1 Personal Retirement Account Plan Summary Plan Description
2 Table of Contents Who Is Eligible...1 When You Participate...1 When You Are Vested...1 Break in Service...1 Maternity/Paternity Absence...1 Your Cost...1 How to Enroll...1 How Your Account Can Grow...2 How the Earnings Allocation Works...2 How the Interest Credit Works...3 Example of How Your Account Can Grow...3 Payment Forms...3 The Temporary Supplement...4 Enhanced Frozen Benefit...5 How the Enhanced Frozen Benefit is Calculated...5 Minimum Enhanced Frozen Benefit...5 Minimum Temporary Supplement...6 When Your Vested Account Is Payable...7 When You Retire or Leave the Company...7 When You Die...8 Your Survivor...8 Ancillary Surviving Spouse Annuity...8 Closing Account Balance of $5,000 or Less...8 About Taxes...9 How to Apply for Benefits...9 Appealing a Denied Claim for Benefits...9 Limitations of the Plan...9 Other Important Information...10 Maximum Benefits...10 Top-Heavy Rules...10 Nonassignability of Benefits/Qualified Domestic Relations Order...10 Payment to Someone Who Is Incompetent...10 Reemployment After Retirement...10 Official Plan Documents...11 Future of the Plan...11 Plan Name...11 Plan Number...11 Plan Financing...11 Table of Contents (Continued)
3 ERISA Information...11 Pension Benefit Guaranty Corporation...12 Your Rights Under ERISA...12 Your Employment...13 Appendix: Table of Percentages This booklet summarizes the Personal Retirement Account Supplement for Salaried Employees of I/N Tek and I/N Kote (hereafter the Plan ). Details about the Personal Retirement Account Plan are in the official plan documents. If any information in this booklet conflicts with the official plan documents, the plan documents govern. The benefits described in this booklet apply to those who have a separation date after January 1, If you had a separation date on or before January 1, 2000, your benefits are governed by the provisions of the Plan that were in effect at the time you left the Company. It is important to read this carefully and discuss it with your family. If you have any questions, contact your Human Resources Department. The Company reviews its benefit program on a regular basis and reserves the right to change or end any plan at any time at its sole discretion.
5 Who Is Eligible You are eligible to participate in the Personal Retirement Account Plan if you are a salaried employee of: I/N Tek I/N Kote (collectively, these are referred to as the Company), and you are not classified as: A member of a collective bargaining unit, or An independent contractor or leased employee. Certain eligible employees (those eligible to retire as of January 1, 2000, with unreduced benefits) were eligible to elect to remain covered by the Salaried Supplement Plan. Break in Service If you leave the Company and are gone more than 12 months, you will incur a break in service. If you return to work after that time, the period of time that you were not working will not count as service. The period of service before your prior period of employment ends will be included with your service if you were vested at the time of the break in service or if you were not vested but your break in service before your reemployment was less than five years. Maternity/Paternity Absence You will not incur a break in service if your absence is due to maternity or paternity reasons, or military duty. You must return to work immediately following your leave. Absence for reasons of maternity or paternity includes time you spend away from work because of: When You Participate If you were hired on or after January 1, 2000, you automatically began participating in this plan on the day you were hired. Your pregnancy, The birth of your child or care following that birth, or Adoption of a child or care following adoption or placement for adoption. If you were hired before January 1, 2000, you automatically began participating in this plan on January 1, 2000, unless you were given a choice to remain in the Salaried Supplement and decided to do so. When You Are Vested Being vested means that you can take the money that has accumulated in your Personal Retirement Account with you when you leave the Company. You are vested in your account when you have five years of vesting service. A year of vesting service is defined as each full year that you have worked for the Company beginning from your date of hire. Your Cost The Company pays the entire cost of your participation in the Personal Retirement Account Plan. How to Enroll Your Personal Retirement Account has already automatically been established for you. You will receive a benefit statement showing the value of your Personal Retirement Account. 1
