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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 ....................................................................................................................
