The Metropolitan Museum of Art

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1 The Metropolitan Museum of Art Summary Plan Description 401(a) Special Retirement Plan for Select Non-Union Employees Additional Retirement Contributions (ARCs) The information contained herein has been provided by The Metropolitan Museum of Art and is solely the responsibility of The Metropolitan Museum of Art. 2097/ current/ v5

2 Table of Contents INTRODUCTION TO THE SPECIAL RETIREMENT PLAN... 1 Our Commitment to Helping You Save for Retirement... 1 Guiding Principles Behind ARCs... 1 About This Booklet: It s Your Summary Plan Description (SPD)... 2 ELIGIBILITY, PARTICIPATION AND VESTING... 3 Eligibility... 3 Vesting... 3 Participation... 3 HOW THE SPECIAL RETIREMENT PLAN WORKS... 4 How Your Benefit Is Calculated... 4 The Formula... 4 Some Examples... 5 When ARCs will be Made... 5 Designating a Beneficiary... 6 Important Information about IRS Limits... 6 Loans... 6 How Your ARCs Are Invested... 7 Obtaining Information about the Investment Funds... 7 Changing Your Investment Elections... 8 Your Account Balance... 9 A Note About Administration Fees... 9 WHEN YOUR ACCOUNT IS PAID TO YOU How Your Account Is Paid to You Required Distributions Tax Consequences of Distributions Rollovers at the Time of Distribution / current/ v5

3 ii 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 Die What Happens If You Become Disabled 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) Future of the Plan If the Plan Becomes Top Heavy Continuation of Participation for Employees in the Uniformed Services (USERRA) PROCESS FOR SUBMITTING A CLAIM Claims Procedure Initial Claim If a Claim Is Wholly or Partially Denied Claim Denial Review / current/ v5

4 iii 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 / current/ v5

5 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 4 INTRODUCTION TO THE SPECIAL RETIREMENT 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 supporting communications, tools and resources to help you reach your personal financial goals. The Metropolitan Museum of Art 401(a) Special Retirement Plan for Select Non-Union Employees (the Plan, 401(a) Plan or Special Retirement Plan ) is a discretionary profit sharing plan, and under the Plan the Museum intends to provide additional retirement benefits for certain staff members who may be close to retirement, do not have sufficient time to take advantage of the Museum s recently enhanced Retirement Program and are not eligible to participate in the Museum s legacy Wholeness Plan. To provide this retirement assistance, the Museum has contributed Additional Retirement Contributions (ARCs) under the Plan to eligible staff members for a five-year period following the effective date of the Plan (the Initial Period ). After the Initial Period, the Museum may make contributions to the Plan, in its sole discretion. Guiding Principles Behind ARCs The ARC program was developed using a clearly identified set of guiding principles to ensure that the benefits provided are balanced and appropriate given the key goals of the Museum s overall Retirement Program: to provide a program that is highlycompetitive among our peers and supports the retirement needs of our staff. ARCs are designed to: Reward past service with the Museum. Treat those with similar age and service histories at the Museum in a consistent manner. Help provide a reasonable level of replacement income at retirement. Be a point in time adjustment and made based on a formula over a temporary period of time (five years).

6 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 5 About This Booklet: It s Your Summary Plan Description (SPD) This booklet serves as the Summary Plan Description (SPD) for the Special Retirement 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 Special Retirement Plan. It should not be considered as a substitute for the Plan document, which governs the operation of the Special Retirement Plan. That document sets forth all of the details and provisions concerning the Special Retirement 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.

7 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 6 ELIGIBILITY, PARTICIPATION AND VESTING Eligibility In general, your eligibility for an ARC under the Special Retirement Plan is based on a few factors including your Age, Service and Base Salary as of May 31, If you are a participant in the Museum s legacy Wholeness Plan, you are not eligible for ARCs. Eligibility is also based on your annual Base Salary for each year that the Plan is in effect. Here s how it works: You are eligible to participate in the Plan if you are a non-union, full-time or part-time employee and were eligible for participation under the Museum s Basic Plan as of May 31, 2008, but are not eligible for participation under the Museum s Wholeness Plan and you are designated as eligible by the Museum based on your annual base salary. In addition, your Age plus your years of Service with the Museum must be equal to or more than 55 (with limited exceptions). Vesting The Museum pays the full cost of the Plan and you are 100% vested in your ARCs at all times. This means that once ARCs are made by the Museum to your Plan account, those ARCs are non-forfeitable even if you leave the Museum. Participation To participate in the Special Retirement Plan, you must have been actively employed by the Museum on January 1, If you are eligible to participate in the Plan, you automatically became a participant on January 1, Eligible participants have been determined, identified and notified of eligibility. A full listing of eligible participants is available in the official Plan document.

8 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 7 HOW THE SPECIAL RETIREMENT PLAN WORKS How Your Benefit Is Calculated Your annual ARC, during the Initial Period, was equal to a percentage of your Base Salary and was based on your Age plus Service as outlined in the table below. For salaried employees, your Base Salary is determined based on your annual rate of pay as of May 31, For hourly employees, your Base Salary is determined by your rate of pay on an hourly basis as of May 31, 2008, multiplied by the number of hours for which you were paid in 2007 (not to exceed 1,820). The Formula Your Age Plus Service as of Annual Additional Retirement May 31, 2008 Contribution (ARC) Less than 55 $ % x Base Salary % x Base Salary % x Base Salary % x Base Salary % x Base Salary % x Base Salary 85 or more 30% x Base Salary Note: All ARCs are discretionary on behalf of the Museum and contingent on your continued employment with the Museum. You will only be credited with an ARC for a year if you are employed by the Museum on the last day of the Plan Year and have been credited with at least 200 Hours of Service during that year. During the Initial Period, if you died or became Disabled during a Plan Year, you were still eligible to receive the ARC for that year (but not for future years). If a contribution has been made by mistake on your behalf, the contribution must be returned to the Museum within one year. In addition, in order to satisfy nondiscrimination testing, it may be necessary to remove

9 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 8 certain highly compensated employees from eligibility for contributions under the Plan. Some Examples Salaried Employees: Let s assume a staff member is a full time employee earning a Base Salary of $80,000 per year as of May 31, He is 62 years old and has been working at the Museum for 18 years. His Age plus Service equals 80 and this means he would have received an ARC of $20,000 each year during the Initial Period (as long as he remains actively employed and continues to meet eligibility requirements) (25% x $80,000 = $20,000). Hourly Employees: Let s assume a staff member is a part-time employee earning $25 per hour as of May 31, She is 52 years old and has been working with the Museum for 18 years. In 2007, she worked 1,000 hours. Her annual rate of pay is $45,500 ($25 x $1,820); however she only worked 1,000 hours in 2007, so for ARC calculation purposes her Base Salary is $25,000. ($45,500 x 1,000 / 1,820.) Her age plus years of service equals 70. This means she would have received an ARC each year during the Initial Period in the amount of $4,500 (as long as she remains actively employed and continues to meet eligibility requirements) (18% x $25,000). When ARCs will be Made Shortly after the end of each Plan Year (typically in January), the Museum will make contributions, if any, to your Special Retirement Plan account for the Plan Year. No employee contributions or rollovers to your Plan account are permitted under the Special Retirement Plan. During the Initial Period, if you became Disabled or died during the Plan Year, your Plan account would have been credited with the applicable year s ARC, if any, but you would not be eligible for any further ARCs. If you leave the Museum for any other reason (e.g., retirement, resignation or dismissal), your employment is considered terminated and you will not be eligible to receive an ARC for the year in which you terminate or in any future year, unless you are later reemployed by the Museum.

10 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 9 Designating 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 s 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. Important Information about IRS Limits The Special Retirement Plan is a tax-qualified plan. This means that it is subject to certain rules and benefit limits set forth by the Internal Revenue Service (IRS). Annual ARCs cannot exceed the lesser of: 100 percent (100%) of your Compensation*, or $52,000 for 2014 (this may be adjusted annually by the IRS for cost-of living increases) ARC contributions are dependent on your continued employment with the Museum and your continued eligibility to participate in this type of plan under applicable nondiscrimination regulations and the IRS limits, as further described in the section of this booklet titled Eligibility. *For 2014 the maximum amount of total Compensation recognized for contributions is $260,000. Loans No loans or in-service distributions may be taken from the Plan at any time.