6 How Your Account Can Grow As an eligible participant in the Personal Retirement Account Plan, you have an account that will provide income to you in retirement or when you decide to leave the Company (if you are vested). Every quarter, the amount in this account grows through: Earnings allocations. Interest credits. The earnings allocations are based on your pay and years of vesting service. This means that your account will grow as you work for the Company and as your pay increases over time. The quarterly interest credit is based on the rate as of the last business day of the prior calendar year for 1-year U.S. Government securities, Treasury constant maturities, with a minimum annual credit of 5%. The credit applies to the total value of your account for that quarter. If you were hired on or after January 1, 2000, your opening account balance was $0. Your account has grown through earnings allocations and interest credits every quarter since you started work. If you were hired before January 1, 2000, your opening account balance was the lumpsum value (based on a 7% interest assumption) of your accrued benefit under the Pension Plan as of December 31, 1999, or the date you became a participant under the Plan. If you had five or more years of service at that time, your personal retirement account was also credited with an additional amount. In no event will your accrued benefit (the monthly benefit payable at age 65) be less than your benefit under the Salaried Supplement as of December 31, Your account grows through earnings allocations and interest credits every quarter since January 1, How the Earnings Allocation Works At the end of each quarter, your Personal Retirement Account will be credited with an allocation from the Company. The allocation will be calculated as a percentage of your quarterly earnings, as shown below: Your Years of Vesting Service (as of December 31 of the previous year) Earnings Allocation (as a percentage of earnings) Less than 5 5% 5 but less than 10 6% 10 but less than 15 7% 15 or more 8% Earnings for this plan includes wages, salary, and other amounts includable in gross income, such as commissions and bonuses. It also includes any elective contributions, such as before-tax contributions and Savings Plan payroll deductions. Earnings for this plan does not include earnings in excess of the IRS limits, non-qualified stock options, expense allowances, and hiring bonuses for highly compensated employees. You May Be Eligible for Additional Earnings Allocations If you were hired before January 1, 2000, and had at least five years of vesting service, then each year from January 1, 2000, until December 31, 2009 (or until you leave if before), your account will be credited with an extra 3% of earnings in addition to the usual earnings allocation. If you leave the Company and return, you will lose your ability to receive this additional 3% allocation. However, you will be credited with the vesting service you earned before you left the Company. Additional Earnings Allocations Example Because Dan has more than five but less than 10 years of service he receives a quarterly earnings allocation of 9% (6% earnings allocation + 3% additional allocation). Let s assume that his annual earnings are $40,000 or $10,000 each quarter. 2
7 Dan would receive a quarterly earnings allocation of $900 ($10,000 x 9% = $900). How the Interest Credit Works At the end of each quarter, your account will be given an interest credit equal to onequarter of the annual interest credit based on the 1-year U.S. Government securities, Treasury constant maturities rate at the end of the prior year. This means that your account balance at the beginning of each quarter will be multiplied by the quarterly interest rate, then your quarterly earnings allocation will be added. The result is your balance at the end of the quarter. Assume Dan s account balance at the beginning of the quarter is $60,000 and that the 1-year rate as of the last business day of the prior year is 5%. Dan s account will receive an interest credit of $750. Here s how it was calculated: $60,000 x 5% = $3,000 $3,000 4 quarters = $750 Up to this point his account balance equals $60,000 plus $750. In addition, Dan receives a quarterly allocation of $900 (see Additional Earnings Allocations Example). So, at the end of the quarter Dan s account balance will total $61,650 ($60,000 + $750 + $900). Example of How Your Account Can Grow Karen s account balance was $71,500 on January 1, At that time, Karen had 27 years of service, and her salary was $56,100 in Let s assume that in the years ahead, Karen s salary will increase by 3% annually, and that the 1-year U.S. Government Securities, Treasury constant maturities rate is 5% each year. (The interest credit could be higher if interest rates go up. ) Her account will also receive earnings allocations as a percentage of earnings. These percentages will vary depending on her years of service. Here s how her account would grow over time: $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Account Growth Over Time Payment Forms Year You can elect to receive your Personal Retirement Account benefit in one of the following payment forms: Lump Sum A single payment of the entire amount of your Personal Retirement Account. You may choose to roll over this amount to another company s qualified retirement plan or to an individual retirement arrangement (IRA) in order to defer paying tax on it. Single Life Annuity - Monthly payments for your lifetime only. When you die, payments stop unless your surviving spouse qualifies for the Ancillary Surviving Spouse Annuity (see page 7). 50% Joint and Survivor Spouse Option A reduced monthly payment to you for your lifetime; and if you die before your spouse, 50% of your reduced benefit continues to your spouse for his or her lifetime. You receive a smaller benefit than you would otherwise receive under a Single Life Annuity because this annuity form pays the benefit over both your lifetime and your spouse s. (See the Appendix for the table of percentages used to determine the 50% Joint and Survivor Spouse Option benefits.) If you are married, the 50% Joint and Survivor Spouse Option is automatic unless your spouse consents in writing to another form of payment. 3
