Plan Perspectives - Morgan Stanley Locator
Plan Perspectives
Retirement Insights From Morgan Stanley 4Q 2016 | Volume 17, Issue 4
Exchange-Traded Funds or Index Funds: Which Passive Approach Is Right for You? In recent years, a strategy known as passive investing has proven increasingly popular with many investors.
This discipline involves the construction of a portfolio to replicate a market index like the Standard & Poor’s 500. Unlike actively managed investments, passive investments do not seek to outperform the index. Their goal is to simply keep pace with it. Investors have embraced passive investing for a number of reasons, primarily because they are willing to sacrifice the potential of above market returns in favor of lower risk and lower fees. In fact, the fees and expenses associated with passive investments are generally considerably lower than those charged by their actively managed counterparts. If you examine the various investment options available to you in your 401(k), you may find two different types of passive investment alternatives. One is called an index fund while the other is called an exchange-traded fund. Which might prove the best choice for you? Index Funds , as their name implies, seek to mirror the performance of an underlying index by simply buying and holding all the stocks that are in that index. An index fund based on the S&P 500, for example, would buy all 500 stocks in the same proportion as they are represented in the index.
Index funds are offered by investment management organizations. Like any mutual fund, they adjust their net asset value at the close of the market every day. That’s the price at which you can buy or sell shares. exchange-traded funds are not offered by investment management companies. Rather, they are listed on exchanges and can be bought and sold like a stock. As a result, prices change continuously throughout the day and are based on supply and demand.
plan Perspectives
If you purchase an exchange-traded fund outside your 401(k), you’ll have to establish a brokerage account. You will also have to pay a brokerage commission when you buy and/or sell your investment.
indexes — that the ETF price is higher or lower than the level of its index. With index funds, net asset value, which is adjusted at the end of every trading day, always reflects the index on which it is based.
Year of Birth
Full Retirement Age
1943-1954
66
1955
66 and 2 months
1956
66 and 4 months
If you participate in an exchangetraded fund through your 401(k), you pay no commissions. What’s more, the expense ratios of ETFs, which cover operational costs like administration, shareholder services and compliance, are generally lower than those of their index fund counterparts.
Compare expense ratios of ETFs and index funds tracking the same market index before you make a commitment. The lower the expense ratio, the higher your potential return.
1957
66 and 6 months
1958
66 and 8 months
1959
66 and 10 months
1960 and later
67
Which Approach Makes Most Sense for You? Outside a 401(k), the seemingly minor differences between index funds and ETFs can be more meaningful than they appear: •
•
Index funds make periodic distributions of dividends and capital gains that are taxable. ETFs distribute only dividends. You pay no capital gains tax until you sell your investment for more than the price at which you purchased it. ETFs may have lower expense ratios than index funds, but they also require you to pay commissions upon buying or selling them
Inside a 401(k), however, all these differences don’t amount to very much. Distributions of dividends and capital gains are not taxable until you withdraw them. ETFs in a 401(k) do not impose commissions. And sophisticated trading strategies involving options, margin and other techniques are not applicable to 401(k) participants. The one issue that you should investigate before committing assets to an ETF in your 401(k) is whether it has always performed in sync with its underlying index. Remember — ETF prices fluctuate based on supply and demand. As a result, there might be times — especially with more obscure
2
Morgan Stanley | 2016
Sorting Out Your Sources of Retirement Income You’ve been contributing to your 401(k) throughout your career and by the time you retire, you will have hopefully accumulated substantial savings. Besides your 401(k), however, what other income sources are available to help you meet day-to-day expenses? Social Security
For Americans over age 65, Social Security represents the largest source of retirement income by far.1 In fact, for 61% of these people, it constitutes more than 50% of their income.2 Even if you’re in the other 39% and retirement is years away, it still pays to understand some Social Security basics, so you’ll be able to make informed decisions when you become eligible for benefits. The age at which you become eligible is 62. However, you can receive a considerably larger benefit if you wait until you reach what the Social Security Administration calls “Full Retirement Age” (see table). If you don’t need this income, you should consider waiting until you reach Full Retirement Age or even older. Your benefit increases annually until it reaches its maximum at age 70.
