January 1, 2015 Montefiore Medical Center Voluntary Tax Deferred Annuity Plan

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1 Roth After-tax Contributions and In-Plan Roth Conversions Now Available under the Montefiore Medical Center Voluntary Tax Deferred Annuity Plan (PVA Plan)! Starting January 1, 2015, you will be able to make Roth after-tax contributions, in addition to traditional pre-tax contributions if you are participating in the Montefiore Medical Center Voluntary Tax Deferred Annuity Plan (PVA Plan). A new in-plan Roth conversion feature is also being made available. The following are some key questions and answers about these new PVA Plan features. Why is Montefiore making a Roth after-tax elective deferral feature available under the PVA plan? While the feature is not necessarily right for everyone, depending on your personal and financial situation, contributing to the PVA Plan on an after-tax basis may ultimately prove to be more tax-efficient when it comes time to begin to take withdrawals from the PVA Plan. Montefiore wants to provide you the ability to take advantage of this feature as a way to help you with tax planning if you decide it is right for you. What are Roth After-tax Contributions? Roth after-tax contributions are salary deferral contributions you can elect to make in the PVA Plan. This means that the contribution is taken out of your pay after taxes have been withheld in contrast to a pre-tax deferral contribution where the contribution is taken out of your pay before taxes are withheld. Roth contributions are tracked in a Roth elective deferral account separate from any pre-tax deferral contributions you may make. What other income tax implications are associated with making a Roth after-tax contribution versus a pre-tax deferral contribution? When distributions are made from the PVA Plan, Roth after-tax contributions plus any earnings on those contributions will be tax-free if you are at least 59½ years old and have maintained the Roth elective deferral account for at least five years.

2 Can I convert or move current non-roth account balances in the PVA Plan to a Roth elective deferral account? Yes, the PVA Plan does allow for in-plan Roth conversions but there are current income tax implications that you will need to seriously consider before doing so. These are explained in further detail in the enclosed Frequently Asked Questions document. How will I know if making Roth contributions or electing an in-plan Roth conversion is right for me? When determining if Roth after-tax contributions or an in-plan Roth conversion are right for you, you need to take a number of things into consideration. Take time to: View a brief online seminar to help you better understand Roth after-tax contributions by going to Review the enclosed Frequently Asked Questions document Contact your tax advisor with tax-related questions How to begin making Roth After-tax Contributions Once you have determined that making Roth after-tax contributions are right for you and you want to begin making Roth contributions, log in to your account at principal.com or contact a retirement specialist at the Principal Financial Group by calling on 1 Meeting Reminder If you are interested in attending a 1 on 1 retirement planning meeting, contact Arlene Reddington, onsite Benefit Planning Counselor from The Principal at Or, visit principal.com/monte1on1 to sign up for a meeting.

3 ROTH After-tax Roth After-tax and In-Plan Roth Conversion Frequently Asked Questions Q. What are the key differences between a Roth IRA Account and a Roth 403(b) Elective Deferral Account? A. A Roth IRA is an individual account individuals who meet IRS eligibility rules may contribute to outside of an employer sponsored plan. A Roth After-tax Elective Deferral Account may only be established within an employer sponsored plan like the PVA Plan. Q. What are the differences between and the implications of making traditional pre-tax elective deferral contributions and Roth after-tax elective deferral contributions within a 403(b) Plan? A. Traditional elective deferral contributions to a 403(b) plan are made on a pre-tax basis. Distributions from these types of contributions (and any investment earnings attributable to pre-tax contributions) will be taxed at the time of withdrawal. In contrast, Roth contributions are made on an after-tax basis. Since Roth contributions are made on an after-tax basis, qualified distributions from these types of contributions as well as any investment earnings attributable to the after-tax contributions will be paid to you tax free. Q. What is a qualified distribution? A. To be considered a qualified distribution, the distribution must be made after you are age 59 ½, have become disabled or have died. In addition, the Roth elective deferral account must have been maintained for at least five taxable years. If the distribution is not qualified, the earnings (the total amount in the account, minus Roth contributions) from the Roth elective deferral account are subject to 10% early distribution tax. Q. How do I know if I m a good candidate for Roth elective deferral contributions? A. You may be a good candidate for Roth after-tax elective deferral contributions if you: Have substantial retirement savings. Are not able to establish and participate in a Roth IRA due to income limits. (Roth elective deferral contributions are not limited by income restrictions.) Think you will be in a higher tax bracket at retirement. Participate in an employer-sponsored defined benefit plan. Roth elective deferral contributions may help balance your tax obligation during retirement. You may not be a good candidate for Roth after-tax elective deferral contributions if you: Have minimal retirement savings. Do not expect to be in a higher tax bracket at retirement. Do not participate in an employer-sponsored defined benefit plan.

