URS Corporation 401(k) Retirement Plan
SUMMARY
PLAN
DESCRIPTION
Published March, 2011
THIS IS YOUR SUMMARY PLAN DESCRIPTION
It summarizes the provisions of the URS Corporation 401(k) Retirement Plan (the “Plan”) which were in effect as of January, 2011. It is intended to assist you in understanding your benefits provided by the Plan.
The Plan has been adopted by URS Corporation. The adopting employer is sometimes referred to as “Employer,” “Company” or “URS.”
The plan benefits are provided both from your contributions and Company contributions. All contributions are paid into a trust fund set up solely for the participants in the Plan (the “Trust”). These contributions, together with investment earnings of the Trust, are used to provide your plan benefits.
You should read this Summary Plan Description carefully because it describes your benefits and rights under the Plan. If you are married, your Spouse should also read it because, in benefiting you, the Plan also benefits your family. If you have difficulty understanding any part of this document, or if you would like more information, please contact your Human Resources representative.
There are official plan and trust documents which state the provisions of the Plan and the Trust. Copies of these documents are available for your examination at the office of the Plan Administrator during regular business hours. You can also obtain a copy by making a written request to the Human Resources Committee.
The Plan provides you with an opportunity to save for your retirement both on a pre-tax basis and a post-tax basis, to enhance your Social Security benefits and any other retirement income you may have. The Plan has been designed to help you maximize the retirement benefit you will receive from long-term savings in the Plan. We hope you will make the Plan a major part of your strategy for providing security and retirement income for yourself and your family.
This Summary Plan Description is intended to provide a general overview of the Plan. It necessarily generalizes in some instances for the sake of conciseness and clarity. Because this document is intended only as a summary, any error, misstatement or omission will be disregarded and the actual Plan provisions will always be controlling. If you wish to verify that the Plan operates as described in the Summary Plan Description with respect to your particular situation, you should contact the Plan Administrator for a further explanation of the Plan.
TABLE OF CONTENTS
GENERAL INFORMATION ...... 1 NAME OF PLAN ...... 1 EFFECTIVE DATE ...... 1 PLAN SPONSOR ...... 1 PLAN ADMINISTRATOR ...... 1 TYPE OF PLAN/TRUSTEE ...... 1 EMPLOYER AND PLAN IDENTIFICATION ...... 2 PLAN YEAR ...... 2
URS PARTICIPANT SERVICES ...... 3
PARTICIPATION IN THE PLAN ...... 6 ELIGIBLE EMPLOYEES ...... 6 Contracts Subject to the Davis-Bacon Act...... 7 NAMING A BENEFICIARY ...... 7 ROLLOVERS FROM OTHER PLANS...... 7 PLAN PARTICIPATION AFTER REEMPLOYMENT ...... 7 AUTOMATIC ENROLLMENT ...... 8 SELF ENROLLMENT ...... 8
CONTRIBUTIONS TO THE PLAN ...... 10 SALARY REDUCTION CONTRIBUTIONS ...... 11 Changing Your Rate of Salary Reduction Contribution ...... 12 Limitations on Contributions ...... 12 CATCH-UP CONTRIBUTIONS ...... 12 AFTER-TAX CONTRIBUTIONS ...... 13 ROTH CONTRIBUTIONS ...... 13 COMPANY MATCHING CONTRIBUTIONS ...... 14 DISCRETIONARY COMPANY CONTRIBUTIONS ...... 15 ROLLOVER CONTRIBUTIONS ...... 15
HOW CONTRIBUTIONS ARE INVESTED ...... 17 INVESTMENT OPTIONS ...... 17
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INVESTMENT CHANGES ...... 17 PLAN EXPENSES ...... 18 SECTION 404(c) PLAN ...... 18
YOUR PLAN ACCOUNT ...... 20 YOUR ACCOUNT ...... 20 VESTING ...... 20 RESTORATION OF PREVIOUS FORFEITURES ...... 21 NORMAL RETIREMENT AGE ...... 21 EARLY RETIREMENT AGE...... 21 VALUATION OF YOUR ACCOUNT ...... 21
DISTRIBUTIONS AND IN-SERVICE WITHDRAWALS FROM THE PLAN ...... 22 WHEN YOU LEAVE THE COMPANY ...... 22 Manner of Payment ...... 22 IN-SERVICE WITHDRAWALS ...... 23 Age 59½ Withdrawal ...... 24 Rollover Contributions Withdrawal ...... 24 After-Tax Contributions Withdrawal ...... 24 Deductible Voluntary Contributions Withdrawal ...... 24 Hardship Withdrawal ...... 24 Greiner Performance Plan ...... 25 Tatman & Lee Associates, Inc. Profit Sharing Plan ...... 25 Dames & Moore Group Capital Accumulation Plan ...... 26 Lear Siegler Services, Inc. Retirement Income Savings Plan ...... 26 REQUIRED DISTRIBUTIONS ...... 26 BENEFICIARY DESIGNATIONS; DEATH BENEFITS ...... 26
PARTICIPANT LOANS ...... 28 TO REQUEST A LOAN ...... 28 LOAN CONDITIONS ...... 28
QUALIFIED DOMESTIC RELATIONS ORDER ...... 31
FEDERAL INCOME TAX EFFECTS ...... 32 QUALIFIED LUMP-SUM DISTRIBUTIONS ...... 32
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DISTRIBUTION OF YOUR ACCOUNT AS A DIRECT ROLLOVER ...... 32 DISTRIBUTION OF YOUR ACCOUNT WITH INCOME TAX WITHHELD ...... 33 SIXTY-DAY ROLLOVER OPTION ...... 33 VOLUNTARY WITHHOLDING ...... 34 ESTATE TAX CONSIDERATIONS ...... 34 ROLLOVERS BY NON-SPOUSE BENEFICIARIES ...... 34 FURTHER ASSISTANCE ...... 34
CIRCUMSTANCES THAT MAY AFFECT YOUR BENEFITS ...... 35 FUTURE OF THE PLAN...... 35 NO GUARANTEE OF EMPLOYMENT ...... 35 NONTRANSFERABILITY OF BENEFITS...... 35 TOP-HEAVY RULES ...... 36
OTHER IMPORTANT INFORMATION ...... 37 WHEN YOU HAVE QUESTIONS ...... 37 PLAN ADMINISTRATOR ...... 37 TRUSTEE ...... 37 CLAIMING BENEFITS ...... 37 If Your Claim is Denied ...... 38 Review of Denial ...... 39
ERISA RIGHTS...... 41 RECEIVE INFORMATION ABOUT YOUR PLAN AND BENEFITS ...... 41 PRUDENT ACTIONS BY PLAN FIDUCIARIES ...... 41 ENFORCE YOUR RIGHTS ...... 41 ASSISTANCE WITH YOUR QUESTIONS ...... 42
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GENERAL INFORMATION
NAME OF PLAN
URS Corporation 401(k) Retirement Plan
EFFECTIVE DATE
The Plan became effective on November 1, 1983. It was amended and restated effective January 1, 1998, July 1, 2000, January 1, 2001, and January 1, 2005. The most recent restatement of the Plan became effective on January 1, 2011.
PLAN SPONSOR
The Plan is sponsored and maintained by:
URS Corporation 600 Montgomery Street, 26th Floor San Francisco, CA 94111-2728 (415) 774-2700
The Plan also covers Eligible Employees of corporations that are affiliates of or members of a controlled group of corporations with URS Corporation, who will be referred to as “Company Affiliates,” and which have been designated as Participating Employers by URS Corporation (the “Corporation”).
PLAN ADMINISTRATOR
The Plan Administrator of the Plan is the URS Corporation Human Resources Committee, the members of which are designated from time to time by URS Corporation. The Human Resources Committee is also the agent for service of legal process on the Plan. Communications should be sent to the following address:
URS Corporation Human Resources Committee Attention: Vice President, Human Resources 600 Montgomery Street, 26th Floor San Francisco, CA 94111-2728 (415) 774-2700
In addition, the service of legal process may be made upon the Plan Trustee at the address given below.
TYPE OF PLAN/TRUSTEE
The Plan is a defined contribution plan that includes a cash or deferred arrangement intended to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code, and is governed by the Employee Retirement Income Security Act of 1974 (“ERISA”). Assets of the Plan are held in trust for the benefit of the participants. The current Trustee is:
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Fidelity Management Trust Company Fidelity Investments Institutional Services Company, Inc. 82 Devonshire Street Boston, MA 02109 1-888-308-401K (1-888-308-4015) – URS 401(k) Service Center @ Fidelity
The Trustee will act on behalf of the Human Resources Committee in accordance with Plan provisions and Internal Revenue Service guidelines in the performance of various administrative duties. Fidelity Investments Institutional Services Company, Inc. (“Fidelity”) administers the Plan pursuant to a contractual arrangement. The Plan’s account number with the Trustee is 83201.
EMPLOYER AND PLAN IDENTIFICATION
Some information about the Plan is filed with the Internal Revenue Service and the Department of Labor. If you contact either agency regarding the Plan, you must refer to the following Employer Identification Number and Plan Identification Number:
Employer Identification Number: 94-1381538 Plan Identification Number: 001
PLAN YEAR
The Plan Year is the 12-month period used for maintaining the financial records for the Plan. The Plan Year begins each January 1 and ends each December 31.
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URS PARTICIPANT SERVICES
Fidelity provides participants with convenient access to their accounts via the Fidelity NetBenefits Web site at www.401k.com, or via the URS 401(k) Service Center @ Fidelity, a customized 24-hour, toll-free telephone service. The toll-free number is 1-888-308-401K (1- 888-308-4015).
When traveling outside the United States, you can reach the URS 401(k) Service Center @ Fidelity by entering the access number for the country you are in. To obtain the country’s access number, log on to http://www.att.com/traveler/. Then dial the access number plus 888- 308-4015 (e.g. for Guam dial 1-800-225-5288 + 888-308-4015).
You have the option of speaking with a service representative in your preferred language.
