1 ExxonMobil Pension Plan Summary Plan Description 2013
2 About Pension - Information Sources - Introduction - Plan at a Glance Participation, Vesting and Cost Retiring From ExxonMobil Pension Plan Basics Receiving Your Pension Benefit Payment Options Death Benefits Administrative and ERISA Information Key Terms ExxonMobil Pension Plan SPD January 2013 About The Pension Plan This summary plan description (SPD) provides an explanation of the general plan provisions applicable to most employees who are eligible to receive benefits provided under the ExxonMobil Pension Plan. Descriptions of pension benefits provided by other ExxonMobil sponsored plans or sub-plans of the ExxonMobil Pension Plan are contained in separate summary plan descriptions for each of those specific plans including but not limited to the Retirement Plan of Mobil Oil Corporation, Advanced Elastomer Systems, L.P. Pension Plan for Salaried Employees, and Paxon Hourly and Salaried Pension plans. This SPD supersedes all previous Pension Plan participant publications. It does not contain all the details. In determining specific benefits, the full Pension Plan provisions, as they exist now or in the future, always govern. Copies of Pension Plan documents are available for your review. The company reserves the right at any time to change in any way or terminate any benefit. Eligibility for participation in the Pension Plan by represented employees is governed by local bargaining requirements. Information Sources When you need information or want to begin receiving your benefit, you may contact: Phone Numbers: Address: Active Employees, Retirees and Survivors ExxonMobil Benefits ExxonMobil Benefits Service Center Service Center Monday Friday 8:00 a.m. to 6:00 p.m. PO Box (U.S. Eastern Time), except certain holidays Dallas, TX Toll-Free: or 800-TDD-TDD4 ( ) for hearing impaired
3 2 ExxonMobil sponsored sites Provides access to plan-related information for employees, retirees, and their family members. ExxonMobil Me, the Human Resources Intranet Site Can be accessed at work by current employees. ExxonMobil Family, the Human Resources Internet Site Can be accessed from home by everyone at Retiree Online Community Internet Site Can be accessed from home by retirees and survivors only at ExxonMobil Benefits Service Center Web Site - Can be accessed from home by everyone at Introduction Two pressing questions about retirement are: How much money will I need and where will I get this money? Many financial planners believe that in retirement, people need between 70% and 80% of their income just before retirement. The amount you need depends on factors as unique as you are including what you want to do when you retire, your health and your financial obligations. In addition, your retirement income must keep pace with inflation during your retirement. The company helps you prepare financially for retirement. ExxonMobil's Pension Plan and Savings Plan are designed to work with Social Security and personal savings to provide financial security in retirement for long-term career employees. The Pension Plan is designed primarily to provide you a monthly benefit from the time of your retirement until your death. This Plan offers additional flexibility you can choose various payment options for your pension. In addition, the Plan may pay benefits to your survivors in case of your death. To help you find specific Plan information quickly and easily, this SPD includes these helpful tools: Plan at a Glance, a quick user's guide highlighting plan basics. Charts and tables throughout the booklet providing information, highlights of plan provisions, etc. References throughout the SPD to places you can get more information. A list of Key Terms containing definitions of many words and terms used in this SPD. If you see a term that is unfamiliar, refer to this section at the end of the SPD. A careful reading of this SPD will help you understand how the Plan works. You may obtain additional information through the sources shown on pages 1 and 2.
4 3 Plan at a Glance Participation and Vesting Regular, full-time employees automatically begin participating upon employment. In some cases, part-time employees may also participate. You are vested when you have five years of vesting service or reach age 65, whichever comes first. See page 4. Retiring From ExxonMobil While you are eligible to receive a pension if your employment ends after you become vested, the benefit is enhanced if you are a retiree. Generally, you become a retiree when you terminate employment as a regular employee and have at least 15 years of benefit service and are age 55 or older. See page 5. Pension Plan Basics Your basic pension benefit is determined by a formula that takes into account your service, pay and Social Security benefit. See page 7. When Your Benefit Can Begin Benefits are available after your employment ends. Benefits can begin as early as age 50. The amount of your benefit may be adjusted to take into account your age when your benefit begins. See page 10. How Your Benefit Is Paid The Plan provides several payment options. Retirees can choose among more options. See page 13. What Happens When You Die The Plan pays death benefits in most cases if you die before you begin receiving your benefit. If you die after your pension benefit has started, the payment option you chose determines whether benefits continue and for how long. See page 17. Administrative and ERISA Information This Plan is subject to rules of the federal government, including the Employee Retirement Income Security Act (ERISA). See page 20. Key Terms This is an alphabetized list of words and phrases, with their definitions, used in this SPD. See page 26.
5 About Pension Participation, Vesting and Cost - Eligibility - Vesting - Cost Retiring From ExxonMobil Pension Plan Basics Receiving Your Pension Benefit Payment Options Death Benefits Administrative and ERISA Information Key Terms Participation, Vesting and Cost Q. How do I participate in this Plan? A. Once you meet the eligibility requirements, you automatically begin participating. You do not need to enroll. Eligibility Most U.S. dollar payroll employees of Exxon Mobil Corporation and participating affiliates are eligible for this Plan and begin to earn benefits from their first day of employment. For details, see eligible employee in the Key Terms section. Vesting Once you are vested, your benefit belongs to you. You are vested in the Plan after five years of vesting service or when you reach age 65, whichever comes first. If you leave before you are vested, you receive no plan benefits. Cost The company pays the full cost of this Plan.
6 About Pension Participation, Vesting and Cost Retiring From ExxonMobil - Retirement Eligibility Pension Plan Basics Receiving Your Pension Benefit Retiring From ExxonMobil Q. Are there advantages for my pension benefit if I retire from the company? A. Yes. While you are eligible for a pension benefit after becoming vested, your benefit may be enhanced in a number of ways if you leave employment as a retiree. Retirement Eligibility Payment Options Death Benefits Administrative and ERISA Information Key Terms To become a retiree, you must first complete 15 years of benefit service, and then leave the company as a regular employee after: Attaining age 55; or Becoming entitled to long-term disability benefits under the ExxonMobil Disability Plan Retirement Eligibility - Age and Service Examples Turning Age 55 For purposes of applying these eligibility provisions, an employee is considered to attain age 55 on the first of the month in which he turns 55. Thus, a person who has already accrued 15 years of benefit service would be eligible to retire as of the first day of the month in which his 55th birthday occurs. Example 1: An employee turns 55 years old on October 15. Because of the special retirement eligibility provision, the employee is considered to be 55 years of age as of October 1, which is the earliest day the employee could retire (assuming he already has 15 years of Benefit Service). Because an employee's retirement date is the first day after his last day of employment, the employee in this example would have to continue in employment until at least September 30 in order to retire. If his last day of employment is earlier than September 30, he would not be eligible for retirement. Example 2: Rather than working through September 30, the employee in the above example terminates his employment a day earlier, on September 29. Since the person's "retirement date" (September 30) occurs before he is considered to have attained age 55 (October 1), he would not be eligible for retirement under the ExxonMobil plans.
