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Welcome to Prudential Retirement®

Oakland County Employees Retirement Plans

PresenterPresentation NotesHello and welcome.My name is [name]. I’m a retirement counselor with Prudential Retirement. [when presenting live or on web, give a little information about who you are and what you do. Skip when recording]We’re here to talk about what you should know about the move from [XYZ Recordkeeper] to Prudential.[Optional text to address eligible nonparticipating: If you’re learning about the plan for the first time, this presentation is for you, too. You’ll soon see why getting started in the plan now will give you the opportunity to create a more secure financial future.

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Your plans will transfer to Prudential Retirement® from ICMA-RC and Fidelity.

March 28, 2018

PresenterPresentation NotesYour plan transferred to Prudential from [name of previous provider] on [date]. We’re looking forward to helping you build the foundation for a more secure retirement.

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Plans transferring to Prudential

• Oakland County Employees Retirement Savings Plan

• Oakland County 457(b) Deferred Compensation Plan

• Oakland County 457(b) Part-Time Non-Eligible Plan • Oakland County Retiree Health Savings Plan

PresenterPresentation NotesThese plans are transitioning to Prudential:Oakland County Employees Retirement Savings Plan

Oakland County 457(b) Deferred Compensation Plan

Oakland County 457(b) Part-Time Non-Eligible Plan Oakland County Retiree Health Savings Plan

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Getting to this point • A Request for Proposal (“RFP”) was reviewed and drafted by the committee

• Sent to 11 Record Keeping firms on June 26, 2017 • Additional questions received by July 7, 2017 • Final responses received by Record Keepers by July 28, 2017

• 10 Record Keepers responded • Review of the responses

• Committee Meeting to review responses on August 14, 2017 • Discussion on costs, services provided, technology, education, to name a few • 4 Finalists selected

• Finalist Interviews • Interviews were held on September 11, 2017 • Committee requested additional information from 2 Record Keepers • After final analysis & discussion, Prudential Retirement was selected

Graystone Consulting is an outside investment advisor and not affiliated with Prudential Financial or any of its subsidiaries or businesses.

PresenterPresentation NotesHere’s a look at the work leading up to this transition:A Request for Proposal (“RFP”) was reviewed and drafted by the committeeSent to 11 Record Keeping firms on June 26, 2017 Additional questions received by July 7, 2017 Final responses received by Record Keepers by July 28, 2017 10 Record Keepers respondedReview of the responsesCommittee Meeting to review responses on August 14, 2017Discussion on costs, services provided, technology, education, to name a few4 Finalists selectedFinalist InterviewsInterviews were held on September 11, 2017Committee requested additional information from 2 Record KeepersAfter final analysis & discussion, Prudential Retirement was selected

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Fee Leveling • Gradual employer movement to implement a “fee leveling structure” within retirement plans

• Equalizes plan administrative costs across all participants

• For example:

Fund Name

Ticker Symbol

Total Investment

Expense Ratio

Fund Revenue Sharing Credits

Fund Expense After Credit

Oppenheimer International Growth Y OIGYX 0.89% 0.25% 0.64%Oppenheimer International Growth I OIGIX 0.70% 0.00% 0.70%Oppenheimer International Growth A OIGAX 1.14% 0.50% 0.64%

Fund NameTicker

Symbol

Total Investment

Expense Ratio

Fund Revenue Sharing Credits

Fund Expense After Credit

Prudential Total Return Bond Z PDBZX 0.51% 0.25% 0.26%Prudential Total Return Bond Q PTRQX 0.43% 0.00% 0.43%Prudential Total Return Bond A PDBAX 0.76% 0.50% 0.26%

For illustrative purposes only

To reduce fund expenses, Oakland County has negotiated fund revenue sharing credits for most of the funds available in your plan. This means that after fund expenses are charged to the fund (Total Investment Expense Ratio), the fund provides credit to the plan (Fund Revenue Sharing Credit), and the plan passes the lower cost to you (Fund Expense After Credit). The table illustrates the investment fee structure where the Total Investment Expense Ratio minus the Fund Revenue Sharing Credit equals the Fund Expense After Credit or your cost

PresenterPresentation NotesWe’ve seen a gradual movement to implement a fee leveling structure by employers within retirement plans. This fee levelization equalized admin costs across all plan participants. Oakland County has utilized fund revenue sharing credits in most of the fund options to get the lowest net costs per fund available. This table illustrates how fund revenue sharing credits work. Total Investment Expense Ratio minus the Fund Revenue Sharing Credit equals the Fund Expense After Credit, or your cost.

Sheet1

Fund NameTicker SymbolTotal Investment Expense RatioFund Revenue Sharing CreditsFund Expense After Credit

Oppenheimer International Growth YOIGYX0.89%0.25%0.64%

Oppenheimer International Growth IOIGIX0.70%0.00%0.70%

Oppenheimer International Growth AOIGAX1.14%0.50%0.64%

Fund NameTicker SymbolTotal Investment Expense RatioFund Revenue Sharing CreditsFund Expense After Credit

Prudential Total Return Bond ZPDBZX0.51%0.25%0.26%

Prudential Total Return Bond QPTRQX0.43%0.00%0.43%

Prudential Total Return Bond APDBAX0.76%0.50%0.26%

Sheet2

Sheet3

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The strength and stability of the Rock

95+ years of retirement experience

$415.8 billion in retirement

assets

4.2+ million plan participants

7,800+ retirement

plans

As of September 30, 2017.

PresenterPresentation NotesYou can feel good about having your retirement account with Prudential, because with Pru, you have the strength and stability of the Rock. When it comes to retirement, we’re one of the largest, most experienced companies in the industry, with:[Update over time with current information]More than 95 years of retirement experienceAlmost $416 billion in retirement assets 7,800 retirement plansOver 4 million plan participants

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Why move?

Reduced fees New investment lineup

Consolidating accounts with one

provider

Education resources

PresenterPresentation NotesHere are some of the reasons your plan is moving to Prudential:[Only read items that are specific to this transition][Reduced fees. Because your plan-related fees will be lower with Prudential, that means more money will stay in your account to work for your financial future.][A new fund lineup means you have more choice regarding the investments for your retirement savings.][Consolidating plans with one provider means more convenience for you—with just one statement to review, one toll-free number to call, and one online access point to get plan-related information and conduct online transactions.][Prudential Retirement’s wide array of retirement education resources can help make planning for retirement easier than ever before.]

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Features

Integrated savings

Simplified investing

Tax benefits

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]Once you decide to join your plan, your contributions are automatically deducted from your pay. This means you don’t have to do anything. You don’t see it, you don’t miss it, and you don’t spend it. The result is an easier way to save that’s automated and helps you set aside money for a more secure retirement.When you invest on your own outside of your retirement plan, there is a wide variety of investment options for you to choose from. For individuals who love to research and find new investments, it is a great option. For most of us, that means that there is an overwhelming amount of information to sort through to choose our own investments. But, as we’ve seen earlier in the presentation with your retirement plan, your employer (if they have an advisor include them) has already narrowed that universe down for you, giving you a much more manageable list of options to choose from. And another key advantage of your retirement plan is that it can reduce your current taxes when saving with pre-tax contributions. Pre-tax saving results in your ability to save more today for your retirement tomorrow—because you don’t pay income taxes on your contributions and their investment earnings until you withdraw your money.This information has been provided for your benefit and is not intended or designed to be tax advice. Neither Prudential Retirement, nor any of its representatives, may give legal or tax advice, so you’ll want to speak with your financial advisor to determine what’s best for you.

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Transition calendar • March 15 at 4pm ET

This is the last day any transactions that require paperwork must be submitted to ICMA-RC or Fidelity to ensure processing.

• March 20 after 4pm ET Quiet period begins. No transactions while accounts are reconciled and get ready to move.

• March 28 Transfer day. Your account assets will be transferred to Prudential.

• April 6 Ready to go. You now have full access to your accounts at Prudential and can make transactions online or by phone.

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]Especially important is the “blackout period,” during which you won’t be able to perform most transactions in your account. This is necessary to ensure your account transfers smoothly from [prior provider] to Prudential. The blackout period begins [date] and runs through [date]. [For recorded sessions] Please pause the presentation to review the information. Press play to continue.

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How to invest in the plan

Choose from your plan’s fund lineup

GoalMaker & Target-date

funds

PresenterPresentation NotesThere’s a lot to think about—and do—when it comes to your retirement investments…Luckily, with your plan, you have options!

