Dear DAP Participants,

I am delighted to announce a major series of exciting enhancements to your DAP 401(k).

Through our recently announced partnership with Mercer Investments, a global leader in retirement plan consulting, we will build on the strengths of the DAP to enhance the investment structure and choices available to participants.

We will, of course, continue to offer participants our very popular DAP Stable Value Option and the four Model Portfolios.  The asset allocations of the model portfolios will be enhanced to provide better expected risk-adjusted returns in today’s environment.

We will also add a series of Target Date Funds which will allow participants to select an asset allocation fund tied to their expected (or actual) retirement date.  Their asset allocation will automatically adjust over time to a lower risk profile as participants move to – and through – retirement.

A new investment tier with an array of passive investment choices will be added to the structure as well.   The focus on our active management strategies will be on even lower expenses than currently offered, as well as consistency of performance based on risk-adjusted returns, as determined by Mercer’s proprietary selection process.

In addition, we will offer active and passive high quality bond funds as well as a Treasury Inflation Protected Securities (TIPS) fund.  We will also offer a real-asset fund which could provide attractive long-term inflation protection and additional diversification benefits.

We are targeting an implementation date around October 1^st.  We will be sending a wide array of educational pieces to you over the next several months.  Our goal is to build on the strengths of your DAP by providing you with an expanded suite of investments to enhance your retirement readiness and retirement security.

Sincerely,

Vincent Lombardi

Chairman, Board of Directors, Directed Account Plan

The April 2016 Heads Up newsletter has been posted. Please  CLICK HERE to read about the enhancements to your  investment structure coming to you in October. You will be receiving more detailed information this summer. This newsletter includes the following letter form the DAP Board introducing the improved investment menu along with recent performance.

Dear DAP Participants,

I am delighted to announce a major series of exciting enhancements to your DAP 401(k).

Through our recently announced partnership with Mercer Investments, a global leader in retirement plan consulting, we will build on the strengths of the DAP to enhance the investment structure and choices available to participants.

We will, of course, continue to offer participants our very popular DAP Stable Value Option and the four Model Portfolios.  The asset allocations of the model portfolios will be enhanced to provide better expected risk-adjusted returns in today’s environment.

We will also add a series of Target Date Funds which will allow participants to select an asset allocation fund tied to their expected (or actual) retirement date.  Their asset allocation will automatically adjust over time to a lower risk profile as participants move to – and through – retirement.

A new investment tier with an array of passive investment choices will be added to the structure as well.   The focus on our active management strategies will be on even lower expenses than currently offered, as well as consistency of performance based on risk-adjusted returns, as determined by Mercer’s proprietary selection process.

In addition, we will offer active and passive high quality bond funds as well as a Treasury Inflation Protected Securities (TIPS) fund.  We will also offer a real-asset fund which could provide attractive long-term inflation protection and additional diversification benefits.

We are targeting an implementation date around October 1^st.  We will be sending a wide array of educational pieces to you over the next several months.  Our goal is to build on the strengths of your DAP by providing you with an expanded suite of investments to enhance your retirement readiness and retirement security.

Sincerely,

Vincent Lombardi

Chairman, Board of Directors, Directed Account Plan

The Deutsche Small Cap Value Fund was terminated and removed from the Diversified Small Co. Stock Option on 4/13/16. The fund was terminated due to consistent under performance to the fund benchmark.  The funds were moved into the Diversified Small Co. Stock Option’s index fund – BlackRock Small Co.  Index until the board finds a suitable replacement fund.  The new Diversified Small Co. Stock Option target allocation is as follows:

The Sequoia Fund was terminated and removed from the Value Stock Option on 4/6/16. The fund was terminated due to consistent under performance to the fund benchmark.  The funds were moved into the Value Stock Option’s index fund – BlackRock Value Index until the board finds a suitable replacement fund.  The new Value Stock Option target allocation is as follows: