Enrollment Guide - Davis Bacondavisbacon.org/downloads/Employee Benefit and Investment Guide... · Enrollment Guide Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not

Enrollment Guide

Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not Guaranteed by Any Bank | Not Insured by Any Federal Government Agency | Funds May Lose Value

Davis-Bacon Pension Plans, Inc.

3

Dear Plan Participant,

Unpredictability—it’s the one thing about the future we can all agree on. But while it’s true that none of us can see

the future, we can take steps to prepare for it. Your employer-sponsored retirement Plan is a tool that can help

you manage unpredictability. It can help you plan for a future that may be a long way away, but one which will be

here sooner than you think.

When it comes to retirement planning, you can’t afford to say “I’ll cross that bridge when I come to it.” What you

do today affects how you’ll live tomorrow. This guide will start you on the journey toward planning the retirement

you want. It outlines the key steps you need to take to begin saving for retirement, which include:

Enrolling in Your Plan

Selecting Your Investments

But more than just identifying the steps, you’ll learn why each one is important. And you’ll also find out about

some great resources that can help you along the way. As you’ll see, getting started is easy, and we’ll be with

you through each step you make toward a successful retirement.

Regards,

Davis-Bacon Pension Plans, Inc.

Tips to Help Improve Your Retirement Strategy Success

Save As Much As You Can

The more you save now, the more you’ll potentially have when you retire.

Take Advantage of Catch-Up Contributions

Use Catch-Up contributions to help close any gap in your retirement savings by contributing above the standard

limits.

4

Davis-Bacon Pension Plan Features and Highlights

1

Read these highlights to learn more about your Plan. If there are any discrepancies between this document and the Plan Document, the Plan Document will govern. About the 401(a) Plan A 401(a) plan is a retirement savings plan designed to allow employers to supplement their employees’ existing retirement and pension benefits by contributing to the plan on the employees’ behalf. Contributions and any earnings on contributions are tax-deferred until the money is withdrawn.

Eligibility Requirements To receive the employer contributions to the 401(a) Plan, you must complete one (1) hour of work for a participating employer working on federal, state or municipal projects. Other requirements may also have to be met, as described in the Summary Plan Description.

Enrollment Complete the appropriate enrollment forms, indicating your investment option selection(s) and beneficiary designation(s). Please return the forms to your employer.

Employer Contributions The 401(a) Plan provides for employer contributions. The amount of contribution deposited to your account is determined by the applicable contract and will vary depending on employer, job site, state, county, city and trade. Your employer can provide the exact amount.

Vesting Schedule Vesting refers to the percentage of your account you are entitled to receive upon the occurrence of distributable events. Your contributions and any earnings are always 100% vested from the first hour worked.

Investment Options1 A wide array of core investment options are available through your Plan. Each option is explained in further detail in your Plan’s fund sheets. Once you have enrolled, investment option information is also available through the website at www.empower-retirement.com/participant or by calling KeyTalk

®

toll free at (866) 467-7756. The website and KeyTalk are available to you 24 hours a day, seven days a week.

2

Transfers and Allocation Changes Use your Personal Identification Number

3 (PIN) and

Username to access the website, or you can use your Social Security number and PIN to access KeyTalk.

You can move all or a portion of your existing balances among investment options (subject to Plan rules) and change how your payroll contributions are invested.

2

Rollovers Only Plan administrator approved balances from an eligible governmental 457(b), 401(k), 403(b) or 401(a) plan or an Individual Retirement Account (IRA) may be rolled over to the Plan. Some Plans may only allow rollovers from other 401(k) plans. You are encouraged to discuss rolling money from one account to another with your financial advisor/planner, considering any potential fees and/or limitation of investment options.

Withdrawals Qualifying distribution events are as follows:

Retirement Permanent disability Severance of employment (as defined by the

Internal Revenue Code provisions) Death (your beneficiary receives your

benefits) Ordinary income tax may apply to each distribution. Distributions received prior to age 59½ may also be assessed a 10% early withdrawal federal tax penalty. Refer to your Summary Plan Description for more information about distributions.

Plan Fees Recordkeeping or Administrative Fees: An annual Variable Asset Charge of 0.95% is calculated and deducted daily as a part of the unit value of each of your variable investment options.

Distribution Fees: There are no charges for the following:

Regularly scheduled amounts received over a period of 36 months or more

All other distributions and transfers are subject to a $20 charge. Before taking a distribution, contact Davis-Bacon Pension Plans, Inc. at (425) 889-8855 to get more information.

Investment Option Fees: Each investment option has its own operating expenses. These fees are deducted by each investment option’s management company before the daily price or performance is calculated. Fees pay for trading of securities within the investment options and other management expenses.

5

401(a) Tax-Deferred Retirement Plan 2

Funds may impose redemption fees and/or transfer restrictions if assets are held for less than the published holding period. Asset allocation funds are generally subject to a fund operating expense at the fund level, as well as prorated fund operating expenses of each underlying fund in which they invest. For more information, please refer to the fund prospectus and/or disclosure document. Funds are subject to the risks of the underlying funds. There may be a recordkeeping or administrative fee for investing in certain investment options. Please contact your Empower

Retirement

representative for

more information about any potential investment option fees.

Reality Investing® Advisory Services (Advisory Services) Your Plan has a suite of services called Advisory Services. You can have a qualified investment adviser, Advised Assets Group, LLC (AAG), manage your retirement account for you. Or if you prefer to manage your retirement account on your own, you can use online investment guidance and advice tools. These services help create a personalized retirement strategy for you.

The annual cost of Reality Investing Advisory Services is as follows:

Investment Guidance – included, no additional charge

Investment Advice – $25.00 per year, or $6.25 per quarter

Managed Account Service fees based on participant account balance: - First $100,000 0.65% - Next $100,000 to $250,000 0.55% - Next $250,000 to $400,000 0.45% - Amounts over $400,000 0.35%

For more detailed information about Advisory Services, including any applicable fees, visit your Plan’s website at www.empower-retirement.com/participant (click on the “Advisory Services” tab) or call KeyTalk at (866) 467-7756 to speak to an AAG adviser representative. There is no guarantee that participation in Advisory Services will result in a profit or that your account will outperform a self-managed portfolio.

How Can I Get More Information? Visit the website at www.empower-retirement.com/participant or call KeyTalk

® toll free

at (866) 467-7756 for more information. The website provides information regarding your Plan, as well as financial education information, financial calculators and other tools to help you manage your account.

1 All information contained on the website, in prospectuses, and in other investment option documents is offered in English. Please have this information translated for your understanding. 2 Access to KeyTalk and/or any website may be limited or unavailable during periods of peak demand, market volatility, systems upgrades/maintenance or other reasons. Transfer requests made via the website or KeyTalk received on business days prior to close of the New York Stock Exchange (4:00 p.m. Eastern Time or earlier on some holidays or other special circumstances) will be initiated at the close of business the same day the request was received. The actual effective date of your transaction may vary depending on the investment option selected. 3 The account owner is responsible for keeping the assigned PIN confidential. Please contact a client service representative immediately if you suspect any unauthorized use.

Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker dealers.

GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company.

Representatives of GWFS Equities, Inc. are not registered investment advisors and cannot offer financial, legal or tax advice. Please consult with your financial planner, attorney and/or tax advisor as needed.

Empower RetirementTM refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: White Plains, NY; and their subsidiaries and affiliates. The trademarks, logos, service marks, and design elements used are owned by their respective owners and are used by permission.

Managed account, guidance and advice services are offered by Advised Assets Group, LLC (AAG), a federally registered investment adviser. More information can be found at www.adviserinfo.sec.gov. The Plan information contained in this document was provided by the Plan's third-party administrator. Empower RetirementTM is not responsible for any content provided by the Plan's third-party administrator. ©2015 Great-West Life & Annuity Insurance Company. All rights reserved. Form#95242-01PH 401(a) PT# 214853 (04/2015)

Beneficiary Designation401(a) Plan

STD FBENED ][02/05/15)( 95242-01 CHG NUPART [/GU22)(/][/GP22)(/][386189057)(

Page 1 of 2

Davis-Bacon Pension Plans, Inc. 95242-01

For My Information

� For questions regarding this form, visit the Web site at www.empower-retirement.com/participant or contact Service Provider at 1-866-467-7756.� Use black or blue ink when completing this form.

A Participant Information

Account extension, if applicable, identifies fundstransferred to a beneficiary due to participant'sdeath, alternate payee due to divorce or aparticipant with multiple accounts.

- -

Account Extension Social Security Number (Must provide all 9 digits)

Last Name First Name M.I.

Email Address

Division

Married Unmarried

/ /

Date of Birth

( )

Daytime Phone Number

( )

Alternate Phone Number

B Beneficiary Designation

Primary Beneficiary Designation (Attach an additional sheet to name additional beneficiaries.)

If I am married, my Plan requires my spouse to be named as primary beneficiary for 100% of my account balance, or my spouse must consentto my beneficiary designation.

%

% of Account Balance Primary Beneficiary Name Relationship

%


%


Contingent Beneficiary Designation

%

% of Account Balance Contingent Beneficiary Name Relationship

%


%


C Signatures and Consent

Participant Consent

I have completed, understand and agree to all pages of this Beneficiary Designation form. Subject to and in accordance with the terms of thePlan, I am making the above beneficiary designations for my vested account in the event of my death. If I have more than one primary beneficiary,the account will be divided as specified. If a primary beneficiary predeceases me, his or her benefit will be allocated to the surviving primarybeneficiaries. Contingent beneficiaries will receive a benefit only if there is no surviving primary beneficiary, as specified. If a contingent beneficiarypredeceases me, his or her benefit will be allocated to the surviving contingent beneficiaries. If I fail to designate beneficiaries, amounts will be paidpursuant to the terms of the Plan or applicable law. This designation is effective upon execution and delivery to Service Provider. If any informationis missing, additional information may be required prior to recording my designation.

This designation supersedes all prior designations. Beneficiaries will share equally if percentages are not provided and any amounts unpaid upondeath will be divided equally. Primary and contingent beneficiaries must separately total 100% in whole percentages.

I understand that the Service Provider is required to comply with the regulations and requirements of the Office of Foreign Assets Control,Department of the Treasury ("OFAC"). As a result, the Service Provider cannot conduct business with persons in a blocked country or any persondesignated by OFAC as a specially designated national or blocked person. For more information, please access the OFAC Web site at: http://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx.

Important Notice: In accordance with ERISA and/or Plan Document, if I am married and I elect a primary beneficiary other than my spouse or inaddition to my spouse, my spouse must consent by signing the Spousal Consent section of this form.

95242-01

Last Name First Name M.I. Social Security Number Number

STD FBENED ][02/05/15)( 95242-01 CHG NUPART [/GU22)(/][/GP22)(/][386189057)(

Page 2 of 2

C Signatures and Consent

Participant Consent

Any person who presents a false or fraudulent claim is subject to criminal and civil penalties.

Participant Signature Date (Required)

Spousal Consent

I, (name of spouse) ___________________________________________ , the current spouse of the participant, hereby voluntarily consent to theparticipant's primary beneficiary designation above and understand its effect. I understand that my spouse's beneficiary designation means thatI will not receive 100% of his or her vested account balance under the Plan and that my spouse's election is not valid unless I consent to it. Iunderstand that by consenting to the beneficiary designation, I give up my right to a qualified survivor annuity. I hereby voluntarily consent to theprimary beneficiary(ies) named on the previous page. I understand that my consent is irrevocable unless my spouse revokes the waiver election,changes the beneficiary designation or designates me to receive 100% of his or her vested account balance.

Spouse's Signature Date (Required)

If I live in California and my notary is required to use the state notary form, the following items must be completed by the notary on the state notaryform: the title of the form I am completing, the plan name, the plan number, the document date, the participant�s name and participant spouse�sname. The notary forms not containing this information will be rejected and it will delay this request.

My signature must be notarized by a Notary Public. The date I sign this form must match the date on which my signature is notarized.