8 100% Joint and Survivor Spouse Option A reduced monthly payment to you for your lifetime, and if you die before your spouse, 100% of your reduced benefit continues to your spouse for his or her lifetime. You receive a smaller benefit than you would otherwise receive under a Single Life Annuity because this annuity form pays the benefit over both your lifetime and your spouse s. You would also receive a smaller monthly benefit under this option for your lifetime than with the 50% Joint and Survivor Spouse Option because your spouse would receive 100% of your reduced benefit after your death instead of 50%. (See the Appendix for the table of percentages used to determine the 100% Joint and Survivor Spouse Option benefits.) Once you begin to receive payments in the form of either the 50% or 100% Joint and Survivor Spouse Option, if your spouse dies before you do the amount of your payments will not be increased. Other Options If you were a participant in the Salaried Supplement, other optional payment forms (such as the Co-Pensioner Options) may be available. Contact the Plan Administrator for further information. The Temporary Supplement The Temporary Supplement is payable in addition to your account balance and is intended to help bridge the gap between retirement and the commencement of eligibility for a Social Security benefit. Eligibility for the Temporary Supplement You are eligible for the Temporary Supplement if: You were hired before January 1, 2000, and actively employed on January 1, 2000, and had at least five years of vesting service as of January 1, 2000, and You terminate employment before age 65 with one of the following age and service combinations: or After age 55 with 10 years of service, or At any age with 30 years of service. You transfer from a bargaining unit supplement to the Personal Retirement Account Plan and have met the above requirements. Temporary Supplement Formula The Temporary Supplement monthly benefit is equal to: 1.4% of your monthly base pay in the month before your retirement X Your years of service under the Personal Retirement Account Plan The supplement is capped at your estimated age 62 Social Security benefit, as determined in consultation with plan actuaries. Temporary Supplement Example Assume Tony is 54 years old with 24 years of service on January 1, If Tony retires January 1, 2010, and his monthly base pay for December 2009 is $5,000, Tony s Temporary Supplement would be $700 (1.4% x $5,000 x 10 years of service). Form and Length of Payments The Temporary Supplement is payable as an annuity. The supplement is paid until the later of: Age 62 or your death, but subject to a minimum of 12 months after retirement for retirements that occur between ages 62 and 65. The Temporary Supplement is not available to those who retire at or after age 65. However, if the lump sum value of the Temporary Supplement payments is less than your estimated age 62 monthly Social Security benefit, the supplement will be paid in a lump sum. 4
9 Enhanced Frozen Benefit If you participate in the Personal Retirement Account Plan, were hired before January 1, 2000, and leave the Company on or after February 1, 2000, your frozen January 1, 2000 benefit increased effective August 1, 2000 and again effective August 1, Should you retire with sole option retirement eligibility on or after February 1, 2000, you may choose to receive your frozen benefit instead of your Personal Retirement Account Plan account. You are considered a sole option retiree if you retire with one of the following age and service combinations: Age 55 with at least 10 years of vesting service. Benefit is available on an actuarially reduced basis. Any age with 30 or more years of vesting service. Age 62 but before age 65 with at least 15 years of vesting service, or Age 65 with at least five years of vesting service. How the Enhanced Frozen Benefit is Calculated The enhanced frozen benefit equals your frozen benefit as of January 1, 2000, plus: $52.50 times service up to 30 years, and $70.00 times service over 30 years for service accrued from January 1, 2000 through July 31, On August 1, 2002 the enhanced frozen benefit multipliers will increase. Your enhanced frozen benefit will then equal your January 1, 2000 frozen benefit, plus: $56.25 times service up to 30 years, and $75.00 times service over 30 years for service accrued from January 1, 2000 through July 31, These increases will be provided for any participant in the Personal Retirement Account Plan who leaves the Company on or after February 1, 2000 through July 31, Example: Bill has 32 years of service on December 31, 1999, and his frozen January 1, 2000 benefit equals $3,040. One year later, with 33 years of service on January 1, 2001, Bill s new enhanced frozen benefit will be equal to $3,110 [$3,040 + ($70 x 1)]. Bill earns $70 for that year of service because he has more than 30 total years of service. On August 1, 2002, Bill will have earned years of service. His new enhanced frozen benefit will now be equal to $3, [$3,040 + ($75 x 4.58)]. Minimum Enhanced Frozen Benefit If your January 1, 2000 frozen benefit is not equal to at least $52.50 times your years of service through December 31, 1999, your frozen benefit will be a minimum of your total service multiplied by the appropriate dollar amount. Example: Barbara has 32 years of service on December 31, 1999 and her frozen January 1, 2000 benefit equals $1,500. Barbara s new enhanced frozen benefit, based on the minimum formula, will be equal to $1,715 [($52.50 x 30) + ($70.00 x 2)]. On August 1, 2002, she will have earned years of service. Her new enhanced frozen benefit will then be equal to $2,031 [($56.25 x 30) + $75.00 x 4.58)]. The enhancements would apply to all accrued service until July 31, 2004, when the service is refrozen. Should you retire or terminate before July 31, 2004, the enhancement would only apply to service you have earned through your last day worked. Minimum Temporary Supplement Beginning August 1, 2000, if you leave the Company between February 1, 2000, and July 31, 2004, under any of the following sole option conditions: 6