One more point — if you apply for benefits at age 62 and wish to keep working, you will lose $1 in benefits for every $2 you earn above a specific threshold that is adjusted each year. That threshold is $15,720 in 2016 and increases to $16,920 in 2017. By waiting until Full Retirement Age, you can avoid this reduction and work without penalty. Traditional Pension
If you’re lucky enough to work for an employer that offers a traditional defined benefit pension plan, congratulations. You’re in the minority. Traditional pensions offer payments that are guaranteed to last as long as you live. You must choose whether to maximize your payments at the risk of leaving your spouse without them, if you should predecease him or her. Or you can choose what is called a joint and survivor benefit that provides you with a lower payment but continues those payments to your surviving spouse. Some pensions offer other choices. Before you make any decisions that might be irrevocable, consult with your Financial Advisor and pension plan administrator. Part-Time Job or Other Employment
A recent report by U.S. News and World Report revealed that approximately 29% of retirees receive income from employment. In fact, almost half the U.S. population between the ages of 65 and 69 receive at least some income from wages and other earnings.3 By working, instead of retiring completely, you continue to
pay into the Social Security system and perhaps increase your benefit when you finally apply for it. What’s more, you shorten the time period in which you will have to rely solely on other sources of income to meet expenses. Your 401(k) Plan
Once you quantify your other sources of retirement income, you will be able to determine how much you’ll have to withdraw each year from your 401(k) to meet expenses. Some financial professionals use a 4% rule of thumb, assuming that you can withdraw 4% of your assets annually without depleting them over your lifetime. Rules of thumb are useful for estimating, but don’t rely on them to make critical retirement decisions. Visit the Social Security website at www.ssa.gov, register and request a personalized benefits statement that projects the payments you can receive from Social Security at various ages. If you qualify for a pension at work, talk with your plan administrator to determine your projected benefit under various payment options. Finally, consult with your Financial Advisor to develop a plan that takes into account all sources of retirement income and projected expenses. The more you know now, the better you’ll be able to understand when you can retire or whether you’ll have to continue working longer than anticipated. https://www.ssa.gov/policy/docs/chartbooks/ fast_facts/2016/fast_facts16.html#pagei
1
https://www.ssa.gov/policy/docs/chartbooks/ fast_facts/2016/fast_facts16.html#pagei 2
http://money.usnews.com/money/retirement/ articles/2016-06-06/the-4-most-importantsources-of-retirement-income
3
What You Don’t Know About Your 401(k) Can Help You Most 401(k) participants understand the basics, but here are a few benefits that aren’t as widely known: 1. You don’t have to be age 59½ or older to take penalty-free withdrawals
Withdrawals from a 401(k) are subject to a 10% penalty, if you’re under age 59½, right? Not necessarily. If you leave your employer between the ages of 55 and 59½, you can take a distribution of your 401(k) assets with no 10% penalty. However, any distribution you take will be subject to income tax at your individual tax rate. If you’re age 55 and contemplating leaving your job, consider maintaining your 401(k), instead of rolling over assets to an IRA, at least for the next several years. By doing so, you will be able to withdraw funds with no penalty.
4. You get more information to make investment decisions
401(k) participants can easily access performance figures for every investment option offered by their plan. Generally, this data is available for various time periods to help you determine how investment options have performed in various market environments. Other important information offered to 401(k) participants includes the fees imposed by each investment option. In fact, 401(k) plan sponsors are required to send participants an annual fee disclosure statement that can help you understand what you’re paying for each investment option you own and whether there might be lower cost options available. Don’t ignore these disclosures. Compare costs and performance of funds with similar objectives to determine whether you’re getting the maximum return for the fees you’re being charged.
