URS Corporation 401(k) Retirement Plan SUMMARY PLAN DESCRIPTION

Transcription

1 URS Corporation 401(k) Retirement Plan SUMMARY PLAN DESCRIPTION Published March, 2011

2 THIS IS YOUR SUMMARY PLAN DESCRIPTION It summarizes the provisions of the URS Corporation 401(k) Retirement Plan (the Plan ) which were in effect as of January, It is intended to assist you in understanding your benefits provided by the Plan. The Plan has been adopted by URS Corporation. The adopting employer is sometimes referred to as Employer, Company or URS. The plan benefits are provided both from your contributions and Company contributions. All contributions are paid into a trust fund set up solely for the participants in the Plan (the Trust ). These contributions, together with investment earnings of the Trust, are used to provide your plan benefits. You should read this Summary Plan Description carefully because it describes your benefits and rights under the Plan. If you are married, your Spouse should also read it because, in benefiting you, the Plan also benefits your family. If you have difficulty understanding any part of this document, or if you would like more information, please contact your Human Resources representative. There are official plan and trust documents which state the provisions of the Plan and the Trust. Copies of these documents are available for your examination at the office of the Plan Administrator during regular business hours. You can also obtain a copy by making a written request to the Human Resources Committee. The Plan provides you with an opportunity to save for your retirement both on a pre-tax basis and a post-tax basis, to enhance your Social Security benefits and any other retirement income you may have. The Plan has been designed to help you maximize the retirement benefit you will receive from long-term savings in the Plan. We hope you will make the Plan a major part of your strategy for providing security and retirement income for yourself and your family. This Summary Plan Description is intended to provide a general overview of the Plan. It necessarily generalizes in some instances for the sake of conciseness and clarity. Because this document is intended only as a summary, any error, misstatement or omission will be disregarded and the actual Plan provisions will always be controlling. If you wish to verify that the Plan operates as described in the Summary Plan Description with respect to your particular situation, you should contact the Plan Administrator for a further explanation of the Plan.

3 TABLE OF CONTENTS GENERAL INFORMATION...1 NAME OF PLAN...1 EFFECTIVE DATE...1 PLAN SPONSOR...1 PLAN ADMINISTRATOR...1 TYPE OF PLAN/TRUSTEE...1 EMPLOYER AND PLAN IDENTIFICATION...2 PLAN YEAR...2 URS PARTICIPANT SERVICES...3 PARTICIPATION IN THE PLAN...6 ELIGIBLE EMPLOYEES...6 Contracts Subject to the Davis-Bacon Act...7 NAMING A BENEFICIARY...7 ROLLOVERS FROM OTHER PLANS...7 PLAN PARTICIPATION AFTER REEMPLOYMENT...7 AUTOMATIC ENROLLMENT...8 SELF ENROLLMENT...8 CONTRIBUTIONS TO THE PLAN...10 SALARY REDUCTION CONTRIBUTIONS...11 Changing Your Rate of Salary Reduction Contribution...12 Limitations on Contributions...12 CATCH-UP CONTRIBUTIONS...12 AFTER-TAX CONTRIBUTIONS...13 ROTH CONTRIBUTIONS...13 COMPANY MATCHING CONTRIBUTIONS...14 DISCRETIONARY COMPANY CONTRIBUTIONS...15 ROLLOVER CONTRIBUTIONS...15 HOW CONTRIBUTIONS ARE INVESTED...17 INVESTMENT OPTIONS...17 # i