7 6 Attaining 15 Years of Benefit Service There is no "first of the month" rule when it comes to attaining 15 years of Benefit Service. Benefit Service is measured for this purpose to the closest day, and a person must have actually accrued 15 years of Benefit Service in order to retire. Example 3: An employee's 55th birthday is November 11, but will not have accrued 15 years of Benefit Service until November 25. Even though for benefit purposes the employee is considered 55 years old on November 1, she must continue in employment through November 25 in order to be eligible for retirement. If her last day of employment is November 24, she would not be eligible for retirement. (Note: A person who is not eligible for retirement is considered a "terminee" and would not be eligible for continued health and welfare benefits or a lump sum under the ExxonMobil Pension Plan) If you retire from the company, you have up to four advantages that are Your benefit is not reduced as much if you begin receiving it early (see page 10). You have additional payment options, including a lump sum (see page 13). Your Social Security offset may be less (see page 8). You may be eligible to receive a Pre-Social Security Pension (see page 9).
8 About Pension Participation, Vesting and Cost Retiring From ExxonMobil Pension Plan Basics - Pension Formula - Other Offsets Pension Plan Basics Q. What is the Pension Plan, and how is the benefit calculated? A. The Pension Plan is a defined benefit plan. This means that the Plan specifies, or defines, a formula for calculating the benefit that will be paid to you. The Plan's formula for determining the amount of your pension benefit includes: Receiving Your Pension Benefit Payment Options Death Benefits Administrative and ERISA Information Key Terms Your years of pension service. Your pensionable pay. Your estimated Social Security benefit. Once your employment ends, you can elect (within limits) when you want payments to begin and how you want your benefit to be paid to you. Typically, the amount of your benefit is adjusted to take into account your elections. Pension Formula Your basic pension benefit is determined by this formula: 1.6% x years of pension service x final average pensionable pay minus your Social Security offset Your basic pension benefit is a monthly amount payable to you starting at age 65 as a Basic Annuity (see page 13). If you elect to begin your benefit before age 65 or elect a different payment option, the basic pension benefit may be adjusted. Example Basic Pension Benefit: Here is an example of how the basic pension benefit is calculated. Pat has 30 years of pension service, final average pensionable pay of $7,000 a month and a Social Security offset of $662 a month. 1.6% x 30 years x $7,000 $ 3,360 Less Social Security offset Pat's monthly basic pension benefit $ 2,698
9 8 These terms, used in the pension formula, will help you understand the formula. Refer to Key Terms for details about these terms: Pension Service Generally, all your service while participating in this Plan. Final Average Pensionable Pay The highest average of 36 consecutive months of your pensionable pay during the last 10 years of your employment. Social Security Offset The part of your estimated Social Security benefit that is used as an offset in the pension formula. The offset is equal to 1.5% of your estimated Social Security benefit multiplied by your pension service, up to 33-1/3 years, which is a maximum of 50%. This offset reflects the fact that while you work for ExxonMobil, the company pays half of your Social Security tax and Social Security benefits make up part of your total retirement income. Example Social Security Offset: Pat's estimated Social Security benefit is $1,471. Since Pat has 30 years of pension service, her offset is 1.5% x 30 years x $1,471 = $662. For retirees, the Pre-Social Security Pension explained on page 9 replaces the Social Security offset until age 62. Key Facts About the Social Security Offset Only your Social Security retirement benefit is included in determining the offset. Any other Social Security payments (such as spouse's benefits or children's benefits) are not included. The estimated Social Security benefit used for purposes of the Social Security offset is calculated using the following assumptions: The Social Security benefit is calculated using your actual Social Security earnings history, if you provide it; otherwise, a governmentprescribed formula is used to estimate the earnings history. If you elect to provide your actual Social Security earnings history, the Plan must use them even if they result in a lower basic pension benefit. All calculations are based on Social Security law in effect when you leave the company. Changes in your Social Security benefit after you leave the company do not affect your payments from the Pension Plan. Your estimated Social Security benefit is calculated using the actual Social Security benefit formula. Each year, Social Security grants an annual cost of living increase that is factored into the formula. In calculating your estimated Social Security benefit, the full amount of these annual increases is phased in over a nine-month period. This has the effect of reducing the initial impact of any increase in the Social Security formula, which, in turn, potentially reduces your Social Security offset that is used at the time of termination or retirement.
10 9 The Social Security benefit is determined when your employment ends. If you are eligible to retire when you leave, the amount is determined as though you are 62 (or your actual age if you retire after age 62) on the date of retirement. If you leave without meeting the requirements for retirement, the amount is determined as though you are 65 (or your actual age if you terminate employment after age 65) on the date of termination. An age-62 offset is smaller than an age-65 offset. Learn more about your Social Security benefits by calling the Social Security Administration or by accessing Pre-Social Security Pension for Retirees Although the Pension Plan may pay benefits as early as age 50 (see page 10), the earliest you can begin your Social Security retirement benefit is age 62. The Plan provides a temporary additional benefit if you retire and start your pension benefit before becoming eligible to receive a Social Security benefit. This additional benefit, called a pre-social Security pension, equals the amount of the Social Security offset in your basic pension benefit calculation. The Pre-Social Security Pension starts when your pension benefit starts and continues until age 62 (or when you are first eligible for Social Security). Example: Pat starts her benefit (which we calculated in earlier examples) at age 60. Her Social Security offset is $662. She starts payments of her basic pension benefit of $2698 each month plus a pre-social Security pension benefit of $662 until age 62, for a total plan benefit of $3360 until she reaches age 62. Other Offsets Additional offsets to the basic pension benefit will likely apply if you participated in a separate pension plan, including sub-plans of this Plan or an affiliate-sponsored pension plan, and your service in that plan is also included in pension service used to calculate your ExxonMobil basic pension benefit. Other offsets may be deducted if you are eligible to receive a non-u.s. governmental pension or non-u.s. separation payment.
11 About Pension Participation, Vesting and Cost Retiring From ExxonMobil Pension Plan Basics Receiving Your Pension Benefit - Beginning Your Benefit - Adjustments for Early Commencement - Retirees - Terminees Payment Options Death Benefits Administrative and ERISA Information Key Terms Receiving Your Pension Benefit Q. When can I begin receiving my pension? A. After you leave the company, you can begin receiving your vested pension benefit as early as age 50. Beginning Your Benefit When your benefit begins depends on these circumstances: After your employment ends, you may choose to begin your vested pension benefit as early as age 50 and as late as age 65. If you retire from the company after reaching age 64, you may delay the start of your benefit up to one year, but no later than age 70. If you terminate employment after reaching 65 without being a retiree, or if you leave employment after attaining age 70, your benefit begins immediately. You should access the ExxonMobil Benefits Service Center (EMBSC) Web site or call at least 90 days but not more than 120 days before you want benefits to begin. For information about receiving your benefit, refer to Retirement Process Steps from the Pension Plan section on ExxonMobil Me, the Human Resources Intranet Site that can be accessed at work by employees. Adjustments for Early Commencement Your basic pension benefit calculated under the formula (shown on page 7) is reduced if you choose to receive your benefit earlier than: Age 60 as a retiree; or Age 65 as a terminee. The reduction, if any, depends on your age when you start your benefit and whether you are a retiree or terminee.