If you would like to access your account through the Telephone Device for the Deaf (TDD), dial 800-655-0962.
You may access your account information or initiate transactions whenever you want, either via the Internet or by telephone. If you choose to use the telephone, prerecorded messages guide you step-by-step in completing your selected transactions and give you the information you request. If you prefer, you may speak with a Service Representative any business day from 8:30 a.m. to Midnight (Eastern Time).
To access your retirement savings account information via the URS 401(k) Service Center @ Fidelity, you will have to provide your Social Security number and your Personal Identification Number (PIN). You choose your own PIN at the time you enroll in the Plan, and may change it any time on the Fidelity NetBenefits Web site at www.401k.com, or on the telephone by following the voice response prompts. Keep your PIN confidential for your own protection. You may set up your own unique user ID instead of using your Social Security number for subsequent access to your account.
If you misplace or lose your PIN, you can reset it via the Fidelity NetBenefits Web site or the URS 401(k) Service Center @ Fidelity.
If you have difficulty setting up your PIN, call the URS 401(k) Service Center @ Fidelity and, using the touchtone key pad, enter 0#0# (zero and pound sign twice) when prompted to enter your Social Security number to automatically be connected to a Service Representative on any business day.
When you initiate transactions, either through the Fidelity NetBenefits Web site or the URS 401(k) Service Center @ Fidelity, you should be aware that this service is subject to the limitations inherent in all trading systems. Your directions will be executed as soon as possible, but delays may occur based on the timing of your requests, stock market operating hours, payroll cutoff dates and other factors.
The following options are available to participants in the Plan either through the Fidelity NetBenefits Web site or the URS 401(k) Service Center @ Fidelity:
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• Change the investment mix on existing funds or future contributions.
• Obtain information regarding Plan provisions.
• Obtain information regarding available investment funds.
• Check on your account balance or recent account activity.
• Check on investment performance.
• Change your rate of Salary Reduction Contributions, Catch-up Contributions, Roth Contributions or After-Tax Contributions.
• Request a participant loan or obtain outstanding loan balance (see Page 28).
• Request an in-service withdrawal (see Page 23).
• Obtain information regarding a rollover contribution (see Page 15).
• Request a Plan distribution (see Pages 22-23). Final rollover distributions are available by phone only.
• Change your PIN.
• Request a beneficiary designation form.
• Designate or change your beneficiary online.
• Establish a self-directed brokerage account through Fidelity’s BrokerageLink®. Up to twenty-five percent (25%) of your balance (at the time of purchase) may be invested in your BrokerageLink account. You must transfer at least $500 to open your account. Thereafter, each transfer must be at least $1. Additional fees including brokerage fees and commissions apply. Please call the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015) for further information.
• View your statement on-line via Fidelity’s NetBenefits Web site at www.401k.com.
All calls to the URS 401(k) Service Center @ Fidelity are recorded. Please make a note of the tracking numbers given to you by the Service Representative. The tracking numbers are used to review calls made by a participant if a transaction was not performed properly.
Confirmation statements will be mailed to your home to ensure that transactions made by telephone, such as transferring funds, requesting a change in the rate of Salary Reduction Contributions, Catch-up Contributions, Roth Contributions or After-Tax Contributions, are completed satisfactorily. Confirmation of processing for transactions made on the Fidelity NetBenefits Web site will be sent to you by mail or on-line, as directed by you, to ensure that the request was completed satisfactorily.
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To ensure that you receive documents, quarterly statements, withdrawals, etc. on a timely basis, please make sure your current address is on file with your local Human Resources representative. If you are no longer employed with the Company, call the URS 401(k) Service Center to update your address with Fidelity.
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PARTICIPATION IN THE PLAN
ELIGIBLE EMPLOYEES
In general, the Plan covers all Eligible Employees. However, you are not an Eligible Employee, and the Plan does not cover you, if:
(1) You are not on the payroll of the Company whether or not you, at any time and for any reason, are deemed to be an employee; or
(2) You are a member of a collective bargaining unit whose employment is governed by a collective bargaining agreement between the Company and employee representatives under which retirement benefits were the subject of good faith bargaining, unless the agreement between the Company and that unit provides for participation in the Plan; or
(3) You are a member of a group of employees who are represented by a union but whose employment is not governed by a collective bargaining agreement, unless your group of employees has been specifically added to the Plan as Eligible Employees; or
(4) You are hired by the Company on or after November 16, 1998 and you are a “Grandfathered Employee”, within the meaning of the subcontractor agreement between Radian International LLC and Bechtel Jacobs Company LLC (“Bechtel”), who is transitioned from Bechtel to the Company and who works in support of Bechtel’s Environmental Management and Integration Contract No. DE-AC05-980R22700 with the U.S. Department of Energy; or
(5) You are a non-resident alien who receives no earned income from the Company which constitutes income from sources within the United States, unless you were lawfully admitted to the United States for permanent residence under a valid immigrant visa or as a special immigrant, and have not given up or lost this immigration status even though you may be working outside of the United States; or
(6) You are an employee of a Company Affiliate that is not a Participating Employer, other than an employee of a foreign entity Company Affiliate who is included on the payroll of a Company located in the United States; or
(7) You are an employee who is an Eligible Employee as defined under one of the following plans:
(a) the URS Corporation 401(k) Retirement Plan for Specified Contract Employees.
(b) the Washington Government Environmental Services Savings Plan; or
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(c) the URS Caribe, L.L.P. Section 1165(e) Retirement Plan.
If during any period, the Company has not treated you as an employee and, for that reason, has not withheld employment taxes on your behalf, then you shall not be an Eligible Employee for that period, even in the event that you are determined, retroactively, to have been an employee during all or any portion of that period. Your status as an “Eligible Employee” shall be determined by the Company and any such determination shall be conclusive and binding on all persons.
Contracts Subject to the Davis-Bacon Act
If you are working on a project or under a contract subject to the Davis-Bacon Act, you will not participate in the Plan for the period during which you are working under that contract.
NAMING A BENEFICIARY
When you enroll in the Plan, you must name a beneficiary to receive Plan benefits if you should die. Your beneficiary can be your Spouse, child, brother, sister, parent or anyone else you choose. For these purposes, Spouse means a person of the opposite sex to whom you are legally married. If you are married and have a Spouse, you must obtain your Spouse’s consent if you want to designate someone other than your Spouse as your beneficiary. The consent must be in writing, must acknowledge the effect of your election, must specify the non-Spouse beneficiary being designated (including any class of beneficiaries or any contingent beneficiaries) and must be witnessed by a notary public.
ROLLOVERS FROM OTHER PLANS
Under certain circumstances, if you have an account in an Eligible Retirement Plan (as defined below in the section entitled “Rollover Contributions”), you may be allowed to roll over that account into the Plan. Please see Page 15 for more details.
PLAN PARTICIPATION AFTER REEMPLOYMENT
If you were a Plan participant or you were eligible but you had not actually joined the Plan before leaving the Company, and you are rehired as an Eligible Employee, you will automatically become eligible to join the Plan on the first day of the pay period that is as soon as administratively feasible following your rehire date and after you have attained age 18. Enrollment information is available via the Fidelity NetBenefits Web site at www.401k.com, or by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015).
If you are rehired in a classification of employees that are not Eligible Employees, for instance if your employment is governed by a collective bargaining agreement that does not provide for participation in the Plan, you are not eligible to participate in the Plan even if you were eligible in a prior period of employment.
Upon returning to employment from “military service” as defined in the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA), you have the right to make any Participant contributions for the period of your military service that you would have
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been allowed to make as an active Participant. If you elect to make Salary Reduction Contributions or Roth Contributions, the Company will also make a Company Matching Contribution, if applicable. The amount of your contributions and Company Matching Contributions will be as allowed by the Plan and USERRA. If you wish to make such contributions, call the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308- 4015).
AUTOMATIC ENROLLMENT
Effective January 1, 2007, the Plan adopted automatic enrollment provisions. Under these provisions:
• If you are employed (or reemployed) on or after January 1, 2007 and have reached the age of 18, you will be automatically enrolled as a Participant in the Plan on the first day of the pay period that is as soon as administratively feasible following your “Automatic Enrollment Date.” Your “Automatic Enrollment Date” is thirty (30) days after the date on which you first complete one Hour of Service as an Eligible Employee, after being either hired or rehired by the Employer. You will not be automatically enrolled in the Plan if you elect to self-enroll, as described below in the section entitled “Self-Enrollment,” or you elect to not participate in the Plan.
If you were employed on January 1, 2007, you were not enrolled in the Plan at that time, and will not be enrolled in the Plan unless you elect to self-enroll, or unless your employment is terminated and you are reemployed.
• If you are automatically enrolled in the Plan, one percent (1%) of your compensation will initially be contributed to the Plan on a before-tax basis. If you do not elect otherwise, your Automatic Enrollment Contributions will be increased in January of each year by an additional one percent (1%) until the rate of your Automatic Enrollment Contributions reaches six percent (6%). You may elect to discontinue or change the rate of your Automatic Enrollment Contributions at any time. If you decide within 90 days of the date your first Automatic Enrollment Contribution is made to the Plan that you do not want to participate in the Plan, and that you want to withdraw all of your Automatic Enrollment Contributions, you may do so without penalty. In this event you will receive a distribution of all Automatic Enrollment Contributions made on your behalf, adjusted for any earnings, gains or losses.
SELF ENROLLMENT
You will be eligible to join the Plan on the first day of the pay period that is as soon as administratively feasible following your hire date and after you have attained age 18. You may elect to enroll yourself in the Plan, rather than being automatically enrolled if you do so before your Automatic Enrollment Date, as described above. Once Fidelity has received notification from the Company that you are eligible for the Plan, Fidelity will mail enrollment materials to you. Enrollment information is also available via the Fidelity NetBenefits Web site at www.401k.com, or by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1- 888-308-4015). You may enroll by electing:
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• To participate in the Plan and to enter into a salary reduction agreement and/or an After-Tax Contribution agreement and/or a Roth Contribution agreement. If you elect to enter into a salary reduction agreement, you may also elect to have the rate at which you make Salary Deferral Contributions automatically increase annually, up to a maximum of four percent (4%) of your Compensation.
