US1DOCS v3. Bucknell University Defined Contribution Retirement Plan (as amended through July 1, 2003)

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1 Bucknell University Defined Contribution Retirement Plan (as amended through July 1, 2003)

2 Table of Contents Plan Overview... 1 Eligibility for Participation... 2 Eligible Employees...2 Commencement of Participation...2 Reemployment...3 Hours and Years of Service...3 Supplemental Retirement Annuities...3 Plan Contributions... 4 Amount of Plan Contribution...4 Eligible Compensation...4 Contributions During Leaves of Absence...5 Rollover Contributions...5 Contribution Limits...5 Vesting of Plan Contributions...6 Investment of Plan Contributions...6 Forwarding Plan Contributions to the Fund Sponsors...6 Fund Sponsors and Investment Funds... 8 Establishing Your Retirement Annuity...8 Investing Plan Contributions...8 Your Investment Options...8 Investment Information...9 Allocating Your Contributions...9 Transferring Accumulations Among Investment Funds...10 Monitoring the Investment of Your Accumulations...10 Fund Transfers After You Terminate Employment...11 Payment of Plan Benefits Benefit Commencement Dates...12 Your Plan Benefits...12 Required Payment Form...12 Optional Payment Forms...13 Electing an Optional Payment Form...14 Direct Rollovers...15 Required Minimum Distributions...15 Qualified Domestic Relations Orders...15 Taxation of Benefit Payments...15 Death Benefits Death Benefits...17 Waiver of Spousal Pre-retirement Survivor Annuity...17 Death Benefit Payment Options...17 Payment of Death Benefits...17 Review and Appeals Procedures Review Procedures...19 Appeals Procedures...19 Miscellaneous Plan Provisions Plan Administration...20 Non-Contractual Plan...20

3 Non-Alienation of Retirement Rights or Benefits...20 Plan Amendment and Termination...20 Your ERISA Rights Plan Identification Data ii

4 Plan Overview The Bucknell University Board of Trustees established the Bucknell University Defined Contribution Retirement Plan (the Plan ) on October 1, 1939 to provide retirement benefits for eligible employees. The Plan is a defined contribution plan that operates under Section 403(b) of the Internal Revenue Code (the Code ), which has been amended from time to time since its establishment to reflect changes in the Plan s operations and applicable law. All Plan benefits are provided through fixed-dollar or variable annuity contracts issued by Teachers Insurance and Annuity Association (TIAA) and its companion organization, College Retirement Equities Fund (CREF) which are funded by Plan contributions made by the University and Plan participants, and invested as directed by participants. Plan contributions as well as investment earnings are tax-deferred or, in other words, are not taxable until paid to participants. The Plan was amended to permit employees in nonexempt positions to participate in the Plan effective as of July 1, 2001, and to provide that each employee who was a participant in the Bucknell University Retirement Income Plan on June 30, 2001 begin participating in the Bucknell University Defined Contribution Retirement Plan effective July 1, The Plan was also amended to comply with the Uruguay Round Agreements Act (GATT), the Uniformed Services Employment and Reemployment Rights Act of 1994, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998, the Community Renewal Tax Relief Act of 2000, and the Economic Growth and Tax Relief Reconciliation Act of This booklet is provided as a summary of the Plan, as amended through July 1, The Plan and this summary apply only to employees who have completed at least one hour of service for the University on or after July 1, The rights and benefits, if any, of employees whose employment terminated prior to July 1, 2001 will be determined in accordance with the provisions of the Plan then in effect. In the event of any ambiguity or disagreement between this summary and the official Plan document, the terms of the Plan document will govern. With respect to benefits provided by TIAA-CREF, all rights of a participant under a contract or certificate issued by TIAA-CREF will be determined only by the terms of such contracts or certificates. November, 2004

5 Eligibility for Participation Eligible Employees Effective July 1, 2001, Plan participation was extended to employees in nonexempt and part-time positions, and three eligibility groups were established. 1 Plan participation and contributions are based on the employee s position classification as follows, without regard to the employee s age: Group I: Regular Full-time Employees in Exempt Positions: A Group I eligible employee means any employee in an exempt position who is regularly scheduled to complete a minimum of 1,000 hours of service during the Plan Year. An exempt (or salaried) position is one that is exempt from the overtime provisions of the Fair Labor Standards Act. Group II: Regular Full-time Employees in Nonexempt Positions: A Group II eligible employee means any employee in a nonexempt position who is regularly scheduled to complete a minimum of 1,000 hours of service during the Plan Year. A nonexempt (or hourly-paid) position is one that is subject to the overtime provisions of the Fair Labor Standards Act. Group III: Part-time Employees: A Group III eligible employee means any employee in an exempt or nonexempt position who is not regularly scheduled to complete a minimum of 1,000 hours of service during the Plan Year. Any employee who was a participant in the Plan on June 30, 2001 will continue as a participant on July 1, In addition, any employee who was an active participant in the Bucknell University Retirement Income Plan on June 30, 2001 will begin participating in the Plan on July 1, Any individual who performs services for the University, who is classified or paid as an independent contractor or as a leased employee, is not eligible to participate in the Plan. An individual s or employee s rank, title, job position classification or schedule, and exempt or nonexempt status shall be determined by the payroll or personnel records maintained by the University and shall be binding and conclusive for all purposes of the Plan. Commencement of Participation Each eligible employee shall, as a condition of employment with the University, begin participation in the Plan on the first day of the month coincident with or next following the completion of one year of service with the University. If you were employed by a non-profit organization at any time during the twelvemonth period preceding your date of employment and you participated in a tax-sheltered annuity plan described in Code Section 403(b) to which employer contributions were made on your behalf, your service with such organization will count toward the Plan s one year of service requirement. A representative from the Office of Human Resources will notify you when you have met the requirements for Plan participation and you will be scheduled to attend an enrollment meeting. You will need to complete the enrollment forms necessary to establish a Retirement Annuity. If you fail to complete and return the necessary enrollment forms to the University or TIAA-CREF, your participant contributions, if any, and the University s contributions will automatically be invested in the CREF Money Market Account, which is the default investment option established by the University. Once you become a participant, you will continue to be eligible for participation in the Plan until you cease to be an eligible employee, or the Plan is terminated. 1 Prior to July 1, 2001, Plan participation was limited to faculty members, administrators, and professional employees in regular full-time exempt positions. For further information regarding the Plan s eligibility and participation requirements prior to July 1, 2001, contact the Office of Human Resources. 2