11 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 10 How Your ARCs Are Invested You choose how to allocate the ARCs to your account under the Plan among the different investment options 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 make an active allocation election, your ARC account will automatically be 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. You can also request the following information from Fidelity: 1 This is the Qualified Default Investment Alternative (QDIA) selected by the Museum.

12 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 11 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 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

13 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD You may also change the manner in which future contributions to your account 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 account to a fund that is most similar to the one you had 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 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 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

14 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 13 WHEN YOUR ACCOUNT IS PAID TO YOU You are eligible to receive your benefit under the Special Retirement Plan when you stop working at the Museum, become Disabled or die. You may begin to collect your benefit under the Special Retirement 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 Special Retirement Plan You stop working at the Museum How Your Account Is Paid to You When you are eligible to receive your benefit under the Special Retirement 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 amount equal to the total value of your account, or Defer receiving your benefit until a later date. You will receive your payout as soon as administratively feasible based on the payment date you elect (certain timing requirements apply). Required Distributions The law requires that payment of your Special Retirement Plan account begins by the later of: April 1 of the calendar year after the calendar year in which you reach 70½, or Your retirement from the Museum.

15 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 14 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 your payments if you are terminated, die or become Disabled. Tax Consequences of Distributions If you receive the value of your Special Retirement 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 Special Retirement 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.

16 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 15 WHAT HAPPENS IF: UNDERSTANDING SOME SPECIAL RULES What Happens If You are Terminated If your employment with the Museum is terminated, your account will be maintained under the Plan and will continue to share in the gains and losses of its investment funds until you elect to have your benefit distributed in accordance with the provisions described in the section of this booklet titled How Your Account is Paid to You, or, if earlier, until your benefit is required to be distributed as described above. You will not be eligible for any further Plan contributions once you are terminated (unless you died or became Disabled during the Initial Period, in which case you or your Beneficiary would have received the ARC, if any, for the current Plan Year in which you died or became Disabled). 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. What Happens If You Are Re-Hired If your employment with the Museum ends and you are later re-employed by the Museum, you will immediately become a participant in the Plan upon the completion of an Hour of Service following your re-employment. 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. What Happens If You Die If you die before you receive your benefit from the Special Retirement Plan, the value of

17 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 16 your account balance will be distributed to your beneficiary in a lump-sum payment, as soon as administratively feasible following your death (remember, during the Initial Period, you or your Beneficiary was eligible to receive the ARC for the Plan Year in which you died only, which payment, if any, would have been made at the time ARC contributions were made to the Plan). What Happens If You Become Disabled If you become Disabled while you are actively employed by the Museum, you will be eligible to receive payment in any of the forms described in the section of this booklet titled How Your Account is Paid to You. (Remember, during the Initial Period, you or your beneficiary was eligible to receive the ARC for the Plan Year in which you became Disabled only, which payment, if any, would have been made at the time ARC contributions were made to the Plan). 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.

18 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 17 IMPORTANT TERMS Term Additional Retirement Contribution (ARC) What It Means The amount the Museum may contribute to your Plan account each year. Age Your age on your last birthday as of May 31, Base Salary Basic Plan Beneficiary Compensation Disabled Hours of Service For salaried employees, your rate of pay on an annual basis as of May 31, For hourly employees, your rate of pay on an hourly basis as of May 31, 2008, multiplied by the number of hours for which you were paid in 2007 (not to exceed 1,820 hours). The Metropolitan Museum of Art 403(b) Retirement Plan for Non-Union Employees. 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 Special Retirement Plan Year including overtime, bonuses, greeter pay and commissions as reflected on your W-2 for the given Plan Year. Compensation also includes payouts for vacation days/annual leave 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

19 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 18 actual hours worked) and hours for which a back pay award is made. It also includes paid hours for sick days, disability, vacation/annual leave, holidays, jury duty, layoff, military duty and leave of absence, up to five hundred and one (501) hours in a continuous nonworking period. Initial Period The five-year period following the effective date of the Plan. The Initial Period ran from January 1, 2008 through December 31, Plan Year January 1 December 31 Service Wholeness Plan The completed years in non-union service at the Museum prior to June 1, 2008, reduced by any periods of severance. This term applies to a special retirement plan in which most salaried, non-union employees with at least 10 years of service as of June 30, 1987 were eligible to participate.

