Program Description

April 2020

This Program Description should be read in conjunction with the accompanying Custodial Account Agreement, Disclosure Statement, and Financial Disclosure for the Program. Together, these Program Documents describe the Program, including important information about the (i) risks of investing in the Program, (ii) investments offered by the Program, (iii) fees you will pay for having an Secure Choice Account, and (iv) your rights under the Program. You should read the information in this Program Description and the other Program Documents in their entirety before making any decisions about setting up or opening up your Secure Choice Account and before you contribute to, or your employer starts processing any payroll contributions on your behalf to, your Secure Choice Account. This Program Description and other Program Documents together constitute the full disclosure relating to the Program.

Neither the Program, the Board, the Board members, nor the State of Illinois (the “State”) guarantee any rate of return or any interest rate on any contribution or asset invested in the Program. Your Secure Choice Account is not insured by the State of Illinois or the FDIC. Neither the Program, the Board, the Board members, nor the State may be held liable for any loss you experience as a result of participating or investing in the Program.

The State, not your Employer, sponsors the Program. If you would like investment or other financial advice, you should contact a qualified financial advisor. Your Employer cannot provide investment or other financial advice and is not liable for the decisions you make with respect to the Program. Your participation in the Program is completely voluntary. Your rights under the Program are only enforceable by you, your designated beneficiary under the Program, your authorized representative, or the State.

This document is not intended to constitute, nor does it constitute, legal or tax advice. Your Employer cannot provide tax or legal advice and is not liable for the decisions you make with respect to the Program. If you have questions about participation in the Program, you should consult your legal or tax advisor based on your individual situation.

Contributions under the Program are made to a Roth IRA. Depending on your income (or if applicable, yours and your spouse’s combined income), you may not be eligible to contribute to a Roth IRA and, as a result, would not be eligible to participate in the Program. However, other retirement savings products may be available to you outside of the Program.

To obtain additional information about the Program, please go to saver.ilsecurechoice.com or call 855.650.6914.

TABLE OF CONTENTS

KEY TERMS ............................................................................................................................................................... page 1

THE PROGRAM ......................................................................................................................................................... page 3

THE TRUST ............................................................................................................................................................... page 3

ENROLLMENT PROCESS ........................................................................................................................................ page 3

CONTRIBUTING TO YOUR SECURE CHOICE ACCOUNT ..................................................................................... page 6

TAKING DISTRIBUTIONS FROM YOUR SECURE CHOICE ACCOUNT ................................................................ page 9

MAINTAINING YOUR SECURE CHOICE ACCOUNT ............................................................................................... page 9

FEES AND EXPENSES ........................................................................................................................................... page 10

PROGRAM RISKS ................................................................................................................................................... page 12

INVESTMENT CHOICES ........................................................................................................................................ page 14

INVESTMENT PERFORMANCE ............................................................................................................................. page 33

PROGRAM GOVERNANCE .................................................................................................................................... page 34

GENERAL INFORMATION ...................................................................................................................................... page 34

PROGRAM CONTACT INFORMATION .................................................................................................................. page 36

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KEY TERMSTerms not defined throughout this Program Description have the following meanings:

“Account Revocation Period” means the period of time starting from the date your Roth IRA is established and you receive disclosure statement, and ending of (i) 90 days after your first contribution into your Secure Choice Account or (ii) after Close of Business on the Business Day that you make an Alternate Contribution Election; provided, however, the Account Revocation shall last a minimum of seven (7) days from the date your Roth IRA is established and you receive your disclosure statement regardless of your contribution elections.

“Act” means Illinois Secure Choice Savings Program Act, 820 ILCS 80/1 et seq., as amended from time to time.

“Alternate Contribution Elections” means Program elections that you choose that are different from the Default Contribution Elections.

“BlackRock” means BlackRock Fund Advisors.

“Board” means the Illinois Secure Choice Savings Board established under the Act.

“Business Day” means any day on which the NYSE is open for business.

“Code” means the Internal Revenue Code of 1986, as amended, and any regulations, rulings, announcements, or other guidance issued thereunder, as amended.

“Close of Business” means the time of day that trading closes on the NYSE, generally 4 p.m. Eastern Standard Time.

“Custodial Account Agreement” means the IRS 5305-RA contractual agreement that describes the Roth IRA’s terms and conditions and meets the requirements of the Internal Revenue Code.

“Default Contribution Elections” means the default Program elections applicable to you, if you do not choose Alternate Contribution Elections.

“Default Investment Option” means the Investment Option in which assets held in your Secure Choice Account will be transferred into at the end of the Account Revocation Period if you do not choose Alternate Contribution Elections. The Default Investment Option is the Target Date Retirement Fund that corresponds with your target retirement age.

“Disclosure Statement” means a nontechnical explanation of the statutory requirements relating to the IRA that meets the requirements of Treasury Regulations Section 1.408-6.

“Employee” means any individual who is 18 years of age or older, who is employed by an Employer, and who has Wages that are allocable to Illinois during a calendar year under the provisions of Section 304(a)(2)(B) of the Illinois Income Tax Act. An Employee includes both part-time and full-time employees.

“Employer” means a person or entity engaged in a business, industry, profession, trade, or other enterprise in Illinois, whether for profit or not for profit, that (i) has at no time during the previous calendar year employed fewer than 25 employees in Illinois, (ii) has been in business at least 2 years, and (iii) has not offered a Qualified Plan in the preceding 2 years. A person or entity engaged in a business, industry, profession, trade, or other enterprise in Illinois, whether for profit or not for profit, that fails to meet the immediately preceding number of employees and/or years of business requirements may also be deemed an Employer under this Agreement if such employer has notified the Program Administrator of its interest in facilitating its Employees enrollment into the Program.

“FDIC” means Federal Deposit Insurance Corporation.

“Financial Disclosure” means a nontechnical description of the fees and charges that may be made to the IRA, an explanation of the method for computing and allocating earnings, and a statement that growth is neither guaranteed nor projected that meets the requirements of Treasury Regulations Section 1.408-6(d)(4)(vii).

“Individual Retirement Account” or “IRA” means the Roth individual retirement account, as defined in Section 408A of the Code, established under the Program.

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“Investment Manager” means the investment manager of an Underlying Investment Fund. The Investment Managers are SSGA, BlackRock, and Schwab.

“Investment Option” means a grouping of one or more Underlying Investment Funds, constructed in accordance with a specific risk tolerance and investment objective. The available Investment Options in the Program are the Target Date Retirement Funds, Capital Preservation Fund, Conservative Fund, and the Growth Fund.

“IRA Custodian” means Ascensus Trust Company, an affiliate of the Program Administrator.

“NYSE” means the New York Stock Exchange.

“Program” means the Illinois Secure Choice Savings Program.

“Program Documents” means this Program Description, the Custodial Account Agreement, Disclosure Statement, and Financial Disclosure that contain the Roth IRA and Program requirements.

“Program Administrator” means Ascensus College Savings Recordkeeping Services, LLC, a third party administrator chosen by the Board to assist in carrying out the requirements of the Act.

“Program Rules” means the administrative rules for the Program set forth in the 74 Ill. Admin. Code Part 721, including any emergency rules, and as amended from time to time.

“Qualified Plan” means a qualified retirement plan, including, but not limited to, a plan qualified under Section 401(a), Section 401(k), Section 403(a), Section 403(b), Section 408(k), Section 408(p), or an eligible governmental plan under Section 457(b) of the Code. A payroll deduction IRA program as defined in 29 C.F.R. 2510.3-2(d) is not a Qualified Plan.

“Roth IRA” means a Roth individual retirement account, as defined in Section 408A of the Code.

“Schwab” means Charles Schwab Investment Management, Inc.

“Secure Choice Account” means a Roth IRA established by or for an Employee under the Program.

“SSGA” means State Street Global Advisors.

“State” means the State of Illinois.

“Treasurer’s Office” means the Office of the Illinois State Treasurer.

“Trust” means the Illinois Secure Choice Savings Program Fund.

“Underlying Investment Funds” or “Funds” means the investment vehicles (e.g., mutual funds) in which assets of the Program are invested through the Investment Options.

“Unit” means the measurement of a Secure Choice Account’s interest in an Investment Option. When you contribute to the Program, your money will be invested in Units of one or more Investment Options.

“Unit Value” means the value of one Unit in an Investment Option. For example, if you contribute $100 to an Investment Option, and the value of a Unit in the Investment Option is $10, you will be allocated 10 Units in the Investment Option.

“Wages” means W-2 wages, as defined in 26 CFR 1.415(c)-2(d)(4) that you receive from an Employer that facilitates Secure Choice during the calendar year.

“We”, “us” or “our” means, as the case may be, Secure Choice, the State of Illinois, the Board, the Office of the Illinois State Treasurer, or the Program Administrator.

“You” or “IRA owner” means any person who has established (or has had established on their behalf) and maintains a Secure Choice Account, and the beneficiaries of a deceased Secure Choice Account owner.

“90 Day Holding Vehicle” means the administrative vehicle that seeks to preserve the value of Employee contributions into a Secure Choice Account for the length of the Account Revocation Period. The 90 Day Holding Vehicle is not a stand-alone Investment Option.

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THE PROGRAMThe Illinois Secure Choice Savings Program was established by the Act as a retirement savings program in the form of an automatic enrollment payroll deduction Roth IRA for the purpose of promoting greater retirement savings for Illinois employees in a convenient, low-cost, and portable manner. The Program is a workplace retirement savings option designed to help workers who do not have access to an employer-sponsored plan to save their own money for retirement. Additionally, Secure Choice is open to any individual, 18 years of age or older, who is eligible to contribute to a Roth IRA.

The Act requires Employers to facilitate the Program by providing their Employees with the opportunity to save through payroll deductions, unless the Employer offers a Qualified Plan as specified in the Act. Employees are automatically enrolled into the Program by their Employer, unless Employees opt out of the Program within 30 days after notice of their enrollment has been provided to them. Once enrolled into the Program, an Employee can terminate participation in the Program at any time through their Employer, online, by phone, or by mail using the appropriate form. Employee participation in the Program is completely voluntary.

The Program offers participants the advantages of potential tax-free growth on assets and an easy way to save through automatic payroll deductions. The Secure Choice Accounts are structured as Roth IRAs, which provide tax-free withdrawals of contributions and qualified distributions of earnings.

The Board is an independent board, responsible for administrating the Program in accordance with the Act. The Board also acts as a fiduciary with respect to the investments offered by the Program and intends that the Program be operated, and the Program Rules be construed, in a manner consistent with applicable law.

THE TRUSTThe Trust is established under the Act to hold the assets that are contributed into the Secure Choice Accounts. The Board is the trustee of the Trust. The Trust must operate in a manner that is determined by the Board and meets the requirements for Roth IRAs under the Code. The amounts deposited in the Trust shall not constitute property of the State, and the Trust shall not be construed to be a department, institution, or agency of the State. Amounts on deposit in the Trust shall not be commingled with State funds, and the State shall have no claim to or against, or interest in, such funds.

ENROLLMENT PROCESSThere are two ways to enroll into the Program. You may enroll through an employer that facilitates the Program or you may directly open up a Secure Choice Account online. You must meet certain eligibility requirements to participate in the Program as described below.

ENROLLING THROUGH A FACILITATING EMPLOYER

Employee Eligibility

If you are 18 years of age or older, employed by an Employer, and have Wages that are allocable to Illinois during a calendar year under the provisions of Section 304(a)(2)(B) of the Illinois Income Tax Act, then you are likely to be eligible to participate in the Program subject to Illinois law and the federal rules governing Roth IRAs. See DISCLOSURE STATEMENT-Requirements of a Roth IRA and DISCLOSURE STATEMENT – Limitations and Restrictions, for more details regarding Roth IRA requirements and limitations.

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Your Employer’s Role

Your Employer plays a limited but important role in facilitating the Program.

Your Employer is responsible for:

• providing information about Secure Choice to you;• providing the following information about you to the Program Administrator for the establishment of a Secure

Choice Account in your name: full legal name; Social Security number or taxpayer ID number; date of birth; permanent U.S. street address; designated email address; and any other information reasonably required by the Program for purposes of administering the Program.

• setting up payroll deductions for you and remitting the contributed amounts promptly to the Program Administrator; and • keeping a record of Employees’ opt out and contribution decisions, including records of payroll deductions and

remittance of payments to the Program Administrator.

Note: Your Employer may delegate some of the above responsibilities to the Program Administrator as applicable.

Your Employer will not:

• provide any additional benefit or promise any particular investment return on savings;• contribute to the Program or match your contributions to the Program;• have any discretionary authority, control, or responsibility under the Program;• receive any direct or indirect compensation in relation to the Program;• provide tax, legal, investment, or other financial advice; or• manage your personal information with the Program, including your beneficiary designations.

