DESERET 401(K) PLAN - DMBA.com

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                                                                               DENHOD1HBA0119

                                                                               2020

DESERET 401(K) PLAN
This summary plan description (benefits handbook), or SPD, outlines the
major provisions of the Deseret 401(k) Plan as of January 1, 2020.

KEY POINTS OF THE PLAN
The Deseret 401(k) Plan is a traditional safe harbor defined contribution
plan. You contribute a percentage of your income to your account and your
employer matches a percentage of your contributions.
 • You control how your contributions and your employer’s contributions are
   invested.
 • You’re fully vested in the value of your account. That means you own the
   money in your account.
 • You may borrow funds from your account and pay them back with interest.
 • If you’re married, your legal spouse is your automatic beneficiary.
 • For eligible employees hired on or after April 1, 2010, your employer may
   also make additional Employer Discretionary Retirement Contributions.

                                                    1
ELIGIBILITY AND ENROLLMENT                                   SAVINGS OPTIONS
You’re eligible to participate in the plan if you are:       The Deseret 401(k) Plan has two savings options:
  • Employed by a participating employer.                                                     401(k)                   Roth 401(k)
  • 21 or older.                                                                              Before Tax*              After Tax**
  • In an included class of employment as defined             Employee                        Taxes deferred           Taxes paid
    by your employer.                                         Contributions                   until funds              before
                                                                                              withdrawn                contribution
  • Regularly scheduled to work at least 1,000
    hours a year or you have worked 1,000 hours               Employee                        Taxes deferred           Tax free
    in the current or prior year. After you meet              Contribution                    until funds
                                                              Earnings                        withdrawn
    this requirement, you’re eligible unless you’re
    moved to an excluded class of employment, as              Employer Match                  Taxes deferred           Taxes deferred
    defined by your participating employer.                                                   until funds              until funds
                                                                                              withdrawn                withdrawn
To enroll, log into DMBA’s website and choose
                                                              Employer Match                  Taxes deferred           Taxes deferred
the My Retirement drop-down menu and click on                 Earnings                        until funds              until funds
Access Account or call DMBA Member Services.                                                  withdrawn                withdrawn

Automatic enrollment                                         * The 401(k) before-tax option offers significant tax advantages. But if you’re
                                                              younger than 59½ and employed by a participating employer, government
We encourage you to enroll in the plan as soon                regulations restrict withdrawals from this option to cases of specific financial
                                                              hardship. See Hardship withdrawals.
as you’re eligible so you can immediately choose
your own contribution election and investment                ** Roth 401(k) after-tax investment earnings on your contributions are tax
                                                              free if you meet the withdrawal requirements. You cannot withdraw this
allocation.                                                   money before you’re 59½, nor within five years of your initial contribution
If you don’t enroll or change your election in                date. Withdrawals made from this option when you’re younger than 59½ or
                                                              before you end employment are subject to hardship restrictions.
the before-tax option to 0% within 30 days of
eligibility, we’ll automatically enroll you.
When you’re automatically enrolled, your                     CONTRIBUTIONS TO YOUR
contribution will be 6% of your pay to the                   ACCOUNT
before-tax option, with a matching 4% from your
                                                             Federal law limits the amount you can contribute
employer. Your account will be set up to invest in
                                                             to the plan each year and also limits the
the plan’s Long-term Preset Mix Asset Allocation
                                                             compensation your employer can use to calculate
Model, which is the Qualified Default Investment
                                                             the employer contributions. In 2020, your
Alternative. However, we encourage you to choose
                                                             annual maximum contributions to all defined
your own investment mix based on your age and
                                                             contribution plans are limited to 100% of your
investment time horizon.
                                                             eligible salary or $57,000, whichever is less. For
If within 90 days of your first contribution you             the 2020 plan year, your employer can use up
decide you don’t want to participate and you have            to $285,000 of compensation to calculate the
not made any modifications to your automatic                 employer contributions. These limitations may be
enrollment contribution amount or investments,               adjusted annually by the Internal Revenue Service.
you may opt out of the plan and request a refund             Other limits apply as outlined hereafter.
of your contributions plus any gains/losses. To
opt out, log into www.dmba.com or call DMBA                  Employee contributions
Member Services.
                                                             As a participant, you have several contribution
                                                             choices and requirements:

                                                         2
• Split your contributions between the                   Catch-up contributions may be made to the
   two savings options, or put all of your                401(k) before-tax option and/or the Roth 401(k)
   contributions into one option.                         after-tax option.
 • Contribute up to the maximum amount
   allowed by law. In 2020, the IRS maximum               Employer-matching contributions
   is $19,500 in the 401(k) before-tax and Roth           When you contribute to the plan, your employer
   401(k) after-tax options combined.                     makes a matching contribution to your account as
 • Change your contribution percentage. Your              shown here:
   contribution must be in whole percentages                    Your        Your Employer’s       Total
   of your eligible salary, not including taxes and          Contribution    Contribution      Contribution
   other deductions. If you have any questions,
   check with your payroll department to                         1%               1%               2%
   make sure your paycheck can cover your                        2%               2%               4%
   contribution. Depending on your employer’s                    3%               3%               6%
   payroll cycle, it may take one or two pay
                                                                 4%              3.5%             7.5%
   periods before the change is effective.
                                                             5% or more           4%            9% or more
 • Take advantage of catch-up contributions if
   applicable.                                            To receive a full employer match, you must make
 • If you’re working for more than one                    contributions each pay period throughout the year.
   participating employer that offers the Deseret         Please note, only money you contribute to the
   401(k) Plan, you must contribute the same              Deseret 401(k) Plan is eligible for a matching
   percentage from each paycheck.                         contribution from your employer. Contributions
                                                          you may make to any other savings program,
Increasing your contributions                             even through payroll deduction, don’t qualify
                                                          for the matching contribution.
We encourage you to increase the amount you
save each year to better prepare for retirement.
You can increase your contributions whenever you          Employer Discretionary Retirement
choose by any whole percentage. You may also              Contributions (EDRC)
choose to schedule an automatic increase of your          For eligible employees hired on or after April
contributions by a whole percentage each year by          1, 2010, Employer Discretionary Retirement
logging into the DMBA website or calling DMBA.            Contributions (formerly your Retirement PLUS
                                                          Plan contribution) are equal to a percentage of
Catch-up contributions                                    your compensation and are fully funded by your
If you will be 50 or older by the end of 2020 and         employer. Your employer chooses the percentage of
will reach the $19,500 maximum combined plan              compensation you will receive and this percentage
contribution limit, you can make a catch-up               is subject to change each year. The EDRC is
contribution of $6,500 for a total contribution of        calculated and deposited by your employer into
$26,000. The IRS indexes the maximum and catch-           your EDRC account (formerly your Retirement
up amounts each year.                                     PLUS Plan) within your Deseret 401(k) account at
                                                          the end of each regular pay period.
Catch-up contributions must be made
through payroll deductions. To make catch-up              Rollovers
contributions, increase the percentage deducted
through payroll for your account.                         If you have savings in previous employer-
                                                          sponsored plans, you may be eligible to roll over

