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2Brighten Your Outlook Welcome to the Penn Mutual Agents' Retirement Plan. Penn Mutual Life InsuranceCompany has partnered with Transamerica who has more than 75 years of experience inretirement services, and is dedicated to helping you from the day you start saving to the dayyou retire—and every day after that. This guide provides tools and information to developyour retirement sav ings strategy quickly and easily.What you should knowYou have a valuable benefit. Retirement might seem like a subject for another day, butyour company prov ided retirement plan is an important benefit you shouldn't ov erlook. Yourplan offers a powerful way to enhance your long-term financial well-being. It helps youbrighten Your Retirement Outlook (our barometer of your progress toward retirementreadiness) to handle what could be the biggest expense of your life.You'll get some powerful planning tools. On your plan website,pennmutual.trsretire.com, you'll find what you need to make smart decisions, from ourinteractiv e tools to our automated investment services. Our mobile app, My TRSRetire, letsyou put your plan in your pocket. And no matter how you access your account, you'll alwaysknow Your Retirement Outlook with a personalized weather icon (rainy, cloudy, partly sunny,or sunny). This will make it easy to see if your strategy has you on course toward yourretirement income goal—or if you need to take action.We're here to help. From easy-to-understand education to customer service, we'll be withyou every step of the way to and throughout retirement. Go to your plan website or call ourtoll-free number for personalized account assistance, investment guidance, and retirementplanning support.What you should doSet up your online access. Follow the instructions to create a username and password,then follow the enrollment path to choose contributions, investments, and more, or call ourtoll-free number (follow the prompts to set up your PIN, then make your choices).Sign in at pennmutual.trsretire.com or call us at 888-976-51451
92Determine your investing style. Your plan enables you to div ersify and rebalance yourinvestments by making a single decision—or you can build your own portfolio by choosingamong a wide range of carefully screened inv estment options.Complete your retirement profile in our OnTrack tool for a comprehensive v iew of YourRetirement Outlook and specific ways you may be able to improve it. To get started, sign into your account and click "Update" on your Account Overv iew page or "OnTrack" in theResource Center menu.Name your beneficiaries. This simple but important step ensures your account assets willgo where you choose in the event of your death. Look for "Beneficiaries" in your accountHome menu on your plan website.Sign up for e-documents. Electronic delivery of statements, confirmations, notices, andinvestment materials can save you time and reduce your clutter.The material in this retirement plan guide was prepared for general distribution. It is beingprov ided for informational purposes only and should not be v iewed as an investmentrecommendation. If you need advice regarding your particular investment needs, contactyour financial professional.2Sign in at pennmutual.trsretire.com or call us at 888-976-5145
3Plan highlights for the Penn Mutual Agents'Retirement PlanThese highlights represent only an overview of plan provisions. For full details, including anyconditions or restrictions, please refer to the Summary Plan Description (SPD).Penn Mutual Life Insurance Company contributionsNon-matching contributionCompany ContributionEligibilityYou are eligible to become a Participant as of the date you become an AgentContribution Amount4% of compensation plus 4% of compensation in excess of 55% of the social security wagebaseVestingYou are 100% v ested in the Company Contribution after 3 years of service.Investment choicesYou decide how your account will be invested among the available choices.For detailed, up-to-date information on the inv estment options in your plan, includingpossible trading restrictions, please v isit pennmutual.trsretire.com.Penn Mutual Life Insurance Company has chosen a default investment option, also knownas a Qualified Default Investment Alternative (QDIA), which was selected for you inaccordance with section 404(c)(5) of ERISA and other legal regulations. Ev en though you didnot make an affirmative inv estment election, the plan fiduciary is not liable for any lossesthat result from inv esting your assets in the QDIA. This relief from liability applies whether ornot the plan is intended to be a 404(c) plan. Unless you choose otherwise, your account willbe inv ested in the QDIA, Vanguard Target Date Funds, which is a group of single target datefunds; one will be chosen based on your assumed retirement age of 62.The way contributions are inv ested in your account is referred to as your "investmentallocation." You may change your allocation at any time.In addition, you may transfer existing balances among your inv estment choices at any time(transfers may be subject to certain restrictions).Target Date Funds: These options generally invest in a mix of stocks, bonds, cashequivalents, and potentially other asset classes, either directly or via underlying investments,and may be subject to all of the risks of these asset classes. The allocations become moreconservative over time: the percentage of assets allocated to stocks will decrease while thepercentage allocated to bonds will increase as the target date approaches. The higher theSign in at pennmutual.trsretire.com or call us at 888-976-51453