Many of you want to choose your own investments. The good news is that your plan has a great lineup of investments to choose from.

But for those who want a little help, that’s available, too — thanks to the plan’s [optional asset allocation tool, GoalMaker,] [and] [asset allocation funds].

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What is a target-date fund?

The target date is the approximate date when investors plan to retire and may begin withdrawing their money. The asset allocation of the target date funds will become more conservative as the target date approaches by lessening your equity exposure and increasing your exposure in fixed income investments. The principal value of an investment in a target date fund is not guaranteed at any time, including the target date. There is no guarantee that the fund will provide adequate retirement income. A target-date fund should not be selected solely based on age or retirement date. Before investing, participants should carefully consider the fund's investment objectives, risks, charges and expenses, as well as their age, anticipated retirement date, risk tolerance, other investments owned, and planned withdrawals. The stated asset allocation may be subject to change. It is possible to lose money in a target date fund, including losses near and following retirement. Investments in the funds are not deposits or obligations of any bank and are not insured or guaranteed by any governmental agency or instrumentality.

Allocation strategy automatically adjusts over time

6%

94%

10%

90%

24%

76%

40%

60%

40 years from retirement

30 years from retirement

20 years from retirement

10 years from retirement

Fixed Income Equities and Non-traditional*

PresenterPresentation NotesYour plan offers target-date investments.

Target date investments can make investing a bit easier. These funds were created to do the investment work for you. Each fund’s investment strategy is based on a specific retirement date and invests in a mix of stocks and bonds. The farther the targeted date is from its set date of retirement, the higher the percentage of investments in stocks versus bonds. As the fund gets closer to its targeted retirement date, the underlying investment allocation in each target-date fund will automatically rebalance to a more conservative approach. The investments shift from a higher percentage of stocks gradually to a higher percentage in bonds.

Despite these features, there are a number of important considerations when choosing a target-date fund. Don’t just focus solely on the age or date you intend to retire. Instead, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. Look at the investment mix of the fund to see if it corresponds to your personal investment strategy.

It is possible to lose money in a fund — including near or even in retirement — and there is no guarantee that the funds will provide adequate retirement income. Your investment is not guaranteed. The Funds’ asset allocations may be subject to change. 

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How GoalMaker works

Tell us: • Your investor style • When you will retire and begin withdrawing from your account

You get: • Automatic asset allocation • Automatic rebalancing • Automatic age adjustment

GoalMaker’s model allocations are based on generally accepted financial theories that take into account the historic returns of different asset classes. But, of course, past performance of any investment does not guarantee future results. Participants should consider their other assets, income and investments (e.g. equity in a home, Social Security benefits, individual retirement plan investments, etc.) in addition to their interest in the plan, to the extent those items are not taken into account in the model. Participants should also periodically reassess their GoalMaker investments to make sure their model portfolio continues to correspond to their changing attitudes and retirement time horizon. Keep in mind that application of asset allocation and diversification concepts does not assure a profit or protect against loss in a declining market. It is possible to lose money by investing in securities.

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]Your plan offers GoalMaker. GoalMaker is an optional asset allocation tool offered to you at no additional cost. It takes care of choosing the investments for you. To create your portfolio, GoalMaker uses two simple pieces of information: your expected retirement age and your investor style – which is based on how you feel about investing – to guide you to an investment portfolio made up of the investments available in your plan.

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Automated portfolio creation with GoalMaker For a moderate investor

Stable value

Fixed income

Large-cap stock—Growth

Large-cap stock—Value

Small/Mid-cap stock—Growth

Small/Mid-cap stock—Value

International stock

Asset classes

GoalMaker portfolio

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]Once you provide us with your investor style and retirement age, GoalMaker will provide you one of 12 professionally designed model investment portfolios made up of stable value, fixed income, and various stock funds from investments in your plan.Not only will GoalMaker choose your asset allocation mix, it will also automatically rebalance your portfolio on a periodic basis. Rebalancing over time is important and here’s why…

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Make change work for you

Stable value

Fixed income

Large-cap stock—Growth

Large-cap stock—Value

Small/Mid-cap stock—Growth

Small/Mid-cap stock—Value

International stock

Asset classes

For a moderate investor

Changes due to market fluctuations

GoalMaker portfolio

Rebalanced GoalMaker portfolio fluctuations

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]Over time, stock and bond prices can fluctuate up and down. These changes can throw off your asset allocations. When this happens, your investment strategy can be off balance in any category. However, with its Automatic Rebalancing feature, GoalMaker will automatically adjust your portfolio on a regular basis to help keep it on target. It will automatically rebalance your portfolio back to its original investment strategy.

