Benefits
LAFAYETTE COLLEGE TAX-DEFERRED ANNUITY PLAN
Summary Plan Description
April 1998
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Part I: Information About The Plan Part II: Information About The Fund Sponsor Part III: Additional Information |
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| INTRODUCTION | Return to Top |
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This summary was prepared for the participants in the Lafayette College Tax-Deferred Annuity (TDA) plan. If there is any ambiguity or inconsistency between this summary and the Plan Document, the terms of the Plan Document will govern. With respect to benefits provided by TIAA-CREF annuity contracts or certificates, all rights of a participant under the contracts or certificates will be determined only by the terms of such contracts or certificates. Employer Identification Number: 24-0795686 Plan Number: 002 | |
| Part I: Information About The Plan | Return to Top |
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Lafayette College (the "Institution") TDA Plan (the "Plan") is a defined contribution plan that operates under Section 403(b) of the Internal Revenue Code (IRC). The Plan was established on January 1, 1975. The Plan is an arrangemen t allowed under Section 403(b) of the IRC, where employees of tax exempt organizations can enter into salary reduction agreements with their employers. Under the agreement, a portion of the employee’s compensation is contributed to an account in the emplo yee’s name rather than being paid directly to the employee. These amounts, together with any earnings, are not subject to federal income tax until they are paid to the employee (or beneficiary) in the form of benefits. Benefits are provided through: Subject to certain restrictions described below, you direct the investment of the amounts in your account among the funding vehicles named above. The Institution is the administrator of the Plan and has designated the Vice President for Human Resources to be responsible for plan operations. The plan year begins on January 1 and ends on December 31. The Institution reserves the right to modify or discontinue the Plan at any time. The Institution, by action of its Board, also may delegate any of its power and duties with respect to the Plan or its amendments to one or more officers or other employe es of the Institution. Any such delegation shall be stated in writing. The Institution will exercise good faith, apply standards of uniform application, and refrain from arbitrary action. All employees of the College who normally work for the College 20 hours or more in a week can participate in the plan, except for students whose income from the College is not subject to FICA (Social Security) taxes and any other indi vidual who is not treated by the College as an employee for employment tax purposes, such as leased employees and independent contractors. If you are an eligible employee, you may begin participation in this Plan on the first of the month following employment. To participate in this plan, you must complete the enrollment forms, as well as a Salary Reduction Agreement, and return them to t he Institution. Participation in this Plan is voluntary. You are not required to join the Plan. If you decide to participate in the Plan, you will continue to be eligible for the plan until (a) you cease to be an eligible employee, (b) the plan is terminated, or (c) y ou stop contributing to the Plan, whichever occurs first. To participate, you must enter into a written salary reduction agreement with the Institution. Under the agreement, your salary earned after the agreement is signed is reduced and the amount of the reduction is applied as premiums to one or more of the funding vehicles you select that are available under this Plan. You may not enter into more than three salary reduction agreements in any taxable year. The salary reduction agreement will be legally binding and irrevocable with respect to salary earned w hile the agreement is in effect. Yes. The total amount of contributions made on your behalf for any year will not exceed the limits imposed by section 415 and section 403(b) of the IRC. These limits may be adjusted from time to time. For more information on these limits, contact your plan administrator or fund sponsor. In addition, salary reduction contributions to this Plan will be further limited by IRC Section 402(g) limit ($10,000 for 1998). If you have made salary reduction contributions that exceed the 402(g) limit, you should request a distribution of the exce ss by notifying the Plan administrator by March 1 of the following year. The excess will be distributed to you by April 15. During a paid leave of absence, Plan contributions will continue to be made in accordance with the salary reduction agreement. No contributions will be made during an unpaid leave of absence. You are fully and immediately vested in the benefits arising from contributions made under this Plan. Such amounts are nonforfeitable. You may elect to receive benefits at any time after termination of employment. Retirement benefits must normally begin no later than April 1 of the calendar year following the later of the year in which you attain age 70 ½ or the year in which you terminate employment; although earlier payment may be available for employees who attain age 70 ½ prior to 1999. Failure to begin annuity income by the required beginning date may subject you to a substantial federal tax penalty. Contact your Plan administrator for more information. If you die before the