Arkansas Medicaid Provider Deferral Program

Arkansas

Medicaid Provider

Deferral Program

Defer Pre-Tax Medicaid Income to a retirement plan:

As a Medicaid provider, you are considered an independent contractor of the state of

Arkansas and thus are eligible to defer a portion of your Medicaid income on a pre-tax

basis by making contributions to the State of Arkansas Deferred Compensation Plan,

commonly referred to as the Arkansas Diamond Plan.

Deferrals can be made in addition to funding your current retirement plan:

These deferrals may be made in addition to any contributions that you are making to your

current retirement plan established by your professional group or individual practice.

Therefore, providers can fully fund their 401k, pension, profit sharing, SEP, Simple plans

etc. and also fully fund the AR Diamond Plan. For 2024, providers can defer up to

$23,000 of Medicaid income per year if they have not attained the age of 50. Providers 50

and older in 2024 can defer $30,500 per year.

The program has been available for over 40 years:

Hundreds of Medicaid providers are currently taking advantage of the opportunity to defer

a portion of their Medicaid income to the Arkansas Diamond Plan. Some Medicaid

providers have been making contributions to the Plan since 1976.

Incorporated and group practice providers can also utilize the plan:

Providers can defer income from Medicaid services that are to be paid to the provider’s

individual provider number. Providers must report Medicaid services in this manner for

the length of time necessary to meet the contribution limit for the year. Once the

contribution limit has been met, for the remainder of the year Medicaid claims can be

submitted to the state to be paid to the provider number associated with the provider’s

corporation, clinic or group practice.

To obtain additional information on the plan:

Plan information and enrollment packets are available on request via email or regular mail.

Contact your AR Diamond Plan Representative (Cheryl Daughenbaugh or Brete Garland)

with Stephens Inc. at [email protected] or 501-301-9900 or Robert Jones

at 501-377-8112 to request a packet or further inquiry.

This literature was prepared solely for information purposes as of its stated date and is not a

solicitation, or an offer, to buy or sell any security. It does not purport to be a complete

description of the securities, markets, matters or developments referred to in this letter.

Information included in this letter was obtained from sources considered to be reliable but has

not been independently verified and is not guaranteed as to its accuracy or completeness. No

notice of any changes or corrections of such information will be provided to recipients of the

letter. Any discussion of tax matters might or might not be applicable to any recipient’s

individual tax situation. Please consult with your tax adviser for advice regarding your tax

situation and with your financial and legal advisers for advice regarding your particular

financial or legal situation. The investment return and principal value of an investment made

through the Arkansas Diamond Plan will fluctuate so that an investor’s shares, when redeemed,

may be worth more or less than their original cost. Additional information is available upon

request. Past performance is no guarantee of future results. You should carefully consider the

investment objectives, charges, risks, fees and expenses of any investment to be made through the

Plan before investing. The prospectuses for mutual funds available under the Plan contain this

information and other important information about such mutual fund shares. Please read a

mutual fund prospectus carefully before investing as it contains information about the previous

referenced factors and other important information. You can obtain current prospectuses on any

or all the mutual funds available through the Plan by calling representatives of Voya at

800-905-1833 or representatives of Stephens Inc at 501-301-9900 or 866-271-3327. Fees for

Plan administration and services are in addition to the fees and charges of the mutual funds and

index funds available under the Plan and are not reflected in the prospectus of any mutual fund.

Arkansas Diamond Medicaid Provider

Enrollment and Contribution

Procedures

1. To enroll, please complete the attached enrollment form and send to Stephens Inc.

2. Submit your Medicaid billing to the state using your individual provider (NPI) number.

Your individual provider number must be used not only in the identifier (top) section, but

also in the billing (bottom) section of the submission to the state. This will need to be

done for the length of time necessary to make your desired contribution for the year.

Once your desired contribution has been made, you can submit your Medicaid billing to

the state under your corporate, group or clinic (NPI) number.

3. Pre-tax Contributions made to the Diamond Plan are in addition to any contributions

that you make to your current retirement plan. Annual contribution limits follow the

guidelines set by EGTRRA. For 2024 the limit is $23,000. If you are 50 years of age or

older, you can make a catch up contribution to the state plan of $7,500 for 2024 and

thereafter. Like the base limit contribution, Over 50 Catch Up contributions can be made

to the AR Diamond Plan in addition to any Over 50 Catch Up contribution made to your

existing retirement plan.

4. Distributions from the plan are typically not available while you are an active Medicaid

provider and are under the age of 70.5.

5. Additional information and/or advice on investment options available within the

Diamond Plan can be obtained by calling Robert Jones at 501-377-8112 or

[email protected] or by contacting your AR Diamond Plan Representative at

501-301-9900 or through email at [email protected].

Cheryl Daughenbaugh

Brete Garland

Name:

Social Security

Number: Date of Birth:

Address

Daytime Phone

Number:

Deferral Percentage*:

MEDICAID

PROVIDER

ENROLLMENT

Information Needed

SEND COMPLETED FORM TO THE

FOLLOWING VIA FAX, HARD COPY

OR EMAIL:

Fax: 501.301.8479

Mail:

Stephens Inc.,

Attn: Stephens ADP Group

111 Center Street, Suite 2120 Little

Rock, AR 72201

EMAIL:

[email protected]

*This is the percentage of your weekly Medicaid income you wish to

defer.

