NYU Langone Hospitals 403(b) Plan Summary Plan Description This booklet summarizes the provisions contained in the legal plan documents for the NYU Langone Hospitals 403(b) Plan (the “Plan”). The official plan documents will govern in the event of any conflict with the terms of this booklet. The plan documents are available for you to read; to obtain a copy, contact the NYU Langone Health Human Resources Department at 212-404-3787 or via email at [email protected]. NYU Langone Hospitals reserves the right to discontinue or change the Plan at any time. Nothing in this Summary Plan Description should be interpreted as implying a contract of employment. Being a participant in the Plan does not imply any right of continued employment with any employer in the NYU controlled group of employers. The issue date of this booklet is January 2021. Table of Contents SAVING FOR THE FUTURE ..............................................1 HOW THE PLAN WORKS ...............................................1 ELIGIBILITY AND PARTICIPATION. .2 Who Can Participate? Satisfying the Applicable Waiting Period When Do You Participate? Eligible Job Classifications, Waiting Periods and Contributions Chart Designation of Beneficiary CONTRIBUTIONS TO THE PLAN .........................................5 Employer Contributions Participant Contributions Rollover Contributions Eligible Salary Vesting Limits on Contributions Military Service CHOOSING INVESTMENTS .............................................7 Reallocating Your Future Contributions Transferring Existing Account Balances Tracking Your Investments Responsibility for Investment Decisions Forms and Tools Online Table of Contents (continued) WITHDRAWALS/DISTRIBUTIONS OF YOUR PLAN ACCOUNTS ...............8 In-service Withdrawals Before Retirement or Severance from Employment Age 59½ Withdrawals Withdrawals on Account of Disability Hardship Withdrawals Loans When You Leave NYU Langone Hospitals Forms of Payment Benefits Upon Death Spousal Consent Rights to Your Account TAXATION OF YOUR ACCOUNT ........................................11 A Note on State Practices OTHER INFORMATION YOU SHOULD KNOW .............................11 Commencing Benefits Claims and Appeals When Participation Ends Insured Benefits Effect on Other Benefits How to Get Answers to Your Questions Compliance with Federal Laws Future of the Plan Your Rights Under ERISA PLAN FACTS ........................................................14 CLAIMS AND APPEALS PROCEDURES ..................................15 SAVING FOR YOUR FUTURE Overview NYU Langone Hospitals provides outstanding employee benefits, which compare favorably with those of other top-ranking medical research institutions. One of the chief benefits of being an NYU Langone Hospitals employee is the opportunity to participate in the Plan. This Plan is a tax-deferred 403(b) retirement plan to which NYU Langone Hospitals contributes and you have the option to contribute. NYU Langone Hospitals’ employees have a benefit plan that gives them a powerful start on retirement savings: If you are eligible, NYU Langone Hospitals contributes a percentage of your eligible salary without any required contribution on your part. You can supplement this with tax-deferred savings from your paycheck. You can decide whether you want to manage your own investment portfolio from a menu of fund options or you can select mutual funds which automatically rebalance each year to your target retirement date. Or, if you don’t make a selection, contributions will be invested in the Plan’s default investment fund until you direct otherwise. If you are not already saving from your salary, you may think it will be impossible to start. But the Plan makes it easy: Your contribution comes out of your salary before you receive your paycheck, so saving is automatic; plus you do not pay federal income tax on the portion of your salary that you contribute to your account until you make a withdrawal. This tax savings means it costs you less to contribute to the Plan than if you had contributed to a regular after-tax savings account. If you want to make participant contributions to the Plan from your salary, you will need to make a salary reduction election which states the flat dollar or percentage amount by which you will have your paycheck reduced before taxes are taken. Think of it this way: Participating in the Plan is like receiving a bonus each year. NYU Langone Hospitals’ contribution to your account is in addition to your salary; an addition which builds security for your future. Before You Begin This booklet is a summary of the Plan’s most important W You can call the dedicated customer service center features. In the course of reading this summary, you may at 855-200-7240. come across some words and phrases that have specific W If you are an active employee at NYU Langone Health, meaning within the context of the Plan. To help you you can log on to atnyulmc.org with your Kerberos ID understand these terms, they are defined in the text. and password. Click on “Human Resources” from the Additionally, please read the “Other