A new retirement plan provider, effective October 1

What is happening?

Western Governors University retirement plans are moving to Empower on October 1, 2025.

Who is Empower?

Empower is the second-largest retirement plan recordkeeper in the U.S. Empower serves more than 19 million individuals and over 88,000 plans.* They take great pride in providing tools and resources to help people see their full financial picture and gain financial freedom. The genesis of Empower dates back to 1891, when its parent company was founded as an insurance firm on the Canadian prairie. After more than a century of expansion, the modern iteration of Empower was launched in 2014. Click here to learn more about Empower.

*As of March 31, 2025.

Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as of December 2023.

What are some highlights of the move to Empower?

• Lower fees, smarter value: As part of our commitment to delivering greater value, we're moving to a new provider with lower fees. It's part of our ongoing effort to deliver efficient, high-impact service — helping you get more from your plan experience.
• Automatic account transfer: Your existing retirement account, current investments, contribution rates, and loan and distribution amounts and schedules will automatically transfer.
• See your complete financial picture: Empower offers a mobile app to view all your accounts in one place with a single login — even when you're on the go. Plus, access new tools designed to help you track, manage, and plan your finances.
• Get personalized guidance: You'll have access to resources and guidance tailored to your retirement and financial goals. This point-in-time support from an Empower representative may include savings, investment allocation, distribution, and rollover advice, including advice on consolidating outside retirement accounts.

Why is Western Governors University making this change from Transamerica to Empower?

Empower was selected through a competitive process based on its enhanced services, lower participant fees, more robust technology, better retirement planning tools, and investment options. These changes are intended to provide greater long-term value for employees and retirees and provide a more streamlined, user-friendly retirement planning experience that aligns with WGU’s broader efforts to simplify and enhance employee benefits.

Will I need to take any action?

No immediate action is required from you at this time. You will receive further details and a personalized brochure in the mail that will guide you through the transition process.

Does this change impact vesting?

While the provider is changing, the plan itself is not.

How do I learn more about the transition?

A transition notice mailed to your home address on file in late August will provide more details about the transition process, with key dates plus important information about investment options and how to access your new account with Empower.

Are there important dates I should know about?

Yes, please take note of the following important dates.

September 19, 2025, at 2 p.m. Mountain time	Deadline to return distribution request documents.
September 23, 2025, at 2 p.m. Mountain time	Deadline to request transactions from Transamerica; blackout period begins (please refer to the FAQ section What transactions are restricted during the blackout period? for examples)
October 1, 2025	Transfer of assets
Week ending October 19, 2025	Blackout period ends

Dates and times are subject to change. Please contact Empower for more information.

How will my current Transamerica account be affected?

Your existing account — including all assets — will be transferred to Empower and Empower will officially take over plan administration on October 1, 2025.

What will happen to my account balance during the transition?

All balances will be securely transferred to Empower. There will be a temporary “blackout period” beginning September 23, 2025, and expected to finish the week ending October 19, 2025 — during which time you won’t have account access. This is a standard step to ensure an accurate and safe transfer of funds. After the transition, you will have access to your Empower account, and all gains or losses during the period will be reflected.

What is a blackout?

To help ensure an accurate transfer of assets and records to Empower, there will be a blackout period during which you will not have access to your current account. This “blackout period” is a normal occurrence when a plan changes retirement providers. Payroll deductions and any employer contributions will continue during the blackout period and will be reflected in your account when the blackout is complete. The blackout is expected to begin September 23, 2025, and finish the week ending October 19, 2025.

Will I lose or gain money by transferring to Empower, especially if the market is down on the day of the transfer?

Your money will remain invested and subject to gains and losses based on normal market fluctuations. Payroll deductions will continue during the blackout period and will be reflected in your account when the blackout is complete.

Can I make investment changes during the blackout period?

No. During the blackout period your money will remain invested in your selected investment options, and you will not be able to make changes to your account. This is a standard step to ensure an accurate and safe transfer of funds. After the transition, you will have access to your Empower account to make changes.

Enrolled in Managed Advice at Transamerica?

If you are currently enrolled in Managed Advice at Transamerica, you will be automatically enrolled into NFP Personalized Portfolios offered through National Financial Partners (NFP). Please see the “Notice for participants currently enrolled in Managed Advice at Transamerica”, sent with the transition package in August, for further information. If you do not want to be enrolled in NFP Personalized Portfolios at Empower, simply unenroll before the blackout period begins on September 23, 2025. You also have the option to unenroll from the service after the blackout period ends by contacting Empower at 866-467-7756.

