The Metropolitan Museum of Art

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1 The Metropolitan Museum of Art Summary Plan Description 403(b) Matching Plan for Non-Union Employees The information contained herein has been provided by The Metropolitan Museum of Art and is solely the responsibility of The Metropolitan Museum of Art.

2 Table of Contents INTRODUCTION TO THE MATCHING PLAN... 1 Our Commitment to Helping You Save for Retirement... 1 About This Booklet: It s Your Summary Plan Description (SPD)... 2 Matching Plan Overview... 3 ELIGIBILITY, PARTICIPATION AND VESTING... 4 Eligibility and Participation... 4 Vesting... 4 Breaks in Service... 5 Designating a Beneficiary... 6 HOW THE MATCHING PLAN WORKS... 7 You Contribute... 7 The Museum Contributes... 7 Changing Your Contributions... 7 Benefits of Pre-Tax Contributions... 8 How Matching Plan Contributions Add Up... 8 Important Information about IRS Contribution Limits... 8 Matching Plan Contribution Limits... 8 Total Retirement Program Contribution Limits... 9 Excess Contributions... 9 Rollover Contributions Loans Repaying Your Loan What Happens If You Default on Your Loan? Withdrawals Tax Consequences of Withdrawals HOW YOUR CONTRIBUTIONS ARE INVESTED Your Investment Options Obtaining Information about the Investment Funds... 14

3 iii Changing Your Investment Elections Your Account Balance A Note About Administration Fees PAYMENT OF BENEFITS When Your Account Is Paid to You Required Distributions How Your Account Is Paid to You Tax Consequences of Distributions Rollovers at the Time of Distribution WHAT HAPPENS IF: UNDERSTANDING SOME SPECIAL RULES What Happens If You are Terminated What Happens If You Are Re-Hired What Happens If You Go On Leave What Happens If You Become Disabled What Happens If You Die IMPORTANT TERMS ADMINISTRATION INFORMATION Plan Name and Number Employer Employer Identification Number Type of Plan Plan Administrator How Benefits are Funded Plan Year Legal Process Plan Interpretation Benefit Insurance Non-Assignment of Benefits Qualified Domestic Relations Order (QDRO)... 28

4 iii Future of the Plan Continuation of Participation for Employees in the Uniformed Services (USERRA) Military Leave and Plan Loans When You Return from Military Leave Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART ACT) PROCESS FOR SUBMITTING A CLAIM Claims Procedure Initial Claim If a Claim Is Wholly or Partially Denied Claim Denial Review HOW YOU MAY LOSE BENEFITS YOUR RIGHTS UNDER ERISA Receive Information About Your Plan and Benefits Prudent Actions by Plan Fiduciaries Enforce Your Rights Assistance with Your Questions APPENDIX A INVESTMENT OPTIONS Tier 1 Target Date Retirement Funds Tier 2 Index Funds Tier 3 Actively Managed Funds... 40

5 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 1 INTRODUCTION TO THE MATCHING PLAN Our Commitment to Helping You Save for Retirement The Metropolitan Museum of Art (the Museum ) is committed to providing all of its employees with a best-in-class retirement program built on a philosophy of shared responsibility. This means that the Museum will provide benefits to help you build a foundation for retirement savings, and provide the supporting communications, tools and resources to help you reach your personal financial goals. The Retirement Program s primary purpose is to help you save for the future. Its components are designed to work together to help build your retirement savings. This document outlines the provisions of one of the Retirement Program s components: The Metropolitan Museum of Art 403(b) Matching Plan for Non-Union Employees (otherwise referred to in this document as the Matching Plan, the Match Plan or the Plan ). The Matching Plan builds on the foundation of the Museum s Basic Plan (your mandatory retirement savings plan) and any other savings you may have, using contributions from you and the Museum. For more information about the Basic Plan, please see the Summary Plan Description or Plan document for the Basic Plan, available from the Benefits Office in the Human Resources Department.

6 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 2 About This Booklet: It s Your Summary Plan Description (SPD) This booklet serves as the Summary Plan Description (SPD) for the Matching Plan. It describes the benefits as they apply to eligible employees effective January 1, We encourage you to read this booklet carefully and share it with your family members. While it is not intended to provide all of the details of the Plan, this booklet is intended to help you understand how the Plan works and answer the questions most frequently asked about benefits under the Plan. You can find complete details about the Plan in the official Plan document. If there is any difference between the information in this booklet and in the official Plan document, the Plan document will govern. In this booklet, we have tried to describe the Plan in everyday language, but some terms have specific meanings. For your convenience, we have summarized some of these special terms in the section of this booklet titled Important Terms. These terms are capitalized throughout the booklet. If you have any questions about your benefits or if you have difficulty understanding any part of this booklet, please contact The Metropolitan Museum of Art Benefits Office in the Human Resources Department. The Metropolitan Museum of Art Human Resources Department 1000 Fifth Avenue New York, New York This document is intended to help you understand the main features of the Matching Plan. It should not be considered as a substitute for the Plan document, which governs the operation of the Matching Plan. The Plan document sets forth all of the details and provisions concerning the Matching Plan and is subject to amendment. If any questions arise that are not covered in this document or if this document appears to conflict with the legal Plan document, the text of the legal Plan document will determine how questions will be resolved. To request a copy of the Plan document, please contact the Benefits Office in the Human Resources Department.

