June 2021 Fund Changes

June 2021

Dear MMBB Member,

MMBB regularly reviews its investment options to ensure they continue to help you meet your retirement and financial goals. With this in mind, MMBB will change or modify fund options from time to time.

MMBB is making four such changes as outlined below. These changes will take place after the market closes on June 30, 2021 (generally 4:00 p.m. Eastern time).

1.  MMBB Target Date Funds will become the default investment option.

MMBB is changing the default investment option from the Balanced Fund to the Target Date Fund associated with each member’s expected retirement year. This change applies to FUTURE contributions for members who, as of June 30, 2021 at 4:00 PM ET, have NEVER made an investment direction election.  If your future contributions are directed to the Balanced Fund via default (i.e., you never made an investment election), you can opt out of this change and continue to have future contributions go to the Balanced Fund. If you wish to do this you MUST make an investment direction election that is 100 percent Balanced Fund prior to 4:00 PM ET on June 30, 2021. 

The default option for undesignated FUTURE contributions.

2. The U.S. Blended Equity Fund assets will be moved to the U.S. Equity Index Fund, and the former will no longer be available.

Your current assets in and future contributions to the U.S. Blended Equity Fund will be transferred to the U.S. Equity Index Fund after market close on June 30, 2021 (see the chart below). While both funds invest in the broad U.S. equity market, the U.S. Blended Equity Fund is actively managed. The U.S. Equity Index Fund is passively managed at a significantly lower investment management fee.

The transfer of balances will appear as a fund transfer on your account history and quarterly statement.

If you invest in the U.S. Blended Equity Fund and do not want your balance transferred to the U.S. Equity Index Fund, please visit www.mmbbaccounts.org or call 1-877-626-4032 before June 30, 2021 to make an election to an alternate MMBB fund option.

3. The International Blended Equity Fund will become the International Equity Index Fund after the market close on June 30, 2021.

Your balances will remain in the renamed fund, which will continue to invest in the broad, developed international equity markets. However, the fund will use a passive investment approach at a significantly lower investment management fee, rather than a combined active and passive approach.

If you do not want to invest in the International Equity Index Fund, please visit www.mmbbaccounts.org or call 1-877-626-4032 before June 30, 2021 to make an election to an alternate MMBB fund option.

4. The U.S. Bond Fund will be renamed the U.S. Bond Index Fund.

There will be no change to the investment management of the underlying assets and no action is required.

For more information about any of the MMBB investment options, visit www.mmbb.org, click Personal Finance and go to Investment Options. You can also contact the MMBB Service Center at 1-800-986-6222.

The MMBB Service Team

See Investment Election Instructions