DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION

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1 DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION October 1, :0918

2 INFORMATION IN THIS SUMMARY INTRODUCTION... 1 WHY CONTRIBUTE TO THE PLAN?... 2 ELIGIBILITY... 2 Eligibility for New Employees... 2 Eligibility for Rehired Employees... 3 Eligibility for Employees of an Acquired Company... 3 YOUR CONTRIBUTIONS AND YOUR EMPLOYER CONTRIBUTIONS... 5 Your Pre-tax 401(k) Contributions... 5 Your Roth 401(k) Contributions... 5 Which Is Better For You?... 6 Catch-Up Contributions... 6 Matching Contributions... 7 Profit Sharing Contributions... 8 Rollover Contributions... 9 Employer Pension Contributions Special Rules for Contributions INVESTMENT OF ACCOUNTS In General Participant Direction of Investments ERISA Section 404(c) Information on Investment Funds Adjustment of Accounts Account Statements Risk of Loss Investment Restrictions VESTING PAYMENT Payment to You After Termination Payment to Your Beneficiary Payment During Employment Retiree Health Account In General Loans CLAIMS PROCEDURES Steps in Filing a Claim Steps in Filing Request for Review PLAN AMENDMENT AND TERMINATION WHO TO CONTACT: THE PLAN ADMINISTRATOR, PLAN SPONSOR, TRUSTEE AND RECORDKEEPER Plan Name Plan Number Plan Administrator Plan Sponsor Trustee Recordkeeper ADDITIONAL INFORMATION QDRO Procedures Address Updates Fees and Expenses Service of Legal Process Type of Plan USERRA Normal Retirement Age Uncashed Check Procedures ERISA Rights ABOUT THIS SUMMARY This booklet is a summary of the Deluxe Corporation 401(k) and Profit Sharing Plan (the Plan ). It describes the general operation of the Plan and outlines your rights and obligations under the Plan. It is, however, only a summary. It does not describe every Plan feature, nor is it used to administer the Plan. The Plan s official terms are in the Plan document entitled Deluxe Corporation 401(k) and Profit Sharing Plan (2014 Restatement), along with any amendments to that document. The plan administrator will only use the official Plan document to administer the Plan and resolve any disputes. If there is a discrepancy between this Summary and the Plan document, the Plan document will control. -i-

3 A summary cannot give all the details, and the details may affect your benefits. You must read the Plan document to gain a complete understanding of the Plan. If you have questions about the Plan, you should contact the Human Resources Department. INTRODUCTION We all look forward to the day we can retire. We plan to take trips, have more time for hobbies, or pursue our dreams. The Deluxe Corporation 401(k) and Profit Sharing Plan can help you achieve your retirement goals. The Plan allows you to contribute a portion of your pay to a pre-tax 401(k) account, an aftertax Roth 401(k) account, or both. The Plan also allows your Employer to make matching contributions and profit sharing contributions. The Plan also includes the Deluxe Corporation Defined Contribution Pension Plan s money purchase pension account (the pension account ) and retiree health account that were merged into the Plan on December 31, You choose how to invest your contributions, your matching contributions, your profit sharing contributions and your pension account. The following is a list of some terms used in this Summary: Accounts. Your contributions, any employer contributions, and other contributions (such as rollover contributions) are held in separate accounts within your account for bookkeeping purposes. Your pension account is included in your account. The retiree health account is not included in your account. under Schedule I of the Plan. A profit center is a substantially integrated economic unit of an Employer that Deluxe recognizes as a separate profit center for internal bookkeeping purposes and which is designated under Schedule I of the Plan. Employer Contributions. The Employer will make matching contributions equal to a portion of your contributions. The Employer may also make profit sharing contributions to the Plan for eligible participants. The Employer discontinued pension contributions effective for all years beginning on or after January 1, Participant. You become a participant in the Plan once you satisfy the Plan s eligibility requirements. Vested. Vested refers to how much of the balance in your account that you own. You are 100% vested in your account in the Plan at all times (except for some transfer accounts). Year. The term year generally refers to a Plan Year. A Plan Year is the 12-month calendar year. Did you know? The summary uses a number of terms, such as pay and year in the place of more formal terms ( Recognized Compensation and Plan Year ) defined in the Plan document. We do this to make the Summary easier to read. The Plan document s defined terms, however, not the Summary s terms, are used to administer the Plan. See the Plan for details. Committee. The group of people who administer the Plan, unless the Employer has appointed someone else to administer the Plan. Employer. The Employer is Deluxe Corporation ( Deluxe ) or any affiliate of Deluxe that is a participating employer -1-

4 WHY CONTRIBUTE TO THE PLAN? The amounts you contribute to a pre-tax 401(k) account are not subject to federal or state income tax at the time you make the contributions. Your contributions (and investment earnings) are not taxed until you withdraw them, so your benefit is able to accumulate tax-deferred until that time. Example Suppose you decide to receive $1,000 in pay rather than contribute it to a pre-tax 401(k) account. Also suppose you pay income tax at the 25% federal income tax rate and at a 5% state income tax rate. You will pay $300 of the $1,000 in income taxes. After deducting social security and Medicare taxes, your net take home pay would be approximately $623. In contrast, if you contribute the $1,000 to a pretax 401(k) account, only the social security and Medicare taxes are withheld. You will contribute $923 to your retirement savings. The amounts you contribute to a Roth 401(k) account are subject to federal and state income at the time you make the contributions. However, these Roth 401(k) contributions (and investment earnings) are generally not taxed when you withdraw them. In addition to the advantages of tax-deferred or tax-free growth through making pre-tax 401(k) or Roth 401(k) contributions, respectively, you will be eligible to receive matching contributions. See the section on contributions for more details. ELIGIBILITY Eligibility for New Employees Eligibility for 401(k) Contributions. To initially become a participant eligible to make pre-tax 401(k) and Roth 401(k) contributions, you must: be classified by an Employer as being in Recognized Employment, be regularly scheduled to work 1,000 hours a year, and complete 30 days of service if you are hired on or after January 1, If you satisfy these requirements, you become eligible to make contributions to the Plan on the day after you complete 30 days of service. If you are not regularly scheduled to work at least 1,000 hours a year, you become eligible to make contributions on the January 1, April 1, July 1, or October 1 after you complete at least one year of service (if you are employed in Recognized Employment). Eligibility for Employer Contributions. To initially become eligible to receive Employer matching contributions and to become eligible to qualify for any Employer profit sharing contributions, you must: be classified by an Employer as being in Recognized Employment, and have completed one year of service. If you satisfy these requirements, you become eligible to receive Employer matching contributions and to qualify for any Employer profit sharing contributions (in accordance with the rules discussed on pages 7 and 8) on the next entry date. The entry dates are January 1, April 1, July 1, and October 1. If you are not employed in Recognized Employment on the first entry date after you complete a year of service, you will become eligible to receive Employer matching contributions and to qualify -2-