6 Reemployment Generally, if you are a former employee who is reemployed by the University and you satisfied the service requirement before you terminated employment, you would begin participating in the Plan immediately after reemployment provided that you are an eligible employee. However, for a break-in-service on or after July 1, 1985, your service before you terminated won t count if your break-in-service equals or exceeds the greater of five years or your years of service before the break. Hours and Years of Service For purposes of determining years of service and breaks in service, the initial computation period is the twelve-month period beginning on the day you first perform an hour of service for the University. Any subsequent computation period will begin on the anniversary of that date. Hour of Service means: Each hour for which an employee is paid, or entitled to payment, for the performance of duties for the University. Each hour for which an employee is paid, or entitled to payment, for a period of time during which no duties are performed (regardless of whether employment has terminated) for vacation, holiday, illness, incapacity (not including long-term disability), layoff, jury duty, military duty, leave of absence, or maternity or paternity leave (whether paid or unpaid). However, no more than 501 hours of service will be credited under this provision. Any period for which a payment is made or due under a Plan maintained solely for the purpose of complying with Workers' Compensation or unemployment compensation or disability insurance laws, or solely to reimburse the employee for medical or medically-related expenses is excluded. For purposes of determining years of service to meet Plan entry requirements, hours of service will be determined as follows for each eligible employee: Group I Eligible Employees: Hours of service will be determined on the basis of months worked, and each eligible employee will be credited with 190 hours of service for each month during which he or she would have been credited with at least one hour of service. Group II Eligible Employees: Hours of service will be determined on the basis of actual hours for which the eligible employee is paid or entitled to payment. Group III Eligible Employees: Hours of service will be determined on the basis of actual hours for which the eligible employee is paid or entitled to payment. Breaks in Service All years of service with the University are counted for purposes of meeting the eligibility requirements for participation, except that years of service prior to a one-year break in service will not be counted if the number of a participant s consecutive one-year breaks in service equals or exceeds the greater of five years; or the total of his or her pre-break years of service. Supplemental Retirement Annuities Every employee, regardless of his or her eligibility or ineligibility to participate in this Plan, is eligible at any time to establish a University Supplemental Retirement Annuity (SRA) with TIAA-CREF or another fund sponsor, and to make before-tax contributions to that annuity. Contact the Office of Human Resources for more information about a University Supplemental Retirement Annuity. You will need to complete the appropriate enrollment forms and a salary deferral agreement. 3

7 Plan Contributions When you begin participating in the Plan, your contributions and those made on your behalf by the University will be made automatically to the investment funds that you selected when you enrolled in the Plan. All contributions are computed based on a percentage of your Eligible Compensation, as shown below. If you participate in the Plan for only part of a year, Plan contributions will be based on the Eligible Compensation you earned during that period. Both required and voluntary participant contributions are made on a before-tax basis pursuant to a salary reduction agreement with the University. Amount of Plan Contribution Effective July 1, 2001, University and required participant contributions are made based on each eligible employee s position classification as shown below: Plan Contributions as a Percentage of Compensation By the University By the Participant Group I Eligible Employees: - Option I: On All Eligible Compensation 10% 6%* - Option II for Participants age 50 and under: On Eligible Compensation up to $17,700 10% 0% On Eligible Compensation in excess of $17,700 10% 6%* Group II Eligible Employees 10% 0% Group III Eligible Employees 10%** 0% * Required Participant Contribution **Subject to hour requirement and employment on last day of Plan Year Group I Eligible Employees are required to contribute to the Plan. Group I Eligible Employees who are age 50 or under may change from one option schedule to another once annually. However, only those under age 50 may elect Option II. The incremental difference between participant contributions for Options I and II is treated as a voluntary participant contribution for purposes of Code Section 402(g). Group III Eligible Employees are required to complete a minimum of 1,000 hours of service during the Plan Year and must be actively employed by the University on the last day of the Plan Year (December 31) before University contributions will be made on their behalf to the Plan. All participants may make voluntary participant contributions to the Plan. Your ability to modify a voluntary salary reduction agreement is subject to such reasonable restrictions as may be established by the Plan Administrator. A voluntary salary reduction agreement is legally binding and irrevocable with respect to compensation paid while the agreement is in effect. Eligible Compensation For purposes of the Plan, Eligible Compensation means the salary stated in the academic year contract or appointment letter for a participant who is a member of the faculty. For all other participants, Eligible Compensation means the participant s basic compensation (excluding overtime payments, commissions, bonuses, and any other additional compensation) received from the University, based on the employee s scheduled hours. If a participant does not have a pre-determined work schedule, Eligible Compensation means the employee's basic compensation (excluding overtime payments, commissions, bonuses, and any other additional compensation) actually received from the University. 4

