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Future Forward

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Future Forward Future forward Your Kronos Incorporated Retirement Savings Plan is moving to Empower Retirement. Effective May 1, 2021 Partnering to build a strong retirement UKG has chosen Empower Retirement to offer employees top-quality ser vice and resources for their retirement planning as the two legacy company plans become one UKG plan. On May 1, the Kronos Incorporated Retirement Savings Plan will be merging with the Ultimate Sof tware 401(k) Retirement Plan and will be renamed the UKG Retirement Savings Plan, which will be administered by Empower Retirement. Par tnering with Empower will provide employees with access to powerful tools and ser vices that will help you pursue retirement goals and financial well-being. Empower’s innovative approach, combined with their unique offerings and commitment to service excellence, has earned the trust of millions of retirement savings plan participants. Empower is one of the largest retirement ser vices providers in the nation,¹ ser ving more than 12 million individuals and over 67,000 organizations.² Retirement is all they do, with a mission of empowering people to save enough money today to work toward a secure retirement. 1 Pension & Investments 2020 Defined Contribution Survey Ranking as of April 2020. 2 As of January 4, 2021. Your future in the making WHAT HAPPENS NEXT Your account balance and future contributions will transfer into a target date fund — automatically. If you want to choose a different investment allocation for your account before the transition, you can make new fund elections with Empower between April 15, 2021, and April 29, 2021. This booklet is intended to help you understand what to expect during the transition and which features you can expect to see, including: • A new investment menu described later in this brochure. • A commitment to high levels of transaction accuracy and cybersecurity. • My Financial Path: Your plan offers a place to help you make sense of your finances. • Access to financial professionals who can talk to you about your investments and plan ser vices. • Empower Brokerage: Your plan offers additional investment options beyond the core funds. The Empower Brokerage account is intended for knowledgeable investors who acknowledge and understand the risks associated with the investments available through an Empower Brokerage account. • The Empower Retirement app to view your account wherever you go. • 833-752-6854 (833-PLANUKG): Reach an enhanced customer ser vice team of specially trained consultants who can provide you with plan information on topics like savings, investing and financial wellness. Get more information about the transition online at ukg401k.com/transition. Read through Frequently Asked Questions (FAQ) as well as sign up for an upcoming education meeting. Mark your calendar April 15-29, 2021 Who is eligible to make an election during the Early Early Open Election Window Open Election Window? Log on to ukg401k.com to make investment elections If you are currently par ticipating in the plan, your that will determine how your transferred balance and contribution rate(s) and beneficiary information as of future contributions will be invested. If you do not April 1, 2021, will be captured and made available for update provide investment elections, your account will with Empower between April 15, 2021, and April 29, 2021, transfer to the plan’s default investment alternative, during the Early Open Election Window. a FIAM Index Target Date Fund based on your date of Special note for employees eligible as of May 1, 2021: birth, excluding any investments in a self-directed If you are newly eligible to par ticipate in the plan effective brokerage account. During this period you will not be May 1, 2021, you will be automatically enrolled at 5% of pay able to elect self-directed brokerage as an investment on a pretax basis unless you elect otherwise during the for future contributions. This will be available once Early Open Election Window. (Interns are exempt from this the plan is live. automatic enrollment.) Register your account online April 14, 2021 Logging in to the Empower Retirement website for the Last day to complete a contribution rate update or first time? It ’s simple: enrollment on your current platform. Af ter April 14, contribution rate changes should only be 1. Visit ukg401k.com. completed with Empower. 