12 11 Retirees If you are a retiree and begin your benefit before age 60, both your basic pension and your pre-social Security Pension will be adjusted according to this schedule: If your benefit starts in the month you reach You receive this percentage of your basic pension benefit 60 or older 100% 59 95% 58 90% 57 85% 56 80% 55 75% 54 70%* 53 65%* 52 60%* 51 55%* 50 50%* *Applies to disability retirements only. Note: Special provisions apply for participants who had overseas service before 1985.
13 12 Terminees If you terminate employment without becoming a retiree, your basic pension benefit is actuarially adjusted if you start your pension at any time before age 65. The following table shows the percentage of the benefit received at different ages: If your benefit starts in the month you reach You receive this percentage of your basic pension benefit 65 or older 100% 64 90% 63 81% 62 73% 61 67% 60 60% 59 55% 58 50% 57 45% 56 41% 55 38% 54 34% 53 31% 52 29% 51 26% 50 24% Example: Carlos leaves the company with 10 years of pension service, final average pensionable pay of $5,000 a month, and a Social Security offset of $260 a month. His basic pension benefit, using the formula on page 6, is $540 a month, payable at age 65, as a Basic Annuity. If, Carlos began receiving his benefit at age 60, he would receive $324, which is 60% of $540. As a terminee, Carlos does not receive a pre-social Security pension.
14 About Pension Participation, Vesting and Cost Retiring From ExxonMobil Pension Plan Basics Receiving Your Pension Benefit Payment Options - Basic Annuity - Qualified Joint and Survivor Annuity (QJSA) - Joint Annuity - Extended Period Certain Annuity - Lump Sum - Choosing a Payment Option - Projections - Tax Treatment of Pension Payments Payment Options Q. How can I receive my benefits? A. The Plan calculates your basic pension benefit as a Basic Annuity, but gives you choices about how your benefit is paid. The options available to you depend on your marital status and whether you are a retiree. Retirees may choose from any of the payment options described in this section. In addition, the Pre-Social Security Pension is paid monthly until you are eligible for a Social Security benefit or as a lump sum if you elect a lump sum payment for your pension. If you are not a retiree, but are vested in the Pension Plan when you leave the company, you may choose only a Basic Annuity, a Qualified Joint and Survivor Annuity or a Joint Annuity. The amount of your benefit is adjusted if you elect to receive your pension benefit as any option other than a Basic Annuity. If you are married at the time your benefit begins, your benefit can only be paid as a Qualified Joint and Survivor Annuity see page 14 unless you and your spouse agree to another payment option. Death Benefits Administrative and ERISA Information Key Terms Basic Annuity When your basic pension benefit is calculated under the formula (see Pension Plan Basics on page 6), it is calculated as a Basic Annuity. The Basic Annuity provides the largest monthly benefit payable from the Plan. It is a monthly benefit paid to you for your lifetime with guaranteed payments for five years. If you die before the five years are completed, payments continue to your beneficiary until this five-year period is completed. The Basic Annuity is also called a "five-year certain and life" annuity. All other payment options are derived from the Basic Annuity.
15 Qualified Joint and Survivor Annuity (QJSA) A Qualified Joint and Survivor Annuity is a monthly benefit paid to you for your lifetime. After your death, 50% of the monthly amount you were receiving continues to your surviving spouse (who was your spouse when benefits began) for the rest of his or her life. If you are married at the time your benefit begins, by law you will automatically receive your pension benefit in the form of a QJSA. However you may elect a different payment option, but only if your spouse consents to your election in writing, and that consent is notarized or witnessed 14 Electing a QJSA After Your Pension Benefit Has Already Commenced Ordinarily, once you have commenced your pension benefit as an annuity, you are locked in to the specific payment option you have selected, and cannot elect a new one. An exception applies, however, if you are a retiree who becomes married after commencing your pension benefit in the form of an annuity. In that case, you may elect to convert your benefit into a QJSA, with your new spouse designated to receive any survivor benefits. If you elect this conversion, the amount of your benefit will be adjusted so that your new form of benefit is the actuarial equivalent of your old annuity. You have twelve months following your marriage to elect to convert your benefit to a QJSA. This conversion option is not available to those who elected to receive their pension benefit as a lump sum. Joint Annuity This is a monthly benefit paid to you for your lifetime. You may choose an annuity that pays 1%, 25%, 50%, 75% or 100% of your monthly amount as a survivor's benefit to your designated joint annuitant after your death. Monthly payments continue to your surviving joint annuitant for the remainder of his or her life. Payments under the Joint Annuity are guaranteed at the amount you were receiving for five years (or longer if an Extended Period Certain Annuity is elected in connection with the Joint Annuity) before changing to the survivor's benefit. Qualified Joint and Survivor Annuity versus 50% Joint Annuity A Qualified Joint and Survivor Annuity while a little larger each month does not offer the five years of guaranteed payments that the Joint Annuity does, but rather the payment immediately reduces to the 50% QJSA benefit. Additionally, the joint annuitant for the QJSA must be your spouse. Extended Period Certain Annuity This form of payment is identical to the Basic Annuity, see page 14, except that you can choose a 10-, 15- or 20-year guarantee period. This option is available only to retirees. The Extended Period Certain Annuity may be combined with the Joint Annuity Option. Lump Sum This is a single payment of the actuarial value of your Basic Annuity. If you elect the lump sum payment option, you will receive your Pre-Social Security Pension as a single payment. The lump sum payment option is available only to retirees. Calculating the Lump Sum As a retiree, you can receive the pension benefit either as an annuity consisting of monthly payments or as a lump sum. Mortality and interest assumptions are used to convert the stream of annuity payments to a lump sum.
16 15 Lump sum assumptions vary depending upon your particular circumstances. To determine what assumptions apply to you, you should access the ExxonMobil Benefits Service Center (EMBSC) Web site or call at least 90 days but not more than 120 days before you want benefits to begin. For information about receiving your benefit, refer to Retirement Process Steps from the Pension Plan section on ExxonMobil Me, the Human Resources Intranet Site that can be accessed at work by employees. Additional information is available in the Pension/Retirement section on ExxonMobil Me, the Human Resources Intranet Site that can be accessed at work by employees. Choosing a Payment Option All of the monthly payment options are actuarially derived from the Basic Annuity. If you elect a monthly payment option other than the Basic Annuity, the amount of your basic pension benefit is reduced because these payments are guaranteed for two lives and/or for a longer period of time. Example: To understand how the benefits vary according to the payment option you select, return to Pat's example (see page 7). As explained earlier, Pat retires at age 60 with a basic pension benefit of $2698 each month payable as a Basic Annuity (5-year certain and life). The monthly amount Pat would receive if she elected one of the other annuity payment options is shown in the following table. This example assumes that Pat's husband is the joint annuitant for the QJSA or any joint annuity she selects, and that he is also age 60 when Pat's pension benefit commences. Pat's Basic Annuity (5-year certain and life) = $2698 each month If Pat elects... Her monthly benefit would be year certain $2, year certain $2, year certain $2,506 Qualified Joint and Survivor Annuity $2,571 Joint Annuity 1% $2,685 Joint Annuity 25% $2,627 Joint Annuity 50% $2,555 Joint Annuity 75% $2,501 Joint Annuity 100% $2,441 Projections There are several ways to obtain a pension estimate. Refer to Projections from the Pension Plan section on ExxonMobil Me, the Human Resources Intranet Site that can be accessed at work by employees; for additional information access the ExxonMobil Benefits Service Center (EMBSC) Web site or call
17 16 Tax Treatment of Pension Payments Pension benefits are generally taxable as ordinary income for federal income tax purposes. Many states also tax pension benefits. Before you begin your pension benefit, you should consult a personal tax advisor for more help. If you are eligible for and elect to receive a lump sum payment, the taxable amount may be subject to special tax treatment and may be eligible to be rolled over to an Individual Retirement Account (IRA) or another tax-qualified employer plan. The taxable amount is the total lump sum value less amounts on which tax has been previously paid.