Post-Enrollment

After your Employer facilitates such enrollment, the Program Administrator will notify you to confirm the establishment of your Secure Choice Account and provide you with instructions on how to access the Program Documents. After notice has been sent by the Program Administrator, you will have 30 days from that date to do any of the following:

1. set up your Secure Choice Account, establish online access, and manage your contribution elections as desired (see How do I set up my Secure Choice Account? below);

2. do nothing, and your Employer will begin making payroll contributions in accordance with the Default Contribution Elections (see Contributing to Your Secure Choice Account – Contribution Elections – Default Contribution Elections below); or

3. opt out of the Program to prevent deductions from your paycheck.

If you do not take action by the end of the 30 day period, your Secure Choice Account will be automatically activated and your Employer will begin sending payroll contributions to your Secure Choice Account. After the 30-day period, you will still have the option to set up your Secure Choice Account, change your contributions elections, or terminate your participation in the Program. Remember, your participation in Secure Choice is completely voluntary.

How do I set up my Secure Choice Account?

You can set up your Secure Choice Account online at saver.ilsecurechoice.com or call 855.650.6914 to obtain the necessary documents to set up your Secure Choice Account.

How do I opt out?

You can opt out of or terminate your participation in the Program at any time through your Employer, online, by phone, or by mail using the appropriate form. If you opt out within the 30-day notification period, no payroll deductions will be made on your behalf, and your Secure Choice Account will not be activated. If you choose to end your participation in the Program after the 30-day notification period and payroll deductions have started, your payroll deductions will be terminated within 30 days after your request. If contributions have already been made into your Secure Choice Account, you may: (i) leave your money in the Secure Choice Account to grow your retirement savings; (ii) transfer or roll over your Secure Choice Account to another Roth IRA; or (iii) request a distribution at any time, subject to Roth IRA distribution guidelines.

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What happens if I don’t set up my Secure Choice Account or opt out of the Program?

If you choose to do nothing, you will be automatically enrolled in the Program, and contributions will begin to be deducted from your paycheck no sooner than 30 days after the notification from the Program Administrator. Your contributions will be invested in accordance with the Default Contribution Elections, unless you make Alternate Contribution Elections. For more details on the Default Contribution Elections, see Contributing to Your Secure Choice Account – Contribution Elections – Default Contribution Elections. Please note that you must first set up your Secure Choice Account in order to access it. Please also note that you will not be able to make changes to your Secure Choice Account until you set up your Secure Choice Account and acknowledge that you have received the Program Documents.

SELF-ENROLLING WITHOUT AN EMPLOYER

Program Eligibility

If you are 18 years of age or older and eligible to contribute to an IRA under the federal rules governing IRAs, then you may be eligible to participate in the Program. For more details regarding IRA requirements and limitations, see the DISCLOSURE STATEMENT.

How to open up a Secure Choice Account

You can open an Secure Choice Account online at saver.ilsecurechoice.com. You must provide the Program with the following information: full legal name; Social Security number or taxpayer ID number; date of birth; permanent U.S. street address; designated email address; and any other information reasonably required by the Program for purposes of administering the Program. Additionally, you must either make an initial contribution of at least $50 from your bank account or establish a recurring contribution or payroll direct deposit for a minimum of $5.

ACKNOWLEDGMENT

Before your Secure Choice Account is established, you will be asked to acknowledge that:

• you understand the eligibility requirements for the Roth IRA contributions you are making, and that you qualify to make the contribution;

• you have received a copy of the Custodial Account Agreement, Financial Disclosure, Disclosure Statement and Program Description;

• you understand that the terms and conditions that apply to a Roth IRA are contained in the Custodial Account Agreement and you agree to be bound by those terms and conditions; and

• you understand that you may revoke your Roth IRA without penalty during the Account Revocation Period by mailing or delivering a written notice to the Program Administrator.

CHOOSING INVESTMENT OPTIONS

During the account opening process you will be able to select your investments. If you are enrolling through your Employer, you can choose your investments at the time you set up your Secure Choice Account or you can let your Secure Choice Account transition into the Investment Options under the Default Contribution Elections. In any case, your money will be invested in Investment Options that are allocated to Underlying Investment Funds that are managed by professional investment managers.

The Program provides you with several Investment Options that are designed to appeal to varying levels of risk tolerance and return expectations. For more details on the various Investment Options and Underlying Investment Funds, see Investment Choices.

DESIGNATING BENEFICIARIES

You can designate beneficiaries for your Secure Choice Account. Setting up beneficiaries is an important step, and it is quick and easy to do. Designating beneficiaries helps your family avoid probate of these assets and ensures that your Secure Choice Account will go to the individuals or entities that you choose.

A beneficiary is a designated person or entity that will receive an interest in your Secure Choice Account in the event of your passing. A beneficiary can be anyone (e.g., your spouse, your child, another important person, or a charity or other non-person beneficiary you choose). If you do not designate a beneficiary for your Secure Choice Account, it will

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be payable to your estate in the event of your passing. For more information on how your Secure Choice Account will be distributed, see CUSTODIAL ACCOUNT AGREEMENT — Article IX – 9.08 Beneficiaries.

CONTRIBUTING TO YOUR SECURE CHOICE ACCOUNTYou may contribute to your Secure Choice Account through either your Employer that facilitates the Program or through one of the following methods: check, payroll direct deposit and bank account. See below for more details.

CONTRIBUTING THROUGH AN EMPLOYER FACILITATING THE PROGRAM

How are contributions made?

On each payroll date following your enrollment into the Program, your Employer will deduct and transfer an amount based on your current contribution elections (i.e., Default Contribution Elections or Alternate Contribution Elections) from your Wages, to your Secure Choice Account.

Deducted amounts will not exceed the portion of your Wages that remain after other lawfully required payroll deductions with higher precedent than Program contributions are withheld by your Employer. Program contribution amounts withheld by your Employer will be transmitted to the Program Administrator as soon as administratively possible, not to exceed 7 Business Days from the date of the withholding. Failure of an Employer to timely transmit the amount constitutes an unlawful deduction under Illinois law.

Auto-Escalation

You may choose the auto-escalation feature, which provides for the automatic increase of your contribution percentage by 1% of your Wages each year. The auto-escalation feature is voluntary and will only apply at your election. The automatic increase will occur on or about January 1 of each year, until the total rate of contribution has reached 10% of your Wages. The automatic increase will not take place until you have contributed to your Secure Choice Account for a period of at least six (6) months. Once you have elected to participate in auto-escalation, you may choose to opt out at any time by going online or calling 855.650.6914.

Contribution Date

The Program will credit any funds contributed to your Secure Choice Account on the same Business Day they are submitted to the Program Administrator by your Employer, if the contribution is received in good order and prior to the Close of the Business. If received after Close of Business, contributions will be credited on the next succeeding Business Day.

Contribution Elections

Default Contribution Elections. If you have not opted out of the Program or have not chosen Alternate Contribution Elections, your contributions will be invested in a 90 Day Holding Vehicle for the length of the Account Revocation Period. If you still have not taken any action at the end of the Account Revocation Period, all assets held in your Secure Choice Account will automatically be transferred from the 90 Day Holding Vehicle into the Default Investment Option. Default contribution rates will be 5% of your Wages on a post-tax basis.

Alternate Contribution Elections. During the 30-day notification period, if you do not want to enroll using the Default Contribution Elections, you may go online, call the Program Administrator, or mail the appropriate form to the Program Administrator to change your contribution elections (See Automatic Enrollment – Post-Enrollment). The minimum contribution rate is 1%, and the maximum contribution rate is 100% of available Wages up to the federal annual contribution limits. Your contribution rate must be a whole percentage of Wages (e.g., 3%, but not 3.5%).

After enrollment, you may change your contribution rate by going online, calling the Program Administrator, or mailing the Program Administrator the appropriate form. Your Employer is required to enter your payroll deduction into its payroll system as soon as administratively possible, but no later than 30 days from its receipt of your notice of change from the Program Administrator.

After enrollment, if you wish to select an Investment Option other than the Default Investment Option provided as a part of the Default Contribution Election, requests should be made online, by phone, or by mail using the appropriate form.

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CONTRIBUTING DIRECTLY TO YOUR SECURE CHOICE ACCOUNT

Contribution Methods

You can make contributions by check, payroll direct deposit or from a bank account (as a one-time or recurring contribution). We will not accept contributions made by cash, money order, travelers checks, checks drawn on banks located outside the U.S., checks not in U.S. dollars, checks dated over 180 days, checks post-dated more than seven (7) days in advance, checks with unclear instructions, starter or counter checks, credit card or bank courtesy checks, third-party personal checks over $10,000, instant loan checks, or any other checks we deem unacceptable. No stocks, securities or other non-cash assets will be accepted as contributions.

Payroll Direct Deposit1

You may be eligible to make automatic, periodic contributions to your Secure Choice Account by payroll direct deposit (if your employer offers such a service). The minimum payroll direct deposit contribution amount is $5 per paycheck on at least a monthly basis. Contributions by payroll will only be permitted from employers who are able to meet our operational and administrative requirements. You may sign up for payroll direct deposit by providing your payroll direct deposit instructions to the Program online. After you submit your payroll direct deposit instructions to the Program, you will receive a Payroll Deduction Confirmation Form, which you must sign and submit to your employer’s payroll department.

Bank Account

You may contribute to you Secure Choice Account from a checking or savings account at your bank if your bank is a member of the Automated Clearing House (ACH), subject to certain processing restrictions. Contributions from your bank account may be made as a one-time contribution or recurring contribution (see below for details). By establishing contributions through your bank account, you authorize the Program Administrator to initiate credit/debit entries (and to initiate, if necessary, debit/credit entries and adjustments for credit/debit entries made in error) to your bank account. You must provide certain information about the bank account from which money will be withdrawn. Contributions from a money market mutual fund or cash management account are not permitted. If a contribution fails to go through because the bank account on which it is drawn lacks sufficient funds or banking instructions are incorrect or incomplete, we reserve the right to suspend processing of future contributions by ACH.

Recurring Contributions from Your Bank Account.1 You may contribute to your Secure Choice Account through periodic automatic debits from your bank account on a weekly, bi-weekly, semi-monthly or monthly basis. The minimum recurring contribution amount is $5. You may establish or make changes to a recurring contribution for an existing Secure Choice Account at any time online or by phone. You may also choose the auto-escalation feature to authorize an automatic annual increase to your recurring contribution. Recurring contribution debits from your bank account will occur on the day you indicate, provided the day is a regular business day. If the day you indicate falls on a weekend or a holiday, the recurring contribution debit will occur on the next business day. Your recurring contribution authorization will remain in effect until we have received notification of its termination from you and we have had a reasonable amount of time to act on it. To be effective, a change to, or termination of, a recurring contribution must be received by us at least five (5) business days before the next recurring contribution debit is scheduled to be deducted from your bank account.

One-Time Contributions from Your Bank Account. You may contribute to your Secure Choice Account through one-time debits from your bank account. We may place a limit on the total dollar amount per day you may contribute as a one-time contribution from your bank account. Contributions in excess of this limit will be rejected. If you plan to contribute a large dollar amount to your Secure Choice Account as a one-time contribution, you may want to contact the Program to inquire about the current limit prior to making your contribution.

Check

After you have opened your Secure Choice Account, you may make contributions by check. Note: Initial contributions to open an Secure Choice Account cannot be made by check. Checks must be made payable to: Illinois Secure Choice and mailed to Illinois Secure Choice, P.O. Box 56000, Boston, MA 02205 and should specify the name of the account owner.

Auto-Escalation (Only Applies to Recurring Contributions)

You may choose the auto-escalation feature, which provides for the automatic increase of your contribution each year as

1Automatic investing does not guarantee a profit or protect against a loss in a declining market.

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set forth in the chart below. Your contribution will increase by the Escalation Amount specified in the chart based on your current Contribution Amount listed in the chart. The auto-escalation feature is voluntary and will only apply at your election. The automatic increase will occur on or about January 1 of each year, until the total rate of contribution has reached the maximum amount as set forth in the chart below. You can opt out of the auto-escalation feature at any time by going online or calling the Program.

AUTO-ESCALATIONContribution Amount Escalation Amount

$5.00–$10.00 $1.00

$11.00–$20.00 $2.00

$21.00–$40.00 $4.00

$41.00–$80.00 $8.00

$81.00–$160.00 $16.00

$161.00–$320.00 $32.00

$321.00 and above* $64.00

* The maximum contribution rate is $458 per month.

Contribution Date

The Program will credit any funds contributed to your Secure Choice Account on the same business day if the contribution is received in good order and prior to the close of the NYSE, normally 4:00 p.m., Eastern Standard Time. In this instance, your contribution will receive a contribution date of the same business day that your contribution is received. If received after the NYSE’s close, contributions will be credited on the next succeeding business day that the NYSE is open. In this instance, your contribution will receive a contribution date of the next business day that your contribution is received.

