The Cablevision 401(k) Savings Plan · PDF fileDear Cablevision Employee: This guide will...

Your Guide to Enrollment

The Cablevision 401(k) Savings Plan

Dear Cablevision Employee:

This guide will provide information to help you maximize the Cablevision 401(k) Savings Plan.

Retirement is one of the most important stages of life. The Cablevision 401(k) Savings Plan (the “401(k) Plan”) is just one of the pieces you will need to create a strategy to make sure you have the income you will need in retirement. Your strategy for retirement income may also include Social Security benefits and your personal savings.

The provider of recordkeeping services for the 401(k) Plan is Fidelity Investments.

As an employee who is eligible for participation in the 401(k) Plan, you can enroll immediately.

It’s simple to get started. You make contributions to the 401(k) Plan through automatic payroll deductions, and then choose among the Plan’s investment options for your contributions. Or you can enroll in the Professional Management program to have your investments chosen for you by Financial Engines® — an independent, registered investment advisor engaged by Cablevision to offer services to our 401(k) Plan participants.

Details on how to enroll — and automatic enrollment — in the 401(k) Plan are included on pages 2 and 3.

We invite you to enroll in the 401(k) Plan today — it is a convenient way to save for retirement. You will benefit from:

• Company contributions

Matching contributions. Cablevision helps you accumulate retirement savings through employer matching contributions.

Year-end contribution. Regardless of whether you contribute, Cablevision may provide a discretionary year-end contribution to help you to reach your retirement saving goals.

• Convenient auto enrollment. Cablevision encourages you to save for your future. If you are a regular, full-time employee, you will be automatically enrolled in the 401(k) Plan at a 6% pre-tax contribution rate beginning with the first pay period 45 days after your date of hire.

• Investment options. You have the flexibility to select from a broad range of low-cost, high-quality investment options.

• Professional management of your account. If you choose to enroll in Professional Management, or if you are enrolled automatically in Professional Management through automatic enrollment in the 401(k) Plan, Financial Engines will work with Fidelity to handle all the transactions to put an investment strategy into action — and will continue to manage your account over time to help keep you on track.

If you have questions, call the Cablevision Service Center at Fidelity at 1-877-973-2345. You may also log on to www.netbenefits.com.


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Inside

2 Enroll in the 401(k) Plan Information on setting up your password and how to enroll in the Plan

3 Automatic Enrollment in the 401(k) Plan Instructions and information for regular, full-time employees to be automatically enrolled in the Plan

4 About the 401(k) Plan Information about your contributions, company matching contributions, company year-end discretionary contributions, rollovers, loans, and withdrawals

7 401(k) Plan Fees Information about 401(k) Plan fees

9 Financial Engines Consider delegating the investment management of your 401(k) Plan account to professionals

11 Investing Basics Before you select your funds, know the basics

15 About the 401(k) Plan Investment Options Information about the broad selection of funds to choose from

17 Fund Descriptions

To enroll in the 401(k) Plan and gain access to your account, visit Fidelity NetBenefits® at www.netbenefits.com. If this is the first time you are visiting NetBenefits®, you must create a password. Click Register Now and follow the step-by-step instructions to create your password.

At www.netbenefits.com, you’ll be guided through the enrollment process. You will need to select how much of your pay to contribute to the 401(k) Plan and choose the funds in which you want to invest.

Alternatively, you may call the Cablevision Service Center at Fidelity at 1-877-973-2345 and follow the prompts to create your password and enroll in the 401(k) Plan.Please note: If you are currently a Fidelity customer, either through a personal account or a prior workplace savings plan, you can use your existing password. If you forgot your password, click Having trouble with your user name or password?

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E N R O L L I N T H E 4 0 1 ( K ) P L A N

Fidelity NetBenefits® at www.netbenefits.com Cablevision Service Center at Fidelity 1-877-973-2345

If you are a regular, full-time employee and you do not enroll in the 401(k) Plan within 45 days of your hire date, you will be automatically enrolled in the 401(k) Plan. See page 3 for more details.

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A U T O M AT I C E N R O L L M E N T I N T H E 4 0 1 ( K ) P L A N

Instructions and information for regular, full-time employees to automatically enroll in the Plan.

Automatic Enrollment: Regular, Full-time EmployeesCablevision encourages you to save for your future. To help you with this, if you are a regular, full-time employee, you will be automatically enrolled in the 401(k) Plan at a 6% pre-tax contribution rate beginning with the first pay period 45 days after your hire date, unless you enroll in the 401(k) Plan sooner.

If you are a part-time or temporary employee (or a regular, full-time employee who wishes to enroll sooner than 45 days after your date of hire), please follow the directions on the previous page to enroll in the 401(k) Plan.

At any time after you enroll, you may increase your pre-tax contribution percentage up to 50% of your eligible pay, subject to annual IRS limits. You may also decrease your contribution rate at any time. To adjust your contribution percentage, visit www.netbenefits.com or call the Cablevision Service Center at Fidelity at 1-877-973-2345.

If you are automatically enrolled in the 401(k) Plan, you will also be automatically enrolled in the Financial Engines Professional Management program. Financial Engines is an independent, registered investment advisor engaged by Cablevision to offer services to Cablevision 401(k) Plan participants. With the Professional Management program, a team of professionals using proprietary tools analyzes the investments available in the Cablevision 401(k) Plan and selects a personalized mix designed to be appropriate for you. This program is available at no cost to Cablevision employees. For more information on the services of Financial Engines, see page 8.

If you are a regular, full-time employee, and do not wish to be enrolled in the 401(k) Plan, you must access www.netbenefits.com or call the Cablevision Service Center at Fidelity at 1-877-973-2345 within 45 days of your hire (or rehire) date to decline enrollment. In order to decline enrollment, you must set your contribution rate to 0%. If you do not opt out of the 401(k) Plan, you will be enrolled automatically. Payroll contributions made to the 401(k) Plan will not be refunded to employees who do not opt out within 45 days of their hire date or who choose to opt out at a later date.

