Continental Micronesia, Inc. 401(K) Savings Plan Summary Plan Description 2021
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Continental Micronesia, Inc. 401(k) Savings Plan Summary Plan Description 2021 Continental Micronesia, Inc. 401(k) Savings Plan The Continental Micronesia, Inc. 401(k) Savings Plan (the “Plan”)* is an important part of your retirement savings strategy. The Plan allows you to decide how much to contribute through payroll deductions on a pre-tax, Roth 401(k), and/or post-tax basis for federal income taxes (and, if applicable, state taxes, too). If you choose to save pre-tax, the money you save will reduce how much income tax you pay during the years you contribute. Depending upon your employee group, United Airlines, Inc. (the “Company,” “United Airlines” or “United”) may also make employer contributions to your Plan account based upon your eligible earnings. You decide how to invest your contributions and, if applicable, United’s contributions made to your Plan account. Income taxes on your pre-tax contributions, employer contributions, and any investment growth in your Plan account are deferred until you withdraw money from the Plan. The value of your account will depend on the amount of contributions you have made, the contributions from United, and how your investments have performed. This Summary Plan Description (“SPD”), which includes an Addendum for your employee group, reflects the Plan features as of January 1, 2021. This document is only a summary of the Plan. In the event of any conflict between this SPD and the terms of the Plan, the Plan document will govern. This document is also available to all participants electronically on the Plan’s website, ASC Trust (www.mycmi401k.com). When you use the electronic version of this document, you can easily access the information you want by clicking on the links in the Table of Contents or by using the search feature. Be sure to carefully read the entire SPD so that you understand the benefits offered as well as your rights and responsibilities under the Plan. Frequently asked questions concerning the Plan are answered by the information provided in this SPD. Additional information concerning the Plan is available by logging onto your Plan account through ASC Trust or calling the ASC Service Center (see website and contact information below). ASC Trust representatives are available to answer your questions, coordinate the resolution of complex issues and/or redirect your inquiry to the appropriate party if necessary. ASC Trust and ASC Service Center The primary way to access your account is through ASC Trust (www.mycmi401k.com). However, if you need help accessing your account or have questions, you may call the ASC Service Center at (671) 477- 2724. If you are calling from outside Guam, the toll-free number is (866) 577-9049. Representatives are available from 8:00 a.m. to 5 p.m. Guam time Monday through Friday, excluding holidays. * Merger of Companies Effective March 31, 2017, Continental Micronesia, Inc. merged into United Airlines, Inc., which became the sponsor of the Continental Micronesia, Inc. 401(k) Savings Plan. 1 Comments About Service In the event you wish to provide positive and/or negative feedback regarding the level of service you have received from the ASC Service Center, please contact the United Airlines Employee Service Center, via telephone at 1-877-825-3729, via Help Hub by submitting a General HR Services Inquiry or by mail addressed to: United Airlines, Employee Service Center, 233 South Wacker Drive, WHQHR, Chicago, IL 60606. Please be prepared to share the specifics regarding the interaction in question, including the date and time the interaction occurred, the name of the representative involved and any other pertinent facts. Please note that if you disagree with a determination of benefits, there is a separate claims process that you should follow, which is outlined in the Administrative Information section of this document. 2 Contents The Keys to the Plan Page #1: You Must Be Eligible 4 You are eligible for this Plan if you satisfy the eligibility criteria described in the Addendum for your employee group. #2: You Are Automatically Enrolled 4 As soon as administratively feasible 45 days after you become eligible, you will be automatically enrolled to defer 5% of your eligible earnings per pay period on a pre-tax basis (unless you opt out or elect another amount). You May Name One or More Beneficiaries 5 Subject to spousal consent, you may name one or more beneficiaries who will receive your account if you die before you take a full distribution of your account. #3: You May Contribute 5 You may make regular pre-tax and Roth 401(k) deferral contributions to the Plan. You may also make post-tax contributions and, in specific