Summary Plan Description of the

Beauvoir School Retirement Plan

November 2008

DC: 3012874-1 .

TABLE OF CONTENTS

PART I: GENERAL INFORMATION ABOUT THE PLAN ...... 6

1. What is the Beauvoir School Retirement Plan? ...... 6 2. Who is eligible to participate in the Plan? ...... 6 3. How do I become a participant in the Plan? ...... 7 4. What is a “year of service” under the Plan? ...... 7 5. What contributions will I make to the Plan? ...... 8 6. What contributions will the School make to the Plan? ...... 9 7. What does compensation mean for purposes of the School’s contributions to the Plan on my behalf? ...... 9 8. Can I change the amount I contribute to the Plan? ...... 9 9. Is there an overall limit on contributions to the Plan on my behalf each year? ...... 9 10. Is there a limit on the contributions that I am allowed to make to the Plan each year under my salary reduction agreement? ...... 10 11. Are there any exceptions to the limits on my contributions? ...... 10 12. Do contributions continue during my paid leave of absence? ...... 11 13. Do contributions continue while I am on active duty in the Armed Forces? ...... 11 14. When do my Plan benefits become vested? ...... 11

PART II: INFORMATION ABOUT PLAN INVESTMENTS ...... 12

15. What Funding Vehicles are available under the Plan? ...... 12 16. How do the investments work? ...... 14 17. How do I allocate contributions made to my Account? ...... 15 18. May I transfer among investments? ...... 15 19. What information do I regularly receive about my Account? ...... 16

PART III: INFORMATION ABOUT BENEFITS ...... 17

20. When does my retirement income begin? ...... 17 21. Does the Internal Revenue Code have any rules about when my payments must begin? ...... 17 22. What options are available for receiving retirement income? ...... 18 23. May I receive benefits for a fixed period after termination of employment? ...... 19 24. May I receive a series of cash withdrawals from the Plan after termination of employment? ...... 19 25. If I receive annuities from the TIAA Traditional Annuity, the TIAA Real Estate Account, and CREF Variable Annuities, may I begin my payments at different times? ...... 20 26. May I receive my retirement income under different distribution options? ...... 20 27. Are there special rules that apply to payments from my Defined Contribution Account? ...... 20 28. May I receive a withdrawal from the Plan while still employed? ...... 20 29. May I receive a cash withdrawal while still employed if I incur a hardship? ...... 21

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30. May I roll over my benefits to another plan or an IRA? ...... 21 31. May I take a loan from my Account? ...... 22 32. What if I die before starting to receive benefits? ...... 24

PART IV: ADDITIONAL INFORMATION ...... 26

33. Who is the sponsor of the Plan and what is the Plan sponsor’s Employer Identification Number (“EIN”)? ...... 26 34. What is the Plan’s “Plan Number”? ...... 26 35. What is the fiscal year (“plan year”) of the Plan? ...... 26 36. Who administers the Plan? ...... 26 37. How are benefits under the Plan funded? ...... 26 38. How can I learn more about the Plan? ...... 27 39. May the terms of the Plan be changed? ...... 27 40. Does the Plan recognize Qualified Domestic Relations Orders? ...... 27 41. How do I request benefits under the Plan? ...... 27 42. If my request regarding the Plan is denied, how may I appeal? ...... 27 43. Who pays the Plan’s administrative expenses? ...... 28 44. Are there rules in the Plan concerning filing of lawsuits for benefits or other law suits? ...... 29 45. Who is the agent for service of legal process? ...... 29

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SUMMARY PLAN DESCRIPTION

This is a summary of the Plan Document for the Beauvoir School Retirement Plan. The Plan Document is a legal document that sets forth the terms of, and rights and obligations under, the Plan in detail. You may obtain a copy of the Plan Document by contacting the Plan Administrator.

If there is any ambiguity or inconsistency between this summary and the Plan Document, or if any oral or written representation made by anyone regarding the Plan conflicts with the provisions of the Plan Document, the terms of the Plan Document will govern.

The Plan is funded through annuity contracts and certificates provided by TIAA- CREF. All of your rights under the contracts and certificates will be determined by the terms of the contracts and certificates.

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IMPORTANT CONTACT INFORMATION

PLAN ADMINISTRATOR. The Plan Administrator of the Plan is the Protestant Episcopal Cathedral Foundation. You can contact the Plan Administrator by contacting the Protestant Episcopal Cathedral Foundation Human Resources Department at:

Protestant Episcopal Cathedral Foundation c/o Human Resources Department Mount Saint Alban Washington, DC 20016-5098 (202) 537-5672

TIAA-CREF. TIAA-CREF will be able to answer many of your questions concerning the TIAA-CREF investment options under the Plan and the benefits provided under the annuity contracts and certificates. You can reach TIAA- CREF at the following addresses and telephone numbers:

TIAA-CREF TIAA-CREF Maryland 730 Third Avenue, 7315 Wisconsin Avenue New York, NY Suite 550 East 10017 Bethesda, MD 20814 (800) 842-2733 (310) 280-5500 (877) 638-4221

TIAA-CREF DC TIAA-CREF Virginia 1101 Pennsylvania Ave 3050 Chain Bridge Road Suite 800, 8th Floor Suite 400 Washington, DC 20004 Fairfax, VA 22030 (202) 637-0090 (703) 460-7100 (800) 842-3357 (866) 904-7805

TIAA-CREF also has an automated telephone service, which can be reached by calling (800) 842-2252. You can also access TIAA-CREF’s Account Access System via the Internet at www.tiaa-cref.org.

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PART I: GENERAL INFORMATION ABOUT THE PLAN

1. What is the Beauvoir School Retirement Plan?

The Beauvoir School Retirement Plan (the “Plan”) is a retirement plan that is subject to the rules of Section 403(b) of the Internal Revenue Code. The purpose of the Plan is to provide retirement benefits for employees of the Beauvoir School (the “School”) who participate in the Plan. The Plan was established on September 1, 1950.