8 For each Plan Year, the amount of Eligible Compensation taken into account under the Plan cannot exceed the dollar limit (as increased from time to time) imposed by Code Section 401(a)(17). The compensation limit is $210,000 for the 2005 Plan Year ($205,000 for the 2004 Plan Year). Contributions During Leaves of Absence Plan contributions will continue to be made based on the Eligible Compensation you receive from the University during a paid leave of absence. No contributions will be made during an unpaid leave of absence except as follows: Leave for Purposes of Uniformed Services Training or Active Duty. If you are absent from employment by reason of service in the uniformed services of the United States, once you return to actual employment, the University will make those contributions to the Plan that would have been made if you had remained employed at the University during your period of military service, to the extent required by law. Rollover Contributions Subject to the rules established by TIAA-CREF, you may roll over all or a portion of an eligible rollover distribution from another type of retirement plan. In most cases TIAA-CREF will accept an eligible rollover distribution from an individual retirement account or annuity (IRA) described in Code Sections 408(a) or 408(b), a qualified plan described in Code Sections 401(a) or 403(a), a tax-deferred annuity contract described in Code Section 403(b), or an eligible plan described in Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. An eligible rollover distribution, in general, is any cash distribution other than an annuity payment, a minimum distribution payment, or a payment that is part of a fixed period payment over ten or more years; or distributions made on account of hardship. For more information regarding rollovers to the Plan, contact TIAA-CREF or visit the TIAA-CREF Web Center at Rollover forms are also available from the TIAA-CREF Web Center. All rollover transfers must show the respective amounts attributable to employer and employee contributions. Such funds and the accumulation generated from them will always be fully vested and nonforfeitable. Contribution Limits The total amount of contributions made on your behalf for any year may not exceed the limits (as increased from time to time) imposed by Code Section 415. This amount is the lesser of $42,000 for the 2005 Plan Year ($41,000 for the 2004 Plan Year) or 100% of your taxable wages for the Plan Year. The contribution limit is applied on an aggregate basis. That is, Plan contributions (required and voluntary participant contributions as well as University contributions) made on your behalf to this Plan as well as your contributions to a University Supplemental Retirement Annuity count towards the contribution limit. In addition to the contribution limit, voluntary participant contributions are subject to a separate maximum calendar year dollar limit that is increased from time to time for cost-of-living adjustments. The maximum calendar year dollar limit is $14,000 for 2005 ($13,000 for 2004). If you are age 50 or older at any time during the calendar year, you may make catch up voluntary participant contributions that are in addition to the maximum calendar year dollar limit. The age 50+ catch-up dollar limit is $4,000 for 2005 ($3,000 for 2004). Both dollar limits are set by the IRS and are scheduled to increase in $1,000 increments for each calendar year through The maximum calendar year dollar limit and age 50+ catch-up limit is also applied on an aggregate basis. That is, your voluntary participant contributions made to this Plan and your contributions to a University Supplemental Retirement Annuity, as well as any other before-tax contribution that you make to any qualified employer plan or other 403(b) plan during the same calendar year all count toward the maximum dollar limit and, if applicable, the age 50+ catch-up limit. 5

9 If you have completed or will complete 15 years of service with the University by the end of a calendar year, the maximum calendar year dollar limits described above is increased by whichever of the following is the least: $3,000; $15,000 reduced by all voluntary participant contributions made to this Plan and all your beforetax contributions made to University Supplemental Retirement Annuity for all prior calendar years by reason of this 15-year rule; or $5,000 multiplied by your years of service with the University reduced by all voluntary participant contributions made to this Plan and all your before-tax contributions made to a University Supplemental Retirement Annuity for all prior years. Contact TIAA-CREF to determine whether the 15-year rule applies to you and the amount, if any, by which the maximum dollar limit is increased. If the 15-year rule applies to you and you wish to make additional contributions under the 15-year rule, you must first contact the Office of Human Resources. In the event that you have made voluntary participant contributions that exceed the IRS limits, you will need to request a distribution of the excess by notifying the Office of Human Resources by March 1 of the following year. You will be deemed to have reported any excess contributions made to this Plan and a University Supplemental Retirement Annuity. The excess will be distributed to you by April 15. If you do not report excess contributions to the University by March 1, excess contributions that remain in the Plan or in your University Supplemental Retirement Annuity will be taxed twice: Once for the tax year in which you make the excess contributions, and later when the excess contributions are withdrawn or distributed from the Plan or your University Supplemental Retirement Annuity. IRS limitations on Plan contributions are complicated and this section is intended only as a summary. For more information on the contribution limits, contact the Office of Human Resources or TIAA-CREF. Further details are also provided in IRS Publication 571, Tax Sheltered Annuity Plan (403(b) Plans), which is available on the IRS website at Vesting of Plan Contributions You are fully and immediately vested in, that is, you own, the benefits arising from all contributions made to the Plan and the earnings on those contributions. Such amounts are nonforfeitable. Investment of Plan Contributions Contributions may be invested in one or more of the investment funds available through TIAA-CREF. When you join the Plan, you will establish a Retirement Annuity, and designate the percentage of your contribution and the University s contribution that you want invested in each investment fund (whole percentages only). Generally, you will have the opportunity to change your allocation of future Plan contributions and reallocate your accumulations among the investment funds at any time. It is your responsibility as a Plan participant to direct the investment of your Plan contributions. All costs associated with such investments will be charged to your Retirement Annuity. You may wish to consult a financial planner to assist you in making investment decisions under the Plan. More information is provided in the Fund Sponsors and Investment Funds section. Forwarding Plan Contributions to the Fund Sponsors Participant contributions are generally forwarded by the University to TIAA-CREF following each payroll period, but in no event later than the 15th business day of the month following the month in which the amounts would otherwise be payable to the participant. 6