18 About Pension Participation, Vesting and Cost Retiring From ExxonMobil Pension Plan Basics Receiving Your Pension Benefit Payment Options Death Benefits - If You Die as an Active Employee - With Less than 15 Years of Service Surviving Spouse Annuity - With 15 or More Years of Service Pension Death Benefit - If You Die as a Retiree - If You Die as a Terminee Administrative and ERISA Information Key Terms Death Benefits Q. Are any benefits paid from the Plan when I die? A. Under certain circumstances, benefits from the Plan may be payable or continue after your death. Retirees may choose from any of the payment options described in this section. If You Die as an Active Employee Your survivors may be entitled to the following benefits from the Pension Plan if you die as an active employee with a vested benefit. With Less than 15 Years of Service Surviving Spouse Annuity If you have less than 15 years of benefit service or are a non-regular or extended parttime (enhanced non-regular) employee when you die, the Pension Plan will pay a Surviving Spouse Annuity. The government requires that the Surviving Spouse Annuity provide a lifetime income to your surviving spouse if you have been married for at least one year. A Surviving Spouse Annuity is half of your basic pension benefit earned up to the date of your death, payable under the Qualified Joint and Survivor Annuity option (see page 14). Your surviving spouse may begin receiving the Surviving Spouse Annuity as early as the month in which you would have attained age 50, and as late as the time you would have attained age 65. The adjustments for early commencement for terminees (see page 12), apply to the Surviving Spouse Annuity. If you have no surviving spouse eligible to receive the Surviving Spouse Annuity, there is no benefit payable from the Plan upon your death.
19 18 With 15 or More Years of Service Pension Death Benefit If you have 15 or more years of benefit service and you are not a non-regular employee (including an extended part-time employee) on your date of death, the Pension Plan will pay a Pension Death Benefit, which is significantly larger than the Surviving Spouse Annuity. How It Is Calculated The Pension Death Benefit is based on your total basic pension benefit plus your Pre- Social Security Pension earned under the Plan. The Pension Death Benefit is calculated as if you had retired as of the date of your death and had elected the lump sum payment option to be paid at age 50 or actual age if older at time of death. If you die before age 50, the Pension Death Benefit is the present value of the age-50 lump sum. When It Is Paid The Pension Death Benefit is paid as soon as practical after your death. Who Receives It The Plan pays the Pension Death Benefit to the beneficiary designated on the special beneficiary designation form (which you can print from the HR Intranet). To comply with the government requirement for surviving spouse benefits, your spouse must consent if you want to name someone other than your spouse as the primary beneficiary. If you have not designated a Special Beneficiary prior to your death, the beneficiaries are determined by a standard order, explained in the Standard Beneficiary definition in the Key Terms section. Special Note about Special Beneficiary Designation: If you are married and less than 35 years of age when you execute a Special Beneficiary Designation and you do not name your spouse as your primary beneficiary, then your special designation will become invalid when you attain age 35. Another beneficiary designation (with spousal consent) is required upon attaining age 35. How It Is Paid Your beneficiary can elect to receive the Pension Death Benefit either as a lump sum or as monthly payments for life. The monthly payments are the lump sum Pension Death Benefit actuarially converted to the Basic Annuity (five-year certain and life), see page 13, using the interest rate in effect at time of your death.
20 19 If You Die as a Retiree If you become a retiree and: Elect to begin your pension payments as soon as possible but die before that payment starts The benefit will be paid in accordance with your election, as illustrated in the following example: Examples: If you elected a... Then... Basic Annuity or Extended Period Certain Your beneficiary will receive the monthly benefit you would have received for 5 years or for the extended period certain. Lump sum payment Qualified Joint and Survivor Annuity The lump sum amount you would have received (including any Pre-Social Security amount you would have received) is paid to your estate. Your spouse will receive 50% of the monthly benefit you would have received. 50% Joint Annuity Your joint annuitant will receive the monthly benefit you would have received and, after five years the amount is reduced to 50%. Do not elect to begin your pension payments as soon as possible and die before your benefits begin The death benefit payable from the Pension Plan is the Pension Death Benefit, see page 18. Die after pension payments begin The payment option that you chose determines whether any future benefits are paid. If You Die as a Terminee If you are a terminee and you die after pension payments begin, the form of payment that you chose determines whether any further benefits are paid. If you are a terminee with a vested pension benefit and you die before pension payments begin but after being married at least one year, then your surviving spouse may be eligible for the Surviving Spouse Annuity (see page 17 for description). Otherwise, no benefit is payable. When Payments or Benefits Begin References to the date when payments or benefits begin mean the date your pension benefit is scheduled to begin under the terms of the Plan. This date may not be the same as the date you actually receive your first payment.
21 About Pension Participation, Vesting and Cost Retiring From ExxonMobil Pension Plan Basics Receiving Your Pension Benefit Payment Options Death Benefits Administrative and ERISA Information - Basic Plan Information - Benefit Claims Procedures - No Implied Promises - Assignment of Benefits - If the Pension Plan Is Amended or Terminated - Insured Benefits - Your Rights Under ERISA Key Terms Administrative and ERISA Information Q. Is there other information I need to know about the Plan? A. This section provides information about the administration of this Plan and your rights under law. The formal name of the Plan is the ExxonMobil Pension Plan. Basic Plan Information Plan Administrators Administration of the Pension Plan is handled by the Administrator-Benefits, the Administrator-Finance and the Administrator-Accounting. The Administrator-Benefits is the Manager, Global Benefits Design, Human Resources, Exxon Mobil Corporation. The Administrator-Finance is the Manager, Benefits Finance and Investment, Treasurers, Exxon Mobil Corporation. The Administrator-Accounting is the Manager, Financial Reporting, Controllers, Exxon Mobil Corporation. You may contact these plan administrators at the following address. Legal process may be served upon the Administrator-Benefits c/o Exxon Mobil Corporation by serving the Corporation's Registered Agent for Service of Process, Corporation Service Company (CSC). Administrator-Benefits For appeals: P.O. Box 2283 Houston, TX For service of legal process: Corporation Service Co. 211 East 7 th Street, Suite 620 Austin, Texas Administrator-Finance Administrator-Accounting Exxon Mobil Corporation 5959 Las Colinas Blvd Irving, TX Pension Plan Trustee The assets of the Pension Plan are held in a master trust. The Trustee is: The Northern Trust Company 50 South LaSalle St Chicago, IL 60675
22 21 Certain accrued benefits under the Plan are secured by group annuity contracts issued by the following insurance companies: Aetna Life Insurance Company 151 Farmington Avenue Hartford, CT The Equitable Life Assurance Society of the United States 200 Plaza Drive Secaucus, NJ The Prudential Asset Management Company 1 Hanover Road Florham Park, NJ Metropolitan Life Insurance Company 200 Park Avenue New York, NY Type of Plan The Pension Plan is a defined benefit pension plan under ERISA. Plan Numbers The Pension Plan is identified with government agencies under two numbers: the Employer Identification Number, , and the Pension Plan Number (PN), 001. Plan Year The Plan year is the calendar year. Plan Sponsor and Participating Affiliates The Pension Plan is sponsored by: Exxon Mobil Corporation 5959 Las Colinas Blvd. Irving, TX All of Exxon Mobil Corporation's divisions and major U.S. affiliates participate in the Pension Plan. A complete list of participating affiliates is available from the Administrator-Benefits upon written request. Benefit Claims Procedures Filing a Claim If you believe you are being denied a benefit, in whole or in part, to which you are entitled under the Pension Plan, you may file a claim for the benefit with the ExxonMobil Benefits Service Center (EMBSC) at Xerox. All claims must be filed in writing. The EMBSC will review your claim and respond to you within a reasonable period of time, normally within 90 days after receiving your claim. If your claim is denied completely or partially, you will receive written notice of the decision. The notice will describe: The specific reasons for the denial and the provisions upon which they are based. Any additional information or material that is needed to validate the claim and the reason that information is required. The process for requesting an appeal.