Statement of Notary NOTE: Notary seal must be visible.

State of )

)ss.

County of )

The consent to this request was subscribed and sworn (or affirmed)

to before me on this day of , year , by

(name of spouse)

proved to me on the basis of satisfactory evidence to be the personwho appeared before me, who affirmed that such consent representshis/her free and voluntary act.

SEAL

Notary Public My commission expires / /

D Mailing Instructions

Participant forward this form to:

Davis-Bacon Pension Plans, Inc.8583 154th Avenue NERedmond, WA 98052

After all signatures have been obtained, this form can be sent by

Fax to:1-425-827-1987

OR Regular Mail to:Empower Retirement�PO Box 173764Denver, CO 80217-3764

OR Express Mail to:Empower Retirement�8515 E. Orchard RoadGreenwood Village, CO 80111

Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker dealers.GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company.

Empower RetirementTM refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company (GWL&A),Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: White Plains, NY; andtheir subsidiaries and affiliates. All trademarks, logos, service marks, and design elements used are owned by their respective owners and are used bypermission.

Investment Objective ◆Aggressive Profile The Aggressive Profile Portfolio seeks long-term capital appreciation primarilythrough investments in Underlying Portfolios that emphasize equity investments.

Period Ending: 12/31/2014 Under normal circumstances, the Portfolio invests primarily in other Portfolios ofFund Operating Expenses: the Fund (Maxim Series Fund), as well as in other mutual funds that are part of

Gross 0.10%, Net 0.00% the same group of investment companies as the Profile Portfolios. The Portfoliosinvest in Underlying Portfolios according to an asset allocation program

Risk/Potential Return Meter designed to meet an investor’s risk tolerance, investment time horizons andpersonal objectives.ü

Risk and Return ProfileFOR ILLUSTRATIVE PURPOSES ONLY Large-cap investments may be most appropriate for someone willing to accept

some degree of market volatility in return for potential long-term capital growth.Stock investments tend to be more volatile than bond, stable value or moneymarket investments.PS5-II-PS5095_1

Higher

Lower

Investment Objective ◆Moderately The investment seeks long-term capital appreciation. The fund invests in a mix ofunderlying portfolios. The adviser uses asset allocation strategies to allocateAggressive Profile assets among different broad asset classes and the underlying portfolios. Itsassets allocation ranges like these: 5-35% of assets in international portfolios,0-25% of assets in small cap portfolios, 5-35% of assets in mid cap portfolios,Period Ending: 12/31/201420-50% of assets in large cap portfolios and 5-25% of assets in bond portfoliosFund Operating Expenses:and 0-10% of assets in short term bond portfolios. The fund may also invest inGross 0.10%, Net 0.10%the GWL&A Contract. The fund is non-diversified.

Risk/Potential Return MeterRisk and Return Profileü

This investment option may be most appropriate for someone willing to accept amoderately higher degree of risk in exchange for potentially higher long-termreturns. Investors choosing this option want to invest in a mixture of diverse

FOR ILLUSTRATIVE PURPOSES ONLY

investments suiting their needs but do not have the time, desire, or knowledge toselect and manage their own portfolios. Asset allocation and balancedinvestment options are subject to the risks of the underlying funds, which can bea mix of stocks/stock funds and bonds/bond funds. Stock values fluctuate inresponse to the activities of the general market, individual companies andeconomic conditions. Bond values fluctuate in response to the financial conditionof individual issuers, general market and economic conditions, and changes ininterest rates. In general, when interest rates rise, bond values fall and investorsmay lose principal value.PS4-II-PS4095_1

Higher

Lower

Investment Objective ◆Moderate Profile Seeks long-term capital appreciation primarily through investments in underlyingportfolios with a relatively equal emphasis on equity and fixed income

Period Ending: 12/31/2014 investments.Fund Operating Expenses:

Gross 0.10%, Net 0.00% Risk and Return ProfileThis investment option may be most appropriate for someone willing to accept a

Risk/Potential Return Meter moderate degree of risk in exchange for potentially higher long-term returns.Investors choosing this option want to invest in a mixture of diverse investmentsü

suiting their needs but do not have the time, desire, or knowledge to select andmanage their own portfolios. Asset allocation and balanced investment optionsare subject to the risks of the underlying funds, which can be a mix of stocks/FOR ILLUSTRATIVE PURPOSES ONLY

stock funds and bonds/bond funds. Stock values fluctuate in response to theactivities of the general market, individual companies and economic conditions.Bond values fluctuate in response to the financial condition of individual issuers,general market and economic conditions, and changes in interest rates. Ingeneral, when interest rates rise, bond values fall and investors may loseprincipal value.PS3-II-PS3095_1

Higher

Lower

Page 1 of 16

Investment Objective ◆Moderately The investment seeks income and capital appreciation. The fund invests in a mixof underlying portfolios. The adviser uses asset allocation strategies to allocateConservative Profile assets among different broad asset classes and the underlying portfolios. Itsassets allocation ranges like these: 0-30% of assets in international portfolios,0-15% of assets in small cap portfolios, 0-25% of assets in mid cap portfolios,Period Ending: 12/31/201410-40% of assets in large cap portfolios and 20-40% of assets in bond portfoliosFund Operating Expenses:and 10-30% of assets in short term bond portfolios. The fund is non-diversified.Gross 0.10%, Net 0.10%

Risk and Return ProfileRisk/Potential Return MeterThis investment option may be most appropriate for someone willing to accept aü

moderate degree of risk in exchange for potentially higher long-term returns.Investors choosing this option want to invest in a mixture of diverse investmentssuiting their needs but do not have the time, desire, or knowledge to select and


manage their own portfolios. Asset allocation and balanced investment optionsare subject to the risks of the underlying funds, which can be a mix of stocks/stock funds and bonds/bond funds. Stock values fluctuate in response to theactivities of the general market, individual companies and economic conditions.Bond values fluctuate in response to the financial condition of individual issuers,general market and economic conditions, and changes in interest rates. Ingeneral, when interest rates rise, bond values fall and investors may loseprincipal value.PS2-II-PS2095_1

Higher

Lower

Investment Objective ◆Conservative Seeks capital preservation primarily through investments in underlying portfoliosthat emphasize fixed income investments.ProfileRisk and Return Profile

Period Ending: 12/31/2014 This investment option may be most appropriate for someone willing to acceptFund Operating Expenses: some degree of risk in exchange for potentially higher long-term returns.

Gross 0.10%, Net 0.00% Investors choosing this option want to invest in a mixture of diverse investmentssuiting their needs but do not have the time, desire, or knowledge to select and

Risk/Potential Return Meter manage their own portfolios. Asset allocation and balanced investment optionsare subject to the risks of the underlying funds, which can be a mix of stocks/ü

stock funds and bonds/bond funds. Stock values fluctuate in response to theactivities of the general market, individual companies and economic conditions.Bond values fluctuate in response to the financial condition of individual issuers,


general market and economic conditions, and changes in interest rates. Ingeneral, when interest rates rise, bond values fall and investors may loseprincipal value.PS1-II-PS1095_1

Higher

Lower

Investment Objective & Strategy ◆Russell In The investment seeks to provide income and capital growth. The fund is a ‘‘fundof funds’’ and invests only in the shares of other Russell Investment CompanyRetirement R1 Funds (the ‘‘underlying funds’’). It is intended for investors who have reachedretirement age and are no longer contributing to their retirement savings. Theallocation of the fund’s assets to the underlying funds in which it invests isFund Manager: Greves/Meathapproximately 27% to equity underlying funds, 66% to fixed income underlyingPeriod Ending: 12/31/2014funds and 7% to alternative underlying funds.Fund Operating Expenses:

Gross 0.59%, Net 0.59%Risk and Return Profile

Risk/Potential Return Meter This investment option may be most appropriate for someone willing to acceptsome risk, but seeking to preserve capital and is willing to accept lower potentialü

returns in exchange. Investors choosing this option want to invest in a mixture ofdiverse investments suiting their needs but do not have the time, desire, orknowledge to select and manage their own portfolios. Asset allocation and


balanced investment options are subject to the risks of the underlying funds,which can be a mix of stocks/stock funds and bonds/bond funds. Stock valuesfluctuate in response to the activities of the general market, individual companiesand economic conditions. Bond values fluctuate in response to the financialcondition of individual issuers, general market and economic conditions, andchanges in interest rates. In general, when interest rates rise, bond values falland investors may lose principal value.RJ1095_1

Higher

Lower

Page 2 of 16

Investment Objective & Strategy ◆Russell LifePoints The investment seeks to provide capital growth and income consistent with itscurrent asset allocation which will change over time, with an increasing allocation2020 Strategy R1 to fixed income funds. The fund is a ‘‘fund of funds’’ and invests only in theshares of other Russell Investment Company (‘‘RIC’’) Funds (the ‘‘underlyingfunds’’). It is designed for investors who plan to retire close to 2020. The fund’sFund Manager: Greves/Meathapproximate target allocation on or about August 1, 2014 will be 39% to equityPeriod Ending: 12/31/2014underlying funds, 54% to fixed income underlying funds and 7% to alternativeFund Operating Expenses:underlying funds.Gross 0.61%, Net 0.61%

Risk and Return ProfileRisk/Potential Return MeterThis investment option may be most appropriate for someone willing to acceptü

some degree of risk in exchange for potentially higher long-term returns.Investors choosing this option want to invest in a mixture of diverse investmentssuiting their needs but do not have the time, desire, or knowledge to select and


manage their own portfolios. Asset allocation and balanced investment optionsare subject to the risks of the underlying funds, which can be a mix of stocks/stock funds and bonds/bond funds. Stock values fluctuate in response to theactivities of the general market, individual companies and economic conditions.Bond values fluctuate in response to the financial condition of individual issuers,general market and economic conditions, and changes in interest rates. Ingeneral, when interest rates rise, bond values fall and investors may loseprincipal value.RL1095_1

Higher

Lower

Investment Objective & Strategy ◆Russell LifePoints The investment seeks to provide capital growth and income consistent with itscurrent asset allocation which will change over time, with an increasing allocation2030 Strategy R1 to fixed income funds. The fund is a ‘‘fund of funds’’ and invests only in theshares of other Russell Investment Company (‘‘RIC’’) Funds (the ‘‘underlyingfunds’’). It is designed for investors who plan to retire close to 2030. The fundFund Manager: Greves/Meathinvests in shares of the underlying funds which represent various asset classes.Period Ending: 12/31/2014The fund’s approximate target allocation on or about August 1, 2014 will be 62%Fund Operating Expenses:to equity underlying funds, 30% to fixed income underlying funds and 8% toGross 0.67%, Net 0.67%alternative underlying funds.


This investment option may be most appropriate for someone willing to accept amoderate degree of risk in exchange for potentially higher long-term returns.Investors choosing this option want to invest in a mixture of diverse investments


suiting their needs but do not have the time, desire, or knowledge to select andmanage their own portfolios. Asset allocation and balanced investment optionsare subject to the risks of the underlying funds, which can be a mix of stocks/stock funds and bonds/bond funds. Stock values fluctuate in response to theactivities of the general market, individual companies and economic conditions.Bond values fluctuate in response to the financial condition of individual issuers,general market and economic conditions, and changes in interest rates. Ingeneral, when interest rates rise, bond values fall and investors may loseprincipal value.RR1095_1

Higher

Lower

Investment Objective & Strategy ◆Russell LifePoints The investment seeks to provide capital growth and income consistent with itscurrent asset allocation which will change over time, with an increasing allocation2040 Strategy R1 to fixed income funds. The fund is a ‘‘fund of funds’’ and invests only in theshares of other Russell Investment Company (‘‘RIC’’) Funds (the ‘‘underlyingfunds’’). It is designed for investors who plan to retire close to 2040. The fundFund Manager: Greves/Meathinvests in shares of the underlying funds which represent various asset classes.Period Ending: 12/31/2014The fund’s approximate target allocation on or about August 1, 2014 will be 82%Fund Operating Expenses:to equity underlying funds, 7% to fixed income underlying funds and 11% toGross 0.70%, Net 0.70%alternative underlying funds.