4 INVESTMENT CHANGES...17 PLAN EXPENSES...18 SECTION 404(c) PLAN...18 YOUR PLAN ACCOUNT...20 YOUR ACCOUNT...20 VESTING...20 RESTORATION OF PREVIOUS FORFEITURES...21 NORMAL RETIREMENT AGE...21 EARLY RETIREMENT AGE...21 VALUATION OF YOUR ACCOUNT...21 DISTRIBUTIONS AND IN-SERVICE WITHDRAWALS FROM THE PLAN...22 WHEN YOU LEAVE THE COMPANY...22 Manner of Payment...22 IN-SERVICE WITHDRAWALS...23 Age 59½ Withdrawal...24 Rollover Contributions Withdrawal...24 After-Tax Contributions Withdrawal...24 Deductible Voluntary Contributions Withdrawal...24 Hardship Withdrawal...24 Greiner Performance Plan...25 Tatman & Lee Associates, Inc. Profit Sharing Plan...25 Dames & Moore Group Capital Accumulation Plan...26 Lear Siegler Services, Inc. Retirement Income Savings Plan...26 REQUIRED DISTRIBUTIONS...26 BENEFICIARY DESIGNATIONS; DEATH BENEFITS...26 PARTICIPANT LOANS...28 TO REQUEST A LOAN...28 LOAN CONDITIONS...28 QUALIFIED DOMESTIC RELATIONS ORDER...31 FEDERAL INCOME TAX EFFECTS...32 QUALIFIED LUMP-SUM DISTRIBUTIONS...32 # ii

5 DISTRIBUTION OF YOUR ACCOUNT AS A DIRECT ROLLOVER...32 DISTRIBUTION OF YOUR ACCOUNT WITH INCOME TAX WITHHELD...33 SIXTY-DAY ROLLOVER OPTION...33 VOLUNTARY WITHHOLDING...34 ESTATE TAX CONSIDERATIONS...34 ROLLOVERS BY NON-SPOUSE BENEFICIARIES...34 FURTHER ASSISTANCE...34 CIRCUMSTANCES THAT MAY AFFECT YOUR BENEFITS...35 FUTURE OF THE PLAN...35 NO GUARANTEE OF EMPLOYMENT...35 NONTRANSFERABILITY OF BENEFITS...35 TOP-HEAVY RULES...36 OTHER IMPORTANT INFORMATION...37 WHEN YOU HAVE QUESTIONS...37 PLAN ADMINISTRATOR...37 TRUSTEE...37 CLAIMING BENEFITS...37 If Your Claim is Denied...38 Review of Denial...39 ERISA RIGHTS...41 RECEIVE INFORMATION ABOUT YOUR PLAN AND BENEFITS...41 PRUDENT ACTIONS BY PLAN FIDUCIARIES...41 ENFORCE YOUR RIGHTS...41 ASSISTANCE WITH YOUR QUESTIONS...42 # iii

6 GENERAL INFORMATION NAME OF PLAN EFFECTIVE DATE URS Corporation 401(k) Retirement Plan The Plan became effective on November 1, It was amended and restated effective January 1, 1998, July 1, 2000, January 1, 2001, and January 1, The most recent restatement of the Plan became effective on January 1, PLAN SPONSOR The Plan is sponsored and maintained by: URS Corporation 600 Montgomery Street, 26 th Floor San Francisco, CA (415) The Plan also covers Eligible Employees of corporations that are affiliates of or members of a controlled group of corporations with URS Corporation, who will be referred to as Company Affiliates, and which have been designated as Participating Employers by URS Corporation (the Corporation ). PLAN ADMINISTRATOR The Plan Administrator of the Plan is the URS Corporation Human Resources Committee, the members of which are designated from time to time by URS Corporation. The Human Resources Committee is also the agent for service of legal process on the Plan. Communications should be sent to the following address: URS Corporation Human Resources Committee Attention: Vice President, Human Resources 600 Montgomery Street, 26th Floor San Francisco, CA (415) In addition, the service of legal process may be made upon the Plan Trustee at the address given below. TYPE OF PLAN/TRUSTEE The Plan is a defined contribution plan that includes a cash or deferred arrangement intended to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code, and is governed by the Employee Retirement Income Security Act of 1974 ( ERISA ). Assets of the Plan are held in trust for the benefit of the participants. The current Trustee is: #

7 Fidelity Management Trust Company Fidelity Investments Institutional Services Company, Inc. 82 Devonshire Street Boston, MA K ( ) URS 401(k) Service Fidelity The Trustee will act on behalf of the Human Resources Committee in accordance with Plan provisions and Internal Revenue Service guidelines in the performance of various administrative duties. Fidelity Investments Institutional Services Company, Inc. ( Fidelity ) administers the Plan pursuant to a contractual arrangement. The Plan s account number with the Trustee is EMPLOYER AND PLAN IDENTIFICATION Some information about the Plan is filed with the Internal Revenue Service and the Department of Labor. If you contact either agency regarding the Plan, you must refer to the following Employer Identification Number and Plan Identification Number: PLAN YEAR Employer Identification Number: Plan Identification Number: 001 The Plan Year is the 12-month period used for maintaining the financial records for the Plan. The Plan Year begins each January 1 and ends each December 31. #