23 22 If EMBSC needs additional time to decide on your claim because of special circumstances, you will be notified within the original 90-day period. You will receive a response no later than 180 days after your claim was received initially. Filing a Mandatory Appeal If your claim has been denied, in whole or in part, you or your designated representative may appeal the decision to the Administrator-Benefits. Such an appeal is required in order for you to preserve your right to bring a civil action in court, as described below. Your written appeal must be made within 60 days after you receive the initial notice of denial. You should include the reasons why you believe the benefit should be paid and information that supports, or is relevant to, your request. You may also request reasonable access to, and copies of, information relevant to your claim. If you do not file the appeal within 60 days, your appeal will not be considered. Within 60 days of receiving a request for review, the Administrator-Benefits will make a decision. If additional time is needed, you will be notified in writing of the special circumstances that require an extension. In any event, you will receive a decision no later than 120 days after receipt of your request for review. The decision will be written in plain language and will refer to the pertinent plan provisions on which it is based. If your appeal is denied, you or your representative may review any plan documents, records, or information reviewed in making the determination. Filing a Voluntary Appeal A denied appeal may be reconsidered, but only if you have other information that is relevant to your claim and was not considered in your previous appeal. If this is the case, you or your designated representative may send such information in writing to the Administrator-Benefits within 30 days of the appeal denial. Providing such information is strictly voluntary and is not necessary to preserve your right to bring a civil action in court. Please include in your voluntary appeal letter the reason(s) you believe the mandatory appeal was improperly denied and include the new information that supports and is relevant to your request. If you do not file a voluntary appeal within 30 days, your voluntary appeal will not be considered. You will be notified within 15 days of receipt if your voluntary appeal is not accepted because no new pertinent information is included or your voluntary appeal was not timely filed. After reviewing the additional information submitted with your voluntary appeal request, the Administrator-Benefits will make a decision within 60 days. As with the mandatory benefit appeal, if your voluntary appeal is denied, you will be informed of the pertinent plan provisions on which the denial is based, and you or your representative may review any plan documents, records, or information reviewed in making the determination. Your decision to submit a benefit dispute to a voluntary appeal will not affect your rights to any other plan benefits. Statute of Limitations After you have received the response of the mandatory appeal, you may bring a civil action in Federal Court under section 502(a) of ERISA. Any lawsuit must be filed no later than one year from the date your mandatory appeal was denied. This deadline is extended for any period during which a voluntary appeal is pending.
24 23 Authority of Administrator-Benefits The Administrator-Benefits (and those to whom the Administrator-Benefits has delegated authority) has the discretionary authority to determine eligibility for benefits, to construe and interpret the terms of the Pension Plan in its application to any participant or beneficiary, and to decide any and all claim appeals. No Implied Promises Nothing in this booklet says or implies that participation in the Pension Plan is a guarantee of continued employment with the company. Assignment of Benefits You cannot use your Pension Plan benefit as collateral for a loan. In addition, it cannot be pledged to another person or organization in any way except as provided by a Qualified Domestic Relations Order. If the Pension Plan Is Amended or Terminated Although the Pension Plan is expected to be continued indefinitely, the company may at any time and for any reason amend or terminate the Pension Plan or any of its provisions. If any material changes are made in the future, you will be notified. If the Pension Plan is terminated and no successor plan is established, you will be 100% vested immediately, regardless of your years of service. Insured Benefits Most benefits earned under the Pension Plan are insured by the Pension Benefit Guaranty Corporation (PBGC) if the Plan terminates. Benefits earned by Exxon participants before August 1986 are insured under a contract issued by Aetna Life Insurance Company. Generally, the PBGC guarantees most vested normal age retirement benefits, early retirement benefits, and certain disability and survivor's pensions. However, the PBGC does not guarantee all types of benefits under covered plans, and the amount of benefit protection is subject to certain limitations. The PBGC guarantees vested benefits at the level in effect on the date of plan termination. However, if a plan has been in effect less than five years before it terminates, or if benefits have been increased within the five years before plan termination, the whole amount of the Plan's vested benefits or the benefit increase may not be guaranteed. In addition, there is a ceiling on the amount of monthly benefit that the PBGC guarantees, which is adjusted periodically.
25 24 For more information on the PBGC insurance protection and its limitations, contact the office administering your benefits or the PBGC. Inquiries to the PBGC should be addressed to: PBGC Technical Assistance Branch 1200 K Street, NW Washington, DC Telephone: (202) Internet: Your Rights Under ERISA As a participant in the ExxonMobil Pension Plan, you have certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that as a Plan participant, you shall be entitled to: Receive Information About Your Plan and Benefits Examine, without charge, at the office of the Administrator-Benefits and at other specified locations, such as worksites and union halls, all documents governing the Pension Plan, including collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Pension Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. Obtain, upon written request to the Administrator-Benefits, copies of documents governing the operation of the Pension Plan, including collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Administrator-Benefits may require a reasonable charge for the copies. Receive a summary of the Pension Plan's annual financial report. The Administrator-Benefits is required by law to furnish each participant with a copy of this summary annual report. Obtain a statement telling you whether you have a right to receive a pension at normal retirement age (age 65) and if so, what your benefits would be at normal retirement age if you stop working under the Pension Plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once every twelve months. The Pension Plan must provide the statement free of charge.
