You may voluntarily contribute toward your retirement on an after-tax basis. Amounts contributed under the Supplementary Portion of the Plan are held in a separate account from your retirement benefits and invested in accordance with your instructions.
Effective as of January 1, 2016, the Plan will no longer accept these after-tax contributions. The decision to no longer accept these voluntary after-tax contributions for the Supplementary Portion of the Plan will in no way reduce or adversely affect your vested pension benefits under the Plan.
Web site: www.ibenefitscenter.com
Eligibility and Enrollment
All active, regular employees of ABC, Inc. who are participants in the Plan in bargaining unit employment are eligible to participate and may enroll at any time.
To enroll in the Supplementary Portion of the Plan, complete the Enroll-by-Phone checklist which may be obtained upon request from Putnam and call the contact number shown above. Contributions will begin at the first pay period of the month after you enroll in the Plan.
You may contribute 3%, 4%, or 5% of your Base Pay on an after-tax basis. You may change the percentage you contribute to the Plan by calling or logging on at the web address shown above. Changes received by Putnam will be collected on the 15th of each month (or the first business day thereafter if the 15th is a weekend or holiday). The change will become effective with the first pay period of the following month.
You may invest your contributions in 1% increments in any or all of the available investment options made available under the Supplementary Portion of the Plan. For information about your investment choices or to make changes to your investment choices, call or log on at the web address shown above. Your account investments are valued on each business day that the New York Stock Exchange is open.
You may withdraw all or part of your after-tax contribution account at any time, subject to a minimum withdrawal requirement of $100 and any applicable processing fee. If you are married, spousal consent is necessary for an in-service withdrawal. Withdrawals will be taken pro-rata from the investment funds in which your account is invested.
Retirement or Termination of Employment
You may elect to have the value of your account distributed to you upon retirement or termination of employment.
Form of distribution rules and rules regarding distribution of your account if you die are described in the Summary Plan Description.
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Investment Election Transfers
You may make transfers on a daily basis among the funds in which your account is invested by calling or logging on at the web address shown above. Changes must be made in increments of 1% of the amount held in the investment fund from which the transfer is being made. Currently, transfer requests received by 4:00 p.m. Eastern Time on a business day will be processed that day, and transfer requests received after 4:00 p.m. Eastern Time will be processed on the next business day.