114allocation is to stocks, the greater the risk. The principal value of the investment option isnever guaranteed, including at and after the target date.Withdrawals and distributionsWhile you are actively employed you may be able to take withdrawals from the vestedportion of your account, subject to the plan's rules. For more information, log on to yourplan's website or call your plan's toll-free number. Withdrawals of before-tax contributions,and of earnings on any contributions, will be subject to income tax, and withdrawals madebefore age 59½ may be subject to an additional 10% penalty.Expenses and feesYour costs to participate in the plan may include: General plan administrative fees for ongoing services such as recordkeeping, websitemanagement, and communication services. Investment expenses for operating and management expenses charged by the investmentprov iders. Serv ice fees on indiv idual transactions initiated by you such as certain withdrawals,ov ernight payments, etc. Also, in some cases your account may receive plan service credits if rev enue we receivefrom fund companies toward plan administration is greater than the annual administrativefee.For details on administrativ e fees and credits (if applicable), please see "ImportantInformation Regarding your Plan" at the end of this guide or on the "Fund and FeeInformation" in the Rev iew menu of your plan website. Except for investment expenses,which are deducted from the investments you hold and reflected in your investment returns,actual fees and credits will appear on your quarterly account statements.404(c) NoticeYour plan is intended to comply with ERISA section 404(c) and final regulation 2550.404c-1of the Internal Rev enue Code. This means you have the flexibility (and responsibility) tochoose among the investment options provided under the plan in a way that best meets yourobjectives. In general, by providing you with this ability and a v ariety of investment choices,neither your plan sponsor nor Transamerica is liable for any losses that occur as a directresult of inv esting in the av ailable options as directed by you or your beneficiary.In addition to the information in this guide, you can obtain, upon request: Prospectuses, summary prospectuses, or similar documents relating to each investmentoption. Financial statements or reports or similar materials relating to each investment option. Information regarding the value of shares or units in the investment options as well as thedate of v aluation. (Please see your account statement.) A list of the assets comprising the portfolio of each investment option which will constitute"plan assets" under Reg. 2510.3-101, and the v alue of each such asset.4Sign in at pennmutual.trsretire.com or call us at 888-976-5145
11For any of the above, please contact:Human Resources, Benefits DepartmentPenn Mutual Life Insurance Company600 Dresher RoadHorsham, PA 19044Phone: 215-956-8000Fax: 215-956-8749Important: The projections or other information generated by the engine regardingthe likelihood of various investment outcomes are hypothetical, do not reflect actualinvestment results, and are not guarantees of future results. Results derived from thetool may vary with each use and over time. Please visit pennmutual.trsretire.com fordetails on the criteria and methodology used, the tool's limitations and key assumptions, andother important information.Descriptions of plan features and benefits are subject to the plan document, which willgovern in the event of any inconsistencies.Securities offered by Transamerica Investors Securities Corporation (TISC), 440Mamaroneck Avenue, Harrison, NY 10528. Penn Mutual Life Insurance Company hasselected Transamerica Retirement Solutions as your retirement plan provider, but there areno other affiliations between Penn Mutual Life Insurance Company and Transamerica or itsaffiliate, TISC.Sign in at pennmutual.trsretire.com or call us at 888-976-51455
