Disclosure Statement And Notice To Participants
Ernst & Young LLP Ernst & Young Investment Advisers LLP Employee Financial Services
Please note that this disclosure statement provides a summary of the investment advisory services provided by Ernst Young LLP. A full copy of ADV Part 2A can be located at this link www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_Search.aspx1
Ernst & Young LLP (“EY”), under the supervision of Ernst & Young InvestmentAdvisers LLP (“EYIA”), provides Employee Financial Services (“EFS”), including investmenteducation and counseling services to employees, members of associations, unions or otherlarge groups (“Participants”) pursuant to engagements by corporate employers, pension plantrustees, or other entities formed for the benefit of such Participants (“Sponsors”). Suchservices are provided through EY’s Personal Financial Services Practice, a functional specialtywithin the firm’s Tax Department. EYIA is registered with the Securities and ExchangeCommission as an investment adviser under the Investment Advisers Act of 1940 (“AdvisersAct”) and maintains its main office at 200 Plaza Drive, Suite 2222, Secaucus, NJ 07094(telephone: 800-273-0588).Employee Financial Services (“EFS”)EY’s services to Participants are rendered to such persons in a manner determined bytheir Sponsors. EY services to Participants may include some or all of the following:1. Enabling Participants to access a toll-free “EY Financial Planner Line®”, staffedby EY planners or consultants, for assistance with personal financial planning matters.2. Designing or presenting workshops for Participants concerning the financialplanning process and alternatives available under the Sponsor’s benefit plans.3. Providing access to a financial planning website (“EY Financial PlanningCenter”) for use by Participants.4. Providing various personal finance and tax-related publications, in print form orby audio or other visual means.5. Making available to Participants and survivors of Participants, financialeducation and counseling assistance with respect to retirement plan distributions; companybenefit and compensation plans; estate settlements and planning; life insurance policies; andother related issues.1 From this webpage follow these steps to view the most current Form ADV: a) select Firm, b) enter CRD #110921,c) click Investment Adviser Firm, d) click SEC, e) Brochure link is on the left under Part 2.Page | 26. Providing in-person personal financial advisory services to Participantspursuant to an engagement by a Sponsor.As part of the personal financial advisory services, both in-person and via the EYFinancial Planner Line®, EY may prepare personal asset allocation targets (based on modernportfolio theory and using EY’s own or other approved financial planning tools) for suchParticipants after obtaining and evaluating information concerning their individualcircumstances provided by each Participant in response to an EY questionnaire. Participantspecific advice (i.e., personal asset allocation targets) will generally be confirmed in writing.EY does not recommend, and should not be deemed to have recommended, anyparticular investment as an appropriate investment for the Participants and discussions ofvarious investments should not be construed as such a recommendation.EY’s advisory services also may be offered by a Sponsor to Participants in tandem withthe personal advisory services of another registered investment adviser designated by theSponsor that is not affiliated with EY (“Other Adviser”). In some EFS engagements, theSponsor contemplates that EY will refer individual Participants to the Other Adviser forspecific recommendations and/or implementation of the Participant’s investment decisions.Such referrals by EY do not constitute a recommendation of the Other Adviser by EY toParticipants, and, in such cases, EY does not perform any quantitative or qualitativescreening procedures with respect to the Other Adviser.EY, in certain circumstances, is contracted solely to help train employees of financialinstitutions seeking to offer financial and tax planning services to clients. Such services donot involve EY providing advice directly to the clients of such financial institutions, but ratherentails training a financial institution’s counselors on financial and tax planning topics andsuch other support as is mutually agreed upon by EY and the financial institution.All Selections and Investments Are Made Solely by the ParticipantEY’s investment education and counseling does not include recommendationsconcerning the purchase or sale of particular investments or particular industry sectors. EYmay provide counseling on the purchase or sale in the context of providing tax, compensationand benefits, or estate planning services, but that counseling does not reflect a view as to theintrinsic merits of the investment. All decisions to invest in or dispose of particularinvestments are made solely by the Participant in the exercise of his or her own discretion.FeesFees for EFS Services generally are negotiated between EY and the Sponsors of suchgroups on a case-by-case basis. They usually are based upon (i) a “per capita” eligibleemployee or member amount, (ii) a “usage by Participants” amount, (iii) the volume of callsby Participants to the EY Financial Planner Line®, (iv) the number of workshops designed andpresented by EY, or (v) other negotiated factors. EY’s fees in such engagements may be paidwholly or partially either by the Sponsor or by Participants, whose payments for servicesreceived (if any) may be collected by the Sponsor through payroll deductions and remitted toEY. Participants also may incur expenses for fees to any other investment adviser they mayPage | 3consult and will be responsible for transaction charges imposed by broker-dealers through orwith whom they effect transactions for their accounts. Generally EY’s contracts withSponsors for services to Participants are terminable by either party in accordance with aspecified notice period. In addition, Participants receiving advisory services by EY (includinga Participant who pays in whole or in part for the services rendered to such Participant) mayterminate participation at any time. If such a contract or participation is terminated at a timeother than the end of the quarter, a pro rata portion of any quarterly or other fee paid inadvance is refunded.Investment AdvisersAll personal investment advice, and most impersonal investment advice, typically isgiven only by EY Financial Planners. Financial Planners are persons who spend all