The New York and Presbyterian Hospital Retirement Plan Summary Plan Description January 1, 2015

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1 The New York and Presbyterian Hospital Retirement Plan Summary Plan Description January 1, 2015

2 Contents ABOUT YOUR RETIREMENT PLAN...1 ELIGIBILITY AND PARTICIPATION...2 WHO IS ELIGIBLE...2 WHEN PARTICIPATION BEGINS...3 AUTOMATIC PARTICIPATION AT NO COST...3 BENEFICIARIES...3 FOR MORE INFORMATION...4 HOW YOUR CASH BALANCE BENEFIT IS DETERMINED...5 YOUR CASH BALANCE ACCOUNT...5 WHEN YOU RETIRE OR LEAVE EMPLOYMENT...7 IF YOU BECOME DISABLED...7 PROTECTION FOR YOUR SURVIVORS...8 NEW YORK HOSPITAL DEFINED BENEFIT PROVISIONS...9 HOW YOUR BENEFIT IS DETERMINED...9 WHEN YOU CAN RECEIVE YOUR BENEFIT...10 IF YOU BECOME DISABLED...10 PROTECTION FOR YOUR SURVIVORS IF YOU DIE BEFORE RETIREMENT PAYMENTS BEGIN...11 COLUMBIA PRESBYTERIAN DEFINED BENEFIT PROVISIONS...13 HOW YOUR BENEFIT IS DETERMINED...13 WHEN YOU CAN RECEIVE YOUR BENEFIT...14 IF YOU BECOME DISABLED...15 PROTECTION FOR YOUR SURVIVORS IF YOU DIE BEFORE RETIREMENT PAYMENTS BEGIN...15 MORE ABOUT SERVICE...16 HOW SERVICE IS COUNTED...16 SERVICE RULES FOR REGULAR EMPLOYEES...16 SERVICE RULES FOR CASUAL EMPLOYEES...16 IF YOU ARE REHIRED...17 RECEIVING YOUR BENEFIT...18 VESTING...18 TIMING OF PAYMENT...18 APPLYING FOR YOUR BENEFIT...19 FORMS OF PAYMENT...19 TAXES ON DISTRIBUTIONS OF BENEFITS...22 ROLLOVERS (CASH BALANCE ACCOUNT)...22

3 TAX ADVICE...23 OTHER IMPORTANT INFORMATION...24 PLAN DETERMINATIONS AND DISCRETION AUTHORITY...24 AMENDMENT AND TERMINATION...24 IF YOUR NON-DISABILITY BENEFIT CLAIM IS DENIED...24 IF YOUR NON-DISABILITY BENEFIT CLAIM IS DENIED...25 APPEAL OF A DENIED DISABILITY CLAIM...26 SUSPENSION OF BENEFITS...27 NON-DUPLICATION OF BENEFITS...27 MAXIMUM BENEFITS...27 MILITARY SERVICE...27 FUNDING-BASED LIMITS ON BENEFIT ACCRUALS AND BENEFIT PAYMENTS...28 NONASSIGNABILITY OF BENEFITS...28 PENSION BENEFIT GUARANTY CORPORATION...28 ADMINISTRATIVE INFORMATION...29 YOUR RIGHTS UNDER ERISA...31 ENFORCE YOUR RIGHTS...31 ASSISTANCE WITH YOUR QUESTIONS...32

4 About Your Retirement Plan The New York and Presbyterian Hospital Retirement Plan (the Plan ) provides an important source of retirement income for you. The Plan represents the merger, effective January 1, 2000, of the Employees Retirement Plan of The Society of the New York Hospital (the Prior New York Hospital Plan ) and the Group Retirement Plan of the Presbyterian Hospital in the City of New York (the Prior Presbyterian Plan ). All eligible employees who become participants in the Plan on or after January 1, 2000, earn their benefit based on the Cash Balance provisions (described in the section How Your Cash Balance Benefit Is Determined ). The Cash Balance provisions provide participants with individual accounts. An annual contribution is credited from the Hospital based on a percentage of your pay and is credited to your account along with quarterly interest credits. The benefit you earn is the value you accumulate in your account. Employees who participated in a prior plan also earn their benefit based on the Cash Balance provisions, unless they elected to receive their benefit based on prior Defined Benefit provisions under procedures established by the Hospital. If you were a participant in the Prior New York Hospital Plan and an employee on June 30, 1992 with at least one hour of service after December 31, 1992, you had the opportunity to elect the Cash Balance provisions or continue to have your benefit based on the former New York Hospital Defined Benefit provisions (see page 9). If you were a participant in the Prior Presbyterian Plan as of January 1, 2000 with at least one hour of service after December 31, 1999, you had the opportunity to elect the Cash Balance provisions or continue to have your benefit based on the former Columbia Presbyterian Defined Benefit provisions (see page 13). This booklet summarizes The New York and Presbyterian Hospital Retirement Plan effective as of January 1, While the intent of this booklet is to provide a clear description of the Plan, this is only a summary; complete details are contained in the official Plan document. In the event of a discrepancy between this material and the official Plan document, the Plan document will govern. New York-Presbyterian Hospital ( Hospital ) expects to continue the Plan but reserves the right to amend or terminate the Plan at any time and for any reason. Please contact a member of Human Resources, Retirement Services if you have questions about the Plan. 1