10 Sole Option Conditions: Age 55 with 10 years of service, Age 62 with 15 years of service Any age with 30 years of service You will receive the greater of the 1.4% Temporary Supplement (see page 4), or the Minimum Temporary Supplement of $400 per month. The minimum Temporary Supplement is payable until the later of age 62 or your death, but subject to a minimum of 12 months after retirement for retirements that occur at age 62 but before age 65. If you leave before August 1, 2000, with sole option eligibility, you would receive the 1.4% Temporary Supplement through July On August 1, 2000, the supplement would be recalculated and you would receive the greater of the 1.4% Temporary Supplement or the new $400 minimum supplement. When Your Vested Account Is Payable If you retire, or terminate employment with the Company due to disability, you will receive your account balance in whatever form you choose shortly after you terminate employment. If you leave the Company for reasons other than retirement or disability, your benefit payment will be made no later than 60 days after the end of the year that you terminate employment. When you die, your vested account is payable. When You Retire or Leave the Company If you are vested in your account (have worked for the Company for five years), you may take your account balance with you whenever you leave the Company or retire. You may elect to receive payment in a lump sum or an annuity, payable for your lifetime only or for your lifetime with an amount payable to your spouse when you die. For Employees Age 70½ and Up Once you reach age 70½, you are required to begin receiving your Personal Retirement Account benefit on the April 1 after the calendar year that you reach 70½ even if you choose to remain working. If you do continue to work for the Company, you will still receive your regular earnings allocations and interest credits. How you will be paid depends on the payment form you elect after you reach age 70½: If you elect A Lump Sum An Annuity You will Receive an additional lump sum every December 31 that follows your first payment. Continue to receive your annuity payment, but it will be reviewed each year. Your payment may change to reflect your additional allocations with interest after age 70½ and the value of payments already received. 7
11 If you receive your benefit in lump-sum form, you may want to consider rolling the payment to a rollover IRA or your next employer s qualified plan in order to defer paying tax on the benefit. When You Die If you die while still a Company employee, your survivor will receive a lump-sum payment equal to the amount in your Personal Retirement Account. If you die after you have retired from or terminated employment with the Company, any benefit that is distributed would depend on the payment form you elected when you left. For example, if you had elected to receive a lump sum, no payment would be distributed after you died because you would already have received full payment. However, if you had elected a Joint and Survivor Spouse Option, your spouse would receive a monthly benefit after your death. Your Survivor If you are married, your benefit will be paid to your spouse unless your spouse consents in writing for payments to be made to someone else. If you are single, when you die, your benefit will be paid to your designated survivor. If your survivor has not been named or has predeceased you, your account balance will be paid in the following order: To your surviving spouse. Ancillary Surviving Spouse Annuity Your eligible surviving spouse will receive the Ancillary Surviving Spouse Annuity if you: Were an active employee with the Company on January 1, 2000 and had at least 9 years of vesting service (for Non- Highly Compensated employees), or 15 years of vesting service (for Highly Compensated employees) as of January 1, 2000; and Die after beginning to receive benefits in a form other than a lump sum payment; and Retired with sole option eligibility 30 years of service, or age 55 with at least 10 years of vesting service, or age 65, with at least 5 years of vesting service. The Ancillary Surviving Spouse Annuity is in addition to any amount due to your eligible spouse under the Automatic 50% Spouse or 100% Spouse options. The amount of the monthly Ancillary Surviving Spouse Annuity will be equal to 50% of your Salaried Supplement Accrued Benefit (frozen as of January 1, 2000), plus $50. The minimum amount payable is $205. The Ancillary Surviving Spouse Annuity will be reduced by one-half of any widow s or widower s benefit your surviving spouse may be entitled to receive under the Social Security Act. Payments commence the month following your death, and are payable for your spouse s lifetime. To your surviving children in equal shares. To your surviving parents in equal shares. To your surviving brothers and sisters in equal shares. To your estate. Closing Account Balance of $5,000 or Less If your account balance is $5,000 or less when you leave the Company, your balance will be paid automatically as a lump sum rather than a monthly annuity. The $5,000 limit is subject to change. 8
