1 SUMMARY PLAN DESCRIPTION SWARTHMORE COLLEGE REGULAR RETIREMENT PLAN December 2011 DMEAST # v2
2 TABLE OF CONTENTS PAGE INTRODUCTION TO YOUR PLAN 1 ELIGIBILITY 2 Who is eligible to participate in the Plan? 2 When can I contribute to the Plan? 2 CONTRIBUTIONS 3 What are pre-tax contributions? 3 What is the Mandatory Contribution? 4 What is the College s Contribution? 4 Once I am eligible for the mandatory contribution, can I continue to make voluntary contributions? 5 Can I roll over funds from a former employer s retirement plan? 5 Can I make-up for contributions for periods I am on military leave? 5 CHANGING YOUR CONTRIBUTIONS 5 How do I change my voluntary contribution? 5 How do I stop my voluntary contribution? 6 What are the Contribution Limits? 6 CATCH-UP CONTRIBUTIONS 6 What is an Age-Based Catch-Up Contribution? 6 VESTING 6 When am I vested in my account? 6 YOUR PLAN ACCOUNT 7 What are my investment options? 7 How can I change my investment options? 8 How do I transfer my Plan account to another fund sponsor? 8 How do I access my Plan account? 9 TERMINATION OF EMPLOYMENT 9 What happens to my Plan account when I leave the College? 9 What forms of account distribution may I elect? 9 DMEAST # v2 i
3 OTHER DISTRIBUTIONS 10 Do I have to take a distribution at age 70 ½? 10 What happens to my Plan account upon my death? 10 Can I take distributions from funds I have rolled over into the Plan? 10 Does the plan allow for Hardship Distributions? 10 Can I take a Loan from my Plan account? 11 If I leave the College, can I roll over my Plan account to another employer s retirement plan or IRA? 12 What is a Qualified Domestic Relations Order? 12 LEAVE 12 What if I am on an approved unpaid leave of absence or sabbatical? 12 What happens when I return to work from an approved unpaid leave? 13 What if I am on an approved paid leave of absence or sabbatical? 13 LOSS, REDUCTION OR SUSPENSION OF BENEFITS 13 AMENDMENT OR TERMINATION OF THE PLAN 14 TERMINATION INSURANCE 14 APPLICABLE TAX LAWS INFORMATION 14 How are distributions treated for federal income tax purposes? 14 CONTACT INFORMATION 15 BENEFIT CLAIMS REVIEW PROCEDURES 18 Application for Benefits 18 Claims Procedure 18 YOUR RIGHTS UNDER ERISA 19 DMEAST # v2 ii
4 INTRODUCTION TO YOUR PLAN The Swarthmore College Regular Retirement Plan (the Retirement Plan or the Plan ) has been adopted to provide you with the opportunity to save for retirement on a tax-advantaged basis. This Summary Plan Description ( SPD ) contains valuable information regarding when you may become eligible to participate in the Plan, your Plan benefits, your distribution options, and many other features of the Plan. You should take the time to read this Summary to get a better understanding of your rights and obligations under the Plan. This SPD has been prepared to familiarize you with the Plan's provisions and is intended to describe the Retirement Plan in a clear and understandable manner. On the following pages you will learn about your eligibility to participate in the Plan, how to make contributions to the Plan, when you can retire, how your family can be protected if you die before retirement, and other important information. The Plan conforms to the provisions of the Employee Retirement Income Security Act of 1974 ( ERISA ) as well as subsequent pension legislation, the Internal Revenue Code (the Code ) and other federal and state laws which may affect your rights. Any differences between the provisions of the Plan and such pension legislation will be resolved in conformance with the requirements of the appropriate law. If any conflict arises between the SPD and the provisions of the Plan, the terms of the actual Plan documents will govern in all cases. If any questions should arise concerning the Plan provisions, the plan administrator has the authority and discretion to interpret the provision. The College expects to continue the Plan indefinitely, but reserves the absolute right to amend, modify, or discontinue the Plan at any time. In addition, no provision of the Plan is intended to be considered a contract of employment between you and Swarthmore College. The College s rights with regard to disciplinary action and termination of an employee, if necessary, are in no manner changed by any provision of the Plan. Contact the Human Resources Department if you have any questions concerning the Swarthmore College Regular Retirement Plan. DMEAST # v2 1
5 ELIGIBILITY Who is eligible to participate in the Plan? You are eligible to participate in the Plan if you are a: Regular, full-time faculty member or staff member (.75 FTE equivalency or more), or Regular, part-time faculty member or staff member and; a. Hired on or before December 31, 1998 and have remained continuously employed since then, and classified as at least half time under the College s policies, Service Department employees regularly scheduled to work at least 17 ½ hours per week, and other employees classified by the College in its policies as regular part-time employees, or b. Hired on or after January 1, 1999 with an FTE equivalency of at least.50 but less than.75, under the College s policies Leased employees and students are not eligible to participate in the Plan. When can I contribute to the Plan? Voluntary Contributions If you are eligible to participate in the Plan, you may begin to start saving and to make voluntary pre-tax contributions any time after your employment start date. Pre-tax voluntary contributions will be withheld based on your total compensation as reported on your Form W-2, not just your annual base salary. Only pre-tax contributions are permitted. You cannot make after-tax contributions to the Plan. If you wish to make voluntary pre-tax contributions to the Plan, you must contact the Human Resources Department for an enrollment form. You must complete the enrollment form and make your investment selections and return it to the Human Resources Department prior to the payroll deadline in which you want your contributions to begin. If you do not make your investment selections, your pre-tax voluntary contributions and College contributions will be invested in the Plan s default investment fund. You can change this investment choice at any time. Mandatory Contributions Once you complete a year of service you will become an active participant in the Plan and are required to contribute the mandatory pre-tax contribution on the portion of your annual base salary or wages in excess of $20,000 (see What is the Mandatory Contribution on page 4). DMEAST # v2 2
6 You earn a year of service if you work at least 1,000 hours or more during the 12-consecutive month period beginning on your employment date or any anniversary of your employment date. The year of service eligibility waiting period for the mandatory contribution will be waived if you currently own an annuity contract under a 403(b) plan or a custodial account under a 403(b)(7) plan from your previous employer. If your participation in the Plan is mandatory because you have met the eligibility criteria and waiting period described above, you will be asked to complete an enrollment form prior to the date your active participation begins. On the form you must elect: How you want your contributions invested; and Who you want as a beneficiary. (A beneficiary is the person you designate to receive your Plan benefits in the event of your death. If you are married, your beneficiary is automatically your spouse unless, with your spouse s written, notarized consent on the required form, you choose someone else.) If you do not complete an enrollment form and make your investment selections at the time of your initial eligibility for the mandatory pre-tax contribution, both your mandatory pre-tax contributions and the College Contributions made on your behalf (see What is the College s Contribution on page 4) will be invested in the Plan s default investment fund. You can change this investment choice at any time. Simply complete an enrollment form indicating how you would like your account invested. Enrollment forms are available in the Human Resources Department. CONTRIBUTIONS What are pre-tax contributions? Under federal law, the Plan can offer a special tax advantage not generally available to the average saver. Your contributions to the Plan will be subtracted from your gross income before federal income taxes have been calculated. For example, if your annual base pay is $50,000, your mandatory pre-tax contribution to the Plan (see the contribution formula described below) will be $ per month (or $1,650 per year). This will be automatically withheld from your pay on a pre-tax basis, so that the gross pay shown on your Form W-2 will be reduced to $48,350. That will be the amount on which your federal income tax will be based. That s quite different from most other types of savings where contributions can only be made with after-tax dollars. However, your employment tax payments towards your Social Security (FICA) are based on your total pay before reduction, or in this case $50,000. Most states and cities follow the federal tax law and base your state and local income tax on the reduced salary amount ($48,350 in the above example). However, Pennsylvania and Philadelphia continue to recognize the full salary amount for purposes of applying state and local income taxes. DMEAST # v2 3
7 What is the Mandatory Contribution? Once you complete a year of service you will become an active participant in the Plan and are required to contribute the mandatory pre-tax contribution on the portion of your annual base salary or wages in excess of $20,000. The mandatory pre-tax contribution will be a salary reduction from your pay each pay period and deposited into your Plan account is calculated according to the following schedule: First $20,000 of annual base salary or wages 0% Annual base salary or wages in excess of $20, % Mandatory contributions will be withheld based on your annual base salary or wages. Your annual base salary or wages is equal to the amount of your base compensation for the year, or, if you are a faculty member, the salary stated in your academic year contract, and in any case is exclusive of any bonus, overtime, or any other forms of additional compensation. What is the College s Contribution? As long as you are eligible to participate in the Plan, the College will make a contribution on your behalf, regardless of whether you make mandatory or voluntary pre-tax contributions. The College s contribution to your Plan account is 10% of your total annual base salary or wages. Example: Let s look at an example of how you can calculate your mandatory pre-tax contribution and the College s contribution. We ll assume that your base annual salary is $50,000 per year. Your mandatory pre-tax contributions will equal $1,650 or $ per month: $20,000 x 0.0% = $ 0 $30,000 x 5.5% = $1,650 $1,650 The College s contribution to your account will equal $5,000 or $ per month: $50,000 x 10% = $5,000 The combined total of both your mandatory pre-tax contributions and the College s contributions equals $6,650 ($1,650 +$5,000) for the year. The voluntary pre-tax contributions, mandatory pre-tax contributions, and College s contributions are calculated and contributed on a per-payroll period basis. DMEAST # v2 4
8 Once I am eligible for the mandatory contribution, can I continue to make voluntary contributions? If you do not meet the Plan s eligibility criteria for mandatory participation but want to save for retirement, you can make voluntary pre-tax contributions to the Plan, up to the contribution limits imposed by the IRS (see Contribution Limits on page 6). If your participation in the Plan is mandatory, you can also make pre-tax voluntary contributions up to the contribution limits imposed by the IRS. However, the College will not make any further contributions on your behalf based on your additional pre-tax voluntary contributions. Additional pre-tax voluntary contributions will be withheld based on your total compensation as reported on your Form W-2. To elect to make additional voluntary pre-tax contributions, you must complete a form, which is available in the Human Resources Department. Your election form must be completed and returned to the Human Resources Department prior to the payroll deadline in which you want your contributions to begin. Can I roll over funds from a former employer s retirement plan? If you receive an eligible rollover distribution (excluding after-tax contributions) as defined by the IRS, from another employer s retirement plan such as a 403(b) plan, 401(k) plan, a 457 plan maintained by a governmental employer or an individual retirement arrangement (an IRA ) you may transfer all or a portion of the eligible funds to the Plan. Can I make-up for contributions for periods I am on military leave? Federal law gives you the right to receive certain make-up contributions if you return to employment after certain periods of military leave. Your right to these contributions is determined under federal law and depends upon when you depart for the military leave, how long you are gone, and when you come back. If you think you may be absent for a period of military leave, you should check with the Human Resources to find out what rights, if any, you have to these make-up contributions upon your return. CHANGING YOUR CONTRIBUTIONS How do I change my voluntary contribution? You may change the amount of your voluntary pre-tax contributions no more than once in any calendar quarter by submitting a form to Human Resources Department. Your request must be filed prior to the payroll deadline in which you want the change to become effective. DMEAST # v2 5
9 How do I stop my voluntary contribution? You may stop the amount of your voluntary pre-tax contributions no more than once in any calendar quarter by submitting a form to Human Resources Department. IMPORTANT: Because you are only permitted to make one election in any calendar quarter, remember that if you suspend contributions you may not restart your contributions until the beginning of the next calendar quarter. What are the Contribution Limits? Under Federal law, there is an overall maximum on the amount that you can contribute each calendar year. The overall maximum amounts that can be contributed on your behalf to the Plan are as follows: Your voluntary pre-tax contributions (including additional voluntary contribution) are limited to $17,000 (for 2012). However, if you will attain age 50 or older during the calendar year, you may elect to contribute up to an additional $5,500 (for 2012) as a voluntary pre-tax contribution. This additional amount is known as a catch-up contribution. The combination of your voluntary contributions (not including any catch-up contributions), your mandatory pre-tax contributions, and the College s contribution is limited to $50,000 (for 2012). These limits are periodically indexed by the IRS for inflation. We will monitor your account through our internal recordkeeping system and will prohibit contributions that exceed the maximum contribution limit in any calendar year. CATCH-UP CONTRIBUTIONS What is an Age-Based Catch-Up Contribution? If you are over the age of 50 or turn age 50 before the end of a plan year (January 1 December 31), you can make additional catch-up contributions to your Plan account. The age-based catchup contribution limit for 2012 is $5,500. VESTING When am I vested in my account? Vesting refers to the date as of which your interest in your Plan account becomes nonforfeitable. Your contributions are always 100% vested. The contributions made on your behalf by the College are also vested immediately. Therefore, you are always fully (100%) vested in your Plan account. DMEAST # v2 6
10 YOUR PLAN ACCOUNT What are my investment options? You decide how you want your Plan account invested. The College offers a wide range of investment options under the Plan through TIAA CREF, The Vanguard Group, and The Calvert Group (The Calvert Group is closed to new participant investments) to allow you to create a personal investment program. You may select from a broad spectrum of investment funds, including money market, bond, balanced, domestic and international equity funds. The Plan is intended to comply with Section 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA) and accompanying regulations. This means that the Plan permits participants to direct the investment of their Plan accounts. As long as the Plan complies with the requirements of Section 404(c), you will have the responsibility for deciding how your Plan account is invested and the parties that otherwise would be responsible for making investment decisions (the fiduciaries of the Plan) may be relieved of liability for any losses which are the direct and necessary result of your investment instructions. To comply with Section 404(c), the Plan must permit participants to choose from a broad range of investment alternatives and must provide participants with certain information about the investment alternatives and the operation of the Plan. In addition to the information included in this summary and in your enrollment package for the Plan, you may request the following information from the plan administrator or investment fund sponsor: a description of the annual operating expenses of each investment fund which reduce the rate of return for participants and beneficiaries and the aggregate amount of such expenses expressed as a percentage of average net assets of the investment option; copies of any prospectuses, financial statements and reports, and of any materials relating to the investment funds to the extent such information is provided to the Plan; a list of the assets comprising the portfolio of each investment fund which constitute Plan assets within the meaning of ERISA, and the value of each such asset; information concerning the value of shares or units in each investment fund, as well as the past and current investment performance of such investment fund, determined, net of expenses, on a reasonable and consistent basis; and information concerning the value of shares or units in investment funds held in your Plan account. DMEAST # v2 7
