6602

www.cpg.org

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

570854.7.0

07/14

1.924461.107 4.EPC004170180