12 About Taxes Annuity payments when you terminate employment with the Company are subject to regular income taxes. Lump-sum payments are subject to regular income taxes unless you decide to roll over the payment into another employer s qualified plan or into an IRA. In addition, if you terminate employment before you are age 55, your benefit will be subject to an additional 10% tax unless you roll over that lump sum payment to an IRA or other qualified company plan. If you terminate employment after you are age 55 and you do not roll over the lump sum, you will not be subject to the 10% additional tax (this is an exception to the usual 59½-year standard rule). If you terminate employment due to a disability, you will not be subject to the additional 10% tax, regardless of age. For specific information and advice about your personal situation, contact a tax or financial adviser. How to Apply for Benefits To expedite the payment process, you should notify the Human Resources Department at least 30 days before you plan to leave the Company and want your benefits to start. You may elect, modify, or cancel any benefit option you are eligible for by contacting the Human Resources Department before the date your benefit is scheduled to begin. Appealing a Denied Claim for Benefits If you or your survivor do not receive benefits from the Personal Retirement Account Plan to which either of you feel you are entitled you or your survivor (if appropriate) should submit a written claim for benefits to the plan administrator. If your claim is denied (in whole or in part), you will receive a written explanation from the plan administrator. The explanation will give: The specific reasons for the denial. The special references in the plan document to support those reasons. A description of additional information you could provide to support your claim and the reasons why that information is necessary. The procedures available for a further review of the claim. You will receive this explanation within 90 days after receipt of the claim (180 days if special circumstances apply). You have a right to appeal the denial. To do this, you must submit a written application to the plan administrator within 60 days after your claim has been denied. You or your representative may review the plan text and submit written comments. The plan administrator will review the appeal. The plan administrator will notify you of the decision within 60 days (120 days if special circumstances apply). That decision will be forwarded to you in writing and will include the specific reasons and the plan references on which the decision is based. The plan administrator will interpret any ambiguities in the plan. The plan administrator also will make decisions on any points that are not clear or that have been left out by mistake. Limitations of the Plan This SPD describes how and when the Personal Retirement Account Plan will pay benefits to you or your survivor. However, you must understand certain conditions under which your benefits will not be paid. Benefits will not be paid if you: Are not vested when you leave the Company (see the section titled When You Are Vested). Die while you are actively employed with the Company and are not vested. Do not meet the Personal Retirement Account Plan s eligibility requirements (see the section titled Who is Eligible). Additionally, if your spouse dies before you do and you have already begun to receive 9
13 payments in the form of either the 50% or 100% Joint and Survivor Spouse Option, the amount of your payments will not be increased. Other Important Information Maximum Benefits The IRS places limits on the maximum benefit that can be paid out from the Personal Retirement Account Plan. In addition, the IRS places limits on the amount of pay that may be considered in determining benefits. For 2003, the limit is $200,000. These limits are subject to change by the IRS. The Company will notify you if you are affected by the federal regulations on maximum benefits. Top-Heavy Rules As a tax-qualified retirement plan, the Personal Retirement Account Plan offers tax advantages to both participants and the Company. In order to maintain its taxqualified status, a plan cannot provide most of its benefits to key employees (owners and officers of the organization). If a plan were to provide more than 60% of its benefits solely to such key employees, the plan would be considered top-heavy. Although it is very unlikely, if the plan were to become top-heavy, participants benefits might be increased and special accelerated vesting might apply. You will receive detailed information about this provision if it were ever to apply to the plan. Nonassignability of Benefits/Qualified Domestic Relations Orders Generally, no one can take away your Plan benefits, and you cannot assign, give, or sell them to someone else or use them as collateral for a loan. Also, your creditors cannot claim your benefits to satisfy debts. However, a