Considering today's difficult time, we want to share some important information with you about our retirement plan: 

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1.    We are continuing to work in your best interests closely with our professional service providers in managing our retirement plan and in monitoring the plan's investments.

2.    The U.S. Congress is working on a bill in response to the current COVID-19 crisis (hopefully, it will become law very soon) which would offer some more flexibility, relief, and options with respect to our retirement plan. Here are the currently proposed (not finalized) relief measures in the Senate bill:

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• Would expand your early withdrawal options for financial hardship reasons and would waive the related 10% additional income tax.

• Would allow you to pay the income tax due on an early withdrawal over 3 years.

• Would allow you to repay the amount of an early withdrawal within 3 years in order to avoid any income tax.

• Would double the current amount you could borrow from the plan (on a tax-free basis) to 100% of your vested balance but with a loan limit of $100,000.

• Would allow you to delay your loan repayments to the plan for up to 1 year.

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3.    Here are reminders of some important features of our plan:

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• When can I change my 401 (k) deferral contribution election; i.e. the amount that I am contributing from each pay check to my account in the 401 (k) plan? You may reduce your 401(k) withholding amount to zero on any pay check if you make a written request with sufficient advance notice to our payroll department. Otherwise, you may increase or decrease your 401 (k) withholding amount with sufficient advance written notice to our payroll department.

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• Currently, what is the Employer's contribution and will it be changed? No change at this time.

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• When can I change the investments in my account? On a daily basis, you may change the investments related to your current account and to your ongoing contributions.

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• May I borrow from my account? Yes. You may borrow up to 50% of your vested account balance but with a loan limit of $50,000. Please see our loan policy for more details.

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• May I withdraw from my account while I'm still employed here? Yes, as follows:

i.    If you're age 59 ½
ii.    From your rollover account if you rolled any amounts in to the plan
iii.    If you've had a qualified financial hardship

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• When may I withdraw my account after I've terminated employment here? If you terminate employment, you will have the option for your vested account balance to be paid to your or rolled over to an I RA as soon as administratively feasible following your termination and following your request for a distribution payment.

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• How may I access my plan account to review it or make changes? You may access your account via website or phone-in call center.

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4.    Here are some words of wisdom from thought leaders in the investment and retirement fields:

a.    Stay calm, know that market downturns are normal and markets have rebounded throughout history.
b.    Avoid paying any attention to the short-term volatility of your retirement plan; it is a long-term investment.
c.    Market downturns may be unsettling, but history shows stocks have recovered and delivered long-term gains.
d.    Don't make decisions based on emotions.
e.    Strong investors stay invested through ups and downs.
f.    Focus on time in the market-not trying to time the market.
g.    Some of the best times to buy stocks have been when things seemed the worst.
h.    Increase your 401(k) deferral contribution rate. You're buying in now at much lower levels, perhaps at bargain levels.
i.    Consistent investing can give you the discipline to buy stocks when they are at their cheapest.
j.    Make a plan and stick to it for the long haul.
k.    Be in close communication with your financial advisor. A good, trusted advisor is always a great option. You might find it useful to look into a solution that is professionally managed all the time-such as target-date fund.

I. "We view this crisis as a short term hurdle, like a natural disaster, though the scale is unprecedented. After the Great Recession (2009) the Dow Industrial regained their pre-plunge levels in approximately 14 months. The long term outlook for the economy is strong. Our country has overcome natural disasters and world wars. We will get through this together. The policy makers are making the correct moves in a rapid fashion. We know it sounds trite; but keep calm and the markets will rebound." - Pinnacle Investment Advisors, March 17, 2020

5.    Concluding thoughts:

For all investment-related questions, please contact our plan's
financial/investment advisor or your personal advisor. Our plan's advisor contact info is: Felix Jones 918-510-3578