5 for any Employer profit sharing contributions (in accordance with the rules discussed on pages 7 and 8) when you transfer to Recognized Employment. If you were a participant in the Deluxe Corporation Defined Contribution Pension Plan as of December 31, 2010, you will continue to be a participant in the Plan with respect to your pension account. If you were not a participant in the Deluxe Corporation Defined Contribution Pension Plan as of December 31, 2010, you will not be eligible for a pension account. Eligibility for Rehired Employees If you were previously employed by Employer, you can enroll in the Plan again immediately after you are rehired and are classified in Recognized Employment. If you had previously completed a year of service, you will be eligible to receive Employer matching contributions and to qualify for any Employer profit sharing contributions. If you had not previously completed a year of service, you must first complete a year of service before you will become a participant eligible to receive Employer matching contributions and to qualify for any Employer profit sharing contributions. The Employer discontinued pension contributions effective for years beginning on or after January 1, This means if you were previously a participant with a pension account, your employment ended and you are rehired after December 31, 2010, after you are rehired, you will not receive any pension contributions under the Plan. Service In general, service or employment means a period of time during which the Employer pays you as a common-law employee and provides you with a Form W-2. See the Plan for details regarding service for eligibility. Hour of Service In general, an hour or Hour of Service means any hour for which the Employer pays you as a common-law employee. If, however, your Employer does not keep track of the actual hours you work, you will be credited with 190 hours for each month that you work at least one hour for your Employer. Eligibility Service In general, a year of service or Eligibility Service means a year in which you work at least 1,000 hours (specifically, Hours of Service ). Your service for eligibility begins to count as of your first day of work. If you have at least 1,000 hours (specifically, Hours of Service ) in your first 12 months, you have a year of service. If you do not, you may become eligible by completing 1,000 hours during any calendar year beginning after your initial date of hire. Eligibility for Employees of an Acquired Company Certain transition rules may apply to Plan eligibility, your contributions, matching contributions, profit sharing contributions, and vesting if you were an employee of a company that was acquired by or merged with Deluxe or a Deluxe affiliate. If you have questions regarding your eligibility to participate in the Plan, contact the plan administrator. -3-

6 Recognized Employment The term Recognized Employment is defined in the Plan. In general, Recognized Employment means all workers classified by the Employer as employees for both payroll and personnel purposes. But this excludes service classified by the Employer as: (1) employment under a collective bargaining agreement unless that agreement expressly provides for the employee s coverage; (2) employment as a nonresident alien; (3) employment in an Employer division or facility not in existence on January 1, 1997, unless the Committee designates such employees as eligible; (4) employment as a United States citizen or a United States resident alien outside the United States unless the Committee designates such employees as eligible; (5) employment as a temporary employee, (6) employment to the extent agreed in writing by the employee, and (7) employment of an individual who is a resident of Puerto Rico. Workers not classified by the Employer as employees for both payroll and personnel purposes are not in Recognized Employment, including, but not limited to, service as a leased employee, leased owner, leased manager, shared employee, shared leased employee, temporary worker, independent contractor, contract worker, agency worker, freelance worker, or other similar classification. The Employer s classification of you at the time of inclusion or exclusion in Recognized Employment is conclusive. Any uncertainty regarding your classification will be resolved by excluding you from Recognized Employment. See the Plan for details. Example Example: Alice starts full-time work in Recognized Employment on October 1, She completes 30 days of service on October 30, On October 31, 2015, she is a participant and eligible to make 401(k) contributions. She will be automatically enrolled to make pre-tax 401(k) contributions at the rate of four percent (4%) of pay beginning as soon as administratively possible on or after October 31, 2015, unless she declines to make 401(k) contributions, elects a different pre-tax 401(k) contribution rate, or elects to make Roth 401(k) contributions instead. Alice completes one year of service on September 30, On October 1, 2016, Alice becomes eligible to receive matching contributions and eligible to share in the profit sharing contribution for the year ending December 31, 2016 (if she qualifies as described on pages 7 and 8). Alice has no pension account. Example: Harry starts work on July 9, 2014, in a job classification that is not in Recognized Employment (e.g., temporary employee). From July 9, 2014 through July 8, 2015, he works at least 1,000 hours. On October 29, 2015, he transfers to Recognized Employment. He then becomes a participant eligible to make 401(k) contributions and to receive matching contributions on October 29, He will be automatically enrolled to make pre-tax 401(k) contributions at the rate of four percent (4%) of pay beginning as soon as administratively possible after he receives the enrollment materials for the Plan, unless he declines to make 401(k) contributions, elects a different pre-tax 401(k) contribution rate, or elects to make Roth 401(k) contributions instead. He is also eligible to share in the profit sharing contribution for the year ending December 31, 2013 (if he qualifies as described on pages 7 and 8). Harry has no pension account. -4-

