Shell Provident Fund and Shell Pension Plan
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2019 Summary Plan Description Shell Provident Fund Wealth and Shell Pension Plan IMPORTANT TELEPHONE NUMBERS AND WEBSITES This directory lists places you can go to get more information. Shell Benefits Service Center 1-800-307-4355 www.netbenefits.com (1-800-30-SHELL) 1-800-847-0348 (TDD) From outside the United States: Dial the country’s toll-free AT&T access number (by going to www.business.att.com/collateral/dial-guide.html) followed by the Shell Benefits Service Center telephone number, 800-30 SHELL (800-307-4355). For countries not using AT&T access: Call the Shell Benefits Service Center collect using their international phone number, 1-508-787-9902. The Shell Benefits Service Center hours are 8:30 a.m. through midnight Eastern time, excluding weekends and holidays. WEALTH Shell is proud to present the Shell Provident Fund and the Shell Pension Plan — collectively known as Shell’s U.S. “Wealth” benefits. Summary Plan Description This document constitutes the Summary Plan Description (SPD) for the Shell Provident Fund (SPF) and the Shell Pension Plan (SPP) as required under the Employee Retirement Income Security Act of 1974, as amended (ERISA). It summarizes the provisions of the SPF and the SPP as of January 1, 2019, except where otherwise noted. Other Information Sources Information on your benefits, including this SPD, is available via NetBenefits® at www.NetBenefits.com. You are encouraged to go to the website and become familiar with your benefits. You can also manage all of your Wealth benefits activity there. If you have questions regarding your benefits that are not answered here, you are encouraged to contact the Shell Benefits Service Center (SBSC) at 1-800-30-SHELL (1-800-307-4355). Representatives are available every day from 8:30 a.m. to midnight Eastern time, excluding weekends and holidays. Plan Documents Govern This document is only a summary of the terms of Shell’s U.S. Wealth benefits and does not attempt to cover all of the details contained in the official plan documents. The operation of the plans and related benefits are governed solely by the terms of the official plan documents. To the extent that any information contained in this document or elsewhere, or any information you receive orally, is inconsistent with the official plan documents, the provisions set forth in the plan documents will govern in all cases. If you would like a copy of the official plan documents, please contact the Plan Administrator. Prospectus Information The portions of this document describing the terms of the SPF also constitute part of a prospectus covering securities that have been registered under the Securities Act of 1933 and that are available through the SPF. 1 TABLE OF CONTENTS 1.0 RETIREMENT READINESS ................................................................................................... 5 2.0 SHELL PROVIDENT FUND AT A GLANCE .......................................................................... 6 3.0 SHELL PROVIDENT FUND .................................................................................................... 7 3.1 Eligibility, Enrollment, and Vesting ..................................................................................... 7 3.2 How You and the Company Contribute .............................................................................. 7 a. Company Contributions ................................................................................................. 7 b. Your Contributions ......................................................................................................... 8 c. Designating Your Contribution Rates ............................................................................ 8 d. Contribution Limits ......................................................................................................... 9 e. Rollovers ........................................................................................................................ 9 f. Roth In-Plan Conversions.............................................................................................. 9 3.3 Directing Your Investments............................................................................................... 11 a. Self-Directed Account Plan .......................................................................................... 11 b. Changing Your Investment Directions ......................................................................... 11 c. Managed Account Program ......................................................................................... 11 d. Keeping Track of Your Account ................................................................................... 11 3.4 Investment Offerings ......................................................................................................... 12 a. Investment Tiers........................................................................................................... 12 b. Considerations When Investing Your SPF Account .................................................... 14 c. Investment Fees and Administrative Expenses .......................................................... 15 d. Fund Changes/Closings............................................................................................... 15 3.5 Loans ................................................................................................................................ 16 a. Loan Amounts .............................................................................................................. 16 b. Loan Terms .................................................................................................................. 16 c. Funding Sources .......................................................................................................... 17 d. Loan Repayments ........................................................................................................ 17 e. Investment of Loan Repayments ................................................................................. 17 f. Prepaying Your Loan ................................................................................................... 17 g. Default of Your Loan .................................................................................................... 17 3.6 Withdrawals While Employed ........................................................................................... 17 a. After-Tax Withdrawals.................................................................................................. 18 b. Age 59½ Withdrawals .................................................................................................. 18 c. Rollover Withdrawals ................................................................................................... 18 d. Hardship Withdrawals .................................................................................................. 18 e. Grandfathered Withdrawals ......................................................................................... 18 3.7 Withdrawals after Termination .......................................................................................... 19 a. Withdrawal Options ...................................................................................................... 19 b. Considerations to Leaving Your Account in the SPF .................................................. 19 c. Minimum Required Distributions (MRD) ...................................................................... 19 3.8 Tax Consequences and Tax Withholdings ....................................................................... 20 3.9 Beneficiary Designations/Payments Upon Death ............................................................ 20 3.10 Qualified Domestic Relations Orders & Alternate Payees .............................................. 21 3.11 Benefit Restoration Plan (BRP) ....................................................................................... 21 2 3.12 Other Information.............................................................................................................. 22 a. Additional Limitations on Contributions ....................................................................... 22 b. Cancelling Orders/Instructions .................................................................................... 22 c. Market Delays, Closures and Emergency Situations .................................................. 22 d. Account Holds .............................................................................................................. 22 e. Military Service Provisions ........................................................................................... 22 4.0 SHELL PENSION PLAN AT A GLANCE ............................................................................. 24 5.0 SHELL PENSION PLAN ................................................................................................................ 25 5.1 Eligibility, Enrollment, and Vesting ................................................................................... 25 5.2 Contributions ..................................................................................................................... 25 5.3 Termination vs. Retirement with Immediate Pension Eligibility ....................................... 25 5.4 Your Pension Benefits: Formulas & Payment Timing ...................................................... 25 a. Pension Formulas .......................................................................................................