Disaster Harvey, Irma and Maria ( HIM ) and California Wildfires Loan Plan Setup Form Please Complete and Return to your Fidelity Client Service Team
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1 Disaster Harvey, Irma and Maria ( HIM ) and California Wildfires Loan Plan Setup Form Please Complete and Return to your Fidelity Client Service Team Plan #: Plan Name: The Disaster Tax Relief and Airport and Airway Extension Act of 2017 was signed on September 29, 2017 and included tax relief for certain individuals affected by Hurricane Harvey, Irma and/or Maria. The Bipartisan Budget Act of 2018 was signed on February 9, 2018 and included similar tax relief for certain individuals affected by the California Wildfires. New loans under the Acts will be referred to by Fidelity as Disaster HIM Loans. 1. New Disaster HIM Loans The Plan Sponsor directs Fidelity to make Disaster HIM Loans available to participants who are qualified individuals from the date of this direction document through December 31, The aggregate loan limit for Disaster HIM Loans is the lesser of $100,000 or 100% of the participant s vested account balance reduced by the participant s highest outstanding loan balance during the prior 12 months. In addition, the start date of repayments of Disaster HIM Loans will be deferred for 365 days after repayments would otherwise be required to begin. Availability Type of Loan Approval Process (Check One) Maximum Amount Available for a Disaster HIM Loan A qualified individual : is a participant whose principal place of abode is located in the Hurricane Harvey, Irma, or Maria or California Wildfires disaster area and who sustained an economic loss by reason of Hurricane Harvey, Irma, or Maria or California Wildfires as applicable, self-certifies that he or she is a qualified individual to Fidelity, and whose loan is requested, processed and distributed by December 31, General purpose (not primary residence) Pre-approved (Not available on plans with J&S) Back Office (requires plan sponsor to sign the form) The lesser of $100,000 or 100% of the participant s vested account balance reduced by the participant s highest outstanding loan balance during the prior 12 months. 1
2 Additional Disaster HIM Loan Set Up Parameters Sources to be Available Interest Rate Status Codes Maximum Loan Term Five years (beginning with the Deferral Period repayment start date) Number of Loans Outstanding (Disaster HIM Loans will be treated like other Plan loans for this purpose) Number of Loans to be Taken in a Calendar Year (Disaster HIM Loans will be treated like other Plan loans for this purpose) Loan Redemption Hierarchies Same as for other plan loans Loan Fees Disaster HIM Loan Deferral Period Loan Repayment Deferral All Disaster HIM Loans will have a Deferral Period that is approximately 365 days after repayments would otherwise have been required to begin. Loan Repayment Frequency (after the Deferral Period repayment start date) Accrued Interest due to Deferred Repayments Early Payoff/Partial Repayment of Disaster HIM Loan Fidelity will automatically accrue interest on the Disaster HIM Loan while it is in deferred repayment status. After approximately 365 days, Fidelity will calculate the new repayment amounts for the Disaster HIM Loan which will reflect the interest that accrued during the Deferral Period, the principal amount of the loan and the interest rate on the loan. Participant loans with a Deferral Period may not be paid off early or partially if allowed by the Plan rules until after repayments are scheduled to begin. Other Instructions If your Plan does not currently offer loans or you want to change an existing loan provision, such as increasing the number of loans allowed in your Plan, please contact your Fidelity Representative to assist you. You will receive more information about how to amend your Plan to permit the suspension of loan repayments for qualified individuals if you are using a Fidelity Investments Volume Submitter Plan document. Otherwise, please contact your benefits advisor for information on when and how to amend your Plan. Your Plan must be amended by December 31, 2019 if you have a calendar year-end. 2
3 2. Deferral of Repayments for Existing Loans for Qualified Individuals The Plan Sponsor directs Fidelity to defer, until after December 31, 2018, loan repayments due from participants who are qualified individuals for both general purpose loans and home loans (if available under the Plan), for loans that were outstanding on the date of the applicable hurricane or California Wildfires. The Plan Sponsor also directs Fidelity to adjust the subsequent repayments for such loans for the Deferral Period, the interest that accrued during the Deferral Period, and the remaining principal amount and interest rate on the loan. Availability** Deferred Period A qualified individual who: is a participant who has a principal place of abode is located in the Hurricane Harvey, Irma, or Maria or California Wildfires disaster area and who sustained an economic loss by reason of Hurricane Harvey, Irma, or Maria, as applicable, had an outstanding loan as of August 23, 2017 for Hurricane Harvey, September 4, 2017 for Hurricane Irma, September 16, 2017 for Hurricane Maria, or October 8, 2017 for California Wildfires and is identified as a qualified individual by the Plan Sponsor. All loan repayments due during the Deferral Period, which is the date of the applicable hurricane through December 31, 2018, will be deferred until the first regularly scheduled loan repayment date in January of Payroll deduction loan repayments Fidelity will adjust its records to suspend such participants loan repayments until 2019 after receipt of the list of qualified individuals. The Plan Sponsor will be responsible for stopping their payroll deduction loan repayments during the Deferral Period. Fidelity will provide the Plan Sponsor a change feedback file with the new payment