Summary of Material Modifications to The Adjustable Plan of the National Retirement Fund
This notice, called a “Summary of Material Modifications,” clarifies for you recent changes made to the Adjustable Plan of the National Retirement Fund (the “Plan”) regarding automatic lump sum payments of certain benefits. You should not discard the Summary Plan Description as this notice only serves to modify the existing Summary Plan Description.
The following material change has been made to the Plan:
AUTOMATIC LUMP SUM PAYMENTS OF CERTAIN BENEFITS:
Effective January 1, 2020, Participants who are eligible for Deferred Vested Pension benefits shall automatically receive a lump sum payment of their benefit if: (i) the actuarial equivalent value of such benefit is $1,000 or less; or (ii) the actuarial equivalent value of such benefit is above $1,000 but less than $5,000 and the payment of the lump sum is in the economic best interest of the Plan, its Participants and its Beneficiaries. The lump sum benefit will be paid as soon as administratively feasible after the Plan Administrator determines that a Participant is eligible for the payment.
Please note that this Summary of Material Modifications only highlights the key changes to many complex rules, and does not provide complete details of the new provisions to the Plan. In the event that any provisions of this summary are inconsistent with the terms of the Plan document, the Plan document shall govern. If you have any questions regarding this Summary of Material Modifications or the Plan, or would like to review the Plan document, contact the Plan Administrator at (833) 440-8477 between 8:30 AM to 4:45 PM EST.