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those account balances into your Deseret 401(k)             requirements. Because of this, availability of
Plan account.                                               daily prices and investment information for CITs
This rollover provision is subject to IRS guidelines.       is limited. For more information, log into your
Before you begin to roll over your account                  personal account at www.dmba.com. From the
balances, contact DMBA.                                     DMBA home page, navigate to the Deseret 401(k)
                                                            Plan tile (or other savings plan(s) tile). Click the
When you roll over money into your account,                 Are You Ready for Retirement? (Access Account)
it becomes subject to Deseret 401(k) Plan rules.            button at the bottom of the tile. Click Account at
For more information about rollovers, see Tax               the top of the page, then click Investments, and
Considerations.                                             Investment lineup, which is in the list of navigation
                                                            links on the left of Empower’s participant website.
INVESTMENT INFORMATION                                      The mutual funds available under the plan include
To provide valuable diversification and cover               several index funds. An index fund aims to closely
all aspects of a changing market, 15 individual             approximate a broad-based, specific index. This
investment options and five preset mix asset                is called passive investing. In contrast, an actively
allocation models are available. To decide which            managed fund relies on a portfolio management
asset allocation model is right for you, consider           team’s research, experience, and expertise to
what your investment risk is and how much time              manage a portfolio in an attempt to outperform an
you have to invest before you’ll need your money            appropriate index. This is called active investing.
during retirement: short term (zero to four years),         The general categories, or asset classes, of
intermediate term (five to 11 years), long term             available funds are shown in the investment
(more than 12 years), specialty income (zero to             funds table, along with information about each
four years), or stock only (more than 12 years). Or         fund’s objectives, primary investments, potential
you’re welcome to create your own investment mix            rewards, and risk factors. DMBA reviews the asset
from among the individual investment options.               classes and investment options, so they’re subject
If you do not choose an investment option, your             to change.
account will be automatically invested in the
Long-term Preset Mix Asset Allocation Model, the
plan’s Qualified Default Investment Alternative.
But we encourage you to review your options and
make your own investment choice.
Please note, you must invest 100% of your account
balance among the funds in whole percentages.

Investment options
The funds available under the plan provide
investment opportunities in significant segments
of the stock and bond markets. Available
investment options include mutual funds and
collective investment trusts (CITs).
Both mutual funds and CITs are made up of
pooled assets and have specific investment
objectives. They are alike in many ways, but have
some important differences. For instance, CITs
are privately held trusts with different regulatory

                                                        4
Deseret 401(k) Investment Funds
      Categories                 Objectives             Primary Investments            Potential Rewards                Risk Factors
Money Market* (Mutual Provide current income           Short-term U.S.               Capital preservation and     Very low risk. Any risk
Fund)                 consistent with the              government, agency, and       low returns from very        is primarily because of
                      preservation of capital and      corporate obligations with    short-term money market      lower income from falling
                      liquidity. Provide a stable      an average maturity of 90     securities.                  interest rates.*
                      share price.                     days or less.
Short-term Bond           Provide a higher rate of     Investment-grade bonds Principal preservation and          Low risk. Moderate
(Mutual Fund)             return than the Money        of major corporations with fairly low returns from         fluctuation in value of
                          Market Fund with only        a maturity of between one short-term debt securities.      investments. Any risk
                          modest changes in the        and three years.                                           is primarily because of
                          value of the principal.                                                                 lower income from falling
                                                                                                                  interest rates.
Intermediate-term Bond Provide total return with       U.S. government               Moderate returns over        Low risk because of
(Mutual Fund)          consistent preservation         securities, corporate         time based on interest       changes in interest rates.
                       of capital and prudent          bonds, mortgage or asset-     payments, sales of debt      (Bond values and interest
                       investment management.          backed securities. Many       securities, and changes on   rates generally move in
                                                       use derivative instruments    bond values.                 opposite directions.)
                                                       for hedging purposes
                                                       or as part of investment
                                                       strategy. Average maturity
                                                       of three to 10 years.
Inflation-protected Bond Provide a long-term rate      Treasury inflation-           Protection against           Low risk because of
Index (Mutual Fund)      of return that outpaces       protected securities with     inflation.                   changes in interest rates
                         inflation.                    average maturity of seven                                  and inflation. When
                                                       to 20 years.                                               inflation is decreasing,
                                                                                                                  fund will typically
                                                                                                                  underperform U.S.
                                                                                                                  Treasuries of similar
                                                                                                                  maturity.
High-yield Bond           Provide a higher yield and   A diversified portfolio of    Higher income returns        Moderate risk. Lower-
(Mutual Fund)             higher long-term rate of     high-yield bonds, debt        and potentially higher       rated bonds tend to be
                          return than investment-      securities, and other         long-term rates of return    significantly more volatile
                          grade bonds by investing     similar instruments issued    than other fixed-income      than investment-grade
                          in bonds issued by lower-    by various U.S., non-U.S.,    type investments.            bonds and have a greater
                          rated entities.              public, or private-sector                                  degree of default risk.
                                                       companies.
Large-company Stock       Match the investment         Equities included in          Moderate to high returns     Moderately high risk
Index (Mutual Fund)       performance of Standard      Standard & Poor’s Stock       over time based on           because of changes in the
                          & Poor’s 500 Stock Index.    Index. Includes stocks        changes in stock values      market value of stocks in
                                                       from most of the larger       and stock dividends.         the fund.
                                                       corporations in the United
                                                       States.
Large-company             Provide capital              Stocks of large U.S.          Moderate to high returns     Moderately high risk
Fundamental Stock         appreciation from large      companies using               over time based on           because of changes in the
Index (Collective         companies by ranking and     fundamental index             changes in stock values      market value of stocks in
Investment Trust)         weighing investments by      methodology.                  and stock dividends.         the fund.
                          fundamental measures of
                          size rather than by market
                          capitalization.
Mid-company Index         Match the performance        Equities in the CRSP US       Capital appreciation and     Moderately high risk
(Mutual Fund)             of the CRSP US Mid Cap       Mid Cap Index, a broadly      fairly high returns over     because of changes in the
                          Index.                       diversified index of stocks   time based on changes        market value of stocks in
                                                       of medium-size U.S.           in stock values and stock    the fund.
                                                       companies.                    dividends.