This investment option may be most appropriate for someone willing to accept amoderately higher degree of risk in exchange for potentially higher long-termreturns. Investors choosing this option want to invest in a mixture of diverse


investments suiting their needs but do not have the time, desire, or knowledge toselect and manage their own portfolios. Asset allocation and balancedinvestment options are subject to the risks of the underlying funds, which can bea mix of stocks/stock funds and bonds/bond funds. Stock values fluctuate inresponse to the activities of the general market, individual companies andeconomic conditions. Bond values fluctuate in response to the financial conditionof individual issuers, general market and economic conditions, and changes ininterest rates. In general, when interest rates rise, bond values fall and investorsmay lose principal value.RX1095_1

Higher

Lower

Page 3 of 16

Investment Objective & Strategy ◆Artisan The investment seeks maximum long-term capital growth. The fund investsprimarily in developed markets but also may invest up to 35% of the fund’s totalInternational Fund assets at market value at the time of purchase in emerging and less developedmarkets. It is substantially fully invested in common stocks and similar securities,and invests at least 65% of its net assets at market value at the time of purchaseFund Manager: Euretig/Hamker/Yockeyin securities of non-U.S. companies. The fund may also invest to a limited extentPeriod Ending: 12/31/2014in equity-linked securities that provide economic exposure to a security of one orFund Operating Expenses:more non-U.S. companies without a direct investment in the underlyingGross 1.17%, Net 1.17%securities.


International investments may be most appropriate for someone looking forgreater potential returns and willing to accept a higher degree of risk.International investment may provide diversification for a domestic portfolio.


Foreign funds involve special risks, including currency fluctuations and politicaldevelopments.AI-I-AI95I_1

Higher

Lower

Investment Objective & Strategy ◆Great-West MFS The investment seeks long-term growth of capital. The fund normally invests atleast 80% of net assets in common stocks and related securities such asIntl Growth Fund I preferred stock, convertible securities and depositary receipts, of foreign(including emerging markets) issuers. It may invest a relatively large percentageof its assets in issuers in a single country, a small number of countries, or aFund Manager: Ling/Smithparticular geographic region. The fund may invest in companies of any size.Period Ending: 12/31/2014

Fund Operating Expenses:Risk and Return ProfileGross 1.20%, Net 1.20%International investments may be most appropriate for someone looking for

Risk/Potential Return Meter greater potential returns and willing to accept a higher degree of risk.International investment may provide diversification for a domestic portfolio.ü

Foreign funds involve special risks, including currency fluctuations and politicaldevelopments.


MIW-II-MIW095_1

Higher

Lower

Investment Objective & Strategy ◆Great-West MFS The investment seeks long-term capital growth. The fund will normally invest atleast 80% of its net assets (plus the amount of any borrowings for investmentIntl Value Fund I purposes) in equity securities. Under normal circumstances, it will invest primarilyin companies located outside the U.S., including those in emerging markets. Thefund generally focuses on investing its assets in the stocks of companies that theFund Manager: Stone/De La Matasub-adviser believes are undervalued compared to their perceived worth (valuePeriod Ending: 12/31/2014companies). The sub-adviser may invest a large percentage of the fund’s assetsFund Operating Expenses:in issuers in a single country, a small number of countries, or a particularGross 1.11%, Net 1.11%geographic region.


International investments may be most appropriate for someone looking forgreater potential returns and willing to accept a higher degree of risk.International investment may provide diversification for a domestic portfolio.


Foreign funds involve special risks, including currency fluctuations and politicaldevelopments.IEF-IEF95I_1

Higher

Lower

Investment Objective & Strategy ◆Oppenheimer The investment seeks capital appreciation. The fund invests mainly in commonstock of U.S. and foreign companies. It can invest without limit in foreignGlobal Fund securities and can invest in any country, including countries with developing oremerging markets. However, the fund currently emphasizes its investments indeveloped markets such as the United States, Western European countries andFund Manager: BhamanJapan. It does not limit its investments to companies in a particular capitalizationPeriod Ending: 12/31/2014range, but primarily invests in mid- and large-cap companies. The fund normallyFund Operating Expenses:will invest in at least three countries (one of which may be the United States).Gross 1.13%, Net 1.13%

Risk and Return ProfileRisk/Potential Return MeterInternational investments may be most appropriate for someone looking forü

greater potential returns and willing to accept a higher degree of risk.International investment may provide diversification for a domestic portfolio.Foreign funds involve special risks, including currency fluctuations and political


developments.OGA-I-OGA95I_1

Higher

Lower

Page 4 of 16

Investment Objective & Strategy ◆Franklin Gold & The investment seeks capital appreciation; current income is a secondaryconsideration. The fund normally invests at least 80% of its net assets insecurities of gold and precious metals operation companies. It may buyPrecious Metals Fund Asecurities of gold and precious metals operation companies located anywhere inthe world and in general invests predominantly in companies located outside theFund Manager: Fromm/LandU.S. The fund may invest in companies without regards to market capitalization,Period Ending: 12/31/2014including small- and mid-capitalization companies. It also invests in American,Fund Operating Expenses:Global and European Depositary Receipts. The fund is non-diversified.Gross 1.07%, Net 1.07%

Risk and Return ProfileRisk/Potential Return MeterThe investment may be most appropriate for someone looking for greaterüpotential returns and willing to accept a high degree of risk. Specialty funds thatinvest in a specific industry sector, geographic region, or one or morecommodities may be more volatile than funds with more diversified investments.

FOR ILLUSTRATIVE PURPOSES ONLY Additionally, funds that use unique investing strategies, such as short funds orhedge funds, may be more volatile than funds that use traditional investingstrategies.FGP000-FGP095_1

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Investment Objective & Strategy ◆Great-West Real The investment seeks investment results, before fees and expenses, that trackthe total return of a benchmark index that measures the performance of publiclyEstate Index Initial traded equity real estate investment trusts (‘‘REITs’’). Under normalcircumstances, the fund invests at least 80% of its net assets (plus the amount ofany borrowings for investment purposes) in securities included in the Dow JonesFund Manager: Team ManagedU.S. Select REIT IndexSM. The benchmark index is a market capitalization-Period Ending: 12/31/2014weighted index of publicly traded equity REITs. It is non-diversified.Fund Operating Expenses:


Risk/Potential Return Meter The investment may be most appropriate for someone looking for greaterpotential returns and willing to accept a high degree of risk. Specialty funds thatü

invest in a specific industry sector, geographic region, or one or morecommodities may be more volatile than funds with more diversified investments.Additionally, funds that use unique investing strategies, such as short funds or


hedge funds, may be more volatile than funds that use traditional investingstrategies.REI-II-REI095_1

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Investment Objective & Strategy ◆INVESCO Real The investment seeks total return through growth of capital and current income.The fund invests, under normal circumstances, at least 80% of its net assetsEstate Fund - A (plus any borrowings for investment purposes) in securities of real estate andreal estate-related issuers, and in derivatives and other instruments that haveeconomic characteristics similar to such securities. It may also invest in debtFund Manager: Team Managedsecurities, including corporate debt obligations and commercial mortgage-Period Ending: 12/31/2014backed securities. The fund may invest up to 10% of its net assets in non-Fund Operating Expenses:investment grade debt securities (commonly known as ‘‘junk bonds’’) of realGross 1.25%, Net 1.25%estate and real estate-related issuers.


The investment may be most appropriate for someone looking for greaterpotential returns and willing to accept a high degree of risk. Specialty funds thatinvest in a specific industry sector, geographic region, or one or more


commodities may be more volatile than funds with more diversified investments.Additionally, funds that use unique investing strategies, such as short funds orhedge funds, may be more volatile than funds that use traditional investingstrategies.ARA000-ARA095_1

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Page 5 of 16

Investment Objective & Strategy ◆Ivy Science & The investment seeks to provide growth of capital. The fund invests primarily inthe equity securities of science and technology companies around the globe.Technology Under normal circumstances, it invests at least 80% of its net assets, plus anyborrowings for investment purposes, in securities of science or technologycompanies.Fund Manager: Shafran

Period Ending: 12/31/2014Risk and Return ProfileFund Operating Expenses:

Gross 1.24%, Net 1.24% The investment may be most appropriate for someone looking for greaterpotential returns and willing to accept a high degree of risk. Specialty funds that

Risk/Potential Return Meter invest in a specific industry sector, geographic region, or one or morecommodities may be more volatile than funds with more diversified investments.ü

Additionally, funds that use unique investing strategies, such as short funds orhedge funds, may be more volatile than funds that use traditional investingstrategies.


IST095_1

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Investment Objective & Strategy ◆MFS Utilities A The investment seeks total return. The fund normally invests at least 80% of itsnet assets in securities of issuers in the utilities industry. Issuers in the utilities

Fund Manager: Davis/Shaughnessy industry include issuers engaged in the manufacture, production, generation,Period Ending: 12/31/2014 transmission, sale or distribution of electric, gas or other types of energy, andFund Operating Expenses: issuers engaged in telecommunications, including wireless, telephone, and cable

Gross 0.97%, Net 0.97% (but not engaged in public broadcasting).

Risk/Potential Return Meter Risk and Return Profileü The investment may be most appropriate for someone looking for greater

potential returns and willing to accept a high degree of risk. Specialty funds thatinvest in a specific industry sector, geographic region, or one or more

FOR ILLUSTRATIVE PURPOSES ONLY commodities may be more volatile than funds with more diversified investments.Additionally, funds that use unique investing strategies, such as short funds orhedge funds, may be more volatile than funds that use traditional investingstrategies.MUT095_1

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Investment Objective & Strategy ◆Oppenheimer Gold The investment seeks capital appreciation. The fund invests mainly in commonstocks of companies that are involved in mining, processing or dealing in gold orother metals or minerals and may invest all of its assets in those securities.& Special Minerals AUnder normal market conditions, at least 80% of the fund’s net assets, plus anyborrowings for investment purposes, will be invested in those companies. TheFund Manager: Lifund may invest in U.S. or foreign companies, including companies in developingPeriod Ending: 12/31/2014or emerging markets. It has no limit on its foreign investments. The fund is non-Fund Operating Expenses:diversified.Gross 1.17%, Net 1.15%


FOR ILLUSTRATIVE PURPOSES ONLY Additionally, funds that use unique investing strategies, such as short funds orhedge funds, may be more volatile than funds that use traditional investingstrategies.OSM095_1

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Investment Objective & Strategy ◆Prudential Jennison The investment seeks long-term growth of capital. The fund normally invests atleast 80% of investable assets in equity securities of natural resource companiesand in asset-based securities. Natural resource companies are U.S. and foreignNatural Resources Z(non-U.S. based) companies that own, explore, mine, process or otherwisedevelop, or provide goods and services with respect to, natural resources. Asset-Fund Manager: Brown/Saundersbased securities are securities, the values of which are related to the marketPeriod Ending: 12/31/2014value of a natural resource. The principal type of equity and equity-relatedFund Operating Expenses:security in which the fund invests is common stock. It is non-diversified.Gross 0.86%, Net 0.86%


FOR ILLUSTRATIVE PURPOSES ONLY Additionally, funds that use unique investing strategies, such as short funds orhedge funds, may be more volatile than funds that use traditional investingstrategies.PNR095_1

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Page 6 of 16

Investment Objective & Strategy ◆Great-West S&P The investment seeks investment results that track the total return of thecommon stocks that comprise the Standard & Poor’s (‘‘S&P’’) SmallCap 600dSmallCap 600 Index Index (the ‘‘benchmark index’’). The fund normally invests at least 80% of its netassets in common stocks of its benchmark index. It normally seeks investmentresults that track the total return of the common stocks that comprise theFund Ibenchmark index by owning the securities contained in the benchmark index inas close as possible a proportion of the fund as each stock’s weight in the

Fund Manager: Durante/Brown/Wong benchmark index. The S&P SmallCap 600 Index is an unmanaged, market-Period Ending: 12/31/2014 weighted index that consists of 600 U.S. companies that have marketFund Operating Expenses: capitalization less than $1 billion representing about 3% of the total U.S. equities

Gross 0.60%, Net 0.60% market.