4 To decide whether you might be a good candidate, consider the sample profiles below. One focuses on what a good candidate may look like and the other focuses on a candidate that may not be a good fit for Roth 403(b) elective deferral contributions. The list is not all-inclusive, but will give you an idea of some of the factors involved when making your decision. Susan, 40-year-old participant is on the fast track and anticipates progressively greater earnings over her working career Susan may be a better candidate for Roth elective deferral contributions Susan s projected income during retirement is substantially higher than her current income potentially placing her in a higher tax bracket. Susan is a diligent retirement saver, saving 12% of her pay each year for retirement. Susan has more savings outside of the retirement plan. Susan s projected amount of retirement savings is beyond her projected needs. Michael, 40-year-old participant is in on a steady career track and anticipates moderate growth in earnings over his working career. Michael may not be a good candidate for Roth elective deferral contributions Michael s projected income during retirement is slightly higher than his current income, placing him in essentially the same tax bracket. Michael is saving for his retirement more modestly, saving 4% of his pay each year for retirement. Michael has minimal savings outside of the retirement plan Michael s projected amount of retirement savings is less than his projected needs. Q. What are the main differences between Roth IRAs, Roth after-tax elective deferral contributions and traditional 403(b) pre-tax elective deferral contributions? A. See the chart below for differences between Roth IRAs and Roth and pre-tax contributions. Income limits for eligibility 1,2 Contributions are considered Roth IRA $116,000 if single $183,000 if married 2015 contribution limits 3 $5,500 Early distributions Roth after-tax elective deferral contributions in a retirement plan None Traditional Pre-tax elective deferrals in a retirement plan None After-tax After-tax Pre-tax Tax-free contributions; taxable earnings 4 $18,000 in total across all 403(b) and 401(k) retirement plan contributions Tax-free contributions; taxable earnings 4 Taxable4 Qualified distributions 5 Tax-free Tax-free Taxable Outbound rollovers permitted to Another Roth IRA Roth IRA or another retirement plan that allows Roth deferral contributions IRA or another traditional retirement plan Distributions after age 6 Not required Required Required 70½ 1 No full or partial contribution if income is > 131,000 single, head of household, or married filing separately and you did not live with your spouse at any time during the year, > 193,000 married filing jointly or qualified widower. 2 As indexed by the Internal Revenue Service. 3 Dollar limits are for the 2015 calendar year. 4 Possbily subject to additional 10% premature distribution penalty tax. 5 A qualified distribution is one that is made after a participant reaches age 59½, death or disability or qualified widower and must be made at least five years after the first Roth 401(k) contribution was made. 6 Relates to the Required Minimum Distribution after age 70½.

5 Q. Can I simultaneously make both traditional pre-tax elective deferral and Roth after-tax elective deferral contributions to the PVA Plan? A. You may simultaneously make both traditional pre-tax elective deferral contributions and Roth after-tax elective deferral contributions to the PVA Plan. However, the combined maximum elective deferral contribution cannot exceed the annual Internal Revenue Service maximum ($18,000 in 2015 plus an additional $6,000 in catch-up contributions for participants age 50 or over). Q. Can I roll over Roth elective deferral contributions made to another employer s defined contribution (403(b) or 401(k)) plan to a Roth account in the Montefiore Voluntary Tax Deferred Annuity Plan? A. Yes. Please call Arlene Reddington, Benefit Planning Counselor at or The Principal at for rollover assistance. Q. How do I elect to make Roth after-tax contributions to the PVA Plan? A. Log in to your account at principal.com or contact a retirement specialist at the Principal Financial Group by calling to make changes to your current salary deferral election to utilize the PVA Plan s Roth after-tax contribution feature. Q. For qualified distribution purposes, when does the 5-year period start? A. The 5-year period begins on January 1 of the year the first contribution was made to the Roth account. However, if Roth deferral contributions were rolled into a Roth account from another qualified plan, the 5- year period begins on January 1 of the year the first contribution was made to the designated Roth account in the plan of the other employer s plan. Normally, the 5 year rule must be met separately for each qualified plan to which you are making designated Roth contributions. However, if there is a direct rollover of a distribution from a designated Roth account under one plan to a designated Roth account under another plan, then you can use the earliest first taxable year for which you made the designated Roth contributions to count towards the 5 year period. If you don t rollover the account then it doesn t apply. Q. What is a qualified distribution from a designated in-plan Roth account? A. For distributions from a designated Roth after-tax contribution to be treated as tax-free at distribution, they must meet certain criteria to be deemed a qualified distribution. A qualified distribution is generally a distribution that is made after a 5-taxable-year period of participation (see the questions above for this definition) and is made after one of the following: You reach age 59½; Death; You become disabled. A qualified distribution from a designated Roth account is not included in the employee s gross income. Unlike a Roth IRA, a distribution from a Roth 401(k) or 403(b) account to finance the first time purchase of a home will not be treated as a qualified distribution.

