Service Provider Retirement Plan I m a heavy equipment operator

A.H. BECK FOUNDATION CO. INC ***(K) P/S PLAN

March 30, 2024

Notice of Changes

The summary below highlights the recent changes to the A.H. BECK FOUNDATION CO. INC 401(K) P/S PLAN plan. Complete details on these changes can be found in the pages that follow. The information in this document is designed to provide you important information about your company’s retirement plan and help you make the best possible decisions regarding the management of your retirement account.

Individual Expenses

In this section you will find a listing of services available to help you manage your retirement account and the cost for each service. These services are optional and you will only be charged if they are used.

Expense

Prior Amount

Current Amount

Participant managed accounts services are provided by Morningstar, LLC. The annual fee is calculated on average assets and payable 0.25% to Morningstar and 0.10% to Service Provider. Morningstar is not affiliated with Service Provider or any of its affiliates.

New Service

0.35 % Per Average Assets

Investment Options Added

The following investment options have been added to your plan. Additional information can be found on the investment’s website or at https://myaccount.ascensus.com/rplink.

Investment Name

Vanguard Growth Index Adm

Investment Options Removed

The following investment options are no longer available through your plan:

Investment Name

American Funds Growth Fund of Amer R6

General Plan Information

Investment Instructions

You are responsible for choosing how to invest the assets in your account according to the procedures provided by your plan administrator. Information on your plan’s investments and how to provide investment instructions can be found in the Investment Options section of this document. Your investment decisions are subject to any limitations or restrictions described in the table below.

Investment Limitations or Restrictions

The portion(s) of your account that you can invest

Your Entire Account

How often you can change your investment elections

Daily

How often you can transfer assets between investment options

Daily

Additional rules that apply to selecting investments

Exercise of Voting and Other Rights

Certain voting and other rights may apply to an investment option that you have chosen for your account. Those rights may be exercised by the plan sponsor or other named fiduciary for the plan who retains the right to exercise on behalf of the plan voting, tender and similar rights with respect to the designated investment alternatives in the plan.

Designated Investments

For a list of investment options offered through the plan, please review the Investment Options comparative chart in this document.

Investment Managers

For the investment managers of the plan’s investment options, please see each investment’s website, prospectus or fact sheet.

Administrative Expenses

Expenses for administrative services provided to the plan may be charged to your account. These services are necessary for the operation of your plan and can include recordkeeping, custodial, legal, and accounting services. Your employer has directed that recordkeeping fees should be charged pro rata based on the amount of each participant’s account balance. Charges will depend on the value of your account balance. Based on the most recent recordkeeping expenses for your plan, the annual fee is estimated to be $2 per $1,000 held in your account. For example, if your balance is $50,000, then $100 will be deducted for that year. Please keep in mind this estimate is subject to change as it is based on varying factors such as the number of participants in the plan and current balances. Actual fees may vary from this estimate or may not be deducted from plan accounts in some circumstances. For example, any administrative expenses that your employer decides to pay for will not be charged to your account. The actual amount of administrative fees charged to your account will appear on your participant statement under the Your Expenses section.

Advisor Fees

Expenses for investment advisory services provided to the plan may be charged to your account. Your employer has directed that advisor fees be charged pro rata based on the amount of each participant’s account balance. Charges will depend on the value of your account. Based on our records, the annual fee and per participant fee is estimated in the table below. This estimate is subject to change as it is based on varying factors such as the number of participants in the plan and current balances. Actual fees may vary from this estimate or may not be deducted from plan accounts in some circumstances. The actual amount charged to your account will appear on your participant statement under the Your Expenses section.

Financial Advisor

Annual Fee

Estimated per Participant Fees

Marcado Asset Management LLC

$11,250.00

$1.07 per $1,000 in your account

* The summary above is based on information provided by your plan’s financial advisor. Please contact your plan administrator for full legal disclosure regarding the fees and services summarized above.

Individual Expenses

The expenses listed below for services provided to you may be charged to your account. If any of these expenses are charged to you, they will be deducted from check proceeds or from account assets. The fees listed below only apply for the services you use. Please see the “Information About the Document” section at the end of this document for further details.