Risk/Potential Return Meter Risk and Return Profileü Small-cap investments may be most appropriate for someone willing to accept a

high degree of market volatility in exchange for greater potential returns overtime. Stock investments tend to be more volatile than bond, stable value or

FOR ILLUSTRATIVE PURPOSES ONLY money market investments. Equity securities of small-sized companies may bemore volatile than securities of larger, more established companies.MR2-MR2IAD_1

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Investment Objective & Strategy ◆Great-West Loomis The investment seeks long-term capital growth. The fund will, under normalcircumstances, invest at least 80% of its net assets (plus the amount of anySayles SmCapVal borrowings for investment purposes) in equity securities of companies withmarket capitalizations that fall within the capitalization range of the Russell 2000d

Index ($3.5 million to $5.3 billion as of December 31, 2013), an index that tracksFund Istocks of the 2000 smallest U.S. companies in the Russell 3000d Index, at thetime of purchase.

Fund Manager: Schwartz/GatzPeriod Ending: 12/31/2014 Risk and Return ProfileFund Operating Expenses:

Small-cap investments may be most appropriate for someone willing to accept aGross 1.08%, Net 1.08%high degree of market volatility in exchange for greater potential returns overtime. Stock investments tend to be more volatile than bond, stable value orRisk/Potential Return Metermoney market investments. Equity securities of small-sized companies may be

ü more volatile than securities of larger, more established companies.


LSA-I-LSA95I_1

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Investment Objective & Strategy ◆RidgeWorth Small The investment seeks to provide long-term capital appreciation. The fund investsat least 80% of its net assets (plus any borrowings for investment purposes) inCap Growth Stock - I U.S.-traded equity securities of small-capitalization companies. U.S.-traded equitysecurities may include American Depositary Receipts. The subadviser considerssmall-capitalization companies to be companies with market capitalizationsFund Manager: Sansoterra/Bhatia/Guinthersimilar to those of companies in the Russell 2000d Growth Index.Period Ending: 12/31/2014

Fund Operating Expenses:Risk and Return ProfileGross 1.31%, Net 1.30%Small-cap investments may be most appropriate for someone willing to accept a

Risk/Potential Return Meter high degree of market volatility in exchange for greater potential returns overtime. Stock investments tend to be more volatile than bond, stable value orü

money market investments. Equity securities of small-sized companies may bemore volatile than securities of larger, more established companies.


SSG045-SSG95I_1

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Page 7 of 16

Investment Objective & Strategy ◆Royce Total The investment seeks long-term growth of capital and current income. Normally,the fund invests at least 65% of its net assets in equity securities. At least 90% ofReturn K these securities will produce dividend or interest income to the fund, and at least65% will be issued by companies with stock market capitalizations up to $2.5billion at the time of investment.Fund Manager: Team Managed

Period Ending: 12/31/2014Risk and Return ProfileFund Operating Expenses:

Gross 1.55%, Net 1.55% Small-cap investments may be most appropriate for someone willing to accept ahigh degree of market volatility in exchange for greater potential returns over

Risk/Potential Return Meter time. Stock investments tend to be more volatile than bond, stable value ormoney market investments. Equity securities of small-sized companies may beü

more volatile than securities of larger, more established companies.


RTK-I-RTK95I_1

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Investment Objective & Strategy ◆Ariel Appreciation The investment seeks long-term capital appreciation. The fund invests primarilyin equity securities of U.S. companies and the fund generally will have aFund weighted average market capitalization between $2 billion and $15 billion. Itseeks to invest in quality companies in industries in which the Adviser hasexpertise including the financial services and consumer discretionary sectors.Fund Manager: Rogers, Jr./FidlerThe fund only buys when Ariel believes that these companies are selling atPeriod Ending: 12/31/2014excellent values. It does not invest in companies whose primary source ofFund Operating Expenses:revenue is derived from the production or sale of tobacco products or theGross 1.13%, Net 1.13%manufacture of handguns.


Mid-cap investments may be most appropriate for someone willing to accept ahigher degree of market volatility in exchange for greater potential returns overtime. Stock investments tend to be more volatile than bond, stable value or


money market investments. Equity securities of medium-sized companies maybe more volatile than securities of larger, more established companies.APP020-APP095_1

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Investment Objective & Strategy ◆Great-West Ariel Mid The investment seeks long-term capital appreciation. The fund normally investsat least 80% of its total assets in the securities of issuers classified in theCap Value Fund I medium/small, medium or medium/large capitalization quintiles of the Russell3000d Index. It currently observes the following operating policies: activelyseeking investment in companies that achieve excellence in both financial returnFund Manager: Rogers, Jr./Fidlerand environmental soundness, and selecting issuers that take positive stepsPeriod Ending: 12/31/2014toward preserving the environment; and not investing in corporations whoseFund Operating Expenses:primary source of revenue is derived from the production or sale of tobaccoGross 1.25%, Net 1.10%products or the manufacture of handguns.


Mid-cap investments may be most appropriate for someone willing to accept ahigher degree of market volatility in exchange for greater potential returns overtime. Stock investments tend to be more volatile than bond, stable value or


money market investments. Equity securities of medium-sized companies maybe more volatile than securities of larger, more established companies.GF1-GF1IAD_1

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Investment Objective & Strategy ◆Great-West T Rowe The investment seeks long-term capital appreciation. The fund will, under normalcircumstances, invest at least 80% of its net assets (plus the amount of anyPrice MidCap Gr Fund I borrowings for investment purposes) in the securities of issuers whose marketcapitalization falls within the range of companies included in either the S&PMidCap 400d Index ($697.70 million to $12.06 billion as of December 31, 2013)Fund Manager: Berghuisor the Russell MidCapd Growth Index ($411.60 million to $32.89 billion as ofPeriod Ending: 12/31/2014December 31, 2013) at the time of purchase.Fund Operating Expenses:


Risk/Potential Return Meter Mid-cap investments may be most appropriate for someone willing to accept ahigher degree of market volatility in exchange for greater potential returns overü

time. Stock investments tend to be more volatile than bond, stable value ormoney market investments. Equity securities of medium-sized companies maybe more volatile than securities of larger, more established companies.


TMC-I-TMCIAD_1

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Page 8 of 16

Investment Objective & Strategy ◆Lord Abbett Value The investment seeks long-term capital appreciation. To pursue its objective, thefund normally invests at least 65% of its net assets in equity securities of smallOpportunities A and mid-sized companies. The remainder of the fund’s assets may be investedin companies of any size. The fund may change this policy at any time. The fundattempts to invest in companies the investment team believes have beenFund Manager: Maher/Maurerundervalued by the market and whose securities are selling at reasonable pricesPeriod Ending: 12/31/2014in relation to an assessment of their potential or intrinsic value.Fund Operating Expenses:





LVP-I-LVP95I_1

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Investment Objective & Strategy ◆RidgeWorth Mid- The investment seeks to provide capital appreciation; current income is asecondary objective. The fund invests at least 80% of its net assets (plus anyCap Value Equity I borrowings for investment purposes) in U.S.-traded equity securities of mid-capitalization companies. The subadviser considers mid-capitalization companiesto be companies with market capitalizations similar to those of companies in theFund Manager: WordellRussell Midcapd Value Index.Period Ending: 12/31/2014

Fund Operating Expenses:Risk and Return ProfileGross 1.10%, Net 1.10%Mid-cap investments may be most appropriate for someone willing to accept a

Risk/Potential Return Meter higher degree of market volatility in exchange for greater potential returns overtime. Stock investments tend to be more volatile than bond, stable value orü

money market investments. Equity securities of medium-sized companies maybe more volatile than securities of larger, more established companies.


RIG-II-RIG095_1

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Investment Objective & Strategy ◆Invesco American The investment seeks total return through growth of capital and current income.The fund invests, under normal circumstances, at least 80% of its net assetsValue R (plus any borrowings for investment purposes) in securities of U.S. issuers, andin derivatives and other instruments that have economic characteristics similar tosuch securities. It normally invests at least 65% of its net assets in equityFund Manager: Mazanec/Copper/Marchelisecurities of small- to mid-capitalization companies. The fund may invest up toPeriod Ending: 12/31/201420% of its net assets in real estate investment trusts (REITs).Fund Operating Expenses:





VAV-I-VAV95I_1

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Investment Objective & Strategy ◆American Century The investment seeks current income; capital appreciation is a secondaryobjective. The fund invests in equity securities of companies with a favorableEquity Income Fund income-paying history that have prospects for income payments to continue orincrease. The portfolio managers also look for equity securities of companiesthat they believe are undervalued and have the potential for an increase in price.Fund Manager: Toney/Davidson/LissThe fund may invest a portion of its assets in foreign securities when thesePeriod Ending: 12/31/2014securities meet the portfolio managers’ standards of selection.Fund Operating Expenses:


Risk/Potential Return Meter Large-cap investments may be most appropriate for someone willing to acceptsome degree of market volatility in return for potential long-term capital growth.ü

Stock investments tend to be more volatile than bond, stable value or moneymarket investments.


EQI-I-EQI95I_1

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Page 9 of 16

Investment Objective & Strategy ◆American Funds The investment seeks growth of capital. The fund invests primarily in commonstocks and seeks to invest in companies that appear to offer superiorGrowth Fund R3 opportunities for growth of capital. It may invest a portion of its assets insecurities of issuers domiciled outside the United States. The investment adviseruses a system of multiple portfolio counselors in managing the fund’s assets.Fund Manager: Team ManagedUnder this approach, the portfolio of the fund is divided into segments managedPeriod Ending: 12/31/2014by individual counselors who decide how their respective segments will beFund Operating Expenses:invested.Gross 0.98%, Net 0.98%

Risk and Return ProfileRisk/Potential Return MeterLarge-cap investments may be most appropriate for someone willing to acceptü

some degree of market volatility in return for potential long-term capital growth.Stock investments tend to be more volatile than bond, stable value or moneymarket investments.


AFG000-AFG95I_1

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Investment Objective & Strategy ◆Dreyfus The investment seeks long-term capital appreciation consistent with thepreservation of capital; current income is a secondary goal. The fund normallyAppreciation invests at least 80% of its net assets, plus any borrowings for investmentpurposes, in common stocks. It focuses on ‘‘blue chip’’ companies with totalmarket capitalizations of more than $5 billion at the time of purchase, includingFund Manager: Team Managedmultinational companies. In addition to direct investments, the fund may invest inPeriod Ending: 12/31/2014securities of foreign companies in the form of U.S. dollar-denominated AmericanFund Operating Expenses:Depositary Receipts (ADRs.Gross 0.94%, Net 0.94%




DAG000-DAG095_1

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Investment Objective & Strategy ◆Great-West American The investment seeks long-term capital growth. The fund normally invests instocks of companies the portfolio managers believe will increase in value overCentury Gr Fund I time. Management of the fund is based on the belief that, over the long term,stock price movements follow growth in earnings, revenues and/or cash flow.Although the portfolio managers intend to invest the portfolio’s assets primarily inFund Manager: Woodhams/LeGardU.S. securities, the portfolio may invest in securities of foreign companies,Period Ending: 12/31/2014including companies located in emerging markets, and in foreign securitiesFund Operating Expenses:issued in the form of American Depository Receipts (‘‘ADRs’’).Gross 1.00%, Net 1.00%




MCA-II-MCA095_1

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Page 10 of 16

Investment Objective & Strategy ◆Great-West Multi- The investment seeks long-term growth of capital. The fund normally invests 80%of its net assets in securities selected for their growth potential with marketManager Lg Cap capitalizations of $4 billion or more at the time of purchase. It normallyconcentrates in a core group of 20-40 common stocks. The fund may invest inforeign equity securities, which may include investments in emerging markets,Growth Iwithout limit within the parameters of the fund’s specific investment policies.