11 Periodic open meetings are held with representatives from TIAA CREF, The Vanguard Group and The Calvert Group designed to educate and provide information on the various fund options, and methods to help you determine which options are right for you. In addition, information about the investment fund options is available on each of the investment fund sponsor s websites and in the Human Resources Department. You must complete an enrollment form at the time you are eligible to make mandatory contributions to the Plan, or if earlier when you enroll to make voluntary contributions to the Plan, in order to select your investment choice(s). If you do not complete an enrollment form or do not make investment selections at the time of enrollment, your account will be invested in the Plan s default investment fund. The Plan s default investment fund is intended to meet the requirements of a qualified default investment alternative under U.S. Department of Labor regulations. You will receive an annual notice explaining the default investment fund s investment objectives, risk and return characteristics and fees and expenses. If you would like more information about the Plan s default investment fund, which is a Vanguard Target-Date fund, contact The Vanguard Group (see Contact Information on page 15). You must elect to invest your entire contribution in the funds options available from TIAA CREF, The Vanguard Group, or The Calvert Group. You may not, for example, invest part of your contribution with TIAA CREF and part with Vanguard. How can I change my investment options? Investment options that might be right for you at one point in time might not be appropriate at another. That s why the Plan offers you many choices and the flexibility to change the investment direction of your future savings. If you wish to change the investment options within the same investment fund sponsor, simply call TIAA CREF, The Vanguard Group or The Calvert Group (see Contact Information on pages 20-21). You can make an investment election change as frequently as you like within the funds offered by a single investment fund sponsor. If you wish to change the investment fund sponsor, you must complete a new enrollment form selecting both the new investment fund sponsor and fund options. Information and forms are available in the Human Resources Department. How do I transfer my Plan account to another fund sponsor? If you wish to transfer existing fund balances within the same investment fund sponsor, contact the appropriate fund sponsor directly (see Contact Information on pages for information on TIAA-CREF, The Vanguard Group and The Calvert Group). You may transfer fund balances at any time. If you wish to transfer fund balances from one fund sponsor to another, you must complete a transfer form. Information and forms are available in the Human Resources Department or through the investment fund sponsors websites, which are listed on pages of this summary. DMEAST # v2 8
12 How do I access my Plan account? The value of your account at any time depends on a number of factors, including: How much and how long you have been saving, Investment gains and losses, and Investment fund expenses and recordkeeping costs You can access your Plan account on-line on the fund sponsors websites (see Contact Information on pages 20-21). Also, unless you elect to receive your statement electronically only through the fund sponsors websites, each calendar quarter you ll receive a statement mailed to you directly from the fund sponsors. Either method will allow you to see how much money you and the College have contributed, your account balance, including investment gains or losses and any recordkeeping and investment fund management expenses. TERMINATION OF EMPLOYMENT What happens to my Plan account when I leave the College? Your Plan account will be payable upon your retirement, disability, death or other termination of employment from the College. When you leave the College, your account remains with the Plan, invested in the funds you have selected or the Plan s default investment fund, until you elect to receive a distribution (but see page 10 regarding required distributions). You will continue to have access to your Plan account on-line and receive statements. And you continue to have the same rights to make changes in your investment fund selections as the rules of this Plan continue to apply. You may not receive a distribution of your account until one of the following dates: Following your termination of employment, including leaving employment with the College as a result of a disability. Following your Normal Retirement Date (attainment of age 65). At age 70½ if you are still employed by the College. At age 59½ if you are still employed by the College (limited to the portion of your account attributable to your voluntary pre-tax contributions). What forms of account distribution may I elect? When eligible, you may elect to take a distribution of your account in any of the payment options available through the individual fund sponsor. This may include, but is not limited to: Lump Sum Distribution: a one time distribution of your entire account balance. Life Annuity: equal monthly installment payments payable for your lifetime only. DMEAST # v2 9
