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Answers to Your Frequently Asked Questions From Morningstar Investment Management LLC

The following are frequently asked questions from Raytheon Technologies users about Morningstar® Retirement ManagerSM, the new managed accounts service offered as part of your retirement plan from Alight. We recommend that you check here to see if the answer to your question is included before contacting one of Morningstar Investment Management LLC’s Retirement Education Consultants. Please navigate to the category that best describes your question below. If you cannot find the answer to your question, you can find information about how best to contact us at the bottom of this page.

Morningstar Retirement Manager Allocation and Investment Strategy

We typically rebalance your account every three months. During rebalancing, your updated information is considered, and Morningstar Investment Management will determine if you need any adjustments to your investing strategy.

You can check your current allocation at any time by visiting Morningstar Retirement Manager through Alight’s website and navigating to the “your investments” tab.

Transactions may take up to 72 hours to process before they are reflected in your account. Rest assured, transactions have been sent to your recordkeeper, Alight, to process on behalf of your account.

Transition Process

A change in account balance is not due to the transition from Financial Engines to Morningstar Retirement Manager. Rather, it is more likely to do with the state of the investment market in general.

Volatility in the markets can change from day to day. Most recently, we saw a change due to several factors, including COVID-19, the Russian invasion of Ukraine, and rising interest rates in the U.S. this volatility will inevitably impact your retirement account investments. When the value of those investments fluctuates, so does your account balance.

Unfortunately, we do not have the ability to analyze or review any previous recommendations you had with Financial Engines, nor do we have access to the investment methodology they used to build out your portfolios. However, our service considers your specific needs and goals when it comes to saving and investing for your future, and we design our allocations to help you achieve those goals.

Our approach is designed to capture a holistic picture of your financial life to help us provide you with the appropriate strategy and portfolio. To do this, we consider a range of personal details—like your job, age, and location—and combine those with relevant financial information—including your savings and sources of income. Then, we conduct an in-depth analysis of your financial situation and projected future earnings and determine the appropriate risk level for you to help us match you with the right balance of stocks and bonds. From there, our investment team creates a diversified retirement portfolio just for you using the investments available in your plan.

Alight, your recordkeeper, provides Morningstar Retirement Manager certain information about you. If you do not see something that is pre-populated, the information was not available to us. However, you can manually enter additional information, including any other financial and investment accounts you plan to use to help fund your retirement. Instructions for doing so can be found in the below section titled Navigating Morningstar Retirement Manager under ‘How do I enter information from any outside accounts I hold?’.

The RTX Benefits Center can help you with any questions you have about the transition process. Morningstar Investment Management does not have details regarding this process.

Lifetime Income Secure Fund

The Lifetime Income Strategy is an investment option offered under RAYSIP. When you invest in the Lifetime Income Strategy, your assets are automatically allocated into three key components: Equity (sub-fund), Bond (sub-fund), and Secure Income (sub-fund). Your assets are automatically allocated into these components in certain percentages based on your age.

Morningstar Investment Management uses RAYSIP’s investment lineup when providing our recommendations. This could include allocations to the Lifetime Income Strategy as well as the Target Retirement Funds. Your investment lineup options were disclosed to you in the RAYSIP transition guide you received when your special enrollment window was announced late in 2021. Your lineup was based on the choices you made at that time.

Based on your personalized recommendations, Morningstar Investment Management believes this allocation to be appropriate. You can personalize your advice by including information on your outside accounts and retirement income streams. Any additional information you add may impact the allocation.

For more details about the Lifetime Income strategy, please reference this factsheet provided by Raytheon Technologies. You can also find more information online through Alight’s Gateway portal or call the RTX Benefits Center and speak with a retirement income specialist.

Investment Allocations

Your allocations may be high because Morningstar Investment Management believes that this is the allocation necessary to align with what we have determined is the most appropriate asset allocation for your needs. If you disagree with this recommendation, you can terminate your enrollment in the managed accounts service at any time by accessing the Morningstar Retirement Manager platform through Gateway or by calling the RTX Benefits Center.

For RAYSIP users, given your small plan lineup, we use the RAYSIP Target Retirement 2060 Fund and the RAYSIP Target Retirement Maturity Fund.

The 2060 fund is designed for someone who is going to retire in the year 2060, so it contains mostly stock/equity, while the target maturity fund is designed for someone who is actively in retirement, meaning it mostly consists of bonds/fixed income. A combination of the 2060 fund and the maturity fund is used with the goal of creating a more personalized asset allocation intended to help you stay on track for your retirement goals based on your age. By providing what we deem as the appropriate allocations in each, we are working to create an appropriate diversification of your portfolio for your specific needs.

You can terminate your enrollment in the managed accounts service at any time by accessing the Morningstar Retirement Manager platform through Your Gateway, Raytheon’s retirement website. Instructions can be found here. Once your opt-out election has been processed, you can then adjust your investment allocations as you feel appropriate. It takes 24-48 hours to process the opt-out request. If you have any questions about when you can make new investment elections, call AccessDirect at 800-243-8135. Select the prompt for “Savings & Retirement”.

You can state your preferences to exclude a fund within Morningstar Retirement Manager, and we will do our best to accommodate your request. In some cases, we may not be able to exclude your investment choice and still provide prudent account management. In these events, we recommend you opt out of Morningstar Investment Management’s managed accounts services, and you can make your own adjustments to your retirement strategy.

Navigating Morningstar Retirement Manager

Unless you have manually un-enrolled, you are currently enrolled in Morningstar Retirement Manager.

Currently, Morningstar Investment Management receives a flat fee from RAYSIP for its discretionary Managed Accounts services. After the earlier of December 31, 2022, or the date you are able to access an enhanced version of the Managed Account services, Morningstar Investment Management will charge an investment management fee for the Managed Accounts services on quarterly basis based upon the daily net assets under management in your account, minus any balance in company stock (defined in the Advisory Agreement), outstanding loans, or any other assets not eligible for Managed Accounts services. The fee will be a component of the asset-based fees charged by the investment options your account is invested in. These fees are stated in the disclosures provided by RAYSIP. We encourage you to obtain and read the RAYSIP Annual Fee Disclosure Statement for more information. The fee will not exceed 0.12% and is accrued daily based on your investment balance.

Visit Morningstar Retirement Manager and select “Add Other Retirement Income” when you get to the accounts page. From there, you can enter information about your account.

Once you’ve added your other account(s), you’ll find our recommendations on how to invest those savings on the advice dashboard. These recommendations include high-level guidance on which assets class categories you should invest your account(s) in and at what percent. Applying those recommendations can help keep your other account(s) in line with your overall investment strategy and risk level.

To note, since Morningstar Investment Management doesn’t manage your other retirement accounts, you’ll have to log into those accounts and apply our recommendations yourself. Once you do, come back to Morningstar Retirement Manager and update the information you’ve shared about those accounts so we know how they’re invested and can update your strategy if needed.

From there, we recommend revisiting the service once a year or whenever your situation changes, to make sure your information and strategy stays aligned with your life and retirement goals.

Still Have Questions?

If you have any additional questions, please fill out the contact form and one of our associates will be in touch.