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Stable value

Fixed income

Large-cap stock—Growth

Large-cap stock—Value

Small/Mid-cap stock—Growth

Small/Mid-cap stock—Value

International stock

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Automatically adjusts as you near retirement

Age adjustment for a moderate investor

Years to retirement

6–10 Years

0–5 Years

16 + Years

11–15 Years

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]An optional feature of GoalMaker is Age Adjustment. When approaching retirement, many people become more conservative in their investment style and approach. If you elect the Age Adjustment feature within GoalMaker, your portfolio will automatically adjust to become more conservative. The portfolios start with a higher percentage invested in stocks versus bonds and stable value. As you get closer to retirement, the portfolios begin to increase the amount invested in stable value and bonds and decrease the amount invested in stocks.As you can see on the screen, these portfolio adjustments begin at 15 years to retirement, and continue at 10 years and 5 years to retirement.

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Important Information about your Stable Value Fund The VT Plus Fund and T. Rowe Price Stable Value Common Trust Fund A will stay with previous recordkeeper

• These funds will be closed to new contributions, effective March 28, 2018.

• New contributions directed to these funds will go to the Prudential Guaranteed Income Fund, the new stable value option.

• As the investments in the VT Plus Fund & T. Rowe Price Stable Value Common Trust Fund A mature, those assets will transfer to the Prudential Guaranteed Income Fund in September 2018.

PresenterPresentation NotesIMPORTANT INFORMATION ABOUT YOUR PLANS’ STABLE VALUE OPTIONYour ongoing contributions to the VT Plus Fund and the T. Rowe Price Stable Value Common TrustFund A will be invested into the Guaranteed Income Fund (GIF) upon the transition to Prudential.However, your existing balance in the VT Plus Fund and the T. Rowe Price Stable Value CommonTrust Fund A will not move into the GIF until approximately September 2018. These delays arenecessary to satisfy contractual obligations with both ICMA and Fidelity.Although no new contributions will be accepted into the VT Plus Fund and the T. Rowe Price StableValue Common Trust Fund A, you will still have the ability to move your existing balances from theVT Plus Fund and the T. Rowe Price Stable Value Common Trust Fund A directly into most of theother funds that are offered in your plan whenever you like. The exception will be the GIF since it’sconsidered a competing fund.Since these investments are stable value investments, a “competing funds” scenario will existwhile they are part of your plan, making them subject to a “90-day equity wash” provision.This provision prohibits direct transfers between competing funds for 90 days. Therefore, transfersdirectly out of the VT Plus Fund and the T. Rowe Price Stable Value Common Trust Fund A into theGIF are not permitted. If you want to transfer these assets, they would first have to be directedto another noncompeting fund option available in your plan for 90 days before they could betransferred to the GIF.

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Investment fees Oakland County has utilized fund revenue sharing credits in most of the fund options to get the lowest net costs per fund available.

Administration • Changing from an asset-based fee

(part of mutual fund’s annual expense ratio) to transparent flat administration fee.

• It gets deducted quarterly, and it will show on your statement.

Fees Two parts,

no surprises

PresenterPresentation Notes[Only read sections that are applicable to transition]There’s also some great news to share about plan fees, which are being reduced. Like most retirement plans, the cost of administering the retirement program is reflected in an annual administrative account fee and the investment’s expense ratios.We have negotiated reduced expense ratios on the investment options now available. In addition, there will be a transparent asset-based administrative fee of .X%, which you’ll see deducted from your account quarterly.

$29 for the 457(b) / 401(a) Plan$20 for the PTNE Plan$3/month for the RHS Plan

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Features of Prudential IncomeFlex Target Vanguard Balanced Index Fund

Downside market

protection for retirement

income

Complete access to your market value**

Guaranteed lifetime income*

Sustained potential for

growth

IncomeFlex Target® does not guarantee your market value, which will fluctuate with market volatility. IncomeFlex Target® is offered by Prudential Retirement Insurance and Annuity Company. Guarantees are based on the claims-paying ability of the Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT and are subject to certain limitations, terms, and conditions. **Withdrawal or transfers (other than transfers between IncomeFlex Portfolios) proportionately reduce guaranteed values prior to Locking in. After Lock-In, withdrawals in excess of the Lifetime Annual Withdrawal Amount will reduce future guaranteed withdrawals proportionately and may even eliminate them.