10 University contributions are forwarded to TIAA-CREF as follows: Group I Eligible Employees. University contributions are generally forwarded to TIAA-CREF once a month after the monthly exempt payroll has been processed. Group II Eligible Employees. University contributions are generally forwarded to TIAA-CREF on a biweekly schedule after each biweekly nonexempt payroll has been processed. Group III Eligible Employees. University contributions are forwarded to TIAA-CREF once annually following the close of each Plan Year. 7

11 Fund Sponsors and Investment Funds Establishing Your Retirement Annuity A representative from the Office of Human Resources will notify you when you have met the requirements for participation in the Plan, and will set a time to meet with you to provide more information about the Plan, the Fund Sponsors and your Retirement Annuity and the underlying investment funds. At that time you will need to complete a contract application form, which will advise the Fund Sponsor as to how you wish to allocate your contributions and the University s contribution to your Retirement Annuity. Once you have enrolled in the Plan, you are entitled to the benefits provided by the Plan, and bound by its terms, provisions and conditions, and the terms, provisions and conditions of your Retirement Annuity. The terms of your Retirement Annuity will govern in the event of any inconsistency or ambiguity between the terms of the Plan and the terms of your Retirement Annuity. Investing Plan Contributions All Plan contributions will be forwarded to the Fund Sponsors and all benefits under the Plan are provided solely through your Retirement Annuity. The Fund Sponsors are responsible for investing Plan contributions as directed by you. You are responsible for directing the investment of all contributions made on your behalf under the Plan. You should note that the Plan is intended to constitute a plan described in Section 404(c) of ERISA. This means that the Plan fiduciaries, including the University, will be relieved of liability for any losses which are the direct and necessary result of investment instructions given by you or your beneficiary. Accordingly, it is important that you review all available materials to ensure that your investment decisions meet your personal investment objectives. You also may want to consult an investment or financial advisor to assist you in making your investment decisions. Benefits under the Plan also are not insured or guaranteed by the Pension Benefit Guaranty Corporation. Your Investment Options The Fund Sponsors are Teachers Insurance and Annuity Association (TIAA) and its companion organization, College Retirement Equities Fund (CREF). To find out more about TIAA-CREF, you can contact TIAA-CREF by writing to 730 Third Avenue, New York, NY 10017, by calling the TIAA-CREF Automated Telephone Service (ATS) at (800) , or by visiting the TIAA-CREF Web Center at TIAA provides the following investment funds: - TIAA Traditional Annuity. Contributions to the TIAA Traditional Annuity are used to purchase a contractual or guaranteed amount of future retirement benefits for you. Once purchased, the guaranteed benefit of principal plus interest cannot be decreased, but it can be increased by dividends. Once you begin receiving annuity income, your accumulation will provide an income consisting of the contractual, guaranteed amount plus dividends that are declared each year and which are not guaranteed for the future. Dividends may increase or decrease, but changes in dividends are usually gradual. - TIAA Real Estate Account. Contributions to the TIAA Real Estate Account are used to buy accumulation units, or shares of participation in an underlying investment portfolio. The value of the accumulation units changes each business day. Refer to the TIAA Real Estate Account prospectus for more information about the TIAA Real Estate Account. CREF offers the following investment accounts: - Stock Account - Global Equities Account - Money Market Account 8

12 - Growth Account - Bond Market Account - Equity Index Account - Social Choice Account - Inflation-Linked Bond Account Each of the above CREF Accounts is a variable annuity contract. Contributions to the CREF Account are used to purchase accumulation units or shares of participation in an underlying CREF account. Each account has its own investment objective and portfolio of securities. Contributions to a CREF account are used to buy accumulation units, or shares of participation in an underlying investment portfolio. The value of the accumulation units changes each business day. The Plan Administrator has the right to add other investment funds or another fund sponsor or remove TIAA-CREF as a fund sponsor upon reasonable notice to participants. You will be notified of any such additions or deletions. Investment Information It is important that you carefully choose your investment funds because the benefits payable from the Plan will depend on the performance of the funds you choose over the years. To help you make informed investment decisions: General descriptions of the investment objectives and risk and return characteristics of each investment fund, including information relating to the type and diversification of assets or investment strategy of each investment fund are included with the TIAA-CREF Enrollment Application. More detailed information on the investment objectives and risks and return characteristics of each investment fund can be obtained from TIAA-CREF by calling the TIAA-CREF Automated Telephone Service or online through the TIAA-CREF Web Center. Such information includes: - Copies of any prospectus or financial reports for each investment fund if applicable, - A list of assets and a description of investment contracts for each fund, - Current share values and net performance history for each fund, and - A description of the annual operating expenses for each fund. General information on diversifying your investments among the investment funds is available in TIAA-CREF s Building Your Portfolio with TIAA-CREF booklet. This booklet can be obtained by calling the TIAA-CREF Automated Telephone Service or online through the TIAA-CREF Web Center. The current interest rate for contributions to the TIAA Traditional Annuity is available 24 hours a day, seven days a week, by calling the TIAA-CREF Automated Telephone Service or online through the TIAA-CREF Web Center The accumulation unit values, updated each business day, for the TIAA Real Estate Account and any of the CREF Accounts (including the seven-day yield for the CREF Money Market Account) are available 24 hours a day, seven days a week by calling the TIAA-CREF Automated Telephone Service or online through the TIAA-CREF Web Center. Allocating Your Contributions You may allocate contributions among the TIAA Traditional Annuity, the TIAA Real Estate Account, and any of the CREF Accounts in any whole percentage proportion, including full allocation to any one investment fund. You will specify the percentage of contributions to be directed to the TIAA Traditional Annuity, the TIAA Real Estate Account, and/or the CREF Accounts on the Application for TIAA-CREF Retirement Annuity Contract form when you are enrolled in the Plan. You may change your allocation of future contributions after participation begins at any time. 9