7 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 3 Matching Plan Overview This table provides an overview of important Matching Plan provisions. Further details about these and other Plan provisions will be provided throughout this document. Features Participation Employee Contribution Museum Match Vesting Investment Options through Fidelity Loans and Withdrawals Payment of Benefits Details You can begin participating in the Matching Plan immediately when you begin employment with the Museum if you are a fulltime or part-time non-union employee. If you have not made an election to participate within 30 days of your date of hire, you will be automatically enrolled in the Matching Plan at 3% of your Compensation. You may change your contribution percentage at any time. The Museum will match your contributions 100%, up to 3% of your Compensation. You become fully vested (meaning you earn the right to keep the Museum matching contributions and the earnings they generate) after you have completed 2 Years of Service with the Museum. You are always fully vested in your contributions to the Matching Plan. You can invest your account under the Plan in one or more investment funds offered through Fidelity Investments. If you do not make investment elections, your account will be invested in the Matching Plan s qualified default investment alternative ( QDIA ). Loans and withdrawals are permitted, under special circumstances and with restrictions. When you are eligible to receive the funds from your account, several payment options are available. These options are outlined later in this document.

8 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 4 ELIGIBILITY, PARTICIPATION AND VESTING Eligibility and Participation You are eligible to participate in the Matching Plan as soon as you are employed as a fulltime or part-time non-union employee of the Museum. If you do not make an election to participate or decline participation in the Plan within 30 days of your date of hire or the date you become eligible, you will automatically be enrolled in the Matching Plan at 3% of your annual compensation. You will also automatically receive the Museum s matching contributions to your account (100% of your contributions, up to 3%). Although you are automatically enrolled in the Matching Plan, participation and your contribution level is voluntary. You may increase or decrease your contributions, change your investment elections or dis-enroll from the Plan online at or by contacting Fidelity at How does Automatic Enrollment Work? When you are hired by the Museum, you will be automatically enrolled in the Matching Plan, unless you opt out within 30 days of your date of hire, as described above. You do not need to complete any forms to be enrolled in the Matching Plan, as you will be automatically enrolled within 30 days after you are hired by the Museum. However, if you would like to opt out of the Matching Plan, change the amount of your contribution, or obtain more information, you may do so online at or by contacting Fidelity at Vesting Vesting means you have a non-forfeitable right to your benefit under the Plan, even if you leave the Museum. You are always fully vested in your own contributions to your account. You will be fully vested in the Museum s matching contributions after you complete two Years of Service. For purposes of vesting, a Year of Service is a Plan Year in which you have been credited with (and paid for) at least 1,000 Hours of Service with the Museum. No partial Years of Service count. You will be immediately vested in the Museum s matching contributions if you die or become Disabled while employed by the Museum. Please note: If you were already a participant in the Basic Plan as of May 31, 2008, you are immediately vested in the Museum s contributions under the Matching Plan as of June 1,

9 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD If you were hired prior to 2008 but not yet participating in the Basic Plan as of May 31, 2008, you received a one-year credit toward vesting as of June 1, 2008, and received your second year of vesting credit if you worked at least 1,000 Hours of Service in your anniversary year ending in If not, you will earn your second year of vesting credit in the next Plan Year in which you work at least 1,000 Hours of Service. Breaks in Service If you stop working for the Museum, or do not work for the Museum for at least 500 Hours of Service in a year, you will incur a break in service. If you are later re-hired by the Museum, or resume working more than 500 Hours of Service in a Plan Year, this break in service may or may not affect your vesting service depending on the length of your prior service and the length of your break in service. If you leave the Museum and are later re-hired within 12 consecutive months, your vesting service will be determined as though you did not have a break in service. If you leave the Museum and are later re-hired after 12 consecutive months and experience a break in service, your prior Years of Service will be reinstated for vesting purposes if - You were a participant when you incurred the break in service, or - The number of consecutive one-year breaks in service you incur is not more than the greater of: Five, or The number of Years of Service credited to you before you stopped working for the Museum. If you are absent from work due to pregnancy, birth of your child, placement of a child with you for adoption, or caring for your child following birth or placement for adoption, and later return to work at the Museum, you will be credited with the Hours of Service you would have worked (or, if such hours cannot be determined, eight hours per day that you would have worked), up to 501 Hours of Service, generally to the extent such crediting will prevent your incurring a break in service. If you are absent from work due to an authorized leave of absence, the Hours of