Expense

Amount

Taking a distribution

$75 per Distribution

Check stop payment/re-issue

$35 per Check

Outgoing wire transfer/reject/re-issue/UPS Delivery

$30 per Wire

Each additional distribution check (if more than one)

$15 per Check

Participant managed accounts services are provided by Morningstar, LLC. The annual fee is calculated on average assets and payable 0.25% to Morningstar and 0.10% to Service Provider. Morningstar is not affiliated with Service Provider or any of its affiliates.

0.35 % of Average Assets

Investments available in your plan may charge additional fees to your account such as fund redemption fees, sales charges, deferred sales charges or other trading restrictions. Please review the complete investment fee and performance chart contained in this notice to determine whether these fees may be assessed for an investment option, and review your account statement for a detailed disclosure of the dollar amount actually charged to your account related to these fees.

Notes:

For certain distributions, e.g., permissible withdrawals, the standard distribution fee will be waived and only a $15.00 check fee will apply.

Investment Options

Whether you will have adequate savings at retirement will depend in large part on how much you choose to save and how you invest your savings. While the information below is important to making informed investment decisions, you should carefully review all available information about an investment option prior to making an investment decision.

This document includes important information to help you compare the investment options under your retirement plan. If you want additional information about your investment options, you can go to the specific website address shown below or you can contact Greg Korn at 210-***-****. A free paper copy of the information available on the website(s) can be obtained by contacting Greg Korn at 210-***-****.

Document Summary

This document has three parts. Part I consists of performance information for plan investment options. This part shows you how well the investments have performed in the past. Part II shows you the fees and expenses you will pay if you invest in an option. Part III contains information about the annuity options (if applicable) under your retirement plan.

Part I – Performance Information

Table 1 focuses on the performance of investment options that do not have a fixed or stated rate of return. Table 1 shows how these options have performed over time and allows you to compare them with an appropriate benchmark for the same time periods. Past performance does not guarantee how the investment option will perform in the future. Your investment in these options could lose money. Information about an option’s principal risks is available on the website(s) listed in Table 1. Additional information is also available at https://myaccount.ascensus.com/rplink.

Table 1—Variable Return Investments

Name /

Type of Option /

Website

Average Annual Total Return

Benchmark

As of 2/29/2024

1yr.

5yr.

10yr.

Since

1yr.

5yr.

10yr.