                                                                    5
Deseret 401(k) Investment Funds (Continued)
         Categories                        Objectives                Primary Investments             Potential Rewards               Risk Factors

 Small-company Index              Match the performance             Equities in the CRSP           Capital appreciation and  High risk because of
 (Mutual Fund)                    of the CRSP US Small Cap          US Small Cap Index, a          high returns over time    changes in the market
                                  Index.                            broadly diversified index      based on changes in stock value of stocks in the fund.
                                                                    of stocks of small-size U.S.   values.
                                                                    companies.
 Small-company Value              Provide capital                   Stocks of small companies      Capital appreciation and  High risk because of
 Stock (Mutual Fund)              appreciation from                 whose stock price to asset     high returns over time    changes in market value
                                  stocks of smaller                 value per share is low         based on changes in stock of stocks in the fund.
                                  companies believed to be          when compared to other         values.
                                  undervalued.                      small companies.
 Small-company Growth             Provide capital                   Stocks of small companies      Capital appreciation and  High risk because of
 Stock (Mutual Fund)              appreciation from small           that have the ability          high returns over time    changes in market value
                                  companies believed                to grow their earnings         based on changes in stock of stocks in the fund.
                                  to have rapid growth              rapidly.                       values.
                                  potential.
 International All World          Match the performance of          Equities in the FTSE           Capital appreciation and    High risk because of
 ex-US Index (Mutual              the FTSE All World ex-US          All World ex-US Index,         high returns over time      changes in the market
 Fund)                            Index.                            a broadly diversified          based on changes in stock   value of stocks in the fund
                                                                    index of stocks of large       values.                     and changes in the value
                                                                    international companies                                    of foreign currencies and
                                                                    in both the Developed                                      political changes.
                                                                    and Emerging Markets.
 International Value              Provide capital                   Stocks in large and            Capital appreciation and    High risk because of
 Stock (Collective                appreciation from                 mid-size companies             high returns over time      changes in market value
 Investment Trust)                stocks of companies               based outside the U.S.         based on changes in stock   of stocks in the fund and
                                  based outside the U.S.            At least 80% of the fund       values.                     changes in the value of
                                  that are believed to be           is invested in developed                                   foreign currencies and
                                  undervalued.                      countries.                                                 political changes.
 International Growth             Provide capital                   Stocks of large and mid-       Capital appreciation and    High risk because of
 Stock (Mutual Fund)              appreciation from stocks          size companies based           high returns over time      changes in market value
                                  of companies based                outside the U.S. that have     based on changes in stock   of stocks in the fund and
                                  outside of the U.S. that are      the potential to grow their    values.                     changes in the value of
                                  believed to have potential        earnings rapidly.                                          foreign currencies and
                                  for rapid growth.                                                                            political changes.
 International Emerging           Provide capital                   Stocks of large, mid-size,     Capital appreciation and    High risk because of
 Markets (Collective              appreciation from stocks          and small companies            high returns over time      changes in market value
 Investment Trust)                of companies based in             based in the Emerging          based on changes in         of stocks in the fund and
                                  the Emerging Markets              Markets.                       stock values and stock      changes in the value of
                                  that are believed to be                                          dividends.                  foreign currencies and
                                  undervalued.                                                                                 political changes.

* Please be aware that the money market fund is neither insured nor
 guaranteed by the FDIC or any other government agency. Although this                PRESET MIX ASSET ALLOCATION
 fund seeks to preserve the net asset value of $1 per share, it’s possible to
 lose money by investing in this type of fund.                                       MODELS
Note: The investment options include expenses for investment management
                                                                                     DMBA’s investment professionals have developed
 and administration and may impose fees or restrictions. For more                    five preset mix asset allocation models from 15
 information about investment objectives, risks, expenses, fees, and so on,          individual investment funds. Each asset allocation
 please see a fund’s prospectus. All investors should consider investment
 objectives, risks, charges, and expenses carefully before investing. Read the
                                                                                     model is designed to match individual risk
 Fee & Investment notice and prospectus carefully before you invest. You can         tolerance and a general investment horizon, which
 find these documents by logging into your account on www.dmba.com or                is the time the money is expected to be invested
 you can contact DMBA to receive copies of these documents.
                                                                                     before you need it in retirement.

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Please review the following table for specific                      Investment professionals choose and monitor the
information. For example, you can see that if you                   preset mixes. But this doesn’t guarantee future
have a longer investment horizon, investments                       performance.
such as stocks can have long-term gains that                        Rebalancing of the preset mix asset allocation
outweigh short-term dips in value. But as your                      models occurs automatically toward the end of
investment horizon becomes shorter, more                            every quarter. If you select a personal rebalancing
conservative investments may be appropriate.                        of the funds in your account, rebalancing will
                                                                    occur based on your selected rebalancing option.

                                 Preset Mix Asset Allocation Models Profiles
       Models                 Objectives              Primary Investment       Potential Rewards                  Risk Factors
Short Term             Provide investment option Fixed income 70%            Capital and principal          With the fixed-income
                       for funds that will start to Equity 30%               preservation with low          investments, low to
                       be accessed in zero to four                           returns; volatility with the   moderate risk, which
                       years                                                 small percentage of equity     is primarily because
                                                                             investments to provide         of lower income from
                                                                             some higher returns            falling interest rates;
                                                                                                            higher risk with the equity
                                                                                                            investments, which are
                                                                                                            based on market values of
                                                                                                            the stocks
Intermediate Term      Provide a more aggressive Fixed income 40%            Some capital and principal     Fairly low risk on 40% of
                       investment option for     Equity 60%                  preservation with low          the investment, which
                       funds that will start to                              returns; volatility with       is primarily because of
                       be accessed in five to 11                             potentially higher returns     lower income from falling
                       years                                                 with equity investments        interest rates; higher
                                                                                                            risk with the 60% equity
                                                                                                            investments, which are
                                                                                                            based on market values of
                                                                                                            the stocks
Long Term (Qualified   Provide a fairly aggressive   Fixed income 20%        Capital appreciation and       Higher risk with the equity
Default Investment     investment option for         Equity 80%              fairly high returns over       investments, which are
Alternative)           funds that will not be                                time based on changes in       based on market values of
                       accessed for 12 or more                               stock values; capital and      the stocks; some fairly low
                       years                                                 principal preservation         risk with the fixed-income
                                                                             of the fixed-income            investments
                                                                             investments
Specialty Income       Provide income-oriented       Fixed income 75% to     High levels of income          Up to 60% of the fund can
                       investment option for         100%                    with attention paid to         be held in high-yielding
                       funds that will start to be   Equity 0% to 25%        downside risk protection       investments, and while
                       accessed in zero to four                                                             they have significantly
                       years                                                                                less downside volatility
                                                                                                            than equities, they still
                                                                                                            have greater volatility
                                                                                                            than high-grade bonds
                                                                                                            High-yielding investment
                                                                                                            exposure will vary as
                                                                                                            deemed appropriate by
                                                                                                            the Investment staff
Stock Only             Provide a fairly aggressive   Equity 100%             Capital appreciation and       Higher risk with the equity
                       investment option for                                 fairly high returns over       investments, which are
                       funds that will not be                                time based on changes in       based on market values of
                       accessed for 12 or more                               stock values                   the stocks
                       years