10 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 6 Service you are absent will be counted as Hours of Service for the purpose of preventing your incurring a break in service. Designating a Beneficiary When you enroll in the Matching Plan, you should designate a Beneficiary. Your Beneficiary is the person who will receive your benefit if you die before receiving benefits from the Plan. Although it is not mandatory to elect a Beneficiary, we encourage you to name one using the Fidelity online beneficiary designation tool at the Fidelity website at or by calling Fidelity at If you die and there is no valid Beneficiary designation on file with Fidelity, your spouse (if you are married) or your estate (if you are not married) will automatically become your Beneficiary. Note that if you are married and want to name someone other than your spouse as your Beneficiary, you must obtain written consent from your spouse to do so. It is also important to understand that if you are unmarried, name a Beneficiary and subsequently marry, your prior designation is invalid and your spouse will be your Beneficiary, unless you obtain proper spousal consent to designate a different Beneficiary.

11 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 7 HOW THE MATCHING PLAN WORKS You Contribute When you participate in the Matching Plan, a percentage of your Compensation will be contributed to your account under the Matching Plan each payroll period on a pre-tax basis. If you fail to make an active election within 30 days of your date of hire, the Museum will automatically enroll you in the Matching Plan at a 3% contribution level. Only active participants may make contributions to the Matching Plan, and no after-tax contributions are permitted at any time. The Museum Contributes If you are a participant in the Matching Plan (whether through automatic or active enrollment), the Museum will match 100% of the first 3% of pre-tax contributions that you make each payroll period.* Refer to the Vesting section of this booklet for information on when matching contributions from the Museum are vested. *Up to the IRS compensation limit ($260,000 for 2014). These limits are reviewed and may be adjusted annually. Changing Your Contributions To help you maximize the Museum s contribution to your Matching Plan Account, you are automatically enrolled at 3% of your Compensation, unless you make a different election. The result is that your 3% contribution doubles to 6% with the Museum s matching contribution. However, you may increase or decrease your contribution level at any time. The contribution level is your personal decision. To change your contribution level, visit or call Fidelity at What is the Value of the Museum s Contribution? The Museum s contribution to your Matching account may represent a significant addition to your overall retirement savings. These contributions are made entirely on your behalf and at no cost to you. Consider contributing at least 3% to the Matching Plan in order to take advantage of the Museum s contributions. You ll double your annual savings to 6% of your Compensation each year you participate.

12 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 8 Benefits of Pre-Tax Contributions When you participate in the Matching Plan, you are contributing to your account on a pretax basis. This means that you are reducing your current taxable income because you do not pay federal and most state and local taxes on these contributions while they are in your account. However, pre-tax contributions are subject to Social Security and Medicare taxes paid by you and the Museum and must not exceed the maximum deferral limits established by the federal government (see below). How Matching Plan Contributions Add Up The following is an example of how contributions grow on an annual basis and help build your retirement savings through your own contributions and the Museum match. This chart also takes into account the additional savings you earn by participating in the Museum s Basic Plan. Employee earning Employee $35,000 annually: Contributes Basic Plan $1,050 ($35,000 x 3%) Matching Plan $1,050 ($35,000 x 3%) Total $2,100 ($35,000 x 6%) Museum Contributes $2,800 ($35,000 x 8%) $1,050 ($35,000 x 3%) $3,850 ($35,000 x 11%) Total Annual Contribution $3,850 ($35,000 x 11%) $2,100 ($35,000 x 6%) $5,950 ($35,000 x 17%) * Please note: This example is for illustrative purposes only. Your savings will increase or decrease depending on your annual Compensation, how much you contribute and differing tax consequences. Important Information about IRS Contribution Limits Matching Plan Contribution Limits The Matching Plan is subject to certain rules and benefit limits set forth by the Internal Revenue Service (IRS). Your annual pre-tax contributions to the Matching Plan cannot exceed the lesser of: 75 percent (75%) of your Compensation*, or $17,500 for 2014, or if you are 50 or older, $23,000 (these amounts are reviewed and may be adjusted annually by the IRS).

