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ELCA Retirement Plan SUMMARY PLAN DESCRIPTION Effective Jan. 1, 2013 100-01 (5/2013) Contents About This Plan ........................................................................................................................... 1 Your ELCA Retirement Account ................................................................................................ 2 Contributions to Your Retirement Account .............................................................................. 3 Your Investment Fund Options ................................................................................................. 5 ELCA Retirement Plan Investment Funds ................................................................................. 6 Distribution Options ................................................................................................................... 8 Withdrawals ................................................................................................................................. 8 Clergy Housing Allowance ........................................................................................................ 9 In-Service Withdrawals from Your Account ............................................................................... 9 Distribution After Separation from Service .............................................................................. 11 Request a Withdrawal ............................................................................................................. 11 Annuity Payments ..................................................................................................................... 12 ELCA Participating Annuity ..................................................................................................... 12 Eligibility .................................................................................................................................. 13 Starting an Annuity .................................................................................................................. 13 Choosing Your Annuity Payment Option ................................................................................. 14 Benefits to Your Surviving Beneficiaries ............................................................................... 16 Surviving Spouse .................................................................................................................... 16 Other Beneficiaries .................................................................................................................. 17 Your Beneficiary Designation .................................................................................................. 19 Primary and Secondary Beneficiary Designation .................................................................... 20 Tax Information ......................................................................................................................... 21 Pretax Contributions ................................................................................................................ 21 Contribution Limits................................................................................................................... 21 Divorce ....................................................................................................................................... 24 Eligible Employers .................................................................................................................... 25 Enrollment ................................................................................................................................. 26 Administrative and Miscellaneous Provisions ......................................................................... 27 Glossary..................................................................................................................................... 33 Contact Information .................................................................................................................. 39 NOTE: This 2013 summary plan description replaces and supersedes all previous materials. About Our Plans The ELCA Pension and Other Benefits Program provides health, flexible spending, retirement, disability, and survivor benefits presented as one comprehensive program to members. Benefit plans are governed and administered individually through separate plan documents. The ELCA Board of Pensions, doing business as Portico Benefit Services, maintains the following plans: ELCA Retirement Plan, ELCA Disability Benefits Plan, ELCA Survivor Benefits Plan, ELCA Health Benefits Plan (which includes the ELCA post-retirement medical benefits obligation), and ELCA Flexible Benefits Plan. We also maintain three group retirement plans for ELCAaffiliated social ministry organizations — the ELCA Master Institutional Retirement Plan, the ELCA Retirement Plan for The Evangelical Lutheran Good Samaritan Society, and the ELCA 457(b) Deferred Compensation Plan. The assets of each plan are held in various trusts and therefore do not allow one plan to fund a shortfall of another plan. Portico Benefit Services’ plans are not subject to the Employee Retirement Income Security Act (ERISA). The health, disability, and survivor plans are self-insured and are not protected through any type of insurance program. Our ability to pay claims is dependent on continued contributions and market performance. We reserve the right to change any of the terms of the plans at any time through the amendment or termination process described in each plan’s summary plan description. About Our Funds You should carefully consider the target asset allocations, investment objectives, risks, charges, and expenses of any fund before investing in it. All funds, including Portico Benefit Services’ funds, are subject to risk and uncertainty. Past performance cannot be used to predict future performance. Portico Benefit Services’ funds, including the ELCA Participating Annuity Investment Fund, are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fund assets are invested in multiple sectors of the market. Some sectors, as well as the funds, may perform below expectations and lose money over short or extended periods. See Your Guide to Investment for Retirement & Investment Fund Descriptions and the Investment Memorandum for the ELCA Participating Annuity Trust for more information about our funds. With respect to the ELCA Participating Annuity Investment Fund, the goal of Portico Benefit Services is to increase a member’s participating annuity income over time. However, substantial or extended losses or underperformance in the markets could cause a reduction in monthly participating annuity payments. Neither Portico Benefit Services nor its funds are subject to registration, regulation, or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, or state securities laws. Members, therefore, will not be afforded the protections of those provisions of those laws and related regulations. About This Plan When you strive to live well — in mind, body, and spirit — you’re more able to enhance the lives of others. That’s why we design and manage benefit plans that invite you to live well by stewarding — intentionally — your gifts of mind, body, and spirit. As a ministry of the Evangelical Lutheran Church in America, the mission of Portico Benefit Services is to provide retirement, health, and related benefits and services to enhance the well-being of those who serve through the ELCA and other faith-based organizations. To serve those who serve, Portico administers the ELCA Pension and Other Benefits Program, which includes the ELCA Retirement Plan. This booklet is a summary of your benefits under the ELCA Retirement Plan effective Jan. 1, 2013. Use this booklet as a reference tool when you have questions about your retirement account and benefits of the plan. Go to PorticoBenefits.org and visit myPortico for the most current information and contribution limits. Plan Document Your rights under the plan are governed by the plan document (the full, legal description of the plan). If this summary is found to be inconsistent with the plan document, the plan document will be considered the controlling document. Portico reserves the right to change any terms of the plan or terminate the plan at any time through the amendment or termination process described later in this summary. A copy of the plan document is available from the Portico Service Center. Page 1 Your ELCA Retirement Account The ELCA Retirement Plan is designed to help you achieve financial security in retirement. As a retirement income account under Internal Revenue Code §403(b)(9), all contributions are pretax. When you enroll in the ELCA benefit program, your employer makes pretax contributions to your ELCA Retirement Plan account rather than promising a particular benefit at retirement. If you are a pastor, your employer also has the option to make housing equity contributions on your behalf. You are also encouraged to set aside some of your salary, on a pretax basis, to your retirement account. You decide how your account is invested by choosing from the 20 ELCA Retirement Plan investment funds with screened and unscreened options. The default election for the ELCA Retirement Plan is the ELCA 60e Balanced Fund. In addition to making your own pretax contributions, you can increase the size of your account by rolling over other retirement plan distributions into this plan. The ELCA Retirement Plan accepts pretax rollovers from traditional IRAs, 401(k) plans, 403(b) plans, and governmental 457(b) plans. Your distribution options (withdrawals and ELCA Participating Annuity payments) are described on pages 8 – 16. Your Retirement Money in a Single Account The ELCA Retirement Plan offers you the convenience of a single account for: Contributions made by your employer on your behalf (employer contributions) Amounts you personally choose to set aside (pretax retirement contributions) Other amounts set aside by your employer, if you are a pastor (housing equity contributions) Any pretax distributions rolled over from other eligible retirement plans (rollover contributions) Your entire account is invested in the ELCA Retirement Plan investment funds according to the choices you make. All contributions and rollovers are immediately vested. These amounts and their gains and losses accumulate during your working years to provide you income in retirement. Defined Compensation Defined compensation is your base salary, before any pretax benefit contributions are deducted. If you are a pastor, see the Glossary for more information. Page 2 Changes to Defined Compensation We use the defined compensation your employer reports to us to calculate the contributions to your ELCA benefits. Therefore, it is the basis for your retirement, disability, and survivor benefits. If we are notified of a change in your defined compensation more than 60 days after the effective date, the amount billed for health and other benefits will only be adjusted for up to the prior 60 days. Contributions to Your Retirement Account Employer Contributions Your sponsoring employer’s contribution amount is based on a percentage of your defined compensation (see page 35). Your employer’s contributions are: Credited to your retirement account Invested in the ELCA Retirement Plan investment funds according to your investment election for future contributions Not subject to Social Security taxes or creditable toward Social Security benefits when contributed Immediately vested Your employer determines the total percentage to contribute to the ELCA Retirement Plan. Employer contribution percentages may be different for each sponsored member but may not be less than 10% of your defined compensation (or not less than 6% for lay employees of participating congregations). However, if you participated in a predecessor plan on Dec. 31, 1987, were at least age 45 on that date, and have continuously participated in an ELCA retirement plan since Jan. 1, 1988, the total employer contribution must be at least 11%. If you are a lay employee of an ELCA institution or a non-ELCA organization, the employer contribution must be the same percentage for all non-clergy sponsored members and may not be less than 6% of defined compensation, as determined by your employer. If you are an eligible self-sponsoring pastor, you pay the employer contribution of not less than 10% of your defined compensation. Housing Equity