For one-time contributions and recurring contributions from your bank account, your contribution date will be the date you select for the contribution to be debited from your bank account, except if you select the next business day as the debit date. In that case, if your request is received in good order by 4:00 p.m., Eastern Standard Time, it will be given a contribution date of the next business day after the date you request is received. If your request is received in good order after 4:00 p.m., Eastern Standard Time, it will be given a contribution date of the second business day after the date your request is received. Please note that this only applies to one-time contributions and the first occurrence of a recurring contribution if you select the next business day as a debit date.

Contributions sent by U.S. mail will be generally treated as having been made in a given year if checks are received by December 31 of the applicable year, and are subsequently paid. ACH contributions will generally be treated as received in the year you initiate them, provided the funds are successfully deducted from your checking or savings account. Please consult with your tax advisor on how to treat contributions for tax purposes.

CONTRIBUTION LIMITS

Your Secure Choice Account is structured as a Roth IRA, which is governed by federal contribution limits. You can only contribute up to the maximum dollar limits set by the federal government. Contribution limits vary based on age, income, and filing status and may be adjusted for inflation from year to year. For more details, see CUSTODIAL ACCOUNT AGREEMENT — Article I, DISCLOSURE STATEMENT – Requirement of a Roth IRA – B. Maximum Contribution and DISCLOSURE STATEMENT – Limitations and Restrictions and IRS PUBLICATION 590-A. Neither the Program nor the Program Administrator will have information on your eligibility to contribute to a Roth IRA, or knowledge of any other IRA accounts to which you are contributing. It is your responsibility to ensure that you are contributing within the IRS’ annual limits across all your retirement accounts. If you exceed the IRS’ annual limits, the excess amount will have to be removed, along with any earnings associated, within certain deadlines, in order to avoid an excess contribution penalty tax. The earnings will be taxable to you, and may be subject to an early distribution penalty tax. Please consult a tax expert or financial advisor to discuss your specific circumstances.

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TAKING DISTRIBUTIONS FROM YOUR SECURE CHOICE ACCOUNTYour Secure Choice Account is designed specifically to help you save for retirement; however, you can access the money in your Secure Choice Account at any time. Some Roth IRA distributions may be subject to applicable state and federal income tax obligations and penalties for early withdrawal. For details on the taxation of distributions, see CUSTODIAL ACCOUNT AGREEMENT – Article IX – 9.12 Withdrawals or Transfers and DISCLOSURE STATEMENT – Income Tax Consequences of Establishing a Roth IRA and IRS PUBLICATION 590-B.

Procedures for DistributionDistributions from your Secure Choice Account may be requested online or by phone. Alternatively, you can mail us a completed distribution form. Once a completed distribution form and any additional documentation required (as noted on the form) are received, the distribution will be processed. Forms can be requested by calling 855.650.6914 or downloaded from our website at saver.ilsecurechoice.com.

Distribution requests received in good order before the Close of Business on any Business Day are processed that day based on the Unit Values of the Investment Options underlying your Secure Choice Account for that day. Requests received after the Close of Business are processed the next Business Day using the Unit Values on that day.

Please allow up to ten (10) Business Days for the proceeds to reach you. Distributions will generally be processed within three (3) Business Days of accepting the request. During periods of market volatility and at year-end, distribution requests may take up to five (5) Business Days to process. For security purposes, there will be a hold of nine (9) Business Days on distribution requests when there is a change to your address and a hold of fifteen (15) calendar days on distribution requests following a change to your banking information. Distributions of contribution amounts submitted by your Employer will not be available for withdrawal for seven (7) Business Days. These preceding time periods are subject to change upon reasonable notice.

Methods of PaymentDistributions may be payable by check or ACH.

MAINTAINING YOUR SECURE CHOICE ACCOUNTAccessing your Secure Choice AccountYou can access your Secure Choice Account at any time online at saver.ilsecurechoice.com or by calling the Program Administrator at 855.650.6914 from Monday through Friday, 8:00 a.m. to 8:00 p.m. Central Standard Time. We encourage you to register online for easy access where you will be able to:

• update your contact information;• check your Secure Choice Account balance;• adjust your contribution elections;• designate or change beneficiary information;• change investment allocations; and• request a distribution.

RolloversBeginning in 2019, you may be able to roll over money from certain other IRAs or qualifying retirement plans into a Secure Choice Account. For more details, see CUSTODIAL ACCOUNT AGREEMENT – Article IX – 9.13 Transfers or Rollovers from Other Plans and DISCLOSURE STATEMENT — Income Tax Consequences of Establishing a Roth IRA – J. Rollovers and Conversions.

New Employer; Multiple EmployersYou can only have one Secure Choice Account. Your Secure Choice Account is portable and stays with you throughout your career. If you move to another Employer in Illinois that facilitates the Program, you may make payroll deduction contributions through your new Employer into the same Secure Choice Account. Future contributions from your new Employer into your

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Secure Choice Account will be reset to the Default Contribution Elections (excluding the 90 Day Holding Vehicle) until you make an Alternate Contribution Election through your new Employer. The same applies if you work for multiple Employers that participate in the Program—they will transfer your payroll-deducted contributions into the same Secure Choice Account and you can make separate contribution elections for each Employer. You will always have access to your money, even if you move to a job in another state or start working for an Employer that offers a retirement plan. You can keep your money in your Secure Choice Account, roll it over into another Roth IRA, or take your money out entirely – it’s your money and your decision, although some taxes or penalties may apply depending on when or for what purposes you withdraw your money.

Account Statements and ConfirmationsYou will receive quarterly statements detailing the transactions in your Secure Choice Account for the previous quarter. You will receive a confirmation for each transaction in your Secure Choice Account, except for payroll contributions through your Employer. You can choose to receive statements, transaction confirmations, and other personal correspondence via electronic delivery or in paper format. After one year in the Program, an election to receive quarterly statements by paper may incur a fee.

Your statement is not a tax document and should not be submitted with your tax forms. However, your statement(s) may be helpful to determine how much you withdrew or contributed during the previous tax year.

See CUSTODIAL ACCOUNT AGREEMENT – Article IX – 9.03 Representations and Responsibilities for additional important information regarding statements, confirmations and correspondence.

Secure Choice Account Restrictions The Program Administrator and/or the Board reserves the right to:

• freeze your Secure Choice Account and/or suspend your Secure Choice Account services if (i) the Program Administrator receives a notice of dispute regarding your Secure Choice Account assets or Secure Choice Account ownership, including notice of your death or divorce (until appropriate documentation is received and the Program Administrator reasonably believes that it is lawful to transfer Secure Choice Account ownership to the beneficiary or former spouse) or (ii) the Program Administrator or Board reasonably believes a fraudulent transaction may occur or has occurred;

• freeze your Secure Choice Account, without your permission, in cases of threatening conduct or suspicious, fraudulent or illegal activity;

• refuse to establish or close your Secure Choice Account if your identity cannot be verified or if it is determined that it is in the best interest of Secure Choice or required by law;

• close your Secure Choice Account if it is determined that you are restricted by law from participating in Secure Choice; or

• reject a contribution for any reason, including contributions to the Program that the Program Administrator or the Board believe are not in the best interests of the participants, the Program or an Investment Option.

The risk of market loss, tax implications, penalties, and any other expenses as a result of the above will be solely your responsibility.

FEES AND EXPENSESExcept for the fees described in this Section, there are currently no other fees, charges, or penalties imposed by or payable to the Program by you in connection with opening or maintaining your Secure Choice Account. The Board will from time to time review and adjust the Program fees, and will notify you of any changes to the fees.

Annualized Asset-Based FeesEach Investment Option has an Annualized Asset-Based Fee that is deducted from the total assets in each Investment Option. The Annualized Asset-Based Fee reduces the return on your investments through the Program. As a Secure Choice Account owner, you indirectly bear a pro rata share of the annual costs and expenses associated with each

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Investment Option in which you are invested. The Annualized Asset-Based Fee consists of the Underlying Investment Fund Fee, the State Fee, and the Program Administration Fee described below. These fees accrue daily and are factored into each Investment Option’s Unit Value.

• Underlying Investment Fund Fee. This fee includes investment advisory fees, administrative fees, and other expenses of the Underlying Investment Fund, which are paid out of the assets of the Underlying Investment Fund. An Underlying Investment Fund’s expense ratio measures the total annual operating expenses of the Underlying Investment Fund as a percentage of its average daily net assets. The Underlying Investment Fund Fee is subject to fluctuation from time to time based on changes in the total annual operating expenses of the Underlying Investment Fund(s) in the Investment Option, which can cause fluctuation in the Total Annualized Asset-Based Fee of the Investment Option. For more information on the fees of each Underlying Investment Fund, see the prospectus applicable to each Underlying Investment Fund.

• State Fee. Each Investment Option is subject to a State Fee equal to 0.05% of the Investment Option’s assets payable to the Board to offset expenses related to oversight and administration of the Program.

• Program Administration Fee. The Program Administrator receives the Program Administration Fee for administering the Program.

Fee Structure TableThe following table describes the Total Annualized Asset-Based Fees for each Investment Option.

FEE STRUCTURE TABLEas of April 3, 2020

Investment OptionAnnualized Asset-Based Fees¹

Underlying Investment Fund Fee² State Fee Program

Administration FeeTotal Annualized Asset-Based Fee³

90 Day Holding Vehicle4, 5 0.15% 0.05% 0.55% 0.75%Capital Preservation Fund5 0.15% 0.05% 0.55% 0.75%Target Date Retirement Fund 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2025 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2030 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2035 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2040 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2045 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2050 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2055 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2060 0.09% 0.05% 0.61% 0.75%Target Date Retirement Fund 2065 0.09% 0.05% 0.61% 0.75%Conservative Fund 0.04% 0.05% 0.66% 0.75%Growth Fund 0.02% 0.05% 0.68% 0.75%

¹ Expressed as an annual percentage of the average daily net assets of each Investment Option.² For each Investment Option, the Underlying Investment Fund Fee in this column is derived from the expense ratio reported in each Underlying Investment Fund’s most recent prospectus. Each Investment Option indirectly bears the expenses of the Underlying Investment Funds; so when fees are deducted from an Underlying Investment Fund’s assets, the value of the Underlying Investment Fund’s shares is reduced. Actual Underlying Investment Fund expenses may vary and are subject to change.

³ The Annualized Asset-Based Fee is assessed against assets over the course of the year. It includes the Underlying Investment Fund Fee, the State Fee plus the Program Administration Fee. Please refer to the Illustration of Investment Costs below for the total assumed cost for a $1,000 investment over 1-, 3-, 5-, and 10-year periods.

⁴ The 90 Day Holding Vehicle is not a stand-alone Investment Option. The 90 Day Holding Vehicle is an administrative vehicle that seeks to preserve the value of Employee contributions into a Secure Choice Account for the length of the Account Revocation Period.

⁵ Some fees for the 90 Day Holding Vehicle and Capital Preservation Fund may be voluntarily reduced in an effort to maintain a net yield of 0.00%.

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Float IncomeThe IRA Custodian may receive indirect compensation for the trustee (or custodial) services that it provides to your Secure Choice Account. This compensation, known as “float” income, is paid by the financial organization at which the IRA Custodian maintains “clearing accounts” or by the investments in which the IRA Custodian invests in such clearing accounts. Float income may arise from interest that is earned on Secure Choice Account contributions or distributions during the time that these assets are held by the IRA Custodian in clearing accounts but are not invested in an Investment Option. For example, if you request a distribution and receive the distribution check but do not cash it for several days, some interest may be earned while your funds remain in the clearing account.

These clearing accounts generally earn interest at a rate between the money market rate and that of U.S. Treasury Notes. The interest paid on each of these transactions is typically small, and it is likely to represent a minor portion of the overall compensation received by the IRA Custodian. By maintaining a Secure Choice Account, you acknowledge that float income may be retained by the IRA Custodian.

Illustration of Investment CostsThe following table illustrates the approximate cost of the Program over various periods of time, using the following assumptions:

• A $1,000 initial contribution is invested for the time periods shown.• A 5% annually compounded rate of return on the amount invested throughout the period.• The total funds available in the Secure Choice Account are withdrawn at the end of the period shown.• The Annual Asset Based Fee remains the same as that shown in the Fee Structure Table above. • The table does not consider the impact of any potential state or federal taxes on the withdrawal or the impact of

any service-based or other fees.

This hypothetical illustration is not intended to predict or project investment performance. Past performance is no guarantee of future results. Your actual cost may be higher or lower.

HYPOTHETICAL $1,000 INVESTMENT COST CHART1 Year 3 Year 5 Year 10 Year

All Investment Options $8 $24 $42 $93

PROGRAM RISKSYou should carefully consider the information in this section, as well as the other information in this Program Description and the other Program Documents, before making any decisions about setting up your Secure Choice Account or permitting your Employer to start making any payroll contributions. You should consult an attorney or a qualified financial or tax advisor regarding any legal, business, or tax questions you may have. The information in this Program Description is not intended to be an investment recommendation or investment advice, nor should the contents of this Program Description be construed as legal, financial, or tax advice.