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The 401(k) Plan is partly funded by Cablevision but largely controlled by you. It’s a defined contribution plan, meaning it’s defined by the contributions you and the company make to it. You decide whether to enroll and you contribute at any rate you want within the Plan guidelines and government limits. The Plan offers a lot of flexibility. You can change or stop your contributions at any time. You choose the investments from the investment fund lineup as you see fit. You can change your investment choices at any time. You also decide whether to delegate investment management to Financial Engines.

Financial Engines provides personalized advice and 401(k) Plan account management. Available online, on paper, and by phone, advice and account management from Financial Engines is accessible to all and unique to each 401(k) Plan participant’s goals and financial circumstances. See page 8 for more detailed information on the valuable services provided by Financial Engines.

Under certain circumstances, you may be able to borrow or withdraw funds from your account. As a result, you have broad access to, and control over, your 401(k) Plan account, including requesting an account statement at any time.

Your ContributionsTypes of Contributions

Pre-Tax ContributionsYour pre-tax contributions are deducted from your pay before income taxes are taken out. This means that you can actually lower the amount of current income taxes you pay each period. It could mean more money in your take-home pay versus saving money in a taxable account.

Roth After-Tax ContributionsA Roth contribution to your 401(k) Plan account allows you to make after-tax contributions and

take any associated earnings completely tax free at retirement — as long as the distribution is a qualified one. A qualified distribution, in this case, is one that is taken at least five years after your first Roth contribution to the 401(k) Plan and after you have attained age 59½ years, become disabled, or die. For more information, please log on to NetBenefits® at www.netbenefits.com and select Create a Retirement Strategy under the Accounts tab. Under Learning on the left side of the page, you will see a tab called “About 401(k)s.” Select that tab and click Roth 401(k).

Regular After-Tax ContributionsIn addition to Roth after-tax contributions, you may make regular after-tax contributions to the 401(k) Plan. Unlike Roth after-tax contributions, any associated earnings on regular after-tax contributions are not tax free at retirement.

Contribution LimitsThrough automatic payroll deductions you may contribute up to 50% of your eligible pay in pre-tax contributions, Roth after-tax contributions, or a combination of pre-tax and Roth after-tax contributions, up to the annual IRS dollar limits. You may contribute up to 10% of your eligible pay in regular after-tax contributions. The combined total of up to 50% in pre-tax and/or Roth after-tax contributions plus up to 10% in regular after-tax contributions cannot exceed 60% of your eligible pay.

If you are considered a “highly compensated employee,” you may contribute up to 25% of your eligible pay in pre-tax contributions, Roth after-tax contributions, or a combination of pre-tax and Roth after-tax contributions, up to the annual IRS dollar limits. You may contribute up to 10% of your eligible pay in regular after-tax contributions. The combined total of up to 25% in pre-tax and/or Roth after-tax contributions plus up to 10% in regular after-tax contributions cannot exceed 35% of your eligible pay.

A B O U T T H E 4 0 1 ( K ) P L A N

The 401(k) Plan can help you establish and maintain a steady, convenient retirement savings plan. It gives you a tax break now (if you elect to make pre-tax contributions) and allows your entire account to grow on a tax-deferred basis. It helps your pre-tax savings grow through company matching and year-end contributions.

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Catch-Up ContributionsEligible employees who are or will be 50 years of age or older during the calendar year may make additional “catch-up” pre-tax and/or Roth contributions during that year, up to IRS limits.

Changing ContributionsYou may start, stop, or change your contributions at any time by visiting www.netbenefits.com, or by calling the Cablevision Service Center at Fidelity at 1-877-973-2345.

Annual Increase ProgramThe Annual Increase Program allows you to increase your 401(k) Plan savings contributions automatically each year. You select the amount and date for your annual increase, and the rest is automatic. Each year on the designated date, your contributions will increase by the amount you elected.

You may enroll, change your elections, or withdraw from the program at any time by visiting www.netbenefits.com, or by calling the Cablevision Service Center at Fidelity at 1-877-973-2345.

Cablevision’s ContributionsCompany Matching ContributionsCablevision will contribute on your behalf 100% of the first 4% of eligible pay you contribute to the 401(k) Plan each payroll period in pre-tax and/or Roth 401(k) contributions. Please note: Only the first 4% of contributions are matched, regardless of whether your contributions are pre-tax, Roth after-tax, or a combination of pre-tax and Roth after-tax. Regular after-tax contributions are not eligible for company matching contributions

Year-End Contributions

Cablevision may provide a discretionary year-end contribution that is based on a percentage of your eligible compensation. The contribution, if approved, will be provided to all eligible participants who are active on the last day of each plan year (December 31) and who complete 1,000 hours of service in such plan year. If you are an employee who is eligible to participate in the 401(k) Plan but have not yet begun to make contributions, the year-end contribution will be provided to you regardless of whether you contributed to the 401(k) Plan.

Company True-Up ContributionThe Plan provides for a “true-up” matching contribution. It will be calculated after year-end to ensure that you receive the maximum company matching contribution that you are eligible for (based on your average contributions throughout the year). Therefore, if there is a difference between the Company match you should receive and the total Company matching contributions you actually received during the previous year (due to the timing and pattern of your contributions), then a true-up matching contribution will be made to your account to bring your company matching contribution amount up. In order to be eligible for the “true-up” matching contribution, you must be an active employee at the end of the year (December 31). If you have any questions or need further assistance, please call the Cablevision Service Center at Fidelity toll free at 1-877-973-2345.

Eligible PayYour eligible pay under the 401(k) Plan includes your basic earnings and, if applicable, paid commissions, overtime, shift differential, pay for unused sick or personal time (for certain employees), and standby pay. Eligible pay under the Plan does not include bonuses, fringe benefits, and other pay that is not received on a regular basis, or pay that is not part of your primary compensation structure.

Investment OptionsCablevision offers a broad selection of low-cost, high-quality investment options across a carefully balanced mix of asset classes and fund types. The resulting fund lineup includes 11 funds to choose from for your 401(k) Plan account. See the section About the 401(k) Plan Investment Options for more information.