20 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 19 ADMINISTRATION INFORMATION Plan Name and Number This Summary Plan Description describes the provisions of the Special Retirement Plan. The full name of the Plan is The Metropolitan Museum of Art 401(a) Special Retirement Plan for Select Non-Union Employees. The Plan number, which distinguishes the Special Retirement Plan from the other Museum plans, is 007. 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 401(a) plan which provides for employer elective 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.

21 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 20 How Benefits are Funded ARCs to the Special Retirement Plan are maintained in a Trust Fund managed by the Trustee under the terms of a trust agreement. Funds are held exclusively for the benefit of participants of the Special Retirement Plan and their Beneficiaries. All benefit payments will be made from the Trust Fund. The name and address of the Special Retirement Plan s Trustee is: Fidelity Management Trust Company 82 Devonshire Street Boston, Massachusetts Plan Year The Plan Year for the Special Retirement 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 Special Retirement 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 Trustee or Plan Administrator. Receiving Financial Advice If you have questions about financial planning with respect to your benefits under the Special Retirement Plan, you should seek advice from a personal advisor. The Museum cannot advise you regarding tax, investment or legal considerations relating to the Special Retirement Plan.

22 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 21 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. Benefit Insurance Benefits under this type of Plan are not insured by the Pension Benefit Guaranty Corporation (a federal agency that insures certain pension plan benefits upon plan termination), because the benefits you receive under this type of plan are based upon the vested amount in your account. Non-Assignment of Benefits Your rights and benefits under the Plan cannot be assigned, sold, transferred, or pledged by you or reached by your creditors or anyone else, except under limited circumstances. However, the law does permit the assignment of all or a portion of your interest in the Plan to your former spouse or children as part of a Qualified Domestic Relations Order. Qualified Domestic Relations Order (QDRO) A Qualified Domestic Relations Order (QDRO) is a legal judgment, decree or order that recognizes the rights of an alternate payee under the Special Retirement Plan with respect to a child s or other person s support, alimony or marital property rights. The Museum is legally required to recognize a QDRO. If you become legally separated or divorced, a portion or all of your benefit under the Special Retirement Plan may be assigned to someone else to satisfy a legal obligation you may have to a spouse, former spouse, child or other person. There are specific requirements the court order must meet in order to be recognized by the Museum. There are also specific procedures regarding the amount and timing of payments. Participants and Beneficiaries may obtain, without charge, a copy of the

23 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 22 procedures governing QDRO determinations under the Plan from the Plan Administrator by contacting the Benefits Office in the Human Resources Department. Future of the Plan It is the Museum s intent that the Special Retirement Plan will continue indefinitely, although it is anticipated that ARCs will only be made during the Initial Period. However, the Museum reserves the right to amend, modify, suspend or terminate the Plan, in whole or in part, in accordance with the Plan provisions. Plan amendment, modification, suspension or termination may be made for any reason, and at any time, and may, in certain circumstances, result in the reduction or elimination of benefits or other features of the Plan to the extent allowed by law. You are always 100% vested in your Plan account and any termination of the Plan will not affect your vested status. If the Plan Becomes Top Heavy Under a complicated set of IRS rules set out in the Plan document, the Plan may become top heavy. A top heavy plan is one where more than 60% of the contributions or benefits have been allocated to certain employees. The Museum is responsible for determining whether the Plan is a top heavy plan each year. In the event that the Plan becomes top heavy in any year, you may be entitled to certain minimum benefits and special rules will apply. If the Plan becomes top heavy, the Museum will advise you of your rights under the top heavy rules. See the Plan documents for more information. Continuation of Participation for Employees in the Uniformed Services (USERRA) The Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) guarantees certain rights to eligible employees who enter military service. The terms Uniformed Services or Military Service mean the Armed Forces (i.e., Army, Navy, Air Force, Marine Corps, Coast Guard), the reserve components of the Armed Services, the Army National Guard and the Air National Guard when engaged in active duty for training, inactive duty training, or full-time National Guard duty, the commissioned corps of the Public Health Service, and any other category of persons designated by the President in time of war or national emergency. Upon reinstatement of employment with the Museum following military service, you are