orsubstantial portions of their time on financial planning. Typically, all of these professionalshave at least a degree from a four-year college or university and must meet such otherstandards as EYIA may establish from time to time. Those standards may includeparticipation in continuing education programs each year and maintaining what EY regards assignificant involvement in financial counseling engagements. Moreover, Financial Plannersmust satisfy applicable State investment adviser representative registration requirements orpass the Series 65 Uniform Investment Adviser Exam of the National Association of SecuritiesDealers, Inc. In some instances, EY may retain consultants to assist in providing workshopsand staffing the EY Financial Planner Line®. Generally, consultants are subject to the samerequirements as EY Financial Planners. However, consultants are not subject to the samepublic accounting independence requirements as EY Financial Planners and their continuingeducation programs differ in some respects.Monitoring, Reviews and ReportsIn the case of EFS engagements that extend beyond one year and involve the provisionof personal advisory services to Participants, Participants are asked questions concerning anychanges in their relevant individual circumstances. EY will take into account the changedcircumstances of any Participant of which it has notice in the event that Participant seeksadditional personal advisory services from EY.MiscellaneousClients and prospective clients of EY also should be aware of the following additionalinformation concerning EY and EYIA:Custody of Securities or Funds. EY does not manage participant accounts on adiscretionary basis and does not take custody of participant securities or participant funds.Other Financial Industry Activities. As noted above, EYIA is responsible forsupervising the investment advisory services provided by EY. EY and Ernst & Young (U.S.)are general partners of EYIA. In consideration of EYIA’s supervising the rendering ofinvestment planning services provided by EY, EY provides EYIA with office and filing space,staff and other assistance. All of EYIA’s time is spent supervising the compliance andoperations of the investment planning services provided by EY.Page | 4Other Business Activities. EY is a public accounting firm which spends substantially allof its time providing accounting, audit, tax, and business advisory services.Education and Business Background. Below are the backgrounds and five yearbusiness histories of each EYIA Advisory Board member: (1) Name, (2) year of birth, (3)education and (4) business background for preceding five years of EYIA Advisory Boardmembers:1. Glenn H. Hascher – (Chair)2. 19613. B.S., Economics, Rutgers University, New Brunswick, NJ4. November 1988 to date, Ernst & Young LLP1. R. Lynn Pettus2. 19683. B.A., Accounting, Converse College, Spartanburg, SC4. 1997 to date, Ernst & Young LLP1. Kym M. Hubbard2. 19573. B.A., Accounting, Bradley University, Peoria, IL4. 2004-2007 Illinois State Board of Investment, 2007-2008 Illinois Finance Authority,2008 to date, Ernst & Young LLP1. Robert J. Porter2. 19643. B.S., Siena College, Loudonville, NY4. 1998 to date, Ernst & Young LLP1. Greg Rosica2. 19643. University of Florida, Gainesville, FL, BS Accounting with Honors 1986; University ofFlorida, Gainesville, FL, MS Accounting 19884. 2002 to date, Ernst & Young LLP; 1988 to 2002 Arthur Andersen LLP1. James G. Wolf2.19553. University of Notre Dame, South Bend, IN, BBA Finance; University of Texas, Austin,TX, MBA4. 1985 to date, Ernst & Young LLP1. David E. Boyle2. 19553. B.S., Georgetown University, 1977; The University of Michigan, MBA, 19794. November 1988 to date, Ernst & Young LLPPage | 1General Financial Planning ConsiderationsNotice to ParticipantsHere are points to understand regarding your personal financial planning: Ernst & Young (“EY”) has prepared certain financial planning materials and is providingother services for your personal use as a participant in services provided via SurvivorshipA to Z, Inc. (“Company”). The financial education provided includes historical financial information and wellacceptedfinancial planning strategies. It may also include information on Social Securitybenefits and Company resources. This information is based on sources that EY believes tobe reliable. However, EY cannot guarantee its accuracy. Past performance, which may be referenced in the program, is not a guarantee or evennecessarily an indication of future results. The financial planning materials you receive will not change or affect your rights underemployer-sponsored benefit plans. In all cases, the employer’s plans govern. As you plan your financial future, you will need to make assumptions about futurefinancial trends (such as inflation and rates of return), laws and regulations, and applythese to your particular circumstances. Your results can be significantly affected by evensmall changes in your assumptions, your individual circumstances or laws and regulations,as well as the extent to which your assumptions ultimately vary from actual financialconditions. You may need to reevaluate your financial planning strategy and yourdecisions from time to time to determine if any changes have occurred that wouldnecessitate amendments to your assumptions or plan. A financial education program provides only some of the resources for assisting you inpreparing your financial planning strategies. Financial education does not provideaccounting, tax or legal advice and does not involve recommendation of specificinvestments. You need to decide on your own whether to consult with a financial advisor or otherprofessional regarding your personal circumstances. If you do, please be aware, you mayincur additional costs. In providing financial planning and education, EY may help you decide on your assetallocation or help you make informed assumptions about rates of return and otherinvestment issues. While EY will help you understand what you need to do, you areresponsible for making and acting on these decisions. EY cannot provide you with allinformation that may be relevant nor can any materials provided address every possiblescenario in connection with such decisions. Neither EY nor the Company will make any financial planning decisions for you or assumeany responsibility for decisions you make. EY may provide audit or other accounting services to the investments or service providersdiscussed. The provision of other services will not be a determining factor whether todiscuss or recommend an investment or service provider.