Secure Choice is an investment program, your Secure Choice Account is an investment account, and all investments, including the Investment Options, carry some degree of risk that you may lose some or all of the money that you contributed. Some Investment Options carry more risk than others. You should weigh these risks with the understanding that they could arise at any time during the life of your Secure Choice Account. A discussion of the investment risks related to each Investment Option may be found in the Investment Choices section below.

An investment in Secure Choice is not a bank deposit. Investments in your Secure Choice Account are not insured or guaranteed by the FDIC or any other government agency. Investments are not insured by the State, the Board or the Program Administrator. You should strongly consider the level of risk you wish to assume and your investment time horizon prior to selecting an Investment Option.

Principal and Returns Not Guaranteed. Neither your contributions to a Secure Choice Account nor any investment returns earned on your contributions are guaranteed. You could lose money (including your contributions) or not make any money by investing in Secure Choice.

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Market UncertaintiesAs with all investments, the overall market value of your Secure Choice Account may exhibit volatility and could be subject to wide fluctuations in response to factors such as regulatory or legislative changes, worldwide political uncertainties, and general economic conditions, including inflation and unemployment rates. All of these factors are beyond our control and may cause the value of your Secure Choice Account to decrease (realized or unrealized losses) regardless of our performance or any systematic investing of payroll contributions. A plan of regular investment cannot ensure a profit or protect against a loss in a declining market. There is no assurance that any Investment Option will achieve its goals. For additional information on the risks that may affect Investment Option performance, please read the Investment Choices section below.

Securities LawsUnits held by the Secure Choice Accounts are considered municipal fund securities. The Units will not be registered as securities with the Securities and Exchange Commission (SEC) or any state securities regulator. In addition, the Investment Options will not be registered as investment companies under the Investment Company Act of 1940. Neither the SEC, the Municipal Securities Rulemaking Board (MSRB), nor any state securities commission has approved or disapproved the Units, or passed upon the adequacy of this Program Description.

Potential Changes to the ProgramYou will be given prior notice if the Board makes material changes to the Program or the Investment Options. In the event of unforeseen circumstances, notice will be given as soon as reasonable. Such changes could include, but are not limited to:

• a change in the Program’s Fees;• addition or removal of an Investment Option;• merger or change in the Underlying Investment Funds within the Investment Options;• the closure of an Investment Option to new participants; or• a change in the Program Administrator or an Investment Manager.

If changes are made to the Underlying Investment Fund in an Investment Option, the assets in the Investment Option may be reinvested in a different Underlying Investment Fund. The policies, objectives, and guidelines of the Underlying Investment Funds may also change from time to time.

If the Program is terminated, you will receive written notice informing you of your options. Your choices may include: keeping your assets at the IRA Custodian (in which case the Investment Options under the Program may no longer be available and you may need to choose different investments), transferring or rolling over your Secure Choice Account to another Roth IRA with a different financial organization, or taking a distribution from your Secure Choice Account. If the Program is terminated, we encourage you to consult a qualified tax or financial advisor concerning the appropriateness of each of your options.

There is no guarantee that the Investment Managers will continue to manage the Underlying Investment Funds for the Program or manage the Investment Option’s assets, as applicable, or that the Program Administrator will be able to negotiate their continued services in the future.

SuitabilityThe Board and Program Administrator make no representation regarding the suitability or appropriateness of the Investment Options for your particular circumstances. If you are automatically enrolled into the Program and subject to the Default Contribution Elections, your Secure Choice Account will be invested in the default Investment Options under the Program, as selected by the Board. Other types of investments may be more appropriate depending upon your financial status, tax situation, risk tolerance, age, investment goals, savings needs, and other factors you determine to be important.

If you have questions about participation in the Program, you should consult your legal or tax advisor based on your individual situation. There are other retirement savings vehicles available. These other options may have different features and tax advantages and other fee or expense consequences including, for example, different Investment Options or account owner control. You may wish to consider these alternatives with your tax or investment advisor prior to setting up your Secure Choice Account.

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Effect of Future Law ChangesIt is possible that future changes in federal or state laws or court or interpretive rulings could, on a go-forward basis or retroactively, adversely affect the terms and conditions of the Program or the value of your Secure Choice Account. Additionally, the Act and/or Program rules are subject to change.

Tax Considerations Generally; Income Tax on EarningsThe federal and state tax consequences associated with taking a Roth IRA distribution can be complex. Therefore, you should consult a qualified tax advisor regarding the application of tax laws to your particular circumstances. For example, any earnings you make on your contributions may be subject to federal and state income taxes if you take a nonqualified distribution. Additionally, the early distribution penalty may apply to the earnings on any nonqualified distribution. For more details, see CUSTODIAL ACCOUNT AGREEMENT – Article IX — 9.12 Withdrawals or Transfers and DISCLOSURE STATEMENT — Income Tax Consequences of Establishing a Roth IRA.

General Investment Option RisksEach Investment Option has its own investment strategy, risks and performance characteristics. In choosing the appropriate Investment Option(s) for your Secure Choice Account, you should consider your financial status, tax situation, risk tolerance, age, investment goals, savings needs, and other factors you determine to be important.

An Investment Option’s risk and potential return are a function of the Investment Option’s relative weightings of stock, bond, and money market investments, among other factors. Certain Investment Options carry more and/or different risks than others. In general, the greater an Investment Option’s exposure to stock investments, the higher the risk will be (especially short-term volatility). The more exposure an Investment Option has to bond and money market investments, the lower its risk. There are also subcategories with various risk levels within the stock and bond categories.

The Target Indices of Certain Underlying Investment Funds May ChangeCertain Underlying Investment Funds may invest to match or track the components of a market index. Such Underlying Investment Funds reserve the right to substitute a different index for the index that it currently tracks. This could happen if the current index is discontinued, if the index fund’s agreement with the sponsor of its current index is terminated, or for any other reason determined in good faith by the index fund’s board of trustees. In any such instance, a substitute index would measure substantially the same market segment (e.g., large-, mid-, or small- capitalization) as the current index.

No IndemnificationThe Program, the State, the Board and the Program Administrator will not indemnify any IRA owner against losses.

INVESTMENT CHOICES OverviewSecure Choice offers a range of Investment Options from conservative to aggressive in an effort to meet the risk tolerance and investment objectives of most investors. You may choose one or any combination of the following four types of investment strategies:

• Capital Preservation Fund – an Investment Option with the investment objective of maximizing current income, to the extent consistent with the preservation of capital and liquidity, by investing in U.S. dollar-denominated money market securities.

• Target Date Retirement Funds – Investment Options that correspond with the year closest to when you will be 65 or plan to retire. Each Target Date Retirement Fund has a specific “target date” (e.g., 2035, 2045, 2055) and invests in an Underlying Investment Fund that is comprised of a mix of stock and bond funds. The Investment Options seek to provide for retirement outcomes based on quantitatively measured risk. The portfolios will be broadly diversified across global asset allocations becoming more conservative over time as an investor nears target retirement age.

• Conservative Fund – an Investment Option with the investment objective of tracking as closely as possible, before fees and expenses, the total return of an index composed of the total U.S. investment grade bond market.

• Growth Fund – an Investment Option with the investment objective of matching the return of large companies in the U.S. stock market by investing generally in stocks that are included in the S&P500® Index.

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As part of the Default Contribution Elections, contributions will be initially invested in a 90 Day Holding Vehicle for the length of the Account Revocation Period. The 90 Day Holding Vehicle seeks to help investors preserve the value of their savings by investing in obligations issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies and instrumentalities. After the Account Revocation Period, if you have not selected Alternate Contribution Elections, contributions and earnings will automatically move into the Default Investment Option, which is the Target Date Retirement Fund corresponding to your date of birth. The 90 Day Holding Vehicle is not a stand-alone Investment Option available for participant election under the Program.

Each Investment Option invests your contributions in a single Underlying Investment Fund. You are purchasing Units in the Investment Option, not shares of the Underlying Investment Fund. Below is a chart of all the Investment Options and the corresponding Underlying Investment Funds.

Investment Option Underlying Investment Fund (Ticker)90 Day Holding Vehicle* State Street Institutional U.S. Government Money Market Fund (SAHXX)

Capital Preservation Fund State Street Institutional Liquid Reserves Fund (SSHXX)

Target Date Retirement Fund BlackRock LifePath Index Retirement Fund (LIRKX)

Target Date Retirement Fund 2025 BlackRock LifePath Index 2025 Fund (LIBKX)

Target Date Retirement Fund 2030 BlackRock LifePath Index 2030 Fund (LINKX)

Target Date Retirement Fund 2035 BlackRock LifePath Index 2035 Fund (LIJKX)

Target Date Retirement Fund 2040 BlackRock LifePath Index 2040 Fund (LIKKX)

Target Date Retirement Fund 2045 BlackRock LifePath Index 2045 Fund (LIHKX)

Target Date Retirement Fund 2050 BlackRock LifePath Index 2050 Fund (LIPKX)

Target Date Retirement Fund 2055 BlackRock LifePath Index 2055 Fund (LIVKX)

Target Date Retirement Fund 2060 BlackRock LifePath Index 2060 Fund (LIZKX)

Target Date Retirement Fund 2065 BlackRock LifePath Index 2065 Fund (LIWKX)

Conservative Fund Schwab® U.S. Aggregate Bond Index Fund (SWAGX)

Growth Fund Schwab® S&P 500 Index Fund (SWPPX)

*The 90 Day Holding Vehicle is not a stand-alone Investment Option. The 90 Day Holding Vehicle is an administrative vehicle that seeks to preserve the value of Employee contributions into a Secure Choice Account for the length of the Account Revocation Period.

Descriptions of Underlying Investment Funds The following descriptions highlight the investment objective, strategy, and principal risks of each Underlying Investment Fund. Because each Investment Option invests 100% in a single Underlying Investment Fund, the Investment Option has the same investment objective, strategy and principal risks as its Underlying Investment Fund. The descriptions reference only the principal risks of the Underlying Investment Funds; however, the current prospectus and statement of additional information of each Underlying Investment Fund identify additional risks that are not discussed below and contain information not summarized in this Program Description. Explanations of the risks can be found in Investment Risk Factor Glossary. The information below is qualified in all instances by reference to each Underlying Investment Fund’s prospectus and statement of additional information. You may wish to speak to an investment advisor to understand the specific risks associated with each Underlying Investment Fund.

State Street Institutional U.S. Government Money Market Fund (SAHXX)Investment Objective. The investment objective of State Street Institutional U.S. Government Money Market Fund is to seek to maximize current income, to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable $1.00 per share net asset value (“NAV”).

Investment Strategies. The U.S. Government Money Market Fund (the “Money Market Fund”) is a government money market fund and invests only in obligations issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies and instrumentalities, as well as repurchase agreements secured by such instruments. The Money Market Fund may hold a portion of its assets in cash pending investment, to satisfy redemption requests or to meet the Fund’s other cash management needs.

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The Money Market Fund follows a disciplined investment process that attempts to provide stability of principal, liquidity and current income, by investing in U.S. government securities. Among other things, SSGA Funds Management, Inc. the investment adviser to the Money Market Fund, conducts its own credit analyses of potential investments and portfolio holdings, and relies substantially on a dedicated short-term credit research team. The Money Market Fund invests in accordance with regulatory requirements applicable to money market funds. Regulations require, among other things, a money market fund to invest only in short-term, high quality debt obligations (generally, securities that have remaining maturities of 397 calendar days or less and that the Fund believes present minimal credit risk), to maintain a maximum dollar-weighted average maturity and dollar-weighted average life of sixty (60) days or less and 120 days or less, respectively, and to meet requirements as to portfolio diversification and liquidity. All securities held by the Fund are U.S. dollar-denominated, and they may have fixed, variable or floating interest rates.

The Money Market Fund attempts to meet its investment objective by investing in:

• Obligations issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies and instrumentalities, such as U.S. Treasury securities and securities issued by the Government National Mortgage Association (“GNMA”), which are backed by the full faith and credit of the United States;

• Obligations issued or guaranteed by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and U.S. government-sponsored entities such as the Federal Home Loan Bank, which are not backed by the full faith and credit of the United States; and

• Repurchase agreements with respect to U.S. government securities.

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in the U.S. Government Portfolio (a Master Portfolio), which has substantially identical investment policies to the Fund and SSGA Funds Management, Inc. also serves as investment adviser. When the Fund invests in this “master-feeder” structure, the Fund’s only investments are shares of the Master Portfolio, and it participates in the investment returns achieved by the Master Portfolio. Descriptions in this section of the investment activities of the “Fund” also generally describe the expected investment activities of the Master Portfolio.