Contributions — If you are a pastor in a congregation that participates in this plan, an ELCA synod, a seminary, or a ministry of the ELCA churchwide organization, your employer may make housing equity contributions (see Glossary) on your behalf, subject to contribution limits described on page 21. Your employer decides the effective date and the contribution amount. These contributions are billed monthly and are in addition to employer contributions. Pretax Retirement Contributions You may begin making your own pretax contributions at any time if you are: A sponsored member A retired member employed by an eligible employer A self-sponsoring ELCA pastor Page 3 An eligible chaplain under the ELCA Supplemental Retirement Plan for Government Chaplains To begin making pretax retirement contributions, go to PorticoBenefits.org and sign in to myPortico to indicate the dollar amount or percentage you want to save for retirement. Sponsored or Retired Members — When you enter into a contribution agreement with your employer, you agree to contribute a specified amount of your salary to your retirement account each pay period. You make the following decisions about your pretax contributions: Effective payroll date you will begin making contributions Dollar amount or percentage of your defined compensation you will contribute Your employer sends your contributions to Portico, and they are credited to your retirement account. Self-Sponsoring Pastors or Eligible Chaplains — You may enter into a contribution agreement with Portico and submit pretax contributions to your retirement account on a regular basis in addition to the “employer” contribution you make. The contributions are paid by you and deducted on your tax return. To begin making pretax retirement contributions, go to PorticoBenefits.org and sign in to myPortico to indicate the dollar amount or percentage you want to save for retirement. Rollovers from Other Retirement Accounts You may roll over your traditional IRAs or other eligible pretax retirement plan distributions to this plan. By consolidating multiple retirement accounts in your ELCA Retirement Plan, you can: Save time by receiving one statement showing all of your retirement savings Simplify your investment decisions by having all of your retirement investments in one place Choose from a wide range of investment funds Pay no sales commissions (so your account may grow faster) The ELCA Retirement Plan accepts pretax rollovers of at least $200 from: Traditional IRAs 401(k) plans 403(b) plans Governmental 457(b) plans Other ELCA retirement plans (the ELCA Master Institutional Retirement Plan or the ELCA Retirement Plan for The Evangelical Lutheran Good Samaritan Society) The money you roll over to the ELCA Retirement Plan cannot be a: Required minimum distribution Hardship withdrawal Part of a series of substantially equal periodic payments (paid over 10 or more years, your lifetime, or the lifetimes of you and your beneficiary) Page 4 You may make either a direct or an indirect rollover. Direct rollover: The custodian of the account from which you wish to roll money sends a check made out to your ELCA Retirement Plan account to you or forwards your money directly to your ELCA Retirement Plan account with your authorization. You are not subject to taxes on the amount rolled over until you receive a distribution from the ELCA Retirement Plan. Indirect rollover: The current custodian sends you a check made out to you, and you send the money to the ELCA Retirement Plan. You are not subject to taxes on any portion of the distribution deposited in your ELCA Retirement Plan account within 60 days of the date of the distribution. All rollover contributions are immediately 100% vested. This means you can withdraw these contributions and earnings anytime. However, applicable tax and penalties may apply if you make withdrawals before age 59½. Your Investment Fund Options Your ELCA Retirement Plan account is valued on a daily basis. This means daily unit values for each investment fund are calculated by pricing the investments in each fund and dividing the market value by the total number of units outstanding in that fund. Each time a contribution is invested in a fund, the contribution purchases units based on that day’s unit value. Unit values can rise and fall depending on investment gains and losses in the fund. You decide how your account is invested by selecting the ELCA Retirement Plan investment fund(s) that best meets your personal financial goals. This decision affects how your account grows throughout your career and the amount of your income when you retire. If no choice is made, your account balance and future contributions are automatically invested in the ELCA 60e Balanced Fund. Page 5 Your investment election applies to future contributions to your account and may be changed at any time. You may also change the allocation of your current account balance. ELCA Retirement Plan Investment Funds1 Select Series ELCA 80e Balanced Fund ELCA Social Purpose 80e Balanced Fund ELCA 60e Balanced Fund ELCA Social Purpose 60e Balanced Fund ELCA 40e Balanced Fund ELCA Social Purpose 40e Balanced Fund Build-Your-Own Series ELCA Global Stock Fund ELCA Social Purpose Global Stock Fund ELCA Non-U.S. Stock Fund ELCA Social Purpose Non-U.S. Stock Fund ELCA U.S. Stock Fund ELCA Social Purpose U.S. Stock Fund ELCA Social Purpose Stock Index Fund ELCA S&P 500 Stock Index Fund2 ELCA Small- and Mid-Cap Stock Index Fund ELCA Global Real Estate Securities Fund ELCA High-Yield Bond Fund ELCA Bond Fund ELCA Social Purpose Bond Fund ELCA Money Market Fund 1 The trademarks listed below and contained in this publication are owned, controlled, or licensed by or to Portico Benefit Services, a ministry of the Evangelical Lutheran Church in America, and are protected by U.S. trademark and unfair competition laws. All rights reserved. ELCA 80e Balanced Fund ELCA Social Purpose 80e Balanced Fund ELCA 60e Balanced Fund ELCA Social Purpose 60e Balanced Fund ELCA 40e Balanced Fund ELCA Social Purpose 40e Balanced Fund See the Guide to Investing for Retirement & Investment Fund Descriptions for important information about these funds, including the target asset allocations, investment objectives, risks, charges, and expenses of each fund. 2 “S&P 500®” is a trademark of The McGraw-Hill Companies Inc. and has been licensed for use by Portico. The ELCA S&P 500 Stock Index Fund is not sponsored, endorsed, sold, or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the fund. Exemption from Securities Law Neither Portico nor its funds are subject to registration, regulation, or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, or state securities laws. Members, therefore, will not be afforded the protections of those provisions of those laws and related regulations. Choose How Involved You Want to Be You can select from among 20 different investment funds available in two categories — Select Series and Build-Your-Own Series. Select Series — If you want investment professionals to manage the mix of your investments in the plan, investing your entire account in one of the six Select Series balanced funds may be a good option for you. Page 6 The investment professionals diversify your account for you and periodically rebalance it to maintain its target asset allocation. Each fund in the Select Series is managed with the objective of obtaining the highest projected return for the projected level of risk. Build-Your-Own Series — If you prefer to manage your mix of investments yourself, use our Build-Your-Own Series funds. Each of these funds targets a specific asset class, and you take on the responsibility of choosing the right mix of funds to diversify your savings. You are also in charge of rebalancing your investments over time to maintain your target asset allocation. Consider Our Social Purpose Investment Funds Of the 20 investment funds available in the ELCA Retirement Plan, eight are social purpose funds. Our social purpose funds are designed to deliver attractive returns over the long term while investing in ways that are compatible with the social policies of the ELCA. These funds use a three-pronged approach to investing that includes: Shareholder advocacy1 Social screening2 Positive social investments3 Shareholder Advocacy Our social purpose funds promote positive change through shareholder advocacy, consistent with our fiduciary obligations to members. To motivate corporate leaders to act in the best interests of shareholders, advocacy efforts may include (in coordination with other stakeholders where appropriate): Dialogues with corporate leaders Presentation of shareholder resolutions Voting our proxies Social Screening Each year, investment managers for the screened portfolios receive a list of companies that may not be considered for future investment due to business practices that conflict with the ELCA’s social criteria screens. Social criteria screens include: alcohol, community economic development (positive social screen), environmental (both positive and negative social screen), gambling, military weapons, pornography, and tobacco. All screening activities are made consistent with Portico’s fiduciary obligations to members. Additional detail on these screens can be found at elca.org/Our-Faith-InAction/Justice/Advocacy/Corporate-Social-Responsibility/CCA-3-Economic-Social-CriteriaInvestment-Screens.aspx. 1 Takes place for both social purpose funds and unscreened funds. Due to practical implementation realities, not all portfolios in the social purpose funds are screened. Unscreened portfolios include real estate, alternative real assets, and commingled assets. 3 Made primarily in social purpose funds and consist mainly of investment-grade, fixed-income, and alternative assets. 2 Page 7 Positive Social Investments Where applicable, our social purpose fund managers seek and invest in activities they believe will positively benefit the community while achieving acceptable returns for plan members. Managers look for investments, which may include the following: Community development Affordable housing Sustainable forestry Women- and minority-owned businesses Clean energy and the environment Plan Your Strategy To learn about creating your retirement investment strategy and for more information about your ELCA Retirement Plan investment funds, read Your Guide to Investing for Retirement & Investment Fund Descriptions. This booklet is available by calling our Service Center or by visiting myPortico at PorticoBenefits.org. Fund Transfer Restrictions You will have a seven-calendar-day waiting period from the time you transfer money out of an investment fund until you can transfer money back into the same fund. NOTE: Transfer restrictions do not apply to the ELCA Money Market Fund. Distribution Options Before you retire, you should begin thinking about your retirement income. Several distribution strategies are available. Turn your retirement account into a stream of lifetime variable annuity payments from the ELCA Participating Annuity Trust. Convert part of your retirement account into annuity payments and make withdrawals from the balance of your account as needed. Rely solely on withdrawals to provide or supplement your income. We encourage you to understand your distribution options and how they work, so you can make an informed decision about the distribution option that is right for you. Withdrawals Contact the Portico Service Center to discuss your withdrawal options. You will be sent a withdrawal form if you are eligible. The minimum withdrawal is $250 (or your account balance, if less). There are no withdrawal limits or restrictions for members over age 75. There are no plan withdrawal limits for members who are terminally ill. Page 8 Notarized spousal consent (if you are married) or notarized eligible same-gender partner consent (if you have an Affidavit of Partnership on file with Portico) must be on the withdrawal form if your request is for more than $20,000. In most cases, the withdrawal amount can be paid to you or rolled over to another eligible retirement plan. Any amount not directly rolled over to an eligible retirement plan may be subject to tax withholding at the time of distribution (see information on page 22). Withdrawals May be Subject to Taxes and Penalties Your withdrawal may be subject to 20% federal tax withholding and state tax withholding (in certain states where required) unless you are eligible for the clergy housing allowance exclusion from federal gross income. Also, withdrawals before age 59½ made while you are employed (including hardship withdrawals and withdrawals of clergy housing equity contributions) may be subject to an additional 10% penalty for early distribution. Withdrawals from your account after you separate from service are not subject to the early distribution penalty if you are at least age 55. Clergy Housing Allowance If you are a pastor (or were a pastor at the time contributions were made to the plan): 100% of your withdrawal will be designated as eligible for the housing allowance exclusion, but is subject to limitations described on page 23 when excluded from federal gross income Generally, money transferred from your account to another tax-favored arrangement will lose its capability to be claimed as housing allowance (according to the IRS) NOTE: The clergy housing allowance exclusion does not apply to a surviving spouse or beneficiary. In-Service Withdrawals from Your Account You can make limited withdrawals from your account before separating from service. You may request a single payment or periodic payments (monthly, quarterly, semiannual, or annual). Withdrawals: Are allowed after you reach age 59½ May be allowed in case of disability, as defined by Internal Revenue Code §72(m)(7) May be allowed in case of hardship (single-payment option only) You can make withdrawals from the following money types at any time: Rollover contributions Clergy housing equity contributions Pre-2003 additional employer contributions Withdrawals at Age 59½ — When you are age 59½ or over, in addition to the money types listed above, you may be eligible to withdraw without a 10% early distribution penalty up to: 100% of your own pretax contributions plus earnings 100% of any rollover and clergy housing equity contributions plus earnings 20% per year of the total balance of your employer contributions (including earnings) on the prior December 31, or $20,000, if greater. No limit if you are over age 75 or for Page 9 designated beneficiaries. NOTE: Any employer contributions plus earnings previously transferred to a bridge account in the ELCA Participating Annuity Investment Fund is included when the amount of the maximum withdrawal is calculated. The annual maximum withdrawal can be paid in a single payment or in periodic payments. Calculate your periodic payments to ensure they do not exceed the annual limit. (You have no maximum limit if you are over age 75.) Any portion of your employer contribution money type available for withdrawals can be transferred to your rollover contribution money type under the ELCA Retirement Plan. (There are no limits on distributions from rollover balances.) Withdrawals If You Are Disabled — If you are under age 59½ and are totally and permanently disabled as defined by Internal Revenue Code §72(m)(7), you can request a disability withdrawal, subject to the 20% or $20,000 limit. Forms are available from the Portico Service Center. If eligible, you may make withdrawals from your pretax retirement contributions and employer contributions plus earnings, within the plan limit. There is no plan limit for members who are terminally ill. Any withdrawals due to disability cannot be transferred to your rollover contribution money type. Withdrawals Due to Financial Hardship — A hardship is an immediate or heavy financial need that cannot be satisfied by: Reimbursement or compensation from an insurance source Distributions from this plan or distributions or loans from any other plan sponsored by your employer You can request a hardship withdrawal from your employer contributions and earnings and pretax retirement contributions in certain circumstances. NOTE: Earnings on pretax retirement contributions are not eligible for a hardship withdrawal. The amount you request cannot exceed the amount necessary to satisfy the immediate financial need. However, the amount can include any amounts needed to pay federal, state, or local income taxes or penalties you reasonably expect to result from the hardship withdrawal. Contact our Service Center to request a Hardship Withdrawal kit. If you are eligible: The hardship withdrawal will be paid as a single payment The withdrawal amount cannot be rolled over to an individual retirement account or another retirement plan Your pretax retirement contributions to this plan (or any other eligible plan sponsored by your employer) will be suspended for the next six months Reasons for a Hardship Withdrawal — You can request a hardship withdrawal due to an immediate and heavy financial need arising from: Payment of medical expenses incurred by you, your spouse or same-gender partner, or your tax dependents who are not eligible for reimbursement by insurance Costs directly related to the purchase of your principal residence (excluding mortgage payments) Page 10 Payment of tuition and related educational fees for the next 12 months of postsecondary education for you, your spouse or same-gender partner, or eligible tax dependents Payments necessary to prevent eviction from your principal residence or foreclosure on the mortgage of your principal residence (the request must be submitted within three months before the eviction or foreclosure date) Payments necessary to remedy losses to real or personal property caused by a natural disaster (tornado, flood, earthquake). You must provide the following with your request: documentation of the damage (including cost), a copy of your insurer’s determination, and an original copy of a dated newspaper article describing the disaster. Distribution After Separation from Service If your account balance is more than $1,000 when you separate from service, you can leave your account invested in the ELCA Retirement Plan or make withdrawals. If you leave your money invested in the retirement plan, you will receive the same level of service and account flexibility as when you were employed (online access, quarterly statements, ability to choose from among the 20 investment fund options, customer advocacy, access to Ernst & Young financial advisers with no out-of-pocket costs). According to IRS rules, you must begin receiving distributions from your account by April 1 following the year you reach age 70½, or separate from service, if later. See page 12 for more information on required minimum distributions. NOTE: If you are a pastor or rostered layperson, you are separated from service when your ELCA roster status is listed as “retired” or you are no longer listed on the roster. Request a Withdrawal Contact the Portico Service Center to discuss your withdrawal options. When you meet the eligibility criteria, you may withdraw a single payment or periodic payments of up to: 100% of your own pretax contributions plus earnings 100% of any rollover or clergy housing equity contributions plus earnings 20% per year of the total balance of your employer contributions (including earnings) on the prior December 31, or $20,000, if greater. NOTE: Any employer contributions plus earnings previously transferred to a bridge account in the ELCA Participating Annuity Investment Fund is included when the amount of the maximum withdrawal is calculated. This annual withdrawal limit does not apply to hardship withdrawals, members over age 75, surviving spouses, former spouses, designated beneficiaries, or terminally ill members. If you are married or have an Affidavit of Partnership on file with Portico, your spouse or eligible samegender partner will need to provide written, notarized consent if you request a distribution of more than $20,000 from your retirement account. Rollovers You can roll over some or all of an eligible distribution to another retirement plan. Any portion of a distribution not rolled directly to another eligible retirement plan may be subject to 20% Page 11 federal income tax withholding and state tax withholding in certain states. If you are under age 59½, you may also be required to pay a 10% penalty for early distribution. CAUTION: If you are a pastor, generally you lose the right to claim the clergy housing allowance exclusion on any portion of your account you roll over to another tax-favored arrangement. Contact our Service Center for more information. Payment of Balances of $1,000 or Less If your account balance is $1,000 or less when you separate from service, the record keeper will contact you about your distribution options. Unless directly rolled over to an IRA or other eligible retirement plan, you will receive a check for the entire value of your account (less tax withholdings and penalties, if applicable). Required Minimum Distribution According to IRS rules, you must begin receiving distributions from your account by April 1 following the year you reach age 70½ or separate from service, whichever is later. You will receive a letter informing you of your distribution options. Transfers to and from Other ELCA Retirement Plans You may transfer account balances from other ELCA retirement plans into this ELCA Retirement Plan. You may also transfer your account balance from this plan into either the ELCA Retirement Plan for The Evangelical Lutheran Good Samaritan Society or the ELCA Master Institutional Retirement Plan, if you become a sponsored member of one of these plans. Transfers to and from Other Church or 403(b) Plans Portico may enter into agreements with other churches, church pension boards, or other 403(b) plan sponsors to enable you to transfer your account balance. You may also transfer pretax contributions from approved plan sponsors into this plan. These amounts are 100% vested. You may transfer your account balance with this plan into these approved plans if you separate from service with a sponsoring employer or organization and become a sponsored member of one of these plans. If You Are Unable to Care for Your Affairs Portico will determine whether your retirement benefits may be paid to your guardian, conservator, or other legal personal representative if you are unable to care for your affairs because of a mental or physical condition. Portico assumes no liability with respect to these payments and is not obligated to question the competence of any person to receive payment. Annuity Payments ELCA Participating Annuity The ELCA Participating Annuity is a type of immediate variable annuity that provides a stream of lifetime income and income growth potential over the long term. All annuitants share in the investment performance and mortality experience of the ELCA Participating Annuity Investment Fund (Fund). We encourage you to understand what annuities are and how they work, so you can Page 12 make an informed decision about whether an annuity such as the ELCA Participating Annuity is right for you. Detailed information about the ELCA Participating Annuity is available in the Investment Memorandum for the ELCA Participating Annuity Trust (Investment Memorandum). This document is available on our website or by contacting our Service Center. ELCA Participating Annuity Trust (Annuity Trust) The Annuity Trust is part of the ELCA Retirement Plan and is the trust from which annuity payments are made. The Annuity Trust owns the ELCA Participating Annuity Investment Fund. The Annuity Trust is “participating” because all members who allocate all or a portion of their account to the Annuity Trust participate in, or experience, the gains and losses of the ELCA Participating Annuity Investment Fund over time through adjustments to annuity payments declared by the Portico board of trustees. ELCA Participating Annuity Investment Fund (Fund) The Fund is the investment fund to which the Annuity Trust allocates amounts from a member’s retirement plan account when he or she annuitizes. The Annuity Trust is the sole investor in the Fund. When you annuitize a portion or all of your retirement account, your money is invested by the Annuity Trust in the ELCA Participating Annuity Investment Fund. In exchange for your investment in the Fund, you receive monthly annuity payments from the Annuity Trust based upon the factors outlined in the Investment Memorandum. Eligibility The following individuals are eligible to receive payments from the Annuity Trust as described in the Investment Memorandum: Sponsored members (eligible employees receiving ELCA Retirement Plan contributions from their sponsoring employers and self-employed ministers making their own ELCA Retirement Plan contributions) are eligible upon retirement. Members who were once sponsored and who have separated from service, and alternate payees (such as former spouses), may annuitize after reaching age 60 or after completing 30 years of service. Surviving spouses and beneficiaries may annuitize at