7 YOUR CONTRIBUTIONS AND YOUR EMPLOYER CONTRIBUTIONS Your Pre-tax 401(k) Contributions If you are a participant, as defined under the Eligibility section, you may contribute a percentage of your pay each pay period to the Plan as pre-tax 401(k) contributions. This means that the amounts of these contributions are not included in your federal taxable income. These contributions are, however, subject to social security taxes. This means the contributions will not reduce your social security benefits. You may enroll for pre-tax 401(k) contributions by calling Empower Retirement at or logging on to Your Employer will begin taking the contributions out of your pay as of the first possible payroll period after your enrollment is processed. Your pre-tax 401(k) contributions will be credited to your pre-tax 401(k) account. Automatic Enrollment for Newly Eligible Employees. When you are first eligible to become a participant in the Plan, you will receive a notice describing the automatic enrollment feature of the Plan. If you do not make a pre-tax 401(k) contribution election, you will be automatically enrolled to make pre-tax 401(k) contributions at the rate of 4% of your pay for each pay period beginning on the date you become a participant in the Plan, unless you affirmatively elect a different percentage, affirmatively decline to make pre-tax 401(k) contributions, or affirmatively elect to make Roth 401(k) contributions instead. Automatic Enrollment for Rehired Employees. When you are rehired and you are classified in Recognized Employment, you can enroll in the Plan again immediately. You will receive a notice describing the automatic enrollment feature of the Plan. If you do not make a pre-tax 401(k) contribution election, you will be automatically enrolled to make pre-tax 401(k) contributions at the rate of 4% of your pay for each pay period beginning as soon as administratively possible after you receive such notice, unless you affirmatively elect a different percentage, affirmatively decline to make pre-tax 401(k) contributions, or affirmatively elect to make Roth 401(k) contributions instead. Automatic Increase in Pre-tax 401(k) Contribution Rate. If you are automatically enrolled in the Plan, your pre-tax 401(k) contribution rate will automatically increase annually by two percent (2%) until the earlier of (i) your pre-tax 401(k) contribution rate equals fifteen percent (15%), or (ii) you affirmatively decline to have your pre-tax 401(k) contribution rate automatically increased. Generally, the automatic annual increase will occur as soon as administratively possible on or after March 1st of each year. Empower Retirement will notify you of the automatic increase in your pre-tax contribution rate. If you do not want your pre-tax 401(k) contribution rate to increase, you may change your pre-tax 401(k) contribution rate and the automatic annual increase as of any subsequent business day. You may elect (1) to have your pre-tax 401(k) contribution rate increase by more than or less than two percent (2%) each year, (2) to continue the automatic two percent (2%) increase in your pre-tax 401(k) contribution rate after your pre-tax contribution rate equals fifteen percent (15%), (3) to have the automatic increase occur as of some other date, or (4) any combination of (1), (2) or (3). Such elections may be made by calling Empower Retirement at or logging on to Your Roth 401(k) Contributions If you are a participant, as defined under the Eligibility section, you may also contribute a percentage of your pay each pay period to the Plan as Roth 401(k) contributions. The amounts of these contributions are included in your federal taxable income. However, your Roth 401(k) contributions (and investment earnings) are generally not taxed when you withdraw them. -5-

8 You may enroll for Roth 401(k) contributions by calling Empower Retirement at or logging on to Your Employer will begin taking the contributions out of your pay as of the first possible payroll period after your enrollment is processed. Your Roth 401(k) contributions will be credited to your Roth 401(k) account. Which Is Better For You? Making a decision to contribute on a pre-tax 401(k) or Roth 401(k) basis is difficult. It is a personal decision that you have to make. We strongly urge you to seek qualified financial or tax advice as to what is likely to be the best for you given your personal circumstances. Some factors that your financial or tax advisor may consider are your current federal and state tax rates and available tax credits, the length of time the money will be in the Plan, as well as predictions of future tax rates and your level of taxable income during retirement. We will not provide tax or financial advice to you. Change or Terminate 401(k) Contribution Rate. You may change your pre-tax 401(k) and Roth 401(k) contribution rate as of any subsequent business day by making a new contribution election by calling Empower Retirement or logging on to You may terminate your enrollment at the end of a payroll period by calling Empower Retirement or logging on to If you terminate your enrollment, you may begin contributing again as of any subsequent payroll period. Limits. You may elect to contribute from 1% to 50% (in whole percentages) of your pay to your pre-tax and Roth 401(k) accounts. Although currently all participating Employers and profit centers permit the same percentages of pre-tax 401(k) and Roth 401(k) contributions by their employees, the Plan provides that the permitted percentages of 401(k) contributions may vary among Employers and/or among profit centers. The percentages of permitted employee contributions may be changed from year to year. Federal law has an annual limit (as adjusted for cost of living) on the total amount that you may contribute each year to your pre-tax and Roth 401(k) accounts, regardless of the percentage of pay you elect to contribute. The adjusted limit for 2015 is $18,000. This limit is reduced by the amount of any similar contributions you make to another employer s retirement plan. To comply with federal law, it might be necessary from time to time to limit the maximum percentage of pay that may be contributed to the Plan. Catch-Up Contributions If you are a participant in the Plan and you will be age 50 or older during the year, you may be eligible to make additional 401(k) contributions known as catch-up contributions. Catch-up contributions will be deducted from your pay unless you elect otherwise. Your catch-up contributions will be credited to your pre-tax 401(k) and Roth 401(k) accounts, according to your elections for 401(k) contributions. Eligibility for Catch-Up Contributions. To be eligible to make a catch-up contribution, you must satisfy the following two requirements: (1) you must be age 50 or older (if you will attain age 50 during the calendar year, then you satisfy this requirement), and (2) you must either contribute: (i) the maximum dollar amount of pre-tax and Roth 401(k) contributions permitted under federal law ($18,000 for 2015), or (ii) the maximum percent of your pay permitted under the Plan (50% of your pay). Election. If you are eligible to make catch-up contributions, then catch-up contributions will be automatically deducted from your pay (at the same rate as your pre-tax 401(k) and Roth 401(k) contributions), unless you elect otherwise. If you want to change your contribution rate, or the designation of your contributions as pre-tax 401(k), Roth 401(k), or both, contact Empower Retirement at -6-

