Saving for retirement through the 401(k) portion of the CWA Savings & Retirement Trust

Dear Participant,

An employer contribution was recently made on your behalf to your CWA Savings and Retirement Trust account. Unless otherwise directed, it was deposited into the qualified default investment alternative (QDIA) for the Trust, which is the America Funds American Balanced Fund R6.

Why save?A portion of your retirement income, beyond Social Security or your existing pension, may need to come from your personal savings. The CWA Savings & Retirement Trust offers you the opportunity to help fund a more financially secure retirement by contributing pre-tax dollars during your working years to the 401(k) portion of the Plan.

CWA Savings & Retirement Trust

CWA

It’s all about being informed.

H O W M U C H A $ 1 , 0 0 0 A N N U A L 4 0 1 ( k ) C O N T R I B U T I O N C A N A D D U P T O

Account Balance Potential Balance

5 years 10 years 15 years 20 years

$20,000 $34,017 $53,677 $81,252 $119,926

Hypothetical example. This does not represent the performance of any particular investment. This example reflects a starting account balance of $20,000 and a $1,000 annual contribution. The average annual return rate of 7% is compounded annually and is for illustration purposes only.

Tax-deferred savingsWhen you contribute to the 401(k) plan, you pay less to Uncle Sam. That’s because contributions made are taken out of your pay before income taxes are deducted. That means your taxable income is less, which in turn lowers your tax bill.

GrowthSmall tax-deferred contributions and their growth can add up. Taking advantage of both pre-tax contributions and their ability to grow without being taxed year after year can make a big difference in your retirement savings. Contributions and earnings are only subject to tax upon distribution after retirement.

Choice of investmentsOne of the most powerful things you can decide about your investment plan is how to spread your retirement dollars among different investment categories. In fact, studies show that your overall mix of investment categories (or how your money is distributed among different investment categories) controls a major part — over 90% of investment performance.

DiversificationMarket fluctuations, as well as other factors, can affect your investment mix. A diverse mix can help you avoid being exposed to high vitality in any one market sector. You should consider your risk tolerance, years until retirement and other factors as you choose your investments.

Investment Category Fund Name

Target Date 2011-2015 Vanguard Target Retirement 2015

Target Date 2016-2020 Vanguard Target Retirement 2020

Target Date 2021-2025 Vanguard Target Retirement 2025

Target Date 2026-2030 Vanguard Target Retirement 2030

Target Date 2031-2035 Vanguard Target Retirement 2035

Target Date 2036-2040 Vanguard Target Retirement 2040

Target Date 2041-2045 Vanguard Target Retirement 2045

Target Date 2046-2050 Vanguard Target Retirement 2050

Target Date 2051-2055 Vanguard Target Retirement 2055

Target Date 2056+ Vanguard Target Retirement 2060

1

Investment Options:

Oppenheimer Developing Markets IVanguard Developed Markets Index AdmFederated International Leaders R6

International/Global

Lord Abbett Developing Growth R6Vanguard Small Cap Stock Index AdmDelaware Small Cap Value R6

Small Cap

Janus Enterprise NVanguard Mid Cap Index AdmVictory Sycamore Established Value R6

Mid Cap

T Rowe Price Growth Stock ICalvert US Large Cap Core Responsibility Index IAmerican Funds American Mutual R6Vanguard 500 Index Adm

Large Cap

American Funds American Balanced R6 Asset Allocation/BalancedVanguard Inflation-Protected Securities AdmTempleton Global Bond R6PIMCO Total Return InstlVanguard Total Bond Index Adm

Bonds

Vanguard Federal Money Market INVInvesco Stable Value III

Stable Value/Money Market

The risk/return indicator is for comparative purposes and is based on the general comparative risks of these categories.

Higher

Lower

Potential Risk/Return

C W A S A V I N G S & R E T I R E M E N T T R U S T I N V E S T M E N T O P T I O N S

Target date fund optionsIn addition to the investment options listed above, the CWA Savings & Retirement Trust offers the Vanguard series of target date funds as an investment choice. Each target date fund is made up of multiple underlying investments in a pre-mixed formula based on your year of birth and the assumed retirement age of 65. The investment mix gradually becomes more conservative as you get closer to age 65.

© 2018 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com.RSU3386 218 C:RS-43023-00

Diversification does not assure a profit and does not protect against loss in a declining market.

A Target Date Fund may not achieve its objective and/or you could lose money on your investment in the fund. You may experience losses near, at, or after the target date. There is no guarantee of the fund’s principal value, including at the target date, or that the fund will provide adequate income at and through your retirement.

The information you’re being provided with is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

Taking action is easy! To begin making contributions to the 401(k) portion of the plan, go to www.cwasrt.com > Forms > Enrollment Form. Complete the form and return it to the CWA Trust Office. You do not need to log into your account to download the Enrollment Form.

To make changes to the investment options in your account, log on to your account at www.cwasrt.com or call the MassMutual Participant Information Center at 1-800-854-0647. Service representatives are available Monday – Friday from 8:00 a.m. to 8:00 p.m. ET. You can also contact the CWA SRT Benefits Managers Office at 1-202-434-1389 Monday – Friday from 8:30 a.m. – 4:30 p.m. ET.