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Summary Plan Description of the Centurylink Dollars & Sense 401(K) Plan

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Summary Plan Description of the Centurylink Dollars & Sense 401(K) Plan Summary Plan Description of the CenturyLink Dollars & Sense 401(k) Plan PLEASE READ THIS SUMMARY PLAN DESCRIPTION CAREFULLY AND KEEP IT FOR FUTURE REFERENCE The date of this Summary Plan Description is January 1, 2018 CenturyLink Dollars & Sense 401(k) Plan SPD January 1, 2018 TABLE OF CONTENTS Page SECTION 1: INTRODUCTION .................................................................................................. 1 Keep Access to Your Plan Account Secure ....................................................................... 1 SECTION 2: THE PARTIES RESPONSIBLE FOR THE PLAN AND ITS OPERATIONS .... 2 Plan Sponsor ...................................................................................................................... 2 CenturyLink ........................................................................................................... 2 Employer Identification Number or EIN. .............................................................. 2 Participating Company........................................................................................... 2 Company. ............................................................................................................... 2 Plan Administrator ............................................................................................................. 2 CenturyLink Employee Benefits Committee (the “Committee”). ......................... 2 Wells Fargo ............................................................................................................ 3 Wells Fargo Retirement Service Center ................................................................ 3 Accessing Your Plan Account ............................................................................... 3 Investment Fiduciary - CenturyLink Investment Management Company ........................ 4 Investment Manager............................................................................................... 4 Self-Directed Brokerage Account ...................................................................................... 4 Trust Fund and Trustee ...................................................................................................... 4 Agent for Service of Legal Process ................................................................................... 5 Where You Can File A Lawsuit Against the Plan ................................................. 5 SECTION 3: PARTICIPATING IN THE PLAN ......................................................................... 6 Covered Employees ........................................................................................................... 6 Ineligible Employees ......................................................................................................... 6 When Your Plan Participation Commences ...................................................................... 7 Making Employee Contributions ....................................................................................... 8 How to Opt Out of Automatic Employee Contributions ....................................... 8 Automatic Annual Increase in Pre-Tax Contributions. .......................................... 8 Other Automatic Contribution Alternatives. .......................................................... 9 Voluntary Automatic Increase Option ................................................................... 9 Target My Retirement® Automatic Increases ..................................................... 10 Election to Make Roth Contributions and After-Tax Contributions ................... 10 Separate Election Required To Make Employee Contributions From Bonus Compensation ............................................................................... 10 Eligibility for Company Matching Contributions ............................................................ 11 Ceasing Participation ....................................................................................................... 11 Participation upon Rehire ................................................................................................ 11 SECTION 4: PLAN ACCOUNTS AND CONTRIBUTIONS ................................................... 12 Plan Accounts .................................................................................................................. 12 Pre-Tax Contributions ...................................................................................................... 12 Roth Contributions ........................................................................................................... 12 After-Tax Contributions................................................................................................... 12 CenturyLink Dollars & Sense 401(k) Plan -i- SPD January 1, 2018 TABLE OF CONTENTS (continued) Page Maximum Amount of Pre-Tax Contributions, Roth Contributions and/or After-Tax Contributions........................................................................................................ 13 What Happens If You Contribute More Than The Maximum Annual Dollar Limit? ............................................................................................ 13 What About Your Participation in Other 401(k) or 403(b) Plans? ...................... 13 Catch-Up Contributions ................................................................................................... 13 Rollover Contributions..................................................................................................... 14 Employee Contribution Election Changes ....................................................................... 15 Automatic Suspension of Contributions Upon Hardship Withdrawal. ................ 15 Matching Contributions ................................................................................................... 15 Amount of Matching Contribution ...................................................................... 16 Annual True Up of Matching Contributions ........................................................ 17 Compensation Used for Plan Contributions .................................................................... 18 Bonus Compensation ........................................................................................... 19 Maximum Amount of Annual Compensation For Plan Purposes ....................... 19 Contributions by Participants Returning from Military Leave ........................................ 19 SECTION 5: VESTING ............................................................................................................. 21 Vesting in Company Contributions ................................................................................. 21 Forfeiture of Unvested Amounts ..................................................................................... 22 How Service is Credited for Vesting ............................................................................... 22 Service Spanning Rules ....................................................................................... 23 Break In Service Rules......................................................................................... 24 SECTION 6: INVESTMENT OF YOUR PLAN ACCOUNT ................................................... 26 Introduction ...................................................................................................................... 26 Target Date Funds ............................................................................................................ 26 Core Funds – Building Your Own Portfolio .................................................................... 27 Passively-Managed Core Funds ........................................................................... 27 Actively-Managed Core Funds ............................................................................ 27 Available Fund Investment Options .................................................................... 27 Self-Directed Brokerage Account .................................................................................... 28 PCRA Fees ........................................................................................................... 28 PCRA Restrictions ............................................................................................... 28 The Importance of Diversifying Your Retirement Savings ............................................. 29 A Special Note about the CenturyLink Stock Fund............................................. 29 Assistance For Your Investment Decisions ..................................................................... 30 Wells Fargo Retirement Investment Advice Program ......................................... 30 Wells Fargo Target My Retirement® Managed Account Program ..................... 30 Who is Responsible for Participant Investment Decisions .............................................. 31 Your Participant Investment Directions........................................................................... 31 Confirmation of Your Investment Directions. ..................................................... 32 Timing. ................................................................................................................. 32 CenturyLink Dollars & Sense 401(k) Plan -ii- SPD January 1, 2018 TABLE OF CONTENTS (continued) Page Default Investments ......................................................................................................... 32 More Information about the
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