                                                                7
The following table provides greater detail about the investment fund makeup of the models.

                                   PRESET MIX ASSET ALLOCATION MODELS (As of June 20, 2019)
               Asset Classes                     Short Term       Intermediate      Long Term      Specialty       Stock Only
                                                (0 to 4 years)        Term         (12+ years)      Income        (12+ years)
                                                                 (5 to 11 years)                 (0 to 4 years)
               Money Market                         10%
FIXED INCOME

               Short-term Bond                      17%               11%                            30%
               Intermediate-term Bond               23%               17%             13%            30%
               Inflation-protected Bond Index       13%               7%              5%             20%
               High-yield Bond                      7%                5%              2%             20%
               Large-company Stock Index            10%               20%             27%                            32%
               Large-company Fundamental             4%                8%             11%                            14%
                Stock Index
               Mid-company Index                     4%               10%             12%                            16%
EQUITIES

               Small-company Value Stock             1%               2%               3%                             4%
               Small-company Growth Stock            1%               2%               3%                             4%
               International Value Stock             5%               8%              11%                            13%
               International Growth Stock            4%               8%              10%                            13%
               International Emerging Markets        1%               2%              3%                             4%
               TOTAL                               100%              100%            100%           100%            100%

                                                                       8
Comparison: Preset Mix Asset Allocation Models
 Indicators                         Short Term               Intermediate Term           Long Term                      Specialty Income         Stock Only
 Time Horizon                       0 to 4 years             5 to 11 years               12+ years                      0 to 4 years             12+ years
 Growth                             Low                      Moderate                    Substantial                    Low                      Substantial
 Income                             Moderate                 Low                         Low                            High                     Low
 General Risk:
 Year-to-Year                       Low-moderate             Moderate                    Substantial                    Low-moderate             Substantial
 Volatility
                                    30% Diversified          60% Diversified Stock       80% Diversified                100% Diversified         100% Diversified
 Allocations                        Stock                    40% Bond                    Stock                          Bond                     Stock
                                    70% Bond                                             20% Bond
 Historical Returns as of           1 Year 5.35              1 Year 3.75                 1 Year 2.14                    1 Year 7.11              1 Year 0.04
 September 30, 2019                 3 Year 4.81              3 Year 6.55                 3 Year 7.41                    3 Year 3.28              3 Year 7.95
 (10 Year/Inception*)               5 Year 3.83              5 Year 4.84                 5 Year 5.08                    5 Year 1.95              5 Year 5.15
                                    10 Year 5.42             10 Year 7.53                10 Year 8.49                   10 Year 3.84*            10 Year 9.25

* The Specialty Income Preset Mix Asset Allocation Model (previously known as Current Income) has not been in existence for 10 years. Returns shown are since
 the model’s inception in May 2011.

Performance data represents past performance and is not a guarantee or prediction of future results.

Compared to higher rated securities, high-yield bond investment options are subject to greater risk, including the risk of default. A bond fund’s yield, share price,
and total return change daily and are based on changes in interest rates, market conditions, economic and political news, and the equity and maturity of its
investment. In general, bond prices fall when interest rates rise and vice versa.

Growth (increase in value over time or appreciation) and income (current income generation through dividends or interest payments) are investment strategies
that can be used, depending on risk tolerance, to create a balanced investment objective.

Time horizon, generally defined, is the time your money is expected to be invested before you need it for retirement income.

The preset mix asset allocation models have been programmed into the recordkeeping system for easy selection. Individual allocations are available in the
system, with or without the rebalancing feature, based on your individual risk tolerance.

Please consider the objectives, risk, fees, and expenses before investing. For important investment-related materials regarding the individual investment options,
such as the fund fact sheet or prospectus, please log into your personal account at www.dmba.com. From the DMBA home page, navigate to the Deseret 401(k)
Plan tile (or other savings plan(s) tile). Click the Are You Ready for Retirement? (Access Account) button at the bottom of the tile. Click My Accounts at the top of the
page, and then click Investment lineup under Investments, which is in the list of navigation links on the left of Empower’s participant website.

CHANGING YOUR INVESTMENT
                                                                                       All transactions occur at the close of business of
                                                                                       the New York Stock Exchange, which is usually 2
DIRECTION                                                                              p.m., Mountain Time.
If you want to change your investment allocation,                                      All funds are valued as of the end of the trading
log into your personal account at www.dmba.com.                                        day. Changes confirmed before 2 p.m., Mountain
From the DMBA home page, navigate to the                                               Time, are effective that business day. Changes
Deseret 401(k) Plan tile (or other savings plan(s)                                     confirmed after 2 p.m. or on weekends or holidays
tile). Click the Are You Ready for Retirement?                                         are effective the next business day.
(Access Account) button at the bottom of the                                           Please be aware, circumstances beyond our
tile. Click Account at the top of the page, then                                       control can occur at any time and could delay
click Investments, and then View/Manage my                                             your change request. Access to electronic services
investments, which is in the list of navigation links                                  may be limited or unavailable during periods of
on the left of Empower’s participant website.                                          peak demand, market volatility, systems upgrades,

                                                                                   9
maintenance, or for other reasons. DMBA cannot               occurs, your money is moved into the new
be responsible for these delays.                             fund(s) at the current asset value of the new
                                                             fund(s). The 15-day restriction begins the day
Future fund elections                                        after your current balance transfer is valued.
Future fund elections affect how your future               • Fund managers may impose their own
account contributions are invested:                          restrictions. See each respective fund
 • Future fund elections must be in whole                    prospectus for more information.
   percentages.
 • The future fund election you choose applies to         PLANNING TOOLS
   your contributions, your employer matching,            To see your personalized information and other
   and Employer Discretionary Retirement                  online financial planning tools, log into
   Contributions.                                         www.dmba.com. You’ll need your DMBA ID
 • If you choose a preset mix asset allocation            number. After you log in, go to the My Retirement
   model, future fund elections also apply to your        drop-down menu to access personal and benefit
   current balance. The current balance transfer          information and financial calculators.
   of your existing balance occurs at the closing
   market price on the day your election becomes
   effective.                                             ACCOUNT INFORMATION
 • You cannot choose a preset mix asset                   You can access information on your account in
   allocation model for a future fund election and        three ways:
   then choose a different investment mix for a            1. Go to www.dmba.com, log in and choose the
   current balance transfer, or vice versa.                   My Retirement drop-down menu and click
                                                              Access Account.
Current balance transfers                                  2. Call DMBA and talk to a Member Services
Current balance transfers affect your existing                representative.
account balances:                                          3. Read your detailed quarterly statement
 • Current balance transfers must be in whole                 showing the value of your account and
   percentages.                                               personalized rate of return. We send it out
                                                              within 30 days of the end of each calendar
 • Current balance transfers apply to your total
                                                              quarter. Please check your statements
   account balance (employee contributions,
                                                              carefully. Statements are considered correct
   employer matching, Employer Discretionary
                                                              if you don’t notify DMBA of errors within 60
   Retirement Contributions, and earnings).
                                                              days of mailing.
 • You can choose one of the preset mix asset
   allocation models, or do a current balance
   transfer for your entire account balance among         PLAN LOANS
   any or all of the individual funds.                    The Deseret 401(k) Plan is designed to help ensure
 • Because the Deseret 401(k) Plan isn’t intended         your financial security after you retire. But if you
   to be used as a short-term trading vehicle,            need the money in your account while actively
   DMBA permits only one trade every 15                   employed, you can take out a plan loan. By law,
   calendar days.                                         you are obligated to repay the loan.
 • When you request a current balance transfer,
   the money in your existing funds is valued             Eligibility
   at the closing net asset value (NAV) for that          You can apply for a loan if you meet these
   business day. When the current balance transfer        requirements:

