INVESTMENT AND SAVINGS PLAN
(As Amended and Restated as of February 1, 2012)
INTRODUCTION AND PURPOSE
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DEFINITIONS
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(A) a person who is covered for current service under a retirement plan of the Company or any of its affiliated Companies other than The Hartford Retirement Plan for U.S. Employees, or any other Plan specified by the Board of Directors from time to time, or | |||
(B) a person whose terms and conditions of employment are determined by a collective bargaining agreement with the Company which does not make this Plan applicable to him or her, or | |||
(C) a person who is eligible for participation in any of the following plans being maintained by certain Canadian affiliates of the Company: the Hartford Fire Insurance Company Retirement Savings Plan, the Hartford Fire Insurance Company Deferred Profit Sharing Plan, and the Hartford Fire Insurance Company Employee Profit Sharing Plan or any successor to the foregoing plans, or | |||
(D) prior to January 1, 2006, a person who is an employee of Planco Financial Services, Inc., other than a regular hourly or salaried full-time or part-time commissioned wholesaler or a regular hourly or salaried full-time or part-time administrative assistant to such a wholesaler, or | |||
(E) a person who is a leased employee (within the meaning of Code Section 414(n)(2)) of the Company or is otherwise employed through a temporary help firm, technical help firm, staffing firm, employee leasing firm, or professional employer organization, regardless of whether such person is an Employee of the Company, or | |||
(F) a person who performs services for the Company as an independent contractor or under any other non-employee classification, or who is classified by the Company as, or determined by the Company to be, an independent contractor, regardless of whether such person is characterized or ultimately determined by the Internal Revenue Service or any other Federal, State or local government authority or regulatory body to be an employee of the Company or its affiliates for income or wage tax purposes or for any other purpose. |
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(A) | Certain Members Hired Before 2001.Solely with respect to a Member with an original hire date with the Company before January 1, 2001 who: (i) is covered in whole or in part under the final average pay formula of the Retirement Plan, or (ii) is not eligible for coverage under the Retirement Plan, “Retirement” shall mean satisfaction of the requirements for early or normal retirement under the final average pay formula of the Retirement Plan (assuming such Member were covered under the final average pay formula of the Retirement Plan), provided such event results in such Member’s separation from the employment of the Company; or |
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(B) | Certain Members Hired During 2001. Solely with respect to a Member with an original hire date with the Company on or after January 1, 2001 but before January 1, 2002 who: (i) is covered under the cash balance formula of the Retirement Plan, or (ii) is not eligible for coverage under the Retirement Plan, “Retirement” shall mean satisfaction of the requirements for early or normal retirement under the final average pay formula of the Retirement Plan (assuming such Member were covered under the final average pay formula of the Retirement Plan), provided such event results in such Member’s separation from the employment of the Company; or | ||
(C) | Certain Members Hired During 2002 or Later. Solely with respect to a Member with an original hire date with the Company on or after January 1, 2002 who: (i) is covered under the cash balance formula of the Retirement Plan, or (ii) is not eligible for coverage under the Retirement Plan, “Retirement” shall mean, solely for purposes of this Plan, separation from the employment of the Company on or after reaching age 65. |
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MEMBERSHIP
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(A) | Rehired Members Who Make Proper Enrollment Elections.Any rehired Eligible Employee who at the time of Termination of Employment was a Member of this Plan or of the Pre-Distribution ITT Plan will again become a Member as of the first available payroll cycle following the date of such Eligible Employee’s rehire (the “Re-Enrollment Date”), provided that the Eligible Employee makes a proper enrollment election under this Article Three. | ||
(B) | Rehired Members Who Do Not Make Proper Enrollment Elections. In the case of a rehired Eligible Employee who was a Member at the time of Termination of Employment, and who does not make a proper enrollment election with respect to the Re-Enrollment Date, such Eligible Employee shall automatically become a Member as of the first available payroll cycle following the Re-Enrollment Date (or as soon as practicable thereafter). Such a Member shall be entitled to Floor Company Contributions under the Plan as of such date, and shall be deemed to have made elections to: (i) designate a zero rate of After-Tax Savings, (ii) designate a zero rate of Before-Tax Savings and Before-Tax Catch-Up Savings, (iii) designate a zero rate of Roth 401(k) Savings and Roth 401(k) Catch-Up Savings and (iv) designate his or her Spouse as Beneficiary hereunder if such Member is married, and if not married, to designate his or her estate as Beneficiary hereunder. Such an Eligible Employee may change such deemed elections as permitted by the Plan. |
