2014 Summary Plan Description 401k - Aflac

1 Aflac Incorporated 401(k) Savings and Profit Sharing plan Summary plan Description September 1, 2014 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. Aflac Incorporated 401(k) Savings & Profit Sharing plan Page i Table of Contents Page HOW TO USE THIS Summary plan Description .. 1 plan OVERVIEW .. 2 What Is The plan ? .. 2 Who Is Eligible To Participate? .. 2 When Do I Begin To Participate In The plan ? .. 2 How Much Can I Contribute? .. 2 When I Contribute To The plan Do I Receive A Company Match? .. 2 What Other Contributions Does The Company Make To My Account? .. 2 Will I Ever Forfeit My Contributions? .. 3 What Are My Investment Choices? .. 3 What Happens To My Contributions After I Make Them? .. 3 What If I Have Questions About My plan Account? .. 3 plan ELIGIBILITY AND PARTICIPATION.

2 3 When Can I Enroll In The plan If I Am Not A Temporary Employee? .. 3 If I Am Not A Temporary Employee, When Will I Be Eligible For Company Contributions? .. 3 When Can I Enroll In The plan If I Am A Temporary Employee? .. 4 How Do I Enroll In The plan ? .. 4 Who Is A Covered Employee? .. 4 Who Is Not A Covered Employee? .. 5 plan CONTRIBUTIONS .. 5 What Types Of Contributions Can I Make To The plan ? .. 5 What Is Considered Eligible Pay? .. 5 What Is Not Considered Eligible Pay? .. 5 What Are Pre-Tax Contributions? .. 5 What Are Roth Contributions? .. 6 What Is The Difference Between Pre-Tax And Roth Contributions? .. 6 How Much Can I Contribute To The plan As Pre-Tax And Roth Contributions? .. 6 What Are Catch-Up Contributions And Can I Make Them? .. 7 What Are Rollover Contributions? .. 7 How Do I Make A Rollover Contribution Into My Account? .. 7 How Much Will The Company Pay To My Account As A Matching Contribution?

3 7 What Is The True-Up Matching Contribution? .. 8 How Is The Company Nonelective Contribution Calculated? .. 9 What Other Contributions Are Made To My Account? .. 9 When Are Contributions Credited To My Account? .. 9 Aflac Incorporated 401(k) Savings & Profit Sharing plan Page ii plan ELECTION SPECIFICS .. 9 Can I Change Or Stop My Contributions To The plan ? .. 9 Will My Contributions Be Increased Automatically? .. 9 VESTING UNDER THE plan .. 10 What Is Vesting? .. 10 Is There A Special Rule For Company Stock Dividends? .. 11 What Is A Year Of Vesting Service? .. 11 What Are Forfeitures? .. 11 Can I Get Forfeited Amounts Back If I Am Later Rehired? .. 12 Are There Other Ways I Could Lose My plan Benefits? .. 12 INVESTMENT OPTIONS .. 12 How Are Contributions Held And Accounted For? .. 12 How Is My Money Invested? .. 12 How Can I Change My Investments? .. 13 How Is My Account Adjusted For Investment Gains And Losses?

4 13 What Types Of Investment Funds Are Available? .. 14 Who Is Responsible For My Investment Decisions? .. 14 When Do I Receive Account Statements? .. 14 What Are The Available Investment Funds? .. 15 Can My Spouse Or Personal Investment Advisor Manage My plan Investments? .. 15 LOANS FROM THE plan .. 15 Are Loans Available From The plan ? .. 15 How Much Can I Borrow? .. 15 How Many Loans Am I Allowed At A Time? .. 15 What Is The Security For My Loan? .. 16 What Are The Payment Terms For My Loan? .. 16 How Do I Make My Loan Repayments? .. 16 How Are My Loan Repayments Invested? .. 16 What Is The Interest Rate I Am Required To Pay On My Loan? .. 16 May I Prepay My Loan Balance? .. 16 When Would My Loan Be Considered In Default? .. 16 What Happens If I Default On My Loan? .. 17 How Do I Apply For A Loan? .. 17 What Processing Fees Will I Be Charged? .. 17 What Additional Rules Apply To Loans From The plan ?

5 17 WITHDRAWALS FROM THE plan .. 17 What Types Of Withdrawals Are Available? .. 17 How Can I Request A Withdrawal? .. 18 How Will My Withdrawal Be Paid? .. 18 Is There A Fee For Taking A Withdrawal? .. 18 Can I Make A Withdrawal If I Experience A Serious Hardship? .. 18 What Should I Do To Request A Hardship Withdrawal? .. 19 Aflac Incorporated 401(k) Savings & Profit Sharing plan Page iii DIVIDEND PASS-THROUGH .. 19 What Is Dividend Pass-Through? .. 19 How Do I Elect Dividend Pass-Through? .. 19 When Can I Make The Election? .. 19 How Long Will My Election Remain In Place? .. 19 What Will Happen If I Do Not Make An Election?.. 20 FINAL DISTRIBUTIONS FROM THE plan .. 20 What Happens To My Account When My Employment Ends? .. 20 Can I Leave My Money In The plan ? .. 20 How Will My Final Distribution Be Paid? .. 21 What Happens If I Die Before I Receive My Benefit? .. 21 Is There A Distribution Fee?

