Important notice concerning your rights under the Adams Construction Company Employees 401(k) Plan
This notice is to inform you that the Adams Construction Company Employees 401(k) Plan will be transitioning to Lincoln Financial Group (Lincoln) effective July 16, 2020. Your current 401(k) account with Wells Fargo will automatically transfer to Lincoln.
During the process of transferring your account, you will be unable to direct or diversify assets credited to your plan account or obtain distributions from the plan. This period, during which you will be unable to exercise these rights otherwise available under the plan, is called a “blackout period.”
The blackout period for the plan will begin on July 9, 2020 at 4:00 p.m. ET and end on July 30, 2020, or earlier if possible.
We encourage you to carefully consider how this blackout period may affect your retirement planning, as well as your overall financial plan. It is very important that you review and consider the appropriateness of your current investments in light of your inability to direct or diversify those investments during the blackout period.
If you do not make new investment elections at Lincoln between July 10, 2020 and July 15 (the transition Open Window), your future contributions and assets in your Wells Fargo account will be directed to the 401(k) plan’s qualified default investment alternative (QDIA), the YourPath Moderate portfolio that most closely aligns with a normal retirement age of 65. This investment option and the plan’s other investment options were chosen by Adams Construction Company. However, any balance you have within the Wells Fargo Stable Return Fund F will be automatically directed to the Wells Fargo Stable Value Fund C. This option was chosen because its investment approach and objective are similar to your current investment option.
Your current salary deferral election will transfer over to Lincoln.
When the blackout period ends, you will be able to log into your account at Lincoln, review it and make changes. You will need to designate your beneficiaries online as your current beneficiary information will not transfer from Wells Fargo.
For those who are currently enrolled in our retirement program, you may be aware that our 401k institution has changed from Wells Fargo to Lincoln Financial. You will need to create a new account. Please refer to the PDF link below.
Participant Register On Line Guide
Below is a link to a presentation for participating employees.