Over 50 Catch Up Contribution: Yes or No

Investment elections(s): You may self -direct among the

individual investment options available or you may choose

one of the model portfolios. (If necessary, use space below

the table to list additional elections.)

Additional Elections:

Beneficiary Form | REV 9.14.15

AR Diamond Deferred Compensation Plan

Beneficiary Information

Mail completed form to:

Voya Financial Plan Administration, Attn: State of Arkansas, PO BOX 58028, JACKSONVILLE, FL 32441-8028 or fax

to: 1.888.310.5742

Your

personal

information

Your Full Name:______________________________________________________________________________________________

Social Security Number: ________________________Date of birth:__________________ Phone No._________________________

Home Address: ______________________________________________________________________________________________

City: __________________________________ ______________ State:___________ Zip Code:______________________________

Your primary and

secondary

beneficiary

designation (s)

I understand that if more than one person is named as a primary beneficiary you must designate a percentage for each beneficiary

and the total must equal 100%. If any primary beneficiary has predeceased me the surviving primary beneficiary or beneficiaries

will have their percentages increased on a pro rata basis.

A. Primary Beneficiary – Please designate some person, persons or class of persons (such as surviving children).

Name Relationship % Payable Date of birth Social Sec. No.

I understand that if more than one person is named as a contingent beneficiary you must designate a percentage for each

beneficiary and the total must equal 100.

B. Secondary Beneficiary – If you choose to complete this section, please designate some other person, persons or class of persons.

Name Relationship % Payable Date of birth Social Sec. No.

Authorization and

Acknowledgement

If all my primary beneficiaries predecease me and more than one person is named as contingent beneficiary, I understand that

payment is to be made to my contingent beneficiaries based on the percentage amount listed above. If any contingent beneficiary

has predeceased me, payment is to be made to the surviving contingent beneficiary or beneficiaries in a pro-

rata basis depending o

current percentages. In the event all of my primary and contingent beneficiaries have predeceased me and there is no o

ther

beneficiary designation on file with Voya I understand that my Plan benefits shall be paid to my surviving spouse, or if I have no

surviving spouse, to the executors and/or administrators of my estate.

The execution of this form and delivery thereof to Voya revokes all prior designations that I have made with Voya. This form

applies only to funds held within the Arkansas Diamond Deferred Compensation Plan Program at Voya.

Participant Signature: ______________________________________________ Date:_____________________________________

Privacy Notice

FACTS

WHAT DOES Stephens Inc. DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers

the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share,

and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us.

This information can include:

• Social Security number and account transactions

• Account balances and assets

• Transaction and purchase history

How?

All nancial companies need to share customers’ personal information to run their everyday business.

In the section below, we list the reasons nancial companies can share their customers’ personal

information; the reasons Stephens Inc. chooses to share; and whether you can limit this sharing.

To limit

our

sharing

Visit us online: http://www.stephens.com/contact_us.aspx?referrer=optout

PLEASE NOTE:

If you are a new customer, we can begin sharing your information 30 days from the date we

sent this notice. When you are no longer our customer, we continue to share our information as

described in this notice.

However, you can contact us at any time to limit our sharing.

Reasons we can share your personal information.

Does Stephens

Inc. Share?

Can you limit

this sharing?

For our everyday business purposes -

such as to process your transactions, maintain your account(s), respond to

court orders and legal investigations, or report to credit bureaus

Yes No

For our marketing purposes -

to offer our products and services to you

Yes No

For joint marketing with other nancial companies No We do not share

For our afliates’ everyday business purposes –

information about your transactions and experiences

Yes No

For our afliates’ everyday business purposes –

information about your creditworthiness

No We do not share

For nonafliates to market to you Yes Yes

Questions?

What we do.

How does Stephens Inc.

protect my personal information?

To protect your personal information from unauthorized access

and use, we utilize security measures that comply with federal

law. These measures include computer safeguards, secured les

and buildings.

How does Stephens Inc.

collect my personal information?

We collect your personal information, for example, when you:

• Open an account

• Seek advice about your investments

• Buy securities from us or sell securities to us

• Give us your contact information

• Enter into an investment advisory contract

• Make deposits or withdrawals from your account

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

• Sharing for afliates’ everyday business purposes -

information about your creditworthiness

• Afliates from using your information to market to you

• Sharing for nonafliates to market to you

• State laws and individual companies may give you additional

rights to limit sharing.

What happens when I limit sharing

for an account I hold jointly with

someone else?

Your choices apply to everyone on your account.

Denitions

Afliates

Companies related by common ownership or control. They can be nancial and

nonnancial companies.

Our affiliates include Stephens Investment Management Group LLC,

Stephens Insurance LLC and Stephens Shared Services LLC.

Nonafliates

Companies not related by common ownership or control. They can be nancial and

nonnancial companies.

Nonafliates we share with can include certain broker dealers pursuant to the Protocol

For Broker Dealer Recruiting and Pershing LLC as clearing broker for your account.

Joint marketing

A formal agreement between nonafliated nancial companies that together market

nancial products or services to you.

Stephens Inc. does not jointly market.

Privacy Notice

Diamond

Deferred Compensation Plan

Arkansas

AR DIAMOND PLAN

CHOICE | COMPOUNDING | CONSOLIDATION | CONTROL

Get to know your plan:

Arkansas Medicaid

Providers Deferral Program

Plan Highlights

Defer Pre-Tax

Medicaid Income

toaretirement plan

As an Arkansas Medicaid provider, you are considered an independent contractor of the State and thus

are eligible to defer a portion of your Medicaid income on a pre-tax basis by making contributions to the

State ofArkansas Deferred Compensation Plan, commonly referred to as the Arkansas Diamond Plan.