13 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 9 Total Retirement Program Contribution Limits In addition to the pre-tax contribution limits for the Matching Plan, there are limits that apply to the combined contribution amount you and the Museum make toward both the Museum s Basic and Matching Plans in the same calendar year. According to IRS regulations, the combined contribution amount in any given Plan Year to the Museum s Retirement Program cannot exceed the lesser of: 100 percent (100%) of your Compensation*, or $52,000 for 2014 (may be adjusted annually by the IRS). If you are age 50 or older, you can make a catch-up contribution ($5,500 for 2014) to increase your pre-tax savings. Catch-up contributions do not count toward the $52,000 IRS limit noted above. *For 2014 the maximum amount of total Compensation recognized for contributions is $260,000. Excess Contributions The Museum will monitor your contributions to both the Basic Plan and the Matching Plan so you do not exceed the applicable contribution limits. However, if you contribute to the plan of any other employer, it is your responsibility to monitor compliance with this limitation. If you exceed any contribution limits due to participation in another employer s plan, you may elect to have excess contributions returned to you from the Matching Plan. To do so, you must provide a written request to both Fidelity and the Museum by no later than March 1 following the end of the year in which the excess contributions were made. Your written request must state the reason for the return of contributions and the refund amount you are requesting. Upon approval by Fidelity and the Museum of your request, the excess contributions will be returned to you. Excess contributions to the Matching Plan are taxed in the year of contribution, while associated earnings are taxed in the year of distribution. If not distributed to you before April 15 following the year in which they were contributed, excess contributions will be taxed twice once in the year of contribution and again in the year of distribution. Any matching contributions attributable to excess contributions will be forfeited. Due to legal requirements, certain higher-paid employees may not be eligible to contribute the maximum amount or receive the full amount of matching contributions to which they would otherwise be entitled. You will be notified if you are affected by these limitations.

14 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 10 Rollover Contributions If you participated in a qualified retirement plan through another employer or another qualified plan, you may roll that money into the Museum s Matching Plan at any time. Rollover contributions are not matched by the Museum, but they can be invested in any of the Museum s current investment options and will continue to grow on a pre-tax basis. With rollover contributions, you also avoid the federal government s 10% penalty tax, which may apply to distributions from your prior plan. Some retirement plans may not be eligible for rollover contributions. Rollover contributions will generally be accepted from a qualified plan described in Sections 401(a) or 403(a) of the Internal Revenue Code of 1986, as amended (the Code ), an annuity contract described in Section 403(b) of the Code, an eligible plan under Section 457(b) of the Code maintained by a state or state agency, and a portion of a distribution from an individual retirement account or annuity described in Section 408(a) or 408(b) of the Code that is eligible to be rolled over and would otherwise be includible in taxable gross income. Loans If you are a participant in the Matching Plan and an active employee of the Museum, you may borrow money from your vested Matching Plan account (certain limitations apply). If you are married, you will need spousal consent before taking a loan from your account. Additionally, no more than one outstanding loan is permitted under the Plan at any time. The minimum amount you may take as a loan is $1,000. The maximum allowable loan amount is $50,000 (and may be lower in some circumstances). If your account is invested in more than one fund, the loan will be taken out proportionately from among each of the funds in which you are invested. If you repay the outstanding balance on your existing loan, you may be eligible to take another loan no earlier than one year after the date the original loan was granted. A loan-processing fee is charged for every loan requested - loan-processing fees are described in the Fee Disclosure Chart discussed in the section of this booklet titled A Note About Administration Fees. You will be required to repay your loan, with interest, according to relevant Matching Plan provisions, as summarized below.

15 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 11 If you want to apply for a loan, contact Fidelity at or Repaying Your Loan You repay your loan according to a repayment schedule. In general: The repayment period is up to five years (up to 20 years if you are using the loan to purchase your principal residence). You repay your loan in equal installments (not less frequently than quarterly) through mandatory payroll deductions within the repayment period, beginning with the first payroll period after the loan is disbursed. When you repay your loan by payroll deduction, the repayments will be invested according to your most current investment elections you have on record. You can also prepay your entire loan balance in one lump sum at any time during the repayment period, without penalty. Partial prepayments are not permitted. Loan payments generally are not tax deductible. If you are eligible to receive distributions from the Plan and you still have an outstanding loan, the value of your distribution will be reduced by the amount of the loan that is still unpaid. What Happens If You Default on Your Loan? Your loan goes into default (becomes immediately due and payable) if: You fail to make a loan repayment before the end of the grace period. You file for bankruptcy, or are judged to be insolvent or bankrupt. You leave the Museum for any reason before the loan is fully repaid. If you default on your loan, you are required to pay the full balance within 30 days after receiving notice of the default. Otherwise, the amount you owe (including accrued interest) will be treated as a deemed distribution subject to taxes at the time of your default, and will be deducted from your account when it is distributed. Withdrawals Under certain circumstances, withdrawals are permitted from your Matching Plan account