13 Life Annuity with a Period Certain: equal monthly installments payable for your lifetime, with payments guaranteed for a stated number of years. If you outlive this guaranteed period, payments will stop upon your death. If you should die before the end of the guaranteed period, payments will continue to your designated beneficiary for the balance of the guaranteed period. Joint and Survivor Annuity: equal monthly installments payable for your lifetime and upon your death, for the lifetime of your designated beneficiary. Your investment fund sponsor may not have all of these forms of payment available, or they may have others forms not described here. Contact you fund sponsor (see Contact Information on pages 20-21) for a complete description of the payment options. OTHER DISTRIBUTIONS Do I have to take a distribution at age 70 ½? Distributions are required by federal law for all retired individuals after age 70½. Distributions must commence no later than April 1 of the calendar year following the year in which you attain age 70½. The investment fund sponsor where your account is invested will contact you concerning this distribution requirement and will distribute at least the minimum amount required by law. If you are still employed with the College after age 70½, you may still continue to contribute to the Plan (and, if you are eligible, the College will continue to make contributions on your behalf). Minimum distributions are not required for individuals continuing employment with the College after age 70½ until April 1 of the calendar year following the calendar year in which you terminate employment with the College. What happens to my Plan account upon my death? If you should die before receiving payment of your Plan account, the value of your Plan account will be paid to your beneficiary as soon as practicable after the College is informed of your death (subject to the terms of the form of distribution you choose at termination of employment or retirement). If you are married when you die, your spouse will be your beneficiary, unless you have elected otherwise and your spouse has consented to the election. Can I take distributions from funds I have rolled over into the Plan? To the extent that you have rolled funds into the Plan, you may elect to receive a distribution of that portion of your Plan account (including investment gains and losses) at any time (see Current Tax Laws on pages 18 and 19). Does the plan allow for Hardship Distributions? You may withdraw amounts from your Plan account in the event of a financial hardship subject to certain limitations. Only the amounts in your Plan account attributable to voluntary pre-tax contributions (but not the investment earnings on these contributions) and rollover contributions DMEAST # v2 10
14 are eligible for hardship withdrawal. To qualify for a hardship withdrawal, you must show and the College must determine that you have an immediate and heavy financial need and the withdrawal is necessary to satisfy that need. An immediate and heavy financial need means one (or more) of the following: certain medical expenses for you, your spouse, your dependents or your primary designated beneficiary under the Plan; the purchase (excluding mortgage payments) of your principal residence; payment of tuition and related education fees for the next twelve months of postsecondary education for you, your spouse, your dependents or your primary designated beneficiary under the Plan; payments necessary to prevent eviction from your principal residence or foreclosure on your mortgage; payment of burial or funeral expenses for your deceased parent, spouse, child, dependent or primary beneficiary under the Plan; or payment of expenses for the repair of damage to your principal residence that would qualify for a casualty deduction under the Internal Revenue Code. If you receive a hardship withdrawal from your Plan account, you cannot make voluntary pre-tax contributions to this Plan or elective deferrals to any other plan of the College for a period of six months. Can I take a Loan from my Plan account? You may borrow from your Plan account subject to the limitations set forth by the investment funds in which your account is invested. You may only borrow against the portion of your Plan account attributable to voluntary pre-tax contributions and rollover contributions. To request a loan, or to obtain more information about borrowing from the Plan, contact the appropriate investment fund sponsor. The investment fund sponsor may charge a loan origination fee in connection with a Plan loan. The maximum amount that you can borrow is the lesser of (1) $50,000 (reduced by the excess of your highest outstanding loan balance over the past 12 months over your outstanding loan balance on the date the loan is made) or (2) 50% of the value of your Plan account (excluding the portion of your Plan account attributable to your mandatory pre-tax contributions and the College s contributions). The minimum amount of any loan from your Plan account is $1,000. You may only have one Plan loan outstanding at a time. The rate of interest on loans from the Plan will be a reasonable rate determined by the investment fund sponsor from time to time to be commensurate with the prevailing interest rate charged on similar commercial loans. The rate of interest will remain fixed for the life of the loan. DMEAST # v2 11
