SUMMARY PLAN DESCRIPTION The Hearst Corporation Retirement Plan Contents THE HEARST CORPORATION RETIREMENT PLAN................................................................................1 LIFE EVENTS AND THE RETIREMENT PLAN...........................................................................................2 IMPORTANT DEFINITIONS.........................................................................................................................3 WHEN PARTICIPATION BEGINS ...............................................................................................................5 TRANSFERS.................................................................................................................................................6 CREDITED SERVICE AND VESTING SERVICE ........................................................................................6 IF YOU BECOME DISABLED...........................................................................................................................6 IF YOU TAKE AN APPROVED LEAVE OF ABSENCE...........................................................................................7 IF YOU TAKE A MILITARY LEAVE OF ABSENCE ...............................................................................................7 WHEN YOU DO NOT EARN CREDITED SERVICE.............................................................................................7 SPECIAL VESTING........................................................................................................................................7 BREAKS IN SERVICE.....................................................................................................................................8 COST OF THE PLAN ...................................................................................................................................9 YOUR RETIREMENT BENEFIT...................................................................................................................9 NORMAL RETIREMENT .................................................................................................................................9 EARLY RETIREMENT ....................................................................................................................................9 DEFERRED RETIREMENT ............................................................................................................................10 TERMINATED VESTED RETIREMENT ............................................................................................................11 IF YOU ARE REEMPLOYED AFTER YOU BEGIN RECEIVING BENEFITS ............................................................11 BENEFITS PAYABLE FROM OTHER HEARST RETIREMENT PLANS ..................................................................11 LIMITS ON YOUR BENEFITS ........................................................................................................................11 A WORD ABOUT SOCIAL SECURITY ............................................................................................................11 FORMS OF PAYMENT...............................................................................................................................12 NORMAL FORMS OF PAYMENT....................................................................................................................12 OPTIONAL FORMS OF PAYMENT .................................................................................................................12 ELECTING AN OPTIONAL FORM OF PAYMENT...............................................................................................13 PRE-RETIREMENT DEATH BENEFIT ......................................................................................................14 IF YOU WERE AN ACTIVE EMPLOYEE ..........................................................................................................14 IF YOU WERE ELIGIBLE FOR A TERMINATED VESTED BENEFIT......................................................................15 LUMP SUM PAYMENT .................................................................................................................................16 TAXES ON YOUR BENEFIT PAYMENTS.................................................................................................16 SPECIAL BENEFIT PROVISIONS.............................................................................................................17 ELIGIBILITY AS A RESULT OF A JOB CHANGE ...............................................................................................17 EMPLOYEES OF ACQUIRED COMPANIES ......................................................................................................17 PARTICIPANTS IN PRIOR PLANS ..................................................................................................................18 PARTICIPANTS COVERED UNDER PLAN PROVISIONS NOT DESCRIBED IN THE BOOKLET ................................20 The Hearst Corporation Retirement Plan SPD (8/12) i OTHER IMPORTANT INFORMATION.......................................................................................................21 APPLYING FOR BENEFITS ...........................................................................................................................21 IF YOUR APPLICATION IS DENIED................................................................................................................21 AMENDMENTS TO THE PLAN .......................................................................................................................22 IF THE PLAN IS TERMINATED ......................................................................................................................22 PENSION BENEFIT GUARANTY CORPORATION .............................................................................................23 ASSIGNMENT OF BENEFITS.........................................................................................................................24 QUALIFIED DOMESTIC RELATIONS ORDERS ................................................................................................24 TOP HEAVY RULES ....................................................................................................................................24 REPORTS ON THE PLAN .............................................................................................................................24 NO GUARANTEE OF EMPLOYMENT..............................................................................................................24 ADMINISTRATIVE INFORMATION ...........................................................................................................24 STATEMENT OF RIGHTS UNDER ERISA................................................................................................25 PRUDENT ACTIONS BY PLAN FIDUCIARIES...................................................................................................26 ENFORCE YOUR RIGHTS ............................................................................................................................26 ASSISTANCE WITH YOUR QUESTIONS .........................................................................................................26 The Hearst Corporation Retirement Plan SPD (8/12) ii The Hearst Corporation Retirement Plan Retirement means different things to different people. For some, it is a time to relax in a warm climate. For others, it is a time to enjoy hobbies and grandchildren. But whatever your retirement dream is, The Hearst Corporation Retirement Plan helps you have the financial security to enjoy it. The Plan works with the Employee Savings Plan, Social Security, and your personal savings to form a retirement income program. Each part has a specific and important role to play and offers different features and advantages. The special features of The Hearst Corporation Retirement Plan (the Retirement Plan or the Plan) include the following: The Company pays the full cost of the Plan. You are eligible for this plan if you were an active employee or on an approved leave of absence as of December 31, 2010. Your participation begins automatically as soon as you complete one year of service, and are at least 21 years old The amount of your benefit is based on your years of credited service and your final average salary. You are fully vested in your benefit after completing just five years of vesting service. That means you are entitled to receive a benefit at age 65, even if you leave the Company before then. You can retire at age 65, or as early as age 55 if you have at least 10 years of vesting service You have the choice of several different forms of payment for your benefit. Your spouse or domestic partner may receive a benefit in the event of your death. Effective December 31, 2009, the Hearst-Argyle Television, Inc. Retirement Plan was merged into The Hearst Corporation Retirement Plan. This booklet describes The Hearst Corporation Retirement Plan in effect as of January 1, 2012, except for eligible employees of HTV Charlotte, KCCI, KCRA/KQCA, KETV, KOAT, KSBW, WDSU, WESH/WKCF, WGAL, WLKY, WPTZ/WNNE, WXII, and WYFF. The Hearst Corporation Retirement Plan in effect for employees at those units is described in a separate booklet. If you have any questions about how particular aspects of the Plan work, contact the Employee Benefits Department at 1-704-348-8487. If you are viewing this summary plan description (SPD)