                                                     10
• You are an active employee receiving regular           Loan ramifications:
   paychecks from a participating employer,                • The promissory note you sign is a legally
   including if you’re on paid leave or you’re               binding contract. Your employer must
   receiving Disability Plan benefits.                       withhold loan payments from your paycheck.
 • You are currently in a class of employment that         • You can continue contributing to your account
   allows you to contribute to the plan.                     while repaying your loan. We encourage you
 • You have an account balance of at least $1,000            to do so to continue receiving the employer
   (not including EDRC funds).                               match.
                                                           • The money you borrow from your account
Loan amounts                                                 doesn’t continue to earn investment income.
How much you can borrow is subject to these                  The interest you pay on your loan is credited
guidelines:                                                  to your account and is your sole investment
 • You cannot borrow EDRC funds.                             income on the money you borrow.
 • The minimum loan amount is $500.                        • Depending on net asset value (the dollar value
                                                             per share calculated on a daily basis), your
 • The maximum loan amount cannot be more                    loan payments may buy more or fewer shares
   than 50% of your eligible account balance and             than were sold to fund your loan.
   you cannot exceed $50,000 in a 12-month
   period. This maximum is reduced from                    • You pay taxes on the interest portion of your
   $50,000 by whatever may have been your                    loan payments when you later withdraw those
   highest loan balance during the previous 12               amounts from your account. You cannot
   months, even if you have repaid the loan.                 deduct this interest from your income taxes.
 • If you exceed the maximum amount (which is             Payment guidelines:
   specified by law), you’re subject to taxes and          • Loan payments are made by payroll deduction.
   possible penalties.                                       It’s your responsibility to ensure your employer
                                                             deducts payments.
General loan provisions                                    • You can pay off your entire loan early without
Loan requirements:                                           a penalty as long as you’re making your
 • Your signature is required and your spouse’s              scheduled loan payments. But you must pay
   signature must be notarized or witnessed by               interest to the date of the payoff.
   an authorized DMBA representative, not your             • Loan payments are credited to your account
   employer.                                                 proportionally based on your existing future
 • You can only have one regular loan from all               fund election.
   DMBA savings plans outstanding at the same             If you end employment with outstanding loans:
   time.                                                   • You must repay the lump sum of the loan
 • You must be debt-free from your loan for 45               within 30 days or it will be treated as a
   days to qualify for a new loan.                           withdrawal from your account with the
 • Loan periods are available in monthly                     associated tax consequences.
   increments from 12 to 60 months.                        • If you have an outstanding loan at the time of
Loan proceeds and fees:                                      your death, your spouse may pay the loan in
                                                             a lump sum within 30 days of your death to
 • Loan proceeds are taken proportionally from               avoid the tax consequences.
   each investment fund. Origination and annual
   administrative fees apply.

                                                     11
PLAN WITHDRAWALS
                                                               termination, death, retirement, or permanent
                                                               disability.
In very limited circumstances, withdrawals are               • Employer matching contributions made after
available while you’re still actively working, based           January 1, 2001, and the earnings on these
on the following guidelines.                                   contributions are not available for hardship
                                                               withdrawals.
Eligibility                                                  • Earnings on participant before-tax and Roth
If you’re older than 59½, end your employment                  401(k) after-tax contributions aren’t generally
with a participating employer, retire, or become               available for hardship withdrawal. But some
permanently disabled, you may be able to                       Roth 401(k) after-tax contributions and
withdraw all or part of the money in your account.             earnings are available in some circumstances.
                                                               Contact DMBA for information.
Hardship withdrawals                                         • Outstanding plan loans may affect the
If you are not older than 59½, you may still be                availability of funds for withdrawal.
able to withdraw money from your account as a
                                                             • If you formerly qualified for Deseret 401(k)
hardship withdrawal. Under IRS criteria, you may
                                                               Plan participation and are actively employed
qualify for a hardship withdrawal for:
                                                               by a participating employer but don’t currently
 • Medical care expenses                                       qualify to participate, withdrawals from your
 • Tuition and related educational expenses                    account may be limited.
 • Payments necessary to prevent eviction from               • Taxes and possible tax penalties apply to the
   a principal residence or foreclosure on the                 taxable portion of all withdrawals. (See Tax
   residence                                                   Considerations.)
 • Closing costs and down payment for the                    • Withdrawal by a qualified military reservist
   purchase of a principal residence                           may not be subject to the additional 10% tax
                                                               on early payments. (See Tax Considerations.)
 • Funeral expenses
                                                               Please contact DMBA for specific information.
 • Damage to your principal residence caused by
                                                             • All required documentation is the
   a federally declared disaster
                                                               responsibility of the participant.
If you’re married, your spouse must consent to the

                                                            EMPLOYMENT STATUS CHANGES
withdrawal in writing.
You must wait at least 90 days between withdrawals.
This may be waived if you’re closing your account           Your account may be affected by employment
after your employment ends or you retire.                   changes such as transferring to another
                                                            participating employer, ending employment,
Withdrawal limitations and                                  becoming disabled, or moving to an excluded class
ramifications                                               of employment. The following are some examples
                                                            of these status changes and how they may impact
Different withdrawals have different restrictions.          your benefit.
Federal law requires us to take money for the
withdrawal in a certain order. Withdrawals                  Ending employment
depend on when the money was contributed, what
savings option was used, and whether you or your            If you end employment for any reason, including
employer contributed the money. These rules apply:          retirement, you cannot make further contributions
                                                            to your account. Instead, you can do one of the
 • Employer Discretionary Retirement                        following:
   Contributions are not available until

