echostar decision guide
TRANSCRIPT
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Helping You Builda Brighter Financial Future
Your New InvestmentOption Line-up
Decision Support Guide
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More Choice and Flexibility for Your Future
Whats Changing?
With that in mind, were excited to announce the following
change to the EchoStar 401(k) Plan investment line-up,
effective January 2, 2014.
T. Rowe Price Retirement Funds will replace Fidelity
Freedom KFunds and will become the required default
funds in case you dont make an investment election,
providing diversification.
What Do I Need to Do?
While no action is required on your part, you should review the
changes and use this opportunity to review your savings strategy
and investments to ensure they continue to align with your
long-term retirement goals.
Be sure to:
Read this brochurefor more details about these changes
and how they may affect you.
Review theInvestment Fund Mapping and Summary
to learn how your current investments will be mapped to the
new investment options as of January 2, 2014.
Review the tools and resources availableto help you
to make informed savings and investment decisions using
Fidelity NetBenefits.
This brochure will help you take full advantage of this oppor-
tunity by giving you more details about the investment options
available to you and how they can help you make the most of
your savings.
Highlights of the
EchoStar 401(k) Plan
Save for retirement through automaticpayroll deduction.
Contribute up to 75% of your eligible
pay on a pre-tax basis, up to the
annual IRS dollar limit ($17,500 in
2014 for pre-tax contributions).
Make additional catch-up
contributions if you are age 50 or over.
Receive a company matching
contribution of 50% of the first 6% of
your eligible compensation contributed
to the Plan each pay period.
At EchoStar were committed to providing opportunities that help you improve your financial health.
Thats why we review the EchoStar 401(k) Plans investment option line-up regularly to ensure that
you have a variety of choices and flexibility to meet your needs. The EchoStar 401(k) Plan wasdesigned to help you meet your retirement savings goals through your pre-tax deferrals and a
company match. But saving is only part of the equation choosing the investment options that
match your goals, time horizon and risk tolerance are equally important.
Whats Inside
Key Dates .................................................. 2
Investment Fund Mapping ......................... 2
Find the Right Investment Mix................... 4
What Kind of Investor are You? ................. 5
The New EchoStar 401(k) Plan
Investment Line-Up ................................... 6
Additional Tools and Resources .............. 10
About Your New Investment Options ....... 11
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Key Dates
This chart shows how the changes could affect your account based on your current investment elections and the
actions you may need to take.
Investment Fund Mapping
If youre currently invested in the Fidelity Freedom KFunds, your investment will map to the corresponding T. Rowe Price
Retirement Fund, as shown in this chart.
If you have a balance in any of the Fidelity Freedom KFunds:
Future Contributions As of January 2, 2014, you will no longer be able to make contributions to the Fidelity
Freedom K Funds.
Starting January 2, 2014, you can direct contributions to the T. Rowe Price Retirement Funds
or any other plan investment option.
If you havent changed your contribution election by January 2, 2014, 4:00 p.m. Eastern time,
your contributions directed to the Fidelity Freedom KFunds will be allocated to the T. Rowe
Price Retirement Funds with a target date closest to your 65th birthday.
Existing Balances Starting January 2, 2014, you may transfer your existing fund balances to T. Rowe Price
Retirement Funds.
On January 2, 2014, any remaining balances in the Fidelity Freedom KFunds will be transferred
to the T. Rowe Price Retirement Fund with a target date closest to your 65th birthday.
The effective date of Plan changes depend upon the transfer of data. To ensure accurate data transfer, the delivery of services and investment options described in this
brochure could be delayed.
For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage
of the fund's total net assets. Expense ratios change periodically and are drawn from the funds prospectus. For more detailed fee information, see the fund prospectus or
annual or semiannual reports.