9 You may contribute up to the dollar amount permitted under federal law for that particular year. Limits. Federal law has an annual limit (as adjusted for cost of living) on the amount that you may contribute each year for catch-up contributions to your pre-tax and Roth 401(k) accounts. The adjusted limit for 2015 is $6,000. This limit is reduced by the amount of any similar contributions you make to another employer s retirement plan. Recognized Compensation In general, pay or Recognized Compensation means all wages, salary, and other compensation (before income and social security withholding taxes) the Employer pays you while you are in Recognized Employment and a participant. Recognized Compensation includes the amounts that would have been paid to you if you had not enrolled in the Plan and generally any other Employer retirement or cafeteria employee benefit plans. Recognized Compensation does not include (1) reimbursements or other expense allowances, (2) welfare and fringe benefits including third-party sick pay (including short-term and long-term disability insurance benefits), income imputed from insurance coverage and premiums and employee discounts (including discounts on stock purchases), (3) payments for vacation or sick leave accrued but not taken, (4) moving expenses, (5) deferred compensation, (6) cash incentives and bonuses, including spot, special and other similar kinds of one-time cash bonuses, (7) the value of any stock options, stock appreciation rights, restricted shares and units, and performance shares and units that you receive from your Employer, (8) nontaxable worker s compensation payments, and (9) sales draw. Pay in excess of the annual compensation limit ($265,000 in 2015, and as adjusted for cost of living from time to time) is also excluded from Recognized Compensation. See the Plan for details. Matching Contributions Amount of Matching Contributions. The Plan provides that the matching contribution may vary among the Employers (or profit centers within an Employer). The amounts of the matching contribution may change from year to year. If you are employed by two or more Employers (or profit centers within Employers) in a year, the amount of matching contributions you receive for the year by each Employer or profit center will be pro-rated for the pay you earned while employed by each Employer or profit center. -7-

10 Certain Employers (or profit centers within Employers) do not currently provide matching contributions. Currently, OrangeSoda, Corporate OrangeSoda, FISI Employee Payroll, Prime Employee Payroll, QBF Employee Payroll, MHC Employee Payroll, AccuSource Employee Payroll, USFI Employee Payroll, PDEC Employee Payroll, and Image Distribution d/b/a Fontis Services do not provide matching contributions. If you are employed by an Employer or profit center that makes a matching contribution, other than VerticalResponse and Corporate VerticalResponse, and you are eligible to receive the matching contribution, the matching contribution will be based on the amount of your contributions. The matching contribution will be an amount equal to 100% of the first 1% of pay you contribute for each pay period, and 50% of the next 5% of pay you contribute for each pay period. In other words, your Employer will match $1 for each $1 you contribute up to 1% of pay, and $.50 for each $1 you contribute from 2% to 6% of pay, for a total of a 3.5% match when you defer 6% of pay. If you are employed by VerticalResponse or Corporate VerticalResponse, and you are eligible to receive the matching contribution, the matching contribution will be based on the amount of your contributions. The matching contribution will be an amount equal to 10% of the first 10% of pay you contribute for each pay period. In other words, your Employer will match $.10 for each $1 you contribute up to 10% of pay, for a total of a 1% match when you defer 10% of pay. Your catch-up contributions are not eligible for matching contributions. All matching contributions are credited to your employer matching account. Eligibility for Matching Contributions. If you are a participant for employer contributions, as defined under the Eligibility section, you are eligible for matching contributions. Example Alice starts full-time work in Recognized Employment on August 1, Alice completes a year of service on July 31, 2015 and is eligible to receive matching contributions on October 1, If she has enrolled to make contributions, her share of the matching contributions for the year ending December 31, 2015, is based on her contributions during the period from October 1, 2015 to December 31, Annual Top Off. If you are employed by an Employer or a profit center that has made matching contributions for the year and at the end of the year, your matching contribution is less than 100% of the first 1% and 50% of the next 5% of pay that you contribute for that year (or, if you are employed by VerticalResponse or Corporate VerticalResponse, less than 10% of the first 10% of pay you contribute for that year) and you worked at least 1,000 hours during the year, your Employer will make an end-of-year top off contribution so your total matching contribution for the year will be not less than 100% of the first 1% and 50% of the next 5% (or, if you are employed by VerticalResponse or Corporate VerticalResponse, not less than 10% of the first 10%) of pay that you contributed for the year. Your catch up contributions are not eligible for an end-of-year top off contribution. All top off contributions are credited to your employer matching account. Profit Sharing Contributions Amount of Profit Sharing Contributions. Each Employer (or profit center within an Employer) may make profit sharing contributions to the Plan in an amount determined by Deluxe. Generally, the amount of the profit sharing contribution, if any, will depend on the profitability of the Employer or profit center. The amount of each Employer s profit sharing contribution may vary among Employers and/or among profit centers. The amounts of the profit sharing contributions may be changed from year to year. Moreover, the Employer or profit center is not required to -8-

11 make a profit sharing contribution. If your Employer or profit center makes such a contribution and you qualify as described below, your share will be in the proportion that your pay bears to the total pay of all qualifying participants within your Employer or profit center. If you are employed by two or more Employers (or profit centers within Employers) in a year, the amount of profit sharing contributions you receive for the year by each Employer or profit center will be pro-rated for the pay you earned while employed by each Employer or profit center. Certain Employers (or profit centers within Employers) do not currently provide profit sharing contributions. Currently, FISI Employee Payroll, Prime Employee Payroll, QBF Employee Payroll, MHC Employee Payroll, AccuSource Employee Payroll, USFI Employee Payroll, PDEC Employee Payroll, and Image Distribution d/b/a Fontis Services do not provide profit sharing contributions. Eligibility for Profit Sharing Contributions. If you are a participant for employer contributions, as defined under the Eligibility section, to be eligible to receive a profit sharing contribution for a particular year, you must: be a participant for employer contributions by the last entry date of that year (i.e., by October 1) (once you are a participant, you do not have to meet this requirement again), and work at least 1,000 hours during that year. The profit sharing contribution will be allocated to your employer profit sharing account. Examples Example: Mike starts full-time work in Recognized Employment on August 5, Mike completes a year of service on August 4, 2015, and he becomes a participant eligible to qualify for any Employer profit sharing contributions on October 1, If he works 1,000 hours during 2015, he will be eligible to share in the profit sharing contribution for that year. If his Employer or profit center makes a profit sharing contribution for 2015, his share of the profit sharing contribution will be based on his pay for the period from October 1, 2015 to December 31, Example: Bob, a participant in the Plan, switches to part-time employment on January 1, He fails to work 1,000 hours during Bob is not eligible to share in the profit sharing contribution for 2015, because he did not work at least 1,000 hours during On January 1, 2016, Bob switches back to full-time employment and works more than 1,000 hours during If Bob s Employer or profit center makes a profit sharing contribution for 2016, Bob will share in the profit sharing contribution based on his pay for Example: Sara, a participant in the Plan, is employed in Recognized Employment on January 1, 2015, but she is transferred to a job classification that is not Recognized Employment (e.g., temporary employee) on July 1, Sara works 1,000 hours during If Sara s Employer or profit center makes a profit sharing contribution for 2014, Sara will be eligible to share in the profit sharing contribution based on her pay from January 1, 2015 to June 30, Any pay Sara receives while employed as a temporary employee is not included in her pay for the year s profit sharing contribution. Rollover Contributions You may have an account balance from another employer s qualified plan. Subject to the approval of the Committee, when you are eligible to make 401(k) contributions under the Plan, you may roll over all or a portion of your -9-