How much can

Icontribute?

How much can

Idefer in addition to

funding my current

retirement plan?

For 2024, providers can defer up to $23,000 of Medicaid income per year if they have not attained

the age of 50. Providers 50 and older can defer $30,500 per year in 2024.

These deferrals may be made in addition to any contributions that you are making to your current

retirement plan established by your professional group or individual practice. Therefore, providers

can fully fund their 401k, pension, proﬁt sharing, SEP, Simple plans, etc. and also fully fund the

ARDiamond Plan.

How long has

theprogram

beenavailable?

The program has been available for over 40 years. Hundreds of Medicaid providers are currently

taking advantage of the opportunity to defer a portion of their Medicaid income to the Arkansas

Diamond Plan. Some Medicaid providers have been making contributions to the Plan since 1976.

Can incorporated

and group practice

providers also utilize

the plan?

Providers can defer income from Medicaid services that are to be paid to the provider’s individual

provider number. Providers must report Medicaid services in this manner for the length of time

necessary to meet the contribution limit for the year. Once the contribution limit has been met,

for the remainder of the year Medicaid claims can be submitted to the state to be paid to the

provider number associated with the provider’s corporation, clinic or group practice.

Plan Highlights

What are my

investment options?

Fixed Rate Options

• Nationwide Fixed

• Fixed Account plus/VALIC

• Interest Guarantee/Diversiﬁed

AR Diamond Asset Allocation Lifestyle Models

• Conservative

• Conservative Moderate

• Moderate

• Moderate Aggressive

• Aggressive

Retirement Target Date Funds

• BlackRock LifePath Index Retirement

Fund (LIRKX)

• BlackRock LifePath Index 2025 Fund (LIBKX)

• BlackRock LifePath Index 2030 Fund (LINKX)

• BlackRock LifePath Index 2035 Fund (LIJKX)

• BlackRock LifePath Index 2040 Fund (LIKKX)

• BlackRock LifePath Index 2045 Fund (LIHKX)

• BlackRock LifePath Index 2050 Fund (LIPKX)

• BlackRock LifePath Index 2055 Fund (LIVKX)

• BlackRock LifePath Index 2060 Fund (LIZKX)

Actively Managed Mutual Funds –

Cash and Cash Equivalents

• BlackRock Treasury Trust Fund (TTTXX)

• Federated Government Obligations

Tax-Managed Fund (GOAXX)

Actively Managed Mutual Funds – Bonds

• BlackRock Low Duration Bond Portfolio (CLDBX)

• Baird Core Plus I (BCOIX)

• Loomis Sayles Global Bond Fund N (LSGNX)

• BlackRock High Yield K (BRHYX)

Actively Managed Mutual Funds – Equity Value

• Dodge & Cox Stock Fund (DOXGX)

• T. Rowe Price Mid Cap Value Fund I (TRMIX)

• T Rowe Price Small Cap Value (PRVIX)

Actively Managed Mutual Funds –

Equity Growth

•

PGIM Jennison Growth Fund R6 (PJFQX)

• Invesco Discovery Mid Cap Growth Fund

R6 (OEGIX)

• Invesco Discovery Fund R6 (ODIIX)

Actively Managed Mutual Funds –

Equity International

• Vanguard FTSE All-World ex US Index

Fund (VFWSX)

• T. Rowe Price International Discovery I (TIDDX)

• Invesco Developing Markets Fund (ODVIX)

• Columbia Overseas Value Instl3 (COSYX)

Index Fund Series – Equity

• Vanguard Institutional Index Fund (VINIX)

Index Fund Series – Bond

• Vanguard Total Bond Market Index Fund (VBTIX)

How is my account

invested?

There are a wide variety of investment options to choose from in the AR Diamond Plan investment

lineup. You can change your fund selections at any time. If your change request is received before

the close of the New York Stock Exchange, generally 3 p.m. CT on a regular business day, your change

will be eective that same day. Otherwise, changes will be eective the next business day.

How can I take a

distribution from

my account?

Upon severance from employment*, you can leave your money in the Plan (you must start taking

distributions once you reach age 73). If you would like to take a distribution from the Plan, you have options:

• Request installment payments

• Take a partial cash payment

• Take all the money in cash, called a lump-sum distribution

• Roll over a partial amount or full balance to another qualiﬁed plan or IRA

* An Independent Contractor shall not be considered to have a Severance from Employment until after a period of 12months

after the day on which the contract expires (or in the case of more than one contract, all such contracts expire) under which

services are performed for the Employer. If the Independent Contractor performs service for the Employer asan Independent

Contractor or as an Employee during such 12-month period, then such Participant shall not be considered to have a

Severance from Employment until after a period of 12 months after the day on which the last of such services are performed.

(Note: The tax consequences, distribution options, investment choices and participation costs in another plan may

diersigniﬁcantly from those of the Arkansas Diamond Deferred Compensation Plan.)

I would like more

information about

the plan. Who do

Icontact?

Plan information and enrollment packets are available on request via email or regular mail.

Contact your ARDiamond Plan Representative with Stephens, Inc. for more information.

Robert Jones – Lead Advisor

Cheryl Daughenbaugh

Brete Garland

You can also reach your AR Diamond Plan Representative through email at

[email protected], by phone at 501-301-9900 to request a packet or further inquiry.