Since

Inception

Inception

Equity Funds

American Funds EuroPacific Gr R6/ International Stock

14.61%

6.59%

5.12%

8%

13.17%

5.99%

4.84%

7.56%

www.americanfunds.com

MSCI ACWI Ex USA Growth NR USD

DFA Emerging Markets Portfolio Inst/ International Stock

11.28%

3.58%

3.79%

6.22%

8.73%

1.89%

3.01%

N/A

www.dimensional.com

MSCI EM NR USD

DFA U.S. Large Cap Value Portfolio I/ Large Cap U.S. Stock

13.83%

9.51%

8.90%

9.91%

14.01%

9.38%

8.74%

9.51%

www.dimensional.com

Russell 1000 Value TR USD

DFA U.S. Targeted Value Portfolio I/ Small Cap U.S. Stock

9.71%

11.24%

8.42%

11.02%

5.61%

6.62%

6.55%

8.97%

www.dimensional.com

Russell 2000 Value TR USD

Franklin Small Cap Growth R6/ Small Cap U.S. Stock

23.17%

8.57%

8.49%

11.51%

14.18%

6.50%

7.33%

9.71%

www.franklintempleton.com

Russell 2000 Growth TR USD

Schwab International Index Select/ International Stock

14.94%

6.89%

4.43%

4.69%

12.51%

5.44%

3.96%

N/A

www.schwab.com

MSCI ACWI Ex USA NR USD

Schwab S&P 500 Index Fund/ Large Cap U.S. Stock

30.42%

14.74%

12.64%

8.90%

29.81%

14.43%

12.39%

9.12%

www.schwab.com

Russell 1000 TR USD

Vanguard Extended Market Index Adm/ Mid Cap U.S. Stock

19.08%

9.18%

8.55%

8.31%

15.46%

10.35%

9.45%

9.18%

www.vanguard.com

Russell Mid Cap TR USD

Vanguard Growth Index Adm/ Large Cap U.S. Stock

47.65%

18.33%

14.73%

8.56%

45.93%

18.77%

15.66%

8.21%

www.vanguard.com

Russell 1000 Growth TR USD

Bond Funds

BlackRock Total Return K/ Diversified Bond

3.29%

1.06%

1.94%

3.64%

4.06%

0.85%

1.73%

3.77%

www.blackrock.com

Bloomberg US Universal TR USD

PIMCO Income Instl/ Diversified Bond

7.87%

2.99%

4.17%

6.72%

4.06%

0.85%

1.73%

3.15%

www.pimco.com

Bloomberg US Universal TR USD

Other

American Funds American Balanced R6/ Balanced

17.41%

8.66%

8.16%

10.56%

12.11%

6.19%

5.70%

7.92%

www.americanfunds.com

Morningstar Mod Tgt Risk TR USD

American Funds Trgt Date Ret 2010 R6/ Target Date

9.03%

5.31%

5.01%

7.20%

9.30%

4.75%

4.37%

6.49%

www.americanfunds.com

Morningstar Lifetime Mod 2010 TR USD

American Funds Trgt Date Ret 2015 R6/ Target Date

10%

5.70%

5.33%

7.68%

9.39%

4.80%

4.57%

6.94%

www.americanfunds.com

Morningstar Lifetime Mod 2015 TR USD

American Funds Trgt Date Ret 2020 R6/ Target Date

10.91%

6.07%

5.73%

8.32%

9.80%

5.01%

4.87%

7.53%

www.americanfunds.com

Morningstar Lifetime Mod 2020 TR USD

American Funds Trgt Date Ret 2025 R6/ Target Date

12.29%

6.89%

6.39%

9.31%

10.51%

5.39%

5.30%

8.24%

www.americanfunds.com

Morningstar Lifetime Mod 2025 TR USD

American Funds Trgt Date Ret 2030 R6/ Target Date

15.06%

7.90%

7.31%

10.17%

11.67%

6.01%

5.88%

8.98%

www.americanfunds.com

Morningstar Lifetime Mod 2030 TR USD

American Funds Trgt Date Ret 2035 R6/ Target Date

17.85%

9.28%

8.30%

10.89%

13.30%

6.85%

6.51%

9.63%

www.americanfunds.com

Morningstar Lifetime Mod 2035 TR USD

American Funds Trgt Date Ret 2040 R6/ Target Date

20.57%

10.12%

8.83%

10.74%

15.01%

7.68%

7.04%

9.40%

www.americanfunds.com

Morningstar Lifetime Mod 2040 TR USD

American Funds Trgt Date Ret 2045 R6/ Target Date

21.49%

10.34%

9%

11.42%

16.21%

8.23%

7.33%

10.28%

www.americanfunds.com

Morningstar Lifetime Mod 2045 TR USD

American Funds Trgt Date Ret 2050 R6/ Target Date

22.08%

10.39%

9.06%

11.47%

16.70%

8.42%

7.40%

10.30%

www.americanfunds.com

Morningstar Lifetime Mod 2050 TR USD

American Funds Trgt Date Ret 2055 R6/ Target Date

22.72%

10.36%

9.04%

10.45%

16.68%

8.39%

7.34%

9.05%

www.americanfunds.com

Morningstar Lifetime Mod 2055 TR USD

American Funds Trgt Date Ret 2060 R6/ Target Date

22.90%

10.34%

N/A

9.28%

16.54%

8.31%

7.26%

7.56%

www.americanfunds.com

Morningstar Lifetime Mod 2060 TR USD

American Funds Trgt Date Ret 2065 R6/ Target Date

22.89%

N/A

N/A

15.60%

16.54%

8.31%

7.26%

14.90%

www.americanfunds.com

Morningstar Lifetime Mod 2060 TR USD

Vanguard Federal Money Market Inv/ Capital Preservation

5.26%

1.93%

1.30%

3.91%

5.31%

2.10%

1.52%

N/A

www.vanguard.com

ICE BofA USD 3M Dep OR CM TR USD

Table 2 focuses on the performance of investment options that have a fixed or stated rate of return. Table 2 shows the annual rate of return of each option, the term or length of time that you will earn this rate of return and other information relevant to performance.