56Your income goalMost of your retirement income will come from you. Social Security covers only about33%* of the av erage retiree's income. For 2017, the typical Social Security benefit wasaround 1,360 a month, or slightly over 16,300 a year. And while some people will receiv epension benefits from current or former employer(s), most of your retirement income willlikely come from your own savings and investments. This makes it critical that you do asmuch as you can now to save for your future.This means you may have to look outside the Penn Mutual Agents' Retirement Plan tosupplement your retirement income and ensure that you'll have enough to last your lifetime.So, consider IRAs like the one Transamerica offers at retiretransamerica.com/ira, SEPs, orev en taxable inv estments as potential income sources. And when you complete yourretirement profile on your plan website, don't forget to include expected home sales orinheritances—along with any retirement-related accounts or assets your spouse or partnermay hold.*Fast Facts & Figures About Social Security, 2017How much is enough?A common rule of thumb is that you'll need to replace 80% of your final working salary tomaintain your living standard in retirement—though you could need more or may be able toget by on less. Howev er, everyone's situation is different. The Retirement OutlookEstimatorSM tool (in the Resource Center of your plan website) can help you personalizeyour goal.6Sign in at pennmutual.trsretire.com or call us at 888-976-5145
6Your investment strategyAsset allocation and diversificationSpreading your risk among different types of investment options is important for building anest egg that will meet your needs throughout retirement. This way, temporary downturns inone type of investment may not affect your whole retirement savings account. To do so, youshould familiarize yourself with two key concepts: Asset allocation, an overall strategy for div iding your inv estments across the major assetclasses (stocks/equities, bonds/fixed income, and cash equivalents); and Diversification, or dividing your investments within those classes (for example, amongdomestic and foreign stocks, shares of large and small companies, bonds of differentqualities and terms).Asset allocation and diversification do not assure or guarantee better performance, cannoteliminate the risk of investment losses, and do not protect against an overall decliningmarket.Your strategy should depend upon two factors: Your time horizon (how long you have until you'll need the money); and Your risk tolerance (how well you tend to handle the market's ups and downs).In general, the longer your time horizon and higher your risk tolerance, the more you maywant to focus on stocks, which hav e outperformed other types of investments over timeperiods of 20 years or more.Sign in at pennmutual.trsretire.com or call us at 888-976-51457
78Your plan offers two ways todiversify your investments:1) Make a single decisionTarget Date fundsEach fund targets its investment mix to a specific year. The fund's manager chooses andrebalances its holdings based on your time horizon: the farther away from the target date,the more the fund will focus on more aggressive stock inv estments; as the target dateapproaches, the managers gradually shift their focus toward more conserv ativ e bondinvestments on a schedule called a "glide path." Each fund is designed as a total investmentsolution, meant for 100% of your account.(See below for general guidelines; full fund profiles are on your plan website.)Vanguard Target Retirement Income InvVanguard Target Retirement 2040 InvVanguard Target Retirement 2015 InvVanguard Target Retirement 2045 InvVanguard Target Retirement 2020 InvVanguard Target Retirement 2050 InvVanguard Target Retirement 2025 InvVanguard Target Retirement 2055 InvVanguard Target Retirement 2030 InvVanguard Target Retirement 2060 InvVanguard Target Retirement 2035 InvTarget Date Funds: These options generally invest in a mix of stocks, bonds, cashequivalents, and potentially other asset classes, either directly or via underlying investments,and may be subject to all of the risks of these asset classes. The allocations become moreconservative over time: the percentage of assets allocated to stocks will decrease while thepercentage allocated to bonds will increase as the target date approaches. The higher theallocation is to stocks, the greater the risk. The principal value of the investment option isnever guaranteed, including at and after the target date.2) Build your own portfolioYou can build your own portfolio by choosing among the "core" funds in your plan. Your planoffers a wide range of choices that enable you to diversify among v arious asset classes andinvestment styles. (Full fund profiles are av ailable on your plan website.)Once you determine the investment mix that is right for you, your plan's auto-rebalanceserv ice can help you maintain your mix automatically (sign up on your plan website). Tocreate your portfolio, go to the Manage menu in your online account to update "FutureAllocations" (where to inv est new contributions) as well as "Current Allocations"(transfer/exchange existing balances).Asset ClassInvestment OptionBondsShortWells Fargo Stable ReturnBonds/Stable/MMkt E8TickerInvestment Style & RiskN/AStable ValueSign in at pennmutual.trsretire.com or call us at 888-976-5145
