(1) The board will choose, regularly review, and may discontinue, add, or change investment options offered to participants of the Defined Contribution Retirement Plan (DCRP). In doing so, the board will consider recommendations of the statutorily established Employee Investment Advisory Council and criteria established in the Investment Policy Statement.

(2) A DCRP participant with assets in a discontinued investment option will be given notice and 90 days to move assets from the investment option being discontinued to an offered investment option. Assets remaining in a discontinued investment option at the end of the 90-day period will be automatically transferred to the investment option similar in investment category and style selected by the board to replace the discontinued investment option. If the discontinued investment option is not replaced, the board will transfer the fund balance to the default balanced fund.

(3) No notice will be provided if the board replaces or changes the Stable Value Investment Option Manager. The Stable Value Investment option assets will automatically transfer to the new manager(s).