Empower 3/9/2022 - Laserfiche WebLink

EMPOWER RETIREMENT 4. Forfeiture Processing If applicable, Empower will calculate forfeiture amounts based upon the Participant's vesting and will place the forfeiture amounts in a separate Plan account as instructed by the Plan Sponsor. 5. Participant Termination Services If the services described in this subsection is made available to the Plan Sponsor by Empower, and if the Plan provides for de minimis Participant accounts to be distributed after termination,then the Plan Sponsor instructs Empower to distribute communication material to the terminated Participant informing them of their distribution options. Such information includes communicating to the Participant that if he/she does not take a distribution of the account that it will be automatically rolled over into the Plan Sponsor-elected de minimis IRA. Plan Sponsor also instructs Empower to automatically roll any monies remaining in the Plan after a certain period of time following these communications to the rollover provider selected by the Plan Sponsor. Plan Sponsor permits Empower to send out communication material to terminated participants informing them of their distribution options. Transfers: Participant,Alternate Payee and Beneficiary-initiated transfers will be processed and effective the Business Day they are received at Empower's home office, if received before the close of the New York Stock Exchange (typically 4:00 p.m. Eastern Time or such earlier time as may have to be implemented to comply with any applicable future law, rule or regulation). If transfers are received at Empower's home office after the close of the New York Stock Exchange,transfers will be processed and be effective the next Business Day(or such earlier time as may have to be implemented to comply with any applicable future law, rule or regulation). Tax Reporting of Distributions: 1. Plan Sponsor appoints Empower as its agent to perform income tax withholding and reporting for all Payee distributions and agrees to provide all necessary information needed by Empower to perform these services. 2. Empower shall deposit the income tax withheld with the Internal Revenue Service ("IRS")and other appropriate governmental entities, as applicable, on or before the applicable due dates for such remittances. 3. Empower will complete necessary tax reporting forms for Payee distributions,file the tax reporting forms with the IRS and send copies to the Payee. Plan Loans: Empower will process Participant account reduction loans pursuant to the Plan's loan policy and Empower's loan procedures, as amended from time to time. Plan Sponsor agrees to provide an authorization for all Participant loan requests. SAGWTPACOGOV0521 23