Table 2—Fixed Return Investments

Name/Type of Option

Return

Term

Other

Note: 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 risk 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 asset category, or another 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 you manage investment risk.

Part II – Fee and Expense Information

Table 3 shows fee and expense information for the investment options listed in Table 1 and Table 2. Table 3 shows the total annual operating expenses of the options in Table 1. Total annual operating expenses are expenses that reduce the rate of return of the investment option. Table 3 also shows shareholder-type fees. These fees are in addition to total annual operating expenses. Please see the “Information About This Document” section at the end of this document for further details.

Table 3—Fees and Expenses

Total Annual

Maximum

Deferred

Name

Type of Option

Operating Expenses

Sales

Sales

As a %

Per $1000

Charge

Charge*

Redemption fees or trading restrictions (if applicable)

Equity Funds

American Funds EuroPacific Gr R6

International Stock

0.47%

$4.70

N/A

N/A

DFA Emerging Markets Portfolio Inst

International Stock

0.45%

$4.50

N/A

N/A

Trading Restrictions: Holding period of 90 day(s) enforced on transfer IN transactions after 2 Round Trip of $25,000.00 or more within a period of 30 day(s).

DFA U.S. Large Cap Value Portfolio I

Large Cap U.S. Stock

0.32%

$3.20

N/A

N/A

Trading Restrictions: Holding period of 90 day(s) enforced on transfer IN transactions after 2 Round Trip of $25,000.00 or more within a period of 30 day(s).

DFA U.S. Targeted Value Portfolio I

Small Cap U.S. Stock

0.30%

$3

N/A

N/A

Trading Restrictions: Holding period of 90 day(s) enforced on transfer IN transactions after 2 Round Trip of $25,000.00 or more within a period of 30 day(s).

Franklin Small Cap Growth R6

Small Cap U.S. Stock

0.69%

$6.90

N/A

N/A

Schwab International Index Select

International Stock

0.06%

$0.60

N/A

N/A

Schwab S&P 500 Index Fund

Large Cap U.S. Stock

0.02%

$0.20

N/A

N/A

Vanguard Extended Market Index Adm

Mid Cap U.S. Stock

0.06%

$0.60

N/A

N/A

Trading Restrictions: Holding period of 30 day(s) enforced on transfer IN transactions after 1 Transfer Out of $0.01 or more within a period of 1 day(s).

Vanguard Growth Index Adm

Large Cap U.S. Stock

0.05%

$0.50

N/A

N/A

Trading Restrictions: Holding period of 30 day(s) enforced on transfer IN transactions after 1 Transfer Out of $0.01 or more within a period of 1 day(s).