If you are currently invested in this
investment option
your fund balance and future contributions will
transfer to the following investment option
Fidelity Freedom KIncome Fund T. Rowe Price Retirement Income Fund Expense Ratio: 0.57%
Fidelity Freedom K2000 Fund T. Rowe Price Retirement Income Fund Expense Ratio: 0.57%
Fidelity Freedom K2005 Fund T. Rowe Price Retirement 2005 Fund Expense Ratio: 0.59%
Fidelity Freedom K2010 Fund T. Rowe Price Retirement 2010 Fund Expense Ratio: 0.60%
Fidelity Freedom K2015 Fund T. Rowe Price Retirement 2015 Fund Expense Ratio: 0.65%
Fidelity Freedom K2020 Fund T. Rowe Price Retirement 2020 Fund Expense Ratio: 0.69%
Fidelity Freedom K2025 Fund T. Rowe Price Retirement 2025 Fund Expense Ratio: 0.72%
Fidelity Freedom K
2030 Fund T. Rowe Price Retirement 2030 Fund Expense Ratio: 0.75%
Fidelity Freedom K2035 Fund T. Rowe Price Retirement 2035 Fund Expense Ratio:0.77%
Fidelity Freedom K2040 Fund T. Rowe Price Retirement 2040 Fund Expense Ratio: 0.78%
Fidelity Freedom K2045 Fund T. Rowe Price Retirement 2045 Fund Expense Ratio: 0.78%
Fidelity Freedom K2050 Fund T. Rowe Price Retirement 2050 Fund Expense Ratio: 0.78%
Fidelity Freedom K2055 Fund T. Rowe Price Retirement 2055 Fund Expense Ratio: 0.78%
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Default Fund Notification
Under the EchoStar 401(k) Plan, any contributions for which you do not provide investment direction will
be invested in the Plans designated default fund. The Fidelity Freedom KFunds are currently the Plans
designated default funds. However, effective January 2, 2014, the T. Rowe Price Retirement Funds as
described in this brochure will be added as an investment option under the EchoStar 401(k) Plan and will
become the Plans designated default funds. This notice constitutes the Plans notice under section 404(c) of
the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and 29 C.F.R. 2550.404c-5.
You have the right under the Plan to direct the investment of your existing balances and future contributions
to any of the Plans available investment options, including the right to transfer out of the Plans designated
default fund to another investment option. Unless you provide alternative direction, your contributions and/or
the portion of your account that is currently invested in the Plans designated default fund will continue to be
invested in this option.
If you do not actively enroll in the Plan, you are automatically enrolled, unless you elect not to participate
pursuant to the Plans opt-out process. If you are automatically enrolled, pre-tax contributions are made
on your behalf to the Plan at a rate of 3% of eligible compensation, and have been, or will be invested in the
Plans designated default fund. You have the right to change your contribution percentage, as well as elect to
discontinue contributions to the Plan altogether. The T. Rowe Price Retirement Funds used as the Plans
designated default funds are based on the assumption that you will retire at age 65. The table on page 2
indicates the Plans designated default funds for any investment elections, loan repayments and current
balances that remain in discontinued funds as of the transfer dates listed on page 2. EchoStar determined
these funds based on your date of birth.
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What Kind of Investor are You?
Which investment path is right for you? The EchoStar 401(k) Plan investment option line-up gives you choice
and flexibility to decide how actively you want to participate in selecting and managing your 401(k) Plan
investments whether you choose investment options from a single group of funds or from several.
Do you have
the desire
to learn
about
investment
options
and makeinvestment
decisions
for your
401(k) Plan
account?
NOIf you
answer NO,
considerthese
options:
T. Rowe Price Retirement Fundssee page 6.
For the investor who is looking for a single investment strategy that
will provide a diversified portfolio targeted to a planned retirement date.
You decide what year you want to retire, then pick the fund with a
target date closest to your retirement date, from 2000 to 2055 in
five-year intervals.
Investment professionals will make all the investment selections and
asset allocation decisions based on the funds target date.
The investment mix in your T. Rowe Price Retirement Fund will adjust
automatically to a more conservative mix as the funds target dateapproaches.
T. Rowe Price Retirement Funds are designed for investors expecting to
retire around the year indicated in each funds name, except for the
T. Rowe Price Retirement Income Fund. The funds asset allocation strategy
becomes increasingly conservative as it approaches the target date and
beyond. Ultimately, they are expected to merge with the T. Rowe Price
Retirement Income Fund. The investment risks of each T. Rowe Price
Retirement Fund will change over time as its asset allocation changes.
YESIf you
answer YES,
consider
these
options:
Core Fundssee page 8.
For the investor who wants to build and frequently monitor a portfolio
from funds that have been selected by EchoStar.
You choose among a variety of pre-screened funds covering a wide
range of asset classes.
You decide how to invest and rebalance your portfolio over time and
as your circumstances change.