The Plan is a defined contribution plan, which means that it provides a separate account for each participant. Benefits are based on the amounts that each participant contributes to his account, the amounts contributed by the School for each participant, and the investment gains and losses of each participant’s account.

Your Plan account (your “Account”) includes two subaccounts: (1) a Defined Contribution Account; and (2) a Tax Deferred Annuity (“TDA”) Account. You may elect to make contributions to either account, but you are required to make certain minimum contributions to the Defined Contribution Account when you have completed 3 years of service or are age 30 or older. If the School makes contributions to your Account, these contributions are made only to the Defined Contribution Account. See Q&A 6 below for details about the School’s contributions. You may also make rollover contributions to the Plan from another plan or IRA; if you make rollover contributions they will be held in a Rollover Account.

All benefits under the Plan are fully funded and non-forfeitable, and are provided through the Funding Vehicles offered by the Teachers Insurance and Annuity Association (“TIAA”) and the College Retirement Equities Fund (“CREF”). More information about TIAA-CREF and the Funding Vehicles can be found in Parts II and III below.

In this summary, for sake of brevity, we use the word “Institution” to refer to the Protestant Episcopal Cathedral Foundation and the other institutions under the Protestant Episcopal Cathedral Foundation -- i.e ., St. Albans School, the National Cathedral School and the Washington National Cathedral.

2. Who is eligible to participate in the Plan?

All “Eligible Employees” of the School may participate in the Plan. Eligible Employees are full-time employees of the School, except temporary and on-call employees. For this purpose, a “full-time employee” is (a) a faculty member who is contracted to work half-time or more during a full academic year, or (b) a non- faculty employee who is regularly scheduled to work at least 30 hours per week for at least nine months of the year.

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Individuals deemed by the Protestant Episcopal Cathedral Foundation to be independent contractors are not eligible to participate in the Plan. If an individual is classified as an independent contractor and is later reclassified as an Eligible Employee for any reason, he or she will be treated as an Eligible Employee prospectively from the date of reclassification, and not retroactively to the effective date of the reclassification.

3. How do I become a participant in the Plan?

If you are an Eligible Employee, you may elect to begin participating in the Plan on the first day of the month coinciding with or immediately following the date your employment at the School commences. You may make contributions to your Defined Contribution Account and/or your TDA Account.

You must become a participant no later than the first day of the month following your attainment of age 30 or your completion of 3 years of service, whichever occurs earlier. (Your “service” for this purpose includes your service for the School and any service you have had with an Institution other than the School.) You are required to start making contributions to your Defined Contribution Account at that time. See Q&A 5 below. The contributions that you are required to make after you meet these criteria are sometimes referred to as “mandatory contributions.”

Once you become a participant, you will remain eligible to make contributions and to have School contributions made to your Account until you cease to be an Eligible Employee, or the Plan is amended or terminated. You will remain a participant until the earlier of your death or the date that your entire Account is distributed.

4. What is a “year of service” under the Plan?

A year of service is a 12-month period in which you have 1,000 or more hours of service for the School or another Institution. The 12-month periods used to determine whether you have a “year of service” are the 12-month period beginning on the day you commence employment and the 12-month periods beginning on each anniversary of that date. The term “hour of service” has a technical definition under the Plan Document, but generally means an hour for which you are paid or entitled to payment for performance of your duties. An hour of service also includes hours for which you are paid or entitled to be paid for vacation, holiday, illness or incapacity, leaves of absence and certain other periods, but only up to 501 hours for any single continuous period. Although your hours of service for the other Institutions will count towards the “year of service” requirement, you will only be eligible to participate in the Plan when you become an employee of the School (and you have otherwise met the Plan’s eligibility requirements).

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5. What contributions will I make to the Plan?

Subject to certain requirements discussed below, you can decide whether to contribute to the Plan, the amount of your contributions to the Plan, and whether your contributions will be made to your Defined Contribution Account or to your TDA Account.

Your contributions to the Plan will be deducted from your paycheck on a pre-tax basis under a written salary reduction agreement between you and the School. Your salary reduction contributions will be invested in one or more of the Funding Vehicles described in Part II below, pursuant to your investment elections.

Social Security tax on your contributions to the Plan will not be deferred, however. Thus, your contributions will be subject to Social Security taxes at the regular time ( i.e. , when you receive your regular paychecks).

(a) Defined Contribution Account.

You are required to begin contributing 5 percent of your compensation to your Defined Contribution Account no later than the first day of the month coinciding with or immediately following your completion of 3 years of service or your attainment of age 30, whichever occurs earlier. These required contributions are sometimes referred to as “mandatory contributions.”

You may elect to make contributions to your Defined Contribution Account earlier than your completion of 3 years of service or your attainment of age 30. If you make such an election, your contributions will begin on the first day of the month following the date you make the election in accordance with the procedures established by the Plan Administrator.

You may also choose to contribute an amount greater than 5 percent of your compensation, subject to the dollar limitation discussed in Q&A 9 below.

Please contact the Plan Administrator if you wish to start your contributions early (i.e. , before you complete 3 years of service or attain age 30) or you wish to contribute more than 5 percent of your compensation.

(b) TDA Account.

You may elect to contribute any percentage of your compensation to your TDA Account, subject to the dollar limitation discussed in Q&A 9 below.

(c) Rollover Account.

You may elect to make rollover contributions to the Plan from pre-tax contributions that you made to your former employer’s 403(b) plan, pension or profit-sharing plan, or from your IRA, if any. You may not roll over after-tax contributions that you may have made to an IRA, or any contributions that you

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may have made to a Roth IRA. Any rollover contributions you make will be held in a separate Rollover Account. Rollovers must be made either (1) directly from the other plan or IRA, or (2) within 60 days of your receipt of the funds from the other plan or IRA.