2. You don’t Always have to take Required Minimum Distributions when you turn age 70½
If you’re still working, you can defer Required Minimum Distributions (RMDs) from your employer’s 401(k) until you retire — in fact, you have until April 1 of the year after you retire to take your first RMD. This perk does not apply to business owners who own more than 5% of their company. Nor does it apply to IRAs or other tax-qualified accounts like 401(k) plans from previous employers. 3. Participation has no age limits
Even if you’re over age 70½, you can continue contributing to your 401(k) with pre-tax dollars and deferral of taxes on investment returns. One caveat — your ability to participate is subject to the approval of your employer.
Morgan Stanley | 2016
3
plan Perspectives
What If You Can’t Retire on Schedule? It’s coming — the year in which you’d hoped to retire, but somehow, you’re not quite certain if you’re financially ready. Before you make any decisions, confer with a knowledgeable Financial Advisor to determine whether the timing of your objectives is realistic. If it’s not, here are several tactics to consider: 1. Accelerate Your
a year to your 401(k). A $6,000 annual contribution can add significant dollars to your retirement nest egg over various time periods (see chart below). 3. Consider Increasing Your Return Potential
As you can see, investment returns can make a major difference in your retirement savings over time. The dilemma for investors nearing retirement, however, is that pursuing higher returns involves assuming greater risk at a time when many experts believe you should be allocating your assets more conservatively. 4. Work Longer
401(k) Contributions
Saving for retirement in a 401(k) requires a smaller outlay of funds than saving in a taxable account. That’s because your contributions are made with pre-tax dollars. If you’re not contributing the maximum $18,000 a year, now is the time to start. 2. Take Advantage of Catch-Up Contributions
If you’re 50 years of age or older, you can contribute up to an additional $6,000
Admittedly, you may not want to consider postponing your retirement, but for every year you continue working, you stand to increase your retirement assets significantly. By working an additional five years and contributing the maximum plus catch-up to your 401(k), you could generate an additional $139,246, assuming a hypothetical 5% annual return. In addition, you’re delaying the time when you’ll have to withdraw assets or generate sufficient income to meet day-to-day retirement expenses.
5. Work Part Time Now and/or after You Retire
Again, this may not be the scenario you envisioned for yourself, but working part time may provide you with not only additional income, but the ability to make additional 401(k) contributions. A contribution of $500 per month for five years can grow to more than $36,000, assuming a hypothetical 8% return. Once you actually do retire, you may decide to continue working part time simply to supplement your retirement income or perhaps to try something different from what you worked at throughout your career. Whatever your reasons, the income you earn will enable you to avoid relying too heavily on your savings during your early years of retirement. As a result, your assets can continue to grow and perhaps provide you with more income during the later years of your retirement.
What Can Contributing the Maximum Plus Catch-Ups to Your 401(k) Mean to You? $24,000 annual contribution
5% annual return*
7% annual return*
8% annual return*
5 Years
$139,246
$147,679
$152,062
10 Years
$316,963
$354,806
$375,492
15 Years
$543,780
$643,313
$703,783
*Hypothetical results are for illustrative purposes only and are not intended to represent future performance of any particular investment. Your actual results may differ. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The securities discussed in this material may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. This material is not an offer to buy or sell any security or to participate in any trading strategy. Index Funds are offered by prospectus. An investor should read the prospectus carefully before investing. It is not possible to directly invest in an index. Index funds carry the same risks as the investments comprising the indices they track. By definition, index funds are designed to match, not beat, the performance of their underlying indices. Index funds are also subject to tracking error that may result in losses greater than those of the underlying indices.
Investors should carefully consider the investment objectives, risks, charges and expenses of a mutual fund and exchangetraded fund (ETF) before investing. The prospectus contains this and other information about the mutual fund and ETF. To obtain a prospectus, contact your Financial Advisor or visit the mutual fund and ETF company’s website. Please read the prospectus carefully before investing. Investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Past performance is not indicative of future results. Tax laws are complex and subject to change. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account. © 2016 Morgan Stanley Smith Barney LLC. Member SIPC.