VestingVesting refers to the portion of your 401(k) Plan account balance to which you are entitled under the Plan rules. You are always immediately 100% vested in your own contributions and will become 100% vested in all company matching and year-end contributions as well as any related earnings after you complete three years of service. Service is measured from your date of hire. You earn a year of service for each 12-month period of employment with the company and all its affiliates. You also become 100% vested in your Plan account if while employed you reach age 65, die, or become totally and permanently disabled.

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Beneficiary DesignationIt’s important for your account to have an accurate beneficiary designation at all times. You may manage your 401(k) Plan beneficiaries online. To designate or change your 401(k) Plan beneficiaries online, visit www.netbenefits.com. From the Your Profile tab, click on the Beneficiaries link. If you prefer to use a paper form, call the Cablevision Service Center at Fidelity at 1-877-973-2345.

Rolling Money into Your 401(k) Plan AccountIf you have assets in another qualified retirement plan — pre-tax, Roth 401(k), or after-tax — you may roll these assets into your 401(k) Plan account if it is within the 401(k) Plan’s provisions. To roll assets into your account, call the Cablevision Service Center at Fidelity at 1-877-973-2345 and request an Incoming Rollover Form. You may also print the form from www.netbenefits.com at any time. After you log in to www.netbenefits.com, click Plan Information and Documents under the Library tab and then click on Forms.

Investment Changes You may move your money among the 401(k) Plan’s investment options, or change how your future contributions are invested virtually any time, by logging in to www.netbenefits.com or by calling the Cablevision Service Center at Fidelity at 1-877-973-2345.

If you prefer, you may delegate investment management to Financial Engines by enrolling in the Professional Management program.

LoansAlthough your 401(k) Plan account is intended for the future, you may borrow from your account for any reason and repay yourself through automatic payroll deductions.

You may generally borrow up to 50% of your vested account balance, up to $50,000. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. The minimum loan amount is $1,000. Loan repayments (plus interest) to your Plan account are automatically deducted from your pay through after-tax payroll deductions. You may have up to two loans at one time — a loan for any purpose as well as a loan for the purchase of your primary place of residence. Alternatively, you may have up to two general purpose loans at one time. The repayment period for a general purpose loan may range from one year to five years, and you may choose the loan repayment period that suits you. The repayment period for a home purchase loan may extend up to 10 years. Again, you may choose the loan repayment period that suits you. Please call or check NetBenefits to see how much you have available to you in your account.

For additional loan policies and conditions, or to initiate a loan virtually any time, visit Fidelity NetBenefits at www.netbenefits.com or call the Cablevision Service Center at Fidelity at 1-877-973-2345.

Withdrawals and DistributionsWithdrawals from the 401(k) Plan are generally permitted when you terminate your employment, retire, reach age 59½, or if you become permanently disabled or have severe financial hardship as defined by the 401(k) Plan. Keep in mind that withdrawals are subject to income taxes and possibly to early withdrawal penalties.

While you are employed with the company, you may withdraw up to 100% of your Rollover Contribution Account and 100% of your After- tax Contribution Account.

For more information on withdrawals, visit www.netbenefits.com or call the Cablevision Service Center at Fidelity at 1-877-973-2345.

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4 0 1 ( K ) P L A N F E E S

This section provides important information about fees associated with the administration of your 401(k) Plan and the associated investment options.

There are three types of 401(k) Plan fees:1. Fund Management Fees: These fees go to the firms that manage the investment options and are incorporated into the net asset value (NAV) of each fund in the 401(k) Plan. This category is often the largest component of 401(k) Plan costs, and includes the investment management fee and other related operating costs of the funds in the 401(k) Plan.

Although you pay these fees, they are not explicitly deducted directly from your 401(k) Plan account. Instead, they are typically paid by the fund and result in a reduction in the fund’s investment return.

These fees are expressed as an expense ratio, which is the percentage of a fund’s net assets for a given period of time. The expense ratio does not include brokerage costs and various other transaction costs that may also contribute to a fund’s total expenses, unless noted in the specific fund descriptions. In the section About the 401(k) Plan Investment Options, you will notice that the expense ratio for each fund in the 401(k) Plan is listed at the top of each description.

The expense ratio varies depending on the fund’s investment objective and style. For example, international funds often have higher expense ratios than domestic funds due to the additional costs of investing globally. Conversely, index funds typically have lower expense ratios than actively managed funds because an index fund invests to simply mirror a particular index’s performance, whereas an actively managed fund invests to attempt to exceed an index’s performance.

Please remember that fees are subject to change. If you have any questions about fees, call the Cablevision Service Center at Fidelity at 1-877-973-2345.

2. Plan Administration Fees: These fees are charged for administration of the 401(k) Plan. While Cablevision absorbs a substantial portion of the cost associated with 401(k) Plan administration, participants also contribute to the cost of Plan administration. These fees are “fixed,” meaning that they will not increase as your account balance grows.

The fixed per participant administration fee for active employees is $10 per calendar quarter, and the fee for former employees is $11.75 per calendar quarter. This fee will be automatically deducted from each 401(k) Plan participant’s account.

3. Transaction Fees: This category includes charges for 401(k) Plan features you might use that are not included in the 401(k) Plan administration fees. These expenses are based on the execution of a particular service, transaction, or event. For example, if you take a loan, a transaction fee will apply.

• 401(k) Plan loans: Each participant who requests a loan will pay a $50 loan processing fee. This fee will be automatically deducted from the participant’s 401(k) Plan account at the time the loan is processed; it does not reduce the amount of the loan.

Please keep in mind that any fees charged by Financial Engines are in addition to the fees listed above. For more information on Financial Engines fees, refer to the section on page 9, Financial Engines.

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Fee CreditCablevision has negotiated a fee credit from Fidelity. Credit will be allocated to participants in the Plan who invest a portion of their Plan contributions in mutual funds for which Fidelity receives revenue to offset administrative costs.

Any credit allocated to your Plan account will appear on your quarterly benefits statement, and will be invested in the fund to which this fee credit relates.