Self-Directed Account (Fidelity BrokerageLink)see page 9.
For the investor who wants a wide range of investment choices and
has the knowledge and desire to build and manage an investment
portfolio through a brokerage account.
You open a Self-Directed Account through Fidelity BrokerageLink.
You choose from thousands of mutual fund offerings.
You decide how to invest and rebalance your portfolio over time and
as your circumstances change.
You make every decision and actively manage and monitor your
fund choices.
In return for the flexibility of a brokerage account, you may be required to
pay fees associated with various funds and transactions.
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The New EchoStar 401(k) Plan Investment Line-Up
The T. Rowe Price Retirement Funds an All-in-One Approach
T. Rowe Price Retirement Funds are professionally managed
investment options designed for people who feel they have limitedtime or experience to select and monitor investment portfolios.
Each is a mutual fund composed of other mutual funds, offering:
One-step convenience, so you dont need to mix and
match them with other options.
Professional diversificationthat may help reduce the
impact of the markets ups and downs on your account.
Stock exposurethat can help your retirement account
outpace inflation and maintain its buying power
throughout retirement.
Rebalancingamong equities and bonds helps the fundsallocations stay on track.
Consider T. Rowe PriceRetirement Funds if You:
Want a one-fund savingsstrategy that adjusts its assetallocation mix to reflect atargeted retirement date.
Have limited knowledge ordesire to learn about the Coreinvestment funds.
The performance and risks of each Retirement Fund will directly correspond to the performance and risks of the funds in which it invests. By
investing in many underlying funds, the Retirement Funds have partial exposure to the risks of many different areas of the market, including
possible loss of principal. The Retirement Funds assume a retirement age of 65.
20
40
60
80
100%
Age: 35 40 45 50 55 60 65 70 75 80 85 90 95
Less Market Risk
As the chart below shows you, the Retirement Funds allocations are actively managed for approximately
30 years after their target dates before arriving at their final 20% stock, 80% bond and short-term fixed
income ratio. This strategy helps your savings continue working for you in retirement.
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If you were born This Retirement Fund may be right for you
In 1937 or before T. Rowe Price Retirement Income Fund
1938 1942 T. Rowe Price Retirement 2005 Fund
1943 1947 T. Rowe Price Retirement 2010 Fund
1948 1952 T. Rowe Price Retirement 2015 Fund
1953 1957 T. Rowe Price Retirement 2020 Fund
1958 1962 T. Rowe Price Retirement 2025 Fund
1963 1967 T. Rowe Price Retirement 2030 Fund
1968 1972 T. Rowe Price Retirement 2035 Fund
1973 1977 T. Rowe Price Retirement 2040 Fund
1978 1982 T. Rowe Price Retirement 2045 Fund
1983 1987 T. Rowe Price Retirement 2050 Fund
If youre interested in this type of investment:
STARTwith the year you were born.
ADDyour expected retirement age to your birth year.
CHOOSEthe T. Rowe Price Retirement Fund with a target date closest to your anticipated retirement year.
For example, if your expected retirement age is 65, the chart below shows what fund you might consider choosing.
Timeline determined by the plan sponsor .
The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which
is the approximate date when investors turn age 65. The funds invest in a broad range of underlying mutual funds that
include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. The
funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the
need for appreciation with the need for income as retirement approaches, and focus more on income and principal
stability during retirement. The funds maintain a substantial allocation to equities both prior to and after the target date,
which can result in greater volatility.
Target date investments are generally designed for investors expecting to retire around the year indicated in each investments name. The
investments are managed to gradually become more conservative over time. The investment risks of each target date investment change over
time as its asset allocation changes. They are subject to the volatility of the financial markets, including 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.
Investment Options to the left have potentially
more inflation risk and less investment risk
Investment Options to the right have potentially
less inflation risk and more investment risk
T. Rowe Price Retirement Income Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2035 Fund
T. Rowe Price Retirement 2005 Fund T. Rowe Price Retirement 2020 Fund T. Rowe Price Retirement 2040 Fund
T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2025 Fund T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2050 Fund
T. Rowe Price Retirement 2055 Fund
T. Rowe Price Retirement Funds Risk Spectrum
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The Core Funds a Build Your Own Approach
The Core Funds are designed to appeal to investors who have
some experience investing and who prefer a pre-screened
menu of funds across a range of the investment spectrum.
