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You received an Account Information Letter dated September 2, 2020. The purpose of this letter is to inform you of your account information on record with the Directed Account Plan.  This letter is sent out annually and often causes confusion for our participants. There are three sections that have generated questions from our participants. I have made a Q & A list to address these questions:

  • Q – Why does the letter welcome me to the DAP when I have been a long time participant?   
    • A – This sentence should have been removed from the letter. We apologize for the confusion that this statement caused. There was a boiler plate template letter used and the sentence should have been omitted before delivery.  You are a much appreciated current member of the DAP and you are always welcome in the DAP!
  • Q – Why does the letter confirm information that was received on my account when I did not make any changes to my account recently?   
    • A – This letter is delivered each year so that you can review important account information on record with the DAP. It provides an opportunity for you to review your account information. If you notice incorrect information you may correct it online at www.dap401k.com or call the Empower Customer Service Center at 1-844-861-4327. You may also call Michelle at the DAP Office at 314-739-7373. The account information contained in this letter may have been received any time over the 27 years that the DAP has been serving you.
  • Q –  Can you explain why I do not recognize my investment election in ?
    • A – This is not your Current Balance Investment Election. This is the Contribution Balance Investment Election or the investment election for future deposits or contributions to your DAP account. There are two investment elections that you may make at any time. 1) The investment election for you existing or current balance. 2)The investment election for any future deposits or employer contributions into your account.  Most of the former TWA Pilots and their beneficiaries have never established a Contribution Balance Investment Election (also called Future Allocation Investment Election) because they are not active employees and do not receive employer contributions.  However, you most likely receive future deposits for investment manager revenue credits or asset based fee credits. In absence of you making an investment election, you are defaulted into the qualified default investment alternative (QDIA). The QDIA for the Directed Account Plan is the Vanguard Target Retirement Fund for your age. Therefore, most of the former TWA pilots and their beneficiaries will see a Vanguard Target Retirement Fund in this section. If you would like to choose a fund other than your default Vanguard Target Retirement Fund for your age, you may take action online at dap401k.com or by phone at 1-844-861-4327.  There are two changes that you would need to make to have your current and future balance invested in the same fund.
        • 1) Rebalance your current balance – You will notice that there is small amount of money in a Vanguard Target Retirement Fund on your statement. You may direct the Vanguard Target Retirement Fund be moved to your current balance investment election. Over time, you had credits build up in the Vanguard Target Retirement Fund since that was the default for future deposits to your account.
        • 2) Change your Future Allocation Investment Election – Once you make this change, next year your Current Balance Investment Election on this letter will show your investment election rather than the Target Retirement Fund default.

If you have further questions, please do not hesitate to call Michelle at the DAP Office at 314-739-7373 and she will assist you with the website or will conference you in with a call center representative to get you on a recorded line to make your investment elections.

 

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