any time. You must begin receiving annuity payments before you turn age 80 or separate from service, whichever is later. For additional questions regarding eligibility, contact our Service Center. Starting an Annuity The minimum amount that must be annuitized is $20,000. To begin receiving annuity payments, you must meet the eligibility requirements described under Eligibility, above. Your annuity application and related forms must be received at Portico by the 15th day of the month before the month you want to begin receiving payments. (If the 15th falls on a weekend or holiday, forms Page 13 must be received by the Friday before.) Forms and related information are available by contacting our Service Center. Your initial payment will be received on or about the last business day of the month in which you annuitize, unless circumstances beyond our control prevent your application from being processed in a timely manner (investment market interruptions, failure of a vendor to process information correctly, etc.). Subsequent annuity payments will be received on or about the last business day of each month. NOTE: Once you have submitted your application form to Portico, the decision to annuitize is irrevocable. After you submit your form, your money cannot be withdrawn in whole or in part. Additionally, once you have begun to receive annuity payments, you cannot make any changes with regard to those payments. Initial Annuity Payment Your initial monthly payment calculation takes into consideration: The amount you are annuitizing Your age and the age of any co-annuitant Assumed investment rate The annuity option you choose (including the percentage that would continue to your coannuitant, if any, and the 15-year minimum payout, if applicable) Your initial annuity payment also will reflect an initial adjustment based on the Funded Ratio of the Fund as of the last day of the month before you annuitize. Periodic Adjustments to Annuity Payments Your annuity payments are not fixed but vary depending on the investment performance of the Fund and the mortality experience of the Trust. Portico typically adjusts payments annually, typically each January. Adjustments are currently based on the Funded Ratio of the Fund as of September 30 of the prior year. Portico retains the absolute, sole discretion to change the adjustment methodology at any time without notice. Annuity adjustments are subject to approval by the Portico board of trustees. See the Investment Memorandum for more information about the Funded Ratio and periodic adjustments to annuity payments. Choosing Your Annuity Payment Option You have five annuity options. The option you choose determines the initial annuity payment amount and the payment and/or payout made upon your death. Before you make any election, you should carefully review your calculated payments under all of the options. This decision is important and one you cannot change once your application is processed. Joint-life annuity with 15-year minimum payout (three options) — This annuity option provides monthly payments for at least 15 years (180 months) and thereafter until the death of you and/or your co-annuitant. If both you and your co-annuitant die before Page 14 receiving 180 monthly payments, your designated beneficiary will receive the remainder of the 180 payments or an equivalent lump-sum payment. At the time you annuitize, you choose the percentage of the annuity payment to be continued for the remaining lifetime of the survivor (you or your co-annuitant) from one the following options: - 100% of the amount received when you both were living - 80% of the amount received when you both were living - 60% of the amount received when you both were living The 15-year minimum payout is not available to surviving spouses and designated beneficiaries who are age 70½ or older at the time annuity payments begin. Single-life annuity (two options): - Single-life annuity with 15-year minimum payout — This annuity option provides monthly payments for at least 15 years (180 months) and thereafter until your death. If you die before receiving 180 monthly payments, your designated beneficiary will receive the remainder of the 180 payments or an equivalent lump-sum payment. - Single-life annuity with no minimum payout — This annuity option provides monthly payments that end at your death. This option provides the highest initial monthly payment because it has no payout to a beneficiary. If you have not selected an annuity option on your annuity application form, and you are married, your annuity option will be the joint-life annuity with 15-year minimum payout with 100% payable to the survivor. If you have not selected an annuity option on your application form, and you are single, your annuity option will be the single-life annuity with 15-year minimum payout. To estimate your monthly annuity payments, use our online annuity calculators by going to PorticoBenefits.org and signing in to myPortico. The calculators can be found in the Retirement Planning section by selecting Calculators under the Planning Tools header. Bridge Accounts Previously, some members invested in the ELCA Participating Annuity Investment Fund through a bridge account, which gave them the opportunity to participate in the Fund prior to annuitizing. This option is no longer available and no new contributions can be made to existing bridge accounts. Members who currently have bridge accounts have all the rights and obligations afforded to all other participants of the Fund. See Annex A in the Investment Memorandum for more information about bridge accounts. Some bridge account rules: The minimum amount that can be annuitized from a bridge account is $6,750. All bridge accounts must be annuitized; no withdrawals are available from bridge accounts. Bridge accounts must be annuitized no later than when the member reaches age 70½ or retires from service, if later. No new contributions can be made to bridge accounts. Page 15 Multiple Annuities You have the option to receive up to six separate annuities. This means you can have different annuity start dates, co-annuitants and beneficiaries, as well as different annuity options for each annuity. You will receive separate monthly payments for each annuity and separate IRS tax forms (Form 1099). If you receive your own annuity and a separate annuity as a surviving spouse, your surviving spouse annuity is not considered a second annuity. Re-Employment and Annuity Payments If you are re-employed in service and your employer sponsors you in the ELCA benefit program, your annuity payments will continue. Any contributions you and your employer make to your retirement account after your re-employment will remain separate from your participating annuity and will be invested in the ELCA Retirement Plan’s investment fund(s) of your choice. Benefits to Your Surviving Beneficiaries Surviving Spouse Receiving Annuity — If you are receiving participating annuity payments at the time of your death, payments will continue to your surviving spouse (or co-annuitant) based on the annuity option you chose at the time you annuitized. Retirement Account — If you are married and die while you still have money in your retirement account (and your surviving spouse did not waive the rights to your retirement benefits by giving written, notarized consent to the designation of another beneficiary), your surviving spouse has the same options (regarding your account) as any member who is separated from service. As soon as the month following your death, the money in your account will be transferred to a separate account for your surviving spouse. He or she can: Designate beneficiaries (pages 19 – 21) Remain in the plan and make investment decisions (pages 5 – 8) Make withdrawals (pages 8 – 12) Roll over additional eligible money to the ELCA Retirement Plan from another eligible plan or to another eligible plan from the ELCA Retirement Plan Convert some or all of the account balance to a participating annuity to provide a stream of lifetime income (pages 13 – 16) If your surviving spouse does not make an investment allocation, the money will be invested in the same funds in which you were invested. Distributions (withdrawals or annuity payments) may begin at any time after your death but must begin before the end of the calendar year following the year of your death or the end of the year Page 16 in which you would have reached age 70½, whichever is later. Your surviving spouse has the following distribution options: Withdrawals — Your surviving spouse can make withdrawals and rollovers from the account. These distributions will not be subject to the 10% penalty for early distribution even if your surviving spouse is under age 59½. Single-Life Annuity — Your surviving spouse can annuitize some or all of the retirement account* in the form of a single-life participating annuity. The amount of the monthly participating annuity payment is based on the amount of money annuitized and your spouse’s age when the account is annuitized. NOTE: The single-life annuity with a 15-year minimum payout option is not available if your surviving spouse is age 70½ or over when annuity payments begin. Bridge Account — If you have money invested in a bridge account within the ELCA Participating Annuity Investment Fund and your spouse wishes to use the single-life annuity option, your surviving spouse must convert the entire amount in the bridge account by the end of the calendar year following the year of your death or the end of the year in which you would have reached age 70½, whichever is later. Participating annuity payments and bridge account balances are adjusted up or down periodically, as determined by the Portico board of trustees. Please refer to the Investment Memorandum for the ELCA Participating Annuity Trust for more information about ELCA Participating Annuity payments. Required Minimum Distributions — If you are receiving required minimum distributions from your account when you die, the remaining payments will be paid to your surviving spouse at least as rapidly as under the method of distribution selected by you. If your surviving spouse dies before distribution begins, any remaining benefits will be paid to your surviving spouse’s designated beneficiaries. Other Beneficiaries Participating Annuity — If you are receiving participating annuity payments at the time of your death, and you do not have a spouse (or co-annuitant), all payments stop unless you chose the 15-year minimum payout feature. With the 15-year payout feature, any remaining payments will be paid to your designated beneficiary monthly or as an equivalent lump sum. Retirement Account Balance — If you have a balance in your retirement account when you die and you do not have a surviving spouse (or if your spouse has consented to your designating another beneficiary), the balance in your account will be paid to your designated beneficiaries in the percentages you specified. (This includes any money in a bridge account that has not been annuitized.) The money in your retirement account will be transferred to a separate account for your beneficiary. * Money will be taken first from any bridge account balances. Page 17 Your designated beneficiary has until the end of the calendar year following the year of your death to: Begin withdrawals from your retirement account or Convert some or all of the account balance to a single-life participating annuity* Your beneficiary can also name beneficiaries, make investment decisions, make withdrawals, annuitize the account, or roll over money from the plan to an eligible retirement plan or IRA. Non-spouse beneficiaries have the following options: Withdrawals — Withdrawals will not be subject to the 10% penalty for early distribution even if your beneficiary is under age 59½. Single-Life Annuity — Your beneficiary can annuitize some or all of the retirement account* in the form of a single-life annuity. If your beneficiary does not make an investment allocation, the money will be invested in the same funds in which you were invested. If your beneficiary elects an annuity option, it must be a single-life annuity. However, the annuity option is not available to a beneficiary who would be age 70½ when payments start, nor to a beneficiary that is an estate or other entity. Bridge Account — If you have money invested in a bridge account within the ELCA Participating Annuity Investment Fund and your beneficiary wishes to use the single-life annuity option, your beneficiary must convert the entire amount in the bridge account by the end of the calendar