24 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 23 entitled to the seniority, rights and benefits associated with the position held at the time employment was interrupted, plus additional seniority, rights and benefits that would have been attained if employment had not been interrupted. Such leave will not constitute a break in service. PROCESS FOR SUBMITTING A CLAIM If you have any questions about the Special Retirement Plan or if you wish to make a claim for benefits, you should contact the Plan Administrative Committee. If you feel you have a right to a benefit under the Plan that you have not received, you may file an appeal of the claim for the benefit determination with the Plan Administrative Committee as provided below. Claims Procedure Initial Claim Any claim that is made with respect to eligibility, participation, contributions, benefits or other aspects of the operation of the Plan are to be made in writing to a person designated by the Museum for such purposes (the Designated Person ). As of the date of this booklet, the Designated Person is the Plan Administrative Committee. The Designated Person will provide you with the necessary forms and make all determinations as to the right of any person to a disputed benefit. If you are denied benefits under the Plan, you will be notified in writing of the denial of the claim within ninety (90) days after the Designated Person receives the claim, provided that in the event of special circumstances such period may be extended. With respect to any claim, the ninety (90) day period may be extended for a period of up to ninety (90) days (for a total of one hundred eighty (180) days). If the initial ninety (90) day period is extended, the Designated Person will notify you in writing within ninety (90) days of receipt of the claim. The written notice of extension will indicate the special circumstances requiring the extension of time and provide the date by which the Museum expects to make a determination with respect to the claim. If the extension is required due to your failure to submit information necessary to decide the claim, the period for making the determination will be tolled from the date on which the extension notice is sent to you on the earlier of the following: the date on which you respond to the

25 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 24 Designated Person s request for information, or expiration of the forty-five (45) day period commencing on the date that you are notified that the requested additional information must be provided. If notice of the denial of a claim is not furnished within the required time period described, the claim shall be deemed denied as of the last day of such period.

26 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 25 If a Claim Is Wholly or Partially Denied If your claim is wholly or partially denied, you will be notified of the following: The specific reason or reasons for the denial, Specific reference to pertinent Plan provisions upon which the denial is based, A description of any additional material or information necessary for you to complete the claim request and an explanation of why such material or information is necessary, Appropriate information as to the steps to be taken and the applicable time limits if you want to submit the adverse determination for review, and A statement of your right to bring a civil action under Section 502(a) of ERISA following an adverse determination on review. Claim Denial Review If a claim has been wholly or partially denied, you may submit the claim for review by the Plan Administrative Committee. Any request for review of a claim must be made in writing to the Museum no later than sixty (60) days after you receive notification of denial or, if no notification was provided, the date the claim is deemed denied. At this point, you may: Be provided with reasonable access to, and copies of, relevant documents, records, and other information relevant to your claim; and Submit written comments, documents, records, and other information relating to the claim. The review of the claim determination shall take into account all comments, documents, records, and other information submitted by you relating to the claim, without regard to whether such information was submitted or considered in the initial claim determination. The decision of the Plan Administrative Committee upon review will be made within sixty (60) days after receipt of your request for review, unless special circumstances (including, without limitation, the need to hold a hearing) require an extension. If the sixty (60) day period is extended, the Museum will, within sixty (60) days of receipt of the claim for review, notify you in writing. The written notice of extension should indicate the special circumstances requiring the extension of time and provide the date by which the