What transactions are restricted during the blackout period?

Once the blackout period begins, you will not be able to conduct the following transactions until the transition is complete:

• Moving money between funds
• Changing the funds you invest your money in
• Changing the amount of each paycheck you invest
• Changing the address on your account
• Making unscheduled loan payments
• Requesting withdrawals or a distribution
• Requesting a loan

What if I have an outstanding loan?

If you have an outstanding loan on file in a plan at Transamerica, the balance of your loan will transfer to Empower; however, coupon payments will no longer be available and ACH instructions will not be transferred to Empower. Once the transition is complete, you will need to establish, or reestablish, your banking information with Empower to allow loan repayments to continue.

Once the transition is complete, simply go to empowermyretirement.com, visit the Account Overview menu, and select Manage bank accounts under Account Information. Follow the steps to provide the information and then go to Withdrawals within Account Overview. Select your outstanding installment and assign Direct Deposit as your payment method.

What if my next required minimum distribution (RMD) installment payment occurs during the blackout period?

If you are currently receiving an installment payment as a required minimum distribution (RMD) from the plan, and your payment date falls on or after September 23, 2025, through the week ending no later than October 19, 2025, Transamerica will expedite your payment and distribute any RMD payment that would fall during that time. Any RMD installments that would be paid after the week ending October 19, 2025, will be paid by Empower going forward.

Will I have a new account website?

Yes, changing our retirement plan recordkeeper means that you will log in to a new website, and call a new service center, to view/access your account balance and contributions, change your investment elections, or request a distribution. With a single login, you will be able to access all your accounts through the online platform or with the convenience of a mobile app.

Once the transition is complete, you should log in to your account at empowermyretirement.com. Registering your account helps safeguard it online, ensures you receive timely account updates, provides convenient online account management, and gives you the opportunity to explore new tools and resources at Empower. When you log in to your account for the first time, you will be prompted to create a username and password and complete multifactor authentication security steps.

Are there other ways for me to manage my account with Empower?

Once the transition is complete, you can manage your account online at empowermyretirement.com or by phone at 866-467-7756. You can also download the Empower app from your device’s app store.

How do I download the Empower mobile app?

The Empower app is available on both iOS® and Android™ devices for mobile phones, tablets, and the Apple Watch®. Go to your device’s app store and search for “Empower.” Then simply download the app and log in with your new Empower username and password.

Is there any impact to my current fund selection(s)?

Details outlined in the transition notice you’ll receive in the mail will include fund mapping. Your balances and future elections will be transferred in kind and remain invested in the same investment choices you had with Transamerica or liquidated and invested in funds with similar objectives to your current investments. If you would like your account to transfer differently, simply change your investment elections at Transamerica by the blackout start date on September 23, 2025. Once the transfer is complete, you may transfer your assets to any of your plan’s investment options by contacting Empower.

Where can I direct my questions?

You can call Empower’s Customer Care Center at 866-467-7756. Empower representatives are available weekdays from 6 a.m. to 8 p.m. Mountain time (excluding most financial market holidays) and Saturdays from 7 a.m. to 3:30 p.m. Mountain time.

For after-hours services, use Empower’s voice response system at 866-467-7756. The voice response system and website are available 24 hours a day, seven days a week.

I’m a new employee. How will the blackout period impact my participation in the retirement plan?

If you are enrolled in a Western Governors University plan before the start of the blackout period, your plan contributions will continue. Because the plan will be under temporary restriction beginning on September 23, 2025, the enrollment window for newly eligible associates will start once the blackout period has ended.

Carefully consider the investment option’s objectives, risks, fees, and expenses. Contact Empower for a prospectus, summary prospectus for SEC-registered products, or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing.

What transactions are restricted during the blackout period?

Once the blackout period begins, you will not be able to conduct the following transactions until the transition is complete:

• Moving money between funds
• Changing the funds you invest your money in
• Changing the amount of each paycheck you invest
• Changing the address on your account
• Making unscheduled loan payments
• Requesting withdrawals or a distribution
• Requesting a loan

Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc. (EFSI), Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal, or tax recommendations or advice.
Investing involves risk, including possible loss of principal.
Fund changes may alter the risk exposure of an investment account. Some cash-alternative options (other than money market funds), such as guaranteed interest funds or stable value funds, may have withdrawal and transfer restrictions. Carefully consider the importance of a well- balanced and diversified investment portfolio while considering all your assets, income, and investments. Adjustments may be needed to realign the account with its desired investment strategy.
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