Principal Risks. You could lose money by investing in the Underlying Investment Fund. Because the share price of the Money Market Fund may fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Money Market Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Money Market Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the FDIC or any other government agency. The Money Market Fund’s sponsor has no legal obligation to provide financial support to the Money Market Fund, and you should not expect that the sponsor will provide financial support to the Money Fund at any time. Additionally, neither SSGA, nor its affiliates (including State Street Corporation), guarantee the value of your investment at $1.00 per share or any other target share price. Investors should have no expectation of capital support to the Money Market Fund from SSGA or its affiliates.

In addition, the Money Market Fund is subject to the following risks: Counterparty Risk, Debt Securities Risk, Income Risk, Large Shareholder Risk, Liquidity Risk, Low Short-Term Interest Rates, Market Risk, Master/Feeder Structure Risk, Money Market Fund Regulatory Risk, Money Market Risk, Mortgage-Related and Other Asset-Backed Securities Risk, Rapid Changes in Interest Rates Risk, Repurchase Agreement Risk, Significant Exposure to U.S. Government Agencies or Instrumentalities Risk, Stable Share Price Risk, U.S. Government Securities Risk and Variable and Floating Rate Securities Risk. These risks are discussed under Investment Risk Factor Glossary.

State Street Institutional Liquid Reserves Fund (SSHXX)Investment Objective. The investment objective of the State Street Institutional Liquid Reserves Fund is to seek to maximize current income, to the extent consistent with the preservation of capital and liquidity, by investing in U.S. dollar-denominated money market securities.

Investment Strategies. The State Street Institutional Liquid Reserves Fund (the “ILR Fund”) follows a disciplined investment process in which SSGA Funds Management, Inc., the investment adviser to the ILR Fund, bases its decisions on the relative attractiveness of different money market instruments. In the Adviser’s opinion, the attractiveness of an instrument may vary depending on the general level of interest rates, as well as imbalances of supply and demand in the market. The ILR Fund invests in accordance with regulatory requirements applicable to money market funds, which require, among other things,

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the Fund to invest only in short-term, high quality debt obligations (generally, securities that have remaining maturities of 397 calendar days or less and that the Fund believes present minimal credit risk), to maintain a maximum dollar-weighted average maturity and dollar-weighted average life of sixty (60) days or less and 120 days or less, respectively, and to meet requirements as to portfolio diversification and liquidity.

Although the ILR Fund is a money market fund, the net asset value (“NAV”) of the ILR Fund’s shares “floats,” fluctuating with changes in the values of the ILR Fund’s portfolio securities. The State Street Institutional Liquid Reserves Fund will not maintain a stable $1.00 NAV. The ILR Fund typically accepts purchase and redemption orders multiple times per day, and calculates its NAV at each such time.

The ILR Fund attempts to meet its investment objective by investing in a broad range of money market instruments. These may include among other things: U.S. government securities, including U.S. Treasury bills, notes and bonds and other securities issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies or instrumentalities; certificates of deposits and time deposits of U.S. and foreign banks (including ECDs, ETDs and YCDs (as defined below), commercial paper and other high quality obligations of U.S. or foreign companies; asset-backed securities, including asset-backed commercial paper; mortgage-related securities; and repurchase agreements. These instruments may bear fixed, variable or floating rates of interest or may be zero-coupon securities. The ILR Fund also may invest in shares of other money market funds, including funds advised by the Adviser. Under normal market conditions, the ILR Fund intends to invest more than 25% of its total assets in bank obligations. A substantial portion of the Fund may be invested in securities that are issued or traded pursuant to exemptions from registration under the federal securities laws.

European Certificates of Deposit (“ECDs”) are U.S. dollar-denominated certificates of deposit issued by a bank outside of the United States. European Time Deposits (“ETDs”) are U.S. dollar-denominated deposits in foreign branches of U.S. banks and foreign banks. Yankee Certificates of Deposit (“YCDs”) are U.S. dollar-denominated certificates of deposit issued by U.S. branches of foreign banks. These instruments have different risks than those associated with the obligations of U.S. banks operating in the United States.

The ILR Fund seeks to achieve its investment objective by investing substantially all of its investable assets in the Money Market Portfolio (a Master Portfolio), which has substantially identical investment policies to the Fund. When the Fund invests in this “master-feeder” structure, the Fund’s only investments are shares of the Master Portfolio, and it participates in the investment returns achieved by the Master Portfolio. Descriptions in this section of the investment activities of the “Fund” also generally describe the expected investment activities of the Master Portfolio.

Principal Risks. You could lose money by investing in the ILR Fund. Because the share price of the ILR Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The ILR Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the ILR Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the ILR Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the FDIC or any other government agency. The ILR Fund’s sponsor has no legal obligation to provide financial support to the ILR Fund, and you should not expect that the sponsor will provide financial support to the ILR Fund at any time. Additionally, neither SSGA, nor its affiliates (including State Street Corporation) guarantee the value of your investment at $1.00 per share or any other target share price. Investors should have no expectation of capital support to the ILR Fund from SSGA or its affiliates.

In addition, the ILR Fund is subject to the following risks: Counterparty Risk, Debt Securities Risk, Financial Institutions Risk, Income Risk, Large Shareholder Risk, Liquidity Risk, Low Short-Term Interest Rates, Market Risk, Master/Feeder Structure Risk, Money Market Fund Regulatory Risk, Money Market Risk-Floating NAV , Mortgage-Related and Other Asset-Backed Securities Risk, Non-U.S. Securities Risk, Rapid Changes in Interest Rates Risk, Repurchase Agreement Risk, Restricted Securities Risk, Risk of Investment in Other Pools, U.S. Government Securities Risk, Variable and Floating Rate Securities Risk, Zero-Coupon Bond Risk. These risks are discussed under Investment Risk Factor Glossary.

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BlackRock LifePath Index 2025 to 2065 Funds (LIBKX, LINKX, LIJKX, LIKKX, LIHKX, LIPKX, LIVKX, LIZKX, LIWKX)Investment Objective. The investment objective of each of BlackRock LifePath® Index 2025 Fund (the “LifePath Index 2025 Fund”), BlackRock LifePath® Index 2030 Fund (the “LifePath Index 2030 Fund”), BlackRock LifePath® Index 2035 Fund (the “LifePath Index 2035 Fund”), BlackRock LifePath® Index 2040 Fund (the “LifePath Index 2040 Fund”), BlackRock LifePath® Index 2045 Fund (the “LifePath Index 2045 Fund”), BlackRock LifePath® Index 2050 Fund (the “LifePath Index 2050 Fund”), BlackRock LifePath® Index 2055 Fund (the “LifePath Index 2055 Fund”), BlackRock LifePath® Index 2060 Fund (the “LifePath Index 2060 Fund”) and BlackRock LifePath® Index 2065 Fund (the “LifePath Index 2065 Fund”) (each, a “Fund”), each a series of BlackRock Funds III, is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, each Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

Principal Investment Strategies. Each LifePath Index Fund is a “feeder” fund that invests all of its assets in LifePath® Index 2025 Master Portfolio, LifePath® Index 2030 Master Portfolio, LifePath® Index 2035 Master Portfolio, LifePath® Index 2040 Master Portfolio, LifePath® Index 2045 Master Portfolio, LifePath® Index 2050 Master Portfolio, LifePath® Index 2055 Master Portfolio, LifePath® Index 2060 Master Portfolio or LifePath® Index 2065 Master Portfolio (each, a Master Portfolio), as applicable, each a series of Master Investment Portfolio (“MIP”) with a substantially identical investment objective, which allocates and reallocates its assets among a combination of equity and bond index funds and money market funds (the “Underlying Investment Funds”) in proportions based on its own comprehensive investment strategy. All investments are made at the Master Portfolio level. This structure is sometimes called a “master/feeder” structure. Each Fund’s investment results will correspond directly to the investment results of the applicable Master Portfolio. For simplicity, this summary uses the name of each Fund or the term “Fund” (as applicable) to include the Master Portfolio.

Each Fund seeks to provide for retirement outcomes based on quantitatively measured risk. BFA employs a multi-dimensional approach to assess risk for each Fund and to determine each Fund’s allocation across asset classes. As part of this multi-dimensional approach, BFA aims to quantify risk using proprietary risk measurement tools that, among other things, analyze historical and forward-looking securities market data, including risk, asset class correlations, and expected returns. Under normal circumstances, each Fund intends to invest primarily in affiliated open-end index funds and affiliated exchange-traded funds (“ETFs”).

Each Fund employs a “passive” management approach, attempting to invest in a portfolio of assets whose performance is expected to track the performance of the Fund’s respective custom benchmark index.

Certain Underlying Investment Funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a currency or an index, when seeking to match the performance of a particular market index. Each Fund and certain Underlying Investment Funds may also lend securities with a value up to 33⅓% of their respective total assets to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

Under normal circumstances, the asset allocation will change over time according to a predetermined “glide path” as each Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, each Fund’s asset allocations become more conservative — prior to retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. Each Fund is one of a group of funds referred to as the “LifePath Index Funds,” each of which seeks to provide for retirement outcomes based on quantitatively measured risk that investors on average may be willing to accept given a particular time horizon. The following chart illustrates the glide path — the target allocation among asset classes as the LifePath Index Funds approach their target dates:

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Each Fund will invest, under normal circumstances, its assets among asset classes according to the target asset allocations in the table below. Each fund is designed for investors expecting to retire or to begin withdrawing assets around each Funds respective target retirement year.

Name of Fund Years Until RetirementEquity Index Funds

(includes REITs)Fixed-Income Index Funds

BlackRock LifePath® Index 2065 Fund 45 99% 1%BlackRock LifePath® Index 2060 Fund 40 99% 1%BlackRock LifePath® Index 2055 Fund 35 99% 1%BlackRock LifePath® Index 2050 Fund 30 98% 2%BlackRock LifePath® Index 2045 Fund 25 94% 6%BlackRock LifePath® Index 2040 Fund 20 86% 14%BlackRock LifePath® Index 2035 Fund 15 77% 23%BlackRock LifePath® Index 2030 Fund 10 66% 34%BlackRock LifePath® Index 2025 Fund 5 55% 45%BlackRock LifePath® Index Retirement Fund 0 40% 60%

The asset allocation targets are established by the portfolio managers. The investment team, including the portfolio managers, meets regularly to assess market conditions, review the asset allocation targets of each Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. Although the asset allocation targets listed for the glide path are general, long-term targets, BFA may periodically adjust the proportion of equity index funds and fixed-income index funds in a Fund, based on an assessment of the current market conditions, the potential contribution of each asset class to the expected risk and return characteristics of the Fund, reallocations of Fund composition to reflect intra-year movement along the glide path and other factors. In general, such adjustments will be limited; however, BFA may determine that a greater degree of variation is warranted to protect a Fund or achieve its investment objective. BFA’s second step in the structuring of a Fund is the selection of the Underlying Investment Funds. Factors such as fund classifications, historical risk and performance, and the relationship to other Underlying Investment Funds in the Fund are considered when selecting Underlying Investment Funds. The specific Underlying Investment Funds selected for a Fund are determined at BFA’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See the “Details About the Funds — Information About the Underlying Investment Funds” section of the prospectus for a list of the Underlying Investment Funds, their classification into equity, fixed income or money market funds and a brief description of their investment objectives and primary investment strategies. Within the prescribed percentage allocations to equity and fixed-income index funds, BFA seeks to diversify each Fund. The allocation to Underlying Investment Funds that track equity indexes may be further diversified by style (including both value and growth), market capitalization (including both large cap and small cap), region (including domestic and international (including emerging markets)) or other factors. The allocation to Underlying Investment Funds that track

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fixed-income indexes may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or junk bonds), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed-income Underlying Investment Funds is determined at the discretion of the investment team and can be changed to reflect the current market environment.

Principal Risks. In addition, each of the Funds are subject to the following risks: Allocation Risk, Concentration Risk, Convertible Securities Risk, Debt Securities Risk, Depositary Receipts Risk, Derivatives Risk, Emerging Markets Risk, Equity Securities Risk, Foreign Securities Risk, Index Fund Risk, Index-Related Risk, Investments in Mutual Funds and Exchange Traded Funds Risk, Leverage Risk, Management Risk, Market Risk and Selection Risk, Mid Cap Securities Risk, Mortgage- and Asset-Backed Securities Risks, Passive Investment Risk, Real Estate Related Securities Risk, REIT Investment Risk, Representative Sampling Risk, Retirement Income Risk, Shares of an ETF May Trade at Prices Other Than Net Asset Value, Small Cap and Emerging Growth Securities Risk, Tracking Error Risk, Treasury Obligations Risk, U.S. Government Obligations Risk. These risks are discussed under Investment Risk Factor Glossary.