court may issue a Qualified Domestic Relations Order (QDRO) instructing the Plan to pay all or part of the value of your benefits to an alternate payee, such as your spouse, former spouse, child, or dependent. The court may order payments to be made to an alternate payee while you are still working, but in no event before you reach your earliest retirement age. You should be aware that these court-ordered benefits to an alternate payee can exhaust your entire interest in the Plan. In addition, you may have taxable income if payment is made to your dependent child. In order to be considered qualified, the court order must meet certain requirements. If the plan administrator determines that a court order to claim your benefits is qualified, the plan administrator must obey it. However, the plan administrator will inform you as soon as possible upon the receipt of a court order affecting your Personal Retirement Account. The plan administrator follows certain procedures with respect to QDRO s. A copy of the procedure may be obtained by beneficiaries and participants, without charge, upon request to the plan administrator. Payment to Someone Who is Incompetent If you become physically or mentally incapable of handling your own affairs, the plan administrator may pay your benefits to your legal representative, spouse, or guardian. If a benefit is payable to a named survivor who is a minor, the plan administrator may make monthly payments to a parent or guardian, as the plan administrator determines appropriate. Reemployment After Retirement If you are reemployed by the Company after you retire and are receiving an annuity, your monthly benefits will be suspended. When you retire again, your benefit will be recalculated to include your period of reemployment. You will not receive any of the monthly benefits that would otherwise have been made during the period of the suspension. 10
14 Official Plan Documents This section of your handbook summarizes the major provisions of the Plan. It is provided for informational purposes only and is not a contract of employment between the Company and you. It does not cover all provisions, limitations, and exclusions. There are official Plan documents that govern in all cases and such documents are herein incorporated by reference. If there is a conflict between the Plan and this Summary Plan Description (or any other description of the Plan) the text of the Plan controls. If you would like to review the official Plan documents, contact your Human Resources Department. Future of the Plan The Company expects to continue the Personal Retirement Account Plan indefinitely but reserves the right to change or end the plan at any time. If the plan is terminated, all participants will immediately become fully vested in the benefits they have earned as of the date of termination. After all benefits have been paid and legal requirements have been met, any remaining plan assets will revert to the Company. Plan Name The official plan name is: Ispat Inland Inc. Pension Plan The official name of the Supplement is: Personal Retirement Account Supplement for Salaried Employees of I/N Tek and I/N Kote. Plan Number The plan number assigned to the Personal Retirement Account Supplement is 001. Plan Financing The Personal Retirement Account Plan is financed by the Company through contributions to a trust fund held by the Trustee. Contribution amounts are determined actuarially. The Company has appointed a plan administrator and pays the cost of administering the Personal Retirement Account Plan, to the extent not paid by the trust. ERISA Information The Personal Retirement Account Plan is a defined benefit pension plan. The Employer Identification Number assigned to Ispat Inland Inc. by the Internal Revenue Service is You may obtain a complete list of the employers sponsoring the Personal Retirement Account Plan by writing to the plan administrator at the address below. Such list is available for examination in the principal office of the Company and the office of the plan administrator. The day-to-day operation of the Plan is handled by an individual designated by the Retirement Committee. The Retirement Committee has the responsibility to the Plan to make and enforce any necessary rules for the Plan and to interpret the Plan s provisions uniformly for all employees. If it is necessary for you to communicate with the Retirement Committee, you should submit your written comments or request in care of: Director, Pensions Ispat Inland Inc Watling Street East Chicago, Indiana The plan administrator is: Director, Pensions Ispat Inland Inc Watling Street East Chicago, Indiana The records of the Personal Retirement Account Plan are kept on the basis of a plan year which is the 12 consecutive month period beginning each January 1 and ending December 31. The Plan Trustee is: Mellon Trust Company 1 Mellon Center Pittsburgh, PA The Corporate Secretary is the designated agent for service of legal process. The Corporate Secretary s address is: 11