Fund Manager: Acheson/Devulapally/ Risk and Return ProfileCloonan

Large-cap investments may be most appropriate for someone willing to acceptPeriod Ending: 12/31/2014some degree of market volatility in return for potential long-term capital growth.Fund Operating Expenses:Stock investments tend to be more volatile than bond, stable value or moneyGross 1.00%, Net 1.00%market investments.

Risk/Potential Return Meter

ü


MJL-II-MJL095_1

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Investment Objective & Strategy ◆Great-West S&P The investment seeks investment results that track the total return of thecommon stocks that comprise the Standard & Poor’s (‘‘S&P’’) 500d Index (the‘‘benchmark index’’). The fund invests at least 80% of net assets (plus the500 Index Fund Iamount of any borrowings for investment purposes) in common stocks includedin its benchmark index. It will seek investment results that track the total return ofFund Manager: Durante/Brown/Wongthe common stocks that comprise the benchmark index by owning the securitiesPeriod Ending: 12/31/2014contained in the benchmark index in as close as possible a proportion of theFund Operating Expenses:fund as each stock’s weight in the benchmark index. The S&P 500 Index is anGross 0.60%, Net 0.60%unmanaged, market-weighted index that consists of the 500 largest publiclytraded companies and is considered representative of the broad U.S. stockRisk/Potential Return Metermarket.

ü

Risk and Return ProfileLarge-cap investments may be most appropriate for someone willing to accept

FOR ILLUSTRATIVE PURPOSES ONLY some degree of market volatility in return for potential long-term capital growth.Stock investments tend to be more volatile than bond, stable value or moneymarket investments.IN5-II-IN5095_1

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Investment Objective & Strategy ◆Great-West Stock The investment seeks investment results that track the total return of thecommon stocks that comprise the Standard & Poor’s (‘‘S&P’’) 500d Index andS&P MidCap 400d Index, weighted according to their pro rata share of theIndex Fund Imarket (the ‘‘benchmark index’’). The fund normally invests at least 80% of netassets in common stocks included in its benchmark index. It seeks investmentFund Manager: Durante/Brown/Wongresults that track the total return of the common stocks that comprise thePeriod Ending: 12/31/2014benchmark index by owning the securities contained in the benchmark index inFund Operating Expenses:as close as possible a proportion of the fund as each stock’s weight in theGross 0.60%, Net 0.60%benchmark index. The S&P 500 Index is an unmanaged, market-weighted indexthat consists of the 500 largest publicly traded companies and is consideredRisk/Potential Return Meterrepresentative of the broad U.S. stock market.

ü

Risk and Return ProfileLarge-cap investments may be most appropriate for someone willing to accept

FOR ILLUSTRATIVE PURPOSES ONLY some degree of market volatility in return for potential long-term capital growth.Stock investments tend to be more volatile than bond, stable value or moneymarket investments.GF-I-GFQ2_1

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Page 11 of 16

Investment Objective & Strategy ◆Great-West T. Rowe The investment seeks substantial dividend income and also long-term capitalappreciation. The fund will, under normal circumstances, invest at least 80% ofPrice Eq Inc Fund I its net assets (plus the amount of any borrowings for investment purposes) incommon stocks, with an emphasis on large-capitalization stocks that have astrong record of paying dividends or that are believed to be undervalued. It willFund Manager: Rogersemphasize companies that appear to be undervalued by various measures withPeriod Ending: 12/31/2014favorable prospects for increasing dividend income and capital appreciation.Fund Operating Expenses:


Risk/Potential Return Meter Large-cap investments may be most appropriate for someone willing to acceptsome degree of market volatility in return for potential long-term capital growth.ü

Stock investments tend to be more volatile than bond, stable value or moneymarket investments.


TEI-I-TEIIAD_1

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Investment Objective & Strategy ◆Invesco The investment seeks total return through growth of capital and current income.The fund invests, under normal circumstances, at least 80% of its net assetsComstock R (plus any borrowings for investment purposes) in common stocks, and inderivatives and other instruments that have economic characteristics similar tosuch securities. It may invest in securities of issuers of any market capitalization;Fund Manager: Team Managedhowever, a substantial number of the issuers in which the fund invests are large-Period Ending: 12/31/2014capitalization issuers. The fund may invest up to 10% of its net assets in realFund Operating Expenses:estate investment trusts (REITs).Gross 1.08%, Net 1.07%




VSR-I-VSR95I_1

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Investment Objective & Strategy ◆MFS Research R3 The investment seeks capital appreciation. The fund normally invests the fund’sassets primarily in equity securities. Equity securities include common stocks,

Fund Manager: MacDougall preferred stocks, securities convertible into stocks, equity interests in real estatePeriod Ending: 12/31/2014 investment trusts (REITs), and depositary receipts for such securities. It mayFund Operating Expenses: invest the fund’s assets in the stocks of companies it believes to have above

Gross 0.85%, Net 0.85% average earnings growth potential compared to other companies (growthcompanies), in the stocks of companies it believes are undervalued compared to

Risk/Potential Return Meter their perceived worth (value companies), or in a combination of growth andvalue companies.ü

Risk and Return ProfileFOR ILLUSTRATIVE PURPOSES ONLY Large-cap investments may be most appropriate for someone willing to accept

some degree of market volatility in return for potential long-term capital growth.Stock investments tend to be more volatile than bond, stable value or moneymarket investments.MFR-II-MFR095_1

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Page 12 of 16

Investment Objective & Strategy ◆Great-West Bond The investment seeks investment results that track the total return of the debtsecurities that comprise the Barclays U.S. Aggregate Bond Index (theIndex Fund I ‘‘benchmark index’’). The fund normally invests at least 80% of its net assets insecurities included in the benchmark index and, using sampling techniques, aportfolio of securities designed to give the portfolio the relevant comparableFund Manager: Team Managedattributes of the benchmark index. This may be accomplished through aPeriod Ending: 12/31/2014combination of fixed income securities ownership and owning futures contractsFund Operating Expenses:on the benchmark index and options on futures contracts. The Barcalys CapitalGross 0.50%, Net 0.50%Aggregate Bond Index is an unmanaged index considered indicative of the

Risk/Potential Return Meter domestic fixed income market. The Index is made up of the Barclays CapitalGovt/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-BackedüSecurities Index.

Risk and Return ProfileFOR ILLUSTRATIVE PURPOSES ONLY

This investment may be most appropriate for someone seeking greater potentialincome than with a money market or stable value investment and willing toaccept a higher degree of risk. The investor may also desire to balance moreaggressive investments with one providing potentially steady income. A bondfund’s yield, share price and total return change daily and are based on changesin interest rates, market conditions, economic and political news, and the qualityand maturity of its investments. In general, bond prices fall when interest ratesrise and vice versa.BI-I-BIIAD_1

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Investment Objective & Strategy ◆Great-West Federated The investment seeks to provide total return, consisting of two components: (1)changes in the market value of its portfolio holdings (both realized andunrealized appreciation); and (2) income received from its portfolio holdings. TheBond Fund Ifund will, under normal circumstances, invest primarily in a diversified portfolio ofinvestment grade fixed income securities at the time of purchase, includingFund Manager: Team Managedmortgage-backed securities, corporate fixed income securities and U.S.Period Ending: 12/31/2014government obligations.Fund Operating Expenses:

Gross 0.70%, Net 0.70%Risk and Return ProfileThis investment may be most appropriate for someone seeking greater potentialRisk/Potential Return Meterincome than with a money market or stable value investment and willing toüaccept a higher degree of risk. The investor may also desire to balance moreaggressive investments with one providing potentially steady income. A bondfund’s yield, share price and total return change daily and are based on changes

FOR ILLUSTRATIVE PURPOSES ONLY in interest rates, market conditions, economic and political news, and the qualityand maturity of its investments. In general, bond prices fall when interest ratesrise and vice versa.MBF-II-MBF095_1

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Investment Objective & Strategy ◆Great-West Loomis The investment seeks high total investment return through a combination ofcurrent income and capital appreciation. The fund normally invests at least 80%Sayles Bond Fund I of its net assets in fixed income securities. It normally focuses on good relativevalue based on the credit outlook of the issuer, good structural fit within theobjectives and constraints of the portfolio, and maximum total return potential.Fund Manager: Fuss/Eagan/StokesThe fund may invest up to 20% in preferred stock and convertible preferredPeriod Ending: 12/31/2014stock. It may invest up to 20% of its total assets in foreign securities. The fundFund Operating Expenses:may also invest up to 35% of its total assets in securities of below investmentGross 0.90%, Net 0.90%grade quality bonds.


This investment may be most appropriate for someone seeking greater potentialincome than with a money market or stable value investment and willing toaccept a higher degree of risk. The investor may also desire to balance more


aggressive investments with one providing potentially steady income. A bondfund’s yield, share price and total return change daily and are based on changesin interest rates, market conditions, economic and political news, and the qualityand maturity of its investments. In general, bond prices fall when interest ratesrise and vice versa.CBF-I-CBFIAD_1

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Page 13 of 16

Investment Objective & Strategy ◆Great-West Templeton The investment seeks current income with capital appreciation and growth ofincome. The fund will normally invest at least 80% of its net assets in bondsGlobal Bond Fund I issued by governments and government agencies located around the world. Inaddition, the fund’s assets will be invested in issuers located in at least threecountries (including the U.S.). It focuses on bonds rated investment grade or theFund Manager: Zhu/Hasenstabunrated equivalent as determined by the Sub-Adviser, but may invest up to 25%Period Ending: 12/31/2014of its total assets in below investment grade bonds. It is non-diversified.Fund Operating Expenses:


Risk/Potential Return Meter International investments may be most appropriate for someone looking forgreater potential returns and willing to accept a higher degree of risk.ü

International investment may provide diversification for a domestic portfolio.Foreign funds involve special risks, including currency fluctuations and politicaldevelopments. Bond investments may be most appropriate for someone seeking


higher potential income than with a money market or stable value investment. Abond fund’s yield, share price and total return change daily and are based onchanges in interest rates, market conditions, economic and political news andthe quality and maturity of its investments. In general, bond prices fall wheninterest rates rise and vice versa.GB-II-GB095_1

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Lower

Investment Objective & Strategy ◆Great-West US Govt The investment seeks the highest level of return consistent with preservation ofcapital and substantial credit protection. The fund normally invests at least 80%Mortgage Secur Fund I of its total assets in mortgage-related securities that have been issued orguaranteed by the U.S. government or its agencies or instrumentalities. It investsin private mortgage pass-through securities and collateralized mortgageFund Manager: Team Managedobligations. The fund will focus on relative value of the security by analyzing thePeriod Ending: 12/31/2014current and expected level of interest rates, and current and historical assetFund Operating Expenses:yields versus treasury yields. It may invest in mortgage dollar rolls with up toGross 0.60%, Net 0.60%20% of its net assets.