distribution of benefits has begun, your entire interest must normally be distributed by December 31 of the fifth calendar year after your death. Under a special rule, death benefits may be payable over the life or life expectancy of a designated beneficiary if the distribution of benefits begins not later than December 31 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 de ferred until December 31 of the calendar year that you would have attained age 70 ½ had you continued to live. The payment of benefits according to the above rules is extremely important. Federal tax law imposes a 50 percent excise tax on the difference between the amount of benefits required by law to be distributed and the amount actually distributed if it i s less than the required minimum amount. Your fund sponsor will normally contact you several months before the date you scheduled your benefits to begin on your application. You may decide, however, to begin receiving income sooner, in which case you should notify the fund sponsor in advance of that date. Usually, the later you begin to receive payments, the larger each payment will be. You may choose from among several income options when you retire. However, if you are married, your right to choose an income option will be subject to your spouse’s right (under federal pension law) to receive benefits in the form of a survivor annuit y, unless this right is waived by you and your spouse. The following distribution options are available: Rules Applicable to TIAA and CREFA Single 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 other options. This option is also available with a 10, 15, or 2 0 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 would have received continue to your beneficiary(ies) for the res t of the guaranteed period. A Survivor Annuity. This option pays you a lifetime income, and if your annuity partner lives longer than you, he or she continues to receive an income for life. The amount continuing to the survivor depends on which of the following three optio ns you choose: All survivor annuities are available with a 10, 15, or 20 year guaranteed period, but not exceeding the joint life expectancies of you and your annuity partner. The period may be limited by federal tax law. A Minimum Distribution Option (MDO). The MDO is for participants age 70 ½ or older. With the MDO, you’ll receive the minimum distribution that is required by federal tax law while preserving as much of your accumulation as possible. The minimum distribution will be paid to you annually. Periodic Installment Payments. This option pays benefits for a fixed period of between five and 30 years. 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 b eneficiary for the duration of the fixed period. The fixed period may not be longer that your life expectancy or the joint life expectancy of you and your designated beneficiary. Rules Applicable to FidelityA Single Sum Distribution. This option pays you the entire value of your account in a single sum. Periodic Installment Payments. This options permits you to direct the payment to you of a specific dollar amount from time to time. A Single Life Annuity. This option pays you an income for as long as you live, with payments stopping at your death. This option is also available in a form providing periodic payments for your life and then payments continuing to your spouse following your death and in the form of payments over a guaranteed period. No such payments may be made over a period exceeding your life expectancy or the joint life expectancies of you and your spouse. A 50% Survivor Annuity. This option pays you a lifetime income and, if your spouse survives you, income for his or her life in an amount equal to 50% of the amount paid while you were alive. The amount paid while you are alive will be less tha n the amount paid in the form of a single life annuity because payments are expected to be made over two lives. This option may also be payable in a form that pays a survivor benefit greater than 50%. See your Plan administrator for more information. Payment under the annuity options will be made from an annuity contract purchased from an insurance company. Rules Applicable to TIAA, CREF and FidelityIf you are married, you may elect a form of payment other than a survivor annuity only if your spouse consents. This election (and consent) may be made only during the 90-day period before the commencement of benefits. The waiver may also be revoked during the same period. It may not be revoked after benefit payments begin. If you are married and benefits commenced before your death, your surviving spouse will receive death benefits, if any, as provided in accordance with the form of payment in effect at the time of your death. If you die before annuity income begins, your surviving spouse will receive a benefit that is at least half of the full current value of your annuity accumulation, payable in a single sum or under one of the income options offered by the fund sponsor ( pre-retirement survivor annuity). If you are married, benefits must be paid to you as described above, unless your written waiver of the benefits and your spouse’s written consent to the waiver is filed with the fund sponsor on a form approved by the fund sponsor. A waiver of the joint and survivor annuity may be made only during the 90-day period before the commencement of benefits. The waiver also may be revoked during the same period, but may not be revoked after benefit payments begin. The period during which you may elect to waive the pre-retirement