8 URS PARTICIPANT SERVICES Fidelity provides participants with convenient access to their accounts via the Fidelity NetBenefits Web site at or via the URS 401(k) Service Fidelity, a customized 24-hour, toll-free telephone service. The toll-free number is K ( ). When traveling outside the United States, you can reach the URS 401(k) Service Fidelity by entering the access number for the country you are in. To obtain the country s access number, log on to Then dial the access number plus (e.g. for Guam dial ). You have the option of speaking with a service representative in your preferred language. If you would like to access your account through the Telephone Device for the Deaf (TDD), dial You may access your account information or initiate transactions whenever you want, either via the Internet or by telephone. If you choose to use the telephone, prerecorded messages guide you step-by-step in completing your selected transactions and give you the information you request. If you prefer, you may speak with a Service Representative any business day from 8:30 a.m. to Midnight (Eastern Time). To access your retirement savings account information via the URS 401(k) Service Fidelity, you will have to provide your Social Security number and your Personal Identification Number (PIN). You choose your own PIN at the time you enroll in the Plan, and may change it any time on the Fidelity NetBenefits Web site at or on the telephone by following the voice response prompts. Keep your PIN confidential for your own protection. You may set up your own unique user ID instead of using your Social Security number for subsequent access to your account. If you misplace or lose your PIN, you can reset it via the Fidelity NetBenefits Web site or the URS 401(k) Service Fidelity. If you have difficulty setting up your PIN, call the URS 401(k) Service Fidelity and, using the touchtone key pad, enter 0#0# (zero and pound sign twice) when prompted to enter your Social Security number to automatically be connected to a Service Representative on any business day. When you initiate transactions, either through the Fidelity NetBenefits Web site or the URS 401(k) Service Fidelity, you should be aware that this service is subject to the limitations inherent in all trading systems. Your directions will be executed as soon as possible, but delays may occur based on the timing of your requests, stock market operating hours, payroll cutoff dates and other factors. The following options are available to participants in the Plan either through the Fidelity NetBenefits Web site or the URS 401(k) Service Fidelity: #

9 Change the investment mix on existing funds or future contributions. Obtain information regarding Plan provisions. Obtain information regarding available investment funds. Check on your account balance or recent account activity. Check on investment performance. Change your rate of Salary Reduction Contributions, Catch-up Contributions, Roth Contributions or After-Tax Contributions. Request a participant loan or obtain outstanding loan balance (see Page 28). Request an in-service withdrawal (see Page 23). Obtain information regarding a rollover contribution (see Page 15). Request a Plan distribution (see Pages 22-23). Final rollover distributions are available by phone only. Change your PIN. Request a beneficiary designation form. Designate or change your beneficiary online. Establish a self-directed brokerage account through Fidelity s BrokerageLink. Up to twenty-five percent (25%) of your balance (at the time of purchase) may be invested in your BrokerageLink account. You must transfer at least $500 to open your account. Thereafter, each transfer must be at least $1. Additional fees including brokerage fees and commissions apply. Please call the URS 401(k) Service Fidelity at K ( ) for further information. View your statement on-line via Fidelity s NetBenefits Web site at All calls to the URS 401(k) Service Fidelity are recorded. Please make a note of the tracking numbers given to you by the Service Representative. The tracking numbers are used to review calls made by a participant if a transaction was not performed properly. Confirmation statements will be mailed to your home to ensure that transactions made by telephone, such as transferring funds, requesting a change in the rate of Salary Reduction Contributions, Catch-up Contributions, Roth Contributions or After-Tax Contributions, are completed satisfactorily. Confirmation of processing for transactions made on the Fidelity NetBenefits Web site will be sent to you by mail or on-line, as directed by you, to ensure that the request was completed satisfactorily. #