6 ROTH IN-PLAN CONVERSION Q. Can I convert existing non-roth account balances in the plan to a designated Roth account within the PVA Plan? A. Yes, you may convert non-roth account balances (those funded through pre-tax contributions) to a designated Roth account within the Plan. This is generally referred to as an in-plan Roth transfer or conversion. This applies only to the Montefiore Medical Center Voluntary Tax Deferred Annuity (PVA) Plan. Balances in the Montefiore Medical Center Tax Deferred Annuity Plan may not be converted. Q. Who is eligible to elect an in-plan Roth transfer? A. Active employees and terminated participants whose retirement funds remain under the PVA Plan, spouse beneficiaries, alternate payees who are a current or former spouse may elect to convert non-roth account balances within the plan regardless of whether they would otherwise be eligible to take a distribution or withdrawal from the plan. Q. Within your account, which retirement funds are available to convert to a Roth account? A. With the availability of in-plan Roth transfers, you can convert any non-roth Accounts in the Montefiore Voluntary Tax Deferred Annuity (PVA) Plan to Roth accounts by doing an in-plan Roth transfer. However, outstanding loan balances are not available for in-plan Roth transfers. Q. What are some of the tax implications if I convert the non-roth account balances? A. You will owe income tax on the total amount converted (pre-tax contributions and earnings thereon) in the calendar year of the conversion. This means that you need to make sure you have the funds available to pay the taxes at the time you file your tax return for the year. NOTE: Electing an in-plan Roth transfer may mean you have to increase your withholding or make estimated tax payments to avoid an underpayment penalty when filing your tax return. Before making such a decision, always consult with your individual tax advisor or financial professional and refer to Publication 505, Tax Withholding and Estimated Tax for additional information on withholding of taxes. Q. Are in-plan Roth transfers subject to the 10% additional tax on early distributions? A. No. The 10% early distribution penalty does not apply to an in-plan Roth transfer. Q. Are in-plan Roth transfers subject to 20% mandatory federal tax withholding? A. No. The 20% mandatory withholding does not apply to an in-plan Roth transfer. Q. What are the tax implications if I withdraw the funds converted through an in-plan Roth transfer prior to the end of the five year holding period? A. Earnings distributed from a Roth account will be subject to taxation as well as the possibility of an IRS 10% early-distribution tax unless the distribution is qualified (see question below). In addition, a 5-year recapture rule applies to distributions from in-plan Roth transfer funds. The 5-year period starts on January 1 of the year of conversion. Distributions from the in-plan Roth transfer account made prior to the 5-year holding period established for the account may trigger the 10% early-distribution tax on the taxable amount converted, unless an exception applies. Q. When does the 5-year period start for purposes of calculating the 5-year recapture rule? A. For this purpose, the 5-year period for in-plan Roth transfers begins with the taxable year in which the conversion is completed. Subsequent transfers will establish a separate conversion date if completed in a different taxable year. For example, if the in-plan Roth transfer is completed in December 2015, then 2015 is the first taxable year of the 5-year taxable period stretching from 2015 through 2019 for the taxable amount converted. If a second in-plan Roth transfer is completed in April 2016, then 2016 is the first taxable year of the 5-year taxable period stretching from 2016 through 2020 for the taxable amount converted.