Information You Should top navigation, and then click on “Retirement Savings”. Know” section of this booklet for important information On the “Retirement Savings” page, click on the “Manage and facts about your rights as a participant of the Plan. My Account” button. Effective November 1, 2012, TIAA became the Plan’s W Go online to TIAA.org/retirenyuhc. You will need a sole recordkeeper. TIAA is an important source of user ID and a password. information about the Plan. To contact TIAA with questions or to access your account, you have several choices: HOW THE PLAN WORKS NYU Langone Hospitals makes an employer contribution to the advantages of this Plan is that you can reduce your your account after each paycheck while you are an eligible current federal income tax by participating, as explained participant. For this reason, this type of plan is called a later in this booklet. Your monthly retirement benefit “defined contribution” plan. The Plan is authorized under depends on the amount of money that is contributed to Section 403(b) of the Internal Revenue Code. You may elect your account before you retire and how this money grows to make participant contributions to the Plan from your through investment by the time you reach retirement. paycheck through salary reductions. This means that your Your contributions and any investment earnings on them participant contributions are taken out of your pay before are tax deferred until they are withdrawn. taxes are applied, thus reducing your taxable pay. One of 1 NYU Langone Hospitals 403(b) Plan Summary Plan Description ELIGIBILITY AND PARTICIPATION Who Can Participate? For purposes of the waiting period, your NYU Washington Square, NYU Grossman School of Medicine, and NYU You are eligible for employer contributions under the Plan Abu Dhabi service, as well as service with NYU Tandon if you are: School of Engineering on or after July 1, 2008, service W In an eligible job classification,* with NYU Langone Hospital-Brooklyn (and prior to April 1, W You have base hours of at least 17.5 hours per week, and 2015, Lutheran Medical Center), NYU Langone Health W You have met the waiting period applicable for your System, NYU Imaging, Inc** on or after August 1, 2018 job classification.* (see note on Meridian Service below), NYU Langone Hospital—Long Island,* NYU Langone MSO, Inc. and any * Please see the Eligible Job Classifications, Waiting other member of the NYU Controlled Group of Employers Periods and Contributions Chart on the next page. is recognized under the plan. Employees who are nonresident aliens with no U.S. Your service with a prior employer may be recognized as source of income, employees of NYU Winthrop Hospital service with NYU Langone Hospitals in the case of certain Division and its affiliates or employees who are eligible acquisitions or transactions between NYU Langone for another Internal Revenue Code section 401(a) or Hospitals and your prior employer. See examples below. 403(b) plan sponsored by NYU Langone Hospitals (unless you have opted out of that plan under procedures *NYU Langone Hospital—Long Island Service: If you established by NYU Langone Hospitals) are not eligible were hired at NYU Langone Hospitals on or after January for employer contributions under this Plan. 1, 2018, any continuous service with no intervening employment at NYU Langone Hospital—Long Island (and If you otherwise would be eligible to receive an employer its predecessor NYU Winthrop Hospital or Winthrop contribution for a plan year if your base hours were University Hospital) for periods prior to the date on which higher, you will be eligible to receive an employer you were hired by NYU Langone Hospitals will be treated contribution for that year if you are employed by as service with NYU Langone Hospitals for purposes of NYU Langone Hospitals on the last day of the year and are eligibility and vesting. credited with at least 1,000 hours of service in that year. Nexera Service: If you transferred from Lutheran There is no waiting period to make participant Medical Center to Nexera Inc. and then subsequently contributions to the Plan. You are eligible to make became an employee of NYU Langone Hospitals in 2017 participant contributions to the Plan if you are a NYU with no intervening employment, service with Nexera Inc. Langone Hospitals employee, except that you are not for periods prior to the date on which you were hired by eligible if you are a nonresident alien with no U.S. source NYU Langone Hospitals was treated as service with NYU of income, an employee of NYU Winthrop Hospital Langone Hospitals for purposes of eligibility and vesting. Division and its affiliates or a leased employee. **Meridian Service: If you were employed at Meridian Satisfying the Applicable Imaging, Inc. prior to becoming an employee of NYU Imaging on or about August 1, 2018, and then transferred Waiting Period to NYU Langone Hospitals with no intervening You will satisfy the waiting period if you’ve completed one employment, up to one year of service with Meridian year or two years (as applicable*) at NYU Langone Imaging, Inc.