Diamond

Deferred Compensation Plan

Arkansas

If you are a caregiver, you need to be aware that naming

beneﬁciaries who have disabilities or special needs

could jeopardize government beneﬁts eligibility.

Log into myplan.voya.com, go to My Proﬁle in the top

right hand corner of your retirement account web

page and choose Personal Information to add/edit

your beneﬁciary.

A word about beneﬁciaries

Electing your beneﬁciaries is a crucial step that beneﬁts your loved ones. A named beneﬁciary can ensure that your ﬁnancial

legacy passes to those that you intended. It is always a good idea to periodically check your beneﬁciaries to make

sure they are correct and up to date, particularly if you have recently married, divorced, or had children.

Plan Highlights

How do I keep track

of my account?

Your quarterly statements are available online. To view your current account statement,

recentstatements and previous statements, simply log in to your account at https://myplan.voya.com

go to My Retirement Accounts>Overview> Statement & Documents. You can also print a paper

statement from the Account Statement section.

How can I access my

account after I enroll

in the Arkansas

Diamond Plan?

Go to https://myplan.voya.com to get account information, obtaininvestment option information,

andperform account transactions 24 hours a day. The site also provides educational interactive tools

to help you learn more about saving and investing forretirement.

This material is intended to provide educational information on the subjects covered. It is general in nature and the strategies suggested may not be suitable for

everyone. It is not intended to provide speciﬁc tax, legal or other professional advice. You should seek advice from your tax and legal advisors regarding your

individual situation between the Arkansas Diamond Deferred Compensation Plans, any of the Voya® family of companies and/or Stephens Inc.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do

so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor

has no legal obligation to provide ﬁnancial support to the Fund, and you should not expect that the sponsor will provide ﬁnancial support to the Fund at any time.

Important Risks: The target date in the fund’s name is the approximate date an investor plans to start withdrawing money. The principal value is not guaranteed

at any time, including at the target date. Stock and bond values ﬂuctuate in price so the value of your investment can go down depending on market conditions.

International investing involves special risks including, but not limited to political risks, currency ﬂuctuations, illiquidity and volatility. These risks may be heightened

for investments in emerging markets. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline

in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Non-diversiﬁcation of investments

means that more assets are potentially invested in fewer securities than if investments were diversiﬁed, so risk is increased because each investment has a greater

eect on performance. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage

and credit that may reduce returns and increase volatility. An index fund has operating and other expenses while an index does not. As a result, while an Index fund

will attempt to track the applicable index as closely as possible, it will tend to under perform the index to some degree over time. Asset allocation strategies do not

assure proﬁt and do not protect against loss.

Plan administrative services are provided by Voya Institutional Plan Services, LLC, a member of the Voya® family of companies. Representatives who provide

investment services to the Arkansas Diamond Deferred Compensation Plans or to Plan Participants are Registered Representatives of Stephens Inc.

Diamond

Deferred Compensation Plan

Arkansas

501-301-9900 | 866-271-3327 | MY[email protected]

Stephens Inc

Member NYSE, SIPC

Dear Deferred Compensation Plan Participant:

This letter is to inform you of changes to the investment lineup available to you through the State of Arkansas’s Deferred

Compensation Plan, commonly called the Arkansas Diamond Plan.

After careful consideration the Plan has accepted the recommendations of Stephens Inc., the Plan’s investment

consultant, for two fund changes in the actively managed mutual funds core investment line up and two share class

conversions.

Fund Changes to the Investment Line-up

The Plan accepted the recommendation to replace the actively managed mutual funds in two asset classes in the

Arkansas Diamond’s Deferred Compensation Plan investment line up. Typically, when a fund is changed, the money

invested in that fund is transferred into a selected new replacement fund or an existing fund with similar investment

objective and strategy as the terminated fund. This process is referred to as “fund mapping.” If you are currently invested

in the funds scheduled either by direct ownership or by ownership of the fund being a part of the five Arkansas Diamond

Lifestyle Asset Allocation Models (both Hybrid and non-Hybrid), your current assets and future contributions to that fund

will map to the fund as described in the chart below. Existing account balances and future contributions will be

redirected, or “mapped”, to the new investment option indicated below:

Current Fund Investment

Replacement Fund Options*

Fund Name Ticker New Fund Name

Ticker

Lord Abbett High Yield Bond R4 LHYSX BlackRock High Yield Bond K

BRHYX

Wasatch International Growth I WIIGX T. Rowe Price International Discovery I

TIDDX

You may or may not have an investment in the core funds that will change. These core funds may be included in the

Arkansas Diamond Lifestyle Asset Allocation Models (both Hybrid and non-Hybrid) and are also available as an investment

option for participants outside the Arkansas Diamond Lifestyle Asset Allocation Models (both Hybrid and non-Hybrid)

until February 23, 2024. The Arkansas Diamond Asset Allocation Models (both Hybrid and non-Hybrid) are comprised of

the actively managed mutual funds in the core investment line up. Unless you instruct otherwise, the Lord Abbett High

Yield Bond R4 (LHYSX) assets will be mapped to BlackRock High Yield Bond K (BRHYX) and your Wasatch International

Growth I (WIIGX) assets will be mapped to T. Rowe Price International Discovery I (TIDDX).