26 25 Prudent Actions by Pension Plan Fiduciaries In addition to creating rights for Pension Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Pension Plan, called "fiduciaries" of the Pension Plan, have a duty to do so prudently and in the interest of you and other Pension Plan participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a plan benefit or exercising your rights under ERISA. Enforce Your Rights If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Pension Plan documents or the latest summary annual report from the Pension Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Administrator-Benefits to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim and an appeal for benefits, which are denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Pension Plan's decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in Federal court. If it should happen that Pension Plan fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. 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, for example, if it finds your claim is frivolous. Assistance with Your Questions If you have any questions about your Pension Plan, you should contact the ExxonMobil Benefits Service Center (EMBSC) at Xerox. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Administrator-Benefits, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.
27 About Pension Participation, Vesting and Cost Retiring From ExxonMobil Pension Plan Basics Receiving Your Pension Benefit Payment Options Death Benefits Administrative and ERISA Information Key Terms Beneficiary The person or entity that receives benefits when you die. The Plan provides a standard list of beneficiaries but you may name another beneficiary if you wish. Benefit Service Generally, all the time from the first day of employment until you leave the company's employment. Excluded are: unauthorized absences; leaves of absence of over 30 days (except military leaves or leaves under the Federal Family and Medical Leave Act); certain absences from which you do not return; periods when you work as a non-regular employee, as a special agreement person, in service station, car wash, or car-care center operations, or when you are covered by a contract that requires the company to contribute to a different benefit program, unless a special authorization credits the service. Key Terms Dependent Child An unmarried person who was born before your death, who is not employed on a regular and full-time basis, not reached the end of the month in which age 24 is attained provided the child is chiefly dependent on the covered person for support and maintenance. Eligible Employee Most U.S. dollar payroll employees of Exxon Mobil Corporation and participating affiliates. Regular employees are eligible their first day of employment. Non-regular employees are eligible retroactive to the first day of the first 12-month period during which they work at least 1,000 hours (for this purpose, the 12-month period begins on the person's date of employment and each anniversary thereafter). The following are not eligible to participate in the Plan: employees who work at company operated retail stores (CORS employees), or leased employees, barred employees or special agreement persons as defined in the Plan document. Extended Part-Time Employee An employee who is classified as a non-regular employee, but who has been designated as an Extended Part-Time (Enhanced Non-Regular) Employee under his or her employer's employment policies relating to flexible work arrangements.
Summary Plan Description ExxonMobil Family Adjustment Plan ExxonMobil Family Income Plan ExxonMobil Contributory Group Life Insurance Plan January 2015 About the Plans This Summary Plan Description (SPD)
Defined Benefit Retirement Plan Summary Plan Description This booklet is not the Plan document, but only a summary of its main provisions and not every limitation or detail of the Plan is included. Every
NYU Staff Pension Plan Summary Plan Description Office & Clerical Staff Laboratory & Technical Staff Non-Union Service Staff Sergeant Guards Security Officers This booklet summarizes the provisions contained
DOW CORNING CORPORATION EMPLOYEES RETIREMENT PLAN Summary Plan Description January 1, 2013 Dow Corning Corporation HR Service Center - Mail #HRSC P.O. Box 994 Midland, MI 48686-0994 (800) 440-0772 5597032-8
Summary Plan Description The Johns Hopkins University Support Staff Pension Plan for Support Staff and Bargaining Unit Members Effective July 1, 2011 1 Contents Fast Facts... 3 Pension Plan Benefits At-A-Glance...
Summary Plan Description Prepared for The Cooper Union Defined Contribution Retirement Plan INTRODUCTION The Cooper Union has restated the The Cooper Union Defined Contribution Retirement Plan (the Plan
Personal Retirement Account Plan Summary Plan Description Table of Contents Who Is Eligible...1 When You Participate...1 When You Are Vested...1 Break in Service...1 Maternity/Paternity Absence...1 Your
BORGWARNER INC. RETIREMENT PLAN - CASH BALANCE COMPONENT SUMMARY PLAN DESCRIPTION 2008 TABLE OF CONTENTS Page INTRODUCTION... 1 ELIGIBILITY TO PARTICIPATE... 2 Who is eligible to participate in the Plan?...
CHAPMAN UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Summary Plan Description This document is a summary of the provisions of Chapman University Defined Contribution Retirement Plan (the Plan ) as in
This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration. It is available on the Internet at: www.dol.gov/ebsa For a complete list of EBSA publications,
Summary Plan Description Prepared for Worcester Polytechnic Institute Defined Contribution Plan INTRODUCTION Worcester Polytechnic Institute has restated the Worcester Polytechnic Institute Defined Contribution
Summary Plan Description Prepared for Norwich University Defined Contribution Retirement Plan INTRODUCTION Norwich University has restated the Norwich University Defined Contribution Retirement Plan (the
Tosco Corporation Pension Plan For Union Employees Formerly Employed by Monsanto Company Title VIII of the ConocoPhillips Retirement Plan Effective Jan. 1, 2015 Tosco Corporation Pension Plan For Union
(05/2010) C.B. FLEET COMPANY, INC. 401(k)/THRIFT PLAN PLAN HIGHLIGHTS 4-4761 (CL2009) Plan Highlights briefly describes the plan. The rest of this booklet explains in greater detail how the plan works.
Boston College 401(k) Retirement Plan I & II This Summary Plan Description (SPD) applies to participants in the Boston College 401(k) Plan I and the Boston College 401(k) Plan II. This SPD is also available
ConocoPhillips Store Retirement Plan Title VII of the ConocoPhillips Retirement Plan Effective Jan. 1, 2015 ConocoPhillips Store Retirement Plan (Title VII of the ConocoPhillips Retirement Plan) ConocoPhillips
University of Chicago Group Life Insurance Summary Plan Description January 1, 2010 University of Chicago Group Life Insurance Page 1 Table of Contents Your Group Life Insurance Benefits... 3 Participating
Alcatel-Lucent Retirement Income Plan Alcatel USA, Inc. Retirement Plan for Production Employees Provisions of the Alcatel USA, Inc. Consolidated Retirement Plan Summary Plan Description June 1, 2013 DISCLAIMER
A Plan Designed to Provide Security for Employees of Ameren Retirement Plan Union Cash Balance Supplement Benefits for Certain Contract Employees Amended and Restated January 1, 2012 The following is a
Supplemental Retirement Account Summary Plan Description This booklet is not the Plan document, but only a summary of its main provisions and not every limitation or detail of the Plan is included. Every
Your Income Protection Plan Benefits Contents Your Income Protection Plan Benefits...1 About This SPD... 1 Getting More Information... 1 Changes to the Plan... 2 Participating in the IPP...3 Eligibility...
How To Use This Booklet This booklet describes the pension benefits available from the Western Metal Industry Pension Plan. It summarizes your benefits, describes when they begin and explains how to use
Summary Plan Description BASIC LIFE INSURANCE 2015 Table of Contents Introduction... 1 Eligibility and Enrollment... 2 Eligibility... 2 Enrollment... 2 Designating a Beneficiary... 3 Employee Life Insurance...