survivor benefit begins on the first day of the plan year in which you attain age 35. The period continues until the earlier of your death or the date you start receiving annuity income . If you die before attaining age 35 — that is, before you have had the option to make a waiver — at least half of the full current value of the annuity accumulation is payable automatically to your surviving spouse in a single sum, or under one of the in come options offered by the fund sponsor. If you terminate employment before age 35, the period for waiving the pre-retirement survivor benefit begins no later than the date of termination. The waiver also may be revoked during the same period. All spousal consents must be in writing and either notarized or witnessed by a plan representative and contain an acknowledgment by your spouse as to the effect of the consent. All such consents shall be irrevocable. A spousal consent is not required i f you can establish to the institution’s satisfaction that you have no spouse or that he or she cannot be located. Unless a Qualified Domestic Relations Order (QDRO), as defined in Code Section 414(p), requires otherwise, your spouse’s consent shall not b e required if you are legally separated or you have been abandoned (within the meaning of local law) and you have a court order to such effect. The spousal consent must specifically designate the beneficiary or otherwise expressly permit designation of the beneficiary by you without any further consent by your spouse. If a designated beneficiary dies, unless the express right to designate a ne w one has been consented to, a new consent is necessary. A consent to an alternative form of benefit must either specify a specific form or expressly permit designation by you without further consent. A consent is only valid so long as your spouse at the time of your death, or earlier benefit commencement, is the same person as the one who signed the consent. If a QDRO establishes the rights of another person to your benefits under this Plan, then payments will be made according to that order. A QDRO may preempt the usual requirements that your spouse be considered your primary beneficiary for a portion of the accumulation. Yes, subject to your spouse’s rights to survivor benefits, you may receive all of your accumulations as a cash withdrawal after you terminate employment. You can elect to receive your cash withdrawal from TIAA or CREF through a series of systematic payments using TIAA-CREF’s Systematic Withdrawal service. This service allows you to specify the amount and frequency of payments. Currently, the initial amo unt must be at least $100 per account. 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 . No. See question 14 below. Yes. If you incur a hardship before you terminate employment, you may receive a lump-sum cash payment, subject to the restrictions of the funding vehicle. Hardship distributions will be permitted only if you incur an immediate and heavy financial need and the distribution is necessary to meet the financial need. To be considered for a hardship distributions, you will need to complete an application form and supply supporting documentation required by the Plan administrator. No earnings credited on or after January 1, 1989 will be available for hardship distributions. If a hardship distribution is made to you, all employee contributions to any plan maintained by your Institution may be suspended for 12 months after you receive the distribution. In addition to any other limits under this Plan, your maximum permitted contribution under Code Section 402(g) in the next taxable year after the taxable year of the hardship distribution may be reduced by the amount of the hardship distribution. As with any withdrawal, you should consult with your tax advisor since there are possible tax consequences. Yes, you may take a loan from your TIAA-CREF accounts, but not from your Fidelity accounts. If you are married at the time you request the loan, your spouse must consent to the loan. The loan will be administered by the applicable fund sponsor. Specifi c loan provisions for each fund sponsor are described below: How much you can borrow. 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 on two factors: 1) the amount of your GSRA accumulation, and 2) wh ether you have had any other loans from any of this Institution’s plans within the last year. If you have not had a plan loan in the previous year, your maximum loan is the least of: 1) $50,000; or 2) 45 percent of your combined TIAA and CREF GSRA accumulation attributable to participation under this Plan; or 3) 90 percent of your TIAA Traditio nal Annuity GSRA accumulation attributable to participation under this Plan. If you have had another loan from any plan of this Institution within the last year the maximum you can borrow will be reduced by that amount. Also, if more than one employer contributed to your Annuities, you can only take loans against the amo unt you accumulated under this Institution’s Plan. You should check with your other employers for their rules on loans. Securing your loan. You have to set aside an amount equal to 110 percent of your loan in your TIAA Traditional Annuity GSRA accumulation as security for your loan. The security will continue to earn guaranteed interest as well as dividends. 