​The investment objective for the Variable Fund is to achieve returns equal to or above that of similar stock portfolios over a market cycle. If you are considering whether to pick the Variable Fund option, here is some information that should be helpful.

• Variable Fund is only invested in domestic and international stocks. These are the same stocks selected for the Core Fund.

• Variable Fund returns are not smoothed while Core Fund returns are.

• Participants in the Variable Fund are exposed to a higher degree of risk because of possible losses from unfavorable stock market performance in exchange for the possibility of greater long-run returns.

• It is possible for the Variable Fund portion of your benefit to decrease below the initial base amount you receive at retirement

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