Defined Contribution Retirement Plan Summary Material Modifications

AMENDMENT NUMBER THREE TO GETTYSBURG COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN

SUMMARY OF MATERIAL MODIFICATIONS

I INTRODUCTION

This is a Summary of Material Modifications regarding the Gettysburg College Defined Contribution Retirement Plan ("Plan"). Unless stated otherwise, the modifications described in this summary are effective as of August 1, 2024. This is merely a summary of the most important changes to the Plan and information contained in the Summary Plan Description ("SPD") previously provided to you. It supplements and amends that SPD so you should retain a copy of this document with your copy of the SPD. If you have any questions, contact the Plan Administrator. If there is any discrepancy between the terms of the Plan, as modified, and this Summary of Material Modifications, the provisions of the Plan will control.

II SUMMARY OF CHANGES

  1. Excluded Employees - Nonelective Contributions

If you are a member of a class of employees identified below, you are an Excluded Employee and you are not entitled to participate in the Plan for purposes of nonelective contributions. The employees who are excluded are:

  • employees who are enrolled as students and regularly attending classes offered by the Employer
  1. Additional Excluded Employee provisions

For the purposes of Nonelective Contributions, casual employees hired on a per-semester basis or temporary basis, except (1) casual employees classified as Adjunct Professors who were eligible for employer contributions during the 2023-2024 academic year and (2) employees who otherwise meet the Two Years of Service eligibility requirements, are excluded. See the Plan Administrator for additional information if you are not sure if this affects you.

  1. Service with Predecessor Employer

Eligibility purposes

For eligibility purposes, your Years of Service with the following Employers will be counted. See the Plan Administrator for details if you think you may be affected by this provision.

  • any Predecessor which is:
  • an Educational Organization providing post-secondary education

Service with Predecessor Employer - additional provisions

Credit for Predecessor Employer Service will be granted if within one (1) year of the Eligible Employee's Employment

Commencement Date, the Eligible Employee participated in a college or university's 403(b), college or university's 401(a) plan or any other college or university's retirement plan and received fully vested employer contributions during such one-year period; provided, the Eligible Employee has provided the Plan Administrator satisfactory proof of such participation and employer contributions occurring within the one (1) year period prior to the Eligible Employee's Employment Commencement Date.