Although fees and credits may be important factors in choosing investment options, it is important to ensure that you take into account several other considerations, such as time horizon, risk tolerance, and financial situation, when determining your investment approach and choosing the right investment mix. For more information regarding investment options and asset allocation, visit Fidelity NetBenefits® at www.netbenefits.com or call Fidelity Investments at 1-877-973-2345.

To see a list of funds that provide revenue credit and the credit rate, please visit Fidelity NetBenefits® at www.netbenefits.com. Once logged in and on the Cablevision home page, click on Plan Information and Documents under the Quick Links drop down and then click on the Participant Revenue Credit link. Please remember that the credit rates are subject to change.

Credits may be viewed in the Transaction History section of your Plan account. They will be listed on the date posted as “REVENUE CREDIT.” Credits will be posted after the end of each quarter.

If you have any questions or need more information, please call the Cablevision Service Center at Fidelity at 1-877-973-2345.

4 0 1 ( K ) P L A N F E E C R E D I T S

This section provides important information about fee credits associated with the administration of your 401(k) Plan and the associated investment options.

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Professional Management With the Professional Management program, a team of professionals using proprietary tools analyzes the investments available in the 401(k) Plan and selects a personalized mix designed to be appropriate for you. Financial Engines works with Fidelity to handle all the transactions to put an investment strategy into action for you — and continues to manage your 401(k) Plan account over time to help keep you on track.

The Financial Engines Professional Management program is the 401(k) Plan’s investment default. This means that if you do not make an investment election for your 401(k) Plan account, Financial Engines will automatically manage your 401(k) Plan account and select investments on your behalf.

When first enrolled in the Plan, if you do not make an investment election for your 401(k) Plan account, any contributions will be invested in the Wells Fargo Stable Value Fund E. If you remain in the Wells Fargo Stable Value Fund E after two or three payroll periods, you will be automatically defaulted into the Professional Management program managed by Financial Engines.

Active, eligible employees pay no fee for this program. Cablevision pays the fee.

For former employees, there is a program fee as shown in the chart below.

Online AdviceIf you prefer to actively manage your 401(k) Plan account, Online Advice may be right for you. This easy-to-use Web site offers objective, professional advice to help you refine your investment strategy. Log on to www.netbenefits.com for a personalized forecast showing how much your investments may be worth when you retire, and see a step-by-step action plan with specific investment recommendations.

You can also fine-tune your strategy by exploring different contributions, risk levels, and retirement goals. To get started, log on to Fidelity NetBenefits at www.netbenefits.com and click Tools & Resources, then select Get Personalized Help from Financial Engines.

PROFESSIONAL MANAGEMENT FEE SCHEDULE — FORMER EMPLOYEES

401(K) PLAN ACCOUNT BALANCE ANNUAL PROGRAM FEE

Up to the first $5,000 0 basis points (0.00%)

The next $95,000 45 basis points (0.45%)

The next $150,000 35 basis points (0.35%)

In excess of $250,000 20 basis points (0.20%)

For more information about these Financial Engines programs, please call 1-877-401-5762 any business day between 8:30 a.m. and 8:00 p.m. Eastern time.

The program fee will be automatically deducted from the 401(k) Plan account of former employees every quarter. This amount will be based on the number of days the account was managed during the quarter and will be noted on the quarterly plan participant statement.

F I N A N C I A L E N G I N E S

Financial Engines provides two programs to 401(k) Plan participants to assist you in investing your 401(k) Plan account among the investment options in the Plan. For more information, you may reach Financial Engines by calling 1-877-401-5762.

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Cablevision is not responsible for the advice provided by Financial Engines or for the investment performance of the funds.

Advisory services, including Professional Management and Online Advice, are provided only by Financial Engines Advisors L.L.C., a federally registered investment advisor and wholly owned subsidiary of Financial Engines, Inc. Financial Engines is a registered trademark of Financial Engines, Inc. Used with permission. All rights reserved. Financial Engines is not affiliated with Fidelity Investments or its affiliates. Financial Engines does not guarantee future results. Advisory services may include a fee. For specific fee information, please refer to the applicable terms and conditions.

Financial Engines is a registered trademark of Financial Engines, Inc. Used with permission. All rights reserved. Financial Engines is not affiliated with Fidelity Investments or its affiliates.

The information on page 8 has been provided by Financial Engines.

Financial Engines Important Information Forecasts, projected outcomes, or other information generated regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. In addition, results may vary each time a forecast is generated for you.

Investment Choices: Your range of investment choices has been designated by you or your employer, the Plan or its representatives, and not by Financial Engines.

Investment Analysis Methods: Portfolio forecast estimates are not guarantees of future results, but only reasonable estimates based upon information about you and your retirement accounts and forward-looking models of the economy and securities markets that utilize data such as historical returns, historical correlations, expected growth rates, and calculated risk premiums. Because past performance is not an accurate predictor of the future, and reliance on historical and current data necessarily involves inherent limitations, you must understand that the estimates are only a tool to be used in evaluating your retirement portfolio. Forecast amounts are in today’s dollars, which means that they have been adjusted for inflation.

Forecasts are created by generating thousands of hypothetical future economic scenarios to evaluate how an investment portfolio might perform under a variety of circumstances, including changing interest rates, inflation, and market conditions. In general, portfolio allocations are designed to optimize the opportunity for potential future value relative to the applicable risk level.

The estimated value of your investments assumes participation in the 401(k) Plan until retirement at your current contribution rate, and it also includes any additional investments you may have told us about. Forecast amounts reflect the planned adjustments to your risk level as you get closer to retirement.

P L E A S E R E A D T H I S I M P O RTA N T I N F O R M AT I O N

A B O U T F I N A N C I A L E N G I N E S

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Time HorizonTime is a powerful ally of any investor. Not only will investments generally increase over time through the power of compounding, but time can also help smooth out the inevitable ups and downs of the financial markets. Your investment strategy will depend heavily on just how much time you have until you’ll need your money.

Risk ToleranceWith investing comes risk. There is the chance that you might lose money on your investments (this is called “investment risk”). But you have to balance this risk with “inflation risk,” which is the chance that your investments will not earn you enough to keep pace with the rising cost of living. Asset allocation and diversification help balance these risks, but keep in mind that neither diversification nor asset allocation ensures a profit or guarantees against a loss.

