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FAQ #4 - About the IARC Offshore Retirement Plan Transition to Zurich

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FAQ #4 - About the IARC Offshore Retirement Plan Transition to Zurich FAQ #4 - About the IARC Offshore Retirement Plan Transition to Zurich FAQ #4 is a compilation of the prior FAQs (FAQ #1 on 23 April, FAQ #2 on 15 June, and FAQ #3 on 10 July) sent to Participants to provide important information about the transition of the IARC Retirement Plan from the Allianz platform to the Zurich platform. As mentioned in the prior FAQs, the Blackout Period will begin on Monday, 24 August 2020, and end on Monday, 5 October 2020. Please note that switches and rebalances will not be available starting on Monday, 17 August 2020. New Offshore Retirement Provider / Reason for Change Who is the new offshore The IARC Offshore Retirement Plan’s investment and retirement plan provider? recordkeeping platform will be provided by Zurich International Life (Zurich) on Monday, 5 October 2020, but the transition will begin on Monday, 24 August 2020. Zurich is a major financial institution offering life assurance, investment and protection solutions throughout the world, with licensed offices in the United Arab Emirates, Hong Kong, Bahrain and the Isle of Man. Zurich is part of the Zurich Insurance Group, which was founded in 1872. Zurich has been helping businesses provide international retirement benefits to their employees for over 30 years, in particular delivering solutions for employers with internationally mobile employees. Zurich has over 790 corporate savings plans, with more than 97,000 plan members in 192 countries and holds over USD 5 billion in funds under administration in group savings assets. You can learn more about the history of Zurich in the following link: https://www.zurich.com/en/about-us/a-global-insurer/history- and-heritage. Zurich is committed to its long-term ambition to be one of the most responsible and impactful businesses in the world. Full details of their position on sustainability can be found at https://www.zurich.com/sustainability. Is my money safe with Zurich? Zurich International Life Limited (ZILL) is well capitalised with a strong balance sheet and is part of the Zurich Insurance Group. ZILL's parent Company, Zurich Insurance Company Ltd, holds the following financial strength ratings: Standard & Poors - AA-/positive; Moody’s - Aa3/stable; and A.M Best - A+/stable. ZILL is regulated by the Isle of Man Financial Services Authority (IOMFSA). All insurers carrying on insurance business in or from the island are required to be authorised under the Insurance Act 2008 (as amended) (“the Act”). The Act and regulations made thereunder require an insurer, such as ZILL, to comply with solvency and regulatory reporting obligations, which include holding sufficient capital — taking into consideration all of the quantifiable risk that the insurer faces and calculated to ensure that the insurer can remain solvent even in adverse conditions. Page 1 of 6 FAQ #4 - About the IARC Offshore Retirement Plan Transition to Zurich Why did AIARC change the In 2019, the IARC Offshore Retirement Plan Trustee tendered platform provider? bids for a new retirement plan platform provider with the key goals of providing plan Participants with access to: 1) online financial education and retirement planning tools; 2) investment news and research; 3) call center assistance and investment guidance; and 4) low fees for participants. Is the IARC Plan still recognized Yes. The Plan still meets the criteria, established by the as a retirement plan for Common Organization for Economic Co-operation and Development Reporting Standard (CRS) and (OECD), for a Broad Participation Retirement Fund and the Plan Foreign Account Tax Compliance is registered with the Guernsey Tax Authority under Section Act (FATCA) purposes? 154-A. The primary criteria for this recognition are: 1) the age requirement for a participant to receive a penalty-free withdrawal and 2) the requirement that a participant and his or her respective withdrawal amount is reported to a governmental tax authority that participates in the Automated Exchange of Information (AEoI) Transition / Blackout Period Dates The Blackout Period will begin on Monday, 24 August 2020, and end on Monday, 5 October 2020. Please note that switches and rebalances will not be available starting on Monday, 17 August 2020. What is a Blackout Period? The Blackout Period is the timeframe during which Allianz will transfer Plan assets to Zurich, and AIARC will reconcile Participant accounts to ensure that all transfers from Allianz were posted correctly on the Zurich platform. Please note that during the Blackout Period, you will not have access to either your Allianz account or your new Zurich account. When is the last day that I can The last day to access your Allianz account will be on Friday, access my Allianz account before 21 August 2020. You will not be able to log into your Allianz the Blackout Period