27 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 26 Museum expects to make a determination with respect to the claim upon review. If the extension is required due to your failure to submit information necessary to decide the claim, the period for making the determination will be tolled from the date on which the extension notice is sent to you until the earlier of the date on which you respond to the Museum s request for information, or expiration of the forty-five (45) day period commencing on the date that you are notified that the requested additional information must be provided. If notice of the decision upon review is not furnished within the required time period described, the claim on review shall be deemed denied as of the last day of such period. The Plan Administrative Committee, in its sole discretion, may hold a hearing regarding the claim and request that you attend. If a hearing is held, you will be entitled to be represented by counsel. The Plan Administrative Committee s decision upon review of your claim will be communicated to you in writing. If the claim upon review is denied, the notice to you will provide: The specific reason or reasons for the decision, with references to the specific Plan provisions on which the determination is based; A statement that you are entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim; and A statement of your right to bring a civil action under Section 502(a) of ERISA. A document, record or other information is considered relevant to a claim for this purpose if it was relied upon in making the benefit determination, was submitted, considered, or generated in the course of making the benefit determination, without regard to whether such document, record or other information was relied upon in making the benefit determination, or demonstrates compliance with the administrative process and safeguards required by law when making the benefit determination. All interpretations, determinations and decisions of the Designated Person and the Museum with respect to any claim, including without limitation the appeal of any claim, or any matter relating to the Plan, will be made by the Designated Person and the Museum, in their sole discretion, based on the Plan and comments, documents, records, and other

28 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 27 information presented to it, and shall be final, conclusive and binding. The claims procedures set forth in this section are intended to comply with United States Department of Labor Regulation and should be construed in accordance with such regulation. In no event shall these procedures be interpreted as expanding the rights of Claimants beyond what is required by United States Department of Labor Regulation

29 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 28 HOW YOU MAY LOSE BENEFITS Certain circumstances may reduce or eliminate the benefits you would otherwise receive from the Plan. For example: You will not be permitted to participate in the Plan if you do not meet the eligibility requirements for participation, your eligible compensation ends, you reach any Plan or legal limits or you die. The amount paid out from the Plan may be less than you anticipated, depending on the market value of your account in each investment fund at the time your account is paid out. Your account cannot be used as collateral or to satisfy any debts or liabilities, except if a qualified domestic relations order ( QDRO ) so decrees. Then, money in your Plan account may be payable to someone other than you or your designated beneficiary.

30 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 29 YOUR RIGHTS UNDER ERISA As a participant in the Special Retirement Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan participants shall be entitled to: Receive Information About Your Plan and Benefits Examine, without charge, at the Museum s Human Resources Department and at other specified locations, such as work sites, all documents governing the Plan including a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. Obtain, upon written request to the Museum, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form 5500 Series). The Museum may make a reasonable charge for the copies. Receive a summary of the Plan s annual financial report. The Museum is required by law to furnish each participant with a copy of this summary annual report. Obtain a statement telling you whether you have a right to receive a benefit at your normal retirement age (age 62) and if so, what your benefits would be at normal retirement age under the Plan if you stop working now. If you do not have a right to a benefit, the statement will tell you how many more years you have to work to get a right to a benefit. This statement must be requested in writing and is not required to be given more than once every 12 months. The Plan must provide the statement free of charge. Prudent Actions by Plan Fiduciaries In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called fiduciaries of the Plan, have a duty to do so prudently

31 401(a) Special Retirement Plan for Select Non-Union Employees (the Special Retirement Plan ) SPD 30 and in the interest of you and other Plan participants and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. Enforce Your Rights If your claim for a benefit is denied or ignored, in whole or in part, you have the right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Museum to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file a suit in a state or Federal court, but only after you have exhausted the Plan s claims and appeals procedures as described in the Process for Submitting a Claim section of this booklet. In addition, if you disagree with the Plan s decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in a Federal court but only after you have exhausted the Plan s claims and appeals procedures as applicable to such determination. If it should happen that Plan fiduciaries misuse the Plan s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if the court finds your claim is frivolous. Assistance with Your Questions If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of