13 Once you begin participation in the Plan, TIAA-CREF will send you information about how to set up a personal identification number (PIN). The PIN enables you to change your future allocation by calling the TIAA-CREF Automated Telephone Service or online through TIAA-CREF s Account Access System accessible on TIAA-CREF s Web Center. Note, however, that TIAA-CREF reserves the right to suspend or terminate participants rights to change allocations by phone or through its Web Center. Transferring Accumulations Among Investment Funds You may transfer your accumulations among the investment funds to the extent permitted by your Retirement Annuity, subject to any Internal Revenue Code provisions that apply to maintaining the taxdeferred status of your Retirement Annuity. Transferring from the TIAA Traditional Annuity: Accumulations in the TIAA Traditional Annuity may be transferred to the TIAA Real Estate Account or any CREF Account through a Transfer Payout Annuity (TPA). Transfers through a TPA will be made in substantially equal annual amounts over a period of ten (10) years. Transfers made under a TPA are subject to the terms of the underlying contract. The minimum transfer from the TIAA Traditional Annuity to the TIAA Real Estate Account or any a CREF Account is $10,000 (or your entire accumulations if it totals less than $10,000). However, if the total accumulation in your TIAA Traditional Annuity is $2,000 or less, you can transfer your entire TIAA Traditional Annuity accumulation in a single sum to the TIAA Real Estate Account or any CREF Accounts as long as you do not have an existing TPA in force. TIAA-CREF reserves the right to limit transfer frequency. Transferring from the TIAA Real Estate Account and CREF Accounts: Partial transfers may be made from the TIAA Real Estate Account or any CREF Account to the TIAA Traditional Annuity, or between the TIAA Real Estate Account and any CREF Account as long as at least $1,000 is transferred each time. There's no charge for transferring accumulations in the TIAA- CREF system, but TIAA-CREF reserves the right to limit transfer frequency. Your PIN enables you to transfer your accumulations by calling the TIAA-CREF Automated Telephone Service or online through TIAA-CREF s Account Access System accessible on the TIAA-CREF Web Center. TIAA Real Estate Account and CREF Account transfers, as well as premium allocation changes, will be effective as of the close of the New York Stock Exchange (usually 4:00 p.m. Eastern time) generally, on the day the instructions are received by TIAA-CREF, unless you choose the last day of the current month or any future month. Instructions received after the close of the New York Stock Exchange are effective as of the close of the Stock Exchange on the next business day. Monitoring the Investment of Your Accumulations It is important that you regularly review your investment decisions to ensure that they continue to meet your personal investment objectives. To assist you in doing so, you have access to your personal account information as follows: You can monitor your investments and access your personal account information online, 24 hours a day, seven days a week, through the TIAA-CREF Account Access System. Each quarter, TIAA-CREF sends you a Quarterly Review of Transactions that shows the accumulation totals, a summary of transactions made during the quarter period, interest credited under the TIAA Traditional Annuity, and the number and value of the accumulation units you own in the TIAA Real Estate Account and CREF Accounts. You also may receive Premium Adjustment Notices that summarize any adjustments made to your annuities and are sent at the time the adjustments are processed. 10

14 You may review your investments by arranging a one-on-one on-campus appointment with a TIAA-CREF representative, or by speaking with a representative by telephone. To use the TIAA-CREF Account Access System, you will need your Social Security Number, date of birth, and a TIAA-CREF contract number. Your contract number is provided in the original welcome package sent to you by TIAA-CREF and also appears on your Quarterly Review of Transactions. If you cannot locate your contract number, call the TIAA-CREF Automated Telephone Service. When you have the information you need, go to the TIAA-CREF Web Center and click Create Log-in under Secure Access in the upper left-hand corner of the TIAA-CREF Web Center s home page. Then follow these five easy steps: 1. Enter your Social Security Number and date of birth; check the box next to I am a current TIAA- CREF customer. 2. Enter your TIAA-CREF contract number. 3. Create and enter a User ID and password. 4. Confirm your User ID and password by re-entering them in the fields provided. 5. Click on the word Submit. Once you have completed these steps, you will be able to access your personal account information immediately. Fund Transfers After You Terminate Employment Once you terminate employment, your accumulations will remain in your investment funds. If you are hired by an employer with a retirement plan sponsored by TIAA-CREF, you may be able to transfer your Retirement Annuity to your new employer s plan. Even if you do not participate in another retirement plan funded by TIAA-CREF investment funds, you accumulations in the TIAA Traditional Annuity will continue to be credited with the same interest and dividends as they would have been had you continued employment with the University. Accumulations in the TIAA Real Estate Account and CREF Accounts will continue to participate in the market experience of those accounts and funds. Following your termination of employment, you will also continue to have flexibility to make transfers among the TIAA-CREF investment funds or to start receiving benefits as explained in the Payment of Plan Benefits section. 11