situations, catch-up and rollover contributions. The Company Contributes, Too 9 In addition to your contributions, United may make contributions to your account as described in the Addendum for your employee group. Plan Contributions May Be Limited By Federal Law 9 The rules that govern qualified retirement plans like this one set annual limits on the amount of pay that can be considered to determine your benefit as well as how much can be contributed to your plan account. Vesting 9 You are always 100% vested in your contributions and any investment earnings on those contributions. United’s contributions to your account vest according to the schedule in the Addendum for your employee group. #4: You Choose How to Invest Your Account 9 You choose how to invest all contributions made to your account. #5: You May Access Your Account Balance While Employed by United 11 Borrow From Your Account 11 You may be eligible to borrow money from your account. 3 The Keys to the Plan Page In-Service Withdrawals 13 Certain types of contributions are eligible for in-service withdrawal while you are employed by United or an affiliate, but may be limited based upon age or hardship. #6: You May Take Distribution of Your Account Balance When You Leave United 15 The value of your account will be payable if you leave United, die, or become disabled under the terms of the Plan. If you transfer to an Affiliate, a distribution is not available. #7: Special Circumstances May Apply to Your Benefits 16 #8: Administrative Information 19 The Keys to the Plan Key #1: You Must Be Eligible You are eligible to participate in the Plan if you are a common law employee of the Company who satisfies the eligibility criteria described in the Addendum for your employee group. However, you are excluded from participation if you are a consultant, leased employee, nonresident alien, a non-U.S. employee not on the U.S. payroll or if otherwise excluded under the terms of the Plan. Key #2: You Are Automatically Enrolled As soon as administratively feasible 45 days after you become eligible to participate in the Plan, you will be automatically enrolled to defer 5% of your eligible earnings per pay period on a pre-tax basis. This automatic enrollment provision also applies to you if you are rehired after a break in service of at least 90 days, or upon becoming eligible to participate due to a transfer from another employee group or work location. You may opt out of automatic enrollment by timely electing a different percentage (including 0%) for pre-tax contributions by logging in to your account on ASC Trust at www.mycmi401k.com or by calling the ASC Service Center. If you are automatically enrolled, your pre-tax contributions will be automatically invested in the Plan’s qualified default investment alternative (“QDIA”) selected by the Investment Committee. Currently, the Plan’s QDIA is the age-appropriate Target Date Fund. See page 10 for more information on the Plan’s QDIA. You may elect a different investment than the Plan’s QDIA for your pre- tax contributions made under the automatic enrollment feature by logging in to your account on ASC Trust at www.mycmi401k.com or by calling the ASC Service Center at (671) 477-2724 or toll-free from the U.S. at (866) 577-9049. Please note that automatic enrollment will not apply to any profit sharing plan payments. To decline to make pre-tax contributions To stop or change your automatic pre-tax contribution rate and default investment election Register your change online at ASC Trust Register your change online at ASC Trust (www.mycmi401k.com) or call the ASC Service (www.mycmi401k.com) or call the ASC Service 4 Center to request an election change form at Center at (671) 477-2724 or toll-free from the U.S. (671) 477-2724 or toll-free from the U.S. at at (866) 577-9049. (866) 577-9049 – within 45 days of your Changes to your contribution rate will be effective eligibility date. within one to two full pay periods after you complete your request. Changes to your investment elections will be effective the next business day if placed online before 6 a.m. ChST (4 p.m. Eastern Time) or close of market (such as holidays or special circumstances). You May Name One or More Beneficiaries As soon as you are enrolled in the Plan you may name one or more beneficiaries who will receive your account if you die before you receive a complete distribution of your account balance. You can designate beneficiaries or change your beneficiary designations online at ASC Trust (www.mycmi401k.com) or by calling the ASC Service Center. Beneficiary designations will not be valid unless they are made in accordance with procedures established by the Plan Administrator from time to time (for example, you may not make beneficiary designations in a will or other document).