Summary Plan Description As in effect January 1, 2012 In the event of any conflict between this Summary Plan Description (SPD) and the actual text of the UNO-VEN Retirement Plan, the more detailed provisions
CHAPMAN UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Summary Plan Description This document is a summary of the provisions of Chapman University Defined Contribution Retirement Plan (the Plan ) as in
DELUXE CORPORATION DEFINED CONTRIBUTION PENSION PLAN SUMMARY PLAN DESCRIPTION January 1, 2011 P101229:1454/M010306 INFORMATION IN THIS SUMMARY INTRODUCTION...1 ELIGIBILITY...1 YOUR EMPLOYER CONTRIBUTIONS...2
University of Chicago Long-Term Disability Summary Plan Description June 2007 University of Chicago Long-Term Disability Plan Page 1 Table of Contents Your LTD Benefits... 3 Participating in LTD... 3 Eligibility...
Faculty & Administrative Officer Employee Retirement Plan Summary Plan Description Effective May 10, 1920 Restatement Effective January 1, 2010 1 Contents About this Summary Plan Description... 4 Eligibility...
Metropolitan Edison Company Bargaining Unit Retirement Plan January 2007 Metropolitan Edison Company Bargaining Unit Retirement Plan This Summary Plan Description is created for the use of eligible participants
Philadelphia University Defined Contribution Retirement Plan Retirement Annuity (RA) Plan Summary Plan Description Amended and Restated July 1, 2014 Table of Contents Part I: Information About The Plan.............................................
Invest in Your Future Kohl s Corporation ESOP S U M M A RY P L A N D E S C R I P T I O N KOHL S CORPORATION ESOP SUMMARY PLAN DESCRIPTION Plan Sponsor: Participating Employers: Plan Administrator: Trustee:
MRP0751HBB0116 2016 MASTER RETIREMENT PLAN This section of your benefits handbook outlines the major provisions of the Deseret Mutual Master Retirement Plan as of January 1, 2016. This document also serves
c AK Steel Corporation Voluntary Term Life Insurance IAM Local 1943 Hourly Employees Summary Plan Description Effective March 15, 2007 Table of Contents Introduction... 1 Former Announcements... 1 Eligibility...
YOUR GROUP INSURANCE PLAN BENEFITS THE SCHOOL BOARD OF MARION COUNTY, FLORIDA CLASS 0002 OPTIONAL LIFE The enclosed certificate is intended to explain the benefits provided by the Plan. It does not constitute
BUSINESS IN THE RIGHT DIRECTION. GO WEST. ESOP Summary Plan Description for participants in the Employee Stock Ownership Plan This Summary Plan Description (SPD) corresponds with the plan document dated
PENSION SECURITY PLAN Revised: December 1, 2009 Summary Plan Description This page intentionally left blank Pension Security Plan i Contents Section 1. Introduction...1-1 Section 2. Highlights...2-1 Summary
OPERATING ENGINEERS LOCAL 66 ANNUITY AND SAVINGS FUND Summary Plan Description REVISED 1-1-2009 BOOKLET 4 OPERATING ENGINEERS LOCAL 66 ANNUITY AND SAVINGS FUND UNION TRUSTEES James T. Kunz, Jr., Chairman
CHAPMAN UNIVERSITY TAX-DEFERRED ANNUITY (TDA) RETIREMENT PLAN Summary Plan Description This document is a summary of the provisions of Chapman University Tax-Deferred Annuity (TDA) Retirement Plan (the
ConocoPhillips Cash Balance Account Effective January 1, 2013 Welcome to Your Summary Plan Description for the ConocoPhillips Cash Balance Account 3 Contact Information 3 Introduction 4 Plan Highlights
Boeing Satellite Systems Retirement Plan Summary Plan Description 2008 Edition/Eligible Union-Represented Employees EAST 1553 and IBEW 2295 The summary plan description (SPD) for this Plan is this booklet
Summary Plan Description Saint Marys Hospital Retirement Plan January 2016 benefits TO BUILD ON Mayo Clinic Saint Marys Hospital Retirement Plan Summary Plan Description January 2016 HOW TO USE THIS DOCUMENT
SAS INSTITUTE INC. RETIREE HEALTH REIMBURSEMENT ARRANGEMENT SUMMARY PLAN DESCRIPTION Effective January 1, 2013 Table of Contents INTRODUCTION AND OVERVIEW OF BENEFITS... 3 ELIGIBILITY AND PARTICIPATION...
Summary Plan Description Glatfelter Retirement Plan Program for Hourly Employees in the Spring Grove Group (Applicable to Employees hired prior to January 17, 2011) Effective January 1, 2012 DMEAST #14404512
CenturyLink RETIREE LIFE INSURANCE BENEFIT Legacy CenturyTel Retirees TABLE OF CONTENTS INTRODUCTION...1 FEATURES OF THE LIFE PLANS...2 Your Beneficiary...2 How to File a Claim...2 Recovery of Payments...2
Contents Your Income Security Plan Benefits... 2 About This SPD... 2 Getting More Information... 3 Changes to the Plan... 3 Participating in the Plan... 4 Eligibility... 4 Conditions for Benefit Eligibility...
SUMMARY PLAN DESCRIPTION HCMC LEGAL, INC. EMPLOYEE STOCK OWNERSHIP PLAN EFFECTIVE AS OF AUGUST 19, 2011 TABLE OF CONTENTS Introduction... 1 Type of Plan... 1 Plan Sponsor... 1 Purpose of This Summary...