Asset AllocationAsset allocation is simply the process of distributing your 401(k) Plan account balance among three different kinds of asset classes. This process strives to optimize the risk and reward tradeoff based on your specific situation and goals.

Asset classes are three general types of investments: short-term investments (or stable value), bonds, and stocks. The 401(k) Plan offers options within all three asset classes. Your strategy for selecting your combination of funds will help guide just how much of your money is invested in each asset class.

Stable value investments are concerned primarily with stability. They generally buy investment contracts — issued by major insurance companies, banks, and other approved financial institutions — and short-term investments to provide for liquidity needs. An investment contract operates like an unsecured loan. Units of these investments are not backed by the investment manager or the plan sponsor, and are not insured by the FDIC.

Stable value funds may also invest in fixed-income mutual funds that purchase bonds. Stable value funds strive to maintain a $1 share price, which means that they seek to avoid losses, but there is no assurance that they will be able to do so. They typically have higher returns than money market funds.

The stable value fund in the 401(k) Plan is the Wells Fargo Stable Value Fund E. For more information on this fund, see About the 401(k) Plan Investment Options.

Bond investments — sometimes called fixed-income investments — purchase bonds of different types, maturities, and quality. These funds typically have higher returns than money market and stable value funds, but have higher volatility, and they typically have lower returns than equity funds, with comparably less volatility.

The bond funds in the 401(k) Plan are Loomis Sayles Core Plus Fixed Income Trust Class D and Vanguard Total Bond Market Index Fund Admiral Shares. For more information on these funds, see About the 401(k) Plan Investment Options.

I N V E S T I N G B A S I C S

To build your portfolio — which simply means selecting investment options in your 401(k) Plan account — you should have an investment strategy. Ideally, an investment strategy maximizes your investment return, subject to your personal risk tolerance. There are some important concepts to understand when selecting the combination of funds for your 401(k) Plan account. If you need any help, please call the Cablevision Service Center at Fidelity at 1-877-973-2345.

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Stock investments — sometimes called “equity” investments — invest mostly in the stocks of different types of companies: foreign, domestic, or both. These funds typically have higher returns over the long term than bond funds, but tend to have higher volatility.

The stock or equity investments in the 401(k) Plan are varied. The domestic equity investment funds, which invest in U.S.-based companies, include:

• Hartford MidCap HLS Fund Class IA

• Dodge & Cox Stock Fund

• GW&K Small-Mid Cap Core Collective Investment Trust

• Vanguard S&P 500 Index Trust

• Vanguard Extended Market Index Fund Institutional Plus Shares

The International/Global stock investment funds include:

• Vanguard Total International Stock Index Fund Institutional Shares

• MFS® Institutional International Equity Fund

DiversificationDiversification is designed to help reduce your overall risk by owning several types of funds with different objectives. There are several ways to diversify your investments:

Diversification — Passive vs. ActiveYou’ll notice on page 13 that the Domestic Equity and International/Global categories are segmented into “Passive” and “Active.” What does this mean?

Each equity fund in the 401(k) Plan is a collection of company stocks. The fund manager selects the combination of stocks based on the fund’s objective. In order to evaluate the performance of a fund, it is often compared to a benchmark or “index.” There are many different indexes depending on the type of fund. For example, the S&P 500® Index, created by the Standard & Poor’s® Company, is a collection of 500 stocks that are considered to be widely held. The S&P 500® Index is weighted by market value, and its performance is thought to be representative of the stock market as a whole. A fund’s performance may be compared with that of the S&P 500® Index to evaluate its performance.

Passive funds — commonly known as “index funds” — do not seek to beat or exceed their benchmark, but, rather, to match the benchmark’s performance. Because the investment decisions made by the fund manager for each fund are automatic — to mirror its particular index — these funds are designed to provide a broad selection of investments at relatively low cost. The cost is illustrated in the expense ratio; for more information on expense ratios, see the section 401(k) Plan Fees.

These funds may also require less research by you. You can expect that the performance of an index fund will generally follow the performance of its particular index. Although you may not need to research how stocks and bonds are chosen, you should always be aware of the level of risk you are taking.

Active funds — commonly known as “actively managed funds” — seek to beat or exceed their benchmarks. Unlike the index funds, the managers of these funds do not make “automatic decisions” to mirror an index. These fund managers often have broad flexibility to actively seek out investments that they believe will exceed the performance of a particular index. As a result, these funds are called actively managed. Because managing the fund often involves a great deal of research and the transactions within the fund are often more frequent, expenses tend to be higher than those of passive funds.

1313

Diversification — Large vs. Mid vs. SmallSimilar to the way a fund’s manager may invest — passive vs. active — the fund manager may invest in small, mid-size, or large companies. What does this mean?

The size of a company is an important type of investment style. As you review the funds in the 401(k) Plan, you’ll notice they are categorized by “cap size.” Market capitalization — or cap size — represents the aggregate value of a company or stock. It is obtained by multiplying the number of shares outstanding by their current price per share. Different sized companies have varying risks and performance potential. Generally, the smaller a company, the more investment risk it may carry.

• Large cap generally refers to companies that have more than $10 billion total market capitalization.

• Mid cap generally refers to companies that have from $2 billion to $10 billion total market capitalization.

• Small cap generally refers to companies that have less than $2 billion total market capitalization.

Given the broad selection of 401(k) Plan investment options, you should be able to construct a well-diversified portfolio. Although diversification does not guarantee against loss, selecting many different types of investments may reduce the overall risk for your 401(k) Plan account.

Lifecycle FundsThe plan offers a lifecycle fund family, which offers a blend of stocks, bonds, and short-term investments within a single fund. The lifecycle funds have an asset allocation based on the number of years until the fund’s target retirement date.

Lifecycle funds are designed for investors expecting to retire around the year indicated in each fund’s name. The investment risk of each lifecycle fund changes over time as each fund’s asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after the funds’ target date.