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MEMBER CONTRIBUTIONS
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COMPANY CONTRIBUTIONS
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less than 1 year | 0 | % | ||
1 but less than 2 years | 20 | % | ||
2 but less than 3 years | 40 | % | ||
3 but less than 4 years | 60 | % | ||
4 but less than 5 years | 80 | % | ||
5 or more years | 100 | % |
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less than 1 year | 0 | % | ||
1 but less than 2 years | 20 | % | ||
2 but less than 3 years | 40 | % | ||
3 but less than 4 years | 60 | % | ||
4 but less than 5 years | 80 | % | ||
5 or more years | 100 | % |
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IRS LIMITS ON MEMBER SAVINGS
AND COMPANY CONTRIBUTIONS
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CREDITS TO ACCOUNTS;
ASSET VALUATION AND ALLOCATION
Type of Contribution | Sub-Account | Account | ||||
-Basic Before-Tax Savings | -Before-Tax Account | } | Employee Contributions | |||
-Supplemental Before-Tax Savings | -Before-Tax Account | Investment Account | ||||
-Basic After-Tax Savings | -Basic After-Tax Account | } | Employee Contributions | |||
-Supplemental After-Tax Savings -Amounts attributable to qualified non-elective contributions | -Supplemental After-Tax Account | Investment Account | ||||
-Before-Tax Catch-Up Savings Prior to January 1, 2006 | - Before-Tax Account | } | Employee Contributions | |||
-Before-Tax Catch-Up Savings On and After January 1, 2006 | -Catch-up Contributions Account | Investment Account | ||||
-Basic Roth 401(k) Savings | -Roth 401(k) Contributions Account | } | Roth 401(k)Contributions | |||
-Supplemental Roth 401(k) Savings | -Roth 401(k) Contributions Account | Investment Account | ||||
-Roth 401(k) Catch-Up Savings | -Roth 401(k) Catch-Up Contributions Account | |||||
-Before-Tax Rollovers | . | Before-Tax Rollover Investment Account | ||||
-After-Tax Rollovers | . | After-Tax Rollover Investment Account | ||||
-Roth 401(k) Rollovers | . | Roth 401(k) Rollover Investment Account | ||||
-Roth Conversions | . | Roth Conversion Investment Account | ||||
-Matching Company Contributions (including pre-Distribution ITT type) | -Matching Company Contributions Account | |||||
-Floor Company Contributions | -Floor Company Contributions Account | |||||
-Prior Plan Transfer | -Prior Plan Transfers Account | } | Company Contributions | |||
-Pre-2004 Floor Company Contributions | -Pre-2004 Floor Company Contributions Account | Investment Account | ||||
-Reinvested Dividends attributable to The Hartford Stock | -Reinvested Dividends Account | |||||
-Planco Profit Sharing Contributions | -Planco Profit Sharing Contributions Account | Company Contributions Investment Account | ||||
-ESOP Account (from Pre—Distribution ITT Plan)- | -ESOP Account | Company Contributions Investment Account |
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INVESTMENT OF SAVINGS AND
CONTRIBUTIONS IN INVESTMENT FUNDS
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Member's or Deferred | ||
Member's Date of Birth | Default Target Retirement Fund | |
Prior to 1940 | Vanguard Target Retirement Income Fund | |
1940 through 1944 | Vanguard Target Retirement 2005 Fund | |
1945 through 1954 | Vanguard Target Retirement 2015 Fund | |
1955 through 1964 | Vanguard Target Retirement 2025 Fund | |
1965 through 1974 | Vanguard Target Retirement 2035 Fund | |
1975 or later | Vanguard Target Retirement 2045 Fund |
Member's or Deferred | ||
Member's Date of Birth | Default Target Retirement Fund | |
Prior to 1937 | Vanguard Target Retirement Income Fund | |
1937 through 1942 | Vanguard Target Retirement 2005 Fund | |
1943 through 1947 | Vanguard Target Retirement 2010 Fund | |
1948 through 1952 | Vanguard Target Retirement 2015 Fund | |
1953 through 1957 | Vanguard Target Retirement 2020 Fund | |
1958 through 1962 | Vanguard Target Retirement 2025 Fund | |
1963 through 1967 | Vanguard Target Retirement 2030 Fund |
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Member's or Deferred | ||
Member's Date of Birth | Default Target Retirement Fund | |
1968 through 1972 | Vanguard Target Retirement 2035 Fund | |
1973 through 1977 | Vanguard Target Retirement 2040 Fund | |
1978 through 1982 | Vanguard Target Retirement 2045 Fund | |
1983 or Later | Vanguard Target Retirement 2050 Fund |
Member's or Deferred | ||
Member's Date of Birth | Default Target Retirement Fund | |
Prior to 1943 | Vanguard Target Retirement Income Trust II | |
1943 through 1947 | Vanguard Target Retirement 2010 Trust II | |
1948 through 1952 | Vanguard Target Retirement 2015 Trust II | |
1953 through 1957 | Vanguard Target Retirement 2020 Trust II | |
1958 through 1962 | Vanguard Target Retirement 2025 Trust II | |
1963 through 1967 | Vanguard Target Retirement 2030 Trust II | |
1968 through 1972 | Vanguard Target Retirement 2035 Trust II | |
1973 through 1977 | Vanguard Target Retirement 2040 Trust II | |
1978 through 1982 | Vanguard Target Retirement 2045 Trust II | |
1983 or Later | Vanguard Target Retirement 2050 Trust II |
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MEMBER LOANS