5 Eligibility and Participation Who is Eligible You are eligible to participate if you are on the Hospital s payroll, classified by the Hospital as an employee and your job classification meets one of these definitions: Full-time employee - an employee who is scheduled to work at least 35 hours per week. Part-time employee - an employee who is scheduled to work at least one-half of the schedule of a full-time employee in the same job category. Casual employee - an employee who is scheduled to work less than one-half of the full-time schedule. Eligibility Exclusions: If you are an employee covered by a collective bargaining agreement, you are not eligible to participate in the Plan unless the agreement provides for such participation. If you were hired by either the Hospital or the former New York Hospital after June 1, 1991 and designated as graduate staff, you are not eligible to participate in the Plan during the period in which you are designated as graduate staff. If you are classified by the Hospital as an intern, you are not eligible to participate in the Plan. If you are a leased employee, you are not eligible to participate in the Plan. If you were a house staff doctor initially employed at Columbia Presbyterian Center, you are not eligible to participate in the Plan, unless you were hired before June 1, If an individual is reclassified by the Hospital, a court or government authority from an ineligible to an eligible class, he or she will participate in the Plan (under its standard eligibility rules) prospectively, but the reclassification will not be given retroactive effect. The Hospital (and its delegates) has the complete discretionary authority to determine an individual s employment classification (for example, full-time, graduate staff, non-employee independent contractor) and to determine the individual s eligibility to participate in the Plan. The decisions of the Hospital (and its delegates) are final and binding on all persons and entitled to the maximum deference allowed by law. 2

6 If You are Rehired If you are a former participant in the Plan and you are rehired by the Hospital, you will be eligible to participate in the Plan on your date of rehire in a eligible class. When Participation Begins Participation in the Plan is automatic on the date you meet the participation requirements: If you are a full-time or part-time employee, your Plan participation begins on the first day of the month following the first anniversary of your date of hire. If you are a casual employee, your Plan participation begins on the first day of the month following the first year anniversary of your date of hire as long as you are credited with at least 1,000 hours of service during this period. If you complete less than 1,000 hours of service in the 12-month period following your date of hire, you will become a participant on January 1 after the first calendar year in which you complete 1,000 hours of service. In general, an hour of service is credited for each hour you are paid or entitled to be paid by the Hospital. For details about counting hours of service and other service rules, see More About Service, beginning on page 16. If you were a prior Designated Group Member who was a participant as of December 31, 2008 in the New York-Presbyterian Hospital Annuity Pension Plan, your Plan participation began January 1, 2009 if you were then an eligible employee. If you are a Designated Group Member hired on or after January 1, 2008, your Plan participation begins on the first day of the month following the completion of the applicable eligibility requirements depending on whether you are a full-time, part-time or causal employee. Automatic Participation at No Cost The Hospital pays the entire cost of the Plan, so there is no cost for you to participate. The Hospital s contributions are paid into a separate trust held by an independent trustee. Beneficiaries A beneficiary is the individual who may become entitled to benefits under the Plan if you die. You should name a beneficiary as soon as you enroll in the Plan. You can change your beneficiary designation and name a new beneficiary at any time before the date your benefit payments begin (subject to the requirement for spousal consent if you are married). If you re married, your spouse will automatically be your beneficiary unless you elect otherwise with your spouse s consent. To name someone other than your spouse as beneficiary requires your spouse s written consent, witnessed by a Plan representative or notary public. If you are married, each designation of a new non-spouse beneficiary requires a new spousal consent. For purposes of the Plan, spouse means the person to whom you are legally married. 3

7 Contact Human Resources, Retirement Services for the appropriate form to update your beneficiary designation. Revisit Your Beneficiary Election When You Reach Age 35 If you are married and name a non-spouse beneficiary before the year in which you reach age 35, your beneficiary will automatically revert back to your spouse on January 1 of that year. To redesignate a non-spouse beneficiary, you must complete a new beneficiary form, again with your spouse s written consent. If No Beneficiary Is Named If you die with a vested benefit but either do not have a valid beneficiary form for this Plan on file with Human Resources or your designated beneficiaries do not survive you, your beneficiary will be, in this order: Your spouse Your estate. For More Information For more information about your beneficiary and the rights of a beneficiary, see Protection for Your Survivors regarding the Cash Balance benefit (on p. 8) or Protection for Your Survivors if You Die Before Retirement Payments Begin regarding the Prior New York Hospital Plan (p. 11) 4

8 How Your Cash Balance Benefit Is Determined To meet the needs of today s diverse workforce, the New York and Presbyterian Hospital Retirement Plan includes Cash Balance provisions that provide an understandable and flexible approach to providing your pension benefits. The Cash Balance provisions include these features: Automatic participation. Once you meet the participant requirement, your participation in the Plan begins automatically on the first of the month following the first anniversary of your date of hire. Easy to understand. You have a bookkeeping account that grows steadily throughout your career. The Hospital makes an annual contribution based on a percentage of your pay and adds quarterly interest credits. The Hospital s contribution to your account increases with your service at New York-Presbyterian Hospital. Flexibility. Once you have completed three years of service with the Hospital (if you earn at least one hour of service on or after January 1, 2008), your account is yours to keep when you retire or leave. You have the flexibility of receiving some or all of your benefit after you leave, rolling it over into an IRA, or leaving your account in the Plan to earn additional interest credits until you choose to receive your benefit. You also have a choice of payment options, including a lump sum payment or monthly benefits over your lifetime. The payment flexibility the Plan offers is appealing to many employees and better adapted to today s more mobile workforce. A valuable and competitive Plan. The Cash Balance provisions allow you to accumulate a substantial account, which will contribute toward your future financial security. The Hospital pays the full cost of providing benefits from the Plan. The remainder of this section provides more details about how the Cash Balance provisions work. Your Cash Balance Account Your account grows steadily throughout your career with the Hospital. Once you become a participant, there are two sources for your account s growth each year: (1) Annual Credit and (2) Quarterly Interest Credits. Annual Credit Each year that you are an active participant on December 31, the Hospital will credit an amount to your account that is equal to a percentage of your annual earnings for the year. The percentage is based on your completed years of service, generally counted in years and months from your date of hire. 5

9 Years of Service Annual Hospital Credit as a Percentage of Annual Earnings Less than 1 year 0 % 1 year, but less than 5 years 5 % 5 years, but less than 10 years 6 % 10 years, but less than 15 years 7 % 15 years, but less than 20 years 8 % 20 years or more 10 % Note: Participants in the Prior New York Hospital Plan as of June 30, 1992 with at least one hour of service after December 31, 1992 who elected cash balance participation receive 12 percent of annual earnings for service from 25 to less than 30 years and 15 percent of annual earnings for service from 30 years on. If you leave during the year, you will receive credit for a partial year s contribution. The partial year contribution will be credited to your account on the earlier of the date you receive a distribution or on December 31 st of the calendar year in which your employment terminates. Annual Earnings generally include your base salary plus overtime, sick pay, shift differentials and payments for accrued vacation paid to you while an active participant. Any contributions you make to other benefit plans such as the Tax Sheltered Annuity (TSA) sponsored by the Hospital are included as part of your annual earnings. Annual earnings do not include bonuses, housing, or living allowances or other forms of special compensation or expense reimbursement. In addition, IRS rules limit the annual earnings that can be used to determine benefits; the limit is subject to periodic updates based on changes in the cost-of-living index. In 2015, the annual limit is $265,000. Years of Service generally means your years and months of active service with the Hospital. See More About Service, page 16, for details. If the year of service you gain during a calendar year results in a credit based on a larger percentage of your annual earnings, then your annual credit for the year will be equal to the sum of: (1) your annual earnings for the portion of the year before the change times the appropriate percentage before the change and (2) your annual earnings after the change times the appropriate percentage after the change. For this calculation, your annual earnings will be prorated. Example: If your fifth service anniversary occurs on June 1, your credit percentage increases from 5 percent to 6 percent. Assume annual earnings of $60,000. Your annual credit for that calendar year will be equal to: (1) $25,000 x.05 + (2) $35,000 x.06 For a total annual credit = $1,250 + $2,100 = $3,350 6

10 Beginning January 1, 2009, the Annual Credit percentage for participants who participated in the New York-Presbyterian Hospital Annuity Pension Plan will be determined based on years of service including years of service during which they participated in the New York-Presbyterian Hospital Annuity Pension Plan. However, no Annual Credits will be received for years of service while participating in the New York-Presbyterian Hospital Annuity Pension Plan. Quarterly Interest Credits At the end of each calendar quarter, your account is automatically credited with interest based on the annual rate in effect at the time. The annual rate is based on the ten-year Treasury bond yield and is updated quarterly. However, the minimum annual interest credit is 4 percent. Interest credits continue throughout your participation. After you leave, if you are vested, interest credits continue to be added to your account until you start to receive your payment. Please note that benefits attributable to contributions by the Hospital or its predecessors, payable from this Plan will be reduced for any benefit payable from a union plan for union member service. If you are impacted by this provision, it is your responsibility to timely provide the Plan with appropriate and accurate information. If information is later corrected, any adjustments will be prospective only. Opening Balance for Prior Plan Participants Electing Cash Balance Provisions If you participated in the Prior New York Hospital Plan before January 1, 1993, or the Prior Presbyterian Plan before January 1, 2000, and you were eligible for and elected the Cash Balance provisions, the Hospital converted the value of the benefit you had earned under the prior Plan provisions into a single lump sum amount. This lump sum represented the then current value of your benefit, and was used as the opening balance for your cash balance account. When You Retire or Leave Employment If you are vested that means when you retire or leave employment with the Hospital, you are eligible to receive your benefit from the Plan. See Receiving Your Benefit, page 18, for details about the vesting requirements. If You Become Disabled If you participated in the Prior New York Hospital Plan and become disabled while a participant in that plan, you will receive a disability retirement benefit, as described under New York Hospital Defined Benefit Provisions which will be no less than the disability retirement benefit you would have received had you become disabled as of December 31, If you participated in the Prior Presbyterian Plan and become disabled while a participant in that plan, you will receive a disability retirement benefit, as described under Columbia Presbyterian Defined Benefit Provisions which will be no less than the disability retirement benefit you would have received had you become disabled as of December 31,