12 account from the other plan to this Plan without paying any income tax on it. Rolling over your other account lets you consolidate your retirement savings in one place and continue to defer taxes on it until you take it out. The rules governing rollovers are complex and there may be reasons that the Plan would not accept your rollover. To qualify, a rollover must: be from a qualified plan, such as a 401(k) plan, a section 403(b) tax-sheltered annuity plan, a governmental 457(b) plan or an individual retirement account, be payable to you as an employee of a former employer, as a beneficiary of a deceased spouse s plan, or an alternate payee of a divorced spouse s plan, be an eligible rollover distribution as defined under the Internal Revenue Code, and not contain distributions of after-tax contributions, except for designated Roth contributions or earnings. Designated Roth contribution rollovers must be made in a direct rollover from your prior employer s plan, and the prior plan administrator must provide specific information to Empower regarding the length of time the Roth account was held under that plan and the portion of the account that reflects Roth contributions and earnings. Only cash rollovers are accepted. Your rollover contribution will be credited to a separate rollover account, which is 100% vested. If you wish to make a rollover, contact Empower Retirement. Employer Pension Contributions The Employer discontinued pension contributions effective for years beginning on or after January 1, This means you will not receive any pension contributions under the Plan for years beginning on or after January 1, Pension contributions prior to that time were credited to your pension account. Special Rules for Contributions Benefit Limitations Required by Law. Federal law limits the amount that may be contributed to your accounts, the annual addition, each year. The maximum annual addition to your accounts for any year cannot exceed the lesser of 100% of your pay for the year or $53,000 for 2015 (as adjusted for cost of living from time to time). Annual addition includes all your contributions (excluding any catch-up contributions) and your employer contributions credited to your accounts under this Plan and any other defined contribution plans maintained by Deluxe or an affiliate of Deluxe for the year. Federal law also has an annual limit (adjusted for cost of living) on the amount of pay that may be considered for Plan purposes. The adjusted limit for 2015 is $265,000. If you exceed the annual limit for your contributions ($18,000 for 2015) federal law permits you to request that any excess contribution be returned. Such a request must be filed with the Committee by March 31 of the following calendar year. Also, the Plan must meet a deferral percentage test under federal law. If this test is not met, some highly compensated participants may be required to decrease the amount of pre-tax contributions made to the Plan or have a portion of those contributions returned. If you are affected by this test, the Committee will contact you. In addition, the Plan must meet a contribution percentage test under federal law. If you are affected by this test, the Committee will contact you. Note: Any contributions returned will be adjusted for investment earnings or losses. Top Heavy Provisions. If the Plan becomes top heavy as defined by federal tax laws, certain changes will become effective (such as different contribution rules). If that occurs and you are affected, you will be informed. -10-

13 INVESTMENT OF ACCOUNTS In General Each participant will have a separate account for bookkeeping purposes, except for the retiree health account. The trustee (see Who to Contact ) will invest the participant s account in investment funds as directed by participants. The trustee will invest the retiree health account as directed by the Committee. For investment purposes, however, all accounts will be combined in a single trust fund. Participant Direction of Investments You have the opportunity to invest your contributions and your employer contributions in several investment funds. Each of the investment funds has different financial goals that you can choose among. The Committee will supply information describing the funds and the procedures for making and changing your investment elections. You have investment elections to make for both the assets currently in your account and for your future contributions. You may elect to change your investment elections from time to time. Changes to investment elections take time to process. There may be a delay between when you request a change to your investment elections and when the change takes effect. If you do not make investment elections, your contributions and your employer contributions will be invested in the Plan s default investment fund, which is the target date retirement fund corresponding to the year in which you will reach age 65. Investment professionals select and manage the appropriate mix of stocks, bonds and cash, seeking appropriate return and risk relative to the time horizon of the target date retirement fund. As the target date retirement fund gets closer to the target date, the investment mix is gradually shifted by its investment professionals from higher-risk investments (stocks) to a greater concentration of lower-risk investments (bonds and money market instruments). The target date retirement fund is a qualified default investment alternative (QDIA). A QDIA is an investment fund with characteristics that the U.S. Department of Labor allows as default investments when plan participants do not make investment elections. ERISA Section 404(c) Because the Plan allows you to direct the investment of the contributions made to your account, it constitutes a plan described in section 404(c) of ERISA and Title 29 of the Code of Federal Regulations section c-1. This means that you (and not any plan fiduciary) will be responsible for any investment losses that result from your investment selections for your account. Information on Investment Funds To assist you in making your investment selections, you will be given: a general description of the investment objectives and risk and return characteristics of each investment fund, including information relating to the type and diversification of assets comprising the investment fund; information identifying the investment manager of each investment fund; an explanation of how you may give investment instructions and the limitations on the instructions that you may give; and the name, address and phone number of the plan administrator (and any person designated to act on behalf of the plan administrator) responsible for providing additional information, which the Plan is required to furnish on request. Upon request to the plan administrator, the following additional information will be provided to you or your beneficiary about the investment funds: -11-