12Asset ClassInterm./Long-TermBondsStocksLarge-Cap StocksInvestment OptionLoomis Sayles Core PlusBond NVanguard Total BondMarket Index AdmMFS Value R6Northern Trust S&P 500Index NL Tier 1MainStay Large Cap GrowthR6Small/Mid-CapJHancock Disciplined ValueStocksMid Cap R6Vanguard Mid CapitalizationIndex InsJanus Henderson EnterpriseNAmerican Beacon Small CpVal InstVanguard Small Cap IndexAdmClearBridge Small CapGrowthInternational Stocks Artisan International InstlVanguard Total InternationalStock Index InsMulti-Asset/OtherT. Rowe Price CapitalMulti-Asset/OtherAppreciation IVanguard TargetRetirement Income InvVanguard TargetRetirement 2015 InvVanguard TargetRetirement 2020 InvVanguard TargetRetirement 2025 InvVanguard TargetRetirement 2030 InvVanguard TargetRetirement 2035 InvVanguard TargetRetirement 2040 InvVanguard TargetRetirement 2045 InvVanguard TargetRetirement 2050 InvVanguard TargetRetirement 2055 InvVanguard TargetRetirement 2060 InvTickerInvestment Style & RiskNERNXIntermediate-Term BondsVBTLXIntermediate-Term BondsMEIKXLarge-Cap Value StocksN/ALarge-Cap Blend StocksMLRSXLarge-Cap Growth StocksJVMRXMid-Cap Blend StocksVMCIXMid-Cap Blend StocksJDMNXMid-Cap Growth StocksAVFIXSmall-Cap Value StocksVSMAXSmall-Cap Blend StocksLMOIXSmall-Cap Growth StocksAPHIXWorld/Foreign StocksVTSNXWorld/Foreign StocksTRAIXBalancedVTINXTarget DateVTXVXTarget DateVTW NXTarget DateVTTVXTarget DateVTHRXTarget DateVTTHXTarget DateVFORXTarget DateVTIVXTarget DateVFIFXTarget DateVFFVXTarget DateVTTSXTarget DateFor more information on any registered fund, please call 888-976-5145 for a freesummary prospectus (if available) and/or prospectus. You should consider theobjectives, risks, charges, and expenses of an investment carefully before investing.The summary prospectus and prospectus contain this and other information. Readthem carefully before you invest.Please see important disclosures to the investment options that follow.Sign in at pennmutual.trsretire.com or call us at 888-976-51459
7Important DisclosuresStable Value: An investment that seeks to preserve principal, and provide consistent returnsand liquidity. Stable value investment choices seek capital preservation, but they do carrypotential risks. Stable value investment choices may be comprised of or may invest inannuity or investment contracts issued by life insurance companies, banks, and otherfinancial institutions. Stable value investment choices are subject to the risk that theinsurance company or other financial institution will fail to meet its commitments, and are alsosubject to general bond market risks, including interest rate risk and credit risk.Intermediate-Term Bonds: Debt securities issued by governments, corporations, andothers, typically with durations of 3.5 to 6 years. The value of bonds changes in response tochanges in economic conditions, interest rates, and the creditworthiness of individual issuers.Bonds can lose value as interest rates rise, and an investor can lose principal.Balanced: Asset allocation investments may be subject to all of the risks of the assetclasses in which they invest, which may include stocks and bonds as well as other types ofinvestments. The higher the investment's allocation to stocks, the greater the risk. Assetallocation and diversification do not assure or guarantee better performance, cannot eliminatethe risk of investment losses, and do not protect against an overall declining market.Large-Cap Value Stocks: An investment category that mostly comprises stocks of largecompanies that are believed to be priced below what they are really worth. Stocks havehistorically offered the potential for greater long-term returns, but also entail greatershort-term risks than other investments. Value stocks may be subject to special risks thathave caused the stocks to be out of favor and undervalued in the opinion of the portfoliomanagers who invest in them.Large-Cap Blend Stocks: An investment category that mostly comprises both value andgrowth stocks of large companies. Stocks have historically offered the potential for greaterlong-term returns, but also entail greater short-term risks than other investments. Blendstrategies are subject to both growth and value risks.Large-Cap Growth Stocks: An investment category that mostly comprises stocks of largecompanies whose earnings are expected to grow more quickly than the market average.Stocks have historically offered the potential for greater long-term returns, but also entailgreater short-term risks than other investments. Most growth investments offer higherpotential capital appreciation but usually at above-average risk. Growth stocks can performdifferently than other types of stocks and the market as a whole and can be more volatilethan other types of stocks.Mid-Cap Blend Stocks: An investment category that mostly comprises a blend of value andgrowth stocks of mid-size companies. Stocks have historically offered the potential forgreater long-term returns, but also entail greater short-term risks than other investmentchoices. Mid-cap shares may be more vulnerable to market downturns, and their prices couldbe more volatile, than those