Important Information about your NCR Pension Plan Benefit

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1 December 17, 2014 Important Information about your NCR Pension Plan Benefit Dear NCR Pension Plan Participants and Beneficiaries: We are writing to share important information about your monthly benefit payment under the NCR Pension Plan (the Plan ). NCR has entered into an agreement pursuant to which the Plan purchased a group annuity contract from an insurance company, Principal Life Insurance Company ( The Principal ). Under this contract, The Principal has agreed to assume the Plan s obligation to pay the monthly benefit you are entitled to receive under the Plan (your Monthly Benefit ). The Principal is expected to begin paying your Monthly Benefit under the group annuity contract in April What this means for you The Principal s assumption of the obligation to pay your future Monthly Benefit will not change the amount of the Monthly Benefit you were entitled to receive under the Plan. Your Monthly Benefit checks (or direct deposits) will continue to come from Fidelity through March NCR and Fidelity will work with The Principal to transition administration of your Monthly Benefit payments to The Principal beginning with your April 2015 monthly payment. In the coming months, we will provide The Principal with details related to your Monthly Benefit, including the amount, your beneficiary election (if any), your mailing address, your electronic deposit information (if applicable), and your current tax withholding information. No action is required by you at this time. More information to come We understand that you may have questions about this change, so we will send additional information as it becomes available: In March 2015, The Principal will mail you a welcome letter to confirm the transition of your Monthly Benefit payments. The Principal will also send you an annuity certificate describing your benefit and The Principal s obligations under the group annuity contract, plus additional details about how to contact them with questions or to make any changes to your tax withholdings or other personal information. 1

2 Additional information available at this time is provided in the Frequently Asked Questions below. These Frequently Asked Questions and other information are also posted on the Company s website at: If you need further clarification, please call the NCR Benefits Service Center at , Monday through Friday, between 8:30 a.m. and 8:00 p.m. Eastern time (excluding New York Stock Exchange holidays), to speak with a representative. General information about The Principal can be found on its website at We appreciate your patience as we move forward with this process. We are committed to ensuring a smooth transition of the responsibility for your benefits from the Plan to The Principal. Sincerely, NCR Benefits 2

3 Frequently Asked Questions What is the contract that was purchased by the NCR Pension Plan? Pursuant to an agreement with Principal Life Insurance Company ( The Principal ), the NCR Pension Plan (the Plan ) has purchased a group annuity contract from The Principal. Under this contract and the agreement, The Principal has agreed to assume the Plan s obligation to pay the monthly benefits of approximately 4,500 former employees or their related beneficiaries currently receiving a monthly benefit from the Plan. Who is affected by this group annuity contract? This group annuity contract affects certain former employees or their beneficiaries who commenced monthly benefits under the Plan before January 1, Who is not affected by this group annuity contract? This group annuity contract does not affect active employees, former employees who have not commenced monthly benefits under the Plan, or former employees or their beneficiaries who commenced monthly benefits under the Plan on or after January 1, What is a group annuity contract? A group annuity contract is a financial product issued by an insurance company. In this case, the contract makes any required monthly payments for the life of the recipient (typically called the annuitant ). If the annuitant has a beneficiary (a joint annuitant ), any required monthly payments are made after the death of the annuitant to the joint annuitant for his or her life. Why was The Principal selected to provide this group annuity contract? The Plan fiduciary selected The Principal in accordance with the fiduciary s duties of care, prudence and loyalty to Plan participants and beneficiaries. Will the amount of my monthly benefit change? Under the contract, The Principal must pay the same monthly benefit that affected former employees or their beneficiaries who commenced benefits under the Plan before January 1, 1994 were entitled to receive under the Plan. How will my benefit payments change, and is any action required of me at this time? 3

4 Your monthly benefit checks (or direct deposits) will continue to come from Fidelity through March NCR and Fidelity will work with The Principal to transition administration of your monthly benefit payments to The Principal beginning with your April 2015 monthly payment. No action is required by you at this time. If I am currently enrolled in, or eligible for, NCR health insurance or other benefits, will these benefits be affected by the Agreement? No. Eligibility for other benefit programs like retiree health insurance (if applicable) is not affected-- you will continue to be eligible for such insurance to the extent provided under the terms of the applicable program. However, your premiums will no longer be deducted from your monthly benefit payment after March Affected individuals will receive a separate communication explaining the procedures for making payment for such insurance beginning in April Why did the Plan purchase this group annuity contract? NCR has been working for several years to minimize the impact of its pension liability on financial results, while meeting the Company s existing obligations to Plan participants. This group annuity contract purchase is another step forward in support of that strategy. With this group annuity contract purchase, will there still be enough money in the Plan to provide benefits for present and future retirees? NCR continually monitors and manages pension plan funding. The Company has carefully planned this group annuity contract purchase to account for proper funding of the Plan going forward. The Plan's funded status is expected to remain materially unchanged as a result of this group annuity contract purchase. Is there anything I need to do right now? No. Details relating to The Principal s assumption of the obligation to pay monthly benefits under this group annuity contract, including The Principal s contact information for any questions you may have, will be described in welcome letters from The Principal and other materials that will be mailed to affected individuals in March What if I have additional questions about the group annuity contract who can I call for help? Affected retirees or their beneficiaries can get more information about their pension benefits at or from the NCR Benefits Service Center by calling , Monday through Friday, between 8:30 a.m. and 8:00 p.m. Eastern time (excluding New York Stock Exchange holidays), to speak with a representative. Information is also available on the Company s 4

5 website at: General information about The Principal can be found on The Principal s website at 5

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