year following the year of your death. Participating annuity payments are adjusted up or down periodically, as determined by the board of trustees of Portico. Please refer to the Investment Memorandum for the ELCA Participating Annuity Trust for more information about ELCA Participating annuity payments. Beneficiary Death — If a beneficiary dies before distribution begins or before receiving the entire benefit, the remaining amount will be paid to the beneficiary’s designated beneficiary. Required Minimum Distribution — If you are receiving required minimum distributions from your account when you die, the remaining payments will be paid to your designated beneficiary at least as rapidly as under the method of distribution you selected. Dependent Beneficiary — When a beneficiary is under age 21, payments will be made monthly in an amount determined by his or her legal guardian, but not less than $250 per month. Monthly payments will continue until he or she reaches age 21 or until the balance is reduced to zero. At age 21, your beneficiary will be entitled to any remaining account balance. * Money will be taken first from any bridge account balances. Page 18 Your Beneficiary Designation It is important to designate beneficiaries for your retirement account on the form provided by Portico. When you die, your beneficiaries will be entitled to the entire balance in your account. Keeping your beneficiary designation up to date will help facilitate proper payment of benefits to your beneficiaries when you die. Your beneficiary designation takes precedence over a personal will and applies to all money in your account. Review your beneficiary designation regularly, especially if you experience a life event (change in marital status; at retirement; or the death of a spouse, eligible same-gender partner, child, or a primary beneficiary). You can name an individual, trust, foundation, charitable organization, or your estate as your beneficiary. Beneficiary designations are effective when Portico receives the completed form from you via U.S. mail. Because this is a legal document, we must receive your original signature to change your beneficiary designation. Annuity Beneficiaries — If you die while receiving annuity payments, and have a co-annuitant who survives you, payments will continue to your co-annuitant based on the annuity option you chose at the time you annuitized. If your co-annuitant later remarries, his or her annuity payments will not be reduced as a result of the marriage. If you chose the 15-year (180 months) minimum payout feature and do not have a co-annuitant when you die, your designated beneficiary will receive the remainder of the 180 payments or an equivalent lump-sum payment. From the time of your death until distribution of remaining annuity payments is completed, annuity payments will be subject to periodic adjustment. Members Who Are Married — If you are married, your spouse must be your sole primary beneficiary unless he or she agrees to the designation of another beneficiary and gives written, notarized consent on the beneficiary form provided by Portico. If you marry (or remarry) after filing a beneficiary designation form, your previous beneficiary designation will no longer be valid and your new spouse will automatically become your sole primary beneficiary. To expedite proper payment of benefits, complete a new form and return it to Portico when your marital status changes. Members in a Partnership — If you have submitted a completed Affidavit of Partnership to Portico, your partner must be your sole primary beneficiary unless he or she agrees to the designation of another beneficiary and gives written, notarized consent on the beneficiary form provided by Portico. If you submit a completed Affidavit of Partnership to Portico after filing a beneficiary designation form, your previous beneficiary designation will no longer be valid and your new same-gender partner will automatically become your sole primary beneficiary. To expedite proper payment of benefits, complete a new form and return it to Portico when your partner status changes. Page 19 Members Who Are Single — If you are single, your beneficiary may be anyone you choose. Primary and Secondary Beneficiary Designation If you wish to name as a beneficiary a person other than (or in addition to) your spouse or eligible same-gender partner or to name an entity (a foundation, charitable organization, your estate), designate your beneficiary on the form provided by Portico, and sign and return it to the address on the form via U.S. mail. If you are married or have submitted a completed Affidavit of Partnership to Portico, you must have your spouse’s or partner’s written, notarized consent to designate any person or entity other than or in addition to your spouse or partner as your beneficiary. Your primary beneficiary(ies) receives the designated benefit upon your death. If a primary beneficiary dies before you, that beneficiary’s share will be divided proportionately among your surviving primary beneficiaries. Your secondary beneficiary receives payment only if all primary beneficiaries die before you. If a secondary beneficiary dies before you, that beneficiary’s share will be divided proportionately among your surviving secondary beneficiaries. No Designated Beneficiary If all your primary and secondary beneficiaries die before you or if you do not designate a beneficiary, benefits will be paid to your beneficiaries in the first of the following categories in which there are survivors: Your surviving spouse or eligible same-gender partner Your surviving children (natural or legally adopted); if any child dies before you, their descendants (your grandchildren, great-grandchildren) will receive the share their parent would have received if living, by right of representation Your surviving parents Your surviving siblings Your estate All members of a class (for example, all your children) will receive an equal share. In the Event of Divorce A divorce automatically revokes any designation of a spouse as your beneficiary. You may designate your former spouse as your beneficiary, but you must complete a new beneficiary designation form dated after the date of the divorce decree naming him or her as your beneficiary. If a new form is not filed, the designation of your former spouse as beneficiary is void and your non-spousal beneficiaries become primary. In the Event of Dissolution of Partnership The filing of an Affidavit of Dissolution of Partnership with Portico automatically revokes any designation of a same-gender partner as your beneficiary. You may designate your former partner as your beneficiary, but you must complete a new beneficiary designation form dated after the date you filed the Affidavit of Dissolution of Partnership naming him or her as your Page 20 beneficiary. If a new form is not filed, the designation of your former partner as beneficiary is void and secondary beneficiaries become primary. Eligible Trusts You may name a trust as your beneficiary. If it is an “eligible trust,” references in the ELCA Retirement Plan document pertaining to life expectancies include individuals who are beneficiaries of trusts. A trust is an eligible trust if it meets the following conditions: It is a valid trust under state law, or would be if it had assets It is irrevocable, or will be upon your death Your beneficiaries are clearly identified in the trust document (within the meaning of Treasury Regulations §1.401(a)(9)-4, as well as the portion of the trust to which they are entitled and the conditions on their entitlement) A copy of the trust document is provided to Portico at your death If a trust meets these requirements, the relevant life expectancy of your designated beneficiary (for purposes of calculating distributions) is the life expectancy of your trust beneficiary with the shortest life expectancy. A trust that does not meet the above requirements will be treated as having no life expectancy but still may be named as your designated beneficiary. Tax Information Pretax Contributions All member and employer retirement contributions are pretax; they are not subject to federal income tax at the time they are contributed to the plan. Earnings on these contributions are also tax-deferred. For pastors, pretax retirement contributions are also not subject to Social Security tax or creditable toward Social Security benefits. Contribution Limits Tax laws permit you and your employer to make pretax contributions for your retirement. However, you have only one annual limit regardless of the number of 403(b) plans in which you participate. In 2013, the total amount of annual contributions you and your employer(s) make to your 403(b) plan(s) may be as much as 100% of your taxable compensation, or $51,000, if less. In 2013, the annual limit for an individual’s pretax retirement contributions is $17,500 for most members. If you have completed 15 years of service with a church organization, you may be eligible to make additional contributions ($3,000 annually up to a lifetime limit of $15,000). If you are age 50 or over, you may also contribute a $5,500 “catch-up” contribution. For example, if you are age 51 and have more than 15 years of service with a church organization, your pretax contributions could be as much as $26,000 per year. Contribution limits may change in future years. Page 21 Because the tax laws are complex, we encourage you to contact your qualified tax adviser. The Portico Service Center can prepare an individual calculation of your contribution limit if you want to contribute the maximum amount and you: Have at least 15 years of service or Are a pastor with a large clergy housing allowance exclusion Taxable Income All plan benefits — including withdrawals, annuity payments, and survivor benefits — are taxable for federal and state income tax purposes. There are three important exceptions: 1. After-tax contributions* 2. Amounts rolled over to another eligible retirement plan 3. Amounts claimed under the clergy housing allowance exclusion from federal gross income Defer Taxation You can defer taxation of a withdrawal by making a rollover. If you make a direct rollover of any portion of a distribution to or from another eligible retirement plan, the rollover is not subject to current income tax. Subsequent withdrawals from that plan, however, are subject to income taxes. No Tax Advice Portico does not provide tax advice. We provide members with certain written tax information of general application in order to help you understand the way in which we administer our plans. For tax questions or advice specific to you, you should consult with your own tax or legal adviser. Federal Income Tax Withholding If you do not roll over your withdrawal directly to another tax-favored arrangement, Portico may be required to withhold 20% of the withdrawal for federal income tax plus state income tax, where required. Clergy can elect to waive federal tax withholding if the distribution will be eligible for the housing allowance exclusion. If you are receiving a required minimum distribution or a hardship withdrawal, you may choose to have 10% or more federal tax withheld or nothing withheld. * All contributions to the ELCA Retirement Plan are pretax. However, some predecessor plans allowed after-tax contributions. If you made after-tax contributions to a predecessor plan, only the investment earnings on those contributions are subject to tax when distributed. Page 22 Penalty Tax Withdrawals you take before you are age 59½, including withdrawals of clergy housing equity contributions and hardship withdrawals, may be subject to a 10% early withdrawal penalty in addition to federal and state income tax. However, you are not subject to a penalty tax on any: Portion of a withdrawal that is rolled over or transferred to another tax-favored arrangement Portion of a withdrawal that is designated and used as housing allowance under Internal Revenue Code §107 Withdrawal made after separation from paid service, provided you were age 55 (or over) at separation Series of substantially equal withdrawals scheduled to be made over your lifetime, provided the withdrawals begin after separation from service Withdrawal under a qualified domestic relations order Hardship withdrawal used to pay medical expenses that are deductible under federal income tax laws Disability withdrawals Clergy Housing Allowance Clarification Act Signed into law May 20, 2002, the clergy housing allowance act reinstated the fair market rental value limitation for ordained pastors who claim housing