10 To ensure that you receive documents, quarterly statements, withdrawals, etc. on a timely basis, please make sure your current address is on file with your local Human Resources representative. If you are no longer employed with the Company, call the URS 401(k) Service Center to update your address with Fidelity. #

11 ELIGIBLE EMPLOYEES PARTICIPATION IN THE PLAN In general, the Plan covers all Eligible Employees. However, you are not an Eligible Employee, and the Plan does not cover you, if: (1) You are not on the payroll of the Company whether or not you, at any time and for any reason, are deemed to be an employee; or (2) You are a member of a collective bargaining unit whose employment is governed by a collective bargaining agreement between the Company and employee representatives under which retirement benefits were the subject of good faith bargaining, unless the agreement between the Company and that unit provides for participation in the Plan; or (3) You are a member of a group of employees who are represented by a union but whose employment is not governed by a collective bargaining agreement, unless your group of employees has been specifically added to the Plan as Eligible Employees; or (4) You are hired by the Company on or after November 16, 1998 and you are a Grandfathered Employee, within the meaning of the subcontractor agreement between Radian International LLC and Bechtel Jacobs Company LLC ( Bechtel ), who is transitioned from Bechtel to the Company and who works in support of Bechtel s Environmental Management and Integration Contract No. DE-AC05-980R22700 with the U.S. Department of Energy; or (5) You are a non-resident alien who receives no earned income from the Company which constitutes income from sources within the United States, unless you were lawfully admitted to the United States for permanent residence under a valid immigrant visa or as a special immigrant, and have not given up or lost this immigration status even though you may be working outside of the United States; or (6) You are an employee of a Company Affiliate that is not a Participating Employer, other than an employee of a foreign entity Company Affiliate who is included on the payroll of a Company located in the United States; or (7) You are an employee who is an Eligible Employee as defined under one of the following plans: (a) the URS Corporation 401(k) Retirement Plan for Specified Contract Employees. (b) the Washington Government Environmental Services Savings Plan; or #

12 (c) the URS Caribe, L.L.P. Section 1165(e) Retirement Plan. If during any period, the Company has not treated you as an employee and, for that reason, has not withheld employment taxes on your behalf, then you shall not be an Eligible Employee for that period, even in the event that you are determined, retroactively, to have been an employee during all or any portion of that period. Your status as an Eligible Employee shall be determined by the Company and any such determination shall be conclusive and binding on all persons. Contracts Subject to the Davis-Bacon Act If you are working on a project or under a contract subject to the Davis-Bacon Act, you will not participate in the Plan for the period during which you are working under that contract. NAMING A BENEFICIARY When you enroll in the Plan, you must name a beneficiary to receive Plan benefits if you should die. Your beneficiary can be your Spouse, child, brother, sister, parent or anyone else you choose. For these purposes, Spouse means a person of the opposite sex to whom you are legally married. If you are married and have a Spouse, you must obtain your Spouse s consent if you want to designate someone other than your Spouse as your beneficiary. The consent must be in writing, must acknowledge the effect of your election, must specify the non-spouse beneficiary being designated (including any class of beneficiaries or any contingent beneficiaries) and must be witnessed by a notary public. ROLLOVERS FROM OTHER PLANS Under certain circumstances, if you have an account in an Eligible Retirement Plan (as defined below in the section entitled Rollover Contributions ), you may be allowed to roll over that account into the Plan. Please see Page 15 for more details. PLAN PARTICIPATION AFTER REEMPLOYMENT If you were a Plan participant or you were eligible but you had not actually joined the Plan before leaving the Company, and you are rehired as an Eligible Employee, you will automatically become eligible to join the Plan on the first day of the pay period that is as soon as administratively feasible following your rehire date and after you have attained age 18. Enrollment information is available via the Fidelity NetBenefits Web site at or by calling the URS 401(k) Service Fidelity at K ( ). If you are rehired in a classification of employees that are not Eligible Employees, for instance if your employment is governed by a collective bargaining agreement that does not provide for participation in the Plan, you are not eligible to participate in the Plan even if you were eligible in a prior period of employment. Upon returning to employment from military service as defined in the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA), you have the right to make any Participant contributions for the period of your military service that you would have #