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]So why would you want to be interested in IncomeFlex target? There are some unique features to this product. Not only does it help you manage market and inflation risk, but it also gives you access to a retirement planning innovation that offers you:Guaranteed lifetime income*, sustained potential for growth, downside income protection, and flexible access to the market value**IncomeFlex Target does not guarantee your market value, which will fluctuate with market volatility.[Unregistered version] IncomeFlex Target is offered by Prudential Retirement Insurance and Annuity Company. [Registered version] IncomeFlex Target (a feature of the Prudential Retirement Security Annuity IV) is offered by Prudential Retirement Insurance and Annuity Company.*Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms, and conditions. **Withdrawals or transfers (other than transfers between IncomeFlex Target Funds) proportionately reduce guaranteed values prior to Locking in. After Lock-In, withdrawals in excess of the lifetime annual withdrawal amount will reduce future guaranteed withdrawals proportionately and may even result in their elimination.Let me show you how this works.

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Income Base (IB) Unlike Market Value, the Income Base is never available for withdrawals

The Income Base is used to calculate the benefit and cannot be withdrawn or transferred. Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms, and conditions. Withdrawals or transfers (other than transfers between IncomeFlex Target Funds) proportionately reduce guaranteed values prior to locking in. After Lock-In, withdrawals in excess of the lifetime annual withdrawal amount will reduce future guaranteed withdrawals proportionately and may eliminate them. Your IncomeFlex Target Market Value is not guaranteed at any time and will fluctuate with market volatility.

Excess withdrawals

Market value Contributions Potential market gains

As of the day it starts

being tracked

To the fund from that

point forward

On your birthday

Depending on your needs

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]IncomeFlex Target is an investment option within your plan, but it has some added features which help you accumulate assets on your journey to retirement and convert those assets into guaranteed income. To do this, the fund tracks two key values—Market Value and Income Base. Your Market Value is a daily value that is not guaranteed and fluctuates based on fund performance and market volatility. It works like the market value of every fund in your plan’s line up. The market value is the value of the fund that you own, and is the value that can be passed on to your beneficiaries as a death benefit. The second value is the Income Base. The income base is a tracking value that is used to calculate the guaranteed retirement income benefit. Because this is a tracking value it can not be used for withdrawals, nor can the value be transferred to your beneficiary. All guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms, and conditions. When you initially invest in IncomeFlex Target, the initial amount is called the Income Base, this value is the same as the market value. Your Income Base will increase with each additional contribution and any transfers into the fund. The market value will fluctuate daily like all other investments within your plan.In addition, every year on your birthday, Prudential will look at the market value on that date of IncomeFlex Target fund. If the market value is higher than the current value of the Income Base, your income base will be increased to reflect any gains from fund performance. If on your birthday, the market value is lower due to declining markets result and negative performance, the Income Base is protected and will not go down. If you make any withdrawals or transfers out of the IncomeFlex Target fund into any other fund, the Income Base guarantees will be proportionately reduced prior to locking in and may even be eliminated. Remember, you own the market value of the IncomeFlex Target Fund. This is not a guaranteed value and will fluctuate with market volatility. The market value is the amount that can be given to your beneficiaries as a death benefit.

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Guaranteed income (Lifetime annual withdrawals)

*Actual withdrawal percentage based on your age (and your spouse’s, if applicable) at Lock-In. After Lock-In, withdrawals in excess of the lifetime annual withdrawal amount will reduce guarantees proportionately and may even eliminate them.

The Market Value of IncomeFlex Target fund is not guaranteed at any time and will fluctuate with market volatility. It is possible to lose money investing in securities.