15 Payment of Plan Benefits Benefit Commencement Dates The Plan s normal retirement age is age 65. However, under the terms of the Plan and subject to the terms of your Retirement Annuities, you may commence the payment of benefits at any time on or after age 62 or, if later, following your termination of employment with the University. Effective January 1, 2001, you may commence the payment of benefits derived from your participant contributions and related earnings at any time following your termination of employment with the University. In-service withdrawals are not generally permitted under the Plan. Once you are eligible to commence benefit payments from the Plan, you must complete a benefit application to start benefit payments. You can obtain the benefit application from TIAA-CREF by calling the TIAA-CREF Automated Telephone Service or online through the TIAA-CREF Web Center. Your benefit application may require certification of your termination of employment by an Office of Human Resources representative. You may obtain this certification either by mailing your completed application to the Office of Human Resources or by visiting the Office of Human Resources during business hours. You should submit your benefit application to TIAA/CREF at least two months before the date on which you want your benefit payments to begin. Your Plan Benefits You are entitled to the entire value of your accumulations in all investment funds held on your behalf under the Plan. The value of your accumulations will depend on the amount of contributions made on your behalf each year and the investment performance of the investment funds you selected. If your benefits are paid under an annuity option as described below, the amount of each benefit payment will depend on a number of factors the amount of your accumulations being annuitized, the form of annuity income elected, your age and, if applicable, your co-annuitant s age at the time of distribution. For example, your monthly benefit payments will be greater under the single life annuity income option as compared to a survivor annuity income option. This is because your monthly benefit payments will be reduced under a survivor annuity income option to take into account the payments that will continue to your spouse or other beneficiary after your death. The rules governing the amount of benefit payable to you under each payment option are somewhat complex. After your benefit application is received, TIAA-CREF will send you a distribution packet that will include detailed information about each payment option and the amount of payments you can expect under each benefit option. You can also contact TIAA-CREF at any time for further details. Required Payment Form If you are married on the date you start benefit payments, your accumulations will be paid in the form of a joint and 50% survivor annuity, unless you waive the joint and 50% survivor annuity and elect an optional payment form with your spouse s consent as provided below. Under a joint and 50% survivor annuity, monthly payments are made for your lifetime and, at your death, your surviving spouse receives monthly payments equal to 50% of your monthly benefit. After your surviving spouse dies, all payments stop. If you are not married on the date you start benefit payments, your accumulations will be paid in the form of a single life annuity unless you waive the single life annuity and elect an optional payment form. Under a single life annuity, monthly payments are made for your lifetime, and at your death, all payments stop. 12

16 Optional Payment Forms The optional payment forms are governed by the terms of your Retirement Annuities and currently include: Single Life Annuity Income Option. This option pays you an income for life with payments stopping at your death. A single life annuity provides you with a larger monthly payment than the other options. This option is also available with a 10, 15, or 20 year guaranteed payment period (but not exceeding your life expectancy at the time you begin annuity income). If you die during the guaranteed period, payments in the same amount that you would have received continue to your beneficiary(ies) for the rest of the guaranteed period. Survivor Annuity Income Option. This option pays you an income for life, and if your co-annuitant lives longer than you, he or she continues to receive an income for his or her life. The amount continuing to your co-annuitant depends on which of the following three options you choose: - Half Benefit to Co-annuitant. The full income continues as long as you live. If your co-annuitant survives you, he or she receives, for life, one-half the income you would have received if you had lived. If your co-annuitant dies before you, the full income continues to you for life. - Two-thirds Benefit to Co-annuitant. At the death of either you or your co-annuitant, the payments are reduced to two-thirds the amount that would have been paid if both had lived, and are continued to the survivor for life. - Full Benefit to Co-annuitant. The full income continues as long as either you or your co-annuitant is living. All survivor annuities are available with a 10, 15, or 20 year guaranteed period, but not exceeding the joint life expectancies of you and your co-annuitant at the time you begin annuity income. Retirement Transition Benefit Option. This option enables you to receive a one-time lump sum payment of up to 10% of your accumulations at the time you start payments under an annuity income option. The one-time payment cannot exceed 10 percent of your accumulations then being converted to an annuity. Minimum Distribution Option (MDO). This option enables you to automatically comply with federal tax law distribution requirements. Under the MDO, you will receive the minimum distribution that is required by federal tax law while preserving as much of your accumulations as possible. This option is generally available in the year you attain age 70 1/2 or retire, if later. If you die while receiving payments under the MDO, your beneficiary will receive the amount of your remaining accumulation balance. Transfer Payout Annuity. This option enables you to receive income from the TIAA Traditional Annuity over a 10-year period instead of as annuity income. At the end of the 10-year period, all payments stop. If you die during the 10-year period, payments will continue in the same amount to your beneficiary for the remaining period. Interest Payment Retirement Option (IPRO). This option enables you to receive income from the TIAA Traditional Annuity equal to a contractual interest rate plus dividends that would otherwise be credited to your from the TIAA Traditional Annuity. This option is available only if you are between the ages 55 and 69½ and your accumulations in the TIAA Traditional Annuity are at least $10,000. Under the IPRO, your accumulations are not reduced because monthly payments are limited to the interest earned on your accumulations. Interest payments made under the IPRO must continue for at least 12 months and thereafter will continue until you begin or must begin receiving your accumulations under an annuity income option. When you do begin annuity income from the TIAA Traditional Annuity, you may choose any of the available annuity income options. If you die while receiving interest payments under the IPRO, your beneficiary will receive the amount of your accumulation balance, plus interest earned but not yet paid. 13