• To participate in the Plan and to not enter into a salary reduction agreement and/or an After-Tax Contribution agreement and/or a Roth Contribution agreement.
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CONTRIBUTIONS TO THE PLAN
The following types of contributions can be made to the Plan:
• Salary Reduction Contributions (your 401(k) contributions)
• Catch-up Contributions (if you attain age 50 or more in the current year)
• Roth Contributions
• Basic Roth Contributions
• Roth Catch-up Contributions (if you attain age 50 or more in the current year)
• Roth Rollover Contributions
• After-Tax Contributions
• Company Matching Contributions (periodic or year-end discretionary)
• Discretionary Company Contributions
• Before-Tax Rollover Contributions
• After-Tax Rollover Contributions
Your contributions to the Plan (except for Rollover Contributions) are based on your eligible Plan Compensation, which is defined as all of your wages, salaries, fees, including base salary or wages, overtime, shift differentials, amounts paid under the Service Contract Act in cash rather than as fringe benefits, foreign service premiums, domestic and overseas service differentials, hardship allowances (including hazard pay), commissions, cash incentives, & bonuses, MK Service Recognition awards, short-term disability payments (when paid by the Company through normal payroll), amounts received from selling paid time off, award fees, “Deemed 125 Compensation” (as defined in Revenue Ruling 2002-27) and any amount which is contributed by the Employer pursuant to a salary reduction agreement and which is not includible in your gross income under Sections 125, 132(f)(4), 401(k), 402(e)(3), 402(h) or 403(b) of the Code.
Compensation does not include taxable fringe benefits, short-term disability payments paid by an entity other than the Company, amounts used to buy paid time off, amounts realized in connection with stock options and restricted stock, recognition awards other than MK Service Recognition awards, premiums for group term life insurance, premiums for health insurance, tax allowances, reimbursements or other expense allowances and other non-recurring allowances, relocation payments, living allowances, including per diem allowances and cost-of-living allowances, deferred compensation under a non-qualified plan, and severance or separation pay.
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The maximum amount of your compensation that can be considered for Plan contributions for a given Plan Year is limited by law. The annual limit on compensation is $245,000 for the Plan Year beginning January 1, 2011. This limit is periodically adjusted for inflation.
SALARY REDUCTION CONTRIBUTIONS
You may elect to have a portion of your compensation contributed to the Plan by the Employer. The amount of your compensation you elect to have the Employer contribute may not be less than one percent (1%) of your compensation. The maximum amount you may elect is the lesser of seventy-five percent (75%) of your compensation, or one hundred percent (100%) of the compensation available in any pay period after all applicable income and employment taxes. You may make this election by providing the percentage of compensation to be withheld from your paycheck, either via the Fidelity NetBenefits Web site at www.401k.com or by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015). However, there is another limitation: you may not elect to have more than $16,500 (as of 2011) contributed to the Plan as a combination of both Salary Reduction Contributions and Roth Contributions for any Plan Year. This $16,500 limit may be adjusted for inflation in future years. Employees who attain age 50 or more in the current year may make additional contributions in excess of this limitation in the form of Catch-up Contributions (see the following section). Since your Catch- up Contributions, Roth Contributions and After-Tax Contributions (see descriptions below) are combined with your Salary Reduction Contributions for purposes of the limitation of seventy- five percent (75%) of compensation, the maximum percentage of compensation you may contribute in the form of Salary Reduction Contributions may be less than seventy-five (75%) percent, and may vary from year–to–year depending on the other types of contributions you make.
If you are considered to be a highly compensated employee (see Page 12), you may be limited to a maximum contribution percentage of your compensation. This maximum percentage is determined by the Human Resources Committee based on results of non-discrimination testing required by the Internal Revenue Service. Non-discrimination tests are performed each year to determine if there is any discrimination between contributions made by highly compensated employees versus non-highly compensated employees.
If you elect to make Salary Reduction Contributions, you are authorizing the Employer to direct a portion of your pay directly into the Plan before federal and, in most cases, state income taxes are withheld. This means that your savings are not considered part of your taxable income. In effect, you defer paying income taxes on your Salary Reduction Contributions until you withdraw them from the Plan. Such contributions are called “401(k) contributions” because Section 401(k) of the Internal Revenue Code permits this type of contribution. While your Salary Reduction Contributions reduce your taxable income used in determining your federal and, in most cases, state income taxes, they do not reduce the pay on which your Social Security taxes are based.
Salary Reduction Contributions are eligible for Matching Contributions.
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Changing Your Rate of Salary Reduction Contribution
You can request to change the amount of your Salary Reduction Contribution at any time either via the Fidelity NetBenefits Web site, or by calling the URS 401(k) Service Center @ Fidelity. You can also stop your future Salary Reduction Contributions at any time either via the Fidelity NetBenefits Web site, or by calling the URS 401(k) Service Center @ Fidelity. It may take one to two weeks for the change or suspension to take effect in your paycheck.
Limitations on Contributions
The Internal Revenue Code (the “Code”) imposes specific limitations on the amounts that highly compensated employees can contribute to plans like the URS Corporation 401(k) Retirement Plan. Some highly compensated employees may have to lower the amount of their before-tax contributions to the Plan. You will be notified if you are affected by this limitation. An employee is considered as highly compensated in Plan Year 2011 if his or her earnings for 2010 are more than $110,000. The highly compensated limit is set each year by the Internal Revenue Service.
If you contributed to another employer’s 401(k) or 403(b) plan and make contributions to the URS Corporation 401(k) Retirement Plan in the same calendar year, your combined contributions to both plans must not exceed the maximum amount permitted by the Internal Revenue Service for that year. For 2011, the contribution limit is $16,500. Employees who attain age 50 or more in the current year may make additional contributions in excess of this limitation in the form of Catch-up Contributions (see the following section). Please contact your local Human Resources representative if you contributed to another employer’s 401(k) or 403(b) plan and join the URS Corporation 401(k) Retirement Plan in the same year. You will be required to provide a copy of your pay stub to prove how much was contributed to the former employer’s plan.
CATCH-UP CONTRIBUTIONS
If you are eligible to make Salary Reduction Contributions for any Plan Year, and you will have attained age 50 by the end of such Plan Year, you also will be eligible to make Catch- up Contributions. As with Salary Reduction Contributions, if you elect to make Catch-up Contributions, you are authorizing the Employer to direct a portion of your pay directly into the Plan before federal and, in most cases, state income taxes are withheld. Your Catch-up Contribution amount may not be less than one percent (1%) nor greater than the lesser of seventy-five percent (75%) of your compensation, or one hundred percent (100%) of the compensation available in any pay period after all applicable income and employment taxes. In addition, Catch-up Contributions for 2011 are limited to $5,500. This $5,500 limit may be adjusted in future years. Since your Catch-up Contributions will be counted, along with Roth Contributions and After-Tax Contributions, as part of the seventy-five percent (75%) limitation on Salary Reduction Contributions under the Plan, the maximum percentage of compensation you may contribute in the form of Catch-up Contributions may not exceed (and may be less than) seventy-five (75%) percent, and may vary from year–to–year depending on the other types of contributions you make. Elections for Catch-up Contributions shall be made as a dollar amount per pay period.
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Catch-up Contributions are not eligible for Matching Contributions. You may designate a portion or all of your Catch-up Contribution as a Roth Catch-up Contribution.
AFTER-TAX CONTRIBUTIONS
You may elect to enter into an After-Tax Contribution agreement with the Company under which you agree to make an After-Tax Contribution to the Plan, using the same procedures used for salary reduction agreements. If you elect to make After-Tax Contributions, you are authorizing the Employer to direct a portion of your pay directly into the Plan after all federal and state taxes are withheld. In this case, your savings are considered part of your taxable income. Your After-Tax Contribution amount may not be less than one percent (1%) nor greater than the lesser of seventy-five percent (75%) of your compensation, or one hundred percent (100%) of the compensation available in any pay period after all applicable income and employment taxes. Since your After-Tax Contributions will be counted, along with Catch-up Contributions and Roth Contributions, as part of the seventy-five percent (75%) limitation on Salary Reduction Contributions under the Plan, the maximum percentage of compensation you may contribute in the form of After-Tax Contributions may not exceed (and may be less than) seventy-five (75%) percent, and may vary from year–to–year depending on the other types of contributions you make.
If you are considered a highly compensated employee (see Page 12), you may be limited to a maximum After-Tax Contribution percentage of your compensation. Call the URS 401(k) Service Center @ Fidelity for details at 1-888-308-401K (1-888-308-4015).
After-Tax Contributions are not eligible for Matching Contributions.
ROTH CONTRIBUTIONS
You are allowed to make Roth Contributions to the Plan. A Roth Contribution is a special type of after-tax contribution. As with After-Tax Contributions, if you elect to make Roth Contributions, you are authorizing the Employer to direct a portion of your pay directly into the Plan after all federal and state taxes are withheld. However, it is different from After-Tax Contributions because both the contributions and the earnings on the contributions are distributed to you tax-free, as long as they are distributed to you after you reach age 59½ and the distribution is made at least five years after the date you made your first Roth Contribution to the Plan. Earnings on After-Tax Contributions would be taxed to you regardless of when they are distributed. Other important features of Roth Contributions are:
• They are counted, along with Salary Reduction Contributions, in the annual limitation on deferrals.
• They are included, along with Salary Reduction Contributions, Catch-up Contributions and After-Tax Contributions in the overall limitation on your contributions to the Plan of the lesser of seventy-five percent (75%) of your compensation, or one hundred percent (100%) of the compensation available in any pay period after all applicable income and employment taxes.
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• Roth Contributions are eligible for Matching Contributions.