How Do Core Funds Work?
Core Funds offer:
A variety of asset classes The Core Funds consist of
an array of investment options designed to accommodate
most investors needs. You select a combination of funds depending on how much risk you want in your portfolio.
Choice You decide how to invest and how to allocate your assets among the menu of investment options.
Responsibility You are responsible for periodically evaluating your investments and retirement portfolio, and
for adjusting your investments and asset allocations over time.
Consider Core Funds if You:
Want to build your own diversified
portfolio.
Have the interest to consistentlymonitor and rebalance yourretirement portfolio.
This spectrum, with the exception of the Domestic Equity category, is based on Fidelitys analysis of the characteristics of the general investment categoriesand not on the actual investment options and their holdings, which can change frequently. Investment options in the Domestic Equity category are based on theoptions Morningstar categories as of 9/30/13. Morningstar categories are based on a funds style as measured by its underlying portfolio holdings over the pastthree years and may change at any time. These style calculations do not represent the investment options objectives and do not predict the investment optionsfuture styles. Investment options are listed in alphabetical order within each investment category. Risk associated with the investment options can vary significantlywithin 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 decisions. The spectrum does not represent actual orimplied performance.
Investments in smaller companies may involve greater risk than those in larger, more well known companies.
Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includespolitical and economic uncertainties of foreign countries, as well as the risk of currency fluctuation.
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market fundsseek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in these funds.
Company stock funds are neither mutual funds nor diversified or managed investment options.
Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economicdevelopments.
In general the bond market is volatile and bonds entail interest rate risk (as interest rates rise bond prices usually fall and vice versa). This effect is usually pronouncedfor longer-term securities. Bonds also entail the risk of issuer default, issuer credit risk and inflation risk.
The value of your investment in a company stock fund is affected by the performance of the company and the overall stock market and, if applicable, by theamount and performance of any short-term investments held by the fund.
To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio.Spreading your assets among different types of investments can help you achieve a favorable rate of return, while minimizing your overall r isk of losing money.This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another assetcategory, or other particular security to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may
not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help manage your investment risk.
EchoStar Corporation Stock Fund: This investment option is not a mutual fund.
MoneyMarket Bond
Balanced /Hybrid Domestic Equities
International /Global Equity
CompanyStock
Vanguard PrimeMoney
Market FundInstitutional Shares
Diversified
VanguardIntermediate Term Bond-Index Fund
Signal Shares
FidelityTotalBond Fund
FidelityPuritanFund
Class K
Large Value
American CenturyInvestments Equity
Income Fund Institutional Class
Putnam EquityIncome Fund
Class Y
Large Blend
Spartan500Index Fund
Institutional Class
Large Growth
FidelityContrafund
Class K
FidelityGrowthCompany Fund
Class K
Diversified
American FundsEuroPacific Growth
Fund Class R-5
FidelityDiversified
International Fund Class K
FidelityInternational
Small-cap FundFidelity
Worldwide Fund
EchoStarCorporationStock Fund
Mid Value
Goldman SachsMid Cap ValueFund Class A
Mid Blend
SpartanExtendedMarket Index
Fund FidelityAdvantage Class
Mid Growth
Morgan StanleyInstitutional Fund
Trust Mid CapGrowth Portfolio
Class A
Small Blend
Goldman SachsSmall-cap ValueFund Institutional
Small Growth
FidelitySmall-cap Growth Fund
Core Funds Investment Spectrum
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Fidelity BrokerageLink a Self-Directed Account
Fidelity BrokerageLinkis for hands-on investors who want to
invest in funds available outside the EchoStar 401(k) Plan.
BrokerageLinkoffers you the flexibility to select from thousands
of mutual funds from either Fidelity or from other mutual fund
companies through BrokerageLink. Brokerage services are
provided through Fidelity Brokerage Services LLC, a member
of the New York Stock Exchange and Securities Investor
Protection Corporation.
What Is BrokerageLink?
The Fidelity BrokerageLinkaccount is a self-directed brokerage
account designed for investors who are willing to take on the
potential for more risk and who are prepared to assume the
responsibility of more closely monitoring this portion of theirportfolio.
With BrokerageLink, you take charge of your investments by creating a retirement portfolio to match your
personal situation including your goals, time horizon and risk tolerance and you monitor your portfolio
and adjust it as your needs change.