17 Repurchase Option. The repurchase option enables you to repurchase and receive small accumulations held in your TIAA Traditional Annuity in a single lump sum distribution. This option is available only if the total accumulations in your TIAA Traditional Annuity (including your accumulations in TIAA retirement annuities under plans of other employers) is $2,000 or less and you have not previously elected Transfer Payout Annuity form of benefit payment. Once you receive your accumulations, no future benefits from the Plan will be payable to you, your spouse, or beneficiaries upon your death. Fixed Period Option. This option enables you to receive income from the accumulations held in your CREF Accounts over a fixed-period between two and 30 years. At the end of the selected period, all payments stop. If you die during the selected period, payments will continue in the same amount to your beneficiary for the duration. Lump Sum or Partial Lump Sum Distribution Option. This option enables you to receive all or a portion of your accumulations in the TIAA Real Estate Account and CREF Accounts in the form of a lump sum distribution or partial lump sum distributions. Lump sum and partial lump sum distribution under this option are administered through TIAA-CREF s Systematic Withdrawal Service. This service (provided free of charge) allows you to specify the amount and frequency of payments. Currently, the initial amount must be at least $100 per investment fund. Once payments begin, they will continue at the frequency you specify, i.e., monthly, quarterly, semiannually, or annually. You can change the amount and frequency of payments, as well as stop and restart payments as your needs dictate. Once you receive the entire amount of your accumulations, no future benefits from the Plan will be payable to you, your spouse, or beneficiaries upon your death. The above description of the optional payment forms is a summary. Also keep in mind that federal tax laws may limit the type of payment options available to you. For example, federal tax laws may limit the length of a guaranteed period or the amount of a survivor annuity. Keep in mind that you have the flexibility to start payments from the TIAA Traditional Annuity, TIAA Real Estate Account, and CREF Accounts on different dates. You can start benefit payments from different CREF Accounts on different dates so long as you have accumulations of at least $10,000 in that fund. Under current administrative practice, you can elect different payment options for your accumulations in the TIAA Traditional Annuity, TIAA Real Estate Account, and CREF Accounts so long as you have accumulations of at least $10,000 for each payment option. For further details regarding the type of payment options available to you, contact TIAA-CREF. Electing an Optional Payment Form The election of an optional payment form must be made during the 90-day period before your payments begin. If you are married when benefit payments begin and you wish to elect an optional payment form or a co-annuitant other than your spouse, your spouse must consent within the same 90-day period. The waiver also may be revoked during the same 90-day period but cannot be revoked after payments begin. Your spouse s consent must be in writing and witnessed by a Plan representative or notary public and must contain his or her acknowledgment as to the effect of the consent and that it is irrevocable. Your spouse must either consent to a specific form of payment or expressly permit you to choose an optional form of payment without his or her consent. Spousal consent is not required if you can establish to the Plan Administrator s satisfaction that you have no spouse or that he or she cannot be located. Unless a Qualified Domestic Relations Order (QDRO), as defined in Code Section 414(p), requires otherwise, your spouse s consent is not required if you are legally separated or if you have been abandoned (within the meaning of local law) and you have a court order to such effect. 14

18 Direct Rollovers If you receive a benefit payment which is an eligible rollover distribution, you may roll over all or a portion of it either directly or within 60 days after receipt into an individual retirement account or annuity (IRA) described in Code Section 408(a) or 408(b), a qualified plan described in Code Section 401(a) or 403(a), a tax-deferred annuity contract described in Code Section 403(b), or an eligible plan described in Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that accepts your eligible rollover distribution and to the extent required, separately accounts for your eligible rollover distribution. An eligible rollover distribution, in general, is any cash distribution other than an annuity payment, a minimum distribution payment, or a payment that is part of a fixed period payment over ten or more years. Eligible rollover distributions are subject to a mandatory federal income tax withholding rate of 20% unless it is rolled over directly into an IRA or other eligible retirement plan; this process is called a direct rollover. If you have an eligible rollover distribution paid to you, then 20% of the distribution must be withheld even if you intend to roll over the money into an IRA or other eligible retirement plan. To avoid withholding, instruct TIAA-CREF to directly roll over the money for you. Required Minimum Distributions Generally, benefits must be paid or must commence no later than April 1 of the calendar year following the year in which you attain age 70½, or, if later, April 1 following the calendar year in which you terminate employment from the Employer. The payment of benefits by your required beginning date is extremely important. Federal tax law imposes a 50% excise tax on the difference between the amount of benefits required by law to be distributed and the amount actually distributed if it is less than the required minimum amount. You should keep the Office of Human Resources and TIAA-CREF informed of your current mailing address. Neither the Employer nor TIAA-CREF is responsible for locating you at the time payment is required to be made. The above rule does not apply to amounts accumulated prior to January 1, Contact TIAA-CREF for further information regarding the special rules that apply to amounts accumulated prior to January 1, Qualified Domestic Relations Orders The Plan will comply with terms of a property settlement (commonly referred to as a Qualified Domestic Relations Order or QDRO ) to the extent the settlement is consistent with the terms and conditions of the Plan and your investment funds. A QDRO establishes the rights of another person to your benefits under the Plan and may preempt the usual requirements that your spouse be considered your primary beneficiary for a portion of the accumulation. You (or your attorney) may contact the Office of Human Resources to obtain a copy of the Plan s QDRO procedures. Taxation of Benefit Payments Benefit payments are subject to federal income tax when you receive them. Some of the rules that affect the taxation of your benefit payments are as follows: Annuity Income Payments. Annuity payments are not subject to mandatory federal income tax withholding. You may elect that withholding not apply to your payments but if you do nothing, a federal income tax withholding rate of 10% will apply. You may not roll over annuity payments, i.e., amounts paid over your lifetime, to another tax-deferred retirement vehicle such as an individual retirement account or eligible retirement plan. The election to waive withholding is included with the benefit application that must be completed when you start benefit payments. 15

