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

Download The Metropolitan Museum of Art - Fidelity Investments this booklet, please contact The Metropolitan Museum of Art Benefits Office in the Human Resources Department. The Metropolitan

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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

  • iii

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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

  • iii

    2097/51959-001 current/40368379v4

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

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