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 accumulation becomes available to you for withdrawal and retirement income. If you die before repaying your loan, the remaining loan balance will be repaid from the TIAA Traditional Annuity accumulation set aside as security. Your beneficiaries would receive the balance of your accumulation. Determining the interest rate. The loan interest rate is variable and can increase or decrease every three months. The interest rate you pay initially will be the higher of 1) the Moody’s Corporate Bond Yield Average for the calendar month ending two months before your loan is issued; or 2) the interest rate credited before your annuity starting date, as stated in the applicable rate schedule, plus 1 percent. Thereafter, the rate may change quarterly, but only if the new rate differs from your current rate by at least ½ percent. Repayment. You have from one to five 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 ten years to repay. The term of the loan usually cannot extend past April 1s t of the year after the year you attain age 70 ½ . Your first payment will be due the first day of the third month after your loan is issued, and every three months thereafter. You can repay your loan early with no penalties. You can also make partial prepayments any time. If you do, whatever you prepa y will be applied directly to the principal amount of your loan. (Regularly scheduled payments are applied first to interest, then to principal.) Any prepayments will reduce the amount of future repayments, not the number of payments. TIAA offers a free automatic loan repayment service. Your bank will debit your checking account and send your repayment to TIAA on the date it’s due. If you prefer to repay your loan directly, TIAA will send you a bill every three months, at least ten days before the payment is due. Defaults. If TIAA does not receive your loan repayment by the last day of the month it’s due, you will be in default. Currently, it appears that the amount in default will be the missed payment plus all interest accrued to date. However, it is possible that your entire loan balance will be considered in default if you miss one payment. To the extent permitted by federal tax law, TIAA will deduct the amount in default from the collateral held in the TIAA Traditional Annuity GSRA and apply it toward repaying the loan. It is very important to keep in mind, however, that the IRS requires TIAA 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 59 ½, your default may also be subject to an additional 10 percent federal tax penalty. TIAA assumes no responsibility for the tax consequences resulting from loan defaults. Tax law may prohibit TIAA from deducting the default amount from your accumulation until you reach age 59 ½, terminate employment, become disabled, or die, whichever occurs first. In these cases, you will be taxed on the default amount as if you receiv ed it as income in the year the default occurred. Interest accrues on the total amount in default and you are taxed on this interest each year until TIAA is able to deduct the defaulted amount from your accumulation to repay the loan. To apply for a loan or for more information. 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. If you are entitled to receive a distribution from your account which is an eligible "rollover distribution," you may rollover all or a portion of it either directly or within 60 days after receipt into another Section 403(b) retirement plan or into an IRA. An eligible rollover distribution, in general, is any cash distribution other than an annuity payment, a minimum distribution payment or a payment which is part of a fixed period payment over ten or more years. The distribution will be su bject to a 20 percent federal withholding tax unless it is rolled over directly into another retirement plan or into an IRA -- this process is called a "direct" rollover. If you have the distribution paid to you, then 20 percent of the distribution must be withheld even if you intend to roll over the money into another retirement plan or into an IRA within 60 days. To avoid withholding, instruct the fund sponsor to dire ctly roll over the money for you. If you die before beginning retirement benefits, the full current value of your account is payable as a death benefit. You may choose one or more of the available options, or you may leave the choice to your beneficiary. The payment options include: Federal tax law puts limitations on when and how beneficiaries receive their death benefits. TIAA-CREF or Fidelity 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 TI AA-CREF or Fidelity. If you die without having named a beneficiary and you are married at the time of your death, your spouse will automatically receive one half of your account and your estate will receive the other half. If you are not married, your es tate receives the entire accumulation in your account. In addition, see the answer to the question "What are my spouse’s rights under this plan to survivor benefits?" for a discussion of your spouse’s rights to a survivor benefit if you are married at the time of your death. |
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| Part II: Information About The Fund Sponsors | Return to Top |
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Contributions may be invested in one or more of the following fund sponsors and their funding vehicles that are currently available under this Plan: Any additional accounts offered by TIAA-CREF will automatically be made available to you under this plan. The Institution’s current selection of fund sponsors and funding vehicles is not intended to limit future additions or deletions of fund sponsors and funding vehicles. You will be notified of any additions or deletions.