6. What contributions will the School make to the Plan?

When you contribute at least 5 percent of your compensation to your Defined Contribution Account, the School will contribute an amount equal to 7 percent of your compensation to your Defined Contribution Account.

The contributions made by the School and credited to your Defined Contribution Account will be invested in one or more of the Funding Vehicles pursuant to your investment elections. The School does not make contributions to your TDA Account.

7. What does compensation mean for purposes of the School’s contributions to the Plan on my behalf?

For purposes of determining how much the School will contribute to the Plan on your behalf, “compensation” means your base salary and compensation not currently includable in your gross income because you contribute it to the Flexible Spending Accounts Plan or use it for qualified transportation benefits. Your “compensation” does not include overtime, bonuses, summer pay, event pay and other wages received for performing duties outside of your primary duties, however.

8. Can I change the amount I contribute to the Plan?

Generally, you may increase or decrease your salary reduction at any time by filing the appropriate paperwork with the Plan Administrator. Your ability to modify your salary reduction agreement is subject to the requirement concerning mandatory contributions discussed in Q&A 5 above, however.

Any modification or termination of your salary reduction agreement will be prospective only. You cannot change your salary reduction agreement with respect to salary paid to you before your modification is filed with the Plan Administrator.

9. Is there an overall limit on contributions to the Plan on my behalf each year?

Yes. The total amount of contributions made on your behalf for any year (including your salary reduction contributions and the School’s contribution) may not exceed the limits imposed by Section 415 of the Internal Revenue Code. The Section 415 limit for 2009 is the lesser of $49,000 or 100 percent of your

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compensation for the year. The $49,000 limit may be adjusted upward in the future.

If you or a business that you control maintains another defined contribution plan (e.g., a 401(k) plan or a Keogh plan) all contributions made on your behalf under those plans will be aggregated with this Plan in applying the 415 limit. Thus, the maximum contribution for you for all such plans in any one year will be the Section 415 limit.

For more information on these limits, contact TIAA-CREF.

10. Is there a limit on the contributions that I am allowed to make to the Plan each year under my salary reduction agreement?

Yes. Your salary reduction contributions to the Plan are limited by Section 402(g) of the Internal Revenue Code. The 402(g) limit is $16,500 for 2009 but it may increase in later years. The 402(g) limit does not apply to the 5 percent contribution that you are required to make to your Defined Contribution Account when you reach age 30 or have 3 years of service.

The 402(g) limit is an aggregate limit that applies each year to all deferrals that you make under this Plan or any other cash or deferred arrangements in which you may be participating during the year, including simplified employee pensions, 401(k) plans, 457(b) plans, or other tax-sheltered 403(b) annuity contracts. If you have made contributions to this Plan or another plan that exceed the 402(g) limit, you may request a distribution of the excess from this Plan by notifying the Plan Administrator by March 1 of the following year. Please contact the Plan Administrator for more information.

11. Are there any exceptions to the limits on my contributions?

There are two exceptions to the 402(g) limits on your contributions: Age 50 Catch-Up Contributions and Special Catch-Up Contributions.

(a) Age 50 Catch-Up Contributions

If you reach age 50 before the end of the Plan Year you may make an additional “Age 50 Catch-Up Contribution” to your TDA Account. The maximum Age 50 Catch-Up Contribution for 2009 is $5,500, but this amount may increase in the future.

(b) Special Catch-Up Contributions

In addition, if you have completed at least 15 years of service with the School or another Institution, you may make a separate “Special Catch-Up Contribution” to your TDA Account. The Special Catch-Up Contribution is limited to the lesser of:

(1) $3,000;

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(2) $15,000 minus the total amount of Special Catch-Up Contributions and designated Roth § 401(k) contributions that you made under the Plan (or another Institution’s plan) in prior years; or

(3) the amount by which (i) $5,000 multiplied by your years of service with the School or another Institution exceeds (ii) the total amount of elective contributions that you made under the Plan (or another Institution’s plan) in prior years. Mandatory contributions are not counted for this purpose.

For purposes of Special Catch-Up Contributions, years of service are determined differently than as described in Q&A 4 above. Please contact the Plan Administrator for more information.

12. Do contributions continue during my paid leave of absence?

Contributions will continue to be made to the Plan based on compensation paid to you during your paid leave of absence unless you change your salary reduction agreement as described in Q&A 8 above. No contributions will be made during an unpaid leave of absence.

13. Do contributions continue while I am on active duty in the Armed Forces?

If you are absent from employment due to service in the uniformed services of the United States, you may be entitled to make up missed contributions to the Plan and receive missed contributions by the School once you return to active employment with the School. Please contact the Plan Administrator for more information.

14. When do my Plan benefits become vested?

You are always fully and immediately vested in your Plan benefits. This means that your benefits will not be subject to forfeiture if you leave employment before a certain date or before you have worked a certain number of years. Your Account balance will increase and decrease with investment earnings and losses, however.

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PART II: INFORMATION ABOUT PLAN INVESTMENTS

15. What Funding Vehicles are available under the Plan?

Contributions to the Plan may be invested in one or more Funding Vehicles offered by TIAA-CREF, as described below. You decide how your Account is invested among the Funding Vehicles offered under the Plan.

A. Teachers Insurance and Annuity Association (“TIAA”) Annuities . TIAA offers a traditional annuity. It also offers a variable annuity through its real estate account. You can receive more information about TIAA by writing to: TIAA, 730 Third Avenue, New York, NY 10017. You also can receive information by calling 1-800- 842-2733.

B. College Retirement Equities Fund (“CREF”) Annuities . CREF is TIAA’s companion organization. It offers variable annuities. You can receive more information about CREF by writing to: CREF, 730 Third Avenue, New York, NY 10017. You also can receive information by calling 1-800-842-2733.