of larger companies. Blend strategies are subject to both growthand value risks.Mid-Cap Growth Stocks: An investment category that mostly comprises stocks of mid-sizecompanies whose earnings are expected to rise faster than the market average. Stocks havehistorically offered the potential for greater long-term returns, but also entail greatershort-term risks than other investment choices. Mid-cap stocks may be more vulnerable tomarket downturns, and their prices could be more volatile than those of larger companies.Most growth investments offer higher potential capital appreciation but usually atabove-average risk. Growth stocks can perform differently than other types of stocks and themarket as a whole and can be more volatile than other types of stocks.10
12Small-Cap Value Stocks: An investment category that mostly comprises stocks of smallcompanies that are believed to be priced below what they are really worth. Stocks of smallcompanies involve additional risks, including a higher risk of failure, and are not as wellestablished as large, blue-chip companies. Historically, small-company stocks haveexperienced greater price volatility than the overall market. Value stocks may be subject tospecial risks that have caused the stocks to be out of favor and undervalued in the opinion ofthe portfolio managers who invest in them.Small-Cap Blend Stocks: An investment category that mostly comprises a blend of bothvalue and growth stocks of small companies. Stocks of small companies involve additionalrisks, including a higher risk of failure, and are not as well established as large, blue-chipcompanies. Historically, small-company stocks have experienced greater price volatility thanthe overall market. Blend strategies are subject to both growth and value risks.Small-Cap Growth Stocks: An investment category that mostly comprises stocks of smallcompanies whose earnings are expected to rise faster than the market average.Small-company stocks involve additional risks, including a higher risk of failure, and are notas well established as large, blue-chip companies. Historically, small-company stocks haveexperienced greater price volatility than the overall market average. Growth stocks canperform differently than other types of stocks and the market as a whole and can be morevolatile than other types of stocks.World/Foreign Stocks: This investment category focuses on stocks of companies primarily(world, a.k.a. global) or exclusively (foreign, a.k.a. international) outside the United Statesand involves special additional risks. These risks include, but are not limited to, currency risk,political risk, and risk associated with varying accounting standards. Investing in emerging, ordeveloping, markets may accentuate these risks.Target Date Funds: These options generally invest in a mix of stocks, bonds, cashequivalents, and potentially other asset classes, either directly or via underlying investments,and may be subject to all of the risks of these asset classes. The allocations become moreconservative over time: the percentage of assets allocated to stocks will decrease while thepercentage allocated to bonds will increase as the target date approaches. The higher theallocation is to stocks, the greater the risk. The principal value of the investment option isnever guaranteed, including at and after the target date.Descriptions of plan features and benefits are subject to the plan document, which willgovern in the event of any inconsistencies.Transamerica Investors Securities Corporation (TISC), 440 Mamaroneck Avenue, Harrison,NY, 10528, distributes securities products. Any mutual fund offered under the plan isdistributed by that particular fund's associated fund family and its affiliated broker-dealer orother broker-dealers with effective selling agreements such as TISC. Bank collective trustsfunds, if offered under the plan, are not insured by the FDIC, the Federal Reserve Bank orany other government agency and are not registered with the Securities and ExchangeCommission. Group annuity contracts, if offered under the plan, are made available throughthe applicable insurance company. Any guarantee of principal and/or interest under a groupannuity contract is subject to the claims-paying ability of the applicable insurer. Certaininvestment options made available under the plan may be offered through affiliates ofTransamerica Retirement Solutions and TISC. These may include: (1) the TransamericaFunds (registered mutual funds distributed by Transamerica Capital Inc. (TCI) and advised byTransamerica Asset Management, Inc. (TAM)); (2) the Transamerica Retirement SolutionsCollective Trust, a collective trust fund of Massachusetts Fidelity Trust Company (MFTC)(includes the Stable Pooled Fund); (3) group annuity contracts issued by TransamericaFinancial Life Insurance Company (TFLIC), 440 Mamaroneck Avenue, Harrison, NY 10528(includes the Stable Fund, the Fixed Fund, the Guaranteed Pooled Fund, and SecurePath forLife ); and (4) group annuity contracts issued by Transamerica Life Insurance Company(TLIC), 4333 Edgewood Road NE, Cedar Rapids, IA 52499 (includes SecurePath for Life ).Penn Mutual Life Insurance Company has selected Transamerica as your retirement planprovider, but there are no other affiliations between Penn Mutual Life Insurance Companyand Transamerica, TISC, TCI, TAM, MFTC, TFLIC, or TLIC.11
