Retirement Savings Distribution Strategies for Changing Jobs or Retiring

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3. This presentation has been prepared by [Add Firm Name Here]for general education and informational purposes only and is not intended to provide legal, tax, or investment advice. This material does not provide fiduciary recommendations concerning investments or investment management; it is not individualized to the needs of any specific benefit plan or retirement investor, nor is it directed to any recipient in connection with a specific investment or investment management decision. Any tax-related discussion contained in this presentation, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any tax penalties or (ii) promoting, marketing, or recommending to any other party any transaction or matter addressed herein. Please consult your independent legal counsel and/or professional tax advisor regarding any legal or tax issues raised in this presentation.

4. What we’ll cover today • Choices you have for your money Distribution Options How We Can Help Take Action

5. What we’ll cover today • [VARIABLE:] Take advantage of a [ADVISOR SERVICE OFFERING] • Get tools and information to help you make informed decisions Distribution Options How We Can Help Take Action

6. What we’ll cover today • Review what you need to do to carry out your distribution decisions Distribution Options How We Can Help Take Action

7. You have four options Address current expenses Defer taxes RolloverIRA Cash distribution leave in current plan New employer’s plan your retirement savings

8. Taking a cash distribution *Distributions prior to age 59½ from a retirement plan may be subject to an additional 10% early withdrawal penalty and income taxes. However, if you leave your employer after you turn age 55, you may not be subject to the 10% early withdrawal penalty. There are other limited situations when the 10% early withdrawal penalty may be waived, including, but not limited to, death, permanent disability, and qualified reservist distributions.

9. POTENTIAL EFFECTS OF CASH DISTRIBUTION This is for illustrative purposes only. Tax withholding assumes a 25% federal tax rate and 6% state and local taxes. Penalties and taxes, other than mandatory withholding, are paid later; they are not taken out of your distribution. Your situation will vary. Distribution amount $50,000

10. POTENTIAL EFFECTS OF CASH DISTRIBUTION This is for illustrative purposes only. Tax withholding assumes a 25% federal tax rate and 6% state and local taxes. Penalties and taxes, other than mandatory withholding, are paid later; they are not taken out of your distribution. Your situation will vary. Distribution amount $40,000 Less 20% mandatoryfederal withholding -$10,000

11. POTENTIAL EFFECTS OF CASH DISTRIBUTION *For distributions prior to age 59½. This is for illustrative purposes only. Tax withholding assumes a 25% federal tax rate and 6% state and local taxes. Penalties and taxes, other than mandatory withholding, are paid later; they are not taken out of your distribution. Your situation will vary. Distribution amount Less 20% mandatoryfederal withholding -$10,000 $35,000 Less additional 10% early withdrawal penalty* -$5,000

12. POTENTIAL EFFECTS OF CASH DISTRIBUTION *For distributions prior to age 59½. This is for illustrative purposes only. Tax withholding assumes a 25% federal tax rate and 6% state and local taxes. Penalties and taxes, other than mandatory withholding, are paid later; they are not taken out of your distribution. Your situation will vary. Distribution amount Less 20% mandatoryfederal withholding -$10,000 Less additional 10% early withdrawal penalty* -$5,000 Less additional ordinary federal income taxes (5%) -$2,500 $32,500

13. POTENTIAL EFFECTS OF CASH DISTRIBUTION *For distributions prior to age 59½. This is for illustrative purposes only. Tax withholding assumes a 25% federal tax rate and 6% state and local taxes. Penalties and taxes, other than mandatory withholding, are paid later; they are not taken out of your distribution. Your situation will vary. Distribution amount Less 20% mandatoryfederal withholding -$10,000 Less additional 10% early withdrawal penalty* -$5,000 Less additional ordinary federalincome taxes (5%) -$2,500 $29,500 Less state and local income taxes (6%) -$3,000

14. leave in current plan *Depends on employer plan provisions. There are other important factors to consider when deciding between an employer-sponsored plan and IRA—examples include fees and expenses, available services, and protection from creditors. Please consider consulting with a tax advisor.Assumes any minimum balance requirements are met.

15. Moving to a new employer’s plan *Depends on employer plan provisions. There are other important factors to consider when deciding between an employer-sponsored plan and IRA—examples include fees and expenses, available services, and protection from creditors. Please consider consulting with a tax advisor.Assumes any minimum balance requirements are met.

16. Rollover IRA There are other important factors to consider when deciding between an employer-sponsored plan and IRA—examples include fees and expenses, available services, and protection from creditors. Please consider consulting with a tax advisor.

