Wachovia Savings Plan ― AdviceTrack Closure
August 6, 2009 Dear AdviceTrack Participant: Our records indicate that you currently have an AdviceTrack account in the Wachovia Savings Plan. As previously announced, we will begin making changes to the Wachovia Savings Plan’s investment lineup in October 2009 as the first step in integrating the Wachovia Savings Plan with the Wells Fargo & Company ® 401(k) Plan at year-end. In addition to these changes, we will be discontinuing AdviceTrack . The closure of ® AdviceTrack will be done in two steps: 1. August 31, 2009 ® ® AdviceTrack will be closed to new participants. Participants with existing AdviceTrack accounts may continue to participate until October 6, 2009. 2. October 6, 2009 ® The AdviceTrack option will be closed to all Wachovia Savings Plan participants. If you have assets ® (including earnings on those assets) in AdviceTrack as of 4 p.m. ET on October 6, 2009, they will be automatically transferred to and invested in the age-based Dow Jones Target Date Fund that is closest to your normal retirement date. We will also be replacing a number of the Wachovia Savings Plan investment fund options at this time. Because the fund changes will take a period of time to process, there will be a “blackout period” under the Wachovia Savings Plan. During the blackout period beginning at 4 p.m. ET on October 6, 2009, you will temporarily be unable to view your account or perform any transactions, including initiating a new loan, directing or diversifying investments in your accounts, or obtaining a distribution from the Plan. After the blackout period ends the week of October 12, 2009, you will be able to perform transactions and make inquiries with respect to your accounts in the Wachovia Savings Plan. Do I Need to Take Action? ® Depending on your situation, you may or may not need to take action with your AdviceTrack account. ® ■ If you’re satisfied with your AdviceTrack assets being automatically transferred to one of the Dow Jones Target Date Funds, you don’t need to take any action.
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■ If you want to move your current AdviceTrack® assets to funds other than one of the Dow Jones Target
Date Funds, you must do so before 4 p.m. ET on October 6, 2009. Or, if you would rather wait to transfer balances or change your investment elections in the Wachovia Savings Plan until after the automatic transfer has taken place, you will be able to do so after the blackout period ends the week of October 12, 2009. You can direct how your Wachovia Savings Plan assets will be invested among the Plan’s available investment options by logging in to the My Wachovia Benefits Web site (see “Accessing Your Wachovia Savings Plan Account” below) or by calling the Wachovia Benefits Center at 800-345-2897. You can:
■ Change your investment mix for your existing account balance in either whole dollar amounts or
1 percent increments.
■ Change your investment of future contributions in 1 percent increments.
More About the Dow Jones Target Date Funds ■ What are the Dow Jones Target Date Funds? The Dow Jones Target Date Funds are mutual funds that invest in a mix of other mutual funds. Each fund has a specific target retirement year, except for the Dow Jones Target Today Fund, which is designed for individuals already in retirement. The funds change their investment mix over time to be more conservatively invested as the fund’s target retirement year gets closer, except for the Dow Jones Target Today Fund, which is expected to have a stable investment allocation over time.
■ Which Dow Jones Target Date Fund will my AdviceTrack® assets be invested in if I do not opt out
of AdviceTrack and transfer my assets to other core investment options by 4 p.m. ET on October 6, 2009? The actual Dow Jones Target Date Fund in which your AdviceTrack assets will be invested is the fund that is closest to the year in which you are expected to reach age 65. Age 65 is the Plan’s normal retirement age. For example, a participant who is currently 30 years old will reach age 65 in 2043. If the participant does not make an investment election, contributions to the participant’s account will be invested in the Dow Jones Target 2045 Fund, which is the fund with the closest target year to the year in which the participant will reach age 65.
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■ If I do not opt out and my AdviceTrack® assets are automatically invested in a Dow Jones Target
Date Fund, may I later elect to invest my Plan assets and/or future contributions in one or more of the Plan’s other investment options? Yes. You have the right at any time to direct how your Plan assets will be invested among the Plan’s available investment options.
■ Are there any restrictions that apply if I later decide to invest my account balance in one or more
of the Plan’s other investment options? Yes. The Dow Jones Target Date Funds impose a 30-day purchase restriction, if you transfer $5,000 or more out of the funds(s). Many investment funds have implemented trading restrictions as a way to protect existing investors from the impact of frequent trading activity.
■ How Do I Discontinue AdviceTrack® ?
You may discontinue your participation in AdviceTrack at any time prior to the blackout period, which will begin at 4 p.m. ET on October 6, 2009. On the Wachovia Savings Plan Web site, choose the ® Discontinue My AdviceTrack option, and you’ll be directed to select from the core funds in the Wachovia Savings Plan. These requests are processed on the day they are received up until 4 p.m. ET each day. If your request is received after 4 p.m., it will be processed the next day, just like any other trade request a participant may submit.
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■ Will I incur a fee or early withdrawal penalty for cancelling my AdviceTrack® account?
No fees will be assessed for cancelling your AdviceTrack account.
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Accessing Your Wachovia Savings Plan Account Through the end of the year, you’ll continue to access the Wachovia Savings Plan as you have in the past:
■ Log in at http://mybenefits.wachovia.com. If you have misplaced your User ID or password, click
on I Forgot My User ID or I Forgot My Password and it will be mailed to your home.
■ Select Retirement and Investments. ■ Click on the Wachovia Savings Plan link ■ Select the Planning and Guidance Tab ■ Select Advisory Services.
For More Information Prospectuses and fund fact sheets for the new fund lineup, including the Dow Jones Target Date Funds, will be available in late September. You will receive a separate communication letting you know how to access the fund information. If you have any questions, please call the Wachovia Benefits Center at 800-345-2897 and select option 1. When prompted, say “Retirement and Savings” and then “Savings Plan” to speak with a representative. Representatives are available Monday through Friday from 8 a.m. to 7 p.m. ET.
Important Information
This information is intended to summarize some of the benefits available in the Wachovia Savings Plan in an easy-to-understand format. It is not intended to provide a full description of the Plan. In the event of a conflict between the official documents and this information, the official documents are controlling. Wells Fargo & Company (hereinafter “Wells Fargo”) reserves the right to amend, modify or terminate each of its employer-sponsored plans, programs and policies at any time, in whole or in part, without notice for any reason. Any such amendment, modification or termination will apply to current and future participants (including active, disabled and former employees) and covered spouses/domestic partners and dependents. Please review the Wachovia Savings Plan Summary Plan Description for more information. The information contained in this communication and any information provided by employees and representatives of Wells Fargo and its affiliates is intended to constitute investment education under U.S. Department of Labor guidance and does not constitute “investment advice” under the Employee Retirement Income Security Act of 1974 or Department of Labor regulations. Neither Wells Fargo nor any of its affiliates, including its employees and representatives, may provide “investment advice” to any participant or beneficiary regarding the investment of assets in the Wachovia Savings Plan. Please contact your personal investment, financial, tax or legal advisor regarding your specific needs and situation.