15 Corporate Secretary Ispat Inland Inc Watling Street East Chicago, Indiana Service of legal process may also be made upon the Plan Trustee. Pension Benefit Guaranty Corporation Your benefits under the Personal Retirement Account Plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. If the plan were to terminate (end) without enough money to pay all benefits, the PBGC would step in to pay pension benefits. Most people receive all of the pension benefits they would have received under their plan, but some people may lose certain benefits. The PBGC guarantee generally covers: (1) normal and early retirement benefits; (2) disability benefits if you become disabled before the plan terminates; and (3) certain benefits for your survivors. The PBGC guarantee generally does not cover: (1) Benefits greater than the maximum guaranteed amount set by law for the year in which the plan terminates; (2) some or all of benefit increases and new benefits based on plan provisions that have been in place for fewer than five years at the time the plan terminates; (3) benefits that are not vested because you have not worked long enough for the Company; (4) benefits for which you have not met all of the requirements at the time the plan terminates; (5) certain early retirement payments (such as supplemental benefits that stop when you become eligible for Social Security) that result in an early retirement monthly benefit greater than your monthly benefit at the plan s normal retirement age; and (6) non-pension benefits, such as health insurance, life insurance, certain death benefits, vacation pay, and severance pay. Even if certain of your benefits are not guaranteed, you still may receive some of those benefits from the PBGC depending on how much money your plan has and on how much the PBGC collects from employers. For more information about the PBGC and the benefits it guarantees, ask your plan administrator or contact the PBGC s Technical Assistance Division, 1200 K Street N.W., Suite 930, Washington, D.C or call (not a toll-free number). TTY/TDD users may call the federal relay service toll-free at and ask to be connected to Additional information about the PBGC s pension insurance program is available through the PBGC s website on the Internet at Your Rights Under ERISA As a participant in the Personal Retirement Account Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). For ERISA-protected plans, ERISA provides that all plan participants shall be entitled to: Examine, without charge, at the plan administrator s office and at other specified locations, such as worksites, all documents governing the plan, including insurance contracts and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor. Obtain, upon written request to the plan administrator, copies of documents governing the operation of the plan, including copies of the latest annual report (Form 5500 Series) and updated summary plan descriptions. The administrator may assess a reasonable charge for the copies. Receive a summary of a plan s annual financial report. The plan administrator is required by law to furnish each participant with a copy of this summary annual report. Obtain a statement telling you whether you have a right to receive a pension at normal retirement age (age 65) and if so, what your benefits would be at normal retirement age if you stop working under the plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than every 12 months. This statement is provided free of charge. In addition to creating rights for plan participants, ERISA imposes duties upon the people who are responsible for the operation 12
16 of the employee benefit plans. The people who operate your plans are called fiduciaries of the plans. A fiduciary has a duty to operate the plan prudently and in the interest of you and other plan participants and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C Your Employment Neither eligibility for a benefit plan nor a right to a benefit from a plan are considered a contract or guarantee of employment with the Company. If your claim for a benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial. You have the right to have the respective plan review and reconsider your claim. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you ask for materials from a plan and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file suit in a state or federal court. In addition, if you disagree with the plan s decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in federal court (see the section titled Nonassignability of Benefits/Qualified Domestic Relations Order). If plan fiduciaries misuse a plan s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees (for example, if the court finds that your claim is frivolous). If you have any questions about a plan, you should contact the plan administrator. If you have any questions about this statement or about your rights under ERISA, you should contact the nearest office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. 13
18 Appendix Table of Percentages This Table of Percentages will be used in calculating the amounts payable under the 50% and 100% Joint and Survivor Spouse Options. Spouse Age Attained Age: Less than 25 Attained Age: Attained Age: Attained Age: Attained Age: 55 and Older Difference (Years) Older Younger Older Younger Older Younger Older Younger Older Younger 50% 100% 50% 100% 50% 100% 50% 100% 50% 100% 50% 100% 50% 100% 50% 100% 50% 100% 50% 100% % 96.0% 98.0% 96.0% 97.0% 95.0% 97.0% 95.0% 96.0% 91.0% 96.0% 91.0% 93.0% 86.0% 93.0% 86.0% 88.0% 81.0% 88.0% 81.0% and Over The participant s age and the spouse s age are rounded to the nearest whole year (e.g., age 51 years, six months becomes age 52). The age differential is the net difference between the participant s age and the spouse s age.
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