16 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 12 while you are employed with the Museum. Your opportunities for withdrawals depend on the reason for your withdrawal and your age at the time of withdrawal. If you are married, you will need spousal consent before taking a withdrawal from your account. Although hardship withdrawals are available, the Plan imposes strict limitations, consistent with applicable laws. You may make a withdrawal from your account before age 59½ only if you incur a financial hardship (you may make withdrawals for any reason after age 59½). Additionally, the amount you withdraw cannot exceed the amount of the hardship. In any event, the amount of your withdrawal must not exceed your total Matching Plan account balance. In general, to qualify for financial hardship you must prove that: You require money to meet an eligible expense (as listed below). The withdrawal amount is not more than the amount you immediately need. This includes any amounts necessary to pay federal, state or local income tax penalties which may result from the withdrawal. You have no other resources reasonably available to meet your needs. This means you have received all available distributions (other than hardship distributions) and all nontaxable loans currently available under the Museum s plans. Hardship withdrawals may be authorized for: Expenses related to medical care for you, your spouse or certain dependents. Payment of tuition, related educational fees and room and board expenses for the next 12 months of post-secondary education for you, your spouse, your children or certain dependents. Costs directly related to the purchase (but not renovation, repair or mortgage repayments) of your principal residence. Foreclosure or eviction prevention on your principal residence. Burial or funeral expenses for your deceased parent, your spouse, your children or certain dependents. Expenses for the repair of damage to your principal residence if certain

17 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 13 requirements are met. Such other reasons as the IRS may designate. Tax Consequences of Withdrawals Hardship Withdrawals: Generally, hardship withdrawals are considered taxable income and are subject to ordinary income taxes for the year in which you receive them. If you are younger than age 59½, you will owe an additional 10% penalty on the tax-deferred amounts withdrawn, unless the money is used to pay certain unreimbursed medical expenses or is paid to you because of your total and permanent disability. Hardship withdrawals may not be rolled over. When you take a hardship withdrawal, you are responsible for paying all taxes on the amount you receive when you file your federal, state and local income tax returns for that year. You may elect to have an additional amount withheld from your distribution to help pay this tax liability. Other Withdrawals Before Age 59½: Any portion of your Plan withdrawal that has not been taxed will be considered taxable income to you in the year in which you receive the payment. In most cases, these withdrawals will be subject to 20% federal income tax withholding unless they are rolled over into an IRA, an eligible employer plan, or another eligible plan. In most cases, withdrawals are subject to an additional 10% penalty tax if received before age 59½. Withdrawals After Age 59½: After age 59½, you may withdraw money from your vested account for any reason. Withdrawals from your tax-deferred contribution (including catch-up contributions) and vested matching contribution sub accounts will be considered taxable income to you in the year in which you receive the payment.

18 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 14 HOW YOUR CONTRIBUTIONS ARE INVESTED Your Investment Options When you participate in the Matching Plan, you may choose to allocate your account under the Plan into the investment funds made available to you by the Museum through Fidelity Investments. The Museum provides a three-tier investment structure that provides you with the opportunity to mix your allocations among various options to best meet your individual goals. You may also designate a certain percentage of your account to be invested in different options. Please note that if you do not actively enroll in the Matching Plan or choose an investment option, your contributions will be automatically invested in the Vanguard Target Date Retirement Fund that corresponds closest to the year in which you turn age For a complete list of the investment options under the Plan, please refer to Appendix A of this booklet. Obtaining Information about the Investment Funds You will receive information on each of the investment funds directly from Fidelity at the time of your enrollment. This information will include: A general description of each of the investment funds, The investment objectives of each investment fund, The risk and return characteristics of each investment fund, The type and level of diversification of assets of each investment fund, A copy of the prospectus if you are a first time investor to the fund, The identity of any ERISA investment managers, and A description of any transaction fees or expenses charge for investment purchases or sales. 1 This is the Qualified Default Investment Alternative (QDIA) selected by the Museum.

19 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 15 You can also request the following information from Fidelity: A description of the annual operating expenses of each investment fund (including management, administrative and transaction costs that reduce the value of the investment fund) and the aggregate amount of these expenses (expressed as a percentage of average net assets), Copies of any prospectuses, financial statements and reports and any other materials relating to each investment fund (to the extent such information is provided to the Plan), A report of each investment fund s latest available values of the shares or units (and past and current investment performance), and The value of the shares or units of each investment in which you or your Beneficiary is invested. We encourage you to carefully read the investment fund descriptions and the fund s prospectus before investing. You should evaluate the investment options available under the Plan in the same way you would evaluate any investment to determine whether you are comfortable with the investment risk and expected rate of return. The Plan is intended to constitute a plan under the Employee Retirement Income Security Act of 1974, as amended ( ERISA ) Section 404(c) and Title 29 of the Code of Federal Regulations Section c-1. Consequently, the fiduciaries of the Plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by you or your Beneficiaries. You are urged to read the literature describing each investment fund prior to making any investment decision. Remember, you will share in any losses as well as any gains of the funds you choose. For specific information about the Fidelity investment fund options, contact a Fidelity customer service representative toll-free at , Monday through Friday (excluding New York Stock Exchange holidays) between 8 a.m. and midnight, Eastern Time. Or, you can visit Fidelity s website at