• You may roll over a distribution of your Roth Account, but only to a Roth IRA or a Roth Account in a different employer’s plan.
• You may roll over the balance from a Roth Account in a different employer’s plan into your Roth Contribution Account in this Plan.
COMPANY MATCHING CONTRIBUTIONS
Unless otherwise specified in an attachment to this Summary Plan Description, the Employer may make Company Matching Contributions as provided below.
The Employer may elect to make Periodic Company Matching Contributions to the Plan for the benefit of those participants who enter into salary reduction agreements with the Employer. The Board of Directors will determine from time to time the rate of the Periodic Company Matching Contributions, if any, which may be either a percentage of each participant’s Salary Reduction Contributions or Roth Contributions, a fixed dollar amount, or a percentage of each participant’s compensation. Periodic Company Matching Contributions, if any, may be posted to eligible participants’ accounts at any time during the Plan Year, or early in the following year.
In addition to the Periodic Company Matching Contribution of the Employer, at the discretion of the Board of Directors, the Employer may make a “year-end” Company Matching Contribution to the Plan. If a year-end Company Matching Contribution is made, it will be allocated only to participants who made Salary Reduction Contributions or Roth Contributions to the Plan during the year and who are employed by the Employer on the last day of the Plan Year, or who terminated employment during the Plan Year on account of death, Disability, attainment of Normal Retirement Age or Early Retirement Age, an involuntary Termination of Employment due to a reduction in force, contract loss or contract completion, or transfer to a Company Affiliate or an LLC wholly or partially owned by the Corporation. In no event will the above requirement for employment on the last day of the Plan Year be waived for a Participant who has been terminated for cause. Generally, the year-end Company Matching Contribution will be allocated to participants in proportion to the amount of their Salary Reduction Contributions or Roth Contributions.
The rate of year-end Company Matching Contributions, if any, will be determined from time-to-time by action of the Board of Directors, as described above, and communicated to participants. The year-end Company Matching Contributions applicable to the current year are posted to eligible participants’ accounts early in the following year.
Both Periodic Company Matching Contributions and year-end Company Matching Contributions are made only with respect to Salary Reduction Contributions and Roth Contributions. Neither Catch-up Contributions nor After-Tax Contributions are eligible for Company Matching Contributions.
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DISCRETIONARY COMPANY CONTRIBUTIONS
Unless otherwise specified in an attachment to this Summary Plan Description, the Employer may make Discretionary Company Contributions as provided below.
In addition to Periodic Company Matching Contributions and “year-end” Company Matching Contributions, the Employer may make (but is not required to make) Discretionary Company Contributions to the Plan.
The Board of Directors will determine for each Plan Year if a Discretionary Company Contribution will be made and, if one is to be made, either the amount in dollars to be contributed for such Plan Year, or a formula by which the amount of the contribution may be determined. These contributions shall be totally at the discretion of the Board of Directors with respect to amount, timing and form, and they need not be limited to the profits of the Corporation.
An amount, if any, that is contributed by the Employer as a Discretionary Company Contribution for a particular Plan Year, is allocated among the participants’ accounts pro rata, based on the respective compensation of each participant. The Company’s Discretionary Company Contribution is only allocated to those participants who are employed by the Employer on the last day of the Plan Year, regardless of whether the participant entered into a Salary Reduction Agreement. The requirement for employment on the last day of the Plan Year will be waived for participants who terminated employment during the Plan Year on account of death, Disability, attainment of Normal Retirement Age or Early Retirement Age, an involuntary Termination of Employment due to a reduction in force, contract loss or contract completion, or transfer to a Company Affiliate or an LLC wholly or partially owned by the Corporation. In no event will the requirement for employment on the last day of the Plan Year be waived for a Participant who has been terminated for cause.
ROLLOVER CONTRIBUTIONS
If you have an account in an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, an annuity contract described in Section 403(b) of the Code, a governmental plan described in Section 457 of the Code, or a qualified trust described in Section 401(a) of the Code (collectively, an “Eligible Retirement Plan”), you may deposit any “eligible rollover distribution” you receive from that plan into the URS Corporation 401(k) Retirement Plan. In general, a plan distribution is an eligible rollover distribution unless it is a periodic payment, a required minimum distribution from the Eligible Retirement Plan, or a hardship distribution. By transferring the money (or rolling it over) to the Plan, you can protect the tax-deferred status (if any) of the payout from the Eligible Retirement Plan. These are called Rollover Contributions.
The following conditions apply to Rollover Contributions:
• You must be eligible to participate in the Plan (see Page 6).
• The money must be transferred from an Eligible Retirement Plan.
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• You must submit a written certification that the contribution qualifies as a Rollover Contribution.
• If any part of your Rollover Contribution consists of contributions that you made to the Eligible Retirement Plan on an after-tax basis, you must state in your certification the amount of After-Tax Contributions included in the Rollover Contribution. This amount will be treated as an After-Tax Rollover Contribution, and must be accounted for separately from the portion of your Rollover Contribution that consists of before- tax contributions (your “Before-Tax Rollover Contribution”).
• You may roll over the balance from a Roth Account in a different employer’s plan only into your Roth Contribution Account in this Plan.
• Any Rollover Contribution must be made directly to the Trustee from the Eligible Retirement Plan or must be deposited in the Trust within 60 days after you receive it as a distribution from the Eligible Retirement Plan.
To make a Rollover Contribution, you must request the Incoming Rollover Form and Instructions via the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015) or obtain the documents via the Fidelity NetBenefits Web site at www.401k.com.
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HOW CONTRIBUTIONS ARE INVESTED
Contributions are made to a trust fund under which Plan assets are held for investment. The name of the trust fund is the URS Corporation 401(k) Retirement Plan Trust. Under the Trust, a separate account is maintained in the name of each participant. The Employer has engaged Fidelity to assist it in the maintenance and administration of the accounts. Contributions made on behalf of a participant to the Trust are directly allocated to the participant’s personal account.
INVESTMENT OPTIONS
Each participant has been delegated the responsibility to decide how contributions made on his or her behalf will be invested. Contributions may be invested in any one or more of a number of investment funds. Your Company Matching Contributions will be invested in the same investment fund(s) that you select for your Salary Reduction Contributions or Roth Contributions. The Retirement Plans Committee selects the available investment funds from time to time. The funds that are available for you to invest in will be communicated to you through materials provided by the Employer. If you have a question regarding the available funds, you may obtain the list via the Fidelity NetBenefits Web site at www.401k.com, or by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015). If you have any questions concerning the investment funds, such as the fund’s investment policy or its underlying investments, you may contact the URS 401(k) Service Center @ Fidelity for additional information. If you fail to decide how the contributions made on your behalf will be invested, those contributions will be invested in a “default” fund or funds chosen by the URS Retirement Plans Committee. The default fund will be a fund qualified as a Qualified Default Investment Fund under regulations issued by the Department of Labor.
INVESTMENT CHANGES
At the time that you commence participation in the Plan, you must indicate how to invest contributions made to the Plan on your behalf. You can change your investment mix at any time for future contributions and/or existing balances by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401k (1-888-308-4015). All calls are recorded and a confirmation statement will be mailed to your home to ensure that the request was completed satisfactorily. You may also change your investment mix by logging on to Fidelity NetBenefits at www.401k.com. You have the option of receiving the confirmation statement for Internet transactions on-line or mailed to your home.
Telephone or Internet transfers made by 4 p.m. (Eastern Time) any business day will take effect the close of the day. Transfers made after 4 p.m. (Eastern Time) will take effect the close of the next business day.
It is your responsibility to monitor the transaction activity associated with the telephone or Internet transfer services. Accordingly, if you receive a confirmation that is inconsistent with the telephone or Internet instructions, or if you fail to receive a written confirmation within two weeks after requesting a transfer by telephone or via the Internet, you should contact the URS 401(k) Service Center @ Fidelity and speak with a Service Representative for clarification. If
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the inconsistency is not corrected or clarified to your satisfaction, you should then contact the Plan Administrator.
PLAN EXPENSES
Fees and expenses charged under your Account will impact your retirement savings, and fall into three basic categories. Investment fees are generally assessed as a percentage of assets invested, and are deducted directly from your investment returns. Investment fees can be in the form of sales charges, loads, commissions, 12b-1 fees, or management fees. Some of these investment fees may not apply depending upon the funds and share classes available in the Plan. You can obtain more information about such fees from the documents that describe the investments available under the Plan. Plan administration fees cover the day-to-day expenses of your Plan for recordkeeping, accounting, legal and trustee services, as well as additional services that may be available under the Plan. A portion of these costs may be covered by investment fees that are deducted directly from your investment returns. The remaining administrative fees are passed through to the participants in the Plan, in the form of a quarterly recordkeeping fee that is deducted from your Account. Transaction-based fees are associated with optional services offered under your Plan, and are charged directly to your Account if you take advantage of particular plan features that may be available, such as processing a Plan loan, distribution, or qualified domestic relations order (QDRO). For more information on fees associated with your Account, refer to your Account statement or speak with the Plan Administrator.
SECTION 404(C) PLAN
This Plan is intended to be a participant-directed plan as described in Section 404(c) of the Employee Retirement Income Security Act of 1974 (“ERISA”), and Department of Labor regulations governing Section 404(c) plans. This means that, to the extent that you have directed the investment of assets in your Account under the Plan, you are responsible for the investment decisions you made relating to those assets and the Plan fiduciaries are ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by you in investing those assets. If you want information about any investment alternative, in addition to that provided to you by the Employer (as described above in “Investment Options”), you may request any of the following information via the Fidelity NetBenefits Web site at www.401k.com, or by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1- 888-308-4015):
• A description of the annual operating expenses of each investment fund (such as investment management fees, administrative fees, transaction costs) which reduce the rate of return to you, and the aggregate amount of such expenses expressed as a percentage of average net assets of the designated investment alternative;
• Prospectuses, fact sheets, financial statements and reports, plus any other material provided to the Plan which relates to the available investment alternatives;
• A list of the assets comprising the portfolio of each investment fund that constitute plan assets within the meaning of 29 CFR 2510.3-101, the value of each such asset (or the proportion of the investment fund which it comprises), and with respect to
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each such asset which is a fixed rate investment contract issued by a bank, savings and loan association or insurance company, the name of the issuer of the contract, the term of the contract and the rate of return on the contract;
• Information concerning the value of shares or units of the investment funds available to you under the Plan, as well as the past investment performance of such funds, determined net of expenses, on a reasonable and consistent basis; and
• Information concerning the value of shares or units in the investment funds held in your Plan accounts.