A self-directed brokerage account is not for everyone. If you do not feel comfortable actively managing a
portfolio beyond the plans standard investment options, then a self-directed brokerage account may not
be appropriate for you.
Additional fees apply to a brokerage account; please see the fact sheet and commission schedule on
NetBenefitsfor a complete listing of brokerage fees.
You must open a Fidelity BrokerageLinkaccount to participate.
After your account is open, youll receive a welcome kit with a handbook that provides more detail about how
to invest through your BrokerageLinkaccount.
If you think BrokerageLinkmay be right for you, you can request additional materials and a BrokerageLink
application by calling Fidelity NetBenefitsat1-800-890-4015.
A self-directed brokerage account may entail greater risk and is not appropriate for everyone. Additional fees
apply to a brokerage account; please refer to the Participant Acknowledgement Form within your Brokerage-
LinkWelcome Kitfor a complete listing of brokerage fees.
Consider Fidelity
BrokerageLinkif you:
Want access to the broadestrange of investment choicesavailable, including thousandsof mutual funds
Are willing to pay additional fees,in some cases, to make trades
Are prepared to be activelyinvolved in researching, monitoringand managing investments in abrokerage account
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Additional Tools & Resources
Whether you are just getting started, preparing to retire, or somewhere in between, Fidelity offers a number of
convenient educational tools to help guide you to your next step. These resources help simplify the planning
process so you can focus on reaching your goals.
Simply log on to www.netbenefits.comand select the Tools & Learninglink to access the many tools, resources,
articles, and courses designed to help you manage your investments and build a successful retirement.
Income Simulator:can help you with your retirement planning. Its an interactive, online guidance toolthat illustrates how your savings may translate into after-tax monthly retirement income.
IMPORTANT: The projections or other information generated by Fidelitys Income Simulator
regarding the likelihood of various investment outcomes are hypothetical in nature, do not
reflect actual investment results, and are not guarantees of future results. Results may vary.
Contribution Calculator: Determine how much to save and understand how your money might
grow over time.
Take Home Pay Calculator:See how your pay check will be impacted if you contribute more tothe Savings Plan.
Portfolio Review:With Fidelitys streamlined investment planning tool, you get guidance to help youmake decisions about all your investments, including your retirement plan portfolio.
e-Learning: Fidelity workshops deliver an e-Learning experience on retirement saving that is bothengaging and educational. The workshops are entirely self-directed, so you can learn at any time and
proceed at your own pace.
Voice Response System (VRS)is available virtually 24 hours a day,
seven days a week.
1-800-890-4015www.netbenefits.comFor account information, a wide variety of
planning tools, calculators, educational
content and other valuable resources.
Representativesare available to answer questions on business
days from 8:30 a.m. to midnight, Eastern time.
CONTACT INFORMATION
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About Your New Investment Options
T. Rowe Price Retirement Income Fund
VRS Code:47364
Ticker:TRRIX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of
other T. Rowe Price stock and bond funds that represent
various asset classes and sectors. It is intended for retired
investors who seek income and relative stability from bonds
along with some capital appreciation potential from stocks.
The funds neutral allocations, which are what T. Rowe
Price considers broadly appropriate for investors duringtheir retirement years, are 40% stock funds and 60% bond
funds. While the fund is non-diversified, it invests in
diversified underlying holdings.
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.
Short-term Redemption Fee Note:None
Who may want to invest:
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is only
intended to provide a brief overview of the fund. Read the funds prospec-
tus for more detailed information about the fund.
T. Rowe Price Retirement 2005 Fund
VRS Code:40466
Ticker:TRRFX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund pursues its objective by investing in a
diversified portfolio of other T. Rowe Price stock and bond
funds that represent various asset classes and sectors. It
is managed based on the specific retirement year (target
date 2005) included in its name and assumes a retirement
age of 65. The fund invests 42% of assets in stocks and
58% in bonds. While the fund is non-diversified, it invests in
diversified underlying holdings.
Risk:Target date funds are designed for investors
expecting to retire around the year indicated in each funds
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.
Short-term Redemption Fee Note:None
Who may want to invest:
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is only
intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
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T. Rowe Price Retirement 2010 Fund
VRS Code:47369
Ticker:TRRAX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of other
T. Rowe Price stock and bond funds that represent various
asset classes and sectors. Its allocation between T. Rowe
Price stock and bond funds will change over time in
relation to its target retirement date. The fund is managed
based on the specific retirement year (target date 2010)
included in its name and assumes a retirement age of 65.