amount after the expiration of the Deferral Period. ACH deduction loan repayments Participants will be responsible for logging into NetBenefits and stopping their ACH debit loan repayments during the Deferral Period. Fidelity will notify the participants directly of the loan repayment amounts after the Deferral Period and prior to their repayment start date. Deferred Repayment Terms Loan Repayment Deferral Period Loan repayments will be deferred until after December 31, Loan Repayment Frequency Same as the original loan, when repayments begin. Accrued Interest on Deferred Repayments Fidelity will automatically accrue interest on each loan with deferred repayments during the Deferral Period. Thereafter, Fidelity will calculate the new repayment amount for each applicable loan. The new repayment amount will reflect the remaining outstanding principal balance of the loan and the interest rate on the loan including the interest that accrued during the Deferral Period. Fidelity will also provide the Plan Sponsor with an updated Feedback file to reflect the new repayment amount. 3
4 Restarting Loan Repayments after December 31, 2018 Payroll deduction loan repayments Fidelity will provide the Plan Sponsor with an updated feedback file to reflect the new repayment amounts. ACH deduction loan repayments Fidelity will notify the participant directly of the repayment amounts. Participants with repayments through ACH must start their ACH debit loan repayments via NetBenefits once they receive the new repayment amount. Early Payoff/Partial Repayment Providing Eligible Participants to Fidelity for Deferment Other Instructions Participant loans with a Deferral Period may be paid off early or partially if allowed by the Plan s rules. Participants must notify the Plan Sponsor of an early payoff to account for accrued interest. The Plan Sponsor must provide Fidelity with a list of all participants with existing loans that want to defer their loan repayments. Enter a New Loan Repayment Frequency PSW Service request with an attachment and include the relevant participant loan information. Please enter 1/01/2019 as the first loan payment date in the description field as an indication to Fidelity that this is a Disaster HIM Loan Deferment (That information is for Fidelity use only.) The participant s first repayment on the Plan Sponsor s payroll system will be based on the first regularly scheduled loan repayment date after December 31, You will receive more information about how to amend your Plan to permit the suspension of loan repayments for qualified individuals if you are using a Fidelity Investments Volume Submitter Plan document. Otherwise, please contact your benefits advisor for information on when and how to amend your Plan. Your Plan must be amended by December 31, 2019 if you have a calendar year-end. Fidelity is hereby directed to implement the above Disaster HIM Loan Services pursuant to the Disaster Tax Relief and Airport and Airway Extension Act of 2017 and the Bipartisan Budget Act of I am an authorized signer and represent that I am authorized to execute this form on behalf of the Plan Sponsor. Fidelity reasonably expects the Department of Labor ( DOL ) to issue guidance (as was included in a footnote in the guidance issued by the IRS in Notice related to Hurricane Katrina relief) that they will not treat any person as having violated the provisions of Title I of the Employee Retirement Income Security Act of 1974, as amended ( ERISA ), including the adequate security and reasonably equivalent basis requirements in ERISA 408(b)(1) and 29 CFR b-1, solely because the person made a plan loan to a qualified individual in compliance with either Act and Internal Revenue Code 72(p). There is a risk that in the absence of DOL guidance, loans issued or reamortized pursuant to the Disaster HIM Loan Services may result in prohibited transactions under ERISA, resulting in possible excise taxes, required filings and other penalties. By directing Fidelity to provide Disaster HIM Loan Services, the Plan Sponsor represents that it: agrees that the Disaster HIM Loan Services are consistent with its interpretation of both Acts, will timely amend its Plan document to be consistent with the Disaster HIM Loan Services; understands the risk in the above paragraph and that it will not hold Fidelity responsible or liable for Disaster HIM Loan Services that may be inconsistent with subsequent DOL or IRS guidance; will be solely responsible for any filing fees, fines, taxes, penalties, etc. resulting from the Disaster HIM Loan Services; and agrees to work cooperatively with Fidelity to change the Disaster HIM Loan Services and correct loans issued or reamortized pursuant to the Disaster HIM Loan Services in the future, if necessary. This document, if it is in good order, constitutes an acceptable directions document to Fidelity including, as appropriate, a modification of the Plan Administration Manual. 4
5 Authorized Signer Date Printed Name and Title Important Information and Considerations ** The Plan Sponsor must provide Fidelity with a list of qualified eligible participants who have stopped, or will stop, making their loan repayments because they will be deferring them. The list should include qualified eligible participants whose loan repayments will be made by payroll deduction and/or ACH deduction. Fidelity will update each participant s loan status so that he or she does not default on his or her loan due to the failure to make repayments between the date of the relevant hurricane and December 31, You must timely provide the information to identify these individuals to Fidelity before their loan default date to avoid potential income tax consequences and/or Plan Sponsor corrections. A Plan Sponsor should not provide Fidelity with the names of qualified eligible participants who will continue making their loan repayments. 5
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