Retirement - cache.hacontent.com

1 upmc . Retirement . upmc SAVINGS PLAN URBAN. Summary Plan Description 2017. This summary plan description (SPD) is provided to you to describe your plan benefits and your rights under the plan. The SPD is based on official plan documents. It is not, nor is it intended to be, the official plan document, or a contract between upmc and any employee, or a guarantee of employment. Every effort has been made to ensure the accuracy of this information. In the unlikely event that there is a discrepancy between the SPD and the official plan documents, the official plan documents will control. upmc reserves the right to amend, suspend, or terminate the plan(s) or program(s) at any time.

2 upmc has the discretionary authority to interpret the terms of the plan(s) summarized in this document and determine your eligibility for benefits under its terms. In addition, there may be situations where the plan(s) provides different benefits to different employee groups. This SPD provides only those benefits that are applicable to you based on your employee group. This SPD is available to you online through the upmc Retirement Center website by logging on to My HUB, clicking on the Human Resources tab, then clicking on My Retirement under My Benefits. You can also type in your Internet browser. You have access and the ability to view this SPD on the website and to print pages of this SPD from the Web site.

3 You also have the right to request and receive, free of charge, a printed copy of the electronically delivered document by calling the upmc Retirement Line at 1-877-206-8264. If there are any discrepancies between the information on the website and your printed copy, the website version will control. Table of Contents upmc Savings Plan Overview .. 1. Qualified Plans ..1. Putting Money Into Your Account ..1. Investing the Contributions ..2. Taking Money Out of Your Account ..2. Eligibility to Participate .. 3. Who's Who's Not Eligible ..3. What Service Means .. 5. Breaks in Service ..5. Definition of a Break in Service.

4 5. When You Return From a Break in Service .. 5. Family and Medical Leave .. 6. Definition of a Family and Medical Leave ..6. If the FMLA Leave Is Unpaid ..6. If the FMLA Leave Is Paid ..6. Maternity or Paternity Leave ..6. Military Leave ..6. Enrolling in the 7. Naming a Beneficiary .. 7. How to Name a Beneficiary ..7. If You Don't Name a Beneficiary ..7. Spousal Consent ..7. Vesting .. 8. Forfeitures and Restorals .. 9. Forfeiting Nonvested Amounts ..9. Restoring Forfeited Amounts ..9. Normal Retirement Age .. 9. Total and Permanent 9. Overview of 10. Your Contributions ..10. How Much You Can Contribute.

5 10. Changing Your Contribution Rate .. 10. Eligible Pay .. 11. What's Included in Eligible Pay ..11. What's Not Included in Eligible Pay ..11. Before-Tax Contributions ..11. After-Tax Contributions ..11. Catch-Up Matching Contributions ..12. Rollover Contributions ..12. Definition of Rollover Contributions .. 12. Rollovers From an Eligible Retirement Plan or IRA .. 13. Timing .. 13. Eligible Rollover Contributions ..13. From Eligible Retirement Plans .. 13. From Individual Retirement Accounts (IRAs) .. 13. Sources of Eligible Rollover Contributions ..15. Eligible Retirement Plans .. 15. Individual Retirement Accounts (IRAs).

6 15. In-Plan 16. Types of Rollover Contributions .. 17. Direct Rollover ..17. 60-Day Rollover ..17. How to Make a Rollover Contribution .. 17. Requesting a Rollover Into the Plan ..17. Proof That the Prior Plan Is an Eligible Retirement Plan ..18. Proof That the Amount Is an Eligible Rollover Contribution ..18. IRA Documentation ..18. The Rollover Check ..19. Timing of Review Contribution 19. Background on Limits ..19. Before-Tax Contribution Limit ..19. Catch-Up Eligible Pay Limit ..20. Total Annual Contribution Limits ..20. Limits for Highly Compensated Employees ..20. Your Investment Funds as of January 1, 2015.

7 21. Risk Versus Return ..21. Making Your Investment Choices ..22. At 22. For Future 22. Transferring Your Existing Balances ..23. Fund Transfers .. 23. Fund 23. Investment Fees and 23. Transfer Transfer In ..24. Investment Fund Information Available ..25. Monitoring Your Account .. 26. How Your Contributions Are Organized ..26. How Your Account Value Is Determined ..26. How Loans Work .. 26. Types of Loans ..26. General Purpose Loan ..26. Primary Residence Loan ..26. Taking a Loan ..27. Amount You Can Borrow ..27. Requesting a Loan .. 28. How to Request a Loan ..28. General Purpose Loan ..28. Primary Residence Loan.

8 28. Timing of Loan Checks and Repayments ..29. Interest on Your Loan ..29. How Money Is Taken From Your How Loans Affect Your Investment Fund Balances ..29. Repaying Your Loan ..29. Payroll Repayments .. 29. Making Manual Repayments ..30. Military Leave Rules ..30. Paying Off Your Loan Early ..30. While Working for 30. If You Leave upmc .. 31. Loan Defaults and Foreclosures .. 32. When a Loan Goes Into Default ..32. What Happens to Loans in Default ..32. Foreclosures ..32. How Withdrawals Work .. 33. While Working for upmc ..33. After Leaving upmc ..33. Requesting a Age 59-1/2 Rules for Age 59-1/2 Withdrawals.

9 33. Withdrawal Sources ..34. How Withdrawals Affect Investment Fund Balances ..34. After-Tax Withdrawals and Prior Plan Withdrawals ..34. Hardship Withdrawals ..36. Rules for Hardship Withdrawals ..36. Amount You Can Withdraw .. 36. Withdrawal Sources .. 36. How Withdrawals Affect Investment Fund Balances .. 37. Hardship Withdrawal Requirements .. 38. Events That Qualify as a Hardship ..38. Meeting the Financial Need Requirement .. 38. Hardship Documentation .. 38. Purchase of Your Primary Residence ..39. Prevent Mortgage Foreclosure or Eviction ..39. Unreimbursed Medical Expenses ..39. Postsecondary Education Expenses.

10 40. Funeral Expenses ..40. Primary Residence Repairs Due to How to Request a 41. While Working for upmc ..41. Hardship Withdrawals ..41. Final Settlement Distributions ..41. Timing for Receiving Payments ..41. How Withdrawals and Loans Differ .. 42. Withdrawals ..42. Amount You Can Receive ..42. If You Are 100% 42. If You Are Not 100% 42. Distribution Options .. 43. If Your Vested Account Value Is $1,000 or Less ..43. If Your Vested Account Value Is More Than $1,000 but $5,000 or Less ..43. If Your Vested Account Value Is More Than $5,000 ..44. If You Die Before Receiving If You Have an Outstanding Lump-Sum Distributions.