begins? account after this date until the Blackout Period ends. Please note that the last day to perform a rebalance or switch in your Allianz account will be Friday, 14 August 2020.You will regain access to your Allianz account after the Blackout Period ends. How will I know when the When the Blackout Period ends, you will receive an email from Blackout Period ends? Zurich, which will outline the instructions on how to register your account and how to log in to your Zurich International Online (ZIO) account. Will I have access to my Allianz Yes. After the Blackout Period ends, you will regain access to account after the Blackout your Allianz account through 31 December 2020 to review and Period? download statements. No other functions will be available on the Allianz platform. Your quarterly statement as of 30 September will be posted from the Allianz platform to the Zurich (ZIO) platform. Page 2 of 6 FAQ #4 - About the IARC Offshore Retirement Plan Transition to Zurich It is recommended that you download and save your last quarterly statement (31 December) of each year from the Allianz platform for your records. Contributions and Investments during the Blackout Period When will the first contribution The first contribution to the Zurich platform will be made in for Center employees be made August 2020 at the onset of the Blackout Period. to the Zurich platform? Where will my investment funds Your existing Allianz investments will be mapped to the same or chosen on the Allianz platform similar investments on the new Zurich platform. Please refer to be transferred (mapped) to on the Investment Fund Mapping Chart for details. In general, the the Zurich Platform? mapping of funds will transferred as follows: • Non-Allianz funds (e.g., Vanguard, PIMCO, SSgA, etc.) will be mapped to the same investment funds on the Zurich platform, except for the Goldman Sachs Euro Money Market fund which will be mapped to a similar fund. • Allianz funds that were selected outside of the LifeCycle concept will be mapped to similar investment funds offered by Vanguard, Fidelity, etc. • Allianz LifeCycle Funds will be mapped to the Zurich Target Retirement Funds (TRFs), which are comprised of a range of passive index funds designed and managed by Vanguard. The LifeCycle will be transferred to the TRF which is nearest to the date when you turn age 65. Is the Allianz Lifecyle the same Yes. Similar to the Allianz LifeCycle, the Zurich TRF invests in concept as the Zurich stocks and bonds with their allocations based on the number of Retirement Fund (TRF)? years away from the normal retirement age of 65. The length of time until age 65 is known as the glidepath. The percentage allocations between stocks and bonds automatically change as the participant moves along the glidepath to age 65. When a participant is young with a long glidepath, the TRF is allocated heavily towards stocks, and when the participant is near retirement age with a short glidepath, the TRF is allocated heavily towards bonds. The TRF automatically changes its allocation to assets considered less risky as the participant nears the normal retirement age. Is the Zurich TRF comprised of Yes. AIARC requested Zurich to offer Target Retirement Funds funds from another fund to the IARC Offshore Plan participants, which are similar to the manager? Who is Vanguard? passive index funds offered in the IARC U.S. Retirement Plan. Zurich partnered with Vanguard to make the TRFs available using Vanguard index funds as the cornerstone of the Zurich TRFs. The IARC Offshore Plan is the first retirement plan outside of North America to offer the underlying Vanguard TRFs. Vanguard has been offering TRFs since 2003 and is considered one of the best managers of index funds in the world because of its efficiency and low fees. You can learn Page 3 of 6 FAQ #4 - About the IARC Offshore Retirement Plan Transition to Zurich more about Vanguard and its history at https://about.vanguard.com/who-we-are/a-remarkable- history/ Will my last statement with Your account history and final statement with Allianz will show Allianz show the amount that is the amount that is transferred to Zurich. These amounts will be transferred to my Zurich the same. account? Will the amounts be the same? Can I lose money on the Zurich will utilize two transfer strategies (Re-Registration and transfer? Will my investments be Pre-Funding) to mitigate the out-of-market risk to participants’ exposed to out-of-market risk? investments. Zurich has launched the non-Allianz funds (except the Goldman Sachs Euro fund) on the Zurich platform to execute a re-registration transfer. Refer to the Investment Mapping Chart to find the Zurich funds to which your Allianz funds will be mapped. By launching the same non-Allianz funds on the Zurich platform, AIARC will be able to transfer (through a re-registration process) the assets of these funds intact from the Citibank custodial account (Allianz’s custodial bank) to the Allfunds custodial account (Zurich’s custodial bank).
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