20 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 16 Changing Your Investment Elections You may change the investment of your existing account balance at any time either online at or by contacting Fidelity at Changes will become effective as soon as administratively possible. You may also change the manner in which your future contributions (including the Museum s matching contributions) are allocated among your different investment options. If there is a change in any of the investment funds available to you, the Museum has the right to direct the transfer of your contributions to a fund that is most similar to the one you previously elected. Your Account Balance Your account balance is updated daily and can be accessed by contacting Fidelity at Representatives are available Monday through Friday (excluding New York Stock Exchange holidays), between 8 a.m. and midnight, Eastern Time. Or, you can visit Fidelity s website at

21 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 17 A Note About Administration Fees All administrative expenses of the Plan shall be paid by the Museum, except that any loan, withdrawal, contribution, benefit, taxes applicable to a contribution or other charges by Fidelity under the Plan s contract with Fidelity shall be paid out of the assets held by Fidelity under the Plan s contract with Fidelity and charged to the applicable accounts, unless the Museum otherwise elects to pay such amounts. Some fees and expenses attributable to the management and investment of the Plan s investment funds are charged (pro rata) against each of the respective investment funds. However, certain expenses are charged directly to your account, for example, those associated with a loan, early redemption fees, etc. For a description of these fees, refer to the Fee Disclosure Chart that was provided to you when you enrolled, and which is available at Complete information about fees and expenses is available from Fidelity. In addition, information about investment management fees is included in the prospectus describing each investment fund, which is available online at or by calling Fidelity at

22 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 18 PAYMENT OF BENEFITS When Your Account Is Paid to You You are eligible to receive your benefit under the Matching Plan when you stop working at the Museum, become Disabled or die. You may begin to collect your benefit under the Matching Plan (unless you elect otherwise) not later than the 60 th day after the end of the Plan Year in which the latest of the following events occurs: You reach age 62 The 10 th anniversary of your participation in the Matching Plan You stop working at the Museum Required Distributions The law requires that payment of your Matching Plan account begins by the later of: April 1 of the calendar year after the calendar year in which you reach 70 ½, or Your retirement from the Museum. If you are actively at work when you reach age 70 ½, you are not required to take this mandatory distribution, but you may elect to do so. However, under current laws, if you are no longer actively at work, you must begin to receive payment of your benefit no later than April 1 following the year in which you reach age 70½. You cannot roll over a minimum distribution to any other account. See the section of this booklet titled What Happens If: Understanding Some Special Rules for information about receiving your payments if you are terminated, die or become Disabled. How Your Account Is Paid to You When you are eligible to receive your benefit under the Matching Plan, you can elect to: Roll over your benefit into an eligible retirement plan (such as an IRA, a Roth IRA or a qualified plan), Receive a lump sum payment (meaning all at one time) payable to you in the

23 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 19 amount equal to the total value of your account, Receive an annuity payment (see below), or Defer receiving your benefit until a later date. When you contact Fidelity to begin receiving your benefit, you will have a range of options regarding the form in which you may receive your benefit. If you are married, and elect to receive your benefit in a form other than the joint and survivor annuity benefit as described below, spousal consent is required. You will receive your payout as soon as administratively feasible based on the payment date you elect (certain timing requirements apply). Once you are eligible to receive distributions, you choose a benefit commencement date (with the consent of your spouse, if applicable). You will start receiving benefits on the first day of the month following your chosen payment date. If you do not elect to receive your benefit in an alternative form (as described above), it will be paid as follows: If you are not married: You will receive a single life annuity (i.e., monthly benefits paid to you for life) that will end at the time of your death. If you are married: You will receive a joint and survivor benefit. This means that your payments will be lower than they would be under the single life annuity form (i.e., monthly benefits paid to you for life), but your spouse at the time benefits commence will receive payments for the remainder of his or her life after your death equal to 100% of the monthly benefits paid to you during your life. You may alternatively elect to have your monthly benefits paid in the form of a qualified optional survivor annuity which provides for a reduced monthly benefit for your life with 50% of such monthly benefit paid during your spouse s life. Note: If you elect to receive payments under the joint and survivor annuity you may, with your spouse s consent, revoke such election at any time before receiving any benefits. In addition, you may revoke an election not to take joint and survivor benefits at any time before receiving benefits under the Matching Plan; provided, however, that if you elect to receive any form of payment other than the joint and survivor annuity, you must obtain spousal consent again. If you choose an optional form of payment (i.e., not a single-life or joint and survivor annuity), with the consent of your spouse if applicable, certain distribution restrictions apply. You can contact Fidelity online at or at