C. TIAA-CREF Mutual Fund Custodial Accounts. TIAA-CREF also offers investments in certain mutual funds through the TIAA-CREF annuity contracts and certificates. You can receive more information about the funds by writing to: TIAA-CREF, 730 Third Avenue, New York, NY 10017, or calling 1-800-842-2733.

The TIAA-CREF contracts and certificates include provisions concerning the investments and benefit payments offered under each of the Funding Vehicles (including rules on transfers among investments). Please keep in mind that your rights and obligations under the Funding Vehicles are governed by the terms of the TIAA and CREF annuity contracts and certificates, as well as by the terms of the Plan document.

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The types of investments you can make for each of your Accounts are set forth in this chart:

Type of Account Fund Sponsor Funding Vehicle Accounts in which Annuity May Type of Annuity or Account be Invested Defined Teachers Insurance and Traditional Annuity TIAA Retirement Annuity Contribution Annuity Association Real Estate Account (“RA”) Account (“TIAA”) The Traditional Annuity is a tradtional annuity. The Real Estate Account is a variable annuity.

College Retirement Stock Account CREF Retirement Unit- Equities Fund (“CREF”) Money Market Account Annuity (“RA”) Bond Market Account Social Choice Account This is a variable annuity. Global Equities Account Growth Account Equity Index Account Inflation-Linked Bond Account

TIAA-CREF Lifecycle Funds (2010, 2015, 2020, Mutual Fund Custodial 2025, 2030, 2035, 2040) Account International Equity Fund Large-Cap Value Fund Mid-Cap Growth Fund Mid-Cap Value Fund Small-Cap Equity Fund TDA Account TIAA Traditional Annuity TIAA Supplemental Real Estate Account Retirement Annuity (“SRA”) and TIAA Group Supplemental Retirement Annuity (“GSRA”)

The Traditional Annuity is a traditional annuity. The Real Estate Account is a variable annuity.

CREF Stock Account CREF Supplemental Money Market Account Retirement Unit-Annuity Bond Market Account (“SRA”) and CREF Group Social Choice Account Supplemental Retirement Unit- Global Equities Account Annuity (“GSRA”) Growth Account Equity Index Account These are variable annuities. Inflation-Linked Bond Account TIAA-CREF Lifecycle Funds (2010, 2015, 2020, Mutual Fund Custodial 2025, 2030, 2035, 2040) Account International Equity Fund Large-Cap Value Fund Mid-Cap Growth Fund Mid-Cap Value Fund Small-Cap Equity Fund

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These investment options may change from time to time. You will be notified of any additions or deletions.

16. How do the investments work?

(a) TIAA Traditional Annuity .

Contributions invested in the TIAA Traditional Annuity are used to purchase a contractual or guaranteed amount of future retirement benefits for you. Once purchased, the guaranteed benefit (consisting of principal plus interest) cannot be decreased, but it can be increased by dividends. Once you begin receiving annuity income from the TIAA Traditional Annuity, you will receive payments consisting of the guaranteed amount, plus any dividends that are declared each year and which are not guaranteed for the future. Dividends may increase or decrease, but changes in dividends are usually gradual. Please note that the TIAA Traditional Annuity in the Defined Contribution Account is more restrictive than the other types of annuity in some respects.

(b) CREF Variable Annuity Accounts and TIAA Real Estate Account .

You may also invest all or part of your Account in any of the CREF variable annuity accounts approved for use under the Plan, as indicated in the chart above, and the TIAA Real Estate Account. Each CREF account and the TIAA Real Estate Account has its own investment objective and portfolio of securities. Contributions to a CREF account and the TIAA Real Estate Account are used to buy accumulation units, or shares of participation in an underlying investment portfolio. The value of the accumulation units changes each business day.

If you choose to invest in any of the CREF accounts or the TIAA Real Estate Account, there will not be guaranteed baseline income or declared dividends when you receive the annuity income. Instead, your income is based on the value of the annuity units you own, a value that changes yearly, up or down.

For more information on the CREF accounts, you should refer to the CREF prospectus. For more information about the TIAA Real Estate Account, refer to the TIAA Real Estate Account prospectus.

(c) TIAA-CREF Mutual Fund Custodial Accounts.

You may also invest your Account in the mutual funds offered by TIAA-CREF. As in the case of the CREF accounts and the TIAA Real Estate Account, there will not be guaranteed income or dividends from the mutual funds; your income is based on investment experience of the mutual funds.

For a recorded message of the current interest rate for contributions to the TIAA Traditional Annuity; the latest accumulation unit values for the CREF Accounts,

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the TIAA Real Estate Account and the TIAA-CREF Mutual Fund Custodial Accounts; and the seven-day yield for the CREF Money Market Account, call the Automated Telephone Service (“ATS”) at 1-800-842-2252. The recording is updated each business day.

17. How do I allocate contributions made to my Account?

You may allocate contributions that you and the School make to your Account among the TIAA Traditional Annuity, the TIAA Real Estate Account, the CREF Variable Annuity Accounts and the TIAA-CREF Mutual Fund Custodial Accounts in any whole-number proportion (including allocating your entire contribution to any TIAA or CREF account or annuity). You specify the percentage of contributions to be directed to the TIAA Traditional Annuity, the TIAA Real Estate Account, the CREF Variable Annuity Accounts, and/or the TIAA-CREF Mutual Fund Custodial Accounts on the “Application for TIAA-CREF Retirement Annuity Contracts” when you begin participation. When you receive your contract, you will also be sent a Personal Identification Number (“PIN”). The PIN enables you to change your allocation by using the ATS or the Internet. For more information on allocations, ask for the TIAA-CREF booklet “Building Your Portfolio.”

