Summary Plan Description of the Beauvoir School Retirement Plan
Total Page:16
File Type:pdf, Size:1020Kb
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 Page 2 of 29 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 Page 3 of 29 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. Page 4 of 29 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. Page 5 of 29 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