Page 168 - 2021-2022 New Hire Benefits

FederallawlimitstheamountyoumayelecttodeferunderthisPlanandanyotherretirementplan
permittingElectiveDeferrals (includingbothother403(b) and401(k) plans). Youarelimitedto
contributing $19,000 (for2019) duringanycalendaryear.
Ifyouareage50orover, youmaydeferanadditionalamount, calleda "catch-upcontribution", of
upto $6,000 (for2019).
Ifyouhaveworkedaminimumof15yearsfortheEmployer, youcandeferadditionalcompensation
intothePlanundertheSpecial403(b) Catch-UpRule. Thisspecialcatch-upcontributionisequalto
thesmallestofthethreeamountslistedbelow:
1. $3,000,
2. $15,000minustheamountofSpecial403(b) Catch-UpContributionsmadeinprioryears, or
3. $5,000timesthenumberofyearsyouhaveworkedfortheEmployerminusthetotalamountof
ElectiveDeferralsmadewhileyouworkedfortheEmployer.
Themaximumamountyoucandeferis100% ofyourcompensation.

ThePlanAdministratormayestablishadditionalrulesyouwillneedtofollowwhenmakingyourdeferral
election. Yourdeferralelectionisonlyeffectiveforcompensationyouhavenotreceivedyet. ThePlan
Administratormayalsoreduceortotallysuspendyourelectioniftheydeterminethatyourelectionmay
causethePlantofailtosatisfyanyoftherequirementsoftheInternalRevenueCode.

DoesthisPlanautomaticallyenrollemployees?
Yes. Theautomaticcontributionarrangement (ACA) provisionsapplytothePlan. Thistypeofautomatic
enrollmentallowsthePlanAdministratortoenrollcertainemployeesinthePlanwhohavenotpreviously
electedtoparticipateinthePlan.

WhathappensifIdonotmakeadeferralelectionbytheduedate?
IfyouareeligibletomakeElectiveDeferralsandmeettherequirementsbelowandyoudonotmakea
deferralelectionbytheduedate (specifiedintheAnnualNotice), thePlanAdministratorwillbegin
deductingautomaticdeferralsfromeachofyourpaychecksandwillsubmitthoseamountstothePlan
automaticdeferrals) onyourbehalf.

IfaParticipanthasmettherequirementstoshareinEmployercontributionstothePlanandhaselectedto
contributeanamountequaltothelesserof5% ofCompensationortheamountoftheEmployer's
contributionineffectatthetimeoftheParticipant'selection, theParticipant'scontributionamountwill
automaticallybeadjustedtomaintaineligibilityforEmployercontributions, unlesstheParticipantelects
otherwise. IntheeventofachangeintheamountoftheEmployer'scontribution, affectedParticipantswill
benotifiedinadvancethat, iftheyarecurrentlycontributinglessthantheEmployer'splannedcontribution
amount, theirelectivedeferralswillbeincreasedtothesamepercentageofCompensationastheEmployer
contribution (or, ifless, 5% ofCompensation), unlesstheParticipantelectsotherwise. AParticipantmay
electtomakeelectivedeferralsinamountsgreaterthan, equaltoorlessthantheamountdescribedabove, or
mayelectnottomakeelectivedeferrals. However, ifaParticipantelectstocontributelessthanthelesserof
5% ofCompensationortheamountoftheEmployercontribution, electsnottocontribute, ormakesno
election, theParticipantwillnotreceiveEmployercontributionsunderthePlan. IfaParticipantdoesnot
electtomakeelectivedeferrals, orifaParticipantelectstocontributeanamountsmallerthanthelesserof
5% ofCompensationortheamountoftheEmployer'scontributionforeligiblemembersofthePlanatthe
timeoftheelection, noautomaticadjustmentswillapplytotheParticipant (andtheParticipantwillnotbe
eligibletoreceiveEmployercontributionstothePlan)..

Theautomaticdeferralamountwillbecontributedasapre-taxElectiveDeferralstothePlan.

Ifyoudonotwishtohaveautomaticdeferralswithheldfromeachofyourpaychecksorifyouwantto

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