17. Rollover IRA (cont.) There are other important factors to consider when deciding between an employer-sponsored plan and IRA—examples include fees and expenses, available services, and protection from creditors. Please consider consulting with a tax advisor.

18. Potential tax-deferred benefits • Remaintax-deferred • Take cash* • Invest in taxable account • Investment earningstaxed at 18.75% each year *Distribution from qualified retirement plan has a 31% combined state and federal tax rate and a 10% penalty. This chart is for illustrative purposes only and should not be considered representative of the returns of any of the investment options in your plan. It assumes a hypothetical 7% return, compounded monthly, on a $50,000 distribution saved for an additional 20-year period. Money in the tax-deferred account is taxed when it is withdrawn. Gains in the taxable account are subject to a capital gains tax rate of 15%; lower maximum tax rates on capital gains and dividends will make the investment return for the taxable account more favorable, thereby reducing the difference in the dollar amounts between the two accounts. Changes in tax rates and the tax treatment of investment earnings may affect comparative results. You should consider your personal investment horizon and income tax brackets, both current and anticipated, when making an investment decision because these factors may further affect the results of the comparison. Distributions from a retirement plan may be subject to a 10% early withdrawal penalty and income taxes, which are not reflected in these results. However, if you leave your employer after you turn age 55, you may not be subject to the 10% early withdrawal penalty. There are other limited situations when the 10% early withdrawal penalty may be waived, including, but not limited to, permanent disability. taking a PENALIZED distribution versus saving in a tax-deferred account For 20 Years.

19. Potential tax-deferred benefits • Remaintax-deferred • Take cash • Invest in taxable account • Investment earningstaxed at 18.75% each year TAKING A NON-PENALIZED DISTRIBUTION VERSUS REMAINING IN A TAX-DEFERRED ACCOUNT For 20 Years. This chart is for illustrative purposes only and should not be considered representative of the returns of any of the investment options in your plan. It assumes a hypothetical 7% return, compounded monthly, on a $50,000 distribution saved for an additional 20-year period. Money in the tax-deferred account is taxed when it is withdrawn. Gains in the taxable account are subject to a capital gains tax rate of 15%; lower maximum tax rates on capital gains and dividends will make the investment return for the taxable account more favorable, thereby reducing the difference in the dollar amounts between the two accounts. Changes in tax rates and the tax treatment of investment earnings may affect comparative results. You should consider your personal investment horizon and income tax brackets, both current and anticipated, when making an investment decision because these factors may further affect the results of the comparison. Distributions from a retirement plan may be subject to a 10% early withdrawal penalty and income taxes, which are not reflected in these results. However, if you leave your employer after you turn age 55, you may not be subject to the 10% early withdrawal penalty. There are other limited situations when the 10% early withdrawal penalty may be waived, including, but not limited to, permanent disability.

20. IRA ROLLOVERS—DIRECT VS. INDIRECT Check made payable to the new IRA custodian/plan trustee Two-step process • Complete your plan distribution requirements and select the direct rollover option • Complete IRA rollover application for the receiving financial institution • If rolling over to another employer plan, contact the new employer for information on forms, etc. A direct rollover can be processed at any time Direct rOLLOVER Indirect ROLLOVER • Check made payable to you • Mandatory 20% federal tax withholding • 60 days to roll over all or a portion to IRA • Must personally deposit 20% out of pocket if depositing entire balance • Any portion not rolled over, including amounts withheld, is considered a distribution

21. What do I do now? • Contact [Advisor name here] If you would like to make a change If you aren’t ready to make any changes If you’re still unsure

22. What do I do now? • Contact T. Rowe Price to initiate a distribution • No action required • Money can remain in the plan If you would like to make a change If you aren’t ready to make any changes If you’re still unsure Assumes minimum account balance requirements are met.

23. What do I do now? • Contact T. Rowe Price to initiate a distribution • No action required • Money can remain in the plan • Contact [advisor name here] If you would like to make a change If you aren’t ready to make any changes If you’re still unsure Assumes minimum account balance requirements are met.

24. MONITOR YOUR ACCOUNT ONLINE • Please add in any graphics you think are appropriate, like images of participant websites or account summaries: • Quickly view and access accounts and balances • Perform transactions • Check in on your progress toward retirement • Research investments • Log in wherever you are, whatever your device (if that is true)

25. Save enough for retirement. IT’S YOUR FUTURE we’re here to help.

26. Save enough for retirement IT’S YOUR FUTURE. we’re here to help.

27. Save enough for retirement. IT’S YOUR FUTURE. We’RE HERE TO help

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