                                                       12
• Leave your account open. You can make                    rollover election, your total account balance will
   withdrawals and current balance transfers,               be automatically distributed to you by check.
   based on plan guidelines.
 • Choose a payment option, if eligible. (See               Moving to an excluded class
   Payment Options After Employment Ends.)                  If you change from a position that allows you to
 • Close your account and either receive a lump             participate in the plan to one that does not (an
   sum payment or have the eligible portion of              excluded class of employment), you aren’t eligible
   your account balance sent as a direct rollover           to continue contributing to your account. But
   to a qualified plan or IRA of your choice.               your account balance will remain in the plan and
   (See Tax Considerations and Lump Sums and                is still subject to market gains or losses. You may
   Direct Rollovers.)                                       continue to make investment changes according to
                                                            plan guidelines.
 • Roll over other qualified employer-sponsored
   plan money into your account if you have                 If this employment change occurs while you’re
   a balance. Minimum balance requirements                  repaying a plan loan, your payroll-deducted loan
   apply. See Mandatory distributions.                      payments will stop. You’re responsible to continue
                                                            your loan payments. Please contact DMBA for
Participants who are under 59½ are required to
                                                            more information.
wait 30 days after employment ends before making
a withdrawal.
                                                            Transferring your employment
Mandatory distributions                                     If you transfer employment from one participating
                                                            employer to another within 30 days, the status
If you end employment and your account
                                                            of your account usually isn’t affected. If you’re
balance is less than $5,000, the plan’s mandatory
                                                            eligible to participate in the Deseret 401(k) Plan
distribution provisions will apply unless you make
                                                            through your new employer, your contributions
a distribution or rollover election. You’ll be given
                                                            and loan payments, if applicable, should continue
the option to roll over your account balance to
                                                            to be taken from your paychecks. Contact DMBA
an eligible retirement plan or IRA of your choice
                                                            to verify your continuing contributions and loan
before the mandatory distribution occurs.
                                                            payments.
If your account balance is less than $1,000,
                                                            If you’re not eligible to participate in the plan
your total account balance will be automatically
                                                            through your new employer, your account will
distributed to you by check—unless you tell us
                                                            remain in the plan and will still be subject to
to roll the account balance to another eligible
                                                            market gains or losses. You may continue to make
retirement plan or IRA—and will be subject to tax
                                                            investment changes according to plan guidelines.
withholdings and possible penalties.
                                                            If you have a loan, your payroll-deducted loan
If you are under age 65 and your account balance            payments will stop. You’re responsible to continue
is at least $1,000 but less than $5,000 and you do          your loan payments. Please contact DMBA for
not make a distribution or rollover election, your          more information.
total account balance will be automatically rolled
over to an IRA chosen by DMBA.                              Receiving Disability Plan benefits
Because your account balance will be rolled                 If you become disabled and aren’t receiving any
over to an IRA, you won’t be subject to tax                 income from a participating employer, you cannot
withholding and possible penalties. But there are           make contributions to your account. If you’re
fees associated with an IRA that will be deducted           permanently disabled, you may choose to leave
directly from your account. If you are age 65               your account open or close your account and do
or over and you do not make a distribution or               one of the following:

                                                       13
• Receive a lump sum payment.
                                                             Your options
  • Request that the eligible portion of your
                                                              • Before-tax contributions, plan earnings, and
    account balance be sent as a direct rollover to a
                                                                employer-matching contributions may qualify
    qualified plan or IRA of your choice. (See Tax
                                                                to be rolled into an IRA or another qualified
    Considerations.)
                                                                employer plan.
If you become disabled while you have a loan,
                                                              • You can roll over your Roth 401(k) after-tax
your payroll-deducted loan payments will stop.
                                                                money to a Roth IRA or another Roth 401(k).
Contact DMBA if you wish to continue making
loan payments.                                                • If you contributed to the 401(a) after-tax
                                                                option prior to 2019 you can roll over your
Also, if you’re receiving Disability Plan benefits,
                                                                401(a) after-tax contributions to a qualified
you may be eligible for a plan loan. For more
                                                                employer plan or an IRA. But be aware, some
information, please contact DMBA.
                                                                plans won’t accept after-tax contributions.
Taking an employer-approved leave of                          • You can request that your after-tax
absence                                                         contributions be sent directly to you.
An employer-approved leave of absence is a                   Limitations
leave authorized by your employer in which
you continue to participate in the 401(k) Plan.               • You can’t roll over installment payments
Examples include maternity/paternity leave,                     (monthly payment options).
Family Medical Leave Act (FMLA) leave,                        • Rollovers may be limited by federal
ministerial service, and military service.                      regulations.
If you do not receive any income from a                       • You may not be able to roll the money back
participating employer, you won’t receive any                   into your account after you roll it out. When
employer contributions to your account while you                you roll over your money to another plan,
are on a leave of absence. If you have a loan, your             it becomes subject to the rules of the other
payroll-deducted loan payments will stop. You’re                plan. Before you make a decision, be sure you
responsible to continue your loan payments.                     understand the rules, fee structures, and tax
Please contact DMBA for more information.                       penalties of the other plan.

Uniformed Service Employment and
Reemployment Rights Act (USERRA)                             RETIREMENT—AFTER
If you’re on active duty in the military and
                                                             EMPLOYMENT ENDS
return to work within three months of discharge,             When you end employment with all participating
resignation, or release from the armed services,             employers, you don’t need to close your account.
USERRA gives you special rights. Please contact              You can choose to withdraw a portion of your
DMBA for specific information.                               account balance without proving financial
                                                             hardship, based on plan guidelines. But you don’t

LUMP SUMS AND DIRECT
                                                             have to take money from your account until you
                                                             reach the required beginning date for you to
ROLLOVERS                                                    receive payments. At that time, you must choose
                                                             a payment option or the default payment option
Any time after you end employment, you can
                                                             applies.
receive your entire account balance as a lump
sum payment or roll over your account to another             Going to part-time, temporary, or on-call status
qualified plan or IRA.                                       with your employer doesn’t constitute ending
                                                             employment. Regular withdrawal provisions