4.5% for you and your spouse

Above the value of your income base on your

birthday

Even if Market value falls to $0 due to guaranteed withdrawals or down

markets

5% of income base at age 65*

Increases if market value rises

Never decreases

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]The tracking of the market value and income base value continues until you decide to retire and begin drawing income in retirement. On the day you decide to Lock-In and start drawing income payments, Prudential will look at your Market Value and Income Base values of the IncomeFlex Target fund as of the previous business day. The higher of the two values will be used to calculate your guaranteed retirement payments. If the Market Value is of higher value, the Income Base will be automatically adjusted to match the Market value.This final Income Base is used to determine your lifetime guaranteed annual withdrawal amount. Prudential Retirement Insurance and Annuity Company (PRIAC) guarantees that you can withdraw this amount each year for the rest of your life. Unlike the Market Value, which is available as cash or lump sum, the amount reflected as the your Income Base is never available as a withdrawal.Even if a declining market performance or your annual guaranteed withdrawals reduce the Market Value to zero dollars, PRIAC will continue to pay your lifetime annual withdrawal amount for as long as you live (and your spouse, if applicable).The amount you can withdrawal annually is based on your age and whether you decide to cover a spouse. If you are 65 without the spousal benefit, you can withdraw 5% of your Income Base. If you’re younger when you start making withdrawals, your annual withdrawal percentage will be less; if you’re older, your annual withdrawal percentage will be higher. Regardless, this amount is guaranteed for life.Your guaranteed withdrawal amount can go up due to strong fund performance on your birthday. But it can’t go down, unless of course you withdraw more than the guaranteed income. For more information, please refer to the IncomeFlex Important Considerations Document.

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How much does it cost?

Just like other funds in your plan Typical investment management expenses apply

In exchange for guarantees An additional fee of 1% is assessed for the portion invested in IncomeFlex Target

Prudential IncomeFlex Funds are separate accounts under group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT. PRIAC does not guarantee the investment performance or return on contributions to those separate accounts. You should consider the objectives, risks, charges, and expenses of the Funds and guarantee features before purchasing this product. Like all variable investments, these funds may lose value. Availability and terms may vary by jurisdiction, subject to regulatory approvals. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Contract form # GA-2020-IA-0805 or state variation.

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]You might be thinking that IncomeFlex Target is too good to be true. There must be a catch. There is no catch, but these guarantees are not free. So, how much does it cost?Just like every other fund in your plan, IncomeFlex Target has typical investment management expenses.To provide you with these guarantees, there is an additional fee of [1%] that is assessed for the portion of your account that is invested in IncomeFlex Target.

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Other Questions you may have:

• What will happen to my loan?

• What will happen to my Self-directed Brokerage account?

• Can I take an emergency withdrawal during the quiet period?

• Will I have to establish a new password for my online account?

PresenterPresentation NotesWhat will happen to my loan repayments during and after the transition?If you have a loan, your remaining balance will transfer to Prudential, and payments will continuethrough your current payment method. If your payments are made via payroll deduction, thesepayments will continue through the quiet period. If your payments are made via ACH, these paymentswill be deducted in the first week of April.

I have a self-directed brokerage account. What will happen to the assetsin that account?If you currently have a self-directed brokerage account, it will be transferred in-kind to Prudential,meaning your investments are re-registered and not liquidated, and your cost basis, or purchaseprice, transfers as well.* You will receive a separate package regarding that account in the mailfrom Prudential within a week which outlines the plan provisions. Please read the informationcarefully and remit the necessary documentation in the time requested.

Please note, some positions may not transfer to Prudential as Prudential Investment Management Services LLC (PIMS) does not accept equities under $0.25 pershare, equities with a market cap under $25 million, or any other equities in escrow, bankruptcy or in a worthless (de minimus) status. They must be removed or soldprior to plan merger or it will delay the full account from being transferred to Prudential.

Can I request an unforeseeable emergency distribution during thequiet period?No. During the quiet period, you will not be able to request an unforeseeable emergency distribution.If you are considering this option, be sure to process this request through Fidelity before March 15,2018. You will have the option of requesting an unforeseeable emergency distribution with Prudentialafter the quiet period is complete on or about April 6, 2018.

Will I need to create a new account password?Yes. For your security, you will need to create a new user ID and password. To log in to your accounton or after April 6, 2018, go to oaklandcounty.retirepru.com. Click “Log In,” then “Register Now”and follow the instructions to register your account. You will initially be prompted for key personalinformation to create your password and security questions.

