401(k) Retirement Planning

401(K) FAQ

My total balance is broken down by percentage and does not add up to 100%?
The percentage listed for your current account balance is rounded to the nearest whole number. In some cases, this may cause your percentage estimate to be rounded slightly higher or lower than 100%. For a precise percentage, divide the fund balance by the total balance.

Why does my number of units change in the thousandths place when I did not have any financial activity?
The unit balance is an estimate. The fund balance is divided by the unit value to estimate units.

How can I track the performance of my investment?
Performance results and unit values for the Union Central Group Annuity contract may be obtained by logging in to Access 24, the secured online account access system for group annuity plan sponsors and participants. You can retrieve performance information by clicking on “Fund Performance,” located on the Access 24 Balance page. You can also use Access 24 by telephone to get performance information; simply dial 1-800-292-6810.

What is the ticker symbol of my investment?
Ticker symbols refer only to retail stocks and mutual funds that are sold directly to the public in the financial marketplace. The accounts within the Group Annuity contract do not have ticker symbols.

Your investment is in an insurance company separate account. An insurance company separate account is not a duplicate of a retail mutual fund. Separate accounts may invest in retail, institutional, sub-advised or variable insurance mutual funds. The separate account and retail fund may have the same name, but the underlying assets in the investment may not be the same, the pool of money may be separate, the expenses may be different, and in some cases, the people who manage the underlying investments may be different.

What is a “separate account?”
Separate accounts are accounts maintained by insurance companies. The separate account is separated from the General Account and protected from the claims of the insurer’s creditors. Union Central maintains a separate account for each investment option within the Group Annuity contract. Participant and employer contributions are made directly to the separate accounts. Units are then issued on the participant’s behalf. Union Central then purchases shares of the corresponding mutual fund to fund the separate account. Unit values of each separate account are correlated with the investment performance of the underlying mutual fund.

What is a unit value?
A unit value is the value of one unit of an investment account in the Employee Savings Plan (ESP). When an investment option is first offered in the plan, the unit value generally begins at $1.00 per unit.

How are unit values calculated?
When an investment option is first offered in the plan, the unit value begins at $1.00 per unit. At the close of each business day, the unit value is calculated by dividing the total value of the securities in the Separate Account by the number of units outstanding. The income and capital appreciation of the securities in the Separate Account will cause the unit value to increase. Declines in the value of the securities in the Separate Account will result in a decline of the unit value.

How can I transfer balances between funds?
Multiple transfers may be entered one at a time up to a maximum of 30 transfers. Only one set of Transfer(s) or one Rebalance request may be submitted per business day. Transfer(s) to (existing) account balances are reflected across ALL money sources. Transfer(s) do not change investment allocation percentages on future money.

How does rebalancing work?
Rebalancing percentages do not change investment allocation percentages on future contributions. Percentages will represent how your existing fund balances will be reallocated. Rebalancing your fund portfolio will generate the necessary transfers between your investment accounts. Only one Rebalance request or one set of Transfer(s) may be submitted per business day.

How do I complete a transaction?
If you click on the Confirm button on any transaction request, your request will be processed at the close of the market day. Transaction completed after 4:00 P.M. EST will be processed at the close of the next open market day. Only one transaction is allowed per day (via the phone or Internet).

How do I print the information?
The balance page and all date-stamped confirmation pages may be printed. To print a copy for your records, use the browser’s print button. In addition, many documents on our site can be viewed or downloaded using Adobe Acrobat Reader software.

Can I receive my account activity information electronically?
Yes, you can. Access 24, Union Central’s secured online account access system, has a feature that enables retirement plan participants who have account activity or order statements online to receive their confirmations and statements in electronic form on the Internet. To access this feature, you should login to Access 24; select Client Profile; and change your delivery method to “Electronic Delivery.” Once you have chosen electronic delivery, your Access 24 confirmation or statement ordered while online will be available in PDF format at 8:00 a.m. EST the next day. All you have to do is retrieve the electronic document under the Reports section of Access 24.

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