You may be wondering how to choose the right investments so you are prepared for your retirement. The new Target Date Funds in our 401(k) SMART Plan offer a simple investment solution.
What are Target Date Funds?
A Target Date Fund is a diversified mix of primarily stocks and bonds that automatically shifts investments toward a more conservative mix (generally a relatively larger portion of bonds and a relatively smaller portion of stocks) as the target date — an assumed year of retirement — approaches.
The year named in each Target Date Fund refers to a specific target retirement year, and Target Date Funds are typically offered in 5-year increments (e.g., 2035, 2040, 2045). The fund you select is intended to correspond with the year closest to when you might want to retire.
Here’s a brief overview of Target Date Funds:
- Single Choice: You typically choose one fund that corresponds with the year closest to when you might want to retire.
- Automatic Rebalancing: The fund automatically shifts investments to become more conservative as the target retirement year approaches.
- Growth to Conservative: Initially, the fund prioritizes growth by allocating a larger portion of its assets to stocks. As the target retirement year nears, it gradually allocates a larger portion of its assets to bonds.
- Fund Lineup Changes Over Time: Every 5 years, a new target retirement year fund will be added to the lineup, and the fund for the target retirement year that has passed will merge into a fund without a target retirement year in its name.
This approach can simplify retirement planning by adjusting the investment strategy automatically as you age.
When is the change coming?
After the close of business on April 25, 2025, the new State Street Target Retirement Securities Lending Series Funds – Class I (the “State Street Target Retirement Funds”) will be added to the SMART plan, and the following investment fund options will be eliminated:
- State Street Conservative Strategic Balanced Securities Lending Series Fund – Class I
- State Street Moderate Strategic Balanced Securities Lending Series Fund – Class I
- State Street Aggressive Strategic Balanced Securities Lending Series Fund – Class I
If your account balance at that time is invested in the funds being eliminated, your money will be automatically transferred to the State Street Target Retirement Fund that corresponds closest to your target retirement year. This is based on your date of birth and an assumed retirement age of 65.
If you have a future contribution investment election in place directing your money to be invested in any of the State Street Balanced Funds, that election also will be automatically changed to the State Street Target Retirement Fund that corresponds closest to the target retirement year based on your date of birth and an assumed retirement age of 65.
Important: If you don’t want your investment or future contribution investment election in a State Street Balanced Fund to be mapped to a State Street Target Retirement Fund, you must change your current investment and/or election to another investment fund option of your choosing before 4 p.m., Eastern time, April 25, 2025. If you don’t initiate a fund transfer and/or change your future contribution investment election before 4 p.m., Eastern time, April 25, 2025, you will be considered to have made a decision to map your investment and/or election to the State Street Target Retirement Fund.
Have more questions?
For more information on these changes to the 401(k) SMART Plan, visit the Target Retirement Fund page on Voya.
Contact Voya:
- Phone number: 1-888-401k-PLN (1-888-401-5756)
Customer service associates are available weekdays from 8 a.m. to 8 p.m. Eastern time (excluding New York Stock Exchange holidays). - Website: presents.voya.com.
This content is provided to make you aware of a new investment fund option available to eligible associates of the Publix Super Markets, Inc. 401(k) SMART Plan (“plan”). The content is intended for informational purposes only. For details about the plan, please see the Summary Plan Description in your Associate Benefits Book available on PASSport. In the event of any discrepancy between this content and the benefits plan document, the terms of the plan document control.