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YOUR PLAN ACCOUNT
The Plan maintains a separate account for each participant, which is comprised of different contributions that you and the Employer make. Your account includes the contributions, net earnings (interest and dividends) from those contributions, and investment gains and losses on those contributions. They also reflect any distributions made to you.
YOUR ACCOUNT
Your account may include the following types of current contributions:
• Salary Reduction Contributions (your 401(k) contributions)
• Catch-up Contributions (if you attain age 50 or more in the current year)
• Roth Contributions (and rollover contributions from a Roth account in another employer’s plan)
• After-Tax Contributions
• Company Matching Contributions (periodic or year-end discretionary)
• Discretionary Company Contributions
• Before-Tax Rollover Contributions
• After-Tax Rollover Contributions
Additionally, you may have Company Stock and/or prior plan accounts (such as a money purchase plan account) if you were a participant in The Performance Plan of Greiner Engineering, Inc. (the “Greiner Performance Plan”) or the Woodward-Clyde Group Capital Accumulation Plan (the “WCG Plan”).
Additionally, you may have prior plan accounts if you were a participant in the Dames & Moore Group Capital Accumulation Plan, the Radian International LLC 401(k) Thrift Plan, the Rogers & Associates Engineering Corporation Employee Profit Sharing Plan, the EG&G Technical Services, Inc. Savings Plan, the Lear Siegler Services, Inc. Retirement Income Savings Plan, the Washington Group International 401(k) Retirement Savings Plan or the Washington Group International 401(k) Retirement Savings Plan for Field Operations. These may include Profit-Sharing Accounts, After-Tax Accounts, Deductible Voluntary Contribution Accounts, Covered Contract Contribution Accounts, Alabama Retirement Contribution Accounts, SCA Contribution Accounts or Prior Company Match Accounts.
VESTING
Your account is one hundred percent (100%) vested and not subject to forfeiture, provided that you were actively employed by the Company on or after January 1, 1998.
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RESTORATION OF PREVIOUS FORFEITURES
If you are a former participant in the Plan or a former participant in the Cash & Associates Profit Sharing & Salary Deferral Plan, the LopezGarcia Group 401(k) Savings Plan or the Washington Group International, Inc. 401(k) Retirement Savings Plan who:
• forfeited all or a portion of your account balance upon terminating employment with the plan sponsor;
• is hired (or rehired) by the Company; and
• enrolls in the Plan as an active participant; you will be eligible, if you meet certain requirements, to have the amount of your benefit that was previously forfeited reinstated, and immediately become one hundred percent (100%) vested in your entire benefit. If you are in this situation, please contact the Plan Administrator.
NORMAL RETIREMENT AGE
Your Normal Retirement Age is 65.
EARLY RETIREMENT AGE
Your Early Retirement Age is the earlier of attainment of age 55 and completion of 10 Years of Service or completion of 30 Years of Service.
VALUATION OF YOUR ACCOUNT
The value of your account is determined as of the end of each “business day.” A business day is each day on which both the New York Stock Exchange and Fidelity are open for business. You can call the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015) to inquire about the balance in your account. Your current balance is always available on the Internet at Fidelity NetBenefits at www.401k.com.
As soon as possible after each calendar quarter (March 31, June 30, September 30 and December 31), if you have elected paper statement delivery at Fidelity you will receive a participant statement showing your account balance and changes that occurred since the end of the previous quarter. If you elect on-line delivery at Fidelity you may create a statement on-line for any time period (monthly, quarterly, date specific). Fidelity maintains up to 24 months of account history on-line.
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DISTRIBUTIONS AND IN-SERVICE WITHDRAWALS FROM THE PLAN
Money will be paid from your account under two circumstances:
(1) When your participation in the Plan ends either because you retire, become disabled, die or otherwise leave employment with the Company.
(2) If you are still employed and want to withdraw a portion of your balance from your account (this is called an “in-service withdrawal”).
Distributions and in-service withdrawals are subject to different limitations and provisions.
WHEN YOU LEAVE THE COMPANY
When you leave the Company for any reason, you will be entitled to receive the full value of your account. In the event of your death, your beneficiary would be entitled to receive the full value of your account.
Manner of Payment
The Plan provides that your account is to be distributed in whichever of the following manners you select:
(1) a lump sum distribution in the form of a rollover or paid directly to you; or
(2) substantially equal consecutive monthly, quarterly, semi-annual or annual installments over a stated number of years, not to exceed your life expectancy.
If you were a participant in the Woodward-Clyde Group Capital Accumulation Plan and have monies attributable to the money purchase pension plan that was previously merged into that Plan, the monies are subject to different distribution requirements. Contact the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015) for additional information.
If you are married and designate someone other than your Spouse as beneficiary to receive any portion of your Plan accounts upon your death, the designation will be invalid unless your Spouse consents to the designation. The consent must be in writing, must acknowledge the effect of your election, must specify the non-Spouse beneficiary being designated (including any class of beneficiaries or any contingent beneficiaries) and must be witnessed by a notary public.
A further description of these options is available from the URS 401(k) Service Center @ Fidelity.
If the value of your account is more than $1,000, you may request to defer payment until your Normal Retirement Age. However, if the value of your account is $1,000 or less, you will need to provide Fidelity with payout instructions. If you do not provide Fidelity with payout
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instructions, Fidelity will distribute your account as a lump sum distribution within 30 to 90 days of your date of termination. Pursuant to IRS requirements, Fidelity will withhold twenty percent (20%) federal income tax as well as any state income taxes (if applicable). You may elect not to receive this distribution if you are a former Employee who has an unvested or partially vested account balance transferred from the Washington Group International 401(k) Retirement Savings Plan or the Washington Group International 401(k) Retirement Savings Plan for Field Operations, you were terminated from employment at Washington Group International, Inc., and you were immediately employed by Westinghouse Governmental Services (now known as Washington Government Environmental Services), or certain entities related to it.
You will be responsible for the ten percent (10%) penalty tax on early withdrawals if you are under age 59½ unless one of the following exceptions is applicable:
(1) The distribution is made to your beneficiary or to your estate after your death;
(2) The distribution is attributable to your being disabled;
(3) The distribution is part of a series of substantially equal periodic payments made for your life or your life expectancy, or the joint life of you and your beneficiary, or the joint life expectancy of you and your beneficiary; or
(4) The distribution is made to you after Termination of Employment after attainment of age 55.
The penalty tax also does not apply to distributions to the extent such distributions do not exceed amounts allowable as a medical expense deduction for the year (i.e., amounts in excess of seven and one-half percent (7.5%) of your adjusted gross income).
If your account is to be paid directly to you, request the distribution via either the URS 401(k) Service Center at 1-888-308-401K (1-888-308-4015) or Fidelity’s NetBenefits Web site at www.401K.com. If you intend to roll the monies into another employer’s plan or an IRA, you must call the URS 401(k) Service Center to request the appropriate forms.
IN-SERVICE WITHDRAWALS
In general, in-service withdrawals that are not rolled to another qualified plan or IRA are subject to the federal and state, if any, income tax withholding. In addition, if you are under age 59½, the in-service withdrawal may also be subject to the ten percent (10%) penalty tax on early withdrawals.
Employees interested in obtaining information or applying for an in-service withdrawal must call the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015) or log on to the Fidelity NetBenefits Web site at www.401k.com. The in-service withdrawal will be taken pro-rata from each investment fund in which your Plan accounts are invested on the date that your withdrawal is issued. A Participant may make only two in-service withdrawals during any Plan Year.
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Age 59½ Withdrawal
After attainment of age 59½, you may elect to withdraw an amount equal to all or a portion of your account. However, if you were a participant in the money purchase pension plan maintained by Woodward-Clyde Group, Inc. that was merged into the WCG Plan, you may not withdraw that portion of your account attributable to your participation in the money purchase pension plan.
Rollover Contributions Withdrawal
You may elect to withdraw all or a portion of your account attributable to Before-Tax or After-Tax Rollover Contributions at any time.
After-Tax Contributions Withdrawal
You may elect to withdraw all or a portion of your account attributable to After-Tax Contributions at any time.
Deductible Voluntary Contributions Withdrawal
You may elect to withdraw all or a portion of your account attributable to Deductible Voluntary Contributions at any time.
Hardship Withdrawal
In the event you suffer a serious financial hardship before attaining age 59½, you may request to withdraw a portion of your account attributable to Salary Reduction Contributions, Catch-up Contributions, Roth Contributions, or Company Matching Contributions. To demonstrate financial hardship, you must show that you have an immediate and heavy financial need which you cannot meet through any other sources of income, and you must have already used all your other available resources (including having taken all distributions, other than hardship distributions, and all nontaxable loans currently available under the Plan, or any other plan maintained by the Company and/or a Company Affiliate). However, the withdrawal may not exceed the amount required to meet the immediate or heavy financial need created by this serious financial hardship. If you wish to apply for a hardship withdrawal, you may be asked to make certain representations with respect to the availability of funds from other sources.
Financial hardship withdrawals will be approved for:
• Medical expenses for you or your Spouse or a dependent (as defined in Code section 152) not covered by any health insurance.
• Payment for the next 12 months of tuition or educational fees for post-secondary education for you, your Spouse, your children or your dependents (as defined in Code section 152 without regard to sections 152(b)(1), (b)(2) and (d)(1)(B)).
• Costs directly related to the purchase (excluding mortgage payments) of your primary residence.