You may change your allocation of future contributions after your participation begins by writing to TIAA-CREF’s home office at 730 Third Avenue, New York, New York 10017, by phone using TIAA-CREF’s Automated Telephone Service (“ATS”) toll free at 1-800-842-2252, or via the Internet using TIAA-CREF’s Account Access System at www.tiaa-cref.org.

TIAA-CREF reserves the right to suspend or terminate changes in allocations by phone or the Internet at any time.

18. May I transfer among investments?

Yes, subject to any limits and restrictions set forth in the TIAA-CREF annuity contracts and certificates. Partial transfers may be made, subject to any minimum requirements. There is no charge for transferring amounts in the TIAA- CREF system, but TIAA-CREF reserves the right to limit transfer frequency. Please contact TIAA-CREF for more information.

You may complete transfers within the TIAA-CREF system either by phone, the Internet, or in writing. Transfers generally will be effective as of the close of the New York Stock Exchange (usually 4:00 p.m. Eastern time), on the day the instructions are received by TIAA-CREF, unless you choose the last day of the current month or any future month. Instructions received after the close of the New York Stock Exchange are effective as of the close of the Stock Exchange on the next business day. The toll-free number to reach the ATS is 1-800-842-2252. The Account Access System is accessible on the Internet at www.tiaa-cref.org.

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Amounts invested in the TIAA Traditional Annuity under the Defined Contribution Account may be transferred to the CREF accounts, the TIAA Real Estate Account and the TIAA-CREF Mutual Fund Custodial Accounts through the Transfer Payout Annuity (“TPA”). In general, TPA transfers are made in substantially equal annual amounts over a period of 10 years. TIAA-CREF reserves the right to limit transfer frequency. Please contact TIAA-CREF for more information.

19. What information do I regularly receive about my Account?

Each quarter, TIAA-CREF sends you a quarterly report that shows your Account totals, a summary of transactions made during the period, interest credited under the TIAA traditional annuities (if you are invested in such annuities), and the number and value of the TIAA Real Estate Account and CREF account accumulation units.

You also may receive Premium Adjustment Notices. These notices summarize any adjustments made to your annuities and are sent at the time the adjustments are processed.

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PART III: INFORMATION ABOUT BENEFITS

20. When does my retirement income begin?

You may begin receiving payments from your Defined Contribution Account upon your termination of employment, your disability or your death. You may begin receiving payments from your TDA Account upon your termination of employment, your attainment of age 59½, your disability or your death. (For this purpose, leaves of absence due to certain military service may be considered a termination of employment.)

In addition, you may elect to receive payments from your TDA Account while you are still employed by the School if you experience certain heavy financial needs as discussed in Q&A 29 below. Special rules may apply to contributions made before January 1, 1989 to your TDA Account -- please contact TIAA-CREF for more information.

Please keep in mind that, under current tax law, withdrawals received before you are age 59½ are generally subject to a 10 percent penalty tax, in addition to ordinary income tax. Also please note that, in some cases, the later you begin to receive payments, the larger each payment will be.

Please contact the Human Resources Department of the Protestant Episcopal Cathedral Foundation when you wish to begin receiving payments from the Plan.

21. Does the Internal Revenue Code have any rules about when my payments must begin?

The Internal Revenue Code requires that you begin to receive your Plan benefits by April 1 st of the calendar year following the year in which you attain age 70½ or, if later, April 1 st following the calendar year in which you retire from the School or another Institution. Failure to begin receiving your benefits by this required beginning date may subject you to a substantial federal tax penalty.

The Internal Revenue Code also requires that, if you die before the distribution of your benefits has begun, your entire benefit must be distributed by December 31 st of the fifth calendar year after your death. Under a special rule, however, death benefits may be payable over the life or life expectancy of your designated beneficiary if the distribution of benefits begins not later than December 31 st of the calendar year immediately following the calendar year of your death. If the designated beneficiary is your spouse, the commencement of benefits may be deferred until December 31 st of the calendar year that you would have attained age 70½ had you continued to live.

Please contact the Human Resources Department of the Protestant Episcopal Cathedral Foundation for more information.

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22. What options are available for receiving retirement income?

You may choose from among several distribution options when you retire. The distribution options available to you are set forth in the TIAA-CREF annuity contracts and certificates -- please contact TIAA-CREF for more information.

The following distribution options are among those most frequently selected:

(a) Single Life Annuity .

This option pays you an income for as long as you live, with payments stopping at your death. A single life annuity provides you with a larger monthly income than most other options.

This option is also available with a 10, 15, or 20 year guaranteed payment period (but not exceeding your life expectancy at the time you begin annuity income). If you die during the guaranteed period, payments in the same amount that you were receiving will continue to your beneficiary(ies) for the rest of the guaranteed period.

(b) Survivor Annuities .

These options pay you a lifetime income, and if your annuity partner lives longer than you, he or she receives income for life after you die. The amount that will be paid to you before your death and the amount that will be paid to your annuity partner after your death depend on which of the following three options you choose:

• Two-thirds Benefit to Survivor . A monthly amount is paid to you as long as you are alive. If your annuity partner is alive when you die, he or she receives two-thirds of the monthly amount while he or she is alive. If your annuity partner dies before you, two-thirds of the monthly amount continues to you for life.

• Full Benefit to Survivor. A monthly amount is paid to you while you are alive. If your annuity partner is alive when you die, he or she receives the same monthly amount until his or her death.

• Half Benefit to Second Annuitant . The full income continues as long as you live. If your annuity partner survives you, he or she receives, for life, one-half the income you were receiving while you were alive. If your annuity partner dies before you, the full income continues to you for life.

Survivor annuities are generally available with a guaranteed period of up to 20 years. The guaranteed period may not exceed the joint life expectancies of you and your annuity partner, however, and may be otherwise limited by federal tax law.

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(c) Minimum Distribution Option (“MDO”).

