Phillips 66 Savings Plan

Fund Restrictions

Transaction Times
The daily cutoff time for transactions involving funds other than individual stock funds is 3 p.m., Central time. The daily cutoff time for transactions involving individual stock funds is 1 p.m., Central time. Trade requests involving individual stock funds received after 1 p.m., Central time, will receive the next business day's participant transaction price. This earlier cutoff time will allow Vanguard the opportunity to execute trades the same day they are received.

Frequent-Trading Policy
You can transfer invested assets into different funds at any time, subject to applicable transaction times and Stable Value Fund exchange rules. When you transfer assets out of a fund, including Phillips 66 Stock Fund, you may not transfer assets back into that fund within 30 calendar days of your original transfer out. This restriction also applies to reallocation and rebalancing transactions. You can move your money out of any fund at any time (subject to applicable transaction times and Stable Value Fund exchange rules).

The restriction does not apply to the following transactions:

  • Purchases of shares by payroll contribution.
  • Company contributions.
  • Loan repayments.
  • Dividend or capital gains distributions.
  • Automated transactions executed through the Vanguard Managed Account Program.
  • Written requests submitted to Vanguard via U.S. mail. (Please note that requests for transfers submitted by fax or email are not considered written requests and are subject to the 30-day restriction.)

Note: The policy applies to all funds in the plan, except Vanguard® Federal Money Market Fund and Stable Value Fund.

For more information on how these policies will affect your transactions, contact Vanguard at 800-523-1188.

Stable Value Fund Exchange Rules
You cannot transfer money directly from Stable Value Fund to Vanguard Federal Money Market Fund. Any exchanges from Stable Value Fund must first be made to any other fund or funds and remain there for 90 days. After 90 days, you can then exchange the money into Vanguard Federal Money Market Fund. For example, if you wanted to transfer money from Stable Value Fund to Vanguard Federal Money Market Fund, you would do it like this: On January 20, transfer the money from Stable Value Fund into any of the other funds in the plan except Vanguard Federal Money Market Fund (for instance, into Vanguard Institutional Total Bond Market Index Trust). On April 20 or anytime thereafter, transfer the money from Vanguard Institutional Total Bond Market Index Trust to Vanguard Federal Money Market Fund.

A Note About Risk
Whenever you invest, there's a chance you could lose the money. U.S. Treasury investments and some U.S. government agency bonds are backed by the government, so it’s highly likely that payments will be made on time. But their prices can still fall when interest rates go up. Bond funds are made up of IOUs, primarily from companies or governments. These funds risk losing value if the debt isn’t repaid on time. Also, bond prices can drop when interest rates rise or the issuer’s reputation suffers. The performance of a company stock fund depends on the price of a single stock, which can move up or down dramatically. So this type of fund can be riskier than a stock mutual fund, which may own hundreds or thousands of stocks.

Vanguard Federal Money Market Fund:
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.

As its name suggests, a stable value investment tries to keep its share price constant. But this is not guaranteed, and it's possible to lose money with an investment like this. Unlike bank savings accounts, this investment is not insured by the U.S. government. It's also not insured by your employer or Vanguard.

Vanguard is a trademark of the Vanguard Group, Inc.

Return to top ↑