is the responsibility of the employee to coordinate their contribution limits among all employers in a calendar year. • Investment Provider: 457(b) contributions are to the same investment provider as 401(a) contributions (Fidelity or TIAA). Quarterly administrative fees will apply and are subject to change. • Default Fund Selection: In the event no investment funds are selected, the default is a Fidelity Freedom Fund or TIAA Lifecycle Fund. The fund chosen will be based on the employee’s age with an expected retirement date at age 65. • Distributions: The participant is eligible for the distribution of funds only at termination of employment. The 10% early distribution penalty will generally not apply. • Beneficiary Designation: the employee must designate a beneficiary for the distribution of retirement account balances upon their death by contacting Fidelity or TIAA or making a designation online. Any beneficiary may be selected with no spousal waiver required. If no beneficiary is selected the default for all plans is 100% spouse (if applicable) then 100% to estate. • Hardship withdrawals: Not permitted. Loans and in-service withdrawals are also not permitted. • Minimum Balance Provision at Termination: Upon termination of employment, if a participant’s account balance (excluding rollovers) is $1,000 or less, an automatic distribution will occur during the first quarter of the calendar year following the year of termination.
Revised 1/15/2021
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