allowance. The amount that can be excluded from federal taxable income as housing allowance is always the smallest of the: 1. Amount officially designated in advance as “housing allowance” by your congregation or church organization 2. Amount spent for your primary residence (down payment, mortgage principal and interest, utilities, taxes, insurance, furnishings, maintenance) 3. Fair rental value of your home (owned or rented), including furnishings and cost of utilities Clergy Housing Allowance Exclusion The clergy housing allowance exclusion allows pastors to exclude a portion of their income from taxes if it can be justified to the IRS that it was used for housing expenses. Portico designates 100% of your distributions from the plan as eligible for housing allowance for all contributions (and earnings) that were made while you were serving under call. However, it is up to you to justify to the IRS how much may be excluded as housing allowance, according to §107 tax code limits. CAUTION: Generally, you lose the right to claim the clergy housing allowance exclusion if you roll over a distribution to another tax-favored arrangement. NOTE: The clergy housing allowance exclusion does not apply to your surviving spouse or beneficiaries. Page 23 Divorce If you divorce, the disposition of your retirement account and/or annuity payments under the ELCA Retirement Plan is governed by the Internal Revenue Code and the terms of the final divorce decree. Notify Portico so we can provide you with information about your assets in the ELCA Retirement Plan. Then send your qualified domestic relations order (QDRO), or court order, judgment, or decree (including property settlement) to Portico after the divorce is final. Also provide new beneficiary designation forms because a divorce automatically revokes any designation of a former spouse as your beneficiary. When You Have a Balance in Your Account Up to 100% of your retirement account may be assigned to an alternate payee as the result of a stipulation or divorce decree incorporated into the qualified domestic relations order. The amount assigned will be transferred to a separate account in the alternate payee’s name. Any remaining money will stay in your name. Following the assignment of a portion of your retirement account, your alternate payee has the same options as any member of the ELCA Retirement Plan who has separated from service. This includes the right to: Make investment decisions with respect to the assigned retirement account (for money not allocated to the ELCA Participating Annuity Trust) Make withdrawals (the alternate payee must begin taking minimum withdrawals from the retirement account by April 1 following the year the member reaches age 70½) Annuitize some or all of your money allocated to the ELCA Participating Annuity Trust or all of your money invested in a bridge account as of the first of any month after reaching age 60 (see pages 13 – 16 for more details) If You Divorce While Receiving an Annuity If you divorce while receiving annuity payments, your alternate payee will receive the assigned portion of each annuity payment as determined by the qualified domestic relations order (QDRO). The QDRO will not change the amount of any annuity payment, but it may change to whom the annuity is paid. Contact our Service Center for more information. Qualified Domestic Relations Order (QDRO) The court order, judgment, or decree that acknowledges the rights of an alternate payee to receive a portion of your retirement account must comply with §414(p) of the Internal Revenue Code and the terms of the ELCA Retirement Plan. Portico will honor only domestic relations orders or decrees that satisfy these requirements. If no court order is issued concerning your retirement account, health coverage, or disability payments, the divorce documents and property settlement agreement (indicating the retirement account is to remain in your control) should be sent to Portico. Page 24 A QDRO will not be binding on Portico if it: Contains a form of benefit, payment, or option not permitted under the plan Requires the plan to pay an amount greater than the value of your retirement account Requires the plan to pay benefits already being paid to another alternate payee due to a previous QDRO A QDRO must clearly specify the: Name and last known address of you and each alternate payee Amount or percentage of your account to be paid by this plan Number of payments or period for which the order applies Refer to the plan document for the ELCA Retirement Plan or contact our Service Center for a sample QDRO. You may designate your spouse, former spouse, child, or other dependent as an alternate payee. End of Same-Gender Partnership You must notify Portico of your dissolution of partnership within 60 days. Complete an Affidavit of Dissolution of Partnership (and provide a copy of a divorce decree if you reside in a state that allows same-gender marriages), sign, and return the form to Portico. Please contact our Service Center for more information. Eligible Employers Eligible ELCA Employers Congregations, ministries of the ELCA churchwide organization, and other organizations affiliated with the ELCA may sponsor their eligible employees in the ELCA benefit program. ELCA synods, seminaries, and other ministries of the ELCA churchwide organization (except for the ELCA publishing house, Augsburg Fortress) must sponsor all of their eligible employees. However, they are not required to sponsor temporary employees or pastors of other church bodies. ELCA congregations may sponsor any or all of their pastors, rostered laypersons, and other employees who are eligible employees. ELCA institutions not subject to the coverage requirements of the Tax Reform Act of 1986 may sponsor any or all of their eligible employees. Institutions that wish to only provide a retirement benefit may participate in the ELCA Master Institutional Retirement Plan, but then must sponsor all eligible employees (excluding those sponsored in the ELCA benefit program). These ELCA institutions generally include elementary and secondary schools, day care centers, camps, and conference centers. ELCA institutions subject to the coverage requirements of the Tax Reform Act of 1986 may sponsor any or all of their eligible ELCA pastors. They may also sponsor rostered laypersons and other employees but then must enroll all those eligible. Institutions that wish to only provide a retirement benefit may participate in the ELCA Master Institutional Retirement Plan, but then must sponsor all eligible employees (excluding those sponsored in the ELCA benefit program). These institutions generally include Page 25 ELCA-affiliated social ministry organizations, colleges and universities, nursing homes, and hospitals. Other Eligible Employers Certain other employers may sponsor pastors and rostered laypersons in the ELCA benefit program. Other tax-exempt organizations (referred to as 501(c)(3) organizations): - Former ELCA congregations (other than a congregation described below) that sponsored at least one eligible employee on or after Jan. 1, 2005, may sponsor any or all eligible employees. - A congregation or qualified church-controlled organization of a non-ELCA church body that has common religious bonds with the ELCA and has been approved by Portico to be the church body’s sole benefits provider. - Ecumenical partner congregations may sponsor any or all ELCA pastors or rostered laypersons serving under call to a non-ELCA ministry. - Other tax-exempt organizations may sponsor any or all ELCA pastors serving under call to a non-ELCA ministry. They may also sponsor ELCA rostered laypersons serving under call but then must sponsor all those eligible. These organizations include social ministry organizations, ecumenical agencies, nonecumenical congregations, and pastoral care organizations. Taxable organizations (referred to as non-501(c)(3) organizations) may sponsor any or all ELCA pastors serving under call to a non-ELCA ministry. These organizations include government agencies and for-profit organizations. ELCA institutions and non-ELCA organizations that were sponsoring eligible employees in only the ELCA Retirement Plan on Dec. 31, 2002, may continue to sponsor eligible employees in this plan, provided at least one employee remains enrolled. Enrollment You may enroll in the ELCA benefit program, which includes the retirement plan, if you are an eligible employee and you are: Employed by an eligible employer and your employer sponsors you in the program or An ELCA pastor serving under call in a non-ELCA ministry and you sponsor yourself in the program Eligible Employees Pastor or Rostered Layperson — You are eligible to enroll in the ELCA Retirement Plan if you are serving under call, employed by an eligible employer, and scheduled to work at least 15 hours per week for six or more months per year. Lay Employee — You are eligible to enroll in the ELCA Retirement Plan if you are employed by an eligible employer, scheduled to work at least 20 hours per week for six or more months per year, and have completed any probationary period (not to exceed 90 days) specified by your employer. Page 26 Retired Member — You are eligible to make pretax retirement contributions to the ELCA Retirement Plan if you are retired and employed by an eligible employer or serving under call to a non-ELCA employer, even if you are not sponsored in the ELCA benefit program. Chaplain — You are eligible to make pretax retirement contributions to the ELCA Retirement Plan if you are an eligible chaplain under the ELCA Supplemental Retirement Plan for Government Chaplains, even if you are not sponsored in the ELCA benefit program. Self-Sponsoring ELCA Pastor — If you are called to a non-ELCA ministry and your employer chooses not to sponsor you in the ELCA benefit program, you may sponsor yourself. If you are called to a ministry in which you are considered self-employed in accordance with Internal Revenue Code §414(e)(5)(A)(i), you may also sponsor yourself. Administrative and Miscellaneous Provisions Appeals Procedure Initial Steps — If you apply for a benefit under the plan and the benefit you receive is not the benefit you expected, or the benefit is denied and you believe you are entitled to a benefit under the plan, contact the Portico Service Center. Appeal to Portico — If your concern is not resolved by following the initial procedure, you may file a written appeal with the president of Portico within 180 days of your receipt of any adverse determination. Include the facts of your case, any new or additional information not considered in the initial decision, and the outcome you desire. The president will review your claim with the advice and counsel of the internal appeals committee, which shall consist of at least three staff members who were not involved with the initial decision. The president will respond in writing within 30 days of receipt of your appeal unless the president notifies you of the need for an additional 30 days. The president may approve an appeal only if one of the following is determined: An error was made in the initial benefit determination The appeal involves matters related to plan interpretation In the case of changing technology or circumstances, the president may recommend an expansion of benefit coverage requiring plan amendments, which may or may not be retroactive. All plan amendments must be approved by the president, the board of trustees of Portico, and/or the ELCA Church Council in accordance with the provisions described on pages 29 – 30. Appeals Committee — An appeal may be filed with the appeals committee of the Portico board of trustees within 60 days of your receipt of the president’s written response if you are dissatisfied with the decision of the president. The appeals committee will consist of five to seven members of the board of trustees, at least one of whom must be a participant in the ELCA benefit program. Additionally, the committee may Page 27 include independent consultants with expertise in the area of the appeal to serve with voice but without vote. The appeals committee will schedule a meeting within 30 days of receiving your appeal. The final decision of the appeals committee will be forwarded to you within 60 days of receipt of the appeal. All decisions of the appeals committee are final. Court System — In the event you have exhausted the previously described appeals procedure and are dissatisfied with the final decision of the appeals committee of Portico, you may initiate legal action in the Minnesota Fourth Judicial