Your ERIP Benefits

Eligibility

ERIP-Eligible Employees

Mandatory Participation

Year of Service Requirement

General Rule

Bridging Rule

Aggregation of Periods of Employment

Forfeiture of Years of Service

Breaks in Service

Voluntary Participation

Participating in ERIP

Participation Date

Participation Dates for Employees Transferring from the Hospitals to the University

Participation During a Leave of Absence

Leave of Absence

Disability

Uniformed Services Employment and Reemployment Rights Act

Participation Beyond Normal Retirement Age

When Participation Ends

Enrolling in ERIP

Enrollment Forms

Making Your Enrollment Elections

Naming a Beneficiary

Monitoring Your Investment Elections

Changing Your Investment Elections

Vesting in ERIP

Defined Benefit Portion

Vesting Requirements

Vesting Requirements for Employees Transferring from the Hospitals to the University

Vesting Requirements for Employee Contributions to ERIP’s Defined Benefit Portion

Defined Contribution Portion

Vesting Requirements for Participants Hired Before July 1, 2005

Vesting Requirements for Participants Hired After June 30, 2005

Vesting Requirements for Employees Transferring from the Hospitals to the University

Vesting Years

General Rule

Bridging Rule

Aggregation of Periods of Employment

Forfeiture of Vesting Years

Breaks in Service

Forfeiture of ERIP Benefits

Vesting Requirements Prior to July 1, 2005

How ERIP Works

Summary

How the Defined Benefit Portion Works

Calculating Your Benefit

Your Normal Retirement Benefit

Benefit Examples

Participant Contributions Made Prior to January 1, 1994

How the Defined Contribution Portion Works

ERIP Contributions

Rollover Contributions

Contributions and Earnings are Tax-Deferred

Limitations on Benefits and Contributions

Limitations on Defined Benefit Portion

Limitations on Defined Contribution Portion

Participant Loans

Amount of Loan

Securing Your Loan

Loan Terms

Loans in Default

Applying for Loans

Receiving Your Benefits

While You Are Employed by the University

After You Leave the University

Benefit Payments Under the Defined Benefit Portion

Types and Forms of Benefits

Forms of Benefit Payment

Reemployment After Benefit Payments Commence

Starting Benefit Payments from ERIP’s Defined Benefit Portion

Benefit Payments Under the Defined Contribution Portion

Amount of Benefits

Normal Form of Payment

Optional Forms of Payment

Description of Forms of Payment

Starting Benefit Payments from ERIP’s Defined Contribution Portion

Spousal Rights to ERIP Benefits

Things You Need to Know Before Choosing a Payment Option

Direct Rollovers

Deferring Benefit Payments

Paying Taxes

Lump Sum Distributions

Annuity Payments

Periodic Payments

Early Distribution Penalty

Distributions of After-Tax Contributions

An Important Point About Taxes

If Your Benefit Application is Denied

Death Benefits

If You Die After ERIP Benefits Begin

If You Die Before ERIP Benefits Begin

Death Benefits from ERIP’s Defined Benefit Portion

Death Benefits from ERIP’s Defined Contribution Portion

Spousal Rights to ERIP Death Benefits

Deferring Benefit Payments

Administrative Information

Your ERISA Rights

Receive Information About ERIP and Benefits

Prudent Actions by Plan Fiduciaries

Enforce Your Rights

Assistance with Your Questions

Plan Administrator

Plan Amendment and Termination

Pension Benefit Guaranty Corporation

Qualified Domestic Relations Orders

Plan References

A Final Note

While this Summary Plan Description summarizes the major provisions of this plan, it does not provide you with every plan detail. The plan documents, which govern this plan, provide full details. If there are any discrepancies between this Summary Plan Description and the legal plan documents, the legal plan documents control.