11 Protection for Your Survivors If you are vested, the Plan provides benefit protection for your survivors. Your beneficiary(ies) is entitled to 100 percent of your benefit value if you should die while employed by the Hospital or after you leave but before you start receiving your payment: If you are single or married for less than one year, 100 percent of your benefit value will be paid to your beneficiary(ies) in a lump sum payment. If you are married for at least a year and your surviving spouse is your sole beneficiary, your spouse will automatically receive 50 percent of your benefit value paid as a lifetime annuity and the remaining 50 percent of your benefit paid in a lump sum payment. Your spouse may instead elect to receive either 100 percent of your benefit value paid as a lifetime annuity or 100 percent of your benefit paid in a lump sum payment. Alternatively, you may elect to choose one or more beneficiaries other than your spouse to receive your benefit. However, your spouse must consent in writing if you desire to name a beneficiary other than your spouse for greater than 50% of the value of your benefit. Your non-spouse beneficiary will receive their portion of your benefit in a lump sum payment. Your remaining benefit, if any, will be paid to your spouse in the form of a lifetime annuity, unless your spouse elects to receive such amount paid in a lump sum. 8

12 New York Hospital Defined Benefit Provisions If you were a participant in the Prior New York Hospital Plan and an employee on June 30, 1992, and you elected to continue to have your benefit determined under the Defined Benefit provisions, then your benefit is determined as described in this section. How Your Benefit Is Determined Your benefit is based on the following formula: 1 2/3 percent of your final average earnings times your years of service minus 1 1/2 percent of your primary Social Security Benefit for each year of service (up to a maximum of 50 percent). If you leave before age 65, this amount is prorated based on your actual years of service as of your termination of employment from the Hospital and the years of service you would have earned if you had worked to age 65. Here are descriptions of the elements in the formula: Final Average Earnings is the average of your highest 60 consecutive months of compensation during your last ten consecutive years before termination of employment with the Hospital or the date you stopped participating in the Plan. If you have fewer than 60 consecutive months of compensation then an average of the consecutive months that are available is used. The definition of compensation is the same as annual earnings defined on page 6. Years of Service generally means your years and months of employment with the Hospital (up to a maximum of 35 years, unless you were at least age 40 and had at least ten years of service as of January 1, 1984, in which case the 35 year limitation does not apply to you ). See More About Service, page 16, for details. Primary Social Security Benefit means the estimated primary Social Security benefit that is payable directly to you on the first day of the month following your 65 th birthday determined as of your termination date with the Hospital or the date you stopped participating in the Plan, if earlier. The Hospital estimates your Social Security benefit based on certain assumptions and Hospital earnings. Your actual earnings history can be obtained from the Social Security Administration and used for the primary Social Security benefit calculation. If you do not provide the Plan Administrator with your actual earnings history within 180 days after your termination of employment with the Hospital (or the date you are notified of your right to receive retirement benefits under the Plan, if later), your benefit calculation will be based on the estimate. If your actual earnings history results in you having a greater 9

13 primary Social Security Benefit (and thus, a smaller benefit under the Plan), the estimated primary Social Security Benefit will be used to calculate your benefit. Please note that benefits attributable to contributions by the Hospital or its predecessors, payable from this Plan will be reduced for any benefit payable from a union plan for union member service. If you are impacted by this provision, it is your responsibility to timely provide the Plan with appropriate and accurate information. If information is later corrected, any adjustment will be prospective only. When You Can Receive Your Benefit If you are vested in your benefit, you are eligible to receive your benefit when you reach retirement age. See Receiving Your Benefit, page 18, for details about the vesting requirements. Normal Retirement Benefit. Your normal retirement date is the first day of the month coincident with or next following your 65th birthday. Once you reach normal retirement, your benefit is payable without reduction for early payment. You may choose to work beyond your normal retirement date and start your benefit when you leave. Early Retirement Benefit. You can retire before your normal retirement date if you wish. Your early retirement date is the first day of any month after you reach age 55 and complete five years of vesting service. In the case of early retirement, your benefit is reduced when payments start before age 65 to reflect the longer period over which payments are expected to be made. The reduction is shown in the table below: If Your Age When Payments Begin Is You Receive This Percentage of Your Normal Retirement Benefit % /3 % /3 % % /3 % /3 % /3 % % /3 % /3 % % NOTE: In calculating your early retirement benefit, the percentage used will be pro-rated for partial years of age. If You Become Disabled If you are vested and become disabled (as determined by the Social Security Administration) while you are employed by the Hospital, you can receive a disability retirement benefit. Your benefit is calculated in the same manner as the benefit you would receive at normal retirement using your actual Social Security disability benefit, but the benefit is payable without reduction 10