KP8735951 CRC1645057 CS8735951 12/16
Retirement Insights From Morgan Stanley 4Q 2016 | Volume 17, Issue 4
Exchange-Traded Funds or Index Funds: Which Passive Approach Is Right for You? In recent years, a strategy known as passive investing has proven increasingly popular with many investors.
This discipline involves the construction of a portfolio to replicate a market index like the Standard & Poor’s 500. Unlike actively managed investments, passive investments do not seek to outperform the index. Their goal is to simply keep pace with it. Investors have embraced passive investing for a number of reasons, primarily because they are willing to sacrifice the potential of above market returns in favor of lower risk and lower fees. In fact, the fees and expenses associated with passive investments are generally considerably lower than those charged by their actively managed counterparts. If you examine the various investment options available to you in your 401(k), you may find two different types of passive investment alternatives. One is called an index fund while the other is called an exchange-traded fund. Which might prove the best choice for you? Index Funds , as their name implies, seek to mirror the performance of an underlying index by simply buying and holding all the stocks that are in that index. An index fund based on the S&P 500, for example, would buy all 500 stocks in the same proportion as they are represented in the index.
Index funds are offered by investment management organizations. Like any mutual fund, they adjust their net asset value at the close of the market every day. That’s the price at which you can buy or sell shares. exchange-traded funds are not offered by investment management companies. Rather, they are listed on exchanges and can be bought and sold like a stock. As a result, prices change continuously throughout the day and are based on supply and demand.
plan Perspectives
If you purchase an exchange-traded fund outside your 401(k), you’ll have to establish a brokerage account. You will also have to pay a brokerage commission when you buy and/or sell your investment.
indexes — that the ETF price is higher or lower than the level of its index. With index funds, net asset value, which is adjusted at the end of every trading day, always reflects the index on which it is based.
Year of Birth
Full Retirement Age
1943-1954
66
1955
66 and 2 months
1956
66 and 4 months
If you participate in an exchangetraded fund through your 401(k), you pay no commissions. What’s more, the expense ratios of ETFs, which cover operational costs like administration, shareholder services and compliance, are generally lower than those of their index fund counterparts.
Compare expense ratios of ETFs and index funds tracking the same market index before you make a commitment. The lower the expense ratio, the higher your potential return.
1957
66 and 6 months
1958
66 and 8 months
1959
66 and 10 months
1960 and later
67
Which Approach Makes Most Sense for You? Outside a 401(k), the seemingly minor differences between index funds and ETFs can be more meaningful than they appear: •
•
Index funds make periodic distributions of dividends and capital gains that are taxable. ETFs distribute only dividends. You pay no capital gains tax until you sell your investment for more than the price at which you purchased it. ETFs may have lower expense ratios than index funds, but they also require you to pay commissions upon buying or selling them
Inside a 401(k), however, all these differences don’t amount to very much. Distributions of dividends and capital gains are not taxable until you withdraw them. ETFs in a 401(k) do not impose commissions. And sophisticated trading strategies involving options, margin and other techniques are not applicable to 401(k) participants. The one issue that you should investigate before committing assets to an ETF in your 401(k) is whether it has always performed in sync with its underlying index. Remember — ETF prices fluctuate based on supply and demand. As a result, there might be times — especially with more obscure
2
Morgan Stanley | 2016
Sorting Out Your Sources of Retirement Income You’ve been contributing to your 401(k) throughout your career and by the time you retire, you will have hopefully accumulated substantial savings. Besides your 401(k), however, what other income sources are available to help you meet day-to-day expenses? Social Security
For Americans over age 65, Social Security represents the largest source of retirement income by far.1 In fact, for 61% of these people, it constitutes more than 50% of their income.2 Even if you’re in the other 39% and retirement is years away, it still pays to understand some Social Security basics, so you’ll be able to make informed decisions when you become eligible for benefits. The age at which you become eligible is 62. However, you can receive a considerably larger benefit if you wait until you reach what the Social Security Administration calls “Full Retirement Age” (see table). If you don’t need this income, you should consider waiting until you reach Full Retirement Age or even older. Your benefit increases annually until it reaches its maximum at age 70.
