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401(K) Savings Plan Genuine Parts Company 401(k) Savings Plan Effective January 1, 2021 Genuine Parts Company 401(k) Savings Plan GPC 401(k) Savings Plan Find It Fast Page Important Notice ..................................................................................................................... 3 Highlights ................................................................................................................................ 4 Eligibility .................................................................................................................................. 4 Participating in the Plan .......................................................................................................... 5 Automatic Enrollment .............................................................................................................. 5 Naming a Beneficiary.............................................................................................................. 7 How Much You Can Contribute .............................................................................................. 8 IRS Limitations ........................................................................................................................ 8 Tax Savings Example ............................................................................................................. 9 Catch-Up Contributions ........................................................................................................... 9 The Company Match ............................................................................................................ 10 Vesting .................................................................................................................................. 11 Vesting Service ..................................................................................................................... 11 Forfeitures ............................................................................................................................. 11 Growing Your Savings .......................................................................................................... 12 About Your Investment Options ............................................................................................ 12 Core Funds ........................................................................................................................... 13 Vanguard Target Retirement Funds ...................................................................................... 16 Investment Fund Trading Restrictions .................................................................................. 16 Your Investment Responsibilities ......................................................................................... 17 Changing or Stopping Your Contributions ............................................................................ 18 Account Information .............................................................................................................. 18 Withdrawals ........................................................................................................................... 19 Loans from Your Account ..................................................................................................... 21 Requesting a Loan ................................................................................................................ 21 Loan Repayment Options ..................................................................................................... 22 Failure to Make Scheduled Loan Payments ......................................................................... 22 If You Leave the Company .................................................................................................... 22 Loan Information ................................................................................................................... 22 Normal Retirement Age ........................................................................................................ 23 Account Distributions and Rollovers ..................................................................................... 23 How to Request a Distribution or Rollover ............................................................................ 23 Delaying Your Payout ........................................................................................................... 23 Automatic Cashouts and Automatic Rollovers ...................................................................... 24 Re-employment .................................................................................................................... 24 Filing a Claim for Benefits ..................................................................................................... 25 Formal Appeals ..................................................................................................................... 25 Other Things You Should Know ........................................................................................... 26 Plan Fees .............................................................................................................................. 26 Termination or Amendment of the Plan ................................................................................ 26 Summary Plan Description Effective January 1, 2021 1 Genuine Parts Company 401(k) Savings Plan About Forfeitures................................................................................................................... 27 Rollovers from Another Qualified Plan .................................................................................. 27 Qualified Domestic Relations Order ...................................................................................... 27 No Contract of Employment .................................................................................................. 27 Equal Treatment Policy ......................................................................................................... 28 USERRA ............................................................................................................................... 28 Your Rights Under ERISA ..................................................................................................... 28 Changes in Address or Marital Status ................................................................................... 29 About This Document ........................................................................................................... 29 For More Information ............................................................................................................ 29 About This Plan .................................................................................................................... 30 Summary Plan Description Effective January 1, 2021 2 Genuine Parts Company 401(k) Savings Plan Important Notice The Genuine Parts Company (GPC) 401(k) Savings Plan (“401(k) Plan”) applies to all employees employed by GPC and participating GPC companies who meet the various eligibility requirements set forth in this Summary Plan Description. The Genuine Partnership Plan merged into the GPC 401(k) Savings Plan as of January 1, 2014. If you were a participant of the Genuine Partnership Plan as of December 31, 2013, you automatically became eligible to participate in the GPC 401(k) Savings Plan as of January 1, 2014. If you have questions, please contact the GPC Retirement Plan Services toll free line at 866-415-3395. Summary Plan Description Effective January 1, 2021 3 Genuine Parts Company 401(k) Savings Plan Highlights This Summary Plan Description (“SPD”) explains the savings opportunity offered through the GPC 401(k) Savings Plan, a voluntary 401(k) savings plan. The 401(k) Plan makes saving for your future easy and convenient by providing you with: • A 100% employer matching contribution from GPC on the first 5% of your compensation that you contribute to your GPC 401(k) Savings Plan account, • Convenient payroll deductions, • The opportunity to contribute up to 50% of your compensation on a tax deferred basis — up to the maximum annual deferral allowed by the Internal Revenue Service (IRS), • The opportunity to contribute additional amounts above the maximum IRS limit if you are over age 50, and • A diverse mix of investment options. Because the GPC 401(k) Savings Plan is a tax-qualified 401(k) plan, you defer paying federal income taxes and, in most states, state income taxes on your before-tax contributions and on your employer matching contributions, as well as any investment returns generated by your account. While you cannot avoid taxes altogether, you can delay payment. With the GPC 401(k) Savings Plan, you are not taxed on your before-tax savings and employer contributions until you actually receive money from your account. This feature makes the 401(k) Plan a valuable investment opportunity that is hard to match through other retirement-oriented savings programs. (See section entitled “How Much You Can Contribute” for additional general information on taxes). Effective January 1, 2014, the Genuine Partnership Plan was merged into the GPC 401(k) Savings Plan. As of that date, all participants and assets were consolidated under the GPC 401(k) Savings Plan. Eligibility The GPC 401(k) Savings Plan is designed to assist eligible employees of participating GPC companies and their beneficiaries in preparing for retirement.
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