Summary Plan Description Table of Contents
Your Retirement Savings Fund Account
Individual Accounts
An individual account is set up for you after you become a Plan participant. All Employer contributions received on your behalf (including catch-up contributions), along with any tax deferred savings contributions for Fund Office staff, if any, that you made are attributed to your account. Any investment earnings minus administrative expenses are allocated to your account.
The value of your individual account equals:
- Employer contributions;
- Plus or minus any investment earnings or losses;
- Minus administrative expenses;
- Minus any distributions.
Your account balance increases when your Employer makes additional contributions to your account and when there are investment earnings and/or interest. However, your account can decrease if the value of your investments decreases. In addition, each participant shares in administrative expenses, which are also deducted from your account.
Investment Elections
You determine the “investment mix” of your individual account. You may choose to invest the money in your account among several investment funds available to you through the Retirement Savings Fund. If you do not elect how you want your account balance invested, your entire account balance will be invested in the default fund designated by the Trustees. The default fund is based on you retiring at age 65 and depends on your current age. The default fund changes as your age changes.
Your Investment Options
For specific information about the investment funds offered by the Retirement
Savings Fund, call 877-PRU-2100 (877-778-2100); Hearing Impaired Service: 877760-5166 or visit www.prudential.com/online/retirement. It’s a good idea to study your investment options and consider your investment goals before deciding how to invest the money in your individual Retirement Savings Fund account.
The Trustees have the right to change the investment funds offered by the Retirement Savings Fund at any time.
You choose how your Retirement Savings Fund account is invested among the Plan’s investment options. To elect or change how your individual account is invested, call 877-PRU-2100 (877-778-2100); Hearing Impaired Service: 877-760-5166; or visit www.prudential.com/online/r etirement
If you do not elect how you want your account balance invested, your entire account balance will be invested in a default fund designated by the Trustees.
Valuation Date
The value of your account is updated each business day the New York Stock Exchange (NYSE) is open. The value of your individual account includes Employer contributions, investment earnings and/or losses and administrative expenses. Administrative expenses are distributed across all participants’ accounts less any distributions that you take.
You will receive a statement four times a year (quarterly) that shows the value of your account, any earnings and/or losses and administrative expenses.
Military Service
If you leave covered employment to serve in the military, Employer contributions may be made to your account for the time you spend in service, up to five years (or longer if required under federal law). Any contributions may be made to your account upon your return to work.
To be eligible to receive these contributions, your military service must be qualified service as defined under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). You must also meet all USERRA regulations and apply for reemployment within the time period USERRA requires which will generally be 90 days or shorter from discharge.
You will be credited with Hours of Service based on your average contribution rate for all completed calendar months in the Plan Year in which you leave Covered Employment to enter the military. If you did not have any completed months in such Plan Year, then the preceding Plan Year shall be used to calculate the average. The hours of contributions granted under this Section shall be based on the average number of hours in Covered Employment you worked for all completed calendar months in the Plan Year in which you leave Covered Employment to enter the military, not to exceed 1,750 for any Plan Year. If you did not have any completed months in such Plan Year, then the preceding Plan Year shall be used to calculate the average.
Contact the Fund Office for additional information.
You will receive a quarterly statement that shows the value of your Retirement Savings Fund account. Please file these statements in a safe place for future reference.
Employer contributions may be made to your account for time that you spend in the military.