Bond Funds

BlackRock Total Return K

Diversified Bond

0.38%

$3.80

N/A

N/A

PIMCO Income Instl

Diversified Bond

0.62%

$6.20

N/A

N/A

Other

American Funds American Balanced R6

Balanced

0.25%

$2.50

N/A

N/A

American Funds Trgt Date Ret 2010 R6

Target Date

0.29%

$2.90

N/A

N/A

American Funds Trgt Date Ret 2015 R6

Target Date

0.30%

$3

N/A

N/A

American Funds Trgt Date Ret 2020 R6

Target Date

0.31%

$3.10

N/A

N/A

American Funds Trgt Date Ret 2025 R6

Target Date

0.32%

$3.20

N/A

N/A

American Funds Trgt Date Ret 2030 R6

Target Date

0.33%

$3.30

N/A

N/A

American Funds Trgt Date Ret 2035 R6

Target Date

0.35%

$3.50

N/A

N/A

American Funds Trgt Date Ret 2040 R6

Target Date

0.37%

$3.70

N/A

N/A

American Funds Trgt Date Ret 2045 R6

Target Date

0.37%

$3.70

N/A

N/A

American Funds Trgt Date Ret 2050 R6

Target Date

0.38%

$3.80

N/A

N/A

American Funds Trgt Date Ret 2055 R6

Target Date

0.38%

$3.80

N/A

N/A

American Funds Trgt Date Ret 2060 R6

Target Date

0.39%

$3.90

N/A

N/A

American Funds Trgt Date Ret 2065 R6

Target Date

0.39%

$3.90

N/A

N/A

Vanguard Federal Money Market Inv

Capital Preservation

0.11%

$1.10

N/A

N/A

Fixed Return Investments

Notes:

Contingent Deferred Sales Charges (CDSC) on A and C share classes of certain mutual funds may not apply to transactions related to participant activity. The transactions include transfers between funds, loans distributions and other benefit withdrawals. A CDSC may apply for actions related to employer transactions that result in closing the account. For employer transactions, a redemption fee may apply (typically 1% or less of the amount for shares held for less than 12 months). Details related to the CDSC can be found in each fund's prospectus and statement of additional information.

The cumulative effect of fees and expenses can substantially reduce the growth of your retirement savings. Visit the Department of Labor’s website for an example showing the long-term effect of fees and expenses at https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/a-look-at-401k-plan-fees.pdf. Fees and expenses are only one of many factors to consider when you decide to invest in an option. You may also want to think about whether an investment in a particular option, along with your other investments, will help you achieve your financial goals.

Part III – Annuity Information

Table 4 focuses on the annuity options under the plan. Annuities are insurance contracts that allow you to receive a guaranteed stream of payments at regular intervals, usually beginning when you retire and lasting for your entire life. Annuities are issued by insurance companies. Guarantees of an insurance company are subject to its long-term financial strength and claims-paying ability.

Table 4—Annuity Options

Name

Objectives / Goals

Pricing Factors

Restrictions / Fees

Please visit https://myaccount.ascensus.com/rplink for a glossary of investment terms relevant to the investment options under this plan. This glossary is intended to help you better understand your options.

More current information about your plan’s investment options, including fees and expenses and performance updates, may be available at the listed website addresses.

Compliance with Section 404(c) of the Employee Retirement Income Security Act

Your employer intends to satisfy the requirements of Section 404(c) of the Employee Retirement Income Security Act (ERISA) and corresponding Department of Labor regulations. This means that your employer is providing you with the opportunity to decide how to invest the assets in your account, enabling you to choose investments that fit your personal needs. Your employer and certain individuals in charge of the plan (known as fiduciaries) will not be responsible for the investment performance of your account that results from your investment instructions.

For additional information, please contact Greg Korn at 210-***-**** or 5123 Blanco Road, San Antonio, TX 78216 who monitors compliance with these procedures.

Information About This Document

Portions of the mutual fund information contained in this document were supplied by Morningstar, Inc., subject to the following: ©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Copyright MSCI 2023. All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.

ETF trading costs – For plans offering exchange traded funds ("ETFs"), trading commissions (estimated at $0.025 per share) and securities transaction fees on the sales of ETF shares are factored into the average share price, if applicable. For more information on the securities transaction fees, please visit http://www.sec.gov/divisions/marketreg/sec31info.htm.

Company stock trading costs – For plans offering company stock as an investment, the following transaction costs are factored into the average share price: trading commissions (estimated at $0.06 per share with a minimum transaction charge of $15). For more information on the securities transaction fees, please visit http://www.sec.gov/divisions/marketreg/sec31info.htm.

Investment Management Services – For plans offering Investment Management Services that are provided by Morningstar, LLC. The fee shown in the Individual Expenses section is an annual fee that is charged quarterly based on asset balance in your account for the prior quarter.

Annual operating expenses – The expense information in Table 3 of this document reflects the gross annual operating expenses of the investment options listed in Table 1. Some investments may waive a portion of this fee for a certain period of time to cap expenses at a certain level (net operating expenses). Please see the prospectus or similar document for details on each investment’s gross and net annual operating expenses.

N/A = information is either not applicable or not available.

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