19 Periodic Payments. Periodic payments may or may not be subject to mandatory federal income tax withholding. If your periodic payments are scheduled to last for a period of less than 10 years, the payments are treated as lump sum distributions and are subject to tax as described below. If your periodic payments are scheduled to last for a period of 10 years or more, the payments are treated like annuity payments and are subject to tax as described above. Lump Sum Distributions. The taxable portion of a lump sum distribution is subject to a mandatory federal income tax withholding rate of 20% to the extent you do not elect a direct rollover to another tax-deferred retirement vehicle such as an individual retirement account or other eligible retirement plan. See the Direct Rollovers above for further information. If you roll over all or a part of your lump sum distribution within 60 days, that portion will not be subject federal income tax in the year of distribution and will continue to be tax-deferred. Portions that are not timely rolled over are treated as taxable income in the year of distribution and you may be required to pay income taxes in addition to the 20% withheld when you file your tax return for that year. You also may be required to pay an additional 10% tax penalty if your distribution is an early withdrawal as described below. Early Distribution Penalty. If you receive benefit payments prior to age 59½, the portion you do not roll over to another tax-deferred retirement vehicle is subject to an additional 10% penalty federal excise tax unless the distribution is made because: - You terminate employment from the University at age 55 or older. - You die or become disabled. - You have elected to receive benefit payments as part of a series of substantially equal periodic payments (not less frequently than annually) for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your beneficiary. - The distribution is received pursuant to a qualified domestic relations order. This tax information described above is not intended to give specific tax advice to you (or your beneficiaries). A more detailed summary, Special IRS Tax Notice Regarding Plan Payments, contains more information and is available from the Office of Human Resources. Tax laws are complicated and change often. They also affect different individuals in different ways. A professional tax advisor is your best source of information about tax laws applicable to benefit payments from the Plan. 16

20 Death Benefits Death Benefits If you die after your benefit payments begin, then depending on the payment option you elected before your death, your beneficiary will receive either nothing (if you elected a single life annuity or have received a lump sum payment) or the balance of your benefits (for example, as a survivor annuity or in periodic installments for the duration of the payment period you elected). If you die before your benefit payments begin, the full current value of your Plan accumulations is payable as a death benefit. If you are not married at the time of your death, the full value of your accumulations will be paid to your designated beneficiary(ies). If you are married, your spouse is entitled to a life annuity, the actuarial equivalent of which is equal to at least 50% of your accumulations (the spousal pre-retirement survivor annuity ) unless you and your spouse waived the spousal pre-retirement survivor annuity. Waiver of Spousal Pre-retirement Survivor Annuity The period during which you may elect to waive the spousal pre-retirement survivor annuity begins on the first day of the Plan Year in which you attain age 35. The period continues until the earlier of your death or the date you start receiving benefit payments. If you die before attaining age 35 that is, before you have had the option to make a waiver, at least half of the full current value of your accumulations is payable automatically to your surviving spouse in a single sum, or under one of the income options offered by the Fund Sponsor. If you terminate employment from the University before age 35, the period for waiving the spousal pre-retirement survivor annuity begins no later than the date of termination. The waiver also may be revoked during the same period. Your spouse s consent must be in writing and witnessed by a Plan representative or notary public and must contain his or her acknowledgment as to the effect of the consent and that it is irrevocable. Your spouse must also consent to your designated beneficiary or otherwise expressly permit designation of the beneficiary by you without any further consent by your spouse. If a designated beneficiary dies, unless the express right to designate a new one has been consented to, a new consent is necessary. Spousal consent is not required if you can establish to the Plan Administrator s satisfaction that you have no spouse or that he or she cannot be located. Unless a Qualified Domestic Relations Order (QDRO), as defined in Code Section 414(p), requires otherwise, your spouse s consent is not required if you are legally separated or if you have been abandoned (within the meaning of local law) and you have a court order to such effect. Death Benefit Payment Options You may choose one or more of the options listed in your Funding Vehicle contract for payment of the death benefit, or you may leave the choice to your beneficiary. The payment options available are similar to the payment options described in the Payment of Plan Benefits section. For further information regarding the payment options for death benefits contact TIAA-CREF. Payment of Death Benefits Generally, if you die before your benefit payments begin, the entire value of your accumulations must normally be distributed by December 31 of the fifth calendar year after your death. Under a special rule, death benefits may be payable over the life or life expectancy of your beneficiary if benefit payments begin not later than December 31 of the calendar year immediately following the calendar year of your death. If the designated beneficiary is your spouse, the commencement of benefits may be deferred until December 31 of the calendar year that you would have attained age 70½ had you continued to live. The payment of benefits in accordance with these rules is extremely important. Federal tax law imposes a 17

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