A Message from Vanguard

When clients come to our website, they are generally looking for perspectives on markets, insights into investment strategies, or details about a specific fund. Today we would like to share something about the people you invest with. As a company, we are appalled by the killings of Ahmaud Arbery, Breonna Taylor, and George Floyd, and we are troubled by the systemic issues that led to their unjust deaths.

Our team of 18,000 people from all walks of life comes together to serve you, our clients, and to support the communities in which we work. Our employees—our crew—live by a mission that includes taking a stand for investors and treating them fairly. The recent tragedies remind us that this commitment must extend beyond the realm of investing to shape how we support our colleagues and clients.

We condemn racism, xenophobia, and prejudice of any kind, all of which run counter to Vanguard's values. We stand united with the black community and lend our voice to the call for meaningful and systemic change.

We're on our own journey. As an employer, we strive every day to make Vanguard a more diverse and inclusive company—a place where each individual can reach their full potential. While we are not yet where we want to be, our crew are leading the way with open conversations about race, religion, gender, and sexuality. We are particularly grateful to our Crew Resource Groups, such as the Vanguard Black Professional Network, which have challenged us to do better and strengthened our sense of corporate community.

Our crew are passionate about improving the social disparities in our communities and give more than $10 million of their own money each year to drive change. Unfortunately, the recent social injustices underscore that there is so much more to be done. Vanguard will pledge an additional $5 million in immediate giving to support organizations committed to addressing injustice and racial disparities.

These actions are steps toward a future where our communities are safe and our crew have equal opportunities to excel and to do their best work on your behalf. We won't settle for less and are ready to work hard to make that future a reality. On June 9, Vanguard's U.S. offices will open for business 8 minutes and 46 seconds later than normal, as we observe a period of silence for George Floyd and reflect on what more we can do.

A Better Employee Experience with READYSAVE™

The coronavirus pandemic has created significant health and economic impacts for millions since the first quarter of 2020. Now more than ever, employees need easy access to information and guidance that can help them confidently navigate retirement planning. Introducng READYSAVE™, a mobile app designed to help employees get—and stay—on track to retirement readiness. Plan participants can use the app to view their account activity and balance, check progress toward retirement income goals, and modify their savings rate (if online deferral changes are permitted by the plan). Preview the app here. Available in app stores this summer.

New Payroll Functionality Enhancements

Like many of us, you’re likely adapting to new ways of working and taking advantage of more flexible ways of doing business. You may be balancing new challenges along with normal day-to-day responsibilities, including plan administration tasks. Your time is valuable, and our goal is to make it as easy as possible for you to administer your retirement plan. In fact, we’ve seen a 40% increase in clients taking advantage of the Schedule Contribution Funding feature.

To ease your administrative burden, we’ve recently launched plan website functionality that allows you to view and update the bank account used to fund contributions via Automated Clearing House (ACH). This means you’ll no longer have to submit a form and will have the flexibility to make bank account changes in real time, if needed.

Additional enhancements include:

·     Ability to transition from mailing a check or sending a wire transfer to a touchless, automatic ACH process for submitting payroll

·     Ability for plans with multiple payroll sites to edit all sites at one time, when all sites share the same bank account information

These enhancements are part of our ongoing commitment to continually improve your plan website—and your experience.

Can Forfeitures Help You Pay Plan Expenses?

When it comes to plan expenses, you have options. If your plan design permits, consider paying plan fees with forfeiture account assets. This option preserves corporate assets and does not require you to shift fee payments to plan participants. Generally, these funds should be used for the plan year in which they are forfeited. Depending on your plan’s provisions, these assets can be used to:

• Pay certain administrative expenses
• Reduce the amount required to fund an employer contribution
• Allocate to participant accounts

Contact your Client Service Team to discuss your options.

Two Ways to Make Life Easier: Online Enrollment and E-delivery of Enrollment Guides

Many businesses are operating differently right now. Employees are working from home and unable to obtain hardcopy materials—such as enrollment guides—in the office. However, plan enrollment is as important as ever. Online enrollment makes it fast and easy for most employees with a laptop or mobile device to join the plan. Plus, there are no hardcopy guides to deliver and no paper forms to return. If you aren't already using online enrollment, contact your Client Service Team to learn how.

Another easy way to reduce the reliance on hardcopy enrollment materials is e-delivery, which enables you to send electronic enrollment guides to employees via email.

Consider e-delivery if you want to:

• Get materials quickly. Ad hoc requests can be filled at any time by the Client Service Team.
• Eliminate delivery time and costs. Say goodbye to the effort and expense of shipping hardcopy guides to employee locations.
• Keep your options open. You can still request hardcopy guides.
• Reduce paper usage. Every click means less paper and instant access to the information necessary to join the plan.

How It Works
If you're receiving hardcopy guides automatically today, you'll receive an email that includes a link to the enrollment guide and a link to the employee website about 45 days before the next plan entry date. If your plan has online enrollment, employees can enroll through the employee website. Just copy the email and send it to your newly eligible employees. You’ll find a list of these employees in the Monthly Plan Confirmation report, found in the Reports section of your plan's website.

Electronic enrollment guides can save you time, effort, and money. Best of all, it's a snap to get started. Contact your Client Service Team to go digital today.