                                                        14
apply until you actually end employment with all           December, this option allows you to keep the
participating employers.                                   funds in your account fully invested during the
Between age 55 and your required beginning date,           rest of the calendar year.
you may choose a payment option. (See Payment              You’re eligible to choose this option if you have
Options After Employment Ends.) If you’re                  ended employment, reached your required
between ages 55 and 59½, an additional 10% tax             beginning date, and have at least $5,000 in your
may be withheld, depending on the option you               account.
choose.                                                    To choose this option, you must submit your
                                                           application by October of the year in which you
Required minimum distribution                              want to receive your first payment. You and your
A required minimum distribution is an annual               spouse, if applicable, must sign the Automated
payment made to you from your account balance              Minimum Distribution Request form.
that is required by federal law. It must be paid to        Payments are taken proportionately from all
you by your required beginning date, which is the          investment funds in your account.
later of:
                                                           You can make partial withdrawals as often as every
 • April 1 of the year following the calendar year         90 days or close your account at any time, based
   in which you reach age 70½ if you turned 70½            on plan guidelines. Withdrawals won’t reduce the
   before or during 2019, or age 72 if you turned          amount you receive in December.
   70½ after December 31, 2019
                                                           If you have ended employment and haven’t chosen
 • April 1 of the year following the calendar              a payment option or closed your account by your
   year in which you end employment with all               required beginning date, DMBA will set up the
   participating employers                                 Annual Payment Option as the default payment
If you reach your required beginning date and              option. (See Required Minimum Distribution.)
haven’t chosen a payment option, you will
automatically begin to receive the required                Monthly flexible installment payment
minimum distribution amount as your benefit                option
payment. Required minimum distributions aren’t             This option provides monthly payments for an
eligible for rollover.                                     identified number of years. You’re eligible to
                                                           choose this option if your account balance is at
PAYMENT OPTIONS AFTER                                      least $5,000. If you’re still an active employee at
EMPLOYMENT ENDS                                            age 69½, you may be eligible to set up this option
                                                           as well.
To apply for benefits, contact DMBA Member                 You can specify the number of whole years
Services. You may receive payment of your                  during which you want to receive payments,
account balance in one of several ways.                    from two years to the maximum allowed by law.
                                                           The maximum number of years is limited by
Lump sum                                                   IRS regulations according to life expectancies. It
You can elect to receive your entire account               depends on you and your beneficiary(ies)’s age(s).
balance as a lump sum payment. (See Lump Sums              DMBA can calculate the maximum number of
and Direct Rollovers.)                                     years for each situation.
                                                           You can change the period over which you want
Annual Payment Option                                      to receive payments once per year. To do so,
This option is the required minimum distribution           you must complete new paperwork and receive
amount. Since the annual payment is made each              approval from DMBA.

                                                      15
You may change to another payment option,                 While you’re receiving monthly payments, your
based on plan guidelines. For example, at age 70½         remaining balance generates investment earnings
if you’re no longer working for a participating           or losses even though you’re no longer making
employer, you may change to the annual payment            contributions to your account. You can transfer
option.                                                   your account balance among the various preset
If you must receive a required minimum                    mixes or funds according to the plan guidelines.
distribution, you may receive an extra payment at         (See Changing Your Investment Direction.)
the end of the year to meet that requirement.
Your balance will be paid pro rata, meaning the           TAX CONSIDERATIONS
payments will be taken proportionately from all           This information on tax considerations is intended
investment funds in your account.                         as a summary only. Federal tax laws are complex
You can make partial withdrawals as often as every        and subject to change. To help explain tax
90 days or close your account at any time, based          considerations, the federal government has issued
on plan guidelines.                                       a Special Tax Notice Regarding Plan Payments
While you’re receiving monthly payments, your             that includes more information. Also, before you
remaining balance generates investment earnings           make decisions about receiving money from your
or losses even though you’re no longer making             account, you may want to consult a qualified
contributions to your account. You can transfer           tax adviser. DMBA representatives aren’t tax
your account balance among the various preset             advisers.
mixes or funds according to the plan guidelines.          To avoid being taxed on a withdrawal that can
(See Changing Your Investment Direction.)                 be rolled over, you must roll over your payment
                                                          to another qualified retirement plan or IRA
Fixed-dollar installment payment option                   within 60 days of receiving it. If you know you’re
This option provides fixed-dollar monthly                 going to roll over your payment, request a direct
payments. You’re eligible to choose this option if        rollover instead of a withdrawal so you can avoid
your account balance is at least $5,000. If you’re        tax complications. (See Lump Sums and Direct
still an active employee when you reach age 69½,          Rollovers.)
you may be eligible to set up this option as well.
                                                          20% federal income tax withholding
You can choose a payment of only what you need,
$100 being the minimum. You may change the
                                                          requirement
amount of your payment once per calendar year.            The taxable portion of a withdrawal may be
For more information, contact Member Services.            subject to a mandatory 20% federal income tax
                                                          withholding, which may be less or more than your
You may change to another payment option,
                                                          actual tax rate. The 20% will be withheld in the
based on plan guidelines. For example, at age 70½
                                                          following cases:
if you’re no longer working for a participating
employer, you may change to the annual payment             • You take a withdrawal.
option.                                                    • You choose not to have your funds directly
If you must receive a required minimum                       rolled over into another qualified plan or IRA.
distribution, you may receive an extra payment at          • Your scheduled payments will last fewer than
the end of the year to meet that requirement.                10 years. If your payments last 10 years or
Payments are taken proportionately from all                  more, you will be asked to make your own
investment funds in your account.                            election by completing an IRS form W-4P.
You can make partial withdrawals as often as every        Your withdrawal may not be subject to the
90 days or close your account at any time, based          mandatory 20% withholding if you take a hardship
on plan guidelines.                                       withdrawal or required minimum distribution.

                                                     16
Because these aren’t eligible to be rolled into IRAs        mandatory withholding or a state that doesn’t
or other qualified plans, they aren’t subject to the        allow withholdings. This doesn’t apply to states
mandatory withholding even though they are                  that do not permit withholdings.
taxable.
Again, you may want to contact your tax adviser             Taxes on payments to beneficiaries
about the tax consequences of any withdrawal.               If your account balance is paid to your
Unless requested, DMBA doesn’t withhold                     beneficiary(ies), either a spouse or an alternate
20% from hardship withdrawals and required                  payee (including a trust), the beneficiary(ies) is
minimum distributions.                                      responsible for paying all taxes when the money is
The 20% withheld is credited to you when you                withdrawn.
file your tax return for the calendar year. The date
of your check determines the calendar year in               Estate taxes
which the payment is taxable. A tax statement and           Payments may be subject to federal estate taxes.
information will be mailed to you by January 31 of          This is true regardless of where the payment goes.
the following year indicating the taxable amount
withdrawn and the taxes withheld, if any.                   Other taxes
The 20% federal tax withholding may apply                   Other taxes, such as U.S. territorial or foreign
when you receive some of the payment options.               country taxes, may be applicable.
State taxes may also be withheld. Because these

                                                            PAYMENT OPTIONS AFTER YOUR
withholdings will reduce the payment you receive,
you’ll need to request a higher payment amount
to cover withheld taxes if you want to receive a            DEATH
specific dollar amount each month. We can help
                                                            If you die while receiving a payment, guidelines of
you calculate the payment you need to request.
                                                            that payment option will be followed.
Additional 10% tax                                          If you die before your required beginning date and
                                                            before choosing a payment option, your account
An additional 10% federal tax (an early
                                                            balance will be paid as follows:
withdrawal penalty) may apply to the taxable
portion of your payment. This is in addition to              • If you’re single, your account balance will
regular income tax. The 10% will not apply to:                 be paid to your beneficiary(ies). If you don’t
                                                               designate any beneficiary(ies) before your
 • Participants older than 59½, surviving
                                                               death, 100% of your account balance will be
   spouses, beneficiaries, people with certain
                                                               paid to your estate.
   disability statuses, or retirees.
                                                             • If you’re married, 100% of your account
 • Withdrawals of your Roth 401(k) after-tax or
                                                               balance will be paid to your surviving spouse.
   401(a) after-tax contributions. But earnings
                                                               If you designated beneficiary(ies) with
   may be subject to the 10% tax.
                                                               your spouse’s valid consent, your account
 • Payments to an alternate payee resulting from               balance will be paid to your designated
   a QDRO. (See Divorce and QDROs.)                            beneficiary(ies).
 • Withdrawals made between ages 55 and 59½ if              If the account balance is payable to your estate,
   you work until your 55th year of age.                    in some cases the estate may be small enough
                                                            that an affidavit of small estate can be submitted.
State income tax                                            The court will either recognize the personal
You may choose whether or not you want state                representative you named in your will or
taxes withheld, unless you live in a state with             appoint one. This person must file the necessary
                                                            paperwork with DMBA. Then we will release your