14 for early payment. Monthly payments can continue for as long as you are disabled. If you recover from your disability, your benefit will be redetermined at that time. The Plan may require you to obtain re-certification of your disabled status from the Social Security Administration. Protection for Your Survivors if You Die Before Retirement Payments Begin Standard Survivor Benefit If you are vested and die before benefits begin, your surviving spouse can receive a benefit from the Plan. Your spouse will receive a benefit equal to 50 percent of the benefit that you would have been entitled to receive. Payments can begin as early as the date you would have become eligible for early retirement or, if later, the date of your death. The survivor benefit is calculated as though you terminated employment on the date of your death and started payment on your earliest retirement eligibility date or, if later, on the date you died, and you elected the 50 percent joint and survivor annuity. Special Survivor Benefit Alternatively, your surviving spouse or another beneficiary may be eligible for a larger survivor benefit if you are age 55 or older with at least ten years of vesting service when you die or if you are any age with at least 25 years of vesting service. If you meet these eligibility requirements, your spouse may receive this special survivor benefit, which will be a 100 percent survivor annuity, unless he or she waives it. If you are not married or if your spouse waives the benefit, your survivor is eligible for this benefit if you named a beneficiary before your death. This benefit permits you to provide a 100 percent survivor annuity or a ten-year certain and continuous annuity to the named beneficiary of your choosing. You may change this designation at any time before your death, but any change will be subject to spousal consent if you are married. This special survivor benefit is calculated the same way as an early retirement benefit is calculated, except that no reduction in benefits applies for benefits beginning before your normal retirement date. If, at the time of your death, you are not married and you have not designated a beneficiary, benefits will be paid to your dependent parent(s) in the form of a 100 percent joint and survivor annuity. Your dependent parent(s) may receive a reduced benefit as if the date of your death had been your retirement date and you had elected the 100 percent joint and survivor annuity. The benefit will continue to your dependent parent(s) until the first of the month following the death of both of your dependent parent(s). A dependent parent generally means your parent over age 62 who was receiving at least one-half of his or her support from you in the year prior to your death, is not entitled to certain Social Security benefits, and has not remarried after your death. If, at the time of your death, you are not married, you have not designated a beneficiary, and you do not have a dependent parent(s) but have dependent children, your dependent child(ren) will receive a reduced ten-year certain and continuous annuity beginning on the first of the month after your death. If there is more than one child, each will receive an equal payment. Under this provision, benefits will not be paid for more than ten years. If your dependent child(ren) die 11

15 before 120 payments have been made, the value of the remaining balance will be paid to the estate of the last surviving child. A dependent child means your unmarried child who is your dependent under the Social Security law and who is either under age 18, or age 18 and over but who is disabled. If you are not married, have not designated a beneficiary, and are not survived by a dependent parent or dependent child, or if you do not meet the above criteria for the special survivor benefit, no special survivor benefits are payable. 12

16 Columbia Presbyterian Defined Benefit Provisions If you were a participant in the Prior Presbyterian Plan on December 31, 1999, and you elected to continue to have your benefit determined under the Prior Presbyterian Plan Defined Benefit provisions, then your benefit is determined as described in this section. How Your Benefit Is Determined Your benefit is based on the following formula: 1.7 percent of your final average earnings times your years of participation in the Plan minus 1.35 percent of your primary Social Security Benefit for each year of employment. Here are descriptions of the elements in the formula: Final Average Earnings is the average of your highest 60 consecutive months of compensation during your last ten consecutive years before termination of employment with the Hospital or the date you stopped participating in the Plan. If you have fewer than 60 consecutive months of compensation, then an average of the consecutive months that are available is taken. The definition of compensation is the same as annual earnings defined on page 6. Years of Participation generally means your years of service earned as a participant in the Prior Presbyterian Plan plus your years of service earned as a participant in The New York and Presbyterian Hospital Retirement Plan. Primary Social Security Benefit means the estimated primary Social Security benefit that is payable directly to you on the first day of the month following your 65 th birthday. The Hospital estimates your Social Security benefit based on certain assumptions and Hospital earnings. Your actual earnings history can be obtained from the Social Security Administration and used for the primary Social Security benefit calculation. If you do not provide the Plan Administrator with your actual earnings history within 180 days after your termination of employment with the Hospital (or the date you are notified of your right to receive retirement benefits under the Plan, if later), your benefit calculations will be based on the estimate. If you actual earnings history results in you having a greater primary Social Security Benefit (and thus, a smaller benefit under the Plan), the estimated primary Social Security Benefit will be used to calculate your benefit. Please note that benefits attributable to contributions by the Hospital or its predecessors, payable from this Plan will be reduced for any benefit payable from a union plan for union member 13