Keep in mind that you may participate in the Online Advice program, where Financial Engines will provide online, personalized investment advice. If you prefer, you may enroll in Professional Management, where Financial Engines will manage the investment of your account among all the funds available in the 401(k) Plan. Call Financial Engines at 1-877-401-5762 for more information.

14

Cablevision has chosen a Vanguard Target Retirement Fund based on your date of birth and the assumption that you will retire at age 65. Simply find your date of birth range in the following chart to determine which Vanguard Target Retirement Fund your contributions and existing balances will be directed to.

PROFESSIONAL MANAGEMENT FEE SCHEDULE — FORMER EMPLOYEES

YOUR BIRTH DATE* FUND NAME TARGET RETIREMENT YEARS

Before 1943 Vanguard Target Retirement Income Fund Investor Shares Retired before 2008

January 1, 1943–December 31, 1947 Vanguard Target Retirement 2010 Fund Investor Shares Target Years 2008–2012










January 1, 1993, or later Vanguard Target Retirement 2060 Fund Investor Shares Target Years 2058 and beyond

*Dates selected by Plan Sponsor.

15

You’ll notice the funds in the Bond, Domestic Equity, and International/Global categories have two categories that include the descriptions Passive and Active. This is an important distinction in how the fund invests its assets and the relative fees associated with managing the fund. See the Investing Basics section for more information.

With the exception of the Domestic Equity category, this spectrum is based on Fidelity’s analysis of the characteristics of the general investment categories and not on the actual investment options and their holdings, which can change frequently. Investment options in the Domestic Equity category are based on the options’ Morningstar categories as of 4/29/16. Morningstar categories are based on a fund’s style as measured by its underlying portfolio holdings over the past three years and may change at any time. These style calculations do not represent the investment options’ objectives and do not predict the investment options’ future styles. The plan sponsor and its investment consultant, not Morningstar, have made the distinction if the fund is either passive or active. Investment options are listed in relative risk order within each investment category. Risk associated with the investment options can vary significantly within each particular investment category, and the relative risk of categories may change under certain economic conditions. For a more complete discussion of risk associated with the mutual fund options, please read the prospectuses before making your investment decision. The spectrum does not represent actual or implied performance.

Investment options to the left have potentially Investment options to the right have potentiallymore inflation risk and less investment risk less inflation risk and more investment risk

STABLE VALUE BOND DOMESTIC EQUITY INTERNATIONAL/GLOBAL

Wells Fargo Stable Value Fund E

DIVERSIFIED — “PASSIVE”

Vanguard Total Bond Market Index Fund Admiral Shares

DIVERSIFIED — “ACTIVE”

Loomis Sayles Core Plus Fixed Income Trust Class D

LARGE BLEND — “PASSIVE”

Vanguard S&P 500 Index Trust

LARGE VALUE — “ACTIVE” Dodge & Cox Stock Fund

MID BLEND — “PASSIVE” Vanguard Extended Market

Index Fund Institutional Plus Shares

MID GROWTH — “ACTIVE” GW&K Small/Mid Cap Core Collective Investment Fund

Hartford MidCap HLS Fund Class IA

DIVERSIFIED — “PASSIVE”

Vanguard Total International Stock

Index Fund Institutional Plus Shares

DIVERSIFIED — “ACTIVE”

MFS® Institutional International Equity Fund

A B O U T T H E 4 0 1 ( K ) P L A N I N V E S T M E N T O P T I O N S

The funds in your 401(k) Plan cover a broad spectrum of investments. Listed below are all the funds available to you. If you would like a prospectus for any of the mutual funds, call the Cablevision Service Center at Fidelity at 1-877-973-2345.

16

Lifecycle FundsPlacement of investment options within each risk spectrum is only in relation to the investment options within that specific spectrum. Placement does not reflect risk relative to the investment options shown in the other risk spectrums.

Investment options to the left have potentially Investment options to the right have potentiallymore inflation risk and less investment risk less inflation risk and more investment risk

LIFECYCLE FUNDS

Vanguard Target Retirement Income Fund Investor Shares

Vanguard Target Retirement 2010 Fund Investor Shares











Target date investments are generally designed for investors expecting to retire around the year indicated in each investment‘s name. The investments are managed to gradually become more conservative over time. The investment risk of each target date investment changes over time as its asset allocation changes. The investments are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after the investments’ target dates.

1717

Stable ValueWells Fargo Stable Value Fund E FPRS Code: OT3O

Ticker: N/A

Gross Expense Ratio: .476% as of 4/29/16

Objective: The stable value portfolio seeks stability of principal and consistency of returns with minimal volatility.

Strategy: The stable value portfolio invests in financial instruments that seek to provide participants with a stable crediting rate and safety of principal plus accrued interest. These include guaranteed investment contracts (GICs), security backed contracts (GIC Alternatives), and separate account GICs. Underlying the security backed contracts and separate account GICs are fixed income (bond) portfolios. The fixed income portfolios may include investments in, but not limited to, U.S. Treasury and agency bonds, corporate bonds, mortgage-backed securities, asset-backed securities, and bond funds. All bonds in the underlying portfolios are rated investment grade by one of the major rating agencies (Moody’s, S&P, Fitch) at time of purchase. The fund may also invest in cash or cash equivalents.

Risk: The Contracts and securities purchased for the fund are backed solely by the financial resources of the issuers of such Contracts and securities. An investment in the fund is not insured or guaranteed by the manager(s), the plan sponsor, the trustee, the FDIC, or any other government agency. The Contracts purchased by the fund permit the fund to account for the fixed income securities at book value (principal plus interest accrued to date). Through the use of book value accounting, there is no immediate recognition of investment gains and losses on the fund’s securities. Instead, gains and losses are recognized over time by periodically adjusting the interest rate credited to the fund under the Contracts. However, while the fund seeks to preserve your principal investment, it is possible to lose money by investing in this fund. The Contracts provide for the payment of certain withdrawals and exchanges at book value during the terms of the Contracts. In order to maintain the Contract issuers’ promise to pay such withdrawals and exchanges at book value, the Contracts subject the fund and its participants to certain restrictions. For example, withdrawals prompted by certain events (e.g., layoffs, early

retirement windows, spin-offs, sale of a division, facility closings, plan terminations, partial plan terminations, changes in laws or regulations) may be paid at the market value of the fund’s securities, which may be less than your book value balance.

