the metropolitan museum of art - fidelity investments this booklet, please contact the metropolitan...

2097/51959-001 current/40368379v4

The Metropolitan Museum of Art

Summary Plan Description

403(b) Retirement Plan

for Non-Union Employees

The information contained herein has been provided by The Metropolitan Museum of Art and is solely the responsibility of The Metropolitan Museum of Art.

2097/51959-001 current/40368379v4

Table of Contents

INTRODUCTION TO THE BASIC PLAN ............................................................................................... 1

Our Commitment to Helping You Save for Retirement ...................................................................... 1

About This Booklet: Its Your Summary Plan Description (SPD)........................................................ 2

Basic Plan Overview ........................................................................................................................... 3

ELIGIBILITY, PARTICIPATION AND VESTING .................................................................................... 4

Eligibility and Participation .................................................................................................................. 4

Vesting ................................................................................................................................................ 4

Breaks in Service ............................................................................................................................ 5

Designating a Beneficiary ................................................................................................................... 6

HOW THE BASIC PLAN WORKS ......................................................................................................... 7

You Contribute .................................................................................................................................... 7

The Museum Contributes ................................................................................................................... 7

Benefits of Pre-Tax Contributions ....................................................................................................... 7

Important Information about IRS Contribution Limits ......................................................................... 7

Excess Contributions ...................................................................................................................... 8

Loans .................................................................................................................................................. 8

Repaying Your Loan ....................................................................................................................... 9

What Happens If You Default on Your Loan? ............................................................................ 9

Withdrawals ........................................................................................................................................ 9

HOW YOUR CONTRIBUTIONS ARE INVESTED ............................................................................... 10

Your Investment Options .................................................................................................................. 10

Obtaining Information about the Investment Funds ......................................................................... 10

Changing Your Investment Elections ............................................................................................... 11

Your Account Balance .................................................................................................................. 12

A Note About Administration Fees .................................................................................................... 12

PAYMENT OF BENEFITS.................................................................................................................... 13

When Your Account Is Paid to You .................................................................................................. 13

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Required Distributions .................................................................................................................. 13

How Your Account Is Paid to You .................................................................................................... 13

Tax Consequences of Distributions .................................................................................................. 15

Rollovers at the Time of Distribution ............................................................................................ 15

WHAT HAPPENS IF: UNDERSTANDING SOME SPECIAL RULES .................................................. 16

What Happens If You are Terminated .......................................................................................... 16

What Happens If You Are Re-Hired .............................................................................................. 16

What Happens If You Go On Leave ............................................................................................. 17

What Happens If You Become Disabled....................................................................................... 17

What Happens If You Die.............................................................................................................. 18

IMPORTANT TERMS ........................................................................................................................... 19

ADMINISTRATION INFORMATION .................................................................................................... 20

Plan Name and Number ................................................................................................................... 20

Employer ........................................................................................................................................... 20

Employer Identification Number ....................................................................................................... 20

Type of Plan ...................................................................................................................................... 20

Plan Administrator ............................................................................................................................ 20

How Benefits are Funded ................................................................................................................. 20

Plan Year .......................................................................................................................................... 21

Legal Process ................................................................................................................................... 21

Plan Interpretation ............................................................................................................................ 21

Benefit Insurance .............................................................................................................................. 22

Non-Assignment of Benefits ............................................................................................................. 22

Qualified Domestic Relations Order (QDRO) ............................................................................... 22

Future of the Plan ............................................................................................................................. 23

Continuation of Participation for Employees in the Uniformed Services (USERRA) ....................... 23

Military Leave and Plan Loans ..................................................................................................... 23

When You Return from Military Leave ......................................................................................... 23

Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART ACT) ..................................... 24

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PROCESS FOR SUBMITTING A CLAIM ............................................................................................. 25

Claims Procedure ............................................................................................................................. 25

Initial Claim ................................................................................................................................... 25

If a Claim Is Wholly or Partially Denied ........................................................................................ 26

Claim Denial Review .................................................................................................................... 26

HOW YOU MAY LOSE BENEFITS ..................................................................................................... 29

YOUR RIGHTS UNDER ERISA ........................................................................................................... 30

Receive Information About Your Plan and Benefits ......................................................................... 30

Prudent Actions by Plan Fiduciaries ................................................................................................. 30

Enforce Your Rights ....................................................................................................................