403(b) plan

Take advantage today

You are immediately eligible to contribute to the plan. In addition, you are eligible to receive matching contributions from your employer.

Accessing your money before retirement

WITHDRAWAL RESTRICTIONS

Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ may be subject to federal restrictions and a 10% federal early withdrawal tax penalty.

Generally, depending on the plan’s provisions, you may withdraw your vested account balance if you meet one of the following requirements:

• Reaching age 59½
• Retirement or severance from employment
• Your death or total disability
• Hardship

The following are events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal tax penalty:

• Reaching age 59½
• Severance from employment at or after age 55
• Your death or total disability
• Taking substantially equal payments for a period of five years or reaching age 59½, whichever is laterHardship withdrawals

In addition, you must begin taking distributions once you reach age 72 (age 70½ if born before July 1, 1949) or you retire, whichever is later.

Please note that a disability must continue for six months before a determination of disability will be made. The Social Security definition of disability will apply.

DISTRIBUTION OPTIONS

Your plan offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on the plan’s provisions, your withdrawal options include:

• Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts transfers of rollovers
• Electing systematic or partial withdrawals
• Taking a lump-sum distribution
• Deferring distributions until the later of age 72 (age 70½ if born before July 1, 1949) or severance of employment, and allowing your account to continue to grow on a tax-deferred basis

Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal tax penalty may apply to distributions taken prior to reaching age 59½.

Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is withdrawn after the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, and (2) is after reaching of age 59½, death or disability.

Consult your financial professional for more specific information.

Loans

The plan is intended to help you put aside money for your retirement. However, your employer has included a plan feature that enables you to access money from the plan tax free without permanently reducing your account. Below is a summary of provisions in your 403(b) loan program.

• The amount the plan may loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.

• Loans may only be taken from all of your vested contributions (employee, employer matching and rollovers) and earnings on those amounts.

• The minimum loan amount is $1,000.

• All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.

• You may take a new loan once every three years and you may only have one loan outstanding at a time.

• You pay interest back to your account. The interest rate on your loan will be Prime Rate plus 1%.

• A $50.00 processing fee for all new loans and a $30.00 per year maintenance fee are charged to your account.

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if you are under age 59½.

Other requirements and limits must be met prior to borrowing money from your accounts. For additional information regarding loans, please see your financial professional. Refer to the Summary Plan Description for more details about the participant loan feature.