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Designate or update beneficiary

Have ready beneficiary’s: • Address • Birthday • Social Security number

PresenterPresentation NotesWith respect to your beneficiary designation, that information will not automatically transfer to Prudential from [prior provider]. And that matters because your retirement account assets can not be distributed according to a will. To ensure that—should something happen to you—your money goes to the right person, you must designate them as your account beneficiary.So it’s important for you to log in to your account to record your beneficiary designation. I will show you how to log in to your new account in just a moment.

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oaklandcounty.retirepru.com During the transition, visit this website for transition news and updates.

PresenterPresentation NotesVisit oaklandcounty.retirepru.com. During the transition, this website provides transition news and updates.

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Visit: oaklandcounty.retirepru. com Click: Log In

To register your account after transition:

PresenterPresentation NotesTo register your account after transition:Visit: oaklandcounty.retirepru.com

Click:Log In

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Account details

Transactions Plan Docs

Learning and Tools

PresenterPresentation NotesAfter you’ve clicked on the plan name, choose “Manage Investments,” then follow the instructions to select your investments.

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Retirement Income Calculator

Participants using the Retirement Income Calculator should consider other assets, income and investments (e.g. equity in a home, Social Security benefits, individual retirement plan investments, etc.) when assessing the adequacy of the estimated income stream as provided by this tool. The Retirement Income Calculator is hypothetical, for illustration only and not intended to represent performance of any specific investment, which may fluctuate. There is no assurance that retirement income objectives will be met. You can lose money by investing in securities.

PresenterPresentation NotesAn additional tool that will help you get on the road to a more secure retirement is the Retirement income calculator.The Retirement Income Calculator is a fun tool that will be waiting for you once you’ve logged in to your account. After asking you a series of lifestyle-related questions, the calculator projects how much you need to save today to live the life you want in retirement. And the calculator will offer you potential solutions for closing your savings gap, if you have one. It even gives you the opportunity to implement those solutions right then and there.By using the Retirement Income Calculator, you can help get and keep your savings on track. [Show demo, if applicable]

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Quarterly statement

Print or electronic delivery

PresenterPresentation NotesHere are some resources that may help you manage your personal account.Each quarter, Prudential will provide you an account statement that includes information like fund performance, your account value, tips on how you can save more, and any updates regarding your account or plan. You may elect to access your statement online, for added convenience and security, rather than receive it in the mail.

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Mobile app App Store & Google Play

PresenterPresentation NotesAs you already know, you can access your account online by going to prudential.com/online/retirement [or plan specific website]. And, as you could probably guess, Prudential Retirement has a mobile app that you can get from Google Play or the App Store.

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Toll-free

833-OAK-GOV1 (833-625-4681)

oaklandcounty.retirepru.com

PresenterPresentation NotesTo reach Prudential [including for an estimate of your pension benefits] call 833-U-2100 (877-778-2100) [or plan related phone number]. A very easy to use voice response system is available 24/7. And representatives are available weekdays, from 8 a.m. to 9 p.m. ET.Your Prudential plan website, with its easy-to-navigate tabs, makes it a breeze to find the information you need. Simply visit Prudential.com forward slash online, forward slash retirement [or plan related website] to quickly view your account details.[Non-outsourced plans only] Contact your benefits office for more information.

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After the transition

Register your account on the website

Update beneficiary

Review investments

Consolidate accounts

Explore new website tools and resources

Schedule a planning meeting with a Prudential retirement counselor

PresenterPresentation Notes[If anything on slide is altered, please identify in this bracketed box what has been changed and submit module only for compliance approval. Do not submit entire presentation unless changes are being made to more than one module.]So, what should you think about doing today?Joining the plan is a great place to start. You can do that at [prudential.com/online/retirement] [plan specific website] [prudential.com/quickjoin] [with the forms I have here today].Updating your beneficiary is something you should think about doing as soon as possible, since your beneficiary designation did not move to Prudential from your previous plan provider. Then be sure to review your beneficiary information on a regular basis to make sure you choices reflect the changes in your life.You should review your investments regularly, too, to make sure they align with your goals.And don’t forget that you can transfer retirement dollars you have in other eligible retirement accounts to this plan—doing so can help make your retirement planning easier than ever before, since you’ll have just one website to access, one statement to review and one toll-free number to call for assistance.