112Penn Mutual Agents' Retirement Plan65173700001Initial Notice of Automatic Investment of Contributions under the PlanTo help you fund your retirement, Penn Mutual Life Insurance Company provides the Penn Mutual Agents'Retirement Plan ("Plan"). Please see below for details and answers to common questions. For additionalinformation, you can contact your plan service provider, Transamerica, by visiting your participant website atpennmutual.trsretire.com or calling 888-976-5145.Q. How will my plan account be invested?You have the right to direct the investments within your plan account. The way contributions are invested inyour account is referred to as your "investment allocation."You can elect or change how your contributions and existing assets are invested as well as obtaininformation on the other investment alternatives available under the plan by contacting your plan serviceprovider, Transamerica. Any such election or change by you, whether by making a transfer, or submitting anew investment allocation, will be considered an affirmative investment election.Penn Mutual Life Insurance Company has chosen a default investment option, also known as a QualifiedDefault Investment Alternative (QDIA), which was selected for you in accordance with section 404(c)(5) ofERISA and other legal regulations. Even though you did not make an affirmative investment election, theplan fiduciary is not liable for any losses that result from investing your assets in the QDIA. This relief fromliability applies whether or not the plan is intended to be a 404(c) plan. You have the right to transfer yourinvestment in the default investment alternative to any other available investment alternative under the planby contacting your plan service provider, Transamerica Retirement Solutions. Unless you choose otherwise,your account will be invested in the QDIA, Vanguard Target Date Funds, which is a group of single targetdate funds; one will be chosen based on your assumed retirement age of 62.Fund Family NameVanguard Target Retirement Income InvVanguard Target Retirement 2015 InvVanguard Target Retirement 2020 InvVanguard Target Retirement 2025 InvVanguard Target Retirement 2030 InvVanguard Target Retirement 2035 InvVanguard Target Retirement 2040 InvVanguard Target Retirement 2045 InvVanguard Target Retirement 2050 InvVanguard Target Retirement 2055 InvVanguard Target Retirement 2060 InvYear in Which You Turn 622011 or earlierfrom 2012 to 2016from 2017 to 2021from 2022 to 2026from 2027 to 2031from 2032 to 2036from 2037 to 2041from 2042 to 2046from 2047 to 2051from 2052 to 20562057 or laterTarget Date Funds: These options generally invest in a mix of stocks, bonds, cash equivalents, andpotentially other asset classes, either directly or via underlying investments, and may be subject to all of therisks of these asset classes. The allocations become more conservative over time: the percentage of assetsallocated to stocks will decrease while the percentage allocated to bonds will increase as the target dateapproaches. The higher the allocation is to stocks, the greater the risk. The principal value of the investmentoption is never guaranteed, including at and after the target date.For more information about the plan default investment, additional details and individual fund profiles areavailable on your plan website at pennmutual.trsretire.com.Q. When will my plan account be vested?You are 100% vested in the Company Contribution after 3 years of service.N1
2012Q. What amounts may Penn Mutual Life Insurance Company contribute to myaccount?Company Contribution4% of compensation plus 4% of compensation in excess of 55% of the social security wage base.Please refer to your Summary Plan Description for more information on contributions and eligibilityprovisions included in your plan.For more information on any registered fund, please call 888-976-5145 for a free summary prospectus(if available) and/or prospectus. You should consider the objectives, risks, charges, and expenses ofan investment carefully before investing. The summary prospectus and prospectus contain this andother information. Read them carefully before you invest.Securities offered by Transamerica Investors Securities Corporation (TISC), 440 Mamaroneck Avenue,Harrison, NY 10528. Penn Mutual Life Insurance Company has selected Transamerica Retirement Solutions(Transamerica) a
Retirement Income Inv VTINX TargetDate VanguardTarget Retirement 2015Inv VTXVX TargetDate VanguardTarget Retirement 2020Inv VTWNX TargetDate VanguardTarget . summary prospectus (if available) and/or prospectus. You should consider the objectives, risks, charges, and expenses of an investment carefully before investing.