It normally invests 49% in stocks and 51% in bonds.While the fund is non-diversified, it invests in diversified
underlying holdings.
Risk:Target date funds are designed for investors
expecting to retire around the year indicated in each funds
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, includingat or after their target dates. Additional risk information
for this product may be found in the prospectus or other
product materials, if available.
Short-term Redemption Fee Note: None
Who may want to invest:
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 assetallocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is
only intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
T. Rowe Price Retirement 2015 Fund
VRS Code:40467
Ticker:TRRGX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of other
T. Rowe Price stock and bond funds that represent various
asset classes and sectors. Its allocation between T. Rowe
Price stock and bond funds will change over time in relation
to its target retirement date. The fund is managed based
on the specific retirement year (target date 2015) included
in its name and assumes a retirement age of 65. It normally
invests 58.5% in stocks and 41.5% in bonds. While thefund is non-diversified, it invests in diversified underlying
holdings.
Risk:The target date funds are designed for investors
expecting to retire around the year indicated in each funds
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 theirtarget dates. Additional risk information for this product
may be found in the prospectus or other product materials,
if available.
Short-term Redemption Fee Note: None
Who may want to invest:
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 assetallocation choices over time.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is only
intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
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T. Rowe Price Retirement 2020 Fund
VRS Code:47368
Ticker:TRRBX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of
other T. Rowe Price stock and bond funds that represent
various asset classes and sectors. Its allocation between
T. Rowe Price stock and bond funds will change over time
in relation to its target retirement date. The fund is
managed based on the specific retirement year (target
date 2020) included in its name and assumes a retirement
age of 65. It normally invests 67% in stocks and 33% in
bonds. While the fund is non-diversified, it invests in
diversified underlying holdings.
Risk:The target date funds are designed for investors
expecting to retire around the year indicated in each funds
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, includingat or after their target dates. Additional risk information
for this product may be found in the prospectus or other
product materials, if available.
Short-term Redemption Fee Note: None
Who may want to invest:
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.
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is
only intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
T. Rowe Price Retirement 2025 Fund
VRS Code:40468
Ticker:TRRHX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of other
T. Rowe Price stock and bond funds that represent various
asset classes and sectors. Its allocation between T. Rowe
Price stock and bond funds will change over time in relation
to its target retirement date. The fund is managed based
on the specific retirement year (target date 2025) included
in its name and assumes a retirement age of 65. The fund
normally invests 75% in stocks and 25% in bonds.
While the fund is non-diversified, it invests in diversified
underlying holdings.
Risk:The target date funds are designed for investors
expecting to retire around the year indicated in each funds
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 targetdates. Additional risk information for this product may
be found in the prospectus or other product materials,
if available.
Short-term Redemption Fee Note:None
Who may want to invest:
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.
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is only
intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
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1
T. Rowe Price Retirement 2030 Fund
VRS Code:47367
Ticker:TRRCX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of
other T. Rowe Price stock and bond funds that represent
various asset classes and sectors. Its allocation between
T. Rowe Price stock and bond funds will change over
time in relation to its target retirement date. The fund is
managed based on the specific retirement year (target
date 2030) included in its name and assumes a retirement
age of 65. It normally invests 82.5% in stocks and 17.5%
in bonds. While the fund is non-diversified, it invests in
diversified underlying holdings.
Risk:The target date funds are designed for investors
expecting to retire around the year indicated in each funds
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, includingat or after their target dates. Additional risk information
for this product may be found in the prospectus or other
product materials, if available.
Short-term Redemption Fee Note:None
Who may want to invest:
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.
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is
only intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
T. Rowe Price Retirement 2035 Fund
VRS Code:40469
Ticker:TRRJX
Objective:The investment seeks the highest total return over
time consistent with an emphasis on both capital growth and
income.
Strategy:The fund invests in a diversified portfolio of other
T. Rowe Price stock and bond funds that represent various
asset classes and sectors. Its allocation between T. Rowe
Price stock and bond funds will change over time in relation to
its target retirement date. The fund is managed based on the
specific retirement year (target date 2035) included in its name
and assumes a retirement age of 65. It normally invests 86.5%
in stocks and 13.5% in bonds. While the fund is non-diversified,
it invests in diversified underlying holdings.