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Fund and Product-specific disclosures

The Guaranteed Income Fund (GIF) is a group annuity product issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT 06103. Amounts contributed to the contract are deposited in PRIAC’s general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit of PRIAC. PRIAC periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract. Past interest rates are not indicative of future rates. This product is neither a mutual fund nor a bank product. The obligations of PRIAC are not insured by the FDIC or any other federal governmental agency. Contract form # GA‐2020‐IA‐0805 or state variation thereof.

Prudential Retirement is compensated in connection with this product when general account investment returns exceed the interest credited on contract balances. Prudential Retirement may earn fee revenue in addition to the foregoing compensation if your plan has agreed to pay contract charges, which are sometimes paid in respect of plan and participant recordkeeping and distribution services. For some plans, Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan's request for allowances and for payments to defray plan expenses. If Prudential Retirement’s aggregate compensation from this product and from other plan investment products exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss.

Frequent exchanging between plan investment options may harm long‐term investors. Your plan or the plan’s investment funds may have provisions to deter exchanges that may be abusive. These policies may require us to modify, restrict or suspend purchase or exchange privileges and/or impose redemption fees.

PresenterPresentation NotesThe Guaranteed Income Fund (GIF) is a group annuity product issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT 06103. Amounts contributed to the contract are deposited in PRIAC’s general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit of PRIAC. PRIAC periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract. Past interest rates are not indicative of future rates. This product is neither a mutual fund nor a bank product. The obligations of PRIAC are not insured by the FDIC or any other federal governmental agency. Contract form # GA‐2020‐IA‐0805 or state variation thereof. Prudential Retirement is compensated in connection with this product when general account investment returns exceed the interest credited on contract balances. Prudential Retirement may earn fee revenue in addition to the foregoing compensation if your plan has agreed to pay contract charges, which are sometimes paid in respect of plan and participant recordkeeping and distribution services. For some plans, Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan's request for allowances and for payments to defray plan expenses. If Prudential Retirement’s aggregate compensation from this product and from other plan investment products exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss. Frequent exchanging between plan investment options may harm long‐term investors. Your plan or the plan’s investment funds may have provisions to deter exchanges that may be abusive. These policies may require us to modify, restrict or suspend purchase or exchange privileges and/or impose redemption fees.

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Thanks for viewing this presentation!

Amounts withdrawn before age 59½ may be subject to a 10% federal income tax penalty, applicable taxes and plan restrictions. Withdrawals are taxed at ordinary income tax rates. Penalty does not apply to 457(b) plans.

Neither Prudential Financial nor any of its representatives are tax or legal advisors. You are encouraged to consult your individual legal or tax advisor with any specific questions. Prudential Retirement representatives are registered representatives of Prudential Investment Management Services LLC (PIMS), Newark, NJ, a Prudential Financial company. Prudential Retirement is a Prudential Financial business.

Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT or its affiliates. PRIAC is a Prudential Financial company.

© 2018 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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PresenterPresentation NotesThank you for viewing this presentation!Here are a handful of disclosures:

Amounts withdrawn before age fifty-nine and a half may be subject to a ten-percent federal income tax penalty, applicable taxes, and plan restrictions. Withdrawals are taxed at ordinary income tax rates.Neither Prudential Financial nor any of its representatives are tax or legal advisors and encourage you to consult your individual legal or tax advisor with any specific questions.Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Connecticut, or its affiliates.Retirement counselors are registered representatives of Prudential Investment Management Services LLC (PIMS), Newark, New Jersey. Prudential Retirement is a Prudential Financial business. Copyright 2017 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Oakland County Employees Retirement PlansSlide Number 2Plans transferring to PrudentialGetting to this pointFee LevelingThe strength and stability of the RockWhy move?FeaturesTransition calendarHow to invest in the planWhat is a target-date fund?How GoalMaker worksAutomated portfolio creation with GoalMakerMake change work for youAutomatically adjusts as you near retirementImportant Information about your Stable Value FundSlide Number 17Features of Prudential IncomeFlex Target �Vanguard Balanced Index FundIncome Base (IB)Guaranteed income�(Lifetime annual withdrawals)How much does it cost?Other Questions you may have:Designate or update beneficiaryoaklandcounty.retirepru.comTo register your account after transition:Account detailsRetirement Income CalculatorQuarterly�statementMobile appSlide Number 30After the transitionFund and Product-specific disclosuresThanks for viewing this presentation!