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• Payment of amounts necessary to prevent eviction from or foreclosure on your primary residence.
• Payments for burial or funeral expenses for your deceased parent, Spouse, children or dependents (as defined in Code Section 152, without regard to Code Section 152(d)(1)(B)); or
• Expenses for the repair of damage to your principal residence that would qualify for the casualty deduction under Code Section 165 (determined without regard to whether the loss exceeds ten percent (10%) of adjusted gross income).
If you make a hardship withdrawal, your Salary Reduction Contributions, Catch-up Contributions, Roth Contributions and After-Tax Contributions will be suspended until six months after the date of your hardship withdrawal. Your Salary Reduction Contributions, Catch- up Contributions, Roth Contributions and After-Tax Contributions will automatically be reinstated after the six-month suspension period has ended, unless you elect to stop contributions via the Fidelity NetBenefits Web site, or by calling the URS 401(k) Service Center @ Fidelity. If you make a withdrawal, you will owe federal income taxes on the amount you withdraw. If you make a withdrawal before you reach age 59½, you will also be responsible for the ten percent (10%) penalty tax on early withdrawals (paid with your annual tax return by filing Treasury Form 5329), unless you meet one of the exceptions listed on Page 23. Money withdrawn due to a hardship may not be returned to the Plan.
You will need to plan ahead to withdraw money from the Plan because it may take up to 30 days to process your request for a hardship withdrawal and to have the Plan Trustee issue a check. The Human Resources Committee will determine whether you are eligible to withdraw funds based on your proof of immediate and heavy financial need that cannot be met through other sources of income. The Human Resources Committee’s decision will be final and binding.
Greiner Performance Plan
If you were a participant in the Greiner Performance Plan, you may elect to withdraw any portion of your account from that plan that is attributable to (1) rollover contributions to the Greiner Performance Plan prior to 1997, (2) your deductible voluntary contribution (after-tax) account, or (3) amounts transferred to the Greiner Performance Plan from the Greiner Engineering Sciences, Inc. Profit Sharing Plan (considered “prior plan funds”).
Tatman & Lee Associates, Inc. Profit Sharing Plan
If you were a participant in the Tatman & Lee Associates, Inc. Profit Sharing Plan (the “Tatman & Lee Plan”), you may request a withdrawal at any time from any portion of your account attributable to the Tatman & Lee Plan, other than that portion attributable to Salary Reduction Contributions. You may request a withdrawal from that portion of your account attributable to Salary Reduction Contributions to the Tatman & Lee Plan only in the case of financial hardship, as described on Pages 24-25.
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Dames & Moore Group Capital Accumulation Plan
If you were a participant in the Dames & Moore Group Capital Accumulation Plan, you may elect to withdraw all or a portion of your account from that plan that is attributable to Profit- Sharing Contributions.
Lear Siegler Services, Inc. Retirement Income Savings Plan
If you were a participant in the Lear Siegler Services, Inc. Retirement Income Savings Plan, in-service withdrawals from any balance transferred from the LSI Plan to the Plan will be allowed, depending on the nature of the source of the contribution to the LSI Plan, under the relevant provisions of the Plan.
REQUIRED DISTRIBUTIONS
When you attain age 70½, you must begin to receive benefits from the Plan by April 1 of the following calendar year. However, if you are actively employed with the Company at age 70½ (and not are a 5% owner), distributions will be deferred until April 1 of the year following your retirement.
Further information on Plan distributions can be obtained via the Fidelity NetBenefits Web site at www.401k.com, or by calling the URS 401(k) Service Center @ Fidelity at 1-888- 308-401K (1-888-308-4015).
BENEFICIARY DESIGNATIONS; DEATH BENEFITS
If you die prior to receiving the full value of your account, the amount remaining in your account will be paid to your surviving Spouse. If there is no surviving Spouse, or if your Spouse consents in the presence of a notary public, you are entitled to designate one or more Beneficiaries to receive the value of your account in the event of death prior to full distribution of your account, and to change or revoke a beneficiary designation. It is your responsibility to provide Fidelity with your beneficiary designation, which can be entered on-line via Fidelity’s NetBenefits Web site at www.401k.com if spousal consent is not required. If you are married, and you designate someone other than your Spouse as the primary beneficiary, you must obtain the Beneficiary Designation Form via the NetBenefits Web site or by calling the URS 401(k) Service Center at 1-888-308-401k (1-888-308-4015). The Beneficiary Designation Form must be completed, signed by your Spouse in the presence of a notary public and returned to Fidelity.
If you die before any distribution of your account is made, your account will be paid in full to your Beneficiary in a lump sum payment as soon as administratively feasible after your death.
If you die after distribution of your account has begun in a series of installment payments, but before distribution of the full value of your account is made, installment payments may continue at the same rate and amount to your Beneficiary, or your Beneficiary may elect to receive the remaining amount in the form of a single lump sum payment.
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If the distribution is to be made in the form of a lump sum payment, that distribution may also be made to your Beneficiary as a direct rollover distribution. A direct rollover to a Beneficiary who is not your surviving Spouse may only be made to an “inherited IRA,” as provided for under Section 402(c)(11) of the Code.
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PARTICIPANT LOANS
Although the Plan has been set up to help you save for your retirement, you may request a loan from your Plan account while you are an active employee. Because they are not considered withdrawals, loans are not subject to income taxes or to the ten percent (10%) penalty tax on early withdrawals unless a default occurs. Although a loan from your Plan account may seem like a good idea, you should consider any other options available to you before taking a loan from your retirement account.
TO REQUEST A LOAN
You may borrow from your account in the Plan as long as your vested account balance is at least $2,000. The minimum loan amount is $1,000. You may request a loan via the Fidelity NetBenefits Web site at www.401k.com, or by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015).
You must repay the loan through equal payroll deductions each pay period, unless you are classified as a casual Employee. If you are classified as a casual Employee, you must make monthly direct payments of your loan to Fidelity in U.S. dollars in a manner approved by the Human Resources Committee. Participant loans may not be for a term of less than one year. The loan must generally be repaid over a period not to exceed five years. If you borrow money from your account to purchase or help purchase your primary residence, you may be given up to 10 years to repay the loan; however, you must provide evidence, to the extent reasonably required by the Human Resources Committee, that the loan proceeds will be used for the purchase of your primary residence.
The Human Resources Committee may request one or more of the following if the loan is for a primary residence:
• A copy of your signed contract with the builder.
• A copy of the signed closing-cost estimate worksheet.
• A signed letter of intent to purchase a home from the financial institution used to secure a home loan.
LOAN CONDITIONS
The following conditions apply to all loans:
• You will be charged an interest rate equal to the current rate calculated by Reuters on the last working day of the month before the loan is made, plus one percent (1%).
• You will be charged a loan origination fee of $35 and a quarterly maintenance fee of $3.75 for each loan you receive from the Plan. The fees are deducted directly from your Plan account.
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• If you default on the loan, the outstanding balance will become a taxable distribution in the year the default occurs. You may also incur the non-deductible penalty tax equal to ten percent (10%) of the outstanding balance of the loan if you are under age 59½ at the time of the default, unless you meet one of the exceptions listed on Page 23. You will be considered in default on your loan if you fail to pay an installment by the last day of the calendar quarter following the calendar quarter in which the payment was due.
• The loan amount may not exceed the lesser of (a) fifty percent (50%) of your vested account balance, or (b) $50,000 minus your highest outstanding loan balance during the previous 12 months.
• The minimum loan amount is $1,000.
• If you have funds in the former money purchase pension plan account or the Company Stock account, these funds are not available for loans. However, these funds may be used as part of the collateral for the loan.
• A loan must generally be repaid through payroll deductions.
• Loan repayments of principal and interest are credited to your account and invested based on your current investment elections for future contributions.
• No doubling of payments is permitted.
• You may repay the entire outstanding balance of an existing loan in one lump sum with no prepayment penalties at any time.
• You may have no more than two outstanding loans at any time.
• If you pay the remaining balance of an outstanding loan, the loan must be paid in full for two weeks before you can apply for another loan. The two-week waiting period applies even if you have no loan outstanding after the existing loan is paid in full.
• Your loan proceeds will be taken pro-rata from each investment fund in which your Plan accounts are invested on the date that your loan is issued.
• If you are on a leave of absence and not being paid by the Company, you are not eligible to take a loan from your Plan account.
• If you have an outstanding loan and go on a military leave of absence or are on a leave of absence without pay, various loan repayment options may be available to you. Call the URS 401(k) Service Center @ Fidelity for details.
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• If your employment is terminated and your vested account balance including the outstanding loan exceeds $1,000, or if you cease to be an Eligible Employee of the Company because you are transferred to a Company Affiliate that is not a participating employer, you will not be required to repay your loan in full at that time. However, it is your responsibility to make arrangements for regular, direct payments of your loan to Fidelity in U.S. dollars as approved by the Human Resources Committee. Such payments shall continue until your loan becomes otherwise due and payable. Call the URS 401(k) Service Center @ Fidelity for details on continuing loan repayments after termination of employment.
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QUALIFIED DOMESTIC RELATIONS ORDER
A Qualified Domestic Relations Order (QDRO) is a judgment, decree, or order that is made pursuant to state domestic relations law and relates to the provision of child support, alimony payments, or marital property rights for the benefit of a Spouse, former Spouse, child or other dependent of a participant. In accordance with ERISA requirements the QDRO recognizes the right of the Spouse, former Spouse, child or other dependent of the participant (referred to as the Alternate Payee) to receive a portion or all of the participant’s benefits available under the Plan. The document may be issued as a separate order or as part of a divorce decree or court- approved property settlement.
Legal procedures must be followed by Fidelity for the purpose of determining whether or not the document meets the criteria to be considered as a QDRO under ERISA. If your account in the Plan will be affected by the issuance of a QDRO, you may either obtain the required documents by visiting Fidelity’s QDRO Web site at https://qdro.fidelity.com, or obtain a copy of the Plan’s QDRO kit at no charge by calling the URS 401(k) Service Center @ Fidelity, at 1- 888-308-401K (1-888-308-4015).