The MDO enables you to automatically comply with the federal tax law distribution requirements described in Q&A 21 above. With the MDO, you will receive the minimum distribution that is required by federal tax law while preserving as much of your Account as possible. The minimum distribution will be paid to you annually unless you elect otherwise. This option is generally available only if you commence your benefits in the year you attain age 70½ or retire, if later.

23. May I receive benefits for a fixed period after termination of employment?

Yes, you may receive benefits over a fixed period that you designate. At the end of the selected period, all benefits will end. If you die during the period, payments will continue in the same amount to your beneficiary for the duration of the selected period. Tax law requires that the period you choose not exceed your life expectancy or the joint life expectancy of you and your beneficiary.

For annuities invested in the CREF accounts, the TIAA Real Estate Account and the TIAA Traditional Annuity in your TDA Account, the fixed-period option pays you an income over a fixed period of between 2 and 30 years, or between 5 and 30 years in some cases.

For your TIAA Traditional Annuity amounts in your Defined Contribution Account, you may receive benefits over a 10-year period under the Transfer Payout Annuity (“TPA”).

Please contact TIAA-CREF for more information about this payout option for amounts invested in mutual funds through TIAA-CREF.

24. May I receive a series of cash withdrawals from the Plan after termination of employment?

Yes, subject to any restrictions set forth in the TIAA-CREF annuity contracts and certificates. In general, you can elect to receive your benefits through a series of systematic payments (including a single lump-sum payment) using TIAA-CREF’s Systematic Withdrawal service. This service allows you to specify the amount and frequency of payments. Once payments begin, they will continue for the period you specify. You can change the amount and frequency of payments, as well as stop and restart payments as your needs dictate. There is no charge for this service.

Please contact TIAA-CREF for information about this payout option for amounts invested in mutual funds through TIAA-CREF.

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This option may not be available for amounts invested in the TIAA Traditional Annuity under the Defined Contribution Account. Please contact TIAA-CREF for more information.

25. If I receive annuities from the TIAA Traditional Annuity, the TIAA Real Estate Account, and CREF Variable Annuities, may I begin my payments at different times?

Yes. Once you decide to begin receiving your benefits, you have the flexibility to begin income from the TIAA Traditional Annuity, the TIAA Real Estate Account, and CREF Variable Annuities on different dates. Certain minimums may apply, however; please contact TIAA-CREF for more information. Please also contact TIAA-CREF for information about this payout option for amounts invested in mutual funds through TIAA-CREF.

26. May I receive my retirement income under different distribution options?

Yes, in general you can elect to receive income from your TIAA and the CREF annuities under more than one distribution option to meet your specific retirement needs. Certain minimums may apply, however; please contact TIAA- CREF for more information. Please also contact TIAA-CREF for information about this payout option for amounts invested in mutual funds through TIAA- CREF.

27. Are there special rules that apply to payments from my Defined Contribution Account?

Yes. For example, under certain circumstances you can receive income from the Traditional Annuity while preserving your principal, or you can receive all or a portion of your income in a single sum from the annuities in your Defined Contribution Account. Please contact TIAA-CREF for more information.

28. May I receive a withdrawal from the Plan while still employed?

Yes, you may receive a withdrawal of salary reduction contributions (and any earnings) made to your TDA Account if you are at least age 59½. You may also be permitted to take distributions of salary reduction contributions made to your TDA Account before January 1, 1989 (but not earnings on those amounts) at other times, depending on the rules for the Funding Vehicle(s) in which your contributions are invested. In addition, you may receive a withdrawal while employed if you encounter hardship. See Q&A 29 for details about hardship withdrawals.

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Please keep in mind that, under current tax law, withdrawals received before you are age 59½ are generally subject to a 10 percent penalty tax, in addition to ordinary income tax.

29. May I receive a cash withdrawal while still employed if I incur a hardship?

Yes. If you incur a hardship before you terminate employment, you may receive a lump-sum cash payment from your TDA Account (other than earnings in your TDA Account), but any such withdrawal is subject to any restrictions in the Funding Vehicles in which you have elected to invest your TDA Account.

Hardship withdrawals will be permitted only if you incur an immediate and heavy financial need and the distribution is necessary to meet that financial need.

Immediate and heavy financial needs sufficient to allow you to receive a hardship withdrawal include: purchase of a primary residence for you; avoidance of eviction from your home or foreclosure on your primary residence; certain repairs to your primary residence; your medical expenses or the medical expenses of your spouse, children or dependents; tuition and related expenses for your post high-school education or the post high-school education of your spouse, children or dependents; and burial or funeral expenses for your deceased parent, spouse, children or dependents.

A withdrawal will be considered necessary to meet financial need only if you certify that you cannot avoid the hardship through payments from insurance, reasonable liquidation of your assets (or your spouse’s or dependents’ assets), distributions or nontaxable loans from the Plan or other plans, commercial loans, or any other resources reasonably available to you.

You will need to complete an application form and supply supporting documentation required by the Plan Administrator in order to make a hardship withdrawal. If a hardship withdrawal is made to you, all voluntary employee contributions to any plan maintained by the School or another Institution will be suspended for 6 months after you receive the withdrawal. Mandatory contributions to your Defined Contribution Account will not be suspended, however.

As with any withdrawal, you should consult with your tax advisor since there are possible tax consequences.

30. May I roll over my benefits to another plan or an IRA?

Yes. You may have all or a portion of an “eligible rollover distribution” rolled over directly by the Plan into another Section 403(b) retirement plan, a qualified employer plan (such as a 401(k) plan), a governmental 457(b) plan, a 403(a) annuity contract or an IRA (including, in certain circumstances, to a Roth IRA). Or, if you have the Plan pay an “eligible rollover distribution” to you, you may roll

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it over to another retirement plan or an IRA within 60 days after you receive the distribution. An eligible rollover distribution, in general, is any distribution other than an annuity payment, a minimum distribution payment (as described in Q&A 21 above), a payment which is part of a fixed period payment over ten or more years; or a distribution made on account of hardship. An eligible rollover distribution generally will be subject to a 20 percent federal withholding tax unless it is rolled over directly by the Plan into another retirement plan or into an IRA and does not pass through your hands. To avoid withholding, you may ask TIAA or CREF to directly roll over the money to another plan or to an IRA for you. Special rules apply to withholding on amounts rolled over to a Roth IRA.