One more point — if you apply for benefits at age 62 and wish to keep working, you will lose $1 in benefits for every $2 you earn above a specific threshold that is adjusted each year. That threshold is $15,720 in 2016 and increases to $16,920 in 2017. By waiting until Full Retirement Age, you can avoid this reduction and work without penalty. Traditional Pension
If you’re lucky enough to work for an employer that offers a traditional defined benefit pension plan, congratulations. You’re in the minority. Traditional pensions offer payments that are guaranteed to last as long as you live. You must choose whether to maximize your payments at the risk of leaving your spouse without them, if you should predecease him or her. Or you can choose what is called a joint and survivor benefit that provides you with a lower payment but continues those payments to your surviving spouse. Some pensions offer other choices. Before you make any decisions that might be irrevocable, consult with your Financial Advisor and pension plan administrator. Part-Time Job or Other Employment
A recent report by U.S. News and World Report revealed that approximately 29% of retirees receive income from employment. In fact, almost half the U.S. population between the ages of 65 and 69 receive at least some income from wages and other earnings.3 By working, instead of retiring completely, you continue to
pay into the Social Security system and perhaps increase your benefit when you finally apply for it. What’s more, you shorten the time period in which you will have to rely solely on other sources of income to meet expenses. Your 401(k) Plan
Once you quantify your other sources of retirement income, you will be able to determine how much you’ll have to withdraw each year from your 401(k) to meet expenses. Some financial professionals use a 4% rule of thumb, assuming that you can withdraw 4% of your assets annually without depleting them over your lifetime. Rules of thumb are useful for estimating, but don’t rely on them to make critical retirement decisions. Visit the Social Security website at www.ssa.gov, register and request a personalized benefits statement that projects the payments you can receive from Social Security at various ages. If you qualify for a pension at work, talk with your plan administrator to determine your projected benefit under various payment options. Finally, consult with your Financial Advisor to develop a plan that takes into account all sources of retirement income and projected expenses. The more you know now, the better you’ll be able to understand when you can retire or whether you’ll have to continue working longer than anticipated. https://www.ssa.gov/policy/docs/chartbooks/ fast_facts/2016/fast_facts16.html#pagei
1
https://www.ssa.gov/policy/docs/chartbooks/ fast_facts/2016/fast_facts16.html#pagei 2
http://money.usnews.com/money/retirement/ articles/2016-06-06/the-4-most-importantsources-of-retirement-income
3
What You Don’t Know About Your 401(k) Can Help You Most 401(k) participants understand the basics, but here are a few benefits that aren’t as widely known: 1. You don’t have to be age 59½ or older to take penalty-free withdrawals
Withdrawals from a 401(k) are subject to a 10% penalty, if you’re under age 59½, right? Not necessarily. If you leave your employer between the ages of 55 and 59½, you can take a distribution of your 401(k) assets with no 10% penalty. However, any distribution you take will be subject to income tax at your individual tax rate. If you’re age 55 and contemplating leaving your job, consider maintaining your 401(k), instead of rolling over assets to an IRA, at least for the next several years. By doing so, you will be able to withdraw funds with no penalty.
4. You get more information to make investment decisions
401(k) participants can easily access performance figures for every investment option offered by their plan. Generally, this data is available for various time periods to help you determine how investment options have performed in various market environments. Other important information offered to 401(k) participants includes the fees imposed by each investment option. In fact, 401(k) plan sponsors are required to send participants an annual fee disclosure statement that can help you understand what you’re paying for each investment option you own and whether there might be lower cost options available. Don’t ignore these disclosures. Compare costs and performance of funds with similar objectives to determine whether you’re getting the maximum return for the fees you’re being charged.