BlackRock LifePath Index Retirement Fund (LIRKX)Investment Objective. The investment objective of BlackRock LifePath® Index Retirement Fund (“LifePath Index Retirement Fund” or the “Fund”), a series of BlackRock Funds III, is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index Retirement Fund will be broadly diversified across global asset classes.

Principal Investment Strategies. LifePath Index Retirement Fund is a “feeder” fund that invests all of its assets in the LifePath® Index Retirement Master Portfolio, (the “Master Portfolio”), a series of Master Investment Portfolio (“MIP”) with a substantially identical investment objective, which allocates and reallocates its assets among a combination of equity and bond index funds and money market funds (the “Underlying Investment Funds”) in proportions based on its own comprehensive investment strategy. All investments are made at the Master Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Master Portfolio. For simplicity, this summary uses the name of the Fund or the term “Fund” (as applicable) to include the Master Portfolio.

LifePath Index Retirement Fund seeks to provide for retirement outcomes based on quantitatively measured risk. BFA employs a multi-dimensional approach to assess risk for LifePath Index Retirement Fund and to determine LifePath Index Retirement Fund’s allocation across asset classes. As part of this multi-dimensional approach, BFA aims to quantify risk using proprietary risk measurement tools that, among other things, analyze historical and forward-looking securities market data, including risk, asset class correlations, and expected returns. Under normal circumstances, the Fund intends to invest primarily in affiliated open-end index funds and affiliated exchange-traded funds (“ETFs”).

LifePath Index Retirement Fund will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in its custom benchmark index, the LifePath Index Retirement Fund Custom Benchmark. LifePath Index Retirement Fund is designed for investors expecting to retire or to begin withdrawing assets now or in the near future. The Fund employs a “passive” management approach, attempting to invest in a portfolio of assets whose performance is expected to match approximately the performance of the Fund’s custom benchmark index. As of March 31, 2018, the Fund held approximately 40% of its assets in Underlying Investment Funds designed to track particular equity indexes, 60% of its assets in Underlying Investment Funds designed to track particular bond indexes and the remainder of its assets in Underlying Investment Funds that invest primarily in money market instruments. Certain Underlying Investment Funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a currency or an index, when seeking to match the performance of a particular market index. The Fund and certain Underlying Investment Funds may also lend securities with a value up to 33 1⁄3% of their respective total assets to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

Factors such as fund classifications, historical risk and performance, and the relationship to other Underlying Investment Funds in the Fund are considered when selecting Underlying Investment Funds. The specific Underlying Investment Funds selected for the Fund are determined at BFA’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See the “Details About the Funds — Information About the Underlying Investment

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Funds” section of the prospectus for a list of the Underlying Investment Funds, their classification into equity, fixed income or money market funds and a brief description of their investment objectives and primary investment strategies. The Fund’s selection of Underlying Investment Funds that track equity indexes may be further diversified by style (including both value and growth), market capitalization (including both large cap and small cap), region (including domestic and international (including emerging markets)), or other factors.

The Fund’s selection of Underlying Investment Funds that track fixed income indexes may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including noninvestment grade debt or junk bonds), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed-income Underlying Investment Funds is determined at the discretion of the investment team and can be changed to reflect the current market environment. Because the Fund is in its most conservative phase, its allocation generally does not become more conservative over time, although its allocation may change to maintain the Fund’s risk profile.

Principal Risks. In addition, the Fund and Underlying Investment Funds are subject to the following risks: Allocation Risk, Concentration Risk, Convertible Securities Risk, Debt Securities Risk, Depositary Receipts Risk, Derivatives Risk, Emerging Markets Risk, Equity Securities Risk, Foreign Securities Risk, Index Fund Risk, Index-Related Risk, Investments in Mutual Funds and Exchange Traded Funds Risk, Leverage Risk, Management Risk, Market Risk and Selection Risk, Mid Cap Securities Risk, Mortgage- and Asset-Backed Securities Risk, Passive Investment Risk, Real Estate Related Securities Risk, REIT Investment Risk, Representative Sampling Risk, Retirement Income Risk, Shares of an ETF May Trade at Prices Other Than Net Asset Value, Small Cap and Emerging Growth Securities Risk, Tracking Error Risk, Treasury Obligations Risk, U.S. Government Obligations Risk; These risks are discussed under Investment Risk Factor Glossary.

Schwab® U.S. Aggregate Bond Index Fund (SWAGX)Investment Objective. The fund’s goal is to track as closely as possible, before fees and expenses, the total return of an index composed of the total U.S. investment grade bond market.

Principal Investment Strategies. To pursue its goal, the fund generally invests in securities that are included in the Bloomberg Barclays U.S. Aggregate Bond Index. The index is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, a security must be fixed rate, non-convertible, U.S. dollar denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including, bonds with equity type features (e.g., warrants, convertibles and preferreds), tax-exempt municipal securities, inflation-linked bonds, floating rate issues, strips, private placements, U.S. dollar denominated 25 and 50 par retail bonds, structured notes and pass-through certificates. The index is market capitalization weighted and the securities in the index are updated on the last Business Day of each month. As of August 31, 2017, there were approximately 9,460 securities in the index.

It is the fund’s policy that under normal circumstances it will invest at least 90% of its net assets (net assets plus borrowings for investment purposes) in securities included in the index, including TBA transactions, as defined below. The fund will notify its shareholders at least 60 days before changing this policy. Under normal circumstances, the fund may invest up to 10% of its net assets in securities not included in its index. The principal types of these investments include those that the investment adviser believes will help the fund track the index, such as investments in (a) securities that are not represented in the index but the investment adviser anticipates will be added to the index; (b) high-quality liquid short-term investments, such as securities issued by the U.S. government, its agencies or instrumentalities, including obligations that are not guaranteed by the U.S. Treasury, and obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities; (c) other investment companies; and (d) derivatives, principally futures contracts. The fund may use futures contracts and other derivatives primarily to help manage interest rate exposure. The fund may also invest in cash, cash equivalents and money market funds, and lend its securities to minimize the difference in performance that naturally exists between an index fund and its corresponding index. Because it is not possible or practical to purchase all of the securities in the index, the fund’s investment adviser will seek to track the total return of the index by using sampling techniques. These techniques involve

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investing in a limited number of index securities that, when taken together, are expected to perform similarly to the index as a whole. These techniques are based on a variety of factors, including interest rate and yield curve risk, maturity exposures, industry, sector and issuer weights, credit quality, and other risk factors and characteristics. The fund expects that its portfolio will hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the fund’s investment objective. The fund generally expects that its duration will closely correspond to the duration of the index, which as of August 31, 2017, was approximately 5.93 years.

As of August 31, 2017, approximately 28.08% of the bonds represented in the index were U.S. fixed-rate agency mortgage pass-through securities. U.S. fixed rate agency mortgage pass-through securities are securities issued by entities such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) that are backed by pools of mortgages. Many transactions in fixed-rate mortgage pass-through securities occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement, and are often referred to as “to-be-announced transactions” or “TBA transactions.” In a TBA transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, paramount and price. The actual pools delivered generally are determined two days prior to settlement date; however, it is not anticipated that the fund will receive the pools, but will instead participate in rolling TBA transactions. The fund anticipates that it may enter into such contracts on a regular basis. This may result in a significantly higher portfolio turnover for the fund than a typical index fund. The fund, pending settlement of such contracts, will invest its assets in high-quality liquid short-term instruments, including Treasury securities and shares of money market mutual funds. The fund will assume it’s pro rata share of the fees and expenses of any money market fund that it may invest in, in addition to the fund’s own fees and expenses.

The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry, group of industries or sector to approximately the same extent that its index is so concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

The investment adviser seeks to achieve, over time, a correlation between the fund’s performance and that of its index, before fees and expenses, of 95% or better. However, there can be no guarantee that the fund will achieve a high degree of correlation with the index. A number of factors may affect the fund’s ability to achieve a high correlation with its index, including the degree to which the fund uses a sampling technique. The correlation between the performance of the fund and its index may also diverge due to transaction costs, asset valuations, timing variances, and differences between the fund’s portfolio and the index resulting from legal restrictions (such as diversification requirements) that apply to the fund but not to the index.

Principal Risks. In addition, the Underlying Investment Fund is subject to the following risks: Market risk, Investment style risk, Interest rate risk, Credit risk, Sampling index tracking risk, Tracking error risk, Portfolio turnover risk, Prepayment and extension risk, Non-U.S. issuer risk, Derivatives risk, Mortgage-backed and Mortgage pass-through securities risk, Liquidity risk, Concentration risk, Mortgage dollar rolls risk, Leverage risk, Securities lending risk; These risks are discussed under Investment Risk Factor Glossary.

Schwab® S&P 500 Index Fund (SWPPX)Investment Objective. The fund’s goal is to track the total return of the S&P 500® Index.

Principal Investment Strategies. To pursue its goal, the fund generally invests in stocks that are included in the S&P 500 Index. It is the fund’s policy that under normal circumstances it will invest at least 80% of its net assets (net assets plus borrowings for investment purposes) in these stocks; typically, the actual percentage is considerably higher. The fund will notify its shareholders at least 60 days before changing this policy.

The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. However, when the investment adviser believes it is in the best interest of the fund, such as to avoid purchasing odd-lots (i.e., purchasing less than the usual number of shares traded for a security), for tax considerations, or to address liquidity considerations with respect to a stock, the investment adviser may cause the fund’s weighting of a stock to be more or less than the index’s weighting of the stock. The fund may sell securities that are represented in the index in anticipation of their removal from the index, or buy securities that are not yet represented in the index in anticipation of their addition to the index. The S&P 500 Index includes the stocks of 500 leading U.S. publicly traded companies from a broad range of industries.

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Standard & Poor’s, the company that maintains the index, uses a variety of measures to determine which stocks are listed in the index. Each stock is represented in the index in proportion to its total market value.

The fund may invest in derivatives, principally futures contracts, and lend its securities to minimize the gap in performance that naturally exists between any index fund and its corresponding index. This gap occurs mainly because, unlike the index, the fund incurs expenses and must keep a small portion of its assets in cash for business operations. By using futures, the fund potentially can offset a portion of the gap attributable to its cash holdings. In addition, any income realized through securities lending may help reduce the portion of the gap attributable to expenses.

The fund may concentrate its investments in an industry or group of industries to the extent that its comparative index is also so concentrated.

Principal Risks. In addition, the Underlying Investment Fund is subject to the following risks: Market risk, Equity risk, Investment style risk, Tracking error risk Market capitalization risk, Large-cap company risk, Concentration risk, Derivatives risk, Liquidity risk, Securities lending risk. These risks are discussed under Investment Risk Factor Glossary.

Investment Risk Factor GlossaryThe information provided in this section summarizes the principal risks of the Underlying Investment Funds described above under Descriptions of Underlying Investment Funds. The risks for the Underlying Investment Funds are organized below by Investment Manager. The current prospectus and statement of additional information for each Underlying Investment Fund contain information not summarized here and identifies additional principal risks to which the respective Underlying Investment Fund may be subject.

BlackRock Risk FactorsAllocation Risk: The Fund’s ability to achieve its investment goals depends upon the Fund’s asset class allocation and the mix of Underlying Investment Funds. There is a risk that the asset class allocation or the combination of Underlying Investment Funds may be incorrect in view of actual market conditions. In addition, the asset allocation or the combination of Underlying Investment Funds determined by BFA could result in under performance as compared to funds with similar investment objectives and strategies.

Concentration Risk: To the extent that an underlying index of an Underlying Investment Fund is concentrated in the securities of companies, a particular market, industry, group of industries, sector or asset class, country, region or group of countries, that Underlying Investment Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class, country, region or group of countries.

Convertible Securities Risk: The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

Debt Securities Risk: Debt securities, such as bonds, involve several types of risks, including:

Credit Risk: Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities.

Extension Risk: When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

Interest Rate Risk: The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

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The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.

Prepayment Risk: When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.

Depositary Receipts Risk: The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

Derivatives Risk: The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:

Counterparty Risk: Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

Hedging Risk: Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

Leverage Risk: Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses that exceed the amount originally invested by the Fund.

Market and Liquidity Risk: The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

Tax Risk: Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.

Regulatory Risk: Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, certain derivatives are subject to margin requirements and swap dealers are required to collect margin from the Fund with respect to such derivatives. Specifically, regulations are now in

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effect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of over-the-counter (“OTC”) swaps with the Fund. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in over the next several years. The implementation of these requirements with respect to OTC swaps, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund. In December 2015, the Securities and Exchange Commission proposed a new rule to regulate the use of derivatives by registered investment companies, such as the Fund. If the rule goes into effect, it could limit the ability of the Fund to invest or remain invested in derivatives.

Valuation Risk: Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

Volatility Risk: Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.

Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.

Foreign Securities Risk: Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

• The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight;

• Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.• The economies of certain foreign markets may not compare favorably with the economy of the United States with

respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

• The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

• The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe. These events may affect the value and liquidity of certain of the Fund’s investments.