District Court, Hennepin County. Any removal of such action must be to the United States Court for the District of Minnesota. Limitation of Liability Neither Portico nor the record keeper is liable for the failure of any employer to enroll you as a sponsored member in the plan or for the failure of any employer to make contributions to the plan on your behalf. Correction of Errors It is recognized that, in the operation and administration of the ELCA Retirement Plan, certain mathematical and accounting errors may be made or mistakes may arise for various reasons, including factual errors in information supplied to Portico, the record keeper, or the ELCA Retirement Plan trustees. Portico has the power to make equitable adjustments to correct such errors as Portico considers appropriate. These adjustments will be final and binding on all persons. Obligations of a Sponsored Member As a member of the ELCA Retirement Plan, you agree to comply with all the requirements of Portico and the record keeper regarding enrollment and administration of the plan. This includes, but is not limited to, providing your: Date of birth Marital status Marital and family support obligations Social Security number If you do not comply with reasonable requirements or knowingly provide false, inaccurate, or misleading information to the record keeper or Portico, you must reimburse Portico or the record keeper for reasonable expenses and damages incurred as the result of such failure. Portico or the record keeper may charge your retirement account for the additional expense. Obligations of a Participating Employer By sponsoring an eligible employee in the ELCA Retirement Plan, the participating employer agrees to: Be bound by the terms of the ELCA Retirement Plan, including future amendments and any rules or procedures adopted by Portico Provide the necessary information to Portico for the administration of the ELCA Retirement Plan Page 28 Promptly notify Portico of any Internal Revenue Service audit or change in status that could cause the employer to cease to be “controlled by or associated with” the ELCA Any employer may discontinue participating in the ELCA benefit program by providing written notice to Portico and complying with any procedures established by Portico for discontinuing participation. Portico may discontinue the participation of an employer if Portico, in its sole discretion, determines that the employer is no longer an eligible employer as defined by the program, or if the employer has failed to comply with the provisions of this program. If your employer is not a church or a non-qualified church controlled organization (QCCO), your employer is responsible for ensuring compliance with the non-discrimination rules applicable to 403(b) retirement plans. Generally, these rules require universal availability for pretax retirement contributions, and employer contributions that do not favor highly compensated employees (those earning more than $115,000 a year). We encourage employers to work with a tax adviser or benefits consultant to ensure compliance with the 403(b) non-discrimination rules. Plan Information While every effort has been made to ensure the information contained in this communication is correct, if there is any omission or misstatement, the applicable legal plan document will control. The eligibility for any benefit will be governed by the terms of the applicable plan, program, or policy. Portico (and its designee) shall have the power, including, without limitation, discretionary power to make all determinations that the plan requires for its administration, and to construe and interpret the plan for purposes of determining eligibility and benefits. The assets of each plan are held in various trusts and, therefore, do not allow one plan to fund a net shortfall of another plan. The health, disability, and survivor plans are self-insured and are not provided through an insurance company. Portico’s ability to pay claims is dependent on continued contributions, claims experience, and market performance. Portico reserves the right to amend, modify, or terminate any plan(s) or benefit policies or programs in whole or in part at any time. Plan documents are available by contacting Portico. Our policies, programs, and plans are not subject to the Employee Retirement Income Security Act (ERISA). Amendment The ELCA Churchwide Assembly, the ELCA Church Council, or Portico may propose amendments to the ELCA Retirement Plan. All proposed amendments must be submitted to Portico for recommendation before final action is taken by the Church Council. The president of Portico will approve amendments involving no change in policy and little or no change in cost or benefits. Amendments approved by the president will be reported to the board of trustees of Portico. The Church Council will approve amendments involving a significant change in policy or a significant change in cost or benefits. The Church Council may, in its sole discretion, submit any proposed amendment to the Churchwide Assembly for final action. The board of trustees of Portico will approve all other amendments. Amendments approved by the board of trustees will be reported to the Church Council. Page 29 No amendment will reduce the account balance of any individual on the effective date of the amendment. See the Investment Memorandum for the ELCA Participating Annuity Trust for more details about amendments to the Annuity Trust. Termination of the Plan The ELCA Church Council may terminate the ELCA Retirement Plan by following the previously described amendment procedure. The termination of the plan will not reduce your account balance. After termination, no additional contributions may be made to the plan. If the plan is terminated, the existing money in your account may be distributed to you or your beneficiaries in such manner as Portico, in its sole discretion, determines is fair and equitable. Source of Benefits All benefits to which you are entitled under this plan will be provided only out of the appropriate investment fund(s), and only to the extent that such investment fund(s) is adequate. Applicable Law The plan is defined and administered according to the laws of the State of Minnesota, to the extent that the laws of the United States of America do not pre-empt these laws. No Other Benefits No benefits other than those specifically stated are to be provided under the ELCA Retirement Plan. USERRA Contributions, benefits, and service credit with respect to qualified military service will be provided as specified under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA), regardless of any provision of this plan to the contrary. Non-Guarantee of Employment Nothing contained in this plan shall be construed as a contract of employment between you and your employer, or as a right to be continued in the employment of your employer, or as a limitation of the right of the employer to discharge any of its employees, with or without cause. Confidentiality Without your consent, the record keeper or Portico will not disclose confidential information relating to your account to any person other than agents who provide services to members on behalf of the plan, you, or your spouse or eligible same-gender partner. In addition, no employee of Portico, your employer, or the record keeper will have access to confidential information relating to your account, except as required to ensure proper administration of the plan. Portico maintains a written confidentiality policy as part of its personnel policies. However, Portico may disclose information pursuant to any order or request of a court or administrative agency, which it determines is validly issued and binding on Portico. Page 30 Unclaimed Benefits If you do not claim benefits within three years from the date they were due to be paid to you (as determined by Portico or the record keeper) and you cannot be located, your account balance may revert to your state of residence on file, in accordance with state escheat laws. Plan Management Portico controls and manages the operation and administration of the ELCA Retirement Plan and makes all decisions and determinations pertaining to the plan. Portico empowers its president or other corporate officers and employees (acting alone or in committee), as well as the record keeper, to act within the scope of the plan. Fund Managers The ELCA Retirement Plan investment funds are not registered mutual funds, but rather investment pools managed separately under Portico supervision. Portico is responsible for establishing the investment objectives and strategy for the various investment choices in the ELCA Retirement Plan. Portico investment staff identifies qualified money managers in each investment category to assist in carrying out Portico’s strategy. A complete list of investment fund managers for each ELCA fund can be found in Your Guide to Investing for Retirement & Investment Fund Descriptions booklet. This booklet is available upon request from our Service Center or can be viewed by going to PorticoBenefits.org and visiting myPortico. Portico reserves the right to change investment managers from time to time without notice. Securities Law Exemption The ELCA Retirement Plan, Portico, and each of the investment funds are not subject to registration, regulations, or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 or state securities laws. Therefore, you and your beneficiaries will not be afforded the protections of the provisions of those laws and related regulations. Plan administration and plan asset management are subject to prudent investor and exclusive benefit rules. Utilizing Financial Futures and/or Options In managing all the funds, Portico may from time to time utilize financial futures and/or options to help control overall portfolio risk and enhance portfolio values and returns. Portico is not required to register as a commodity pool operator under the Commodity Futures Trading Commission (CFTC) rules and will not be subjected to the operating criteria of CFTC Rule 4.5. Nevertheless, Portico will use financial futures and options prudently in the context of total portfolio circumstances for the purposes of furthering the objective of the plan. Fiduciary Standards Fiduciaries — Fiduciaries (those responsible for the plan’s assets) invest the plan contributions expressly with the members’ interest in mind and in agreement with the following requirements: For the exclusive purpose of providing benefits to members, less reasonable expenses of administering the plan With the care, skill, prudence, and diligence under the current conditions that a prudent person with like character, similar aims, and knowledge of fiduciary matters would use Page 31 By diversifying the investments of the plan to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so In accordance with the provisions of the ELCA Retirement Plan and ELCA Participating Annuity trust Prudent Investor Rule — Managers and trustees administering or investing retirement or pension assets are bound by the “prudent investor” rule. This common-law concept has evolved through the years and is set forth in the American Law Institute’s Restatement of the Law of Trusts, Third, section 227, which states in part that: The trustee is under a duty to the beneficiaries to invest and manage the funds of the trust as a prudent investor would, in light of the purposes, terms, distribution requirements and other circumstances of the trust. (a) This standard requires the exercise of reasonable care, skill, and caution and is to be applied to investments not in isolation but in the context of the trust portfolio and as a part of an overall investment strategy, which should incorporate risk and return objectives reasonably suitable to the trust. (b) In making and implementing investment decisions, the trustee has a duty to diversify the investments of the trust unless, under the circumstances, it is prudent not to do so. Many states, including Minnesota, have incorporated the prudent investor rule in their statutes. Portico, a nonprofit corporation incorporated in Minnesota, is governed by Minnesota statute §501B.151, which sets the statutory requirements governing trust investments. Exclusive Benefit Rule Code §403(b)(9), which enables the ELCA to offer a 403(b)(9) church retirement income account, imposes exclusive benefit and non-diversion rules. Under these rules, the assets of the plan cannot be used for or diverted to purposes other than for the exclusive benefit of members and their beneficiaries. Reasonable administration costs, including