Certain investment options offered by your plan (e.g., money market funds, short term bond funds, certain asset allocation/lifecycle funds and brokerage window) may be deemed by the Contract issuers to “compete” with this fund. The terms of the Contracts prohibit you from making a direct exchange from this fund to such competing funds. Instead, you must first exchange to a non-competing fund for 90 days. While these requirements may seem restrictive, they are imposed by the Contract issuers as a condition for the issuer’s promise to pay certain withdrawals and exchanges at book value.

Short-term Redemption Fee Note: None

Who may want to invest:

• Someone who seeks a slightly higher yield over the long term than is offered by money market funds, but who is willing to accept slightly more investment risk.

• Someone who is interested in balancing an aggressive portfolio with an investment that seeks to provide stability of price.

The investment option is a stable value fund. It is managed by Galliard Capital Management. This description is only intended to provide a brief overview of the fund.This investment option is not a mutual fund.

Fund DescriptionsThe funds are listed in relative risk order similar to the previous page. If you would like

more information on any of the funds in the 401(k) Plan, call the Cablevision Service

Center at Fidelity at 1-877-973-2345.

Expense ratios and other terms are subject to change.

For up-to-date fund information, visit www.netbenefits.com.

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Bond—Diversified—PassiveVanguard Total Bond Market Index Fund Admiral Shares FPRS Code: OQAZ

Ticker: VBTLX

Gross Expense Ratio: 0.07% as of 4/29/16

Objective: The investment seeks the performance of a broad, market-weighted bond index.

Strategy: The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States — including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities — all with maturities of more than 1 year. All of the fund’s investments will be selected through the sampling process, and at least 80% of the fund’s assets will be invested in bonds held in the index.

Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional risk information for this product may be found in the prospectus or other product materials, if available.



• Someone who is seeking potential returns primarily in the form of interest dividends rather than through an increase in share price.

• Someone who is seeking to diversify an equity portfolio with a more conservative investment option.

This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more detailed information about the fund.The Barclays U.S. Aggregate Float Adjusted Index measures the total universe of public, investment-grade, taxable, fixed income securities in the United States — including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities — all with maturities of more than 1 year. Except for Life of Fund returns, the analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class’s actual inception of 11/12/2001. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/11/1986, adjusted to reflect the fees and expenses of this share class (when this share class’s fees and expenses are higher.) Please refer to a fund’s prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

Bond—Diversified—ActiveLoomis Sayles Core Plus Fixed Income Trust Class D FPRS Code: OJ9V

Ticker: N/A


Objective: The Portfolio seeks high total investment return through a combination of current income and capital appreciation and to outperform its Benchmark. It also seeks to identify attractively priced securities with projected stable or improving credit profiles and favorable risk/return characteristics.

Strategy: The Portfolio guidelines are broad, offering investment flexibility. Individual investment ideas are evaluated on the basis of their investment return potential and contribution to portfolio risk. Up to 20% of the portfolio can be invested in high yield corporate securities. Allocations to non-US dollar and emerging markets debt securities are allowed. Top-down macro-analysis combined with bottom-up security selection drives portfolio construction. Manage risk through continuous monitoring of absolute risk and tracking error from Benchmark.

Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional risk information for this product may be found in the prospectus or other product materials, if available.



• Someone who is seeking potential returns primarily in the form of interest dividends rather than through an increase in share price.

• Someone who is seeking to diversify an equity portfolio with a more conservative investment option.

The investment option is a collective investment trust. It is managed by Loomis Sayles Funds. This description is only intended to provide a brief overview of the fund.This investment option is not a mutual fund.



1919

Large Cap Blend—PassiveVanguard S&P 500 Index TrustFPRS Code: OZQA

Ticker: N/A


Objective: Seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.

Strategy: The fund employs a “passive management” or indexing investment approach designed to track the performance of the Standard & Poor’s 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.



• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.

• Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated with investing in the stock market.

The investment option is a collective investment trust. It is managed by Vanguard. This description is only intended to provide a brief overview of the fund.S&P 500 Index is a market capitalization–weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. This investment option is not a mutual fund.

Large Cap Value—ActiveDodge & Cox Stock FundFPRS Code: OMAW

Ticker: DODGX


Objective: The investment seeks long-term growth of principal and income; a secondary objective is to achieve a reasonable current income.

Strategy: The fund invests primarily in a diversified portfolio of equity securities. It will invest at least 80% of its total assets in equity securities, including common stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks. The fund may invest up to 20% of its total assets in U.S. dollar-denominated securities of non-U.S. issuers traded in the United States that are not in the S&P 500.

Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.




• Someone who is comfortable with the volatility of large-cap stocks and value-style investments.

This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more detailed information about the fund.The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends.



20

Mid Cap Blend—PassiveVanguard Extended Market Index Fund Institutional Plus SharesFPRS Code: OERQ

Ticker: VEMPX


Objective: The investment seeks to track the performance of a benchmark index that measures the investment return of small- and mid-capitalization stocks.

Strategy: The fund employs an indexing investment approach designed to track the performance of the Standard & Poor’s Completion Index, a broadly diversified index of stocks of small and mid-size U.S. companies. It invests all, or substantially all, of its assets in stocks of its target index, with nearly 80% of its assets invested in approximately 1,000 of the stocks in its target index, and the rest of its assets in a representative sample of the remaining stocks.

Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.




• Someone who is seeking both growth- and value-style investments and who is willing to accept the generally greater volatility of investments in smaller companies.

This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more detailed information about the fund.The S&P Completion Index contains all of the U.S. common stocks regularly traded on the New York and American Stock Exchanges and the Nasdaq over-the-counter market, except those stocks included in the S&P 500 Index.Except for Life of Fund returns, the analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class’s actual inception of 01/14/2011. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 12/21/1987, adjusted to reflect the fees and expenses of this share class (when this share class’s fees and expenses are higher.) Please refer to a fund’s prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

Mid Cap Growth—ActiveGW&K Small/Mid Cap Core Collective Investment FundFPRS Code: OO7X

Ticker: N/A


Objective: Seeks small cap and more established mid cap companies with sustainable growth prospects.