17 service. If you are impacted by this provision, it is your responsibility to timely provide the Plan with appropriate and accurate information. If information is later corrected, any adjustment will be prospective only. When You Can Receive Your Benefit If you are vested, you are eligible to receive your benefit when you reach retirement age. Normal Retirement. Your normal retirement date is the first day of the month after you have reached your 65th birthday. Once you reach normal retirement, your benefit is payable without reduction for early payment. You may choose to work beyond your normal retirement date and start your benefit when you leave. Early Retirement. You can retire before your normal retirement date if you wish. Your early retirement date is the first day of any month after you reach age 55 and complete five years of vesting service. In the case of early retirement, your benefit is reduced when payments start before age 65 to reflect the longer period over which payments are expected to be made. The reduction is shown in the table below: If Your Age When Payments Begin Is You Receive This Percentage of Your Normal Retirement Benefit % 64 96% 63 92% 62 88% 61 84% 60 80% 59 76% 58 72% 57 68% 56 64% 55 60% Note: Proportional credit is given for partial years. For example, if you begin receiving payments at age 59-1/2, you will receive 78 percent of your normal retirement benefit. 14

18 If You Become Disabled If you are vested and become disabled (as determined by the Social Security Administration) while you are employed by the Hospital, you can receive a disability retirement benefit. Your benefit is calculated in the same manner as the benefit you would receive at normal retirement using your actual Social Security disability benefit, but the benefit is payable without reduction for early payment. Monthly payments can continue for as long as you are disabled. If you recover from your disability, your benefit will be redetermined at that time. The Plan may require you to obtain re-certification of your disabled status from the Social Security Administration. Protection for Your Survivors if You Die Before Retirement Payments Begin If you are vested and die before benefits begin, your surviving can receive a benefit from the Plan. Your spouse will receive a benefit equal to 50 percent of the benefit that you would have been entitled to receive. Payments can begin as early as the date you would have become eligible for early retirement or, if later, the date of your death. The survivor benefit is calculated as though you terminated employment on the date of your death and started payment on your earliest retirement eligibility date or, if later, on the date you died, and you elected the 50 percent joint and survivor annuity. 15

19 More About Service How Service Is Counted This section describes service rules effective January 1, Prior to this date, prior Plan rules apply for determining service. Contact Human Resources, Retirement Services if you have questions. Service is counted differently if you are a regular full-time or part-time employee or if you are a casual employee. Service may also be counted differently for purposes of benefit accruals, vesting or eligibility. If you were employed by New York Downtown Hospital and you became an employee of the Hospital on or before July 1, 2013, then your periods of employment with New York Downtown Hospital generally will be credited towards eligibility and vesting service. Employment with certain other entities with relationships with the Hospital may also count as eligibility and vesting service under the Plan. Contact Human Resources, Retirement Services if you have any questions. Service Rules for Regular Employees If you are a regular full-time or part-time employee, service is counted in elapsed years and months of employment from your date of hire to your severance from service date. Your severance from service date occurs on the earlier of: The date you voluntarily terminate, are discharged, retire, or die; or The first anniversary of your absence from work for any other reason. If you have a severance from service but return to work for the Hospital at a later date, your status in the Plan when you return will depend on your vesting status when you left and the length of your service break measured in break years. A break year occurs when you have a one-year break in your Hospital employment following your severance from service date. Note that in the case of a maternity/paternity leave, up to the first 12 months of a leave will be disregarded in determining if a break year has occurred. Service Rules for Casual Employees If you are a casual employee, generally service is credited for calendar years in which you earn at least 1,000 hours of service. You receive credit for an hour of service for each hour you are paid or entitled to payment by the Hospital. This generally includes paid time off due to illness, vacation, or holiday as well as other approved paid periods of absence, but no more than 501 hours will be credited for a paid period during which you are not working. 16

20 If you leave but return to work for the Hospital at a later date, your status in the Plan when you return will depend on your vesting status when you left and whether a break year has occurred. You have a break year when you are credited with less than 501 hours in a calendar year. Note that in the case of a maternity/paternity leave, up to 501 hours will be credited during the first calendar year or if necessary in the second calendar year of your leave if it prevents a break year from occurring. If You are Rehired The following rules are used to determine your Plan status when you return to work following a break in service: If you return to work before you have a break year, your participation automatically continues when you return to work. All prior service is credited to you. If you were vested when you left or your consecutive number of break years is less than five, you can resume participation when you return to work; all prior service is credited to you. Note: If you received a lump sum payout of your benefit, years of service are restored after you are rehired but your benefit will be offset by the benefit value you received. If you were not vested when you left and your consecutive number of break years is less than five, you immediately resume Plan participation and your prior service is restored after you earn one year of vesting service. If you were not vested when you left and your consecutive number of break years is five or more, prior service is not restored, but you immediately resume Plan participation. 17

