1. GETTING VALUE FROM YOUR RETIREMENT PLANS Ted Beal PPG 101434 (3/15) EXP 3/17 MEETING THE CHALLENGES AHEAD

2. Key Benefit Plans State Retirement System = NJ defined benefit plan for income Qualified Plan Opportunities (403(b), 457, Roth, etc…) Social Security PPG 101434 (3/15) EXP 3/17 2 |

3. 1.Review your state pension plan - Enroll in MBOS- The Member Benefit Online System - Understand the Financial Value of TPAF- Teachers Pension and Annuity Fund 2.Know Qualified Plan opportunities 3.Review asset allocation - Fixed Assets vs. Variable Assets 4.Health check-up 5. Understanding Social Security Keys for Retirement PPG 101434 (3/15) EXP 3/17 3 | Keys for Retirement

4. 1. Understand value 2. Retirement: Afford it? When? 3. Options 4. Life insurance 5. Health PPG 101434 (3/15) EXP 3/17 4 | Pension Review

5. The Economic Growth and Tax Reconciliation Act of 2001 enhanced retirement savings options Increased plan limits 403(b), 457(b), + 401(a) Pay accumulated sick and vacation time as post- retirement plan contributions Employer contributions Roth 403(b) – January 2006 PPG 101434 (3/15) EXP 3/17 5 | Qualified Plan Regulations Provide ways to plan for Retirement Source: The Economic Growth and Tax Reconciliation Act of 2001, EGTRA

6. 2015 Limits 403(b)/ 457(b) limits 403(b) – 18,000/ 24,000/ 27,000 457(b) – 18,000/ 24,000/ 3 year catch-up Employee vs. Employer contributions Overall 403(b) / (415(c)) contribution limit up to 53,000/year (plus age 50+/$6,000) - This includes employer and employee limits 401(a) Limits Source: IRS website tax code 403(b), 457(b), 401(a), Qualified Plan Options PPG 101434 (3/15) EXP 3/17 6 |

7. Employer Contributions Employer Match – attracts + retain key administrators Sick and vacation 403(b) Post Retirement contributions - Contributions can be made for 5 years after retirement - No payroll taxes - No income taxes until money is withdrawn from the 403(b) plan* * Withdrawals prior to age 59½ may be subject to an additional 10% income tax penalty. PPG 101434 (3/15) EXP 3/17 7 | Qualified Plan Options

8. You Choose Qualified Plan Designs Design Plan(s) for district and personal needs:  401(a) for benefits package  403(b) for employee benefits and post-employment contributions  Pair with 457(b) for double deferral or potential for pre- 591/2 access Note: Total possible 2015 limits with all three $ 100,000+ PPG 101434 (3/15) EXP 3/17 8 | You Choose Qualified Plan Design

9. for You and Your Employees! Avoid “problematic” severance pay “plans” (new guidance) Maximize savings with multiple plans and multiple catch up options Convert unused leave pay to retirement benefits Make employer contributions for up to 5 years after employees leave PPG 101434 (3/15) EXP 3/17 9 | New Opportunities for You & Your Employees

10. Our Company Facts about AXA Equitable Over $610 billion in assets under management, as of 12/31/2014*, in the United States. 15,000 public schools nationally 592 New Jersey Schools/ 400 NJ Municipalities NJ Higher Education Our Company PPG 101434 (3/15) EXP 3/17 10 | Source: AXA internal document growth report AUM 403(b)/457(b) plans 12/31/14

11. Thank You! PPG 101434 (3/15) EXP 3/17 11 | THANK YOU This information is not approved or endorsed by any school or state entities. AXA Advisors is not affiliated with any school or state entity. Securities offered through AXA Advisors, LLC (NY, NY 212-314-4600), member FINRA/SIPC. Insurance and annuity products offered through AXA Network, LLC.

12. Disclaimer Are Your 403(b) and 457(b) Plans Ready for an IRS Audit? Wednesday, June 3, 2015

13. PlanConnect Disclosure This information is provided for educational and information purposes and is not intended to be used to avoid tax penalties or render tax or legal advice. The taxpayer should seek advice from an independent tax and/or legal advisor. 13September 3, 2015

14. 14September 3, 2015 Today’s Speaker and Agenda Speakers Brayton Wicks – President Renea Dumas – Assistant Vice President of Operations Agenda Plan Administration – What’s Expected IRS Audit Questionnaire – First Steps Compliance and Common Errors Helping to Avoid Compliance Issues