15 You must select the term of your loan (up to 60 months) at the time you apply for the loan. You may repay the entire outstanding balance of your loan at any time, without penalty. Generally, your loan will be repaid in installments through automatic after-tax payroll deduction, which you must authorize at the time you apply for the loan. If you stop making required loan payments (for example, because you leave the College before the loan is repaid), your outstanding loan balance, including accrued interest, will become due and payable immediately. If you do not repay this amount within the time requested, the amount owed will be treated as a taxable distribution. If I leave the College, can I roll over my Plan account to another employer s retirement plan or IRA? To defer paying income tax on your Plan distribution, you may be able to directly or indirectly roll it over to another employer s plan or a traditional IRA. Annuity forms of payment and hardship withdrawals cannot be rolled over. You may also roll over your Plan account to a Roth IRA (which would subject your Plan account to federal income tax). You are fully responsible for the income tax withholding and reporting on rollovers to a Roth IRA, although you may enter into a voluntary tax withholding agreement with the College prior to the distribution. You and your spouse have the same rollover rights under the Plan. If your designated beneficiary under the Plan is not your spouse, your beneficiary may directly roll over any Plan distributions upon your death to an inherited traditional or Roth IRA. What is a Qualified Domestic Relations Order? Your Plan account is intended only for you or your beneficiary. It generally cannot be assigned, attached or seized by any creditors except with respect to Plan loans or a federal income tax levy. If your spouse, former spouse, child or other dependent obtains a court order ordering the Plan to pay some or all of your Plan account to him or her pursuant to a divorce, child support action or other kind of domestic relations proceeding, the Plan can honor the terms of the order (and pay all or a part of your Plan account to that person) only if the order is a qualified domestic relations order as defined under the Internal Revenue Code. The Plan has procedures for determining whether a domestic relations order must be honored (that is, whether all or part of your Plan account legally must be paid to a third party). You may obtain copies of these procedures, as well as other information relevant to processing qualified domestic relations orders, without charge from the Human Resources Department. LEAVE If you stop working for the College temporarily, your participation in the Plan may be affected, depending on the reason for your absence and your pay status. What if I am on an approved unpaid leave of absence or sabbatical? If you are on an approved unpaid leave of absence or approved unpaid sabbatical leave while a participant in this Plan, you should be aware of the following: DMEAST # v2 12
16 All contributions will cease. Your account will remain with the investment fund sponsor you selected, and continue to accrue interest or investment gains/losses until you retire, leave the College, or otherwise receive a distribution of your Plan account. You continue to have the right to change your investment fund sponsor (and/or investment fund options) during this period. What happens when I return to work from an approved unpaid leave? When you return to work after being on an approved unpaid leave of absence or approved unpaid sabbatical leave, mandatory pre-tax and College contributions will automatically resume with your first paycheck. Voluntary pre-tax contributions will also resume as previously elected unless you notify the Human Resources Department that you would like those contributions to change or end. What if I am on an approved paid leave of absence or sabbatical? If you are on an approved paid leave of absence or approved paid sabbatical leave while a participant in this Plan: All contributions will continue. However, if your base salary or wages are reduced during this period of paid leave or sabbatical, mandatory pre-tax and College contributions will also be reduced in accordance with the Plan formula (see page 4). Voluntary pre-tax contributions will continue as previously elected unless you notify the Human Resources Department that you would like those contributions to change or end. Your account will remain with the investment fund sponsor you selected, and continue to accrue interest or investment gains/losses until you retire, leave the College, or otherwise receive a distribution of your Plan account. You continue to have the right to change your investment fund sponsor (and/or investment fund options) during this period. LOSS, REDUCTION OR SUSPENSION OF BENEFITS Under certain circumstances, your benefits may be lost, reduced or suspended. These circumstances include the following: All or a portion of your benefits are directed to be paid to your spouse, former spouse or child pursuant to a qualified domestic relations order or are subject to a federal tax levy under Code section You do not provide the College with your most recent address and the College cannot locate you. You fail to make proper application for benefits or fail to provide necessary information. The value of your account decreases due to investment losses. DMEAST # v2 13