14 information concerning the current value of the investment funds, as well as their past and current investment performance; and information concerning the value of the investment fund shares or units held in your accounts. Adjustment of Accounts All accounts will be adjusted each business day to show their proportionate share of any gains or losses. The value of your account at any time will depend both on the amount of contributions and on the investment performance of the investments that you select. Additionally, administrative and investment expenses may be paid out of the trust fund. Account Statements Your Investments You should monitor your account on a regular basis. Doing so allows you to monitor changes in the investment funds and to verify that your account is properly invested. In particular, you should review your account after you change your investment elections. Remember, you are responsible for selecting your investments and monitoring them to achieve your retirement goals. Investment Restrictions Some or all investment funds may impose trading fees, have restrictions on the number of times you may transfer into and out of that investment fund or restrictions on the length of time you must hold a particular investment fund. Contact Empower Retirement for details. The trustee keeps financial records and maintains a record of your investments. The balances in your account are determined daily. You will receive quarterly statements summarizing the activity in your account (such as opening balances, contributions, investment transfers, investment earnings or losses, withdrawals, distributions and closing balances) by investment fund as of the end of each quarter of the calendar year and information concerning the value of the shares or units of the investment funds held in your account. Risk of Loss Generally, the Plan allows you to direct the investment of your account. Your account is subject to investment risk. As with all market-based investments, earnings are not guaranteed and you could lose money. You have the entire responsibility for all consequences of your investment directions for your account under this Plan. -12-

15 VESTING You are 100% vested in your account (except for some transfer accounts). Exception: If you were a participant in the Custom Direct, Inc. 401(k) Plan (the CDI 401(k) Plan ), you terminated employment with Custom Direct, Inc. prior to December 25, 2011 (if an hourly employee) or December 30, 2011 (if a salaried employee), and your account balance under the CDI 401(k) Plan was transferred to this Plan, your employer matching contributions from the CDI 401(k) Plan will continue to be vested in accordance with the vesting provisions of the CDI 401(k) Plan. Contact Empower Retirement for the details. PAYMENT Payment to You After Termination When Payment Can Begin. Payment of your account can be made as soon as administratively practicable after you terminate employment with Deluxe and its affiliates. You must request payment of your account if your balance in this Plan at the time of payment is greater than $5,000. If you terminate and want to leave your money in the Plan, your account will continue to be credited with gains and losses according to the performance of the investments you choose. You may not add contributions to your account, and you will not receive matching contributions and profit sharing contributions (other than contributions from your employment that have yet to be made). You will continue to be able to access your account information through Empower Retirement. You must begin to receive payments from the Plan by your required beginning date. See Automatic Payment at Required Beginning Date. Automatic Payment If $5,000 or Less. If the balance of your account is $5,000 or less at any time after your employment ends, a lump sum payment will be made to you as soon as possible, whether or not you make a request for payment. If you request payment, you may elect either (i) to have your lump sum payment paid directly to you, (ii) to roll over your lump sum payment to an IRA or another qualified plan, or (iii) to roll over a portion of your lump sum payment to an IRA or another qualified plan and to have the balance of your payment paid directly to you. Payments to be rolled over into an IRA from your Roth accounts will be rolled over to a Roth IRA, and other amounts will be rolled over to a traditional IRA (unless you elect to make a Roth IRA conversion as described below). If you do not request payment and you have reached age 65 or older and the balance of your account is not more than $5,000, a lump sum payment will be made directly to you. If you do not request payment, you have not reached age -13-

16 65, and the balance of your account is $1,000 or less, a lump sum payment will be made directly to you. If you do not request payment and you have not reached age 65 and the balance of your account is more than $1,000 (but not more than $5,000), your lump sum payment will be automatically rolled over into an IRA selected by the Employer (and not paid directly to you). See the Automatic Rollover Rules section below for more details. For purposes of this section and the section below on automatic rollovers, the $1,000 and $5,000 limits are applied separately to your Roth and non-roth accounts. Automatic Rollover Rules. As described above, if you do not request a payment, you have not reached age 65, and the balance of your account is greater than $1,000 (but not more than $5,000), your balance will be automatically rolled over into an IRA selected by the Committee (and not paid directly to you). The portion of your balance consisting of Roth amounts will be rolled over into a Roth IRA, and other amounts will be rolled over into a traditional IRA (unless you elect to make a Roth IRA conversion as described below). The custodian of the IRA will invest the rollover amount in a type of investment designed to preserve principal and provide a reasonable rate of return and liquidity (e.g., an interest-bearing account, a certificate of deposit or a money market fund). All fees charged to the IRA and all fees charged by the IRA investments will be paid by the IRA (in other words, by you). If you have any questions regarding the automatic rollover rules and the fees and expenses associated with the IRA, contact Empower Retirement at Automatic Payment at Required Beginning Date. Generally, if you have not requested payment of your account before your required beginning date, you will automatically receive minimum required payments from your account beginning no later than the April 1 following the year in which you reach age 70-1/2. If, however, you are actively employed by Deluxe or one of its affiliates when you reach age 70-1/2 and you are not a 5% owner of Deluxe or one of its affiliates, you may delay payment until your required beginning date - the April 1 following the year in which your employment ends. If you have a transfer account under this Plan from the GE Savings and Security Program, your required beginning date as applied to your transfer account is the later of: (i) the March 1 following the calendar year in which you reach age 70-1/2, or (ii) the March 1 following the calendar year in which your employment ends. Form of Payment. Payment may be made in a lump sum, in installments or in partial distributions. If you receive installment payments, you may elect to change the dollar amount or the number of your installment payments. Contact Empower Retirement for details. Pension Account Form of Payment. As required by law and as described in more detail below, payment of your pension account from the Plan must be made in the form of an annuity contract unless you waive payment by annuity contract and elect payment in a lump sum, in installments or in partial distributions. This rule, however, applies only if your pension account exceeds $5,000 at the time of payment. If your pension account exceeds $5,000, the form of annuity contract (in the absence of any waiver) will also be affected by your marital status on the distribution date, as follows: Married. If you are married, your pension account will be used to buy a qualified joint and survivor annuity contract for you and your spouse. The contract will provide an immediate monthly income to you for life. Following your death, the contract will provide 50% or 75%, whichever you elect, of that monthly income to your spouse for life. Spouse means the person to whom you are married on the distribution date. Any change in marital status after the annuity contract is purchased will be disregarded. This annuity contract will not have any other death benefits. -14-