BEFORE TERMINATION OF EMPLOYMENT
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9.3 | Interest Rates for Loans.The Plan Administrator shall establish and communicate to Members a reasonable rate of interest for loans that it determines to be commensurate with the interest rates charged by persons in the business of lending money for loans in similar circumstances, which interest rate shall remain in effect for the term of the loan. Such rate shall be determined as follows: On the last business day of February, May, August, and November of each Plan Year, 1% shall be added to the prime rate provided by Reuters (the sum of which is the “Applicable Interest Rate”). The Plan Administrator shall then set the Plan loan interest rate for the next calendar quarter equal to the Applicable Interest Rate. The rate of interest on a loan to a Member who is serving in the Armed Services of the United States shall not exceed such rate as may be prescribed by applicable law. |
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MEMBER WITHDRAWALS
BEFORE TERMINATION OF EMPLOYMENT
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ROTH CONVERSIONS
(i) | Eligible Amount. An amount is eligible for Roth Conversion if it is: |
(a) | an eligible rollover distribution (as defined in Section 402(c)(4) of the Code), and | ||
(b) | an Account described in Section 10A.2 below. |
(ii) | Proration of Roth Conversion Among Accounts. Roth Conversions by Members or Deferred Members with Accounts in more than one Investment Fund must be prorated among such Accounts based on their respective values. | ||
(iii) | Minimum Amount for Conversion. The amount for a Roth Conversion must be at least $500. | ||
(iv) | Outstanding Loan Balance. Any outstanding loan balance shall not be eligible for Roth Conversion. | ||
(v) | Special Rule for Certain Amounts Attributable to the Planco Profit Sharing Plan. The rules set forth in Section 11.5(E) of the Plan, relating to the application of survivor annuity rules, shall continue to apply, upon a Roth Conversion, to the amounts described in that Section. |
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(vi) | Other Conditions. The Plan Administrator may make such additional conditions or rules for Roth Conversions as may be determined appropriate in its sole discretion, which conditions shall be in writing and communicated to Members. Such written conditions are incorporated herein by reference. |
10A.2Eligible Accounts and Order of Sources for Roth Conversion. A Member or Deferred Member (other than a beneficiary or alternate payee who, as determined under federal law, is not a spouse or former spouse) may roll over in a Roth Conversion all or a portion of his or her Accounts in accordance with subsections (A) or (B) below, as applicable. |
(i) | Supplemental After-Tax Account. | ||
(ii) | After-Tax Rollover Investment Account. | ||
(iii) | Before-Tax Rollover Investment Account. | ||
(iv) | ESOP Account. | ||
(v) | Pre-2004 Floor Company Contributions Account. Amounts attributable to Floor Company Contributions made with respect to payroll periods commencing on or after January 1, 2004 cannot be converted pursuant to this provision. | ||
(vi) | Basic After-Tax Account. | ||
(vii) | Vested Matching Company Contributions in the Company Contributions Investment Account, except that a Member who has completed less than 60 months of Service may only convert the vested Matching Company Contributions that were made more than 24 months before the proposed conversion date. | ||
(viii) | Vested portion of Planco Profit Sharing Contributions Account. | ||
(ix) | Reinvested Dividends Account. | ||
(x) | Prior Plan Transfers Account. |
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DISTRIBUTIONS FROM ACCOUNTS
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(1) | The Member attains age 65, | ||
(2) | Occurs the 10th anniversary of the date on which the Member commenced participation in the Plan, or | ||
(3) | The Member terminates Service with the Company and its affiliates. |
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QUALIFIED DOMESTIC RELATIONS ORDERS
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GENERAL MATTERS
RELATING TO COMMITTEES
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ADMINISTRATION OF PLAN -
PENSION ADMINISTRATION COMMITTEE
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MANAGEMENT OF INVESTMENT FUNDS -
INVESTMENT AND SAVINGS PLAN INVESTMENT COMMITTEE
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GENERAL AND ADMINISTRATIVE PROVISIONS
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Age of the Employee | Distribution Period | |
70 | 27.4 | |
71 | 26.5 | |
72 | 25.6 | |
73 | 24.7 | |
74 | 23.8 | |
75 | 22.9 | |
76 | 22.0 | |
77 | 21.2 | |
78 | 20.3 | |
79 | 19.5 | |
80 | 18.7 | |
81 | 17.9 | |
82 | 17.1 | |
83 | 16.3 | |
84 | 15.5 | |
85 | 14.8 | |
86 | 14.1 | |
87 | 13.4 | |
88 | 12.7 | |
89 | 12.0 | |
90 | 11.4 | |
91 | 10.8 | |
92 | 10.2 | |
93 | 9.6 | |
94 | 9.1 | |
95 | 8.6 | |
96 | 8.1 | |
97 | 7.6 | |
98 | 7.1 | |
99 | 6.7 | |
100 | 6.3 | |
101 | 5.9 | |
102 | 5.5 | |
103 | 5.2 | |
104 | 4.9 | |
105 | 4.5 | |
106 | 4.2 | |
107 | 3.9 | |
108 | 3.7 | |
109 | 3.4 | |
110 | 3.1 | |
111 | 2.9 | |
112 | 2.6 | |
113 | 2.4 | |
114 | 2.1 | |
115 and older | 1.9 |
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