17 Under the joint and survivor annuity or an annuity that guarantees a certain period of payment, your benefits will be reduced to permit payments to your beneficiary after your death. The value of your account is reduced as a result of reasonable Plan expenses not paid by the College. AMENDMENT OR TERMINATION OF THE PLAN While it is expected that the Plan will continue indefinitely, the College reserves the right to amend or terminate the Plan in whole or in part at any time. If the Plan is terminated, distribution will be made in accordance with the benefit provisions of the Funding Agents. No amendment to the Plan will reduce the amount of benefits you have accrued to date or divest you of any entitlement to a benefit. TERMINATION INSURANCE The Plan is a defined contribution plan, and, as such, is not required to purchase plan termination insurance. Therefore, benefits under the Plan are not insured by the Pension Benefit Guaranty Corporation. The retirement benefit you receive will depend on how long you work for the College, the amount you contribute to the Plan and the amount contributed on your behalf, the amount of your earnings and the investment performance of your accounts, and the applicability of joint and survivor annuity rules. APPLICABLE TAX LAWS INFORMATION How are distributions treated for federal income tax purposes? Because this is a tax-sheltered annuity plan under the Internal Revenue Code, participants gain certain tax advantages during participation and, in some cases, when funds are distributed. You are not subject to federal income tax on your Plan account until you actually receive the funds as a distribution. Upon distribution, the value of your entire account is taxable, unless you elect to roll over your account to a traditional IRA or another employer s retirement plan. Current federal tax law requires a mandatory withholding of 20% of your distribution, unless you directly roll over the distribution to another employer s qualified plan or to a traditional IRA. The IRS requires distributions to be taxed in the year in which you receive them. Because tax consequences vary depending on factors like age, marital status, other income, combinations of more than one method of distribution, and current tax laws, you are urged to consult the IRS, state and local tax authorities or a personal tax advisor. You will receive more information regarding the tax treatment of your distribution when you request a distribution from your investment fund sponsor. DMEAST # v2 14
18 Additional 10% Penalty Tax To discourage early distributions for tax favored plans such as the Plan, the IRS requires you to pay an additional federal income tax over and above the regular federal income tax due. This additional penalty tax is equal to 10% of the taxable amount distributed. In general, this tax applies to a distribution made if you are not yet age 59½. However, this additional 10% tax is not imposed if: You are age 59½ or older at the time of the distribution; or You terminate employment and: you roll over your Plan account to another employer s retirement plan or to an IRA, or you are age 55 or older, or you are totally and permanently disabled, or you die and payment is made to your designated beneficiary or estate Payments are made under a qualified domestic relations order. Because tax laws are complex and subject to change, this information is intended only as a general guide based on our understanding of the federal income tax law in effect at the beginning of State and local tax laws may also apply. For your own protection, you should consult a tax specialist before you receive any Plan account money that is subject to taxation. CONTACT INFORMATION Plan Name: Plan Sponsor: Swarthmore College Regular Retirement Plan Swarthmore College 500 College Avenue Swarthmore, PA (610) Plan Administrator: Swarthmore College c/o Vice President of Human Resources 500 College Avenue Swarthmore, PA (610) As Plan Sponsor and Plan Administrator, the College has the authority, in its sole judgment, to interpret all the terms of the Plan, determine eligibility and entitlement to Plan benefits and decide all disputed claims in accordance with the terms of the Plan. The College generally supervises the operations of the Plan to see that all members are treated fairly and equitably. DMEAST # v2 15
19 The College has delegated most of the day-to-day administration of the Plan to the Plan s investment fund sponsors: TIAA CREF P.O. Box 1259 Charlotte, NC The Vanguard Group P.O. Box 2900 Valley Forge, PA The Calvert Group 4550 Montgomery Ave. Suite 1000N Bethesda, MD Agent for Service Of Legal Process: Benefit Plan Administrator Swarthmore College 500 College Avenue Swarthmore, PA (610) Employer Identification Number: Plan Number: 001 If you write to any federal agency about the Plan, you must use the plan number and EIN (Employer Identification Number). Plan Year: Plan Type: Investment of The Funds: The Plan s recordkeeping year runs from January 1 through December 31. Under ERISA, this is considered a defined contribution plan. Specified contributions are made by the College on behalf of each Plan participant and specified salary reduction contributions are DMEAST # v2 16
20 withheld from each Participant s base salary or wages. These contributions are forwarded to the investment fund sponsor (TIAA CREF, The Vanguard Group, and The Calvert Group) as elected by the participant. Pension Benefit Guaranty Corporation: As a defined contribution plan, benefits are not guaranteed by the Pension Benefit Guaranty Corporation (PBGC). DMEAST # v2 17