15. Plan Administration – What’s Expected Role of the Administrator Managing the benefit for your employees Ensuring compliance with the IRS regulations around each plan Confirming investment providers are qualified under IRC 457(b) and/or 403(b) and are complying with applicable tax laws Functions of a Plan Administrator Plan and Compliance oversight Payroll and Contribution Remittances Employee Awareness 15September 3, 2015 Administration Options Self Administration Use a TPA Jointly with Providers Administration Capabilities Systems Knowledge and expertise Plan Administration for Section 403(b) and 457(b) Plans

16. IRS Audit Questionnaire – First Steps 16September 3, 2015 Confidential: Disclaimer If you Receive a Questionnaire Don’t ignore the questionnaire Complete the questionnaire on time Consider working with a tax professional, legal counsel, and/or a retirement plan professional Who Should be Involved? Human resources Payroll Investment providers Third Party Administrator IRS Conference Questionnaire

17. Plan Compliance and Common Errors 17September 3, 2015 Common Errors Plan Documents Types of contributions permitted Knowing the Regulations Annual limits, including catch-ups Applying years of service Ordering rules Excess contributions Monitoring Procedures Roles Process Timing Record Retention Maintaining copies of agreements Payroll records Contributions Failure to Follow the Terms of the Plan Calculating Years of Service Excess Contributions Employee limit includes Roth 15 year of service catch-up calculation Ordering rules when using both catch-ups Includible compensation – post retirement Post-employment Exceeding Five Years Distributing Excess Contributions Identifying and disbursing timely Retaining Records Responsibilities

18. Plan Compliance and Common Errors 18September 3, 2015 Plan Documents Types of distributions permitted Eligibility rules Knowing the Regulations Loans Hardships Unforeseen emergency withdrawals Required Documentation Monitoring Procedures Roles Process Record Retention Maintaining all supporting documents Distributions & Loans Failure to Follow the Terms of the Plan Excess Loans Not aggregating outstanding loan balances across all plans and providers Not Obtaining Supporting Documents Residential loan Hardship Unforeseen emergency Invalid Reason for Hardship and Unforeseen Emergency Withdrawals Failure to Suspend and Restart Contributions Responsibilities Common Errors Responsibilities

19. Plan Compliance and Common Errors 19September 3, 2015 Eligibility to Participate (Elective Deferrals) Follow plan document provisions Recommend allowing all employees (keep it simple) Only certain exclusions permitted under 403(b) regulations Effective Opportunity to Participate Notify employees at least annually of their ability to participate and make changes New employee welcome kit Informational website Group meetings or workshops Periodic communications 403(b) Universal Availability No Supporting Documentation Who received the annual notice and copy of the notice delivered, date, etc. Proof new employee received notice (IRS is suggesting within thirty days of hire and an additional thirty days to enroll) Exclusion of Certain Classifications of Employees Substitutes Lower paid employees – not making them aware of their ability to participate Entry and Election Changes New employee entry (giving adequate time for new employees to enter) Failure to process SRAs timely Responsibilities Common Errors

20. Helping to Avoid Compliance Issues 20September 3, 2015 Provide and Maintain Plan Documents Compliance Oversight for Transactions Compliance review and sign-off Historical repository of supporting documents Contribution Limit Testing Standard limits & Catch-ups Manage Salary Reduction Agreements Retain SRA changes and track and report all salary reduction changes Remittance Management and Tracking Timely remittance of contributions Provide common remitter services Historical reporting Help to Manage Investment Providers Information sharing across all providers What Can a TPA Do? Universal Availability Annual notice and tracking New employee notification and tracking Participant education Technical Support Answer regulation questions Inform on regulation changes Employee and Advisor Services One-on-one customer service support (bilingual in some cases) Regulation and plan education Website and online tools/calculators Audit Support Provide supporting documentation Procedures and work with vendors State-of-the-Art Systems

21. 21September 3, 2015 Thanks and Questions

22. Appendix: 2015 Limits 22September 3, 2015

23. 23September 3, 2015 PlanConnect, LLC is a wholly owned subsidiary of AX A Distribution Holding Corporation, an indirect subsidiary of AXA Financial, Inc. PlanConnect SM, Connect 2 Comply SM, Connect 2 Maintain SM, Connect 2 Remit SM and Connect 2 Achieve SM are service marks of AX A Distribution Holding Corporation. PlanConnect SM may not be available in all states. AXA Financial, Inc. and its family of companies do not provide tax advice. Please consult with your tax advisor regarding your particular circumstances. Each company is affiliated. AXA Distribution Holding Corporation and AXA Financial, Inc. are located at 1290 Avenue of the Americas, New York, NY 10104, 212.554.1234. PlanConnect, LLC is located at 100 Madison Street, Syracuse,NY 13221. 800.923.6669