6 21 BENEFICIARY DESIGNATION .. 21 Why Is Designating A Beneficiary Important? .. 21 What If I Am Married? .. 22 What If I Am Not Married? .. 22 What Happens If I Do Not Name A Beneficiary? .. 22 What Do I Need To Do To Change My Beneficiary? .. 22 BENEFIT TAX CONSIDERATIONS .. 22 Which Contributions Are Subject To Tax? .. 22 Are Earnings Subject To Tax? .. 23 How Are My Distributions Taxed? .. 23 What Are The Tax Penalties For Early Distribution? .. 24 What Special Rules Apply To Dividend Pass-Through? .. 24 How Is A Sale Of Distributed Company Stock Taxed? .. 25 How Does Rolling Over My Distribution Affect My Taxes? .. 25 What Are The Types Of Rollovers? .. 25 What Taxes Will Be Withheld From My Distribution? .. 26 Should I Consider Using A Financial Professional? .. 26 ADMINISTRATION .. 26 Who Administers And Interprets The plan ? .. 26 Will I Pay Expenses Of Administering The plan ?

7 26 How Can I Pursue A Question About Eligibility Or Benefits? .. 26 May The Company Terminate Or Amend The plan ? .. 27 What plan Transactions Are Restricted If I Am An Insider? .. 27 MISCELLANEOUS plan INFORMATION .. 29 What Is The Name Of The plan ? .. 29 Who Is The plan Sponsor? .. 29 What Companies Participate In The plan ? .. 29 How Is The plan Identified By The IRS And The Department Of Labor? .. 29 What Type Of plan Is The plan ? .. 29 How Is The plan Administered? .. 29 How Can I Contact The Administrative Committee? .. 29 Aflac Incorporated 401(k) Savings & Profit Sharing plan Page iv Who Is The plan s Agent For Service Of Legal Process? .. 29 Who Is The Trustee Of The plan ? .. 29 Are plan Benefits Insured By The Pension Benefit Guarantee Corporation? .. 30 What Is The plan s Fiscal Year? .. 30 Who Is The plan s Recordkeeper? .. 30 Who Is The plan s QDRO Administrator? .. 30 How Can I Contact The Benefits Department?

8 30 What Happens When I Return From Leave For Service In The Uniformed Services? .. 30 Can I Assign My Benefit? .. 30 What Legal Rights Do I Have Regarding My plan Benefits? .. 31 ADDITIONAL INFORMATION AVAILABLE UPON REQUEST .. 34 Aflac Incorporated 401(k) Savings & Profit Sharing plan Page 1 HOW TO USE THIS Summary plan Description Aflac Incorporated maintains the Aflac Incorporated 401(k) Savings and Profit Sharing plan (the plan ) for the benefit of eligible employees of Aflac Incorporated and certain related companies (the Company ). This plan Summary explains the plan in informal language. It includes the following features to help you gain a greater understanding of the benefits offered under the plan : The Table of Contents is arranged so it is easier to find answers to specific questions. The plan Overview provides the basic information about the plan .

9 If you have questions about the plan , please contact T. Rowe Price by telephone at 1-800-922-9945, or log onto The official and controlling provisions of the plan are contained in the plan document. In case of differences between this plan Summary and the plan document, the official plan document always governs. Copies of the plan and trust are on file with the Administrative Committee (the committee appointed by Aflac Incorporated to administer the plan ), and may be inspected, upon request, during normal business hours of any regular working day. Aflac Incorporated 401(k) Savings & Profit Sharing plan Page 2 plan OVERVIEW What Is The plan ? The plan is a defined contribution retirement plan that is intended to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code.

10 This means that the amount of your retirement benefit is determined by the amount of contributions credited to your account under the plan and by the investment earnings and losses experienced by your account. Part of the plan is also considered an employee stock ownership plan . Who Is Eligible To Participate? Generally, you are eligible to participate in the plan if you are an employee of the Company who is in a non-excluded classification (referred to in this booklet as a Covered Employee). Most Company employees in the United States, other than interns, are covered by the plan . When Do I Begin To Participate In The plan ? As a Covered Employee, you can begin participating in the plan after you receive your first paycheck, unless you are a Temporary Employee. But, you will not be eligible to receive nonelective contributions (which first became effective under the plan on January 1, 2014 ) until the first January 1 or July 1 on which you have completed one year of service and reached age 21.