Massachusetts Institute of Technology Summary Plan Description for the Massachusetts Institute of Technology Long-Term Disability Plan July 1, 2009 Table of Contents Introduction 3 For Assistance or More
Summary Plan Description Prepared for DePauw University Retirement Plan January 2012 TABLE OF CONTENTS Page INTRODUCTION...1 ELIGIBILITY...1 Am I eligible to participate in the Plan?...1 What requirements
Ferrum College Tax-Deferred Annuity (TDA) Plan Restated as of February 8, 2000 Summary Plan Description This document provides each Participant with a description of the Institution's Tax-Deferred Annuity
PACE UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION January 1, 2010 1674859.3 7/19/2010 TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN ARTICLE I PARTICIPATION IN THE PLAN Am I eligible
U.S. Bank 2010 Cash Balance Plan Summary Plan Description January 2011 HR1215B (6/2011) 1 OVERVIEW The U.S. Bank 2010 Cash Balance Plan (the "Plan"), a component of the U.S. Bank Pension Plan, is an important
Date September 1, 2015 Marsh & McLennan Companies Retirement Plan Marsh & McLennan Companies Marsh & McLennan Companies Retirement Plan The (also referred to as the Plan ) is the central part of the Company
Summary Plan Description Prepared for TIAA-CREF Tax-Deferred Retirement Annuity Plan for all Wilkes University Personnel INTRODUCTION Wilkes University has restated the TIAA-CREF Tax-Deferred Retirement
Sandia Group Term Life Insurance Plans Summary Plan Descriptions Effective: January 1, 2012 This page intentionally left blank. 2 Contents Introduction...7 Primary Group Term Life Insurance Plan...9 Section
PDS Staff Profit Sharing Plan Summary Plan Description April, 2015 TABLE OF CONTENTS INTRODUCTION TO THE PLAN... 1 GENERAL INFORMATION ABOUT THE PLAN... 2 ELIGIBILITY AND PARTICIPATION... 3 CONTRIBUTIONS
Your Retirement Benefits [SALARIED EMPLOYEE VERSION] This Summary Plan Description (SPD) describes the Merck & Co., Inc. Retirement Plan, which is part of the Merck Standard Benefits Program. It applies
ASBESTOS WORKERS LOCAL UNION NO. 80 SUPPLEMENTAL PENSION FUND SUMMARY PLAN DESCRIPTION INTRODUCTION The Asbestos Workers Local Union No. 80 Supplemental Pension Fund provides retirement benefits to participating
CERNER CORPORATION GLOBAL LIFE INSURANCE PLAN PLAN NUMBER 515 SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS PAGE ARTICLE I. INTRODUCTION... 1 1.1 Purpose of Plan.... 1 1.2 Purpose of This Document.... 1 ARTICLE
The Retiree Life Insurance Plan Summary Plan Description (A Component of the TECO Energy Group Voluntary Employees Beneficiary Association) The Summary Plan Description (SPD) for The Retiree Life Insurance
ExxonMobil Medical Plan (EMMP) Fully-Insured Health Maintenance Organization Option (HMO) Information Booklet Effective As of January 2015 Table of Contents How the ExxonMobil Medical Plan Fully-Insured
Summary Plan Description Prepared for Furman University Tax Deferred Annuity Plan INTRODUCTION Furman University has restated the Furman University Tax Deferred Annuity Plan (the Plan ) to help you and
Your DuPont Benefit Resources Total and Permanent Disability Income Plan July 2008 TABLE OF CONTENTS DETAILS OF THE PLAN...1 PREFACE...1 INTRODUCTION...1 ELIGIBILITY...1 ENROLLMENT...2 COST...2 PLAN BENEFIT...2
Summary Plan Description for the Health Reimbursement Arrangement Plan General Benefit Information Eligible Expenses All expenses that are eligible under Section 213(d) of the Internal Revenue Code, such
7.1.2014.SummaryPlanDescription.001018 Christian Brothers Employee Retirement Plan July 1, 2014 Christian Brothers Retirement Planning Services 1205 Windham Parkway, Romeoville, IL 60446-1679 800.807.0700
MICHIGAN LABORERS ANNUITY FUND Summary Plan Description [February 12, 2015] TABLE OF CONTENTS THE BOARD OF TRUSTEES... i FUND OFFICE, PLAN MANAGER, AND AGENT FOR SERVICE OF LEGAL PROCESS... ii PLAN LEGAL
Important Information Plan Administration and Operation September 1997* DOL Provides Guidance on Qualified Domestic Relations Orders WHO'S AFFECTED Qualified Domestic Relations Order rules apply to all
This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA). To view this and other publications, visit the agency s Website at www.dol.gov/ebsa.
RETIREMENT BENEFITS Introduction To Your Plan Woodmen of the World Life Insurance Society and/or Omaha Woodmen Life Insurance Society ("Woodmen") sponsors and maintains this retirement plan, known as the
Document title: AUTHORIZED COPY Retirement Plan for Bargaining Unit Employees of Florida Progress Corporation Document number: HRI-PGNF-00013 Applies to: Keywords: Progress Energy Florida, Inc. (bargaining
Introduction Brown University maintains two 403(b) retirement plans for faculty and staff: The Legacy Retirement Plan, for those hired before March 1, 2001*, and the Deferred Vesting Retirement Plan, for
SPAWN IDEAS EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST SUMMARY PLAN DESCRIPTION FEBRUARY, 2015 SPAWN IDEAS EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS Page 1. INTRODUCTION...
For The Edward D. Jones & Co. Profit Sharing And 401(k) Plan January 2015 This information is approved for use with the public. TABLE OF CONTENTS Introduction... 1 Eligibility... 1 Who Can Participate?...
. SUMMARY PLAN DESCRIPTION FOR MARC CENTER 401(K) RETIREMENT PLAN Marc Center 401(k) Retirement Plan Summary Plan Description Table of Contents DESCRIPTION PAGE. INTRODUCTION 1 GENERAL INFORMATION 2 PARTICIPATION
THE SHERWIN-WILLIAMS COMPANY SALARIED EMPLOYEES PENSION INVESTMENT PLAN SUMMARY PLAN DESCRIPTION (SPD) 2011 Edition TABLE OF CONTENTS 1 Page Important Information... 4 Who to Contact... 5 Introduction...
GROUP LIFE INSURANCE PROGRAM Troy University RELIANCE STANDARD LIFE INSURANCE COMPANY Home Office: Chicago, Illinois Administrative Office: Philadelphia, Pennsylvania CERTIFICATE OF INSURANCE We certify
NFL Player Supplemental Disability Plan 200 St. Paul Place, Suite 2420 Baltimore, MD 21202-2040 (800) 638-3186 May 2005 Dear NFL Player: This booklet summarizes the NFL Player Supplemental Disability Plan
Electrical Pension Trustees Pension Plan No. 5 ABOUT THIS BOOKLET To understand your benefits from the Electrical Contractors Association and Local Union 134, I.B.E.W. Joint Pension Trust of Chicago Pension
NORTHEASTERN UNIVERSITY BASIC RETIREMENT PLAN Summary Plan Description PURPOSE The purpose of the Northeastern University Basic Retirement Plan is to provide a centerpiece for participants in saving for
COLUMBIA UNIVERSITY Summary Plan Description for the Retirement Plan - Local 241 Transport Workers Union of America Columbia University (the University ) offers two retirement plans to help provide you
SAVE MART 401(K) PLAN SUMMARY PLAN DESCRIPTION DATED: April 2013 TABLE OF CONTENTS Page INTRODUCTION... 1 1. Who is Eligible?... 2 2. What Affiliated Employers Participate in the Plan?... 2 3. When does
Non-Contributory Retirement Plan Summary Plan Description 2008 Edition/Union-Represented Employees UAW 1069 The summary plan description (SPD) for this Plan is this booklet and any summaries of material
FROZEN AS OF 1/1/2015 SUMMARY PLAN DESCRIPTION Austin Medical Center Employees' Pension Plan January 2015 FROZEN AS OF 1/1/2015 Table of Contents I. BASIC PLAN INFORMATION AND DEFINITIONS...3 A. ACCOUNT...3
SUMMARY PLAN DESCRIPTION COMMERCE BANCSHARES PARTICIPATING INVESTMENT PLAN (PIP) Updated as of October 1, 2009 Table of Contents Introduction What is the Participating Investment Plan (PIP)? Who is eligible
SKIDMORE COLLEGE RETIREMENT SUMMARY PLAN DESCRIPTION Human Resources (518) 580-5800 OVERVIEW Skidmore College s Retirement Plan is designed to provide employees with flexibility in meeting individual financial
HEALTH REIMBURSEMENT ARRANGEMENT C O M M U N I T Y C O L L E G E S Y S T E M O F N E W H A M P S H I R E S U M M A R Y P L A N D E S C R I P T I O N Copyright 2005 SunGard Inc. 04/01/05 TABLE OF CONTENTS
SUMMARY PLAN DESCRIPTION for the AMBROSE MULTIPLE EMPLOYER RETIREMENT SAVINGS PLAN TABLE OF CONTENTS (1) Eligibility to Participate... 4 (2) Types of Plan Contributions... 4 (3) Compensation... 7 (4) Vesting...