If you elect to NOT have your Plan assets in either or both replaced funds being mapped, you will need to transfer out

of either or both Funds whether the funds are in an Arkansas Diamond Lifestyle Asset Allocation Model, or that you

selected them as an individual investment fund option in the Plan. You must complete your asset transfer before 2:30

p.m. CST on Friday, February 23, 2024 to avoid having the Fund automatically “map”.

Stephens Inc

Member NYSE, SIPC

Share Class Conversion for Two Funds

The Plan accepted the recommendation to change the share class for two funds being offered in the investment line up. A share class

conversion is when the share class ownership of a fund changes. The new share class of the core investment lineup fund has a lower

expense ratio than the current share class that is currently being offered. The Fund’s portfolio management team and portfolio construction

remain the same as the share class currently being offered.

FUNDS FOR SHARE CLASS CONVERSION:

OLD SHARE CLASS NEW SHARE CLASS*

Dodge & Cox Stock I (DODGX) Dodge & Cox Stock X (DOXGX)

Vanguard Institutional Index I (VINIX) Vanguard Institutional Index Plus (VIIIX)

In a share class conversion, the existing balances in the current share class are reinvested into the new share class of that fund. Both funds

with share class conversions are offered in the investment lineup. You may or may not have an investment in the core fund that will change.

The core fund included in the Arkansas Diamond Lifestyle Asset Allocation Models (both Hybrid and non-Hybrid) will have a share class

conversion and is also available as an investment option for participants outside the Arkansas Diamond Lifestyle Asset Allocation Models

(both Hybrid and non-Hybrid) until February 23, 2024. That fund is the Dodge & Cox Stock I fund. The Vanguard Institutional Index Fund is

offered as an investment option for participants outside of the Arkansas Diamond Lifestyle Asset Allocation Models (both Hybrid and non-

Hybrid). Additionally, all future contributions directed into the previous share class will be directed into the new share class fund. Unless

you instruct Voya otherwise, Dodge & Cox Stock I (DODGX) assets will be mapped to Dodge & Cox Stock X (DOXGX) share class and your

Vanguard Institutional Index I (VINIX) assets will be mapped to Vanguard Institutional Index Plus (VIIIX).

If you elect to NOT have your Plan assets in the replaced fund being mapped, you will need to transfer out of the Fund or the Arkansas

Diamond Lifestyle Asset Allocation Model with that fund, into another available investment option under the Plan. You must complete

your asset transfer before 2:30 p.m. CST on Friday, February 23, 2024 to avoid having the Fund automatically “map”.

*For more complete information about the core actively managed mutual funds or the Index fund including risks, fees and expenses, please

obtain current prospectuses by calling 1-800-905-1833. Consider a Fund’s objectives, risks, charges and expenses carefully before investing.

Prospectuses are readily available at the Voya office in Arkansas, which can be reached 1-866-271-3327. Please read the prospectuses

carefully before investing. Note that if you elect to transfer your Plan assets to other available investment options under the Plan, you

must complete your asset transfer by 2:30 p.m. CST on February 23, 2024 to avoid having the Funds automatically “mapped”. However,

if you accept the proposed fund mapping, no action is necessary on your part. There is no purchase fee or penalty when transferring from

a core actively managed fund to another core actively managed fund (however, some funds may impose short-term trading fees as to

assets recently invested in such funds).

To transfer balances or obtain additional information about the funds, or the Index fund available in the Plan, including fund fact sheets, call

1-800-905-1833 or visit the Web site at https://myplan.voyaplans.com. Be sure to have your Social Security and six-

digit Personal

Identification Numbers ready.

 If you have any questions or need assistance, Customer Service Associates are here to help. Call the Plan Information Line at 1-800

905-1833, Monday through Friday, 7:00 am to 7:00 pm CT (excluding New York Stock Exchange holidays).

 You may also contact your local Arkansas Diamond Plan Advisors for individual support and investment education at 1-866-271

3327 or 501-301-9900 or Stephens Inc. at 1-866-275-0457.

Thank you for your attention to these important matters.

Executive Director of Employee Benefits Division

Grant Wallace

» Actively Managed Funds used in Arkansas Diamond Lifestyle Asset Allocation

(Non Hybrid and Hybrid) Models.

1 Stocks of medium-sized companies may be more volatile and less liquid than large company stocks.

2 There are additional risks associated with investments in smaller and/or newer companies because their shares tend to be less liquid than securities of

larger companies. Further, shares of small and new companies are generally more sensitive to purchase and sales transactions and changes in the issuer’s

ﬁ nancial condition and, therefore, the prices of such stocks may be more volatile than those of larger company stocks.

3 Investing in foreign securities presents certain risks that may not be present in domestic securities. For example, investments in foreign and emerging mar-

kets present special risks including currency ﬂ uctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation

and diﬀ erences in auditing and other ﬁ nancial standards.

4 Investing in foreign securities presents certain additional risks that may not be present in domestic securities. For example, investments in foreign and

emerging markets present special risks including currency ﬂ uctuation, the potential for diplomatic and political instability, regulatory and liquidity risks,

foreign taxation and diﬀ erences in auditing and other ﬁ nancial standards. In addition to the greater exposure to the risks of foreign investing, emerging mar-

kets present considerable additional risks, including potential instability of emerging market countries and the increased susceptibility of emerging market

economies to ﬁ nancial, economic and market events.

5 Investing in foreign debt obligations entails additional risks, including those related to regulatory, market or economic developments, foreign taxation and

less stringent investor protection and disclosure standards.