Index Fund Risk: An index fund has operating and other expenses while an index does not. As a result, while an Underlying Investment Fund will attempt to track the applicable index as closely as possible, it will tend to underperform the index to some degree over time. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.

Index-Related Risk: There is no guarantee that an Underlying Investment Fund will achieve a high degree of correlation to its underlying index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on an Underlying Investment Fund’s ability to adjust its exposure to the required levels in order to track its

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underlying index. Errors in index data, index computations and/or the construction of an underlying index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund or an Underlying Investment Fund and its shareholders.

Investments in Mutual Funds and Exchange Traded Funds Risk: Because the Fund invests substantially all of its assets in Underlying Investment Funds, its investment performance is related to the performance of the Underlying Investment Funds. The Fund may also directly invest in ETFs. The Fund’s net asset value will change with changes in the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the Underlying Investment Funds and ETFs.

Leverage Risk: Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.

Management Risk: As an Underlying Investment Fund may not fully replicate its underlying index, it is subject to the risk that the manager’s investment strategy may not produce the intended results.

Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

Mid Cap Securities Risk: The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.

Mortgage- and Asset-Backed Securities Risks: Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.

Passive Investment Risk: Because BFA does not select individual companies in the underlying indexes for certain Underlying Investment Funds, those Underlying Investment Funds may hold securities of companies that present risks that an investment adviser researching individual securities might seek to avoid.

Real Estate Related Securities Risk: The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, the amount of new construction in a particular area, the laws and regulations (including zoning and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgages and changes in interest rates may also affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type.

REIT Investment Risk: Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume and may be more volatile than other securities.

Representative Sampling Risk: If an Underlying Investment Fund utilizes a representative sampling strategy, the Underlying Investment Fund is subject to an increased risk of tracking error because the securities selected for the Underlying Investment Fund in the aggregate may vary from the investment profile of its index.

Retirement Income Risk: The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.

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Shares of an ETF May Trade at Prices Other Than Net Asset Value: Shares of an ETF trade on exchanges at prices at, above or below their most recent net asset value. The per share net asset value of an ETF is calculated at the end of each Business Day and fluctuates with changes in the market value of the ETF’s holdings since the most recent calculation. The trading prices of an ETF’s shares fluctuate continuously throughout trading hours based on market supply and demand rather than net asset value. The trading prices of an ETF’s shares may deviate significantly from net asset value during periods of market volatility. Any of these factors may lead to an ETF’s shares trading at a premium or discount to net asset value. However, because shares can be created and redeemed in Creation Units, which are aggregated blocks of shares that authorized participants who have entered into agreements with the ETF’s distributor can purchase or redeem directly from the ETF, at net asset value (unlike shares of many closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset values), large discounts or premiums to the net asset value of an ETF are not likely to be sustained over the long-term. While the creation/redemption feature is designed to make it likely that an ETF’s shares normally trade on exchanges at prices close to the ETF’s next calculated net asset value, exchange prices are not expected to correlate exactly with an ETF’s net asset value due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or the existence of extreme market volatility may result in trading prices that differ significantly from net asset value. If a shareholder purchases at a time when the market price is at a premium to the net asset value or sells at a time when the market price is at a discount to the net asset value, the shareholder may sustain losses.

Small Cap and Emerging Growth Securities Risk: Small cap or emerging growth companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized companies.

Tracking Error Risk: Tracking error is the divergence of an Underlying Investment Fund’s performance from that of its underlying index. Tracking error may occur because of differences between the securities and other instruments held in the Underlying Investment Fund’s portfolio and those included in its underlying index, pricing differences (including differences between a security’s price at the local market close and the Underlying Investment Fund’s valuation of a security at the time of calculation of the Underlying Investment Fund’s net asset value), transaction costs, the Underlying Investment Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to an underlying index or the costs of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because an Underlying Investment Fund incurs fees and expenses, while its underlying index does not.

Treasury Obligations Risk: Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

U.S. Government Obligations Risk: Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.

Schwab Risk FactorsConcentration risk: To the extent that the fund’s or the index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.

Credit risk: The fund is subject to the risk that a decline in the credit quality of a portfolio investment could cause the fund to lose money or underperform. The fund could lose money if the issuer or guarantor of a portfolio investment fails to make timely principal or interest payments or otherwise honor its obligations.

Derivatives risk: The fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. The fund’s use of derivatives could reduce the fund’s performance, increase the fund’s volatility, and could cause the fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on the fund.

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Equity risk: The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Interest rate risk: The fund’s investments in fixed-income securities are subject to the risk that interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, the fund’s yield will change over time. During periods when interest rates are low, the fund’s yield (and total return) also may be low. Changes in interest rates also may affect the fund’s share price: a rise in interest rates could cause the fund’s share price to fall. The longer the fund’s portfolio duration, the more sensitive to interest rate movements its share price is likely to be. A change in a central bank’s monetary policy or improving economic conditions, among other things, may result in an increase in interest rates.

Investment style risk: The fund is not actively managed. Therefore, the fund follows the securities included in the index during upturns as well as downturns. Because of its indexing strategy, the fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the fund’s expenses, the fund’s performance may be below that of the index.

Large-cap company risk: Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.

Leverage risk: Certain fund transactions, such as TBA transactions or derivatives, may give rise to a form of leverage and may expose the fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of the fund’s portfolio securities. The use of leverage may cause the fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

Liquidity risk: The fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.

Market capitalization risk: Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, the fund’s performance could be impacted.

Market risk: Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods

Money market funds risk: The fund may invest in underlying money market funds that either seek to maintain a stable $1 net asset value (“stable share price money market funds”) or that have a share price that fluctuates (“variable share price money market funds”). Although an underlying stable share price money market fund seeks to maintain a stable $1 net asset value, it is possible to lose money by investing in such a money market fund. Because the share price of an underlying variable share price money market fund will fluctuate, when the fund sells the shares it owns they may be worth more or less than what the fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund’s liquidity falls below required minimums.

Mortgage dollar rolls risk: Mortgage dollar rolls are transactions in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to repurchase similar securities in the future at a predetermined price. The fund’s mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.

Mortgage-backed and Mortgage pass-through securities risk: Certain of the mortgage-backed securities in which the fund may invest are not backed by the full faith and credit of the U.S. government and there can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities where it was not obligated to do so. Mortgage-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. Because of prepayment and extension risk, mortgage-backed securities react differently to changes in interest rates than other bonds. Small movements in interest rates – both increases and decreases – may quickly and significantly affect the value of certain mortgage-backed securities. Transactions in mortgage pass-through securities often occur through

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To Be Announced (TBA) transactions. Default by or bankruptcy of a counterparty to a TBA transaction could expose the fund to possible losses because of an adverse market action, expenses, or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction.

Non-U.S. issuer risk: The fund may invest in U.S.-registered, dollar-denominated bonds of non-U.S. corporations, governments, agencies and supra-national entities to the extent such bonds are included in the fund’s index. The fund’s investments in bonds of non-U.S. issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may be heightened in connection with bonds issued by non-U.S. corporations and entities in emerging markets.

Portfolio turnover risk: The fund may engage in frequent trading of its portfolio securities in connection with its tracking of the index, primarily due to the fund rolling over its positions in TBAs as it tracks the portion of the index represented by mortgage-backed securities. A higher portfolio turnover rate may result in increased transaction costs, which may lower the fund’s performance. A higher portfolio turnover rate can also result in an increase in taxable capital gains distributions to the fund’s shareholders

Prepayment and extension risk: The fund’s portfolio investments are subject to the risk that the securities may be paid off earlier or later than expected. Either situation could cause the fund to hold securities paying lower-than-market rates of interest, which could hurt the fund’s yield or share price.

Sampling index tracking risk: The fund may not fully replicate the index and may hold securities not included in the index. As a result, the fund is subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because the fund utilizes a sampling approach it may not track the return of the index as well as it would if the fund purchased all of the securities in the index.

Securities lending risk: Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.

Tracking error risk: As an index fund, the fund seeks to track the performance of the index, although it may not be successful in doing so. The divergence between the performance of the fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.

SSGA Risk FactorsCounterparty Risk: A Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into repurchase agreements and other transactions. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate the transaction, and it may be delayed or prevented from realizing on any collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty.

Debt Securities Risk. The values of debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. In recent years, the U.S. has experienced low interest rate levels. However, interest rates have begun to rise. In addition, economic recovery and the ending of the Federal Reserve Board’s quantitative easing program increase the likelihood that interest rates will continue to rise in the future. A rising interest rate environment may cause the value of a Fund’s fixed income securities to decrease, an adverse impact on the liquidity of a Fund’s fixed income securities, and increased volatility of the fixed income markets. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by a Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

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Financial Institutions Risk: Changes in the creditworthiness of financial institutions (such as banks and broker-dealers) may adversely affect the values of instruments of issuers in financial industries. Adverse developments in banking and other financial industries may cause a Fund to underperform relative to other funds that invest more broadly across different industries or have a smaller exposure to financial institutions. Changes in governmental regulation and oversight of financial institutions may have an adverse effect on the financial condition of a financial institution.

Income Risk: A Fund’s income may decline due to falling interest rates or other factors. Issuers of securities held by a Fund may call or redeem the securities during periods of falling interest rates, and a Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held a Fund is prepaid, that Fund may have to reinvest the prepayment in other obligations paying income at lower rates.

Large Shareholder Risk: To the extent a large proportion of a Fund’s Master Portfolio are held by a small number of shareholders (or a single shareholder), including funds or accounts over which that Fund’s adviser has investment discretion, a Fund is subject to the risk that these shareholders will purchase or redeem fund shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of a Fund, or its Master Portfolio, to conduct its investment program.

Liquidity Risk: Lack of a ready market or restrictions on resale may limit the ability of a Fund to sell a security at an advantageous time or price or at all. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Illiquidity of a Fund’s holdings may limit the ability of that Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid securities and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.

Low Short-Term Interest Rates: As of May 2018, short-term interest rates are at low levels, and so the Fund’s yield is very low. It is possible that the Fund will generate an insufficient amount of income to pay its expenses, and that it will not be able to pay a daily dividend and may have a negative yield (i.e., it may lose money on an operating basis). It is possible that the Fund will maintain a substantial portion of its assets in cash, on which it would earn little, if any, income.

Market Risk: A Funds’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.

Master/Feeder Structure Risk: A Fund which pursues its objective by investing substantially all of its assets in another pooled investment vehicle (a Master Portfolio). The ability of that Fund to meet its investment objective is directly related to the ability of the Master Portfolio to meet its investment objective. An investment adviser may also serve as investment adviser to the Master Portfolio, leading to potential conflicts of interest. A Fund will bear its pro rata portion of the expenses incurred by the master fund. Substantial redemptions by other investors in a Master Portfolio may affect the Master Portfolio’s investment program adversely and limit the ability of the master fund to achieve its objective.

Money Market Fund Regulatory Risk: The U.S. Securities and Exchange Commission (“SEC”) has recently implemented regulatory changes that will affect the structure and operation of money market funds. The revised regulations impose new liquidity requirements on money market funds, permit (and in some cases require) money market funds to impose “liquidity fees” on redemptions, and permit money market funds to impose “gates” restricting redemptions from the funds. Institutional money market funds are now required to have a floating NAV. (U.S. government money market funds are exempt from a number of the new regulations.) There are a number of other changes under the revised regulations that relate to diversification, disclosure, reporting and stress testing requirements. These changes have been implemented recently and they could significantly affect the money market fund industry generally and the operation or performance of a Fund specifically and may have significant adverse effects on a money market fund’s investment return and on the liquidity of investments in money market funds.

Money Market Risk: An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Although a money market fund generally seeks to preserve the value of its shares at $1.00 per share, there can be no assurance that it will do so, and it is possible to lose money by investing in a money market fund. A major or unexpected increase in interest rates or a decline in the credit quality of an issuer or entity

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providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause a money market fund’s share price to fall below $1.00.

Money Market Risk-Floating NAV: The ILR Fund does not maintain a constant net asset value per share. The value of the ILR Fund’s shares will be calculated to four decimal places and will vary reflecting the value of the portfolio of investments held by the ILR Funds. It is possible to lose money by investing in the ILR Funds.

Mortgage-Related and Other Asset-Backed Securities Risk: Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed-income investments. During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security’s duration and interest rate sensitivity, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.

Non-U.S. Securities Risk: Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on a Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market.

Rapid Changes in Interest Rates Risk: Rapid changes in interest rates may cause significant requests to redeem shares of a Fund, and possibly cause a Fund to sell portfolio securities at a loss to satisfy those requests.

Repurchase Agreement Risk: Repurchase agreements may be viewed as loans made by a Fund which are collateralized by the securities subject to repurchase. If a Fund’s counterparty should default on its obligations and that Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.

Restricted Securities Risk: The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.