TIAA Traditional Annuity: Contributions to the TIAA Traditional Annuity are used to purchase a contractual or guaranteed amount of future retirement benefits for you. Once purchased, the guaranteed benefit of princip al plus interest cannot be decreased, but it can be increased by dividends. Once you begin receiving annuity income, your accumulation will provide an income consisting of the contractual, guaranteed amount plus dividends that are declared each year and w hich are not guaranteed for the future. Dividends may increase or decrease, but changes in dividends are usually gradual. For a recorded message of the current interest rate for contributions to the TIAA Traditional Annuity, call the Automated Telephone S ervice (ATS) at 1-800-842-2252. The ATS is available 24 hours a day, seven days a week. CREF and the TIAA Real Estate Account: You have the flexibility to accumulate retirement benefits in any of the CREF variable annuity accounts approved for use under the Plan, as indicated above, and the TIAA Real Es tate Account. Each 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. You may also choose to receive annuity income under any of the CREF accounts and the TIAA Real Estate Account. There is no guaranteed baseline income or declared dividends when you receive an nuity income from these accounts. 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 ab out the TIAA Real Estate Account, refer to the TIAA Real Estate Account prospectus.For a recorded message of the latest accumulation unit values for the CREF Accounts and TIAA Real Estate Account, as well as the seven-day yield for the CREF Money Market Account, call the ATS at 1-800-842-2252. The recording is updated each business d ay. Fidelity. Contributions to a Fidelity account are used to buy shares of participation in underlying investment portfolios. The value of the shares changes each business day. There is no guaranteed income associate d with this investment. The growth of your account depends on the investment experience of the portfolios in which you are invested. For more information on Fidelity accounts, you should refer to the prospectus for the portfolio in which you are interes ted in investing or call 1-800-343-0860.
You may allocate contributions among the funding vehicles in any whole-number proportion, including full allocation to any funding vehicle. TIAA-CREF. You may specify the percentage of contributions to be directed to the TIAA-CREF Accounts on the "Enrollment Form for TIAA-CREF Group Supplemental Retirement Annuity Certificates" when you begin participation. You may change your allocation of future contributions at any time after participation begins by calling the ATS toll free at 1-800-842-2252. When you receive your GSRA certificates, you will also be sent a Personal Identification Number (P IN). The PIN enables you to change your allocation by using the ATS. For more information on allocations, ask for the TIAA-CREF booklet Guiding Your Retirement Savings.Fidelity. You may specify the percentage contributions to be allocated to the Fidelity accounts on the "Account Application Form" when you begin participation. You may change your allocation of future con tributions at any time by calling 1-800-343-0860.
You may transfer your TIAA, CREF and Fidelity accumulations among the TIAA Traditional Annuity the TIAA Real Estate Account, the CREF Accounts and the Fidelity Accounts. Total transfers of your accumulation may be made at any time. Partial transfers ma y be made at any time as long as at least $1,000 is transferred each time. There is no charge for transferring accumulations. You may complete transfers within the TIAA-CREF system either by phone or in writing. CREF and TIAA Real Estate Account transfers, as well as premium allocation changes, 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. Fidelity transfers may be made by calling 1-800-343-0860. Transfers 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 Fidelity, 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.