21 Receiving Your Benefit Vesting To be vested means you have a right to receive Plan benefits at one time after you end employment with the Hospital. You will not be entitled to a benefit if you leave the Hospital before you are vested. You become vested: In your Cash Balance Account, after three years of vesting service, if you earn a new hour of service on or after January 1, 2008, or In your benefit under the Defined Benefit Provision, after five years of vesting service, or If you die while employed by the Hospital on or after September 1, 2001 or during qualified military service on or after January 1, 2007, or In general, you earn one year of vesting service for each 12-month period of employment if you are a full-time or part-time employee. If you are a casual employee, you earn a year of vesting service for each calendar year in which you are credited with at least 1,000 hours of service. (See More About Service, page 16, for details.) Timing of Payment If you retire or leave employment with the Hospital after you are vested, you are entitled to a benefit from the Plan: If you are subject to the Cash Balance provisions of the Plan, you have the flexibility of receiving payment of some or all of your benefit as soon as administratively possible after you leave, rolling it over into an Individual Retirement Account (IRA) or another qualified retirement plan (if permitted), or leaving your account in the Plan to earn additional interest. If you are subject to the New York Hospital Defined Benefit provisions (see page 9) or Columbia Presbyterian Defined Benefit provisions (see page 13), you can start receiving a monthly benefit when you reach retirement age, as explained in the referenced sections of this booklet. You must begin receiving your Plan benefit by the April 1 following the year you reach age 70 ½ or terminate employment with the Hospital, if later. 18

22 Your benefit is not taxable until you receive it. The timing and form of payment can affect the taxes you pay. It is a good idea to check into the tax laws in effect at the time you are making your payment decision. Applying for Your Benefit Before the later of age 70 ½ or termination of employment, your benefit will not begin automatically; you must apply for your benefit through Human Resources, Retirement Services. You should apply for your benefit 120 days before you want payments to begin. Human Resources, Retirement Services will provide the appropriate forms for you to complete. You should complete and return all forms within the 180-day period before you want benefit payments to begin. If you are married and you choose a form of payment other than a joint and survivor annuity with your spouse as beneficiary, your spouse s written and notarized consent must be made within the 180-day period before payments begin. Once payments begin, the form of payment cannot be changed. The Tax rules require that you begin receiving your benefits by the later of age 70 1/2 or termination of employment. If you do not begin payment on time, the IRS will impose a 50% excise tax --in addition to regular income taxes, on the amount of your late payments. To comply with these minimum payment rules and be able to choose the form of payment which best meets your needs, you should apply for benefits no later than your 70th birthday (or 120 days before you intend to retire, if you work past age 70). If you do not apply for benefits on time, the Plan may irrevocably begin your benefits payments in the form of a single life annuity (if the Hospital records show that you are not married) or a joint and 50% survivor annuity (if records show that you are married), with your spouse as survivor beneficiary. Every participant should take care to apply for benefits, provide all the required information, and keep Human Resources, Retirement Services up to date on your latest address and contact information and marital status. Failure to do so could cause you to be charged a 50% IRS excise tax, delay your payments and to lose your ability to choose the form of payment you wish. Forms of Payment Under the Cash Balance provisions, all forms of payment can begin as soon as administratively possible following termination of employment with the Hospital. Under the Defined Benefit Provisions, all forms of payment can begin when you reach retirement age. (See page 9 for New York Hospital provisions and page 13 for Presbyterian Plan provisions.) Single Life Annuity A monthly annuity is paid to you for your lifetime only. This is the normal form of payment if you are single. Upon your death, no benefits are payable to your beneficiary(ies) or your estate. This option will pay you the highest monthly benefit. This is the normal form of payment if you are not married. 50%, 75% or 100% Joint and Survivor Annuity A monthly annuity is paid to you for your lifetime. Upon your death, 50%, 75% or 100% (as applicable, based on the option you choose) of your monthly benefit is continued to your named, 19