2. You don’t Always have to take Required Minimum Distributions when you turn age 70½
If you’re still working, you can defer Required Minimum Distributions (RMDs) from your employer’s 401(k) until you retire — in fact, you have until April 1 of the year after you retire to take your first RMD. This perk does not apply to business owners who own more than 5% of their company. Nor does it apply to IRAs or other tax-qualified accounts like 401(k) plans from previous employers. 3. Participation has no age limits
Even if you’re over age 70½, you can continue contributing to your 401(k) with pre-tax dollars and deferral of taxes on investment returns. One caveat — your ability to participate is subject to the approval of your employer.
Morgan Stanley | 2016
3
plan Perspectives
What If You Can’t Retire on Schedule? It’s coming — the year in which you’d hoped to retire, but somehow, you’re not quite certain if you’re financially ready. Before you make any decisions, confer with a knowledgeable Financial Advisor to determine whether the timing of your objectives is realistic. If it’s not, here are several tactics to consider: 1. Accelerate Your
a year to your 401(k). A $6,000 annual contribution can add significant dollars to your retirement nest egg over various time periods (see chart below). 3. Consider Increasing Your Return Potential
As you can see, investment returns can make a major difference in your retirement savings over time. The dilemma for investors nearing retirement, however, is that pursuing higher returns involves assuming greater risk at a time when many experts believe you should be allocating your assets more conservatively. 4. Work Longer
401(k) Contributions
Saving for retirement in a 401(k) requires a smaller outlay of funds than saving in a taxable account. That’s because your contributions are made with pre-tax dollars. If you’re not contributing the maximum $18,000 a year, now is the time to start. 2. Take Advantage of Catch-Up Contributions
If you’re 50 years of age or older, you can contribute up to an additional $6,000
Admittedly, you may not want to consider postponing your retirement, but for every year you continue working, you stand to increase your retirement assets significantly. By working an additional five years and contributing the maximum plus catch-up to your 401(k), you could generate an additional $139,246, assuming a hypothetical 5% annual return. In addition, you’re delaying the time when you’ll have to withdraw assets or generate sufficient income to meet day-to-day retirement expenses.
5. Work Part Time Now and/or after You Retire
Again, this may not be the scenario you envisioned for yourself, but working part time may provide you with not only additional income, but the ability to make additional 401(k) contributions. A contribution of $500 per month for five years can grow to more than $36,000, assuming a hypothetical 8% return. Once you actually do retire, you may decide to continue working part time simply to supplement your retirement income or perhaps to try something different from what you worked at throughout your career. Whatever your reasons, the income you earn will enable you to avoid relying too heavily on your savings during your early years of retirement. As a result, your assets can continue to grow and perhaps provide you with more income during the later years of your retirement.
What Can Contributing the Maximum Plus Catch-Ups to Your 401(k) Mean to You? $24,000 annual contribution
5% annual return*
7% annual return*
8% annual return*
5 Years
$139,246
$147,679
$152,062
10 Years
$316,963
$354,806
$375,492
15 Years
$543,780
$643,313
$703,783
*Hypothetical results are for illustrative purposes only and are not intended to represent future performance of any particular investment. Your actual results may differ. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The securities discussed in this material may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. This material is not an offer to buy or sell any security or to participate in any trading strategy. Index Funds are offered by prospectus. An investor should read the prospectus carefully before investing. It is not possible to directly invest in an index. Index funds carry the same risks as the investments comprising the indices they track. By definition, index funds are designed to match, not beat, the performance of their underlying indices. Index funds are also subject to tracking error that may result in losses greater than those of the underlying indices.
Investors should carefully consider the investment objectives, risks, charges and expenses of a mutual fund and exchangetraded fund (ETF) before investing. The prospectus contains this and other information about the mutual fund and ETF. To obtain a prospectus, contact your Financial Advisor or visit the mutual fund and ETF company’s website. Please read the prospectus carefully before investing. Investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Past performance is not indicative of future results. Tax laws are complex and subject to change. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account. © 2016 Morgan Stanley Smith Barney LLC. Member SIPC.
KP8735951 CRC1645057 CS8735951 12/16