This investment may be most appropriate for someone seeking greater potentialincome than with a money market or stable value investment and willing toaccept a higher degree of risk. The investor may also desire to balance more


aggressive investments with one providing potentially steady income. A bondfund’s yield, share price and total return change daily and are based on changesin interest rates, market conditions, economic and political news, and the qualityand maturity of its investments. In general, bond prices fall when interest ratesrise and vice versa.USG-I-USGQ2_1

Higher

Lower

Investment Objective & Strategy ◆PIMCO Total The investment seeks maximum total return, consistent with preservation ofcapital and prudent investment management. The fund normally invests at leastReturn Admin 65% of its total assets in a diversified portfolio of Fixed Income Instruments ofvarying maturities, which may be represented by forwards or derivatives such asoptions, futures contracts, or swap agreements. It invests primarily in investment-Fund Manager: Worah/Kiesel/Mathergrade debt securities, but may invest up to 10% of its total assets in high yieldPeriod Ending: 12/31/2014securities (‘‘junk bonds’’) rated B or higher by Moody’s, or equivalently rated byFund Operating Expenses:S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality.Gross 0.71%, Net 0.71%

Risk and Return ProfileRisk/Potential Return MeterThis investment may be most appropriate for someone seeking greater potentialü

income than with a money market or stable value investment and willing toaccept a higher degree of risk. The investor may also desire to balance moreaggressive investments with one providing potentially steady income. A bond


fund’s yield, share price and total return change daily and are based on changesin interest rates, market conditions, economic and political news, and the qualityand maturity of its investments. In general, bond prices fall when interest ratesrise and vice versa.PTR-I-PTR95I_1

Higher

Lower

Page 14 of 16

Investment Objective & Strategy ◆Putnam High Yield The investment seeks high current income, and capital appreciation is asecondary consideration. The fund invests mainly in bonds that are obligationsAdvantage R of U.S. companies, are below investment-grade in quality (sometimes referred toas ‘‘junk bonds’’), and have intermediate- to long-term maturities (three years orlonger). The adviser may consider, among other factors, credit, interest rate andFund Manager: Scanlon/Boucher/Salvinprepayment risks, as well as general market conditions, when deciding whetherPeriod Ending: 12/31/2014to buy or sell investments. The fund may also invest in other debt instruments,Fund Operating Expenses:including loans.Gross 1.29%, Net 1.29%

Risk and Return ProfileRisk/Potential Return MeterHigh yield bond investments may be appropriate for investors able to weatherü

greater potential price volatility in exchange for an increased opportunity forcapital appreciation and higher yields. Although they have higher returnpotential, high yield bonds are also subject to greater risk, including the risk of


default, compared to higher-rated securities.PHA-I-PHA95I_1

Higher

Lower

Investment ObjectiveKey Guaranteed As a general account product offered through the group annuity contract,participant principal and interest are fully guaranteed by the entire generalPortfolio Fund account assets of GWL&A, which as of December 31, 2012, were $28.2 billionand include $2.14 billion in shareholder equity and accumulated surplus. GeneralAccount liabilities as of December 31, 2012 were $26.1 billion. This means thatPeriod Ending: 12/31/2014GWL&A holds an additional 8.2% in capital for every dollar of liability we have.Fund Operating Expenses:These assets are primarily high-quality, fixed income bonds, with 98% ratedGross 0.00%, Net 0.00%investment-grade and 30% rated AAA.


The investment may be most appropriate for someone wanting to safeguardprincipal value or to balance a portfolio which contains more aggressiveinvestments. The investor may be requiring stability and asset liquidity.


KGPF_1

Higher

Lower

Page 15 of 16

GWFS

Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance

Company and an affiliate of Great-West Life & Annuity Company of New York, White Plains, New York and

FASCore, LLC (FASCore Administrators, LLC in California). GWFS Equities, Inc., or one or more of its

affiliates, may receive a fee from the investment option provider for providing certain recordkeeping,

distribution, and administrative services.

Although data is gathered from reliable sources, including but not limited to Morningstar, Inc., the

completeness or accuracy of the data shown cannot be guaranteed. Where data is obtained from

Morningstar: ©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is

proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not

warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible

for any damages or losses arising from any use of this information.

Investment options offered through a group fixed and variable deferred annuity issued by Great-West Life &

Annuity Insurance Company.

◆ Unless otherwise noted: Not a Deposit. Not FDIC Insured. Not Bank Guaranteed. Funds May Lose Value.

Not Insured by Any Federal Government Agency.

A benchmark index is not actively managed, does not have a defined investment objective, and does not

incur fees or expenses. Therefore, performance of a fund will generally be less than its benchmark index. You

cannot invest directly in a benchmark index.

Funds may impose redemption fees and/or transfer restrictions, if assets are held for less than the published

holding period. For more information, see the fund's prospectus and/or disclosure documents.

©2015 Great-West Life & Annuity Insurance Company. All rights reserved.

Holdings and composition of holdings are subject to change. Due to rounding or other factors, asset

allocations and/or largest holdings may not equal 100.0%.

The Net expense ratio shown is net of any fee waivers or expense reimbursements.

Great-West Funds, Inc. and Putnam Funds are affiliates of Great-West Life & Annuity Insurance Company,

Great-West Life & Annuity Company of New York, White Plains, New York, and their subsidiaries and

affiliates. Great-West Funds, Inc. was previously known as Maxim Series Fund, Inc.

Asset allocation funds are generally subject to a fund operating expense at the fund level, as well as prorated

fund operating expenses of each underlying fund in which they invest. For more information, please refer to

the fund prospectus and/or disclosure document.

The date in a target date fund's name represents an approximate date when an investor is expected to retire

(which is assumed to be at age 65) and/or begins withdrawing money. The principal value of the funds is not

guaranteed at any time, including the target date. For more information, please refer to the fund prospectus

and/or disclosure document.

Page 16 of 16

DOC_TYPE: FEEDSP_STDDOC ID: 388817366IND ID:

01:013015 PNP GP22EV ID:

Page 1 of 10

Notice of Investment Returns & Fee Comparison95242-01 Davis-Bacon Pension Plans, Inc.

www.empower-retirement.com/participant

Your employer's retirement plan may be one of the most valuable investments you'll make for your future. It may be alarge part of the retirement income you�ll need to help keep your current lifestyle. For most people, it will need to last atleast 20 years.

It is important to remember that your retirement account has the potential to grow over time and benefit from being ina tax-deferred plan. In traditional retirement plans you benefit from saving money out of your paycheck before taxesare taken out. Taxes are paid later when you take the money out of the account. Another benefit is that you are payingyourself first and investing for your future by automatically contributing from your paycheck where allowed by your plan.

The goal is to build your account through additional contributions and investment returns in your plan. Fees and expensesrelated to your plan can affect the overall long-term value of your account. The investment options you choose also affectyour account. It is important for you to have a clear understanding of the investment options available through your planand the fees and expenses that are part of your plan.

This notice includes important information to help you compare your Plan investment options and expenses. For moreinvestment information including investment objectives or goals, principal strategies, risks, portfolio turnover rate,returns and expenses, please visit your Plan�s website listed above. The website also includes education and toolsdesigned to help you with making investment decisions. An online calculator is also available and it can assist you indetermining the long-term effect of fees and expenses. A free paper copy of this disclosure is available by calling KeyTalk®

at 1-866-467-7756.

SECTION Document Summary

1Investment Rate of Return and Expense Information - Shows investment return information foryour plan's investment options. It shows past performance, investment management expenses andGeneral Administrative Services Expenses.

2Other Investment-Related Fees, Expense Information and Transfer Restrictions - Shows anyfees and expenses that are in addition to the investment management expenses in Section 1. Thissection also shows any investment restrictions.

3Plan-Related Information - Shows Plan-Related information and Participant Elected ServicesExpenses.

1 � Investment Rate of Return and Expense Information

Variable Rate of Return Investments TableThis table looks at the rates of return from investments that increase and decrease in value. The table shows how theseinvestments have performed over time. You can compare each investment option to a benchmark. Past performance doesnot guarantee how the investment option will perform in the future. Your investment in these options could lose money.Information about an investment option�s principal risks is available on the Web site listed above.

Variable Return Investments

Averaged Annualized Total Return as of 02/28/2015

Investment Option Ticker 3 mos YTD 1 year 3 year 5 yearSince Start

Date/10yrStart Date

Gross/Net

Investment

Expenses~

Asset Allocation

6.29% 1.22%/1.22%

Aggressive Profile3 N/A 3.30% 3.81% 9.80% 14.23% 12.48% $62.90 per

$1,000

09/09/1997 $12.20 per$1,000 Gross

8.34%

Wilshire 5000 Total Market TRUSD**

2.71% 2.77% 14.31% 17.82% 16.22% $83.40 per$1,000

09/09/1997

6.13% 1.12%/1.12%

Moderately Aggressive Profile3 N/A 2.43% 2.94% 7.72% 10.83% 9.97% $61.30 per

$1,000

09/09/1997 $11.20 per$1,000 Gross


01:013015 PNP GP22EV ID:

Page 2 of 10


Date/10yrStart Date

Gross/Net

Investment

Expenses~

5.66%

Morningstar Large Value TRUSD**

0.61% 0.39% 10.61% 14.78% 13.39% $56.60 per$1,000

09/09/1997

5.80% 0.98%/0.98%

Moderate Profile3 N/A 2.02% 2.51% 6.71% 9.04% 8.53% $58.00 per

$1,000

09/09/1997 $9.80 per$1,000 Gross

8.34%


2.71% 2.77% 14.31% 17.82% 16.22% $83.40 per$1,000

09/09/1997

5.26% 0.90%/0.90%

Moderately Conservative Profile3 N/A 1.54% 2.01% 5.53% 7.18% 7.05% $52.60 per

$1,000

09/09/1997 $9.00 per$1,000 Gross

8.34%


2.71% 2.77% 14.31% 17.82% 16.22% $83.40 per$1,000

09/09/1997

4.52% 0.83%/0.83%

Conservative Profile3 N/A 1.04% 1.51% 4.29% 5.28% 5.58% $45.20 per

$1,000

09/11/1997 $8.30 per$1,000 Gross

4.82%

Barclays US Aggregate Bond TRUSD**

1.23% 1.14% 5.05% 2.76% 4.29% $48.20 per$1,000

09/11/1997

4.44% 0.61%/0.61%Russell LifePoints 2020 Strategy

R13 N/A 1.16% 1.95% 3.93% 6.02% 6.94% $44.40 per

$1,000

06/06/2006 $6.10 per$1,000 Gross

8.34%


2.71% 2.77% 14.31% 17.82% 16.22% $83.40 per$1,000

06/06/2006

4.39% 0.59%/0.59%

Russell In Retirement R13 N/A 1.00% 1.68% 3.52% 4.77% 5.81% $43.90 per

$1,000

03/31/2008 $5.90 per$1,000 Gross

4.68%

Barclays US Aggregate Bond TRUSD**

1.23% 1.14% 5.05% 2.76% 4.29% $46.80 per$1,000

03/31/2008


R13 N/A 1.42% 2.63% 4.20% 8.23% 8.54% $41.30 per

$1,000

06/06/2006 $6.70 per$1,000 Gross

8.34%


2.71% 2.77% 14.31% 17.82% 16.22% $83.40 per$1,000

06/06/2006


R13 N/A 1.73% 3.26% 4.49% 9.56% 9.44% $46.00 per

$1,000

06/06/2006 $7.10 per$1,000 Gross

8.34%


2.71% 2.77% 14.31% 17.82% 16.22% $83.40 per$1,000

06/06/2006

International

6.39% 1.17%/1.17%

Artisan International Fund3 N/A 0.62% 4.71% 2.48% 11.75% 10.74% $63.90 per

$1,000

12/28/1995 $11.70 per$1,000 Gross


01:013015 PNP GP22EV ID:

Page 3 of 10


Date/10yrStart Date

Gross/Net

Investment

Expenses~

5.95%

Morningstar Gbl Mkts ex-US GRUSD**

1.75% 5.18% 1.16% 7.18% 7.40% $59.50 per$1,000

12/28/1995

5.55% 1.20%/1.20%Great-West MFS Intl Growth Fund

I1,3 N/A 2.42% 6.97% 1.04% 8.31% 7.82% $55.50 per

$1,000

05/21/2003 $12.00 per$1,000 Gross

5.95%


1.75% 5.18% 1.16% 7.18% 7.40% $59.50 per$1,000

05/21/2003

4.69% 1.11%/1.11%

Great-West MFS Intl Value Fund I1,3 N/A 5.07% 7.51% 6.07% 14.14% 11.38% $46.90 per