17 Exception: You may waive payment by annuity contract and receive payment in a lump sum, in installments or in partial distributions. Your waiver must be in writing and must be made within the 180-day period prior to the distribution date. Also, if your account exceeds $5,000 at the time of payment, your spouse must consent, in writing, to such a waiver. To be valid, your spouse s consent must acknowledge the effect of the waiver, must be witnessed by a notary public, and must be given within the 180-day period (but in no event less than 30 days) prior to the distribution date. Not Married. If you are not married, your pension account will be used to buy an annuity contract for you. The contract will provide an immediate monthly income to you for life. This annuity contract will not have any death benefits. Exception: You may waive payment by annuity contract and receive payment in a lump sum, in installments or in partial distributions. Your rejection must be in writing and must be made within the 180-day period (but in no event less than 30 days) prior to the distribution date. Taxes. You will have to pay income taxes on any withdrawal or distribution you receive from the Plan, except for the return of any Roth accounts in the Plan, which are subject to the tax rules described below. If you request payment(s) from your non-roth accounts in the form of a lump sum or partial payments or installments over a period of less than 10 years, federal income tax will be withheld when payment is made unless you elect to directly roll your payment(s) to a traditional IRA or another eligible employer plan. An eligible employer plan includes a section 401(a) qualified plan, a section 403(a) annuity plan, a section 403(b) tax-sheltered annuity, or a governmental 457(b) plan. A rollover of all or a portion of your non- Roth payments(s) to a traditional IRA or an eligible employer plan enables you to defer taxes on the amount rolled over until a later date. You may also elect to directly roll your non- Roth payment(s) to a Roth IRA. If you directly roll these payment(s) to a Roth IRA, known as a conversion, you will include in your gross income the taxable portion of the amount rolled over and owe taxes on such amount. When you later receive distributions from your Roth IRA, you will not owe any additional taxes as long as the distributions are qualified distributions as defined below. You will not pay income taxes on withdrawals or distributions you receive from your Roth accounts in the Plan if they are qualified distributions. To be treated as a qualified distribution, the distribution must be made after you either reach age 59-1/2, die or become disabled, and more than five years after the earliest of your first Roth 401(k) contribution to the Plan, or your first Roth contribution to a previous plan from which you made your Roth rollover. If your distribution does not satisfy these requirements, the part of the distribution that reflects earnings on your Roth accounts will be subject to taxation (unless you roll over the distribution to a Roth IRA or an eligible employer plan). If you receive a payment before attaining age 59-1/2, you may be subject to a 10% early withdrawal penalty tax, unless an exception applies. In all cases, we recommend that you consult with a qualified tax adviser before requesting payment. Before your distribution, you will receive more information about the distribution options and tax consequences. Payment to Your Beneficiary Beneficiary Designation. If you die, your account will be paid to your designated beneficiary or beneficiaries. Please note, if you have designated your spouse as your Beneficiary and you subsequently get divorced, your Beneficiary Designation will automatically be revoked. If you fail to designate a beneficiary, or if your beneficiary designation is not effective, the Plan will pay the class of your automatic beneficiaries: your spouse, your -15-

18 children, your parents, your siblings, or your estate. Married Participants. If you are married at the time of your death, your spouse will have the right to receive your entire death benefit unless your spouse consents to another beneficiary. The consent of your spouse must be in writing and witnessed by a notary public and must acknowledge the effect of your designation of another beneficiary. Your spouse s consent can be given at the time you make a designation or at a later time. However, consent must be given no later than nine months after your death. If you have a pension account and your spouse consents to the naming of another beneficiary, your spouse is waiving rights to death benefits (sometimes known as the qualified preretirement survivor annuity). As required by federal law, if: (a) you designate a beneficiary before the January 1 of the year in which you reach age 35, and (b) you die on or after that January 1 while married, and (c) your beneficiary designation names someone other than your spouse; then that designation is void and your spouse is your presumed beneficiary. If you want to name someone other than your spouse as beneficiary, you must file a new beneficiary designation with your spouse s consent. Beneficiary Forms. We recommend that you file a beneficiary designation form and keep it up to date. To be valid, Empower Retirement must receive your form during your lifetime. Contact Empower Retirement for a form to make or change your beneficiary designations. Note: A beneficiary entitled to a payment may disclaim all or any portion of his or her interest, subject to the rules of the Plan, within nine months of the date of your death. Contact Empower Retirement for details. Form of Payment. Payment to your beneficiary will be made in a lump sum, in installments or in partial distributions. Note: If your beneficiary is receiving installment payments, your beneficiary may elect to change the dollar amount or the number of installment payments. Your beneficiary should contact Empower Retirement for details. Pension Account Form of Payment. If your account exceeds $5,000, payments of your pension account to your beneficiary upon your death must be made in the form of an annuity contract unless your spouse waives payment by annuity contract and elects payment in a lump sum, in installments or in partial distributions. Payments from the Plan to your beneficiary may be made in a lump sum, in installments or in partial distributions. Automatic Payment If $5,000 or Less. If your account is $5,000 or less at any time, your account will be distributed to your beneficiary in a lump sum as soon as administratively practicable following your death, whether or not your beneficiary applies for payment. Automatic Payment at Beneficiary s Required Beginning Date. If you die before your required beginning date (generally age 70-1/2) and you have not withdrawn the entire amount in your account, the Plan will pay the remaining amount to your beneficiary or commence minimum required payments to your beneficiary no later than the December 31 of the year in which occurs the first anniversary of your death. If, however, your beneficiary is your surviving spouse, the Plan will defer payment to your surviving spouse until the later of: (i) the December 31 of the year in which occurs the first anniversary of your death, or (ii) the December 31 of the year in which you would have reached age 70-1/2. If, however, your beneficiary is not an individual (for example, your estate or certain types of trusts), the Plan will pay your remaining account to your beneficiary no later than the December 31 of the year in which occurs the fifth anniversary of your death. If you die after your required beginning date (generally age 70-1/2) and you have not withdrawn the entire amount in your account, the Plan will pay the remaining amount to your beneficiary or commence minimum required payments to your beneficiary no later than the -16-