6 Investing in debt (bond) obligations entails additional risks, including interest rate risk such that when interest rates rise, the prices of bonds and the value

of bond funds shares can decrease and the investor can lose principal value.

Important Performance Information

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and

principal value of an investment will ﬂ uctuate so that an investor’s shares, when redeemed, may be worth more or less than their original

cost. Additional information available upon request. Current performance may be lower or higher than the historical performance data

quoted. You may obtain the most current month end performance data by visiting http://www.myplan.voya.com.

ƛ You should consider carefully the investment objectives, charges, risks, fees and expenses of the investment company before investing.

The contract and fund prospectuses contain this and other information, and can be obtained by contacting your local representative. You

may also call the Voya National service center at 1-800-905-1833 to request prospectuses or visit our website at http://www.myplan.voya.

com to view your account on-line.

The 7-day yield quotation more closely

reﬂ ects the earnings of the money market

fund than the total return quotation.

This cash and cash equivalent fund is not used in the Arkansas Diamond Lifestyle Asset Allocation (Non

Hybrid and Hybrid) Models.

Cash & Cash Equivalent

QTR YTD 1 YR 5 YR 10 YR

7-Day

Yield

7-Day

Unsub

Yield

BlackRock Liquidity Trust Instl! 1.33 4.98 4.98 1.75 1.14 5.25 5.25

Federated Hermes Gov Obg Tx M gd Atmd ! Ɣ

Inception July 20, 2015 » 

1.23 4.60 4.60 1.54 1.12 4.87 4.87

Federated Hermes Govt Oblg Tx Mgd Ser! Ɣ 1.25 4.69 4.69 1.59 0.98 4.95 4.91

Bond



BlackRock Low Duration Bond K

5,6

3.30 5.82 5.82 1.77 1.64

Baird Core Plus Bond I

5,6

7.12 6.89 6.89 2.01 2.54

Loomis Sayles Global Bond N

5,6

8.65 5.46 5.46 0.16 0.60

Lord Abbett High Yield R6

5,6

Inception June 30, 2015

6.86 10.78 10.78 4.30 4.17

Equity



Dodge & Cox Stock Fund I 9.82 17.48 17.48 13.94 10.45

T. Rowe Price Mid Cap Value I

Inception August 28, 2015

13.25 18.89 18.89 13.38 9.57

T. Rowe Price Small Cap Value I

Inception August 28, 2015

13.16 12.33 12.33 10.31 7.32

PGIM Jennison Growth R6

Inception September 27, 2017

16.36 53.32 53.32 18.27 14.13

Annualized

Stephens has attempted to insure that all information

provided via this presentation is accurate and error-

free, however Stephens makes no warranty that such

information is accurate or error-free.

» Actively Managed Funds used in Arkansas Diamond Asset Allocation Lifestyle

(Non Hybrid and Hybrid) Models.

1 Stocks of medium-sized companies may be more volatile and less liquid than large company stocks.

2 There are additional risks associated with investments in smaller and/or newer companies because their shares tend to be less liquid than securities of

larger companies. Further, shares of small and new companies are generally more sensitive to purchase and sales transactions and changes in the issuer’s

ﬁ nancial condition and, therefore, the prices of such stocks may be more volatile than those of larger company stocks.

3 Investing in foreign securities presents certain risks that may not be present in domestic securities. For example, investments in foreign and emerging mar-

kets present special risks including currency ﬂ uctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation

and diﬀ erences in auditing and other ﬁ nancial standards.

4 Investing in foreign securities presents certain additional risks that may not be present in domestic securities. For example, investments in foreign and

emerging markets present special risks including currency ﬂ uctuation, the potential for diplomatic and political instability, regulatory and liquidity risks,

foreign taxation and diﬀ erences in auditing and other ﬁ nancial standards. In addition to the greater exposure to the risks of foreign investing, emerging mar-

kets present considerable additional risks, including potential instability of emerging market countries and the increased susceptibility of emerging market

economies to ﬁ nancial, economic and market events.

5 Investing in foreign debt obligations entails additional risks, including those related to regulatory, market or economic developments, foreign taxation and

less stringent investor protection and disclosure standards.

6 Investing in debt (bond) obligations entails additional risks, including interest rate risk such that when interest rates rise, the prices of bonds and the value

of bond funds shares can decrease and the investor can lose principal value.

Important Performance Information

Past performance is no guarantee of future results. The investment return and principal value of an investment will ﬂ uctuate so that an

investor’s shares, when redeemed, may be worth more or less than their original cost. Additional information available upon request.

Current performance may be lower or higher than the historical performance data quoted. You may obtain the most current month end

performance data by visiting http://www.myplan.voya.com.

ƛ You should consider carefully the investment objectives, charges, risks, fees and expenses of the investment company before investing.

The contract and fund prospectuses contain this and other information, and can be obtained by contacting your local representative. You

may also call the Voya National service center at 1-800-905-1833 to request prospectuses or visit our website at http://www.myplan.voya.

com to view your account on-line.