Strategy: Invests in growth and value stocks with market capitalizations between $250 million and $10 billion.

Risk: The securities of smaller, less well-known companies can be more volatile than those of larger companies. Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.




• Someone who is seeking both growth- and value-style investments and who is willing to accept the generally greater volatility of investments in smaller companies.

The investment option is a collective investment trust. It is managed by GW&K Investment Management. This description is only intended to provide a brief overview of the fund.This investment option is not a mutual fund.



2121

Mid Cap Growth—Active Hartford MidCap HLS Fund Class IA FPRS Code: OQRI

Ticker: HIMCX


Objective: The investment seeks long-term growth of capital.

Strategy: The fund seeks its investment objective by investing primarily in stocks selected by the sub-adviser, Wellington Management Company, LLP. It normally invests at least 80% of its assets in common stocks of mid-capitalization companies. The fund may invest up to 20% of its net assets in securities of foreign issuers and non-dollar securities. It favors companies that are high-quality. The manager defines mid-capitalization companies as companies with market capitalizations within the collective range of the Russell Midcap and S&P MidCap 400 Indices.

Risk: Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.



• Someone who is seeking the potential for long-term share-price appreciation.

• Someone who is willing to accept the generally greater price volatility associated both with growth-oriented stocks and with smaller companies.

This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more detailed information about the fund.The Russell Midcap® Index is an unmanaged market capitalization-weighted index of 800 medium-capitalization stocks. The stocks are also members of the Russell 1000® index.The S&P® MidCap 400 Index is an unmanaged market capitalization-weighted index of 400 medium-capitalization stocks.

International/Global—Diversified—PassiveVanguard Total International Stock Index Fund Institutional Plus SharesFPRS Code: OEWS

Ticker: VTPSX


Objective: The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States.

Strategy: The fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The index includes approximately 5,715 stocks of companies located in 45 countries.

Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be found in the prospectus or other product materials, if available.



• Someone who is seeking to complement a portfolio of domestic investments with international investments, which can behave differently.

• Someone who is willing to accept the higher degree of risk associated with investing overseas.

This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more detailed information about the fund.Except for Life of Fund returns, the analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class’s actual inception of 11/30/2010. These calculated returns reflect the historical performance of the oldest share class of the fund, with an inception date of 04/29/1996, adjusted to reflect the fees and expenses of this share class (when this share class’s fees and expenses are higher.) Please refer to a fund’s prospectus for information regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.The FTSE Global All Cap ex US Index is part of a range of indices designed to help US investors benchmark their international investments. The index comprises large, mid and small cap stocks globally excluding the US.



22



International/Global—Diversified—ActiveMFS® Institutional International Equity Fund FPRS Code: OSNX

Ticker: MIEIX


Objective: The investment seeks capital appreciation.

Strategy: The fund normally invests at least 80% of the fund’s net assets in equity securities. It normally invests the fund’s assets primarily in foreign securities, including emerging market securities. The fund may invest a large percentage of its assets in issuers in a single country, a small number of countries, or a particular geographic region.

Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be found in the prospectus or other product materials, if available.



• Someone who is seeking to complement a portfolio of domestic investments with international investments, which can behave differently.

• Someone who is willing to accept the higher degree of risk associated with investing overseas.

This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more detailed information about the fund.

Lifecycle FundsVanguard Target Retirement 2010 Fund Investor Shares

Fund Code: OKKK


Objective: The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

Strategy: The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2010 (the target year). Its asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Risk: The target date funds are designed for investors expecting to retire around the year indicated in each fund’s name. The funds are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. Additional risk information for this product may be found in the prospectus or other product materials, if available.


• Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market.

• Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or who does not feel comfortable making asset allocation choices over time.


2323


Fund Code: OSHQ



Strategy: The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2015 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.



• Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market.




Fund Code: OKKL






• Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets.





24


Fund Code: OSHR










Fund Code: OKKM











25


Fund Code: OSHS










Fund Code: OKKN











26


Fund Code: OSHT










Fund Code: OKKO











27


Fund Code: OEKG










Fund Code: OYF6











28

Vanguard Target Retirement Income Fund Investor Shares

Fund Code: OSHO


Objective: The investment seeks to provide current income and some capital appreciation.

Strategy: The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. Its indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar.

Risk: The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments carry issuer default and credit risk, inflation risk, and interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Principal invested is not guaranteed at any time, including at or after retirement. Additional risk information for this product may be found in the prospectus or other product materials, if available.


• Someone who is seeking an investment option intended for people in retirement and who is willing to accept the volatility of diversified investments in the market.

• Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option and looking primarily for the potential for income and, secondarily, for share-price appreciation.




29

Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.



24

Corporate Benefits 1111 Stewart Avenue Bethpage, NY 11714

673565.7.0 3.EPCP03433009YE.106

26852_04/0516


This guide briefly describes the highlights of the Cablevision 401(k) Savings Plan. Additional details are included in the Plan Documents and Summary Plan Descriptions (available at www.netbenefits.com). If there is a conflict between this guide and the Plan Documents, the Plan Documents will prevail. Benefits may be amended or terminated by Cablevision at any time.

A mutual fund expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percent of the fund’s total net assets. For other types of investments, the figure in the expense ratio field reflects similar information, but may have been calculated differently than for mutual funds. Mutual fund data comes from the fund’s prospectus. For non-mutual fund investment options, the information has been provided by the plan sponsor, the investment option’s manager or the trustee. When no ratio is shown for these options it is because none was available. There may be fees and expenses associated with the investment option. Expense information changes periodically. Please consult NetBenefits for updates.

The Plan is intended to be a participant-directed plan as described in Section 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA), which means that fiduciaries of the Plan are ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

© 2013–2016 FMR LLC. All rights reserved.

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