Please consult your tax advisor for more information on direct or indirect rollovers to Roth IRAs. For more information on direct rollovers in general, please contact TIAA-CREF.

31. May I take a loan from my Account?

Yes, but only from your TDA Account. The loan will be administered by TIAA- CREF. Specific loan provisions are described below:

(a) How much can I borrow from the Plan?

Generally, the minimum loan amount is $1,000, and the maximum loan amount is $50,000. The maximum amount you can borrow may be less, however, depending whether you’ve had any other loans from the Plan or any plans of another Institution in the previous year, and on any limits that may apply under the TIAA-CREF annuity contracts and certificates.

If you have not had a loan from this Plan or the plan of one of the other Instutions in the previous year, your loan cannot be greater than $50,000, but the maximum amount may be lower depending on the Funding Vehicle in which your Account is invested. If you have had another loan from this Plan or a plan of one of the other Institutions within the previous year, the maximum you can borrow will be reduced by the amount of that loan.

(b) How may I secure my loan?

In order to obtain a loan from the Plan, you must generally set aside as security an amount in your Account equal to 110 percent of your loan. TIAA-CREF will assist you in determining which of your Funding Vehicles will provide the security. You cannot make a cash withdrawal or begin retirement income from the funds that serve as security for your loan. But as you repay your loan, the amount reserved as security decreases, and more of your Account becomes available to you for withdrawal and retirement income.

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(c) What will the interest rate on my loan be?

The loan interest rate may be variable and can increase or decrease every three months. The interest rate you pay initially will generally be the Moody’s Corporate Bond Yield Average for the calendar month ending two months before your loan is issued, but may be higher. Thereafter, the rate may change quarterly, but only if the new rate differs from your current rate by at least ½ percent.

(d) What are the repayment terms of my loan?

You will have up to 5 years to repay your loan. There is one exception: if you use the loan solely to purchase your primary residence, you can take up to 10 years to repay. The term of the loan usually cannot extend past the April 1st of the year after the year you attain age 70½.

Your first payment will be due the first day of the third month after your loan is issued, and every 3 months thereafter. You can repay your loan early with no penalties. You can also make partial prepayments at any time. If you do, whatever you prepay will be applied directly to the principal amount of your loan. (Regularly scheduled payments are applied first to interest, then to principal.) Any partial prepayments will reduce the amount of future repayments, not the number of payments.

(e) Does TIAA offer a free automatic loan repayment service?

Your bank may be willing to debit your checking account and send your repayment to TIAA-CREF on the date it is due. If you prefer to repay your loan directly, you will receive a bill every 3 months, at least 10 days before the payment is due.

(f) What if I default on my loan?

If TIAA-CREF does not receive your loan repayment by the last day of the month in which it is due, the entire outstanding balance of your loan (including accrued interest) will be in default. This means that if you miss a payment, the entire outstanding balance (including accrued interest) will be reported to the IRS as income in the year in which you default.

To the extent permitted by federal tax law, the Plan will deduct the amount in default from the collateral held in your Account and apply it toward repaying the loan. It is very important to keep in mind, however, that the IRS requires the Plan to report the default amount as income you actually received. That means defaults are taxable as ordinary income in the year they occur. If you are under age 59½, your default may also be subject to an additional 10 percent federal tax penalty. The Plan and the Protestant Episcopal Cathedral Foundation assume no responsibility for the tax consequences resulting from loan defaults.

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Tax law may prohibit the Plan from deducting the default amount from your Account until you reach age 59½, terminate employment, become disabled, or die, whichever occurs first. In these cases, you will still be taxed on the default amount as if you received it as income in the year the default occurred. Interest continues to accrue on the total amount in default until the Plan is able to deduct the defaulted amount (plus accrued interest) from your Account to repay the loan.

(g) How do I apply for a loan or obtain more information about loans?

To apply for a loan or to get answers to any questions you may have about loans, call TIAA-CREF’s Telephone Counseling Center toll-free at 1-800-842-2776.

32. What if I die before starting to receive benefits?

If you die before you begin to receive your benefits, your Account will be paid to your beneficiary as a death benefit. You may choose the form of payment for your beneficiary, or you may leave the choice to your beneficiary. The payment options available to you are set forth in the TIAA-CREF annuity contracts and certificates, and generally include:

• Income for the lifetime of your beneficiary with payments ceasing at his or her death.

• Income for the lifetime of your beneficiary, with a minimum period of payments of 10, 15, or 20 years, as selected. The minimum period may not exceed your beneficiary’s life expectancy, however.

• Income for a fixed period which may be limited by TIAA-CREF. The fixed period may not be longer than the life expectancy of your beneficiary.

• A single sum payment.

• A minimum distribution option. This option pays the required federal minimum distribution each year.

• A direct rollover to another retirement plan or an IRA (including a Roth IRA) if your beneficiary is your spouse.

Federal tax law limits when and how beneficiaries receive their death benefits, however. TIAA-CREF will notify your beneficiary of the applicable requirements at the time he or she applies for benefits.

You should review your beneficiary designation periodically to make sure the person you want to receive the benefits is properly designated. You may change your beneficiary by completing the ‘‘Designation of Beneficiary’’ form available from TIAA-CREF. If you die without having named a beneficiary and you are

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married at the time of your death, your spouse will automatically receive half of your Account. Your estate will receive the other half. If you are not married, your estate will receive your entire Account.

