2025 RPB Fund
Lineup Changes

The new fund lineup will be effective May 1, 2025. If you have money invested in a fund that’s being removed, your investments will be automatically transferred to the new fund(s) on May 1.

Tier 1

The five current target allocation funds will be replaced with a series of target date funds.

Tier 2

The self-directed choices will increase from 9 to 12 funds. Five new funds will be added, two funds will be eliminated, and one fund will be replaced.

Tier 3

Nothing will change.

This new fund lineup represents the current standards and best practices in retirement investing. Our goal is to give you access to the best investment choices and even easier and more flexible ways to save for your retirement.

As your plan’s trustees, we have the responsibility to provide the most appropriate investment solutions at the best price.

• Each of the fund managers we have chosen has demonstrated a strong performance track record with the type of funds we are using.

• For many of these new choices, we have chosen to use trusts instead of mutual funds. Trusts typically offer lower fees for qualified retirement plans, like our 403(b) plan.

• The new funds include actively managed strategies. We believe that by mixing active and lower-cost passive (or index) funds, we can take advantage of active fund managers’ research, flexibility, and expertise to seek attractive returns while also responsibly managing fees.

No action is needed from you at this time. If you have money invested in a fund that’s being removed, your investments will be automatically transferred to the new fund(s) on May 1.

In the meantime, review the information on this site to learn about the new funds and what will happen to your investments when the fund lineup changes.

Tier 1

If you are invested in one of the current Tier 1 target allocation funds at the close of the market on April 30, 2025, your existing and new contributions will be invested in one of the T. Rowe Price Retirement Blend Trusts based on the year you were born.

Tier 2

If you have money in a Tier 2 fund that’s being replaced or eliminated, at the close of the market on April 30, 2025, your existing and new contributions will be invested as follows:

Tier 3

Investments in the Reform Jewish Value Stock Fund are unaffected by the fund lineup change.

The RPB Tier 1 target allocation Funds will be replaced by the T. Rowe Price Retirement Blend Trust Class D series, which are target date funds.

The current Tier 1 target allocation funds invest in a diversified mix of equities and fixed income investments.

One of the main goals of the funds is to achieve a certain “risk” level, depending on which one an investor chooses, usually based on risk tolerance and time horizon.

The T. Rowe Price Retirement Blend Trusts, which invest in equities, fixed income, and other investments, are commonly called “target date” investments. The reason for this is that a participant typically chooses the investment that closely matches when they will retire (usually age 65). Therefore, target date investments’ risk will vary based on the “target” retirement year.

Target date investments gradually and automatically become more conservative as you near retirement and beyond.

The Retirement Blend Trusts are designed to help grow your savings in your working years and become increasingly more conservative over time.

Each is a single, professionally managed investment that evolves up to and throughout retirement. Additionally, each investment provides instant diversification and periodic adjustments automatically.

When you choose a Retirement Blend Trust, the mix of stocks, bonds, and other investments will change over time following a carefully constructed “glide path.”

The glide path outlines the mix of investments that the investment manager believes is appropriate for your age today, at retirement, and beyond. When you are in your early working years, the glide path emphasizes stocks, which offer the greatest potential to grow in value, while gradually shifting to bonds as you get older.

The Retirement Blend investments “blend” or “mix” active and passive investments in the underlying investments.

Active investments allow for higher growth potential because experienced professionals are closely watching the market and making adjustments as needed. Passive investments are designed to simply keep pace with a specific market index, generally resulting in lower fees.

T. Rowe Price believes that a single Retirement Blend Trust is a well-diversified investment which is adjusted automatically for you over time. Additionally, each Retirement Blend investment can use the same underlying investments. One investment may utilize a particular underlying investment that another does not, but this is purposeful. The investments are designed in part based on when a participant will retire, assumed to be age 65.

Please see the fund fact sheets for the investments that each trust in the series comprises.

Each Retirement Blend Trust offers a diversified asset allocation designed for participants who will turn 65 and retire in or near a specific target retirement year.

The chart below will help you identify which trust is closest to the year you turn age 65. If your risk tolerance, time horizon, and/or financial situation is different from the trust designed for when you turn 65, starting May 1 you may consider a Retirement Blend Trust with a different target date or from among the other fund choices in the plan.

Retirement Blend Trust by age group

And remember, on May 1, 2025, any money you have in the current Tier 1 Target Allocation Funds will be automatically moved to a Retirement Blend Trust based on your birth year per the above table.

Depending on your risk tolerance, time horizon, and financial situation, you may consider a Retirement Blend Trust with a different target date. You may change your investment at any time, including choosing among the other fund choices in the plan.

If you’re invested in Tier 1 funds, the change to the new target date funds won’t affect your withdrawals.

Even if your target date has arrived (or is long past), the Retirement Blend Trusts are also designed for you. You will continue to get access to:

• A broad mix of assets that can help reduce investment risk.

• Professional managers working to reduce the impact of ups and downs in your portfolio.

• Continued automatic periodic risk adjustments for 30 years beyond your target retirement date.

T. Rowe Price is a recognized leader in target date solutions, focused on delivering global investment management excellence that investors can rely on—now and over the long term.

The firm’s strategic investing approach combines deep knowledge of capital markets and behavioral economics, a prudent approach to risk management, and research gathered firsthand. This expertise helps T. Rowe Price create target date solutions that strive to deliver positive outcomes for you.

The new fund lineup includes six passive (or index) funds, and six actively managed funds.

Active investments have the potential for greater returns because experienced professionals watch the market closely and make adjustments as needed. Passive (or index) investments are designed to simply keep pace with a specific market index, generally resulting in lower fees.

We believe that by mixing active and lower-cost passive (or index) funds, we can take advantage of active fund managers’ research, flexibility, and expertise to seek attractive returns while also responsibly managing fees.

We’re replacing three of the Vanguard index mutual funds with their equivalent trust versions. The trust versions have the same strategy and similar underlying investments but have lower fees. Trusts like these are only available in qualified retirement plans, like the RPB 403(b) plan.

The Capital Preservation Fund is being replaced with the GSAM Stable Value Collective Trust—which is essentially the same underlying investment. The trust version of the investment has comparable returns and is slightly less risky.

The Vanguard Short-Term Bond and Short-Term TIPS Funds have the same objective of low volatility as the GSAM Stable Value Collective Trust. To streamline the fund lineup and make your investing choices more efficient, these funds are being eliminated.