Risk of Investment in Other Pools: If the Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected and is exposed indirectly to all of the risks applicable to an investment in such other pool. The investment policies of the other pool may not be the same as those of the Fund; as a result, an investment in the other pool may be subject to additional or different risks than those to which the Fund is typically subject. The Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which the Fund does so.

Significant Exposure to U.S. Government Agencies or Instrumentalities Risk: To the extent a Fund focuses its investments in securities issued or guaranteed by U.S. government agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the U.S. government agencies or instrumentalities in which a Fund invests may have a significant impact on that Fund’s performance. Events that would adversely affect the market prices of securities issued or guaranteed by one government agency or instrumentality may adversely affect the market price of securities issued or guaranteed by other government agencies or instrumentalities.

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Stable Share Price Risk: If the market value of one or more of that Fund’s investments changes substantially, the Fund may not be able to maintain a stable share price of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when a Fund experiences significant redemption requests.

U.S. Government Securities Risk: Certain U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency’s obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, are not supported by the full faith and credit of the U.S. government, and involve increased credit risks.

Variable and Floating Rate Securities Risk: During periods of increasing interest rates, changes in the coupon rates of variable or floating rate securities may lag behind the changes in market rates or may have limits on the maximum increases in coupon rates. Alternatively, during periods of declining interest rates, the coupon rates on such securities will typically readjust downward resulting in a lower yield. In addition, investment in derivative variable rate securities, such as inverse floaters, whose rates vary inversely with market rates of interest, or range floaters or capped floaters, whose rates are subject to periodic or lifetime caps, or in securities that pay a rate of interest determined by applying a multiple to the variable rate involves special risks as compared to investment in a fixed-rate security and may involve leverage.

Zero-Coupon Bond Risk: Zero-coupon bonds usually trade at a deep discount from their face or par values and are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current distributions of interest.

Additional Investment InformationHow Your Units Are Valued. You are purchasing Units in the Investment Option, not shares of the Underlying Investment Fund. The Unit Value of each Investment Option is normally calculated as of the Close of Business each Business Day. The Unit Value of each Investment Option will differ from the Underlying Fund’s daily NAV due to the assessment of Program fees against the assets in each Investment Option and the reinvestment of dividends and capital gains into the Investment Options. If securities held by an Underlying Investment Fund in your Investment Option are traded in other markets on days when the NYSE is closed, that Investment Option’s value may fluctuate on days when you do not have access to it to purchase or redeem Units. If events that are expected to materially affect the value of securities traded in other markets occur between the close of those markets and the Close of Business on the NYSE, those securities may be valued at their fair value by the applicable Investment Manager.

Treatment of Dividends and Capital Gains. Some Underlying Investment Funds may distribute dividends and capital gains. Any dividends and capital gains will be reinvested into the Investment Options containing the Underlying Investment Funds and will be reflected as increases or decreases in the Investment Option’s Unit Value.

Differences Between Performance of the Investment Options and Underlying Investment Funds. The performance of the Investment Options will differ from the performance of the Underlying Investment Funds. For more details, see Investment Performance below.

Requesting Additional Information About Certain Underlying Investment Funds. Additional information about the investment strategies and risks of each Underlying Investment Fund is available in its current prospectus and statement of additional information. You can request a copy of the current prospectus, the statement of additional information, or the most recent semiannual or annual report by contacting the applicable Underlying Investment Fund as follows:

Underlying Investment Fund (Ticker) Website PhoneState Street Institutional U.S. Government Money Market Fund (SAHXX); State Street Institutional Liquid Reserves Fund (SSHXX)

https://www.ssga.com/cash (877) 521-4083

BlackRock LifePath Index Funds (LIRKX, LIBKX, LINKX, LIJKX, LIKKX, LIHKX, LIPKX, LIVKX, LIZKX, LIWKX)

https://www.blackrock.com (800) 882-0052

Schwab U.S. Aggregate Bond Index Fund (SWAGX); Schwab® S&P 500 Index Fund (SWPPX)

https://www.schwabfunds.com (800) 435-4000

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INVESTMENT PERFORMANCEThe performance of the Investment Options will differ from the performance of the Underlying Investment Funds due to the assessment of Program fees against the assets in each Investment Option and the reinvestment of dividends and capital gains into the Investment Options. Additionally, each Investment Option will have a higher expense ratio than its Underlying Investment Fund because of the Program fees that are charged to the Investment Option. However, your investment in the Investment Options through your Secure Choice Account may receive certain tax benefits, including tax-free withdrawals of earnings on certain qualified distributions. Investment Option performance may also be affected by cash flows into and out of the Investment Options from the Program; typically, the purchases of Underlying Investment Fund shares are made one Business Day after the date funds are contributed to the Program and allocated to an Investment Option. Depending on market conditions, the collective impact of these differences may cause the performance of an Investment Option to trail or exceed the returns of the Underlying Investment Fund to which the assets are allocated.

Investment Option performance information represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate—your Secure Choice Account may be worth more or less than the original amount of your contribution. Current performance may be lower or higher than the performance data cited.

The following table shows how the performance of the Investment Options has varied over the periods listed. The performance data includes each Investment Option’s total annualized asset-based fee, but does not include other charges that may be associated with an investment in the Program. See Fees and Expenses. For up to date price and performance information, go to saver.ilsecurechoice.com or call 855.650.6914.

AVERAGE ANNUAL TOTAL RETURNS(as of March 31, 2020)

Investment Option 1 Year 3 Year 5 Year Since Inception Inception Date

90 Day Holding Vehicle1, 2 1.29% – – 1.31% 7/2/2018

Capital Preservation Fund2 1.38% – – 1.48% 7/2/2018

Target Date Retirement Fund -0.19% – – 1.54% 7/2/2018

Target Date Retirement Fund 2025 -3.02% – – -0.17% 7/2/2018

Target Date Retirement Fund 2030 -5.44% – – -1.56% 7/2/2018

Target Date Retirement Fund 2035 -7.87% – – -3.01% 7/2/2018

Target Date Retirement Fund 2040 -10.11% – – -4.37% 7/2/2018

Target Date Retirement Fund 2045 -11.65% – – -5.26% 7/2/2018

Target Date Retirement Fund 2050 -12.33% – – -5.68% 7/2/2018

Target Date Retirement Fund 2055 -12.33% – – -5.68% 7/2/2018

Target Date Retirement Fund 2060 -12.42% – – -5.68% 7/2/2018

Target Date Retirement Fund 2065 -11.45% – – -5.08% 7/2/2018

Conservative Fund 8.25% – – 7.15% 7/2/2018

Growth Fund -7.63% – – -1.79% 7/2/2018

1 The 90 Day Holding Vehicle is not a stand-alone Investment Option. The 90 Day Holding Vehicle is an administrative vehicle that seeks to preserve the value of Employee contributions into a Secure Choice Account for the length of the Account Revocation Period.

2 Some fees for the 90 Day Holding Vehicle and Capital Preservation Fund may be voluntarily reduced in an effort to maintain a net yield of 0.00%.

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PROGRAM GOVERNANCEBoardThe Board is responsible for the administration, management and oversight of the Program. The Treasurer’s Office provides support staff to the Board.

Program AdministratorThe Program Administrator provides recordkeeping and administrative services. The Program Administrator and its affiliates are responsible for day-to-day program operations, such as establishing Secure Choice Accounts, processing the IRA Owner’s instructions as directed, and issuing Secure Choice Account statements. The Program Administrator and its affiliate also fulfill IRS reporting requirements.

IRA CustodianThe IRA Custodian provides a cashiering function and other responsibilities under Section 408(a) and other applicable provisions of the Code.

Municipal Securities CustodianThe Bank of New York Mellon is the Program’s custodian of the municipal securities (i.e., the Units). As the municipal securities custodian, the Bank of New York Mellon is responsible for maintaining the assets that are contributed to each Investment Option.

Investment ManagerThe Investment Options are comprised of allocations to mutual funds managed by BlackRock, SSGA and Schwab.

GENERAL INFORMATIONProgram Privacy PolicyOffering excellent service along with protecting your privacy is important to the Program. When you do business with the Program you are asked to provide us with personal information. This information is important because it helps us to effectively process your transactions and manage your account, and it helps our efforts to prevent access to personal financial information by unauthorized persons. We also gather certain information to comply with laws and regulations that govern the financial services industry. The Program Manager provides the day to-day administrative services of the Program, including the gathering of personal information to effectively serve our customers. We may disclose information we have collected to companies who help us maintain and service your Secure Choice Account. For example, we may share information with other companies and professionals who need information to process your account and provide other recordkeeping services. We may also disclose information to companies that perform research and marketing services, and you may receive periodic notifications of account or programmatic updates from the Program or the Treasurer’s Office. As a Secure Choice Account owner, this policy details how we use and safeguard the information you provide to us. If you have any questions about our Program Privacy Policy, please contact us at 855.650.6913.

The Information We Collect. We collect information about you from the following sources:

• Information provided to us by your employer• Information you give us on applications or other forms• Information about your transactions with us

Disclosure of Information. As stated above, we may disclose information collected, as described above, to companies that perform research and marketing services. The Program does not disclose the personal information of current or former Secure Choice Account owners to any other person outside the Program unless you consent or it is permitted under contract and/or applicable federal and state laws. With your consent and if allowed by law, we will provide your personal information to the financial advisor you designate.

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Confidentiality and Security. We restrict access to information about you to those employees and entities who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards to protect this information, and each company with whom we share information has agreed to abide by these safeguards and is strictly prohibited from disclosing or using the information for any purpose other than the purposes for which it is provided to them.

Documents in Good OrderTo process any transaction in the Program, all necessary documents must be in good order, which means executed when required and properly, fully, and accurately completed.

Changes to Your Secure Choice AccountWe are not responsible for the accuracy of the documentation you submit to us to make changes to your Secure Choice Account, whether submitted online or in paper form. Unless we notify you otherwise, notices, changes, Investment Options selections, and other elections relating to your Secure Choice Account will take effect or be entered into the payroll system within a reasonable period of time after the Program Administrator or your Employer has received the appropriate documentation in good order, but no later than (i) 30 days from the Program Administrator’s receipt of your notice of change or (ii) the length of time prescribed under the Program Rules.

Changes to this Program DescriptionThe information in this Program Description is believed to be accurate as of the cover date and is subject to change without notice. No one is authorized to provide information that is different from the information in the most current form of this Program Description and any subsequent amendments or notices. We may amend this Program Description from time to time to comply with changes in the law or regulations or if we determine that it is in the Program’s best interest to do so. However, we will not retroactively modify existing terms and conditions applicable to a Secure Choice Account in a manner adverse to you, except to the extent necessary to assure compliance with applicable state and federal laws or regulations, or to preserve the favorable tax treatment for you, the Board, Illinois State Treasurer or the Program. You should retain this Program Description for your records. If material modifications are made to the Program, a revised Program Description, amendment or notice will be sent to your address of record or you will be notified by email if you receive documents electronically. In these cases, the new amendment/notice and/or Program Description will supersede all prior versions. Please note that we periodically match and update the addresses of record against a change of address database maintained by the U.S. Postal Service to reduce the possibility that items sent First Class Mail, such as Secure Choice Account statements, will be undeliverable.

Independent Registered Public Accounting FirmWe have engaged an independent public accounting firm to audit the financial statements for the Program.

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PROGRAM CONTACT INFORMATIONPhone: 855.650.6914 Monday through Friday, 8:00 a.m. to 8:00 p.m. Central Standard Time

Online: saver.ilsecurechoice.com

Email: clientservices@ilsecurechoice.com

Regular Mail: Illinois Secure Choice PO BOX 56000 Boston, MA 02205-6000

Overnight Delivery: Illinois Secure Choice 95 Wells Avenue, Suite 155 Newton, MA 02459

The Program is overseen by the Illinois Secure Choice Savings Board. Ascensus College Savings Recordkeeping Services, LLC (ACRS) is the program administrator. ACRS and its affiliates are responsible for day-to-day program operations. Participants saving through the Program beneficially own and have control over their Roth IRAs, as provided in the program offering set out at saver.ilsecurechoice.com.

The Program offers Investment Options selected by the Board. For more information on the Investment Options go to saver.ilsecurechoice.com. Units in the Investment Options are interests in municipal securities and the value of Units will vary with market conditions. Investments in Secure Choice are not guaranteed or insured by the Board, the State, the FDIC or any other organization.

The Program is a completely voluntary retirement program. Saving through a Roth IRA will not be appropriate for all individuals. Employer facilitation of the Program should not be considered an endorsement or recommendation by your Employer of the Program, Roth IRAs, or the Investment Options. Roth IRAs are not exclusive to the Program and can be obtained outside of the Program and contributed to outside of payroll deduction. Contributing to a Secure Choice Roth IRA through payroll deduction offers some tax benefits and consequences. You should consult your tax or financial advisor if you have questions related to taxes or investments.