19 December 31 of the year in which occurs the first anniversary of your death. Death of Beneficiary Before Entire Account is Distributed. Following your death (i.e., the participant s death), your beneficiary may file a beneficiary designation form to designate one or more beneficiaries to receive all or a portion of your beneficiary s share of any remaining account in the event of your beneficiary s death. To be valid, Empower Retirement must receive your beneficiary s form after your death and before your beneficiary s death. Your beneficiary should contact Empower Retirement for a form to make or change his or her beneficiary designations. If your beneficiary dies after you (i.e., the participant) but before your beneficiary has withdrawn the entire amount in his or her account under the Plan, the Plan will pay your beneficiary s remaining account to your beneficiary s designated beneficiary or beneficiaries. If your beneficiary fails to designate a beneficiary, or if his or her beneficiary designation is not effective, the Plan will pay the class of automatic beneficiaries for your beneficiary: spouse, children, parents, siblings, or estate. Following the death of your beneficiary (i.e., the participant s beneficiary), your beneficiary s remaining account under the Plan will be distributed to his or her beneficiary no later than the December 31 of the year following the year of your beneficiary s death. If, however, your beneficiary was receiving minimum required payments and your beneficiary dies before receiving the minimum required payment for the year of your beneficiary s death, the minimum required payment for that year will be paid to your beneficiary s designated beneficiary or beneficiaries. Payment will be made in the form of a lump sum payment. Taxes. Your beneficiary will have to pay income taxes on any withdrawal or distribution your beneficiary receives from the Plan, except for the return of any Roth accounts in the Plan, which are subject to the tax rules described below. If your beneficiary is your surviving spouse, and your surviving spouse requests payment(s) from his or her non-roth accounts in the form of a lump sum or partial payments or installments over a period of less than 10 years, federal income tax will be withheld when payment is made unless your surviving spouse elects to directly roll the payment(s) to a traditional IRA or another eligible employer plan. If your beneficiary is not your surviving spouse, your beneficiary may elect to directly roll the payment to an inherited IRA, but not to another qualified plan. Your beneficiary may also elect to directly roll your non-roth payment(s) to a Roth IRA. If your beneficiary directly rolls these payment(s) to a Roth IRA, known as a conversion, your beneficiary will include in gross income the taxable portion of the amount rolled over and owe taxes on such amount. Your beneficiary will not pay income taxes on withdrawals or distributions your beneficiary receives from your Roth accounts in the Plan if they are qualified distributions as defined earlier. If the distribution does not satisfy this requirement, the part of the distribution that reflects earnings on your Roth accounts will be subject to taxation (unless your beneficiary rolls over the distribution to a Roth IRA or an eligible employer plan). Your beneficiary will receive more information about the distribution options and tax consequences if you die. Death benefits are not subject to the 10% early withdrawal penalty tax. We recommend that your beneficiary consult with a qualified tax adviser before requesting payment. Payment During Employment In-Service Withdrawals from Your Profit Sharing Account. In some situations, you may request an in-service payment from your profit sharing account. Such payments may be for one of the following reasons: -17-

20 to pay large uninsured medical expenses of yourself, your spouse, your domestic partner or any legal dependent; to prevent eviction from or foreclosure on your principal residence; to purchase your principal residence; to pay for post-secondary education expenses of yourself, your spouse, your domestic partner or any legal dependent; or for any purpose if you are age fifty (50). If you have been a participant in this Plan for five or more years (or your combined years of participation in the Deluxe Corporation Profit Sharing Plan prior to 2003, and your years of participation in this Plan after December 31, 2002, equal five or more years), the withdrawal cannot exceed the current balance of your profit sharing account under the Plan. If you have been a participant for less than five years, your withdrawal amount cannot exceed the current balance of your profit sharing account at the time of the request less an amount equal to the last two annual Employer profit sharing contributions to your account. Note: If you have a transfer account under this Plan that is attributable to the A. O. Smith Profit Sharing Retirement Plan under the Deluxe Data Systems, Inc. Employee Profit Sharing Plan, such transfer account is not available for payment during employment. Transfer Account. If you were a participant in a plan maintained by an employer that was acquired by Deluxe (or an affiliate of Deluxe) and all or a portion of its plan was merged into this Plan, then a transfer account has been established under this Plan to hold your accounts from the merged plan. The following transfer accounts will be subject to special distribution rules. Empower Retirement will advise you of the special distribution rules when you request a distribution. Contact Empower Retirement if you have questions regarding your transfer account. Deluxe Payment Protection Systems, Inc. 401(k) Retirement Plan. If you have a transfer account under this Plan from the Deluxe Payment Protection Systems, Inc. 401(k) Retirement Plan and you have attained age 65, you may receive a distribution while employed from your transfer account. Contact Empower Retirement for details. HCL 401(k) Plan. If you have a transfer account under this Plan from the HCL 401(k) Plan (also known as the idlx Technology Partners, Inc. 401(k) Plan) and you have attained age 59-1/2, you may receive a distribution while employed from your transfer account. Contact Empower Retirement for details. GE Savings and Security Program. If you have a transfer account under this Plan from the GE Savings and Security Program, you may receive a distribution at any time while employed from your transfer account (excluding, however, any portion of the transfer account that is attributable to 401(k) contributions or earnings on 401(k) contributions). Contact Empower Retirement for details. Current Retirement Trust. If you have a transfer account under this Plan from the Current Retirement Trust and you have attained age 59-1/2, you may receive a distribution while employed from that portion of your transfer account that is attributable to your pre-tax contributions, your after-tax contributions (if any) and profit sharing contributions under the Current Retirement Trust. In addition, if you made any after-tax contributions to the Current Retirement Trust, you may receive a distribution while employed of your after-tax contributions. You may also request an in-service payment from your transfer account from the Current Retirement Trust if you have been a participant in this Plan and the Current Retirement Trust for at least 60 months or the distribution is for certain hardship -18-

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