costs associated with informing employees and employers of the availability of the program may be charged against member accounts. No Legal Advice Portico does not provide legal advice. We provide members with certain written information of general application in order to help you understand the way in which we administer our plans. For legal questions or advice specific to you, you should consult with your own legal adviser. Page 32 Glossary 403(b) Plan Under section 403(b) of the Internal Revenue Code, a defined contribution plan that can be established by educational and certain nonprofit employers so employees can set aside money for retirement on a pretax or after-tax basis. The employer may contribute to the plan. Pretax contributions by employees and the employer, as well as investment earnings and interest on contributions, are not taxed until the employee withdraws the money (typically during retirement). The ELCA retirement plans are 403(b) plans. Also referred to as a tax-sheltered annuity (TSA). Account The total amount in your ELCA Retirement Plan account (including your own pretax retirement contributions, employer retirement contributions, and earnings). You have an account balance until it is reduced to zero. Alternate Payee A spouse, former spouse, child, or other dependent of a sponsored member recognized by a QDRO, as having a right to receive all or a portion of the benefits payable under ELCA Retirement Plan. Annuitant The member and the owner of the annuity income. Annuitize The process of converting a sum of money into an annuity (a sum of money paid in a series of payments at regular intervals). Specified income is payable at stated intervals for a fixed or contingent period of time, usually for the annuitant’s life and that of a surviving co-annuitant. Annuity A series of payments at regular intervals for a specified period. How annuities are paid and when they begin depend on the type of annuity. Here are a few examples: Fixed Annuity — An annuity with payments of a fixed amount or amounts that increase by a fixed percentage. Variable Annuity — An annuity with payments that vary according to the investment performance of a specified set of investments, usually including stocks and bonds. (The ELCA Participating Annuity is a type of immediate variable annuity.) Immediate Annuity — An annuity with payments that begin right after the annuity is purchased. (The ELCA Participating Annuity is a type of immediate variable annuity.) Deferred Annuity — An annuity with payments that begin sometime after the annuity is purchased. Annuity Adjustments Adjustments to monthly annuity payments that reflect the investment performance and mortality experience of the ELCA Participating Annuity Investment Fund. Page 33 Annuity Options A set of annuity choices, each with different provisions as to the amounts payable to survivors and/or beneficiaries. The option you choose will affect the amount you receive when you begin receiving monthly annuity payments, as well as the amount you (or your co-annuitant or beneficiary) receive after one or both of you dies. Assumed Investment Rate Rate of investment return used by an issuer of an annuity to calculate the payout on an annuity. (The assumed investment rate for the ELCA Participating Annuity is currently 4.5%.) Beneficiary An individual or entity you have named to receive any remaining balance in your ELCA Retirement Plan account or your remaining annuity income upon your death under the 15-year minimum payout feature. Bridge Account An account for investing money before it is annuitized that is part of the ELCA Participating Annuity Trust and is invested in the ELCA Participating Annuity Investment Fund. This type of account was closed to new investment as of April 3, 2009, and transfers and contributions to bridge accounts can no longer be made. Child A child of a member is: Any natural or legally adopted child of the member Any of the following individuals designated by the member to be treated as his or her child for all purposes under this retirement plan: - A natural or legally adopted child of the member’s spouse born or adopted before or during the member’s marriage to such spouse - An individual placed in the member’s household pending legal adoption by the member - Any lineal descendant of the member (grandchild) Co-Annuitant An individual who shares in an annuitant’s annuity payments according to the options chosen when money is annuitized. Page 34 Defined Compensation Whether you are a pastor, rostered layperson, or lay employee, annual defined compensation includes your base salary, before any pretax benefit contributions* are deducted. If you are a pastor, your annual defined compensation also includes the amount of any Social Security tax allowance paid to you and one of the following: If housing is not provided, the amount of any cash housing allowance paid to you If housing is provided, an additional 30% of your base salary, any Social Security tax allowance, plus any household furnishings or utilities allowance paid to you Defined Compensation Exclusions Annual defined compensation does not include: The cost of utilities paid to the utility company by your congregation or organization Employer contributions, including clergy housing equity contributions made to the ELCA Retirement Plan or other eligible retirement plan Non-taxable reimbursements or expense allowances (auto and mileage, continuing education, book or professional expenses, etc.) Defined Contribution Plan A retirement plan in which your employer’s and your pretax retirement contributions are credited to your individual account and invested in one or more investment funds. Future benefits are based on your account balance. The ELCA Retirement Plan is a defined contribution plan. ELCA Participating Annuity A type of immediate variable annuity that provides a stream of lifetime income and income growth potential over the long term. All annuitants share in the investment performance and mortality experience of the ELCA Participating Annuity Investment Fund. ELCA Participating Annuity Investment Fund (Fund) The investment fund to which the Annuity Trust allocates amounts from a member’s retirement plan account when he or she annuitizes. The Annuity Trust is the sole investor in the Fund. ELCA Participating Annuity Trust (Annuity Trust) The trust from which ELCA Participating Annuity payments are made. The Annuity Trust owns the Fund. Eligible Rollover Distribution A distribution under applicable law of pretax contributions rolled over to this plan from another eligible retirement plan in a direct rollover. (A distribution made by hardship withdrawal, or in a series of substantially equal periodic payments is not an eligible rollover distribution.) * Pretax benefit contributions include pretax retirement contributions to the ELCA Retirement Plan or another eligible retirement plan. They also include pretax contributions to qualified reimbursement accounts for health care, child care, or transportation expenses. Page 35 Eligible Same-Gender Partner An individual who satisfies the same-gender partnership requirements as attested on a completed and signed Affidavit of Partnership on file with Portico Benefit Services. Employer Contributions Amounts paid to the plan for you by an employer with no corresponding reduction in your salary. Funded Ratio The ratio of the market value of the net assets of a benefit plan or fund to the projected benefit distributions as of a particular date. Housing Equity Contributions Housing equity contributions are voluntary pre-tax retirement plan contributions made by an employer for pastors living in church-owned housing. Housing equity contributions are made in addition to employer-required contributions. Investment Memorandum for the ELCA Participating Annuity Trust The document describing the ELCA Participating Annuity Trust and its underlying ELCA Participating Annuity Investment Fund. Life Annuity An annuity in which the payments are contingent on the survival of an annuitant or co-annuitant. Mandatory Distribution You receive the entire value of your account after separation from service when the account balance is $1,000 or less. Member Any individual who is entitled to a benefit from this plan including a sponsored member, spouse, eligible same-gender partner, alternate payee, surviving spouse, surviving eligible same-gender partner, co-annuitant, child of a sponsored member, or a designated beneficiary. Money Types Categories of retirement plan contributions. The money types in your retirement account include: Pretax contributions made to your account by an employer Pretax contributions you make Rollover contributions Housing equity contributions Pre-2003 additional employer contributions Pretax Retirement Contribution Agreement This agreement allows your employer to withhold a specific percentage or dollar amount from your paycheck to be contributed directly into an eligible retirement plan for your benefit. These contributions are pretax (subtracted from your compensation by your employer before taxes are Page 36 calculated and withheld). Taxes owed on both contributions and earnings are deferred — postponed — until the money is distributed, usually in retirement. Pretax Retirement Contributions Contributions made by a member to a 403(b) or other qualified retirement plan for which taxes are postponed until the assets are distributed. Taxation of investment earnings is also deferred. (See also Employer Contributions.) QDRO Qualified domestic relations order Record Keeper The record keeper of your ELCA Retirement Plan account maintains your records and provides day-to-day assistance by processing your transactions such as fund transfers, withdrawals, and rollovers. Required Minimum Distribution The minimum annual amount the IRS requires certain IRA and retirement plan participants to withdraw from their accounts by April 1 following the year they reach age 70½ or the age they retire, if greater. Required minimum distributions (RMDs) must then be taken each year thereafter. Retirement Account The total amount in your account (including all contributions plus investment earnings minus distributions). You have an account balance until you reduce your account balance to zero by converting it to a lifetime annuity and/or by taking withdrawals. Rollover A method used to defer taxation of a withdrawal from a qualified retirement plan by transferring the amount directly to another tax-favored arrangement. Separation from Service When the following events occur, you are considered separated from service: Termination of employment Retirement No longer listed on the ELCA or other participating church’s roster Death Failure to return to active service at the end of an authorized leave of absence (or authorized extension of the leave) Any other event that occurs under your employer’s or Portico’s policy that results in a termination of the arrangement for the performance of compensated service Tax-Sheltered Annuity (TSA) A retirement plan sponsored by a nonprofit religious, charitable, or educational organization, or a public school. Also referred to as a §403(b) plan. All pretax contributions and investment earnings are tax-deferred until distributed, usually in retirement. Page 37 Transfer Contributions If you are currently sponsored in the ELCA Retirement Plan and have money in another ELCA plan (the ELCA Master Institutional Retirement Plan or the ELCA Retirement Plan for The Evangelical Lutheran Good Samaritan Society), you may transfer all your accounts into this plan. Vesting Your non-forfeitable right to benefits. All contributions to this plan are immediately and fully vested. Page 38 Contact Information Portico Service Center PorticoBenefits.org Access the most up-to-date benefits information and forms on our web site. The Portico Service Center helps you with enrollment, eligibility, or coverage. 800.352.2876 / 612.333.7651 / F 612.334.5399 [email protected] Mailing address: Portico Benefit Services 800 Marquette Ave., Ste. 1050 Minneapolis, MN 55402-2892 Ernst & Young Employee Financial Services EY Planning Center Portico.eyfpc.com This secure website was created specifically for ELCA Retirement Plan members to provide a variety of retirement planning tools like financial calculators, webinars, financial planning workshops, videos, tips, and articles. EY Financial Planner Line® 888.566.8631 Monday – Friday, 8 a.m. – 7 p.m. Central Talk with a financial planner from the privacy of your own home with no out-of-pocket cost to you. 100-01 (5/2013) Page 39
