Announcing Investment Changes to

The Joint Retirement Board 403(b)(9) Plan

The Joint Retirement Board for Conservative Judaism (JRB) continually reviews investments in The JRB 403(b)(9) Retirement Plan (Plan). As a result of a recent review, The JRB Board of Trustees approved several fund changes based on recommendations from the JRB's Investment Review Committee in conjunction with CAPTRUST, our independent investment advisor.

We are making the following changes to the Plans’ investment lineup.

Effective date: December 5, 2025

On the effective date, balances and future contributions in the fund listed below will be automatically transferred to the Replacement Option listed below.

Mutual Fund Replacement

Current Investment Option

Replacement Option

Fund Fact Sheet

Goldman Sachs Small/Mid Cap Growth R6 Ticker: GTMUX

→

Fidelity Extended Market Index

Ticker: FSMAX

Fact Sheet

Introducing Collective Investment Trusts (CITs)

The JRB is introducing Collective Investment Trusts (CITs) for selected strategies. A CIT is a professionally managed investment fund available only to qualified retirement plans like the JRB 403(b)(9) Plan. It pools assets from many investors, similar to a mutual fund, but with typically lower all in fees. CITs are priced daily, but they do not have public ticker symbols. You will continue to see balances and performance, through our recordkeeper Alerus, just as before.

On the effective date, all existing balances and future contributions in the mutual funds listed below will be transferred to the CITs listed below.

Current Investment Option (Mutual Fund)		New Investment Option (CIT)	CIT Fund Fact Sheet
T. Rowe Price U.S. Equity Research I Ticker: PCCOX	→	T. Rowe Price Structured Research Tr-C Ticker: N/A	Fact Sheet
Fidelity Low- Priced Stock K6 Ticker: FLKSX	→	Fidelity Low-Priced Stock Commingled PI A Ticker: N/A	Fact Sheet
Fidelity Freedom Retirement Ticker: FYTKX	→	Fidelity Freedom Income Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2010 K6 Ticker: FOTKX	→	Fidelity Freedom 2010 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2015 K6 Ticker: FPTKX	→	Fidelity Freedom 2015 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2020 K6 Ticker: FATKX	→	Fidelity Freedom 2020 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2025 K6 Ticker: FDTKX	→	Fidelity Freedom 2025 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2030 K6 Ticker: FGTKX	→	Fidelity Freedom 2030 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2035 K6 Ticker: FWTKX	→	Fidelity Freedom 2035 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2040 K6 Ticker: FHTKX	→	Fidelity Freedom 2040 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2045 K6 Ticker: FJTKX	→	Fidelity Freedom 2045 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2050 K6 Ticker: FZTKX	→	Fidelity Freedom 2050 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2055 K6 Ticker: FCTKX	→	Fidelity Freedom 2055 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2060 K6 Ticker: FVTKX	→	Fidelity Freedom 2060 Commingled Pool D Ticker: N/A	Fact Sheet
Fidelity Freedom 2065 K6 Ticker: FFSZX	→	Fidelity Freedom 2065 Commingled Pool D Ticker: N/A	Fact Sheet

Blackout Period

To complete these updates, there will be a short blackout period when certain transactions will be temporarily unavailable. During the blackout period, you will be unable to direct or diversify investments in your account, request loans or obtain distributions.

Blackout Begins

4:00 PM ET

Thursday, December 4, 2025

Blackout Ends*

Monday, December 8, 2025

*If an operational issue prevents a specific change listed above from occurring during the Blackout Period, remaining changes will proceed, and the affected change will be completed as soon as administratively possible thereafter.

Automatic Rebalance Elections

If your Automatic Rebalance election includes an option being replaced, it will be updated automatically to use the corresponding new option.

What You Can Do

If you would like to choose different investments, you may submit a JRB Fund Transfer Form or log in to the Alerus website to change your elections.

Questions?

We’re here to help. Call the JRB at 888‑JRB‑FREE (572‑3733) or email us.

This information is for general purposes only and does not constitute legal, tax, or investment advice.