Risk:The target date funds are designed for investors expecting
to retire around the year indicated in each funds 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 prospectusor other product materials, if available.
Short-term Redemption Fee Note: None
Who may want to invest:
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.
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and
managed by T. Rowe Price Associates, Inc. This description is only intended
to provide a brief overview of the fund. Read the funds prospectus for more
detailed information about the fund.
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15
T. Rowe Price Retirement 2040 Fund
VRS Code:47366
Ticker:TRRDX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of
other T. Rowe Price stock and bond funds that represent
various asset classes and sectors. Its allocation between
T. Rowe Price stock and bond funds will change over
time in relation to its target retirement date. The fund is
managed based on the specific retirement year (target
date 2040) included in its name and assumes a retirement
age of 65. It normally invests 90% in stocks and 10% in
bonds. While the fund is non-diversified, it invests in
diversified underlying holdings.
Risk:The target date funds are designed for investorsexpecting to retire around the year indicated in each funds
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.
Short-term Redemption Fee Note:None
Who may want to invest:
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.
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is
only intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
T. Rowe Price Retirement 2045 Fund
VRS Code: 40470
Ticker:TRRKX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of
other T. Rowe Price stock and bond funds that represent
various asset classes and sectors. Its allocation between
T. Rowe Price stock and bond funds will change over
time in relation to its target retirement date. The fund is
managed based on the specific retirement year (target date
2045) included in its name and assumes a retirement age
of 65. It normally invests 90% in stocks and 10% in bonds.
While the fund is non-diversified, it invests in diversified
underlying holdings.
Risk:The target date funds are designed for investorsexpecting to retire around the year indicated in each funds
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.
Short-term Redemption Fee Note:None
Who may want to invest:
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.
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is
only intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
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1
T. Rowe Price Retirement 2050 Fund
VRS Code: 42034
Ticker:TRRMX
Objective:The investment seeks the highest total return
over time consistent with an emphasis on both capital
growth and income.
Strategy:The fund invests in a diversified portfolio of
other T. Rowe Price stock and bond funds that represent
various asset classes and sectors. Its allocation between
T. Rowe Price stock and bond funds will change over
time in relation to its target retirement date. The fund is
managed based on the specific retirement year (target
date 2050) included in its name and assumes a retirement
age of 65. It normally invests 90% in stocks and 10% in
bonds. While the fund is non-diversified, it invests in
diversified underlying holdings.
Risk:The target date funds are designed for investorsexpecting to retire around the year indicated in each funds
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.
Short-term Redemption Fee Note: None
Who may want to invest:
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.
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc.,
and managed by T. Rowe Price Associates, Inc. This description is
only intended to provide a brief overview of the fund. Read the funds
prospectus for more detailed information about the fund.
T. Rowe Price Retirement 2055 Fund
VRS Code: 42032
Ticker:TRRNX
Objective:The investment seeks the highest total return over
time consistent with an emphasis on both capital growth and
income.
Strategy:The fund invests in a diversified portfolio of other
T. Rowe Price stock and bond funds that represent various
asset classes and sectors. Its allocation between T. Rowe
Price stock and bond funds will change over time in relation to
its target retirement date. The fund is managed based on the
specific retirement year (target date 2055) included in its name
and assumes a retirement age of 65. It normally invests 90% in
stocks and 10% in bonds. While the fund is non-diversified, it
invests in diversified underlying holdings.
Risk:The target date funds are designed for investors expecting
to retire around the year indicated in each funds name. Thefunds 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.
Short-term Redemption Fee Note:None
Who may want to invest:
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.
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.
A mutual fund registered under T. Rowe Price Retirement Funds, Inc., and
managed by T. Rowe Price Associates, Inc. This description is only intended
to provide a brief overview of the fund. Read the funds prospectus for more
detailed information about the fund
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17
Before investing in any mutual fund, please carefully consider the investment objectives,
risks, charges and expenses. For this and other information, call, write, or visit Fidelity at
www.netbenefits.comfor a free prospectus or summary prospectus, if available. Read it
carefully before you invest.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may
gain or lose money.
Income simulator and portfolio review are educational tools.
The Plan is intended to be a participantdirected plan as described in Section 404(c) of 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
668198.1.0
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