Upcoming fund and fee changes

The retirement plan industry has evolved significantly over the past several years. While embedded administrative fees paid by revenue sharing from plan investments have historically been the norm, emerging best practices speak to explicit, transparent administrative fees reflected on participant accounts. This move to full transparency regarding the administrative fees you pay allows you to know exactly how much you are paying to help cover the expenses associated with the operation of the Plan.

Administrative fees are those fees paid by participants to cover the expenses of administering the Deferred Compensation Plan and to protect the Plan’s integrity and strength. The largest single Plan expense relates to costs associated with the Plan’s third-party administrator and service provider (this is the role currently filled by Nationwide Retirement Solutions). In addition, the Plan pays for other expenses, including those associated with:

• An Investment Consultant
• Fiduciary liability insurance coverage
• Other Plan-related expenses

Depending on your investment option(s), you are currently contributing up to 0.25% annually toward the Plan’s costs from embedded revenue sources described below.

Effective September 1, 2026, the total annualized fee collected from all participants will be 0.0213% of the value of your investments. This equates to $2.13 annually on a $10,000 account balance. The actual fee amount will be based on your account balance on the day the fee is assessed. The first fee will be assessed on September 30, 2026, and on the last business day of each month thereafter. A table reflecting the new fund lineup as of August 28, 2026, along with all investment and administrative fees associated with each investment option, can be found on pages 5 and 6 in the investment and fee change frequently asked questions under the Fund/Share class information section.

The Plan’s administrative expenses have been covered on an embedded basis, under which Plan expenses were covered by revenue sources that were not readily identifiable to Plan participants. For example, those invested in mutual funds or the Chicago Blended Fixed Option may have had service fee payments or a recordkeeping offset provided to the plan to cover administrative expenses.

Mutual fund service fee payments are a component of many mutual fund expense ratios. The service fee payments are remitted back to the Plan to help cover the administrative fees of the Plan. This is in recognition of the fact that the mutual fund companies do not have to provide recordkeeping, administration, statements, customer service, distribution and tax reporting for each individual participant because the Plan’s recordkeeper performs these functions.

If any of the current investments provide service fee payments, or a replacement investment is chosen in the future that provides service fee payments, those payments will be refunded and credited proportionally to the Plan accounts of participants who invested in those funds on a quarterly basis. Keep in mind that not all mutual funds provide service fee payments, so it is possible that you may not receive a refund of service fee payments depending upon which mutual funds you hold in your account.

Loans, both past and present, are not impacted. You should continue to pay the loan per your loan agreement until the loan is paid off.

Effective September 1, 2026, the 0.0213% Administrative Fee applies to any balances held in the Schwab PCRA. This fee is assessed monthly on the last business day of the month like the core investment options in the Plan. However, because such a fee cannot be assessed directly on PCRA assets, the fee amount for the PCRA assets is deducted on a pro rata basis across your investments in the core investment options. This first fee will be assessed on September 30, 2026.

The new investments will be available on August 28, 2026. The closing investments will be removed after the close of the New York Stock Exchange on August 28, 2026.

Any assets and/or investment elections remaining in a fund being removed will be mapped as indicated above.

The existing T. Rowe Price Target Date Funds are being replaced in the plan with the new State Street GTC Retirement Income Builder Series, which means you now have a lifetime income benefit and flexibility on how to take that income. Your date of birth determines your age-appropriate fund, based around the year you would turn 65 (which is when the income feature would begin). You have full flexibility at that time to choose to take the distribution, leave it invested in the fund or move it/reinvest it elsewhere.

No, you do not need to take any action. Any assets and/or investment elections remaining in a fund being removed will be mapped as indicated on the previous page after the close of the New York Stock Exchange on August 28, 2026.

Yes, although you would want to avoid selecting another fund also being removed.

Initiate an online exchange out of the closing fund before the close of the New York Stock Exchange on August 28, 2026, and avoid selecting another fund also being removed.

ProAccount will update the portfolios to reflect the investment changes and will submit a transaction to rebalance your assets into the new portfolio. No action is needed by you.

Assets held in the self-directed brokerage option are not impacted.