The QDRO kit will indicate that the following information must be provided:
• The name and last known mailing address of the participant and each Alternate Payee.
• The Social Security number and birth date of the participant.
• The Social Security number and birth date of each Alternate Payee.
• The name of the Plan to which the order applies.
• The dollar amount or percentage of the participant’s account to be segregated on behalf of the Alternate Payee and the daily valuation date to which the order applies (e.g., fifty percent (50%) of the Participant’s account balance as of January 1, 2011).
When Fidelity has determined an order to be qualified in accordance with ERISA requirements, the participant’s account will be segregated on behalf of the Alternate Payee in accordance with the terms of the QDRO. The assets will be withdrawn from the various contribution types in a participant’s account on a pro rata basis. When Fidelity has received a QDRO, the participant will not be permitted to take a loan or receive a withdrawal of funds from his/her account until the terms of the QDRO have been met and an account is set up on behalf of the Alternate Payee.
The participant and the Alternate Payee will be notified when the participant’s account is segregated on behalf of the Alternate Payee. Fidelity will provide the Alternate Payee with instructions on how to access the Fidelity NetBenefits Web site to set up his/her Personal Identification Number (PIN), at which time the Alternate Payee will be able to direct how his/her funds are invested in the Plan and, at any time, may request to receive full distribution of the account in the form of a lump sum payment.
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FEDERAL INCOME TAX EFFECTS
Contributions to your Plan account are exempt from taxation until withdrawn or distributed to you or your beneficiary in accordance with IRS requirements and the provisions of the Plan.
The net earnings and gains on investments of the Plan credited to your account are also exempt from taxation until such amounts are withdrawn or distributed to you in accordance with IRS requirements and the provisions of the Plan.
All distributions except After-Tax Contributions, After-Tax Rollover Contributions and Roth Contributions (and in some cases the earnings on Roth Contributions) will be subject to income tax. The taxable portion of any distribution received prior to age 59½ is also subject to the ten percent (10%) penalty tax on early withdrawals unless one of the exceptions listed on Page 23 is applicable.
You should consult with your tax advisor to determine whether you qualify for an exception.
QUALIFIED LUMP-SUM DISTRIBUTIONS
If your distribution qualifies as a lump-sum distribution (as defined in the Internal Revenue Code) and you were born before 1936 and have participated in the Plan for five or more years prior to the year in which your distribution is made, you may qualify for special tax treatment. You should consult your tax advisor regarding the taxation of a qualified lump-sum distribution.
DISTRIBUTION OF YOUR ACCOUNT AS A DIRECT ROLLOVER
You may choose a direct rollover of all or any portion of your distribution that is an eligible rollover distribution. In general, a plan distribution is an eligible rollover distribution unless it is a periodic payment, a required minimum distribution from the Plan, or a hardship distribution. If you have questions regarding the status of a rollover distribution, you should consult your tax advisor.
Payments that Are Not from a Designated Roth Account
In a direct rollover, the eligible rollover distribution is paid directly from the Plan to an Eligible Retirement Plan (see Page 15) that accepts rollovers. Not all plans accept rollover distributions, particularly rollover distributions that consist partially of contributions that were made on an after-tax basis. Before electing a rollover distribution, you should check with the Eligible Retirement Plan that is to receive the rollover, to ensure that it will accept your rollover. If you choose a direct rollover, you are not taxed on the distribution until you withdraw it from the Eligible Retirement Plan.
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For Payments that Are from a Designated Roth Account
You may roll over the payment from your Roth Account only to either a Roth IRA (a Roth individual retirement account or Roth individual retirement annuity) or a designated Roth account in another employer plan that will accept the rollover. Not all plans accept rollover distributions, particularly rollover distributions that consist of Roth Contributions. Before electing a rollover distribution, you should check with the Eligible Retirement Plan that is to receive the rollover, to ensure that it will accept your rollover. If you choose a direct rollover, you are not taxed on the distribution until you withdraw it from the Eligible Retirement Plan.
DISTRIBUTION OF YOUR ACCOUNT WITH INCOME TAX WITHHELD
Payments that Are Not from a Designated Roth Account
If any portion of your distribution is eligible for rollover and made payable to you, the Plan Administrator is required by law to withhold twenty percent (20%) of that amount; this twenty percent (20%) is sent to the Internal Revenue Service as income tax withholding. For example, if your eligible rollover distribution is $10,000, only $8,000 will be paid to you because the Plan Administrator must withhold $2,000 as income tax. When you prepare your income tax return for the year, you will report the full $10,000 as a distribution from the Plan. You will report the $2,000 as tax withheld; this amount will be credited against any income tax you owe for the year. If you are under age 59½, you will be responsible for the ten percent (10%) penalty tax on early withdrawals unless one of the limited exceptions listed on Page 23 is applicable. The penalty tax is paid with your annual tax return by filing Treasury Form 5329.
Payments that Are from a Designated Roth Account
The rule described above that applies to payments that are not from your Roth Account also applies to payments from your Roth Account, except that mandatory twenty percent (20%) withholding applies only to the taxable portion (if any) of those payments.
SIXTY-DAY ROLLOVER OPTION
If you have an eligible rollover distribution paid directly to you, you can still decide to roll over all or a portion of it to an IRA or to another employer’s qualified plan that accepts rollovers. If you decide to roll over, you must make the rollover within 60 days after you receive the distribution. The portion of your distribution that is rolled over will not be taxed until you withdraw it from the IRA or the employer’s plan.
You can roll over up to one hundred percent (100%) of the eligible rollover distribution, including an amount equal to the twenty percent (20%) that was withheld. If you choose to roll over one hundred percent (100%) you must obtain other money within the 60-day period to contribute to the IRA or the employer’s plan to replace the twenty percent (20%) that was withheld. If you roll over only the eighty percent (80%) that you received, you will be taxed on the twenty percent (20%) that was withheld.
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Special Rule for Payments that Are from a Designated Roth Account:
Because a distribution from a Roth Account consists of both pre-tax money (earnings on the Roth Contributions) and after-tax money (Roth Contributions), it may be rolled over into a designated Roth account in another plan only through a direct rollover. If the distribution is made directly to you, and you then roll it over within 60 days, the after-tax portion cannot be rolled over to a designated Roth account in another employer plan, but can be rolled over into a Roth IRA.
VOLUNTARY WITHHOLDING
If any portion of your distribution is not an eligible rollover distribution but is taxable, the mandatory withholding rules described above do not apply. Therefore, you may elect to not have withholding apply to that portion. If you choose to elect out of withholding, you may do so by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015), or by logging on to the Fidelity NetBenefits Web site at www.401k.com to obtain information for payments that are not eligible rollover distributions.
ESTATE TAX CONSIDERATIONS
If you die before your accounts are distributed, all or a portion of the distribution may be subject to federal estate tax, payable by your beneficiary or your estate. You should seek the advice of a qualified estate planner in evaluating the estate tax consequences of your participation in the Plan.
ROLLOVERS BY NON-SPOUSE BENEFICIARIES
If you die before your accounts are distributed, and your beneficiary is not your Spouse, your non-Spouse beneficiary may roll over his or her distribution in a direct rollover to an “inherited IRA,” but not to a standard IRA or another qualified plan.
FURTHER ASSISTANCE
For more information, please refer to Internal Revenue Service Publication 575, Pension and Annuity Income, and Publication 590, Individual Retirement Arrangements. These publications may be obtained by contacting your local Internal Revenue Service office or by completing the order form that appears in the instruction booklet that you receive with your federal income tax return (IRS Form 1040 series). These publications are also available on the IRS Web site at http://www.irs.gov/formspubs.
The information presented in this section is not meant as tax advice; it merely reflects the tax laws in effect at the time this Summary Plan Description was prepared. You should seek the advice of a qualified tax adviser for the answers to any specific questions.
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CIRCUMSTANCES THAT MAY AFFECT YOUR BENEFITS
FUTURE OF THE PLAN
Although the Corporation intends to continue the Plan indefinitely, it realizes that circumstances not now foreseen, or circumstances beyond its control, may make it either impossible or inadvisable to continue to sponsor the Plan. Therefore, the Corporation reserves the right to amend, modify or terminate the Plan, in whole or in part, at any time by action of its Board, the Compensation Committee or any other committee of individuals(s) acting pursuant to a valid delegation of authority of the Board.
In no event, however, will any amendment to the Plan cause the funds held by the Fidelity to revert to or be used for the benefit of the Corporation. In addition, no amendment to the Plan will result in a “cutback” of a benefit which is protected under the Code. Finally, if the vesting schedule is amended, you may elect to have your accrued benefit determined under the old vesting schedule if you have at least three years of service at the time the vesting schedule is amended.
A decision to change or terminate the Plan may be due to business conditions, changes in the law governing such plans, or any other reason. If the Plan is terminated, the Human Resources Committee will determine the timing of the disposition of assets to Plan participants and their beneficiaries in accordance with the terms of the Plan.
Benefits under the Plan are not insured by the Pension Benefit Guaranty Corporation (PBGC), a government agency which insures pension plans. The Plan is not insured by PBGC because it is a defined contribution plan and is always fully funded (that is, the plan assets are allocated at all times among the participant and beneficiary accounts). Unlike a pension plan, a defined contribution plan does not have definitely determinable benefits. Any benefits payable by the Plan are based on amounts contributed and investment results which cannot be determined in advance.
NO GUARANTEE OF EMPLOYMENT
This Plan does not constitute an employment contract between you and the Company. It does not guarantee you the right to be continued in employment, nor does it limit the Company’s right to discharge any employee at any time.
Upon termination of employment, no employee will have the right to or any interest in any of the Plan’s assets except for the benefit to which he or she is entitled under the Plan.