23 surviving beneficiary for the balance of his or her life. Upon the subsequent death of your beneficiary, no further payment will be made. The 50% joint and survivor annuity with your spouse as the beneficiary is the normal form of payment if you are married. If you want to elect a form of payment other than a 50%, 75%, or 100% joint and survivor annuity with your spouse as your joint annuitant, your spouse must consent. Five-, Ten-, or 15-Year Certain and Continuous Annuity A monthly annuity is paid to you for your lifetime. If you die before 60, 120, or 180 monthly payments (as applicable, based on the option you choose) have been made, the balance of the payments for guaranteed period will be made to the named beneficiary(ies). If your beneficiary dies before the guaranteed payments have been made, a slump equal to the remaining payments will be paid to your beneficiary s estate. However, once the guaranteed period for payments has been met (60, 120, or 180 months, as applicable), no further payments will be made to your beneficiary(ies) after you die. Social Security Level Income Option (New York Hospital and Columbia Presbyterian Defined Benefit Provision Benefit Only) This form of payment is a variation of the single life annuity option: it provides you with a monthly benefit for your lifetime with all payments stopping when you die, but allows you to coordinate your pension with your estimated Social Security benefits. Your pension benefit will be adjusted so that the sum of your monthly pension payment under the Plan and your monthly Social Security benefit is roughly equal before and after you reach age 62. This option allows you to smooth out, as much as possible, your monthly retirement income before and after age 62. This option is only available if you retire before age 62 and is only for benefits payable under the Defined Benefit provisions. It is not available for a Cash Balance Account. Please note that if you choose this option, the actual total of your Plan and Social Security benefits may not be the same each month, for one or more of the following reasons: This form assumes you begin receiving Social Security benefits at age 62. However, the date that you actually start to receive Social Security benefits may not be age 62. A difference between the date you actually begin to receive Social Security benefits and age 62 will result in variation in your monthly total retirement income from the Plan and Social Security. Your actual Social Security benefit may vary from the estimate that is used in computing the monthly benefit under this option. In that event, your total monthly retirement income from this Plan and Social Security may not be the same before and after you reach age 62. The monthly pension payment from the Plan under this form is reduced upon your attainment of the age 62, not the actual date you begin receiving Social Security benefits. However, due to administrative processes at the Social Security Administration, there may be a lag of a month or more between the date you attain a given age and the date you receive your first Social Security check (assuming that you timely applied to commence Social Security benefits upon reaching age 62). In that 20

24 event, there will be a temporary reduction in the total of the retirement income you receive from the Plan and Social Security. Lump Sum Distribution (Cash Balance Account Only) You can choose to receive your benefit under the Cash Balance provisions as a single lump sum distribution equal to your account value. This option is not available for your Plan benefit under the Defined Benefit provisions of the Plan. Partial Withdrawals (Cash Balance Account Only) With this option, you can receive periodic partial withdrawals ($1,000 minimum) from your account. This option is only available for your benefit under the Cash Balance provisions and not available for your Plan benefit under the Defined Benefit provisions of the Plan. This option is not available once you reach age 70 1/2. 21

25 Taxes on Distributions of Benefits Benefit distributions from this Plan are taxable income and should be reported on your federal income tax form. Generally you may elect the amount of income tax withholding for distributions not eligible for rollover, but all payments that are eligible rollover distributions are automatically subject to a 20 percent withholding tax if not directly rolled over. The IRS requires that 20 percent of the taxable portion of your distribution be withheld for prepayment of federal income tax. The actual taxes you owe at year-end will depend on your situation. Rollovers (Cash Balance Account) Distributions that are not eligible for rollover include: Lifetime annuity options offered by this Plan A series of substantially equal payments over your life or life expectancy (or the life or life expectancy of you and your beneficiary) or over a period of 10 or more years Lump sum distributions made to non-spouse beneficiaries (except for a direct rollover to an individual retirement account or individual retirement annuity) Plan payments that add up to less than $200 for an entire year. Plan payments made to comply with the required minimum payment rules. At the time your benefit becomes eligible for a distribution, you have the choice of how the benefit will be distributed. If your distribution is a lump sum payment, you must decide whether to make a direct rollover to an IRA or another eligible retirement plan, or to receive the payment in cash. By electing a direct rollover, you avoid the 20 percent withholding tax on the amount transferred. The plan receiving the direct transfer can be any of the following, if they agree to accept a rollover: Individual Retirement Arrangement (IRA) Roth IRA (if Roth IRA conversion rules are satisfied) Individual retirement annuity Annuity plan 401(a) qualified trust 403(b) annuity Eligible 457(b) plan, or Another employer s eligible retirement plan. 22

26 If you do not elect a direct rollover and instead take the distribution in a lump sum, you receive 80 percent of the taxable amount in cash and the remaining 20 percent of the taxable amount will be withheld for federal income tax. You will have 60 days from the date you receive the check to change your mind and roll over part or all of the distribution, including the amount that was withheld for taxes. However, to roll over the entire amount including the 20 percent withheld, you will have to supply the money to cover the amount withheld. The amount withheld will be an advance payment to the Internal Revenue Service (IRS) of the federal income taxes that may be owed for the year of the distribution. In addition, any eligible distribution not rolled over is subject to a 10 percent early distribution penalty tax unless: You are age 55 or older at the time of separation from service with the Hospital You are age 59½ or older at the time of distribution The distribution was due to death or total and permanent disability The money was distributed under a Qualified Domestic Relations Order, or You have deductible medical expenses that exceed your retirement payments. If you were born before January 1, 1936 and you have been in the Plan for at least 5 years or if you were a participant in the Plan before 1974, you may qualify for special tax treatment on lump sum distributions. Please consult your tax advisor for more information. Tax Advice This section is only a brief summary of our understanding of the federal income tax rules on Plan distributions. You should consult a qualified tax advisor before making a benefit distribution election. There is no guarantee that the tax treatment of benefits will not be altered by future changes in the law or regulations. State and local taxes may also apply. Only a qualified tax advisor can give advice on how the current tax regulations affect your specific situation. 23

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