Yes. Once you decide to receive your benefits as income, you have the flexibility to begin income from the TIAA Traditional Annuity, the TIAA Real Estate Account, CREF accounts and Fidelity accounts on different dates. You may begin income from each CR EF account and the TIAA Real Estate Account on more than one date provided you begin income from at least $10,000 of accumulation in that account.
Yes, under current administrative practice, you can elect to receive income from your TIAA and CREF annuities and Fidelity accounts under more than one income option to meet your specific retirement needs. However, with respect to your TIAA and CREF an nuities, you must begin income from at least $10,000 of accumulation under each option.
TIAA and CREFEach year, you will receive an annual Annuity Benefits Report from TIAA-CREF that shows the total accumulation value at year-end for your contracts. This is the amount of death benefits your spouse or other beneficiary would have received on that date. It also includes an illustration of the annuity income you would receive at retirement under certain stated assumptions as to future premiums, your retirement age, the income option and payment method selected, TIAA Traditional Annuity dividends, and the investment experience of the TIAA Real Estate Account and the CREF accounts. These factors affect the amount of your retirement income. TIAA-CREF also sends you a Quarterly Confirmation of Transactions. This report shows the accumulation totals, a summary of transactions made during the period, TIAA interest credited, and the number and value of TIAA Real Estate Account and CREF accoun t 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. And once a year, you will receive the TIAA-CREF Annual Report. The Annual Report summarizes the year’s activity, including details on TIAA and CREF investments, earnings, and investment performance. FidelityFidelity sends you a Quarterly Confirmation of Transactions. This report shows your contributions, a summary of transactions made during the period, and interest credited. And once a year, you will receive the Fidelity Annual Report. The Annual Report summarizes the year’s activity, including details on Fidelity investments, as well as the earnings and performance of your investments. |
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| Part III: Additional Information | Return to Top |
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Lafayette College, located at Markle Hall, Easton, Pennsylvania 18042, (610) 250-5060, is the Plan Administrator of the Plan. The College has designated the Vice President for Human Resources to act on behalf of the Plan Administrator. The Plan Admini strator is responsible for enrolling participants, forwarding Plan contributions for each participant to the fund sponsors selected, and performing other duties required for operating the Plan. The Plan Administrator will be the sole judge of the application and interpretation of the Plan, and will have the discretionary authority to construe the provisions of the Plan, to resolve disputed issues of fact, and to make determinations regarding eligibility for benefits. The decisions of the Plan Administrator in all matters relating to the Plan (including, but not limited to, eligibility for benefits, plan interpretations, and disputed issues of fact) will be final and binding on all parties an d generally will not be overturned by a court of law. Requests for information about the Plan and its terms, conditions and interpretations including eligibility, participation, contributions, or other aspects of operating the Plan should be in writing and directed to: Office of Human Resources Lafayette College Markle Hall Easton, Pennsylvania 18042
The following rules describe the claims procedure under the Plan:
As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974, as amended (ERISA). ERISA provides that all Plan participants are entitled to: In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for operating the Plan. The people who operate your Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and in t he interest of you and other Plan participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension benefit or exercising your rights under ERISA. If your claim for a pension benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial. You have the right to have the Plan review and reconsider your claim. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and do not receive them within 30 days, you may file a suit in a federal court. In such a case, the court may require the Plan A dministrator to provide the materials and pay you up to $100 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Administrator. If you have a claim for benefits that is denied or ignored i n whole or in part, you may file suit in a state or federal court. If the Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay cou rt costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees; for example, if it finds your claim is frivolous. If you have any q uestions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, you should contact the nearest office of the Pension and Welfare Benefits Administration, U.S. Departmen t of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.
No. Since the Plan is a defined contribution plan, it is not insured by the PBGC. The PBGC is the government agency that guarantees certain types of benefits under covered plans.
The agent for service of legal process is the Vice President for Human Resources, Lafayette College, Easton, Pennsylvania. |
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