NONTRANSFERABILITY OF BENEFITS
Your benefits under the Plan may not be alienated; that is, sold, used as collateral for a loan (except a loan from the Plan), given away or otherwise transferred. Also, your creditors may not attach, garnish or otherwise interfere with your benefits under the Plan.
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However, the Plan must honor a “qualified domestic relations order,” which is defined as a judgment, decree, or order that is made pursuant to state domestic relations law and relates to the provision of child support, alimony payments, or marital property rights for the benefit of a Spouse, former Spouse, child or other dependent of a participant. If such an order is received by the Plan Administrator, all or a portion of your benefits may be used to satisfy the obligation. The Plan Administrator will determine the validity of any domestic relations order received. Information regarding qualified domestic relations order procedures may be obtained free of charge via Fidelity’s QDRO Web site at https://qdro.fidelity.com or by calling the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015).
In certain circumstances, the Plan will offset a participant’s benefits provided under the Plan against any amount that the participant is ordered by a court to be paid to the Plan in connection with a crime committed by the participant involving the Plan, a participant’s violation (or alleged violation) of ERISA, or pursuant to a settlement agreement between the Secretary of Labor and the participant in connection with the participant’s violation (or alleged violation) of ERISA. The judgment, order, decree or settlement agreement must expressly provide for the offset of all or part of the amount ordered or required to be paid to the Plan against the participant’s benefits provided under the Plan.
Furthermore, all or a portion of your Plan benefit may be used to satisfy any unpaid tax assessments resulting from tax levies or collections by the Internal Revenue Service on judgments.
TOP-HEAVY RULES
Under a set of rules provided in the Plan, as required by the Internal Revenue Service, the Plan may be top-heavy. Simply stated, a Top-Heavy Plan is one where more than sixty percent (60%) of the contributions or benefits have been allocated to “Key Employees.” Key Employees are generally owners, officers, shareholders or highly compensated individuals. The Plan Administrator is responsible each year for determining whether the Plan is top-heavy. If the Plan becomes top-heavy in any year, you may be entitled to certain minimum benefits and special rules will apply.
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OTHER IMPORTANT INFORMATION
WHEN YOU HAVE QUESTIONS
Questions about the Plan should be directed to the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015).
This is the Summary Plan Description for the Plan. The Plan is governed by a legal plan document. If there is an inconsistency between the Summary Plan Description and the plan document, the plan document will determine your benefit. You may obtain a copy of the plan document and other documents pertaining to the Plan by contacting the Plan Administrator in writing. You may be charged a reasonable fee for copying these documents.
PLAN ADMINISTRATOR
The Plan Administrator is the Human Resources Committee. In the absence of a Human Resources Committee, the Corporation shall be the Plan Administrator. The Plan Administrator is responsible for administering the Plan. This includes establishing the rules necessary to administer the Plan, keeping employee records, informing the members of all changes or amendments to the Plan, bringing the Plan into conformity with governmental laws and regulations and making available to all participants reports and documents as prescribed by law. Although the Plan Administrator cannot change any part of the Plan, the Plan Administrator does have the responsibility of interpreting and enforcing all Plan provisions; however, any discretion by the Plan Administrator must be exercised in a uniform and nondiscriminatory manner. If you wish to take legal action against the Plan, you may have legal process served on the Plan Administrator or on the Plan Trustee. If for any reason you wish to contact the Plan Administrator, you may do so in care of the following address:
URS Corporation Human Resources Committee c/o URS Corporation 600 Montgomery Street, 26th Floor San Francisco, CA 94111-2728 Telephone: (415) 774-2700
TRUSTEE
The Trustee for the Plan holds and administers the assets of the trust fund. It is subject to strict rules concerning the administration of the Trust and its investments to assure – as much as possible – that the Trust and its investments are handled with care, skill, prudence and diligence for the good of all participants in the Plan. The Trustee is Fidelity Management Trust Company.
CLAIMING BENEFITS
To claim your benefit under the Plan, you (or your beneficiary) must contact Fidelity as follows:
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• To request a final rollover distribution, call the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015).
• If the distribution is to be made payable to you, call the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308-4015) or access the Fidelity NetBenefits Web site at www.401k.com.
• If you were a participant in the Woodward-Clyde Group Capital Accumulation Plan and have monies in your account attributable to the money purchase pension plan, contact the URS 401(k) Service Center @ Fidelity at 1-888-308-401K (1-888-308- 4015).
You will need your Social Security Number and PIN to obtain information, forms or to request the distribution.
The request for distribution will be processed from your Plan account as soon as administratively possible after Fidelity has received your request and any accurately completed forms (if applicable).
If Your Claim is Denied
Government regulations set forth specific procedures to take care of the rare instance when a claim for benefits is denied in whole or in part. A claim for benefits might be denied if:
(1) the Human Resources Committee does not believe a participant is entitled to a benefit; or
(2) the Human Resources Committee disagrees with the amount of benefit to which the participant believes he or she is entitled.
If this happens to you, the Human Resources Committee will send you a written notice of denial setting forth:
• specific reasons for the denial;
• specific references to the Plan provisions on which the denial is based;
• a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary;
• an explanation of the Plan’s claims review procedure (as described below); and
• a statement regarding your right to bring a civil action under ERISA Section 502(a) following an adverse determination on review.
You will usually receive this notice usually within 90 days after you submit your claim. If special circumstances require more than 90 days for processing the claim, you will be notified
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of that fact, in writing, within 90 days of receipt of your claim. This extension may be for another 90 days.
Review of Denial
You may submit a written request for a review of the denial, look at relevant documents, and submit issues and comments in writing to support your appeal. The request for review must be filed within 60 days after receipt of the written notice denying your claim. The request for review must be filed with the URS Corporation Human Resources Committee, c/o URS Corporation, 600 Montgomery Street, 26th Floor, San Francisco, CA, 94111-2728.
The claim and its denial shall receive a full and fair review by the Human Resources Committee. As part of the review procedure you, or your authorized representative, may submit written comments, documents, records and other information related to the claim. You will be provided, upon request and free of charge, reasonable access to and copies of all documents, records and other information (other than legally privileged documents) in the possession of the Human Resources Committee which are relevant to the benefit claim at issue and its disallowance. The Human Resources Committee may require you to submit such additional facts, documents or other evidence as the Human Resources Committee, in its sole discretion, deems necessary or advisable in making its review. The Human Resources Committee will consider all comments, documents, records, and other information submitted by you, or your authorized representative, relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Human Resources Committee shall not be restricted in its review to those provisions of the Plan cited in the original denial of the claim.
The Human Resources Committee shall review the claim and shall issue written notice of its decision within 60 days after receipt of the appeal (unless there has been an extension of 60 days due to special circumstances, provided written notice of the delay and the special circumstances occasioning it are communicated to you within the initial 60-day period).
If the decision on the appeal denies the claim in whole or in part, the Human Resources Committee shall notify you, or your authorized representative, in writing. The notice shall set forth:
• the specific reasons for the denial;
• specific references to the Plan provisions on which the decision was based;
• a statement that you are entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the claim;
• a statement describing any voluntary appeal procedures offered by the Plan and your right to obtain information about such procedures; and
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• a statement informing you of your right to bring a civil action under ERISA Section 502(a).
The Human Resources Committee will decide all questions and claims regarding benefits under the Plan. The Human Resources Committee’s decision is conclusive and binding.
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ERISA RIGHTS
As a participant in the Plan you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all plan participants shall be entitled to:
RECEIVE INFORMATION ABOUT YOUR PLAN AND BENEFITS
• Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites and union halls, all documents governing the Plan, including insurance contracts and collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration.
• Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies.
• Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.
• Obtain a statement telling you whether you have a right to receive a pension at Normal Retirement Age (age 65) and if so, what your benefits would be at Normal Retirement Age if you stop working under the Plan now. If you do not have a right to a benefit, the statement will tell you how many more years you have to work to get a right to a benefit. This statement must be requested in writing and is not required to be given more than once every 12 months. The Plan must provide the statement free of charge.
PRUDENT ACTIONS BY PLAN FIDUCIARIES
In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer, your union or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA.
ENFORCE YOUR RIGHTS
If your claim for a benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.
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Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Plan’s decision, or lack thereof, concerning the qualified status of a domestic relations order, you may file suit in Federal court. If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.
ASSISTANCE WITH YOUR QUESTIONS
If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration.
The foregoing statement of “ERISA Rights” was created by the United States Department of Labor which, by regulations, has prescribed inclusion of that text in this booklet. The Plan Administrator, URS, the fiduciaries, and all other persons and entities associated with the Plan hereby disavow authorship of and responsibility for the accuracy of the foregoing statement of “ERISA Rights,” and each of them states that publication of the statement of “ERISA Rights” should not be construed as the offering of legal advice.
Note: The Department of Labor has issued a number of administrative exemptions from certain reporting and disclosure requirements. Some of these exemptions may apply from time to time to this Plan. For example, many plans are exempted from preparing or filing annual reports and summary annual reports. To the extent that such exemptions pertain to this Plan, the above statement of “ERISA Rights” may be considered to be modified.
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Attachment to the URS Corporation 401(k) Retirement Plan Summary Plan Description for Employees of URS E&C Holdings, Inc.
Company Matching Contributions.
If you are employed on the last day of the Plan Year, the Employer shall make Company Matching Contributions, as of the last day of the Plan Year, on your behalf in an amount equal to one hundred percent (100%) of the lesser of:
(a) the first six percent (6%) of your Compensation for such Plan Year; or
(b) the total of your Salary Reduction Contributions and Roth Contributions for such Plan Year.
You will not be required to be employed on the last day of the Plan Year in order to receive an allocation of Company Matching Contributions if you terminated employment before the last day of the Plan Year on account of death, Disability, attainment of Normal Retirement Age or Early Retirement Age, an involuntary Termination of Employment due to a reduction in force, contract loss or contract completion, or transfer to a Company Affiliate or an LLC wholly or partially owned by the Corporation. In no event will the requirement for employment on the last day of the Plan Year be waived for a Participant who has been terminated for cause.
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