24 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 20 for more details. Tax Consequences of Distributions If you receive the value of your Matching Plan benefit as a lump-sum payment, federal income taxes are required to be withheld equal to 20% of the taxable portion of your payment, unless you roll over your distribution directly into an IRA, an eligible employer plan or other eligible plan. If it is not rolled over, your distribution may be subject to a 10% early payment penalty tax in addition to regular income tax unless: You are at least age 55 at the time you leave the Museum, You are at least age 59½ at the time payment is made to you, or If another exception applies. For more information on the additional 10% tax, please see IRS Form You are responsible for complying with applicable federal, state and local tax laws and regulations when you receive the distribution. You will receive more information about the applicable tax rules when you request a distribution from the Plan. Rollovers at the Time of Distribution You may defer federal income taxes (and the 10% penalty tax described above) on any single sum taxable distribution to the extent that the distribution is eligible for rollover and you do in fact roll it over into an IRA or another eligible plan. If you make a direct rollover into a traditional IRA or other eligible plan, you will not pay federal income taxes until you withdraw the money from the traditional IRA or other eligible plan. The tax information contained in this SPD is intended only as a general summary of the federal income tax consequences of participation in the Matching Plan and is not a complete summary of such consequences. You are urged to consult with your own tax advisor with respect to your specific tax situation.

25 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 21 WHAT HAPPENS IF: UNDERSTANDING SOME SPECIAL RULES What Happens If You are Terminated The full vested value of your account becomes payable to you when your employment with the Museum is terminated. You may elect an immediate payment in one of the forms available under the Matching Plan or defer payment of your benefits if you prefer (as described in the preceding sections). Your employment with the Museum is considered terminated if you lose your employment status with the Museum due to, but not limited to, retirement, death, disability, resignation or dismissal with or without cause. If you are terminated but not fully vested in the Museum s contributions, you will not be eligible to receive the non-vested contributions in your account balance. These contributions may be restored if you are re-hired by the Museum within the allowable timeframe (see below). What Happens If You Are Re-Hired If your employment with the Museum ends and you are later re-employed by the Museum, your prior Years of Service will count for vesting purposes if: You participated in the Matching Plan before you left the Museum, or If you are re-hired no later than five years after you left the Museum, or if the number of years you were not employed by the Museum does not exceed the number of years you were employed by the Museum before your employment ended.

26 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 22 What Happens If You Go On Leave If you go on an authorized leave of absence, you are not considered terminated unless you fail to return to the Museum in the appropriate timeframe. See the section of this booklet titled Continuation of Participation for Employees in the Uniformed Services (USERRA) for more information about your benefits while on military leave. If you take an approved paid leave of absence (including short-term disability leave), you may continue to make pre-tax contributions to the Matching Plan as if you were an active employee. You may take loans and withdrawals but you cannot receive a final distribution of your Plan accounts. If you take an approved unpaid leave of absence other than a long-term disability leave, you will not be able to make contributions to the Matching Plan and you will not receive any matching contributions during that time. You may take loans and withdrawals, but you cannot receive a final distribution of your Plan accounts. If you are eligible for a leave under the federal Family and Medical Leave Act (FMLA), you are entitled to take up to 12 weeks of leave for certain family and medical situations (or 26 weeks in a single 12-month period for military caregiver leave). In general, your FMLA leave is treated like any other paid or unpaid leave under the Plan, as noted above. If your FMLA leave is paid, your leave will be treated like other paid leaves; if your FMLA leave is unpaid, it will be treated like other unpaid leaves. Periods of FMLA absences will not be counted toward a break in service. What Happens If You Become Disabled If you become Disabled while you are actively employed by the Museum, you will not be able to make contributions to the Plan and you will not receive any further Museum contributions. Disabled under the Plan means that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to be of long-continued and indefinite duration, as certified by a physician acceptable to the Plan Administrative Committee. If you are Disabled, you may not take loans but you will become 100% vested in the value of your account balance, regardless of your actual Years of Service, and you will be eligible to receive payment in any of the forms described in the section of this booklet titled How Your

27 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 23 Account is Paid to You. What Happens If You Die If you die while actively employed with the Museum or before your benefits commencement date: If you are married, 100% of the value of your account will be provided in monthly benefits for the life of your spouse, starting on the payment date your spouse elects, provided that your spouse may elect to receive such amount in a lump sum or any other optional form available under the Plan. If your spouse is not your Beneficiary (which is possible only if your spouse actively forfeits his or her right to be your Beneficiary), distribution rules will be as described in the bullet below. If you are unmarried, the value of your account will be distributed to your Beneficiary or Beneficiaries in the proportion you designate (i.e., divided between Beneficiaries in a certain percentage, etc.). The distribution will be made in one of the optional forms available under the Matching Plan, as determined by the Beneficiary receiving the payment. If you die on or after the date your benefit payments have started: The remaining amount of your account balance will be paid to your spouse (or Beneficiary, if not your spouse) in the form in which you elected to receive it. Certain rules apply regarding distribution of your benefits after your death.