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PART IV: ADDITIONAL INFORMATION

33. Who is the sponsor of the Plan and what is the Plan sponsor’s Employer Identification Number (“EIN”)?

The Protestant Episcopal Cathedral Foundation is the sponsor of the Plan. The Protestant Episcopal Cathedral Foundation’s EIN is 53-0196604.

34. What is the Plan’s “Plan Number”?

The Plan’s “Plan Number” is 005.

35. What is the fiscal year (“plan year”) of the Plan?

The “plan year” is the calendar year.

36. Who administers the Plan?

The Protestant Episcopal Cathedral Foundation is the Plan Administrator and is responsible for the overall administration of the Plan. The address and telephone number of the Protestant Episcopal Cathedral Foundation are:

Protestant Episcopal Cathedral Foundation c/o Human Resources Department Mount Saint Alban Washington, DC 20016-5098 (202) 537-5672

The Protestant Episcopal Cathedral Foundation has the exclusive right to interpret the Plan and decide any matters arising in the administration and operation of the Plan, and any interpretations or decisions it makes will be conclusive and binding on all persons having an interest in the Plan.

The Protestant Episcopal Cathedral Foundation, by action of its Board, also may delegate any of its power and duties with respect to the Plan to one or more officers or other employees of the Protestant Episcopal Cathedral Foundation.

37. How are benefits under the Plan funded?

Benefits under the Plan are funded through annuity contracts provided by TIAA- CREF. The TIAA-CREF annuity contracts also offer mutual funds as an investment option. The mutual funds are held through mutual fund custodial accounts.

You can reach TIAA-CREF at the following telephone number and website:

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1-800-842-2733 www.tiaa-cref.org.

38. How can I learn more about the Plan?

Requests for information about the Plan and its terms, conditions and interpretations, including eligibility, participation, contributions, and other aspects of operating the Plan, should be directed to the Human Resources Department of the Protestant Episcopal Cathedral Foundation or TIAA-CREF.

39. May the terms of the Plan be changed?

While it is expected that the Plan will continue indefinitely, the Protestant Episcopal Cathedral Foundation reserves the right to amend or terminate the Plan at any time and for any reason, upon the recommendation of the School’s Governing Board.

40. Does the Plan recognize Qualified Domestic Relations Orders?

Yes. By law, the Plan must comply with a valid qualified domestic relations order (“QDRO”). A QDRO is an order or judgment from a court directing the Plan to pay all or part of your Plan benefits to a spouse, former spouse or dependent (an “alternate payee”) for child support, alimony payments or marital property rights. You can obtain additional information about the procedures governing QDROs, free of charge, by contacting the Protestant Episcopal Cathedral Foundation’s Human Resources Department at:

Protestant Episcopal Cathedral Foundation c/o Human Resources Department Mount Saint Alban Washington, DC 20016-5098 (202) 537-5672

41. How do I request benefits under the Plan?

Please contact the Human Resources Department of the Protestant Episcopal Cathedral Foundation at the address and telephone number listed immediately above.

42. If my request regarding the Plan is denied, how may I appeal?

If your request for a benefit under the Plan is denied in whole or part, you will have 60 days in which to file a written request for review by the Protestant Episcopal Cathedral Foundation. The Protestant Episcopal Cathedral Foundation will:

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1. Provide you, upon your request, reasonable access to, and copies of, any documents, records or other information relied on by the Protestant Episcopal Cathedral Foundation; and

2. Provide you with the opportunity to submit written comments, documents, records and other information relating to the claim.

The Protestant Episcopal Cathedral Foundation may, in its discretion, impose a reasonable charge for copies you request.

The Protestant Episcopal Cathedral Foundation will permit your authorized representative to act on your behalf in submitting a written request for further review. The Protestant Episcopal Cathedral Foundation may require such information or certification, however, as it deems necessary in order to determine whether an individual who purports to be your authorized representative has in fact been authorized to act on your behalf.

Following receipt by the Protestant Episcopal Cathedral Foundation of your written request for review, the Protestant Episcopal Cathedral Foundation will conduct a review of its adverse determination, taking into account all comments, documents, records and other information you submit relating to the claim. If the Protestant Episcopal Cathedral Foundation determines in its discretion that it would be helpful to seek additional material or information from you, it may request such additional material or information in writing.

In general, the Protestant Episcopal Cathedral Foundation will provide you with a written decision on your request for review within 120 days after receipt of your request for review. In the event that the Protestant Episcopal Cathedral Foundation is unable to deliver a written decision within 120 days, you will be so notified and the Protestant Episcopal Cathedral Foundation will issue a decision within a reasonable time thereafter.

You may not file a claim in court for non-payment or underpayment of benefits that you believe are owed by the Plan (regardless of whether the benefits are allegedly due under the terms of the Plan or by reason of any law) until you have completed the Plan’s review procedures.

43. Who pays the Plan’s administrative expenses?

All reasonable expenses resulting from the administration of the Plan will be paid either by the Protestant Episcopal Cathedral Foundation or by the Plan. If the Plan pays certain expenses, your Account may be reduced proportionally.

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44. Are there rules in the Plan concerning filing of lawsuits for benefits or other law suits?

Yes. All lawsuits for underpayment of benefits must be filed within 36 months after you begin receiving benefit payments. All lawsuits for non-payment of benefits must be filed within 36 months after the time you first became aware, or reasonably should have become aware, of the non-payment. Also, class actions relating to the Plan must be filed in the District of Columbia (the location where the Plan is administered) or in the state or district where the majority of putative class members reside.

45. Who is the agent for service of legal process?

The agent for service of legal process is:

Protestant Episcopal Cathedral Foundation Attn: Executive Director, Human Resources and Community Relations Mount Saint Alban Washington, DC 20016-5098

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