                                                       17
funds to the personal representative on behalf of           • A trust (some limitations apply)
your estate.                                                • Entities such as charitable organizations

Spousal protection                                         You cannot name your employer or your estate as
                                                           your primary or alternate beneficiary(ies).
The plan will automatically pay 100% of your
                                                           If you designated multiple beneficiaries and a
account balance to your spouse if:
                                                           primary beneficiary dies before you do but you
 • You’re legally married when you die.                    don’t designate a new beneficiary, the benefit
 • You die before your required beginning date             payment for the predeceased primary beneficiary
   and before payments begin.                              will be equally distributed among your remaining
 • Your spouse is still alive.                             living primary beneficiary(ies). The same applies
                                                           to predeceased alternate beneficiary(ies) if no
 • You haven’t chosen a payment option or                  primary beneficiaries exist.
   designated beneficiary(ies) other than your
   spouse.                                                 To designate or change your beneficiary(ies), go to
                                                           www.dmba.com or submit a completed Beneficiary
 • Your beneficiary(ies) designation isn’t valid,          Form to DMBA. These are the only ways your
   such as if you named someone other than                 beneficiary(ies) designations will be valid with
   your spouse without your spouse’s written,              DMBA.
   notarized consent.
You and your spouse may waive this spousal                 Married participants
protection if you both agree to name primary               Married participants must meet additional
beneficiary(ies) other than or in addition to your         requirements. If you choose to name primary
spouse. This waiver is required even if you name a         beneficiary(ies) other than or in addition to
trust as your primary beneficiary.                         your spouse, including a trust, your spouse must
If your marital status changes, you must complete          provide written, notarized consent by signing the
a new beneficiary form and get your new spouse’s           Spousal Consent Waiver portion of the DMBA
consent. A waiver election is valid only for the           Beneficiary Form in the presence of a notary
spouse consenting to the waiver.                           public or an authorized DMBA representative.
                                                           If you update your beneficiaries online and
BENEFICIARIES                                              name someone other than, or in addition to,
                                                           your spouse, a waiver form will be sent to you to
By default, your beneficiary is your legal spouse          complete and return before the online election will
if you’re married, or your estate if you’re single.        be valid.
You may designate a different beneficiary at any
                                                           If your marital status changes, you are responsible
time. It is your responsibility to submit valid and
                                                           for updating your beneficiary information with
up-to-date primary and alternate beneficiary(ies)
                                                           DMBA.
so your benefit is paid according to your wishes
after your death. Please regularly verify that your
beneficiary(ies) designations with DMBA are
                                                           Trusts
current. You may change or revoke the election as          If you name a trust as your primary beneficiary,
often as you wish, but your spouse must consent to         DMBA needs a complete copy of the trust
any change.                                                document upon your death. If you change your
                                                           trust, check to make sure your beneficiary(ies)
For your beneficiary(ies), you can name:
                                                           designations for your account are still valid.
 • Your current spouse
 • Any other person or persons

                                                      18
PAYMENTS TO BENEFICIARY(IES)
                                                               The payments must begin by December 31 of
                                                               the year after your death.
After your death, DMBA transfers your account                • Leave the account open until December 31 of
balance into a new account established for                     the fifth year after your death. Until that time,
your beneficiary(ies). Your beneficiary(ies) can               your beneficiary(ies) can make withdrawals
withdraw some or all of the funds in the new                   and current balance transfers, based on plan
account, based on plan guidelines, without                     guidelines. At the end of the fifth year, your
needing to prove financial hardship. Your                      beneficiary(ies) must close the account.
beneficiary(ies) is responsible for paying all taxes
                                                             • Make a direct rollover to an IRA or an
due after making withdrawals from the account.
                                                               inherited IRA by the end of the fourth year
If you die before receiving payments, payments                 after your death. The 20% mandatory tax
are made based on your current beneficiary(ies)                withholding rules won’t apply. But other
designation:                                                   government guidelines do, so contact a tax
                                                               adviser.
If your beneficiary is your spouse, he or
she may:                                                    If your beneficiary is a trust or if your
 • Take a lump sum payment.                                 account defaults to your estate, your
 • Set up monthly payments if your account                  trustee or executor may:
   balance is at least $5,000 and your spouse is             • Take a lump sum payment.
   at least age 55. Your spouse can choose the               • Set up monthly payments if your account
   monthly flexible installment payment option                 balance is at least $5,000 and you were at least
   or the fixed-dollar installment payment option              age 55 when you died. The trustee or executor
   any time before your required beginning date.               can choose the monthly flexible installment
 • Leave the account open until your required                  payment option or the fixed-dollar installment
   beginning date. Your spouse can make                        payment option for up to five years.
   withdrawals and current balance transfers,                  Government guidelines apply. The payments
   based on plan guidelines. He or she may also                must begin by December 31 of the year after
   be eligible for the annual payment option.                  your death.
 • Make a direct rollover into an IRA or other               • Leave the account open until December 31 of
   qualified plan. The 20% mandatory tax                       the fifth year after your death. Until that time,
   withholding rules won’t apply as they do with               your trustee or executor can make withdrawals
   other withdrawals.                                          and current balance transfers, based on plan
                                                               guidelines. At the end of the fifth year, your
If you are single or if your                                   trustee or executor must close the account.
beneficiary(ies) is someone other than                       • In the case of a trust, make a direct rollover
your spouse, your beneficiary(ies) may:                        to an inherited IRA. An estate cannot make
 • Take a lump sum payment.                                    a direct rollover. The 20% mandatory tax
                                                               withholding rules won’t apply. But other
 • Set up monthly payments if your account                     government guidelines do, so contact a tax
   balance is at least $5,000 and your                         adviser.
   beneficiary(ies) are at least age 55. Your
   beneficiary(ies) can choose the monthly
   flexible installment payment option or the               SPOUSAL CONSENT
   fixed-dollar installment payment option for              Your spouse is your legal husband or wife. If
   up to five years. Government guidelines apply.           you’re married, your spouse must provide written,

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