2025 RPB Fund
Lineup Changes

The new fund lineup took effect on May 1, 2025. If you had money invested in a fund that was removed, your investments were automatically transferred to the new fund(s) on May 1.

Tier 1

The five target allocation funds were replaced with a series of target date funds.

Tier 2

The self-directed choices increased from 9 to 12 funds. Five new funds were added, two funds were eliminated, and one fund was replaced.

Tier 3

Nothing will change.

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

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

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

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

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

If you had money invested in a fund that’s been removed, your investments were automatically transferred to the new fund(s) on May 1.

Tier 1

If you were invested in one of the current Tier 1 target allocation funds at the close of the market on April 30, 2025, your money was moved to the T. Rowe Price Retirement Blend Trusts based on your birth year.

Tier 2

If you had money in a Tier 2 fund that was replaced or eliminated, at the close of the market on April 30, 2025, your money was invested as follows:

Tier 3

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

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

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

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

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

Target date investments gradually and automatically adjust the mix of stocks and bonds as you age to help manage risk while growing your savings.

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

These funds are designed to meet your retirement savings objectives based on your age—and each fund is professionally managed with diversification built in.

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

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

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

Active fund managers seek to take advantage of market opportunities as they occur, with the goal of outperforming an investment benchmark index for a particular asset class or investment style. Active managers rely on research, market forecasts, and their own judgment and experience to select the stocks, bonds, or other types of investments they buy and sell for the fund.

With passive fund management, there is no manager who picks stocks or bonds. Instead, the fund is invested in the securities represented in a particular market or investment index. For example, an S&P 500 index fund invests in each of the stocks in the S&P 500, which are bought and sold in proportion to their representation in the index at any given time

Because each target date fund is a fully diversified portfolio of stocks and bonds that adjusts as you age, you need only one Tier 1 fund target date fund.

Please see the fund fact sheets to view the allocation to underlying trusts for each Retirement Blend Trust.

The T. Rowe Price Retirement Blend Trust series is designed to closely match the year you will turn 65—the age it’s assumed you’ll retire and stop making contributions to your RPB account.

Depending on your risk tolerance, time horizon, and financial situation, you may consider a fund with an earlier (more conservative) or later (more aggressive) target date than the one aligned with your birth year. Or, you may choose any other fund(s) in the plan.

Retirement Blend Trust by age group

If you were invested in Tier 1 funds, the change to the new target date funds did not affect your withdrawals.

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

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

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

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

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

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

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

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

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

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

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

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