2. Choose the option to register your account. April 22, 2021, at 4 p.m. Eastern time through 3. Follow the prompts and log in. April 27, 2021, at 4 p.m. Eastern time Note: It is important to check your date of birth when you Transition period begins register your account. If you do not proactively make an You may submit transactions to your Kronos Retirement Savings Plan at Fidelity prior to April 22, 2021, at 4 p.m. investment election, your balance will be invested in a Eastern time. This is the last day to complete and submit target date fund based on your date of birth. Please loan or other withdrawal requests either through paper contact Empower if changes are needed. forms or online. All other activity must be completed by During the Early Open Window, you should make April 27, 2021, at 4 p.m. Eastern time. an election for your: Plan accordingly to return all paperwork and 1. Contribution rate(s). documentation for applicable transactions before 2. Investment elections to direct how your converting April 22, 2021 (i.e., suppor ting documentation for loans balance and future contributions are invested. or withdrawals). You will have limited access to your account. This 3. Beneficiary information. “blackout period” will give us time to transfer your plan’s WE’VE GOT YOUR BACK administrative records to Empower Retirement (see the As you continue to plan for a successful future, Important Notice section of this document for details). we’re here to help. Let us know if you have any Payroll deductions will continue during the blackout period questions about your plan or if you need to make and will be reflected in your account when the blackout updates to your account. is complete. Get more information about the transition online Week of May 9, 2021 at ukg401k.com/transition. Transition period is expected to end Once the blackout period has ended, you will have full access to your account online and by phone. How your account will transfer Your current plan will roll over automatically, and the only action required is your review of the new plan setup at ukg401k.com during open enrollment in April. Unless you provide an affirmative investment election to the contrar y during the Early Open Election Window from April 15 - 29, 2021, at ukg401k.com, your account balance and future contributions will be invested in the target date fund that corresponds with your date of bir th according to the plan’s records (see table below). Any assets you have invested in a self-directed brokerage account will be excluded and will transition separately directly into an Empower brokerage account. If you don’t want your balances and future contributions to transfer to the plan’s default investment alternative, you can change your elections for your current balance and future contributions by visiting ukg401k.com during the Early Open Election Window of April 15, 2021, through April 29, 2021. During the period between May 3, 2021, until the week of May 9, 2021, when we expect to receive the plan’s assets, your account may be briefly invested in the Drey fus Government Cash Management Fund (DGCX X) and then redirected to the investment election we have for you on file. The Drey fus Government Cash Management Fund will be set up as a temporar y investment option in the plan during the initial transfer of assets as described. It will not be an investment option available af ter the transition is complete. Please note that any dividends/interest will be allocated to your account. YOUR BIRTH DATE RANGE: December 31, 1937, or earlier FIAM Index Target Date Income Commingled Pool Class Y January 1, 1938 - December 31, 1942 FIAM Index Target Date 2005 Commingled Pool Class Y January 1, 1943 - December 31, 1947 FIAM Index Target Date 2010 Commingled Pool Class Y January 1, 1948 - December 31, 1952 FIAM Index Target Date 2015 Commingled Pool Class Y January 1, 1953 - December 31, 1957 FIAM Index Target Date 2020 Commingled Pool Class Y January 1, 1958 - December 31, 1962 FIAM Index Target Date 2025 Commingled Pool Class Y January 1, 1963 - December 31, 1967 FIAM Index Target Date 2030 Commingled Pool Class Y January 1, 1968 - December 31, 1972 FIAM Index Target Date 2035 Commingled Pool Class Y January 1, 1973 - December 31, 1977 FIAM Index Target Date 2040 Commingled Pool Class Y January 1, 1978 - December 31, 1982 FIAM Index Target Date 2045 Commingled Pool Class Y January 1, 1983 - December 31, 1987 FIAM Index Target Date 2050 Commingled Pool Class Y January 1, 1988 - December 31, 1992 FIAM Index Target Date 2055 Commingled Pool Class Y January 1, 1993 - December 31, 1997 FIAM Index Target Date 2060 Commingled Pool Class Y Januar y 1, 1998, or later FIAM Index Target Date 2065 Commingled Pool Class Y The date in the name of the target date fund is the assumed date of retirement. The asset allocation becomes more conser vative as the fund nears the target retirement date; however, the principal value of the fund is never guaranteed. To ensure your account is allocated according to your strategy or investment style, it’s a good idea to revisit your account and make adjustments to your investment elections, if necessar y, during the Early Open Election Window. Investing involves risk, including possible loss of principal.
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