Equity - Continued » 

QTR YTD 1 YR 5 YR 10 YR

Invesco Discovery M id Growth R6

10.98 13.39 13.39 12.94 9.87

Invesco Discovery R6

10.98 17.46 17.46 14.23 9.90

International Equity » 

Columbia Overseas Value Instl3

Inception July 1, 2015

7.85 16.33 16.33 8.28 4.78

Wasatch International Growth Instl

3,4

Inception Febuary 1, 2016

14.17 11.81 11.81 4.89 3.19

Invesco Dev. M kts R6

3,4

7.04 11.54 11.54 2.67 1.90

Index Funds 

Vanguard Institutional Index Fund I 11.68 26.24 26.24 15.66 12.00

Vanguard FTSE All-World ex US Index I

3,4

9.95 15.61 15.61 7.44 4.16

Vanguard Total Bond M arket Index I

6.69 5.72 5.72 1.13 1.80

Explanatory Information

♠

The tables (above) show historical annual operating expenses, expressed

as a percentage of assets under management, called the expense ratio, for

each of the Funds in the Arkansas Diamond investment line-up. These annu-

al operating expense ratios are based on the expenses paid by the Funds in

the most recently reported year. The expenses paid by the Funds may vary

from year to year. The gross (unsubsidized) expense ratio and the net (sub-

sidized) expense ratio are also reported by each fund in the fund prospectus.

The net expense ratio reﬂ ects expenses after applicable fee waivers and ex-

pense reimbursements have been realized by the fund. Similar fee waivers

or expense reimbursements might not be made in future years.

ƛ You should consider carefully the investment objectives, charges, risks, fees

and expenses of the investment company before investing. The contract and

fund prospectuses contain this and other information, and can be obtained by

contacting your local representative. You may also call the Voya National service

center at 1-800-905-1833 to request prospectuses or visit our website at http://

www.myplan.voya.com to view your account on-line.

Actively Managed Funds - Expense Ratios

Gross

Expense

Ratio ♠

Net

Expense

Ratio ♠

BlackRock Liquidity Treasury Instl (CE)

0.19 0.17 R

Federated Hermes Gov Obg Tx M gd Atmd ! Ɣ (CE)

0.57 0.55 E

Federated Hermes Gov Obg Tx Mgd Ser ! Ɣ (CE)

0.49 0.45 ZZ

BlackRock Low Duration Bond K (STB)

0.37 0.35 G

Baird Core Plus Bond

(IB)

0.30 0.30

Loomis Sayles Global Bond Fund N (IntB) 0.66 0.65 B

Lord Abbett High Yield R6 (HY)

0.60 0.60

Dodge & Cox Stock Fund I (LV)

0.51 0.51

T. Rowe Price Mid Cap Value I (M V)

0.68 0.68

T. Rowe Price Small Cap Value I (SV)

0.70 0.70

PGIM Jennison Growth R6 (LG)

0.58 0.58

Invesco Discovery Mid Cap Growth R6 (M G)

0.67 0.67

Invesco Discovery R6 (SG)

0.66 0.66

Columbia Overseas Value Instl3 (IntE)

0.83 0.77 U

Wasatch International Growth Instl (IntE)

1.33 1.33

Invesco Developing M arkets R6 (EM)

0.84 0.84

Index Funds - Expense Ratios

Vanguard Institutional Index I

0.04 0.04

Vanguard FTSE All-World ex US Index I

0.09 0.09

Vanguard Total Bond M arket Index I

0.04 0.04

IntB

STB

30%

15%

29%

IntE

IntB

14%

STB

29%

18%

IntE

IntB

10%

STB

13%

15%

Conservative

Conservative Moderate

Moderate

12%

13%

12%

IntE

16%

IntB

10%

Moderate Aggressive

Aggressive

Cash & Cash Equivalents (CE)<

Federated Hermes Govt Oblg Tx Svc >! ˠ

3 Month T-Bill+

Money Market

Short-Term Bond (STB)<

BlackRock Low Duration Bond K

5,6

Merrill Lynch Corp & Gov 1-3 Year Index+

Short-Term Bond

Intermediate Bond (IB)<

Baird Core Plus Inst

5,6

Barclays US Universal Bond Index+

Intermediate Bond

International Bond (IntB)<

Loomis Sayles Global Bond N

5,6

Barclays Global Aggregate Unhgd Index+

World Bond

Equity Large-Cap Value(LV)<

Dodge & Cox Stock >

S&P 500 +

Large Value

Equity Mid-Cap Value (MV)<

T. Rowe Price Mid Cap Value R6

Russell Mid-Cap

Value Index+

Mid-Cap Value

Equity Small-Cap Value (SV)<

T. Rowe Price Small Cap Value I

Russell 2000 Value

Small Value

Equity Large-Cap Growth (LG)<

PGIM Jennison Growth R6 >

Russell 1000 Growth+

Large Growth

Equity Mid-Cap Growth (MG)<

Invesco Discovery Mid Cap Growth R6

Russell Mid Cap Growth

Index+

Mid-Cap Growth

Equity Small-Cap Growth (SG)<

Invesco Discovery Fund R6

Russell 2000 Growth

Small Growth

Equity International (IntE)<

Columbia Overseas Value I3 – 50%

3,4

MSCI EAFE Value Index+

Foreign Large Value

Wasatch Intl Growth I – 50%

3,4

MSCI ACWI Ex US SmCp+

Foreign Small/Mid Growth

Equity Emerging Markets (EM)<

Invesco Developing Markets R6

3,4

MSCI EMF Index+

Emerging Markets

High Yield Bond (HY)<

Lord Abbett High Yield R6

5,6

BofA ML High Yield Cnstd Index+

High Yield

QTR 1YR 3YR 5YR 10YR

Model  11.01 17.26 1.73 9.99 7.36

Benchmark «

11.31 17.11 3.15 9.38 7.06

Category «

10.63 16.01 3.06 9.16 6.46

QTR 1YR 3YR 5YR 10YR

Model  11.38 18.74 2.89 11.22 8.13

Benchmark «

11.79 18.36 3.90 10.31 7.56

Category «

11.19 17.03 3.50 9.99 6.87

Important Performance Information

Past performance is no guarantee of future results. The investment return and principal value of an investment will ﬂ uctuate so that an

investor’s shares, when redeemed, may be worth more or less than their original cost. Additional information available upon request.

