Distribution Options Upon Termination of Employment

Deferring Distribution

If your Plan Account balance is more than $7,000 and you wish to defer distribution of your Plan Account, no action is needed on your part. Your Plan Account will remain invested in the investment options of your choice. You may continue to reallocate your Plan Account among the investment options in the Plan.

However, if you elect to delay the distribution of your vested account balance, there are rules that require that certain minimum distributions be made from the Plan.

Your required minimum distributions (“RMDs”) are required to begin no later than the April 1 following the year you reach your RMD Age (as defined in the chart below), or, if later, following the year in which your employment with the Company terminates.

Effective for individuals attaining…	RMD Age
Age 70 ½ before January 1, 2020 (born before July 1, 1949)	70 ½
Age 70 ½ after December 31, 2019 and age 72 before January 1, 2023 (born on or after July 1, 1949 and before January 1, 1951)	72
Age 72 after December 31, 2022 and age 73 before January 1, 2033 (born on or after January 1, 1951 and before January 1, 1960)	73
Age 73 after December 31, 2032 (born on or after January 1, 1960)	75

Example: Your 72^nd birthday was December 15, 2022, and your employment with the Company had terminated. You were required to take your first RMD (for 2022) by April 1, 2023, and your second RMD (for 2023) by December 31, 2023.

Example: Your 72^nd birthday was July 1, 2023, and your employment with the Company had terminated. You did not have to take an RMD in 2023. The first year in which you must take an RMD is 2024, the year in which you reach age 73. You are required to take your first RMD (for 2024) by April 1, 2025, and your second RMD (for 2025) by December 31, 2025.

You will be notified by mail of the date of your RMD. Please note that if you are not an active employee of the Company or if you are receiving severance pay, and you do not request a distribution, your RMD will be paid to you automatically no later than March 30 following the year in which you attain your RMD age. The RMD portion of your Plan Account will continue to be paid thereafter when required by law (generally, December of that same year and then once a year thereafter unless you otherwise request a distribution or partial distribution that satisfies these requirements). You will incur significant tax penalties if you do not receive your distribution on the required date.

Therefore, if you do not receive your notice or your distribution by the dates described in this section, contact the Plan Administrator to ensure your contact information is up-to-date.

You will find a Special Tax Notice Regarding Plan Payments in the distribution materials available when you request a distribution. You are responsible for understanding and planning for the tax implications of any distribution. It is recommended that you read the Tax Notice and/or contact your financial/tax advisor before submitting your distribution election.