December 9, 2005
RE: County of Santa Cruz, 457 Deferred Compensation Plan Transition to ICMA-RC
Dear Plan Participant:
ICMA-RC is excited that the Board of Supervisors and the Deferred Compensation Advisory Commission have selected us as the new
plan provider for the County of Santa Cruz, 457 Deferred Compensation Plan (“Plan”). We look forward to working with you to
ensure a smooth transition from Great West Retirement Services (“Great-West”). We will also strive to provide you with services and
an enhanced investment line-up to help you meet your retirement goals. This letter addresses frequently asked questions regarding the
status of your account and provides an overview of our upcoming education and information sessions.
What is the transition?
ICMA-RC is currently working with staff at the County of Santa Cruz and Great-West to plan for the transfer of your 457 plan
account records and assets. The target date for the transfer of your plan assets is Tuesday January 31, 2006.
What do I need to do?
You don’t have to do anything. During the transition, Great-West will liquidate your account and send all assets to ICMA-RC for
reinvestment. In addition, your current contribution election will be automatically established at ICMA-RC for you using the fund
default process, which is explained below.
Prior to the transition, ICMA-RC will offer several group and individual meetings to address the transition process and answer your
questions. Locations and times for the meetings and individual appointments are detailed in the attached schedule.
To sign up for an individual appointment, please contact Joanne Danielsen at 1-800-735-7202, extension 4908, or via e-mail at
firstname.lastname@example.org. In addition, ICMA-RC has prepared a transition Web site specifically for participants of the County of Santa
Cruz. Information about investment options, fund default, transition updates and transition meetings may be accessed at
What is the “Fund Default”?
As part of the transition to ICMA-RC, your Plan will offer an enhanced fund lineup as well as new model portfolio funds developed
specifically for the County’s plan*. The fund default is the process through which your existing funds at Great-West are automatically
mapped over and reinvested for you at ICMA-RC into the most closely matched funds in the new line-up. A fund default list is
enclosed in this mailing detailing this process.
What is a blackout period?
This is the time needed by Great-West to complete its final reconciliation for each participant's account in preparation for transmittal
of assets to ICMA-RC. During the blackout period, no changes to your account (including transfers between funds) will be allowed.
The blackout period will begin at the close of business on Wednesday, January 25, 2006 and is scheduled to end on or around Friday,
February 3, 2006. Upon completion of the blackout period, ICMA-RC will mail a confirmation letter notifying you that your
account is active and the blackout period has been lifted.
The blackout period is summarized below:
1/25/2006 Blackout period begins at close of business.
Important Note: You must complete any financial transactions by 12:00 noon Pacific Time
1/30/2006 Great-West redeems (liquidates) your account.
1/31/2006 Great-West sends assets to ICMA-RC. ICMA-RC invests assets to mapped funds using a fund
2/3/2006 Approximate date blackout period ends.
(continued on back)
Vantagepoint securities are distributed by ICMA-RC Services, LLC, a broker-dealer affiliate of ICMA-RC, member NASD/SIPC.
ICMA RETIREMENT CORPORATION | 777 NORTH CAPITOL STREET, NE | WASHINGTON, DC 20002-4240
TEL: 202-962-4600 | FAX: 202-962-4601 | TOLL FREE: 1-800-669-7400 | EN ESPAÑOL LLAME AL: 1-800-669-8216 | INTERNET: www.icmarc.org
What are the new Model Portfolio Funds?
The new model portfolios are customized funds of funds made up of the Plan’s available investment options. They are structured to
provide participants with a single diversified investment option based on individual risk tolerances. These funds will give participants
exposure to all the available asset classes and range in risk from conservative to aggressive. A description of these model funds is
If your current funds at Great-West do not default automatically to the funds you want to invest in with ICMA-RC, you have
two options available to you:
Before the transition occurs: You can transfer your existing Great-West funds and/or your future payroll deduction choices into the
Great West funds that will default to the ICMA funds you want. You can make these changes by contacting Great West at (877-728-
6738) (1-800-701-8255) or by using the Great-West on-line site at www.gwrs.com. You will need to make these changes prior to
January 25, 2006.
After the transition occurs: You can make changes to existing funds* and/or change your future payroll deduction choices by using
ICMA-RC's Account Access on the internet at www.icmarc.org, by using the 24-hour Voice Response Unit (1-800-669-7400), or by
requesting to speak to an ICMA-RC representative through Investor Services (1-800-669-7400). You can make these changes after the
blackout period, around February 3, 2006.
When will my contributions be received at ICMA-RC?
The target date for the first payroll contribution to be processed by ICMA-RC is Friday, February 3, 2006.
How do I know what is happening with my account?
You will be able to access your account at Great-West to process changes until the blackout period starts at noon on Wednesday,
January 25, 2006. During the blackout period, Great-West will be preparing your accounts for transfer to ICMA-RC. While you
cannot make changes to your account during the blackout period, your money will remain invested in your funds until the liquida-
tion date on Monday, January 30, 2006. Updates on the status of the conversion will be provided at employee sessions and online at
www.icmarc.org/santacruz. Once the conversion is completed and the blackout period is lifted on or around Friday, February 3, 2006,
you will have full access to your account.
How do I access my account online at ICMA-RC?
Step 1 – Log on to www.icmarc.org
Step 2 – Select the Account Access menu option
Step 3 – Click the link for “Request an Initial Password”
Step 4 – Read and Accept the “Agreement and Activation Form”
Step 5 – Select the option to “Create a new password online”
Step 6 – Enter the Santa Cruz plan number: 305886
Step 7 – Enter the remaining information requested and click “Submit”
Where do I direct questions that may arise?
If you have any questions, you can contact your local ICMA-RC representative Joanne Danielsen at 1-800-735-7202, extension 4908,
or via e-mail at email@example.com. Upon completion of the transition, you may also contact an ICMA-RC Investor Services
Representative at 1-800-669-7400 (press zero to speak with a representative). Representatives are available from 5:30 a.m. PT to 6:00
p.m. PT. On February 3, 2006 you will be able to access your account through ICMA-RC’s Web site at www.icmarc.org (note: Select
the Account Access menu option).
We look forward to working with you over the coming years to meet your retirement goals.
*Please consult both the current mutual fund's prospectus and MAKING SOUND INVESTMENT DECISIONS: A Retirement Investment Guide carefully
for a complete summary of all fees, expenses, charges, financial highlights and investment objectives, risks and performance information prior to investing any
money. Vantagepoint securities are distributed by ICMA-RC Services LLC, a broker dealer affiliate of ICMA-RC, member NASD/SIPC. For a current
prospectus, contact ICMA-RC Services LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-669-7400. AC: 1105-373