$1,000

12/01/1993 $11.10 per$1,000 Gross

5.95%


1.75% 5.18% 1.16% 7.18% 7.40% $59.50 per$1,000

12/01/1993

6.60% 1.13%/1.13%

Oppenheimer Global Fund3 N/A 3.73% 6.77% 6.22% 13.63% 11.27% $66.00 per

$1,000

12/22/1969 $11.30 per$1,000 Gross

5.95%


1.75% 5.18% 1.16% 7.18% 7.40% $59.50 per$1,000

12/22/1969

Specialty

1.64% 1.07%/1.07%Franklin Gold & Precious Metals

Fund A3 N/A 7.07% 8.22% -22.34% -27.55% -13.52% $16.40 per

$1,000

05/19/1969 $10.70 per$1,000 Gross

0.68%

MSCI World/Metals&Mining PRUSD**

0.46% 6.36% -16.97% -14.96% -8.21% $6.80 per$1,000

05/19/1969

15.36% 0.70%/0.70%Great-West Real Estate Index

Initial3 N/A 4.26% 2.64% 22.10% N/A N/A $153.60

per $1,000

11/27/2012 $7.00 per$1,000 Gross

11.63%

Morningstar Real Estate SectorIndex PR **

3.28% 2.80% 17.11% N/A N/A $116.30per $1,000

11/27/2012

7.94% 1.25%/1.25%

INVESCO Real Estate Fund - A3 N/A 3.08% 1.96% 20.35% 12.92% 14.55% $79.40 per

$1,000

12/31/1996 $12.50 per$1,000 Gross

3.62%

Morningstar Real Estate SectorIndex PR **

3.28% 2.80% 17.11% 10.14% 12.39% $36.20 per$1,000

12/31/1996

12.53% 1.24%/1.24%

Ivy Science & Technology3 N/A 3.85% 4.72% 3.77% 20.64% 17.43% $125.30

per $1,000

06/09/1998 $12.40 per$1,000 Gross

10.48%

Morningstar Technology SectorIndex TR U**

2.98% 4.52% 20.80% 16.00% 16.33% $104.80per $1,000

06/09/1998

10.47% 0.97%/0.97%

MFS Utilities A1,3 N/A -1.90% 0.87% 9.12% 12.88% 13.10% $104.70

per $1,000

02/14/1992 $9.70 per$1,000 Gross


01:013015 PNP GP22EV ID:

Page 4 of 10


Date/10yrStart Date

Gross/Net

Investment

Expenses~

8.72%

Morningstar Utilities Sector IndexTR US**

-0.57% -3.92% 15.34% 13.75% 13.97% $87.20 per$1,000

02/14/1992

1.62% 1.17%/1.15%Oppenheimer Gold & Special

Minerals A3 N/A 10.30% 8.01% -22.70% -27.54% -13.42% $16.20 per

$1,000

07/19/1983 $11.70 per$1,000 Gross

0.68%

MSCI World/Metals&Mining PRUSD**

0.46% 6.36% -16.97% -14.96% -8.21% $6.80 per$1,000

07/19/1983

4.95% 0.86%/0.86%Prudential Jennison Natural

Resources Z1,3 N/A -2.48% 0.65% -22.87% -9.17% -2.16% $49.50 per

$1,000

09/13/1996 $8.60 per$1,000 Gross

8.18%

Morningstar Global UpstreamNatural Reso**

1.00% 3.62% -4.94% -2.37% 2.62% $81.80 per$1,000

09/13/1996

Small Cap

7.62% 0.60%/0.60%Great-West S&P SmallCap 600

Index Fund I1,3 N/A 4.86% 2.06% 6.16% 16.09% 15.88% $76.20 per

$1,000

12/01/1993 $6.00 per$1,000 Gross

9.34%

Morningstar Small Cap TR USD**

4.70% 3.07% 8.12% 17.18% 16.87% $93.40 per$1,000

12/01/1993

7.67% 1.08%/1.08%Great-West Loomis Sayles

SmCapVal Fund I1,3 N/A 4.40% 2.46% 6.88% 14.50% 14.36% $76.70 per

$1,000

11/01/1994 $10.80 per$1,000 Gross

9.34%


4.70% 3.07% 8.12% 17.18% 16.87% $93.40 per$1,000

11/01/1994

6.03% 1.31%/1.30%RidgeWorth Small Cap Growth

Stock - I3 N/A 6.09% 3.61% -2.16% 13.03% 14.58% $60.30 per

$1,000

10/08/1998 $13.10 per$1,000 Gross

9.25%

Morningstar Small Growth TRUSD**

7.11% 5.31% 6.04% 16.81% 17.83% $92.50 per$1,000

10/08/1998

6.24% 1.55%/1.55%

Royce Total Return K3 N/A 1.99% 1.06% 1.99% 11.80% 11.89% $62.40 per

$1,000

05/01/2008 $15.50 per$1,000 Gross

9.34%


4.70% 3.07% 8.12% 17.18% 16.87% $93.40 per$1,000

05/01/2008

Mid Cap

8.18% 1.13%/1.13%

Ariel Appreciation Fund1,3 N/A 4.89% 4.07% 11.52% 19.13% 15.91% $81.80 per

$1,000

12/01/1989 $11.30 per$1,000 Gross

9.99%

Morningstar Mid Cap TR USD**

4.34% 4.08% 12.72% 18.79% 17.91% $99.90 per$1,000

12/01/1989

8.53% 1.25%/1.10%Great-West Ariel Mid Cap Value

Fund I1,3 N/A 4.86% 4.16% 11.38% 19.64% 16.40% $85.30 per

$1,000

01/03/1994 $12.50 per$1,000 Gross


01:013015 PNP GP22EV ID:

Page 5 of 10


Date/10yrStart Date

Gross/Net

Investment

Expenses~

9.99%


4.34% 4.08% 12.72% 18.79% 17.91% $99.90 per$1,000

01/03/1994

10.18% 1.03%/1.03%Great-West T Rowe Price MidCap

Gr Fund I1,3 N/A 5.97% 5.44% 12.83% 17.40% 16.94% $101.80

per $1,000

07/01/1997 $10.30 per$1,000 Gross

10.37%

Morningstar Mid Core TR USD**

4.36% 3.89% 15.39% 19.29% 19.22% $103.70per $1,000

07/01/1997

10.70% 1.17%/1.17%

Lord Abbett Value Opportunities A3 N/A 4.03% 3.06% 6.92% 14.78% 13.34% $107.00

per $1,000

12/30/2005 $11.70 per$1,000 Gross

9.52%


4.34% 4.08% 12.72% 18.79% 17.91% $95.20 per$1,000

12/30/2005

9.91% 1.10%/1.10%

RidgeWorth Mid-Cap Value Equity I3 N/A 0.91% 0.94% 9.05% 15.92% 14.10% $99.10 per

$1,000

11/30/2001 $11.00 per$1,000 Gross

9.23%

Morningstar Mid Value TR USD**

3.22% 2.20% 11.71% 20.23% 17.03% $92.30 per$1,000

11/30/2001

8.45% 1.46%/1.45%

Invesco American Value R3 N/A 3.01% 2.91% 9.73% 15.83% 14.85% $84.50 per

$1,000

03/20/2007 $14.60 per$1,000 Gross

9.23%

Morningstar Mid Value TR USD**

3.22% 2.20% 11.71% 20.23% 17.03% $92.30 per$1,000

03/20/2007

Large Cap

5.96% 0.93%/0.93%American Century Equity Income

Fund1,3 N/A 1.09% 0.76% 11.11% 12.14% 11.24% $59.60 per

$1,000

08/01/1994 $9.30 per$1,000 Gross

5.66%


0.61% 0.39% 10.61% 14.78% 13.39% $56.60 per$1,000

08/01/1994

7.19% 0.98%/0.98%

American Funds Growth Fund R31,3 N/A 3.05% 4.08% 9.09% 16.51% 13.36% $71.90 per

$1,000

05/21/2002 $9.80 per$1,000 Gross

8.82%

Morningstar Large Growth TRUSD**

4.95% 6.18% 18.58% 18.85% 17.53% $88.20 per$1,000

05/21/2002

5.61% 0.94%/0.94%

Dreyfus Appreciation3 N/A 0.97% 2.40% 10.97% 10.26% 12.04% $56.10 per

$1,000

01/18/1984 $9.40 per$1,000 Gross

7.94%

Morningstar Large Cap TR USD**

2.16% 2.54% 15.54% 17.80% 15.93% $79.40 per$1,000

01/18/1984

13.97% 1.00%/1.00%Great-West American Century Gr

Fund I3 N/A 3.44% 4.03% 12.15% 13.94% N/A $139.70

per $1,000

06/16/2011 $10.00 per$1,000 Gross


01:013015 PNP GP22EV ID:

Page 6 of 10


Date/10yrStart Date

Gross/Net

Investment

Expenses~

19.77%


4.95% 6.18% 18.58% 18.85% N/A $197.70per $1,000

06/16/2011

7.60% 1.00%/1.00%Great-West Multi-Manager Lg Cap

Growth I1,3 N/A 4.44% 5.08% 14.61% 15.54% 11.72% $76.00 per

$1,000

05/21/2003 $10.00 per$1,000 Gross

8.82%


4.95% 6.18% 18.58% 18.85% 17.53% $88.20 per$1,000

05/21/2003

6.32% 0.60%/0.60%

Great-West S&P 500 Index Fund I1,3 N/A 1.94% 2.34% 13.73% 16.21% 14.40% $63.20 per

$1,000

09/08/2003 $6.00 per$1,000 Gross

7.94%


2.16% 2.54% 15.54% 17.80% 15.93% $79.40 per$1,000

09/08/2003

6.56% 0.60%/0.60%

Great-West Stock Index Fund I1,3 N/A 2.14% 2.42% 13.36% 16.15% 14.50% $65.60 per

$1,000

02/25/1982 $6.00 per$1,000 Gross

7.94%


2.16% 2.54% 15.54% 17.80% 15.93% $79.40 per$1,000

02/25/1982

5.71% 0.82%/0.82%Great-West T. Rowe Price Eq Inc

Fund I1,3 N/A 1.38% 0.83% 7.89% 13.97% 12.47% $57.10 per

$1,000

11/01/1994 $8.20 per$1,000 Gross

5.66%


0.61% 0.39% 10.61% 14.78% 13.39% $56.60 per$1,000

11/01/1994

5.80% 1.08%/1.07%

Invesco Comstock R3 N/A 0.83% 0.82% 8.58% 15.85% 13.68% $58.00 per

$1,000

10/01/2002 $10.80 per$1,000 Gross

5.66%


0.61% 0.39% 10.61% 14.78% 13.39% $56.60 per$1,000

10/01/2002

7.28% 0.85%/0.85%

MFS Research R33 N/A 2.34% 2.79% 10.47% 15.83% 14.04% $72.80 per

$1,000

04/01/2005 $8.50 per$1,000 Gross

8.82%


4.95% 6.18% 18.58% 18.85% 17.53% $88.20 per$1,000

04/01/2005

Bond

3.65% 0.50%/0.50%

Great-West Bond Index Fund I1,3 N/A 0.86% 0.87% 3.77% 1.46% 2.89% $36.50 per

$1,000

12/01/1992 $5.00 per$1,000 Gross

5.01%

Morningstar Core Bond MCBI TR**

1.28% 1.26% 5.23% 2.96% 4.41% $50.10 per$1,000

12/01/1992

4.04% 0.70%/0.70%Great-West Federated Bond Fund

I1,3 N/A 1.07% 1.34% 3.57% 1.81% 3.27% $40.40 per

$1,000

05/21/2003 $7.00 per$1,000 Gross


01:013015 PNP GP22EV ID:

Page 7 of 10


Date/10yrStart Date

Gross/Net

Investment

Expenses~

8.34%


2.71% 2.77% 14.31% 17.82% 16.22% $83.40 per$1,000

05/21/2003

6.46% 0.90%/0.90%Great-West Loomis Sayles Bond

Fund I1,3 N/A -0.73% 0.45% 0.58% 5.82% 7.48% $64.60 per

$1,000

11/01/1994 $9.00 per$1,000 Gross

5.03%

Barclays US Universal TR USD**

1.13% 1.31% 4.80% 3.19% 4.69% $50.30 per$1,000

11/01/1994

6.23% 1.30%/1.30%Great-West Templeton Global Bond

Fund I1,3 N/A -1.79% 0.18% 0.35% 1.52% 3.44% $62.30 per

$1,000

07/26/1999 $13.00 per$1,000 Gross

4.10%

Morningstar Gbl Ex US Govt BondIL TR**

2.72% 1.48% 9.20% 5.78% 4.84% $41.00 per$1,000

07/26/1999

3.39% 0.60%/0.60%Great-West US Govt Mortgage

Secur Fund I1,3 N/A 0.69% 0.67% 3.37% 1.30% 2.34% $33.90 per

$1,000

12/01/1992 $6.00 per$1,000 Gross

4.86%

Morningstar Intermediate US GovtTR**

0.62% 1.09% 3.18% 1.49% 3.67% $48.60 per$1,000

12/01/1992

4.91% 0.71%/0.71%

PIMCO Total Return Admin3 N/A 1.10% 1.71% 3.45% 2.68% 3.79% $49.10 per

$1,000

09/08/1994 $7.10 per$1,000 Gross

5.01%

Morningstar Core Bond MCBI TR**

1.28% 1.26% 5.23% 2.96% 4.41% $50.10 per$1,000

09/08/1994

5.91% 1.29%/1.29%

Putnam High Yield Advantage R3 N/A 1.06% 2.56% 1.17% 5.60% 7.01% $59.10 per

$1,000

03/30/2007 $12.90 per$1,000 Gross

7.80%

BofAML US High Yield Master IITR USD**

1.57% 3.09% 2.84% 7.62% 9.20% $78.00 per$1,000

03/30/2007

Fixed Rate of Return Investments TableThis table looks at the investment options that have a fixed or set rate of return. It shows the current annual rate of returnand the minimum annual rate or return. The table also shows how often the rate of return may change and the term orlength of time you will earn this rate of return, if applicable. The investment provider of the fixed account may change therate in the future. You may visit your plan�s Web site or call KeyTalk® to find the current rate.

Fixed Return Investments

as of 03/25/2015

Investment OptionCurrent Fixed

Rate

Gross/Net

Investment

Expenses~

Minimum Rate

Frequency

of Fixed Rate

Setting

Term

0.25% 0.35%/0.35%Key Guaranteed Portfolio

Fund $2.50 per $1,000$3.50 per

$1,000 Gross

0.00% Quarterly 03/31/2015

General Account Fund and Guarantee Provisions:General Account crediting rates are net of cost of capital and expenses covered by the fund and guarantee provisions.


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Cost of Capital is the return Great-West Life & Annuity Insurance Company (Great-West) earns on Great-West capital.Great-West is required by regulators to hold capital for the purpose of ensuring Great-West can meet all of its obligationsassociated with the General Account Fund. The amount of Great-West's capital and required return will fluctuate over timebased on regulatory requirements, capital market conditions and the competitive environment.

The Fund Provision covers the range of investment expenses that are netted from the crediting rate, such as investmentand operating expenses. The Fund Provision is calculated annually in aggregate for all General Account fixed fundsoffered by Great-West Retirement Services and does not reflect any product or plan specific underwriting adjustments. At12/31/2013, the General Account Fund Provision is 0.35%. This includes an average annual notional allocation of 0.25%from Great-West's General Account to Great-West's recordkeeping functions. This allocation is not applicable if Great-West is not acting as both the investment provider and recordkeeper.

The Guarantee Provision covers the range of insurance expenses that are netted from the crediting rate, such as assetdefaults, cost of insurance guarantees, and other expenses. The Guarantee Provision is calculated annually in aggregatefor all General Account fixed funds offered by Great-West Retirement Services and does not reflect any product or planspecific underwriting adjustments. At 12/31/2013, the General Account Guarantee Provision is 0.54%. This expensechanges over time as the value of insurance guarantees fluctuate due to both market and policyholder behaviors. Theyalso vary based on the risk management techniques employed by the insurance provider. Because of the variances inthe cost of the expenses, the level of the insurance guarantees as well as differences in risk management practices, thisparagraph is the only section in which these expenses are disclosed.

For more information on the General Account Fixed Funds, including termination options, please see your Group AnnuityContract.

1 Additional information on this Investment Option can be found in Section 2.

2 Mutual Fund Option. The start/inception date is that of the fund's original share class. Performance returns for mutual fund optionsin your Plan offering a different share class with a more current start/inception date have been adjusted to reflect the fees and chargesassociated with the actual share class.

3 Offered through a group fixed and variable deferred annuity issued by the applicable insurance company. Returns prior to theinception date of the separate account are hypothetical and are based on the inception date of the underlying investment option,adjusted to reflect the deduction of fees and charges associated with the annuity contract.

* Performance returns not available at time of production.

N/A - Performance returns are not applicable, or not available at time of production.

~ Gross Total Annual Operating Expenses are the gross fees potentially charged to the investment option and are displayed abovein accordance with fee disclosure regulations. The Net Total Annual Operating Expenses, also displayed above as supplementaryinformation, are the actual amounts charged by the investment option and may be different from the Gross Expenses due to certainfee waivers or additional expenses charged by other service providers. Expenses reduce the return of the investment option. Part ofthese fees may be shared with the plan's service providers to help pay for plan administration and/or recordkeeping fees. Please seethe participant website for more information.

** A benchmark index is not actively managed. It does not have a defined investment objective and does not incur fees or expenses.You cannot invest directly in a benchmark index.

General Administrative Services Expenses TableThis table shows expenses that pay for operating the Plan. These expenses are described below. Fees and expensesfor general plan administrative services (for example, recordkeeping services and custodial services) may be chargedto the Plan. These fees and expenses may be charged to your individual account if not paid by the Plan Sponsor and/or included in investment-related fees and expenses. How the expenses are charged to participant accounts will dependon the nature of the expense. For example, some fees may be charged as a fixed dollar amount per participant or as apercentage amount spread across the account balances. Blank fields in the table can be assumed to be not applicable orzero.

General Administrative Services Expenses

as of 03/25/2015

Fee Type Annual

Amount

Quarterly

Amount

Frequency Description

0.95% 0.2375%

Variable Asset Charge$9.50 per $1,000 $2.38 per $1,000

Built intothe price

The Variable Asset Charge pays for administrative costsof the plan. It is assessed on a daily basis and will equalthe annual amount if you are in the plan from January 1through December 31. This percentage is divided by thenumber of days the market is open and applied to thedaily unit value for all variable funds.

2 � Other Investment-Related Fees, Expense Information and Transfer Restrictions


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Other Investment-Related Fees, Expense Information and RestrictionsThis table looks at fees, expenses and transfer restrictions that are in addition to the Investment Expenses in Section 1.Fees and expenses are only one of many things to think about when deciding to invest. You may also want to think aboutwhether an investment in a particular investment option, along with your other investments, will help you reach yourfinancial goals.

Other Investment-Related Fees and Restrictions

as of 03/25/2015

Investment Option Transfer Rule Shareholder Type Fees^

Great-West MFS Intl GrowthFund I

2

Great-West MFS Intl Value FundI

2

MFS Utilities A 1

Prudential Jennison NaturalResources Z

2

Great-West S&P SmallCap 600Index Fund I

2

Great-West Loomis SaylesSmCapVal Fund I

2

Ariel Appreciation Fund 2

Great-West Ariel Mid Cap ValueFund I

2

Great-West T Rowe PriceMidCap Gr Fund I

2

American Century Equity IncomeFund

3

American Funds Growth FundR3

1

Great-West Multi-Manager LgCap Growth I

2

Great-West S&P 500 Index FundI

2

Great-West Stock Index Fund I 2

Great-West T. Rowe Price Eq IncFund I

2

Great-West Bond Index Fund I 2

Great-West Federated BondFund I

2

Great-West Loomis Sayles BondFund I

2

Great-West Templeton GlobalBond Fund I

2

Great-West US Govt MortgageSecur Fund I

2

Key Guaranteed Portfolio Fund

Should the Plan Sponsor terminate the group annuity contract, transferrestrictions and/or possible termination fees may apply. If your Plan Sponsorterminates the group annuity contract, please call Great-West RetirementServices for more information.

Rule #1 - Fund company restriction: A transfer of $5000 or more into this fund will not be permitted if a prior transfer of $5000 or morewas made out of this fund in the last 30 days.

Rule #2 - Due to the frequent trading policy and procedures regarding market timing and excessive trading, if 2 round trips have beenprocessed INTO the fund there may be transfer restrictions. Given the fund's frequent trading policy and procedures and previouswarnings, you may be restricted from transferring money into this fund for 30 days.


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Rule #3 - Due to the frequent trading policy and procedures regarding market timing and excessive trading, if 2 round trips have beenprocessed INTO the fund there may be transfer restrictions. Given the fund's frequent trading policy and procedures and previouswarnings, you may be restricted from transferring money into this fund for 30 days.

^Shareholder/Shareholder-Type Fees are fees paid directly from your investment in this option (e.g., sales loads, sales charges,deferred sales charges, redemption fees, exchange fees, account fees, purchase fees, transfer or withdrawal fees).

NOTE: More current information about the Plan's investment options, including fees, expenses and performanceupdates, may be available at your plan's Web site.

3 � Plan-Related Information

Plan-Related Information is an explanation of general plan information. It includes a description of non-investmentmanagement fees and expenses that may be charged to your account. This section also includes a list of the ParticipantElected Services Expenses.

General Information

Non-Investment Management Fees and Expenses: Includes recordkeeping, accounting, legal or other administrativefees that may be charged to your account. The dollar amount actually charged to your account during the previous quarterfor such administrative or individual expenses will be reported to you on your quarterly statement. If you have additionalquestions related to fees on your account, please contact KeyTalk® or your Plan Administrator.

Investment Instructions: Your plan lets you direct the investment of your account in the investment options listed inSection 1. You may make changes to your investment options via the plan�s Web site or by calling KeyTalk®.

Limitations on Investments: Limits on making changes to your investment choices may be imposed by the PlanAdministrator or by a manager of an investment option. Any limits or restrictions made by a fund manager are describedin the prospectus for the fund. They include restrictions intended to prevent �market timing� (i.e., rapid trading in and out ofa fund). If these restrictions apply then they will be listed in Section 2. In addition to the limits and restrictions described inthe prospectus, the Plan Administrator may have other restrictions on making changes to your investment choices. If thePlan Administrator has additional limits, they will be described in a separate document that will be provided to you by yourPlan Administrator.

Voting, Tender, and Similar Rights: The appropriate Plan fiduciaries, or an individual or an institution designated bythe Plan fiduciaries, will exercise any voting or other rights associated with ownership of the Designated InvestmentAlternatives offered in your Plan.

Participant Elected Services Expenses TableThis table shows expenses for optional services available through your plan. Certain fees may be charged to yourindividual account for optional services you use.

Participant Elected Services Expenses

as of 03/25/2015

Service Fee Amount Frequency Description

Benefit Disbursement Fee $20.00 Per Distribution This fee is for the processing of a distribution from your account.

AAG Online InvestmentAdvice

$6.25 Quarterly This fee applies if you are enrolled in the Investment Advice option.

AAG Online ManagedAccounts

Up to $100K = 0.162500%Next $150K = 0.137500%Next $150K = 0.112500%Over $400K = 0.087500%

QuarterlyThis fee applies if you are enrolled in the Managed Account service and isdeducted from the assets within the Managed Accounts service.

Fees and expenses do add up and can have a big impact on your retirement savings. Fees and expenses are only two ofmany other factors to think about when you make investment decisions.

You can visit the Department of Labor website for an example showing the long-term effect of fees and expenses - http://www.dol.gov/ebsa/publications/401k_employee.html.

Visit your plan's website listed in the title for a glossary of investment terms relevant to the investment optionsunder this plan. To request additional Plan information, or a paper copy of certain information available online,free of charge, contact a representative at Empower Retirement, PO Box 173764, Denver, CO 80217-3764.

Enrollment Guide - Davis Bacondavisbacon.org/downloads/Employee Benefit and Investment Guide... · Enrollment Guide Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not

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