28 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 24 IMPORTANT TERMS Term Basic Plan Beneficiary Compensation Disabled Hours of Service Matching Plan (or Match Plan) What It Means This term applies to the Metropolitan Museum of Art 403(b) Retirement Plan for Non-Union Employees. See the Basic Plan SPD for more details regarding the Basic Plan. The person you choose to receive your Plan benefit if you die while participating in the Plan. Generally, the total cash amount paid to you by the Museum during the Plan Year including overtime, bonuses, greeter pay and commissions as reflected on your W-2 for the given Matching Plan Year. Compensation also includes payouts for vacation/annual leave days under certain circumstances. Compensation does not include deferred compensation, severance payments, disability payments from a third party, government amounts, foreign living allowances, housing allowances, imputed income or contributions by the Museum to this or any other plan. For 2014, compensation recognized under the Plan cannot exceed $260,000 per year without certain tax implications. This limit is reviewed and may be adjusted annually by the IRS. Disabled under the Plan means that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to be of long-continued and indefinite duration, as certified by a physician acceptable to the Plan Administrative Committee. The hours for which you are or will be directly or indirectly compensated by the Museum including overtime (but only actual hours worked) and hours for which a back pay award is made. It also includes paid hours for sick days, disability, vacation, holidays, jury duty, layoff, military duty and leave of absence, up to five hundred and one (501) hours in a continuous nonworking period. Hours of Service are used to calculate your vesting eligibility. The Metropolitan Museum of Art 403(b) Matching Plan for Non-Union Employees. The rules of the Matching Plan are described in this booklet. Plan Year January 1 December 31

29 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 25 Year of Service A Year of Service means a Plan Year (calendar year) during which you have not less than one thousand (1,000) Hours of Service with the Museum. No partial Years of Service count.

30 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 26 ADMINISTRATION INFORMATION Plan Name and Number This Summary Plan Description describes the provisions of the Matching Plan. The full name of the Matching Plan is The Metropolitan Museum of Art 403(b) Matching Plan for Non-Union Employees. The Plan number, which distinguishes the Matching Plan from the other Museum plans, is 006. Employer The Metropolitan Museum of Art 1000 Fifth Avenue New York, NY Employer Identification Number The employer identification number of the Museum assigned by the IRS is Type of Plan The Plan is a Code Section 403(b) plan which provides for voluntary employee contributions and employer matching contributions. Plan Administrator The Metropolitan Museum of Art 1000 Fifth Avenue New York, NY Benefits under the Plan will be paid only if the Plan Administrator (or its delegate) decides in its discretion that the applicant is entitled to benefits. The Plan Administrative Committee, members of which are selected by the Board of Trustees, is responsible for administering and interpreting the Plan on behalf of the Museum. How Benefits are Funded The Plan is funded by your contributions and the matching contributions from the

31 403(b) Matching Plan for Non-Union Employees (the Matching Plan ) SPD 27 Metropolitan Museum of Art. Contributions are held in custodial accounts maintained by Fidelity or in individual accounts maintained by Voya (formerly ING) (for contributions through June 1, 2013), and are separate from any Museum assets. Plan Year The Plan Year for the Matching Plan is January 1 through December 31. Legal Process The Plan will be governed and construed in accordance with the laws of the State of New York, except as such laws may be superseded by ERISA, the Internal Revenue Code, or other applicable federal law. Any legal process related to the Matching Plan should be directed to: Office of the Senior Vice President, Secretary and General Counsel The Metropolitan Museum of Art 1000 Fifth Avenue New York, New York You may also serve legal process upon the Plan Administrator. Receiving Financial Advice If you have questions about financial planning with respect to your benefits under the Matching Plan, you should seek advice from a personal advisor. The Museum cannot advise you regarding tax, investment or legal considerations relating to the Matching Plan. Plan Interpretation To the fullest extent permitted by law, the Museum will have the exclusive discretion to determine all matters, including factual matters, relating to eligibility, coverage and benefits under the Plan. The Museum will also have the exclusive discretion to determine all matters, including factual matters, relating to interpretation and operation of the Plan. Decisions by the Museum will be conclusive and binding.