21 BENEFIT CLAIMS REVIEW PROCEDURES Application for Benefits Payment of your account to you, your spouse, or other beneficiary will generally not begin until a written application is received by the Funding Agencies using the prescribed forms. Copies of the required forms may be obtained from the Plan Administrator and/or the Funding Agencies. Claims Procedure If your claim for benefits is denied in whole or in part, you may request a review as follows: 1. When an application for benefits is denied, you (or your beneficiary or authorized representative) will normally receive a written verification of the denial within 90 days after filing. The notice will explain: The reason for the denial; The Plan provisions on which it is based; Any additional material or information needed to make the application acceptable and the reason it is necessary; and An explanation of the claims review procedure under the Plan and the time limits application to the claims review procedure, including a statement of your right to bring civil action under section 502(a) of Employee Retirement Income Security Act of 1974, as amended ( ERISA ) following denial of your claim under the claims review procedure. If special circumstances required more than 90 days for processing your application, you (or your beneficiary or authorized representative) will be notified in writing within 90 days of filing. The notice will: Explain what special circumstances make an extension necessary; and Indicate the date a final decision is expected to be made. The extension may be for up to another 90 days. If for some reason, you do not receive a written denial notice or notice of an extension within 90 days, you may consider your claim denied. You may then request a review of your claim as described below. DMEAST # v2 18
22 2. Within 60 days after receiving a denial notice, you (or your beneficiary or authorized representative) may request a review of your denial. The procedure to do this is as follows: Submit a written request to the Plan Administrator for a review of the denial; State the reason(s) for the review, including issues involved; and Include any evidence or documentation to support your (or your beneficiary s or authorized representative s) position. You may request any relevant documents you may wish to review. The College may extend this 60 day period for you to request a review of your denial where the nature of the benefit involved or other attendant circumstances make such extension appropriate. 3. A decision on the denial will normally be made within 60 days after the request for a review has been received. You (or your beneficiary or authorized representative) will receive a written copy of the decision, including the specific reasons for it and reference to the Plan provisions on which it is based. If special circumstances require a review period longer than 60 days (such as the need to hold a hearing), the time for making a final decision may be extended, and you (or your beneficiary or authorized representative) will be notified of the extension within 60 days after you (or your beneficiary or authorized representative) requested a review. However, the total review period cannot be longer than 120 days, after the receipt of a request for review. YOUR RIGHTS UNDER ERISA As a participant of the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). You are entitled to: Examine, without charge, all Plan documents, insurance contracts and copies of all documents filed with the U.S. Department of Labor, such as the annual report (Form 5500). Obtain copies of all Plan documents and other Plan information at a reasonable charge per page by writing to the Plan Administrator. When writing to the Plan Administrator, please include your name, Social Security number and the specific Plan document you are requesting. Receive a summary of the Plan s annual financial report. This report is required by law to be furnished to each member. DMEAST # v2 19
23 Receive a pension benefit statement at least once every calendar quarter. Your statement will provide the total value of your Plan account, including any contributions made during the quarter and investment earnings or losses. The College is required to provide you with an explanation of any limitations or restrictions on your right under the Plan to direct the investment of your account. In addition to creating rights for you, ERISA imposes duties upon those individuals who are responsible for the operation of the Plan. These persons are referred to as fiduciaries. Fiduciaries are required to act in the best interest of Plan participants and beneficiaries and exercise prudence in the performance of their duties. The College may not fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit to which you are entitled under the Plan or from exercising your rights under ERISA. 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, information how to obtain copies of documents relating to the decision without charge, and information how to appeal any denial, all within certain time schedules. You have the right to have your claim reviewed and reconsidered by the Plan Administrator. Under ERISA, there are steps you can take to enforce the above rights. For example, if the material which you have requested from the Plan Administrator is not received 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 them, unless the materials were not sent to you because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court. If the Plan fiduciaries are misusing the Plan s money, or if you are discriminated against for assertion of your rights, you may file suit in a federal court or seek assistance from the U.S. Department of Labor. 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 (if, for example, it finds your claim is frivolous). If you have any questions about your Plan, you should contact the Human Resources Department. If you have any questions about this statement or your rights under ERISA, or if you need assistance in obtaining documents from the College, you should contact the nearest office of the Employee Benefits Security Administration (EBSA), U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, EBSA, U.S. Department of Labor, 200 Constitution Avenue, NW, Washington, DC You may obtain certain publications about your rights and responsibilities under ERISA by calling the EBSA publications hotline at You may also seek assistance with the Plan by calling EBSA toll-free at EBSA or by directing electronic inquiries to EBSA s website at DMEAST # v2 20
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