Current performance may be lower or higher than the historical performance data quoted. You may obtain the most current month end

performance data by visiting http://www.myplan.voya.com.

ƛ You should consider carefully the investment objectives, charges, risks, fees and expenses of the investment company before investing.

The contract and fund prospectuses contain this and other information, and can be obtained by contacting your local representative. You

may also call the Voya National service center at 1-800-905-1833 to request prospectuses or visit our website at http://www.myplan.voya.

com to view your account on-line.



Principal invested in a TDF is not guaranteed at any

time, including at or after retirement.

Key Risks:

Fund of funds are subject to the risks associated with the underlying BlackRock funds in which it invests. Stock and bond values ﬂ uctuate in price so the value of

your investment can go down depending on market conditions. International investing involves special risks including, but not limited to currency ﬂ uctuations, illiquidity and

volatility. These risks may be heightened for investments in emerging markets. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a

corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Asset allocation strategies

do not assure proﬁ t and do not protect against loss. Non-diversiﬁ cation of investments means that more assets are potentially invested in fewer securities than if investments

were diversiﬁ ed, so risk is increased because each investment has a greater eﬀ ect on performance. The fund may use derivatives to hedge its investments or to seek to enhance

returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

ƛ You should consider carefully the investment objectives, charges, risks, fees and expenses of the investment company before investing. The contract

and fund prospectuses contain this and other information, and can be obtained by contacting your local representative. You may also call the Voya National

service center at 1-800-905-1833 to request prospectuses or visit our website at http://www.myplan.voya.com to view your account on-line.

♠

The tables (above) show historical annual operating expenses, expressed as a percentage of assets under management, called the expense ratio, for each of the Funds

in the Arkansas Diamond investment line-up. These annual operating expense ratios are based on the expenses paid by the Funds in the most recently reported year.

The expenses paid by the Funds may vary from year to year. The gross (unsubsidized) expense ratio and the net (subsidized) expense ratio are also reported by each

fund in the fund prospectus. The net expense ratio reﬂ ects expenses after applicable fee waivers and expense reimbursements have been realized by the fund. Similar

fee waivers or expense reimbursements might not be made in future years.

BlackRock LifePath® Index K Mutual Fund Series - Funds ++♦

Quarter YTD 1 Year 5 Year

Index Funds

BlackRock LifePath

Index Ret. K Fund 8.50 11.47 11.47 5.62 4.60 0.13 0.09 Ψ

BlackRock LifePath

Index 2025 K Fund 8.83 12.40 12.40 6.65 5.47 0.14 0.09 Ψ

BlackRock LifePath

Index 2030 K Fund 9.55 14.57 14.57 7.87 6.21 0.14 0.09 Ψ

BlackRock LifePath

Index 2035 K Fund 10.18 16.59 16.59 9.03 6.92 0.14 0.09 Ψ

BlackRock LifePath

Index 2040 K Fund 10.84 18.58 18.58 10.08 7.55 0.15 0.09 Ψ

BlackRock LifePath

Index 2045 K Fund 11.26 20.29 20.29 10.95 8.05 0.15 0.09 Ψ

BlackRock LifePath

Index 2050 K Fund 11.50 21.36 21.36 11.41 8.30 0.15 0.09 Ψ

BlackRock LifePath

Index 2055 K Fund 11.51 21.60 21.60 11.50 8.37 0.15 0.09 Ψ

BlackRock LifePath

Index 2060 K Fund 11.49 21.66 21.66 11.51 N/A 0.15 0.09 Ψ

Annualized

10 Year

Gross

Expense

Ratio ♠

Net

Expense

Ratio ♠

Fixed Rate Options As of 12/31/2023+

+ Rates stated are annualized and are adjusted quarterly.

The 7-day yield quotation more

closely reﬂ ects the earnings of the money market fund than the

total return quotation.

Useful Numbers:

Voya Customer Service Hotline

(800) 905-1833

Arkansas Diamond Plan Advisors

‡

(866) 271-3327

(501) 301-9900

Account Information via the Website

https://myplan.voya.com

‡

Plan administrative services are provided by Voya Institutional

Plan Services, LLC, a member of the Voya family of companies.

Representatives who provide investment services to the Arkan-

sas Diamond Deferred Compensation Plans or provide support

to Plan Participants are Registered Representatives of Stephens

Inc. There is no aﬃ liation between the Arkansas Diamond De-

ferred Compensation Plans, any of the Voya family of companies

and/or Stephens. Inc.

ƛ You should consider carefully the investment objectives, charges,

risks, fees and expenses of the investment company before investing.

The contract and fund prospectuses contain this and other information,

and can be obtained by contacting your local representative. You may

also call the Voya National service center at 1-800-905-1833 to request

prospectuses or visit our website at http://www.myplan.voya.com to view

your account on-line.

7 Day 7 Day

Unsub.

Yield

4.87%

Net

Money Market Funds Yield

Federated Gov Oblg Managed Atmd! 4.87%

BlackRock Liquidity Treasury Instl! 5.25% 5.25%