7 Q. Would I be able to undo an in-plan Roth transfer? A. An in-plan Roth transfer to a designated Roth account is irrevocable when made and cannot be later changed back, or re-characterized, to pre-tax deferral amounts. Q. Should I convert all or a portion of my non-roth account balance to an in-plan Roth account within the PVA plan? A. This is an individual decision. You should carefully weigh the advantages and disadvantages of converting non-roth qualified retirement plan funds to an in-plan Roth account when determining if it makes sense for your personal financial situation. While an in-plan Roth account can provide the advantage of tax-free distributions of earnings if certain conditions are met, there are other issues to consider before making this decision. Those issues include: Tax liability due (incurred) at conversion. The taxable amount is included in gross income for the tax year in which the distribution occurs. It is due when the tax return is filed for the year. If you are electing an in-plan Roth rollover you may have to increase your withholding or make estimated tax payments to avoid an underpayment penalty. Before making such a decision, always consult with your individual tax advisor/professional and refer to Publication 505, Tax Withholding and Estimated Tax for additional information on withholding of taxes. Tax impact of added income resulting from the conversion on your overall tax liability for the year. In-plan Roth conversion funds are, unlike Roth IRAs, subject to mandatory age 70 ½ withdrawals if you are no longer employed by the company. Some other factors you might want to consider include: Your current tax rate, future earnings and what you anticipate will happen with future tax rates. Your time horizon until retirement or withdrawals. (e.g. The five-year taxable period of participation in a Roth account for determining a qualified distribution and whether the special early distribution tax rules apply.) Your plans for how you ll use your account balances at retirement. (e.g. If you plan to leave your retirement funds to charity, conversion is unnecessary because qualified charities do not pay taxes.) Your election to convert non-roth funds inside the plan is irrevocable Converting retirement plan assets held in a non-roth account to a Roth account is not appropriate in all situations or all circumstances. Please consult with your tax advisor or financial professional to help you determine if this strategy is appropriate for you. Q. If I have an outstanding loan balance, can I complete a transfer so that my repayments go into a Roth account within the 403b Plan? A. No. The repayments for an outstanding loan must be repaid into the same account (pre-tax or Roth) from which they were distributed. Q. What other options do I have for converting non Roth account balances? A. For any amount eligible for distribution, you currently have the option to rollover and convert any non- Roth account balances from the 403(b) Plan to a designated Roth IRA outside the 403(b) Plan. Q. Are there any resources available to help me see the potential impact this could have on my taxes? A. Because each individual has a unique financial situation, you will need to work with your personal tax advisor or financial professional in determining if an in-plan Roth conversion is the right decision for you.

8 Q. Will I be able complete an investment transfer for the account balance being converted or will it map automatically according to the current investment options for the pre-tax account? A. There will be no liquidation of investment options for the in-plan Roth conversion. The converted amount will transfer into the same investment options in which they were invested prior to conversion. If you would like to invest the in-plan Roth conversion account differently, you may request an investment transfer prior to or once the conversion is complete. Q. How long will an in-plan Roth conversion take? A. An in-plan Roth conversion will be processed like other contribution or investment transfer. If the form contains all the required information, the conversion will be credited as of the date received, if received by the close of market. Forms received after the close of market will be processed on the next open market date. Q. How do I request an in-plan Roth transfer/conversion? A. You will need to complete an In-plan Roth Transfer form and return it to the Principal Financial Group by fax ( ) or mail (The Principal Financial Group, P.O. Box 9394, Des Moines, IA ). You may obtain this form by calling (8 a.m. to 10 p.m. ET, Monday through Friday). Q. Who can I contact if I have additional questions? A. For more information: Call to speak with a retirement specialist from 8 a.m. to 10 p.m. ET, Monday through Friday. Call Arlene Reddington, onsite Benefit Planning Counselor from The Principal at Sign up for a confidential 1 on 1 meeting with Arlene by visiting principal.com/monte1on1 For tax-related questions, please contact your tax advisor or financial professional. Retirement professionals are sales representatives for the members of the Principal Financial Group. They do not represent, offer or compare products and services of other financial services organizations. While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that The Principal is not rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements. Insurance products and plan administrative services are provided by Principal Life Insurance Company, a member of the Principal Financial Group (The Principal ), Des Moines, IA CP9266JJJ 2014 Principal Financial Services, Inc. t mz 12/2014

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