13 been allowed to make as an active Participant. If you elect to make Salary Reduction Contributions or Roth Contributions, the Company will also make a Company Matching Contribution, if applicable. The amount of your contributions and Company Matching Contributions will be as allowed by the Plan and USERRA. If you wish to make such contributions, call the URS 401(k) Service Fidelity at K ( ). AUTOMATIC ENROLLMENT Effective January 1, 2007, the Plan adopted automatic enrollment provisions. Under these provisions: If you are employed (or reemployed) on or after January 1, 2007 and have reached the age of 18, you will be automatically enrolled as a Participant in the Plan on the first day of the pay period that is as soon as administratively feasible following your Automatic Enrollment Date. Your Automatic Enrollment Date is thirty (30) days after the date on which you first complete one Hour of Service as an Eligible Employee, after being either hired or rehired by the Employer. You will not be automatically enrolled in the Plan if you elect to self-enroll, as described below in the section entitled Self-Enrollment, or you elect to not participate in the Plan. If you were employed on January 1, 2007, you were not enrolled in the Plan at that time, and will not be enrolled in the Plan unless you elect to self-enroll, or unless your employment is terminated and you are reemployed. If you are automatically enrolled in the Plan, one percent (1%) of your compensation will initially be contributed to the Plan on a before-tax basis. If you do not elect otherwise, your Automatic Enrollment Contributions will be increased in January of each year by an additional one percent (1%) until the rate of your Automatic Enrollment Contributions reaches six percent (6%). You may elect to discontinue or change the rate of your Automatic Enrollment Contributions at any time. If you decide within 90 days of the date your first Automatic Enrollment Contribution is made to the Plan that you do not want to participate in the Plan, and that you want to withdraw all of your Automatic Enrollment Contributions, you may do so without penalty. In this event you will receive a distribution of all Automatic Enrollment Contributions made on your behalf, adjusted for any earnings, gains or losses. SELF ENROLLMENT You will be eligible to join the Plan on the first day of the pay period that is as soon as administratively feasible following your hire date and after you have attained age 18. You may elect to enroll yourself in the Plan, rather than being automatically enrolled if you do so before your Automatic Enrollment Date, as described above. Once Fidelity has received notification from the Company that you are eligible for the Plan, Fidelity will mail enrollment materials to you. Enrollment information is also available via the Fidelity NetBenefits Web site at or by calling the URS 401(k) Service Fidelity at K ( ). You may enroll by electing: #

14 To participate in the Plan and to enter into a salary reduction agreement and/or an After-Tax Contribution agreement and/or a Roth Contribution agreement. If you elect to enter into a salary reduction agreement, you may also elect to have the rate at which you make Salary Deferral Contributions automatically increase annually, up to a maximum of four percent (4%) of your Compensation. To participate in the Plan and to not enter into a salary reduction agreement and/or an After-Tax Contribution agreement and/or a Roth Contribution agreement. #

15 CONTRIBUTIONS TO THE PLAN The following types of contributions can be made to the Plan: Salary Reduction Contributions (your 401(k) contributions) Catch-up Contributions (if you attain age 50 or more in the current year) Roth Contributions Basic Roth Contributions Roth Catch-up Contributions (if you attain age 50 or more in the current year) Roth Rollover Contributions After-Tax Contributions Company Matching Contributions (periodic or year-end discretionary) Discretionary Company Contributions Before-Tax Rollover Contributions After-Tax Rollover Contributions Your contributions to the Plan (except for Rollover Contributions) are based on your eligible Plan Compensation, which is defined as all of your wages, salaries, fees, including base salary or wages, overtime, shift differentials, amounts paid under the Service Contract Act in cash rather than as fringe benefits, foreign service premiums, domestic and overseas service differentials, hardship allowances (including hazard pay), commissions, cash incentives, & bonuses, MK Service Recognition awards, short-term disability payments (when paid by the Company through normal payroll), amounts received from selling paid time off, award fees, Deemed 125 Compensation (as defined in Revenue Ruling ) and any amount which is contributed by the Employer pursuant to a salary reduction agreement and which is not includible in your gross income under Sections 125, 132(f)(4), 401(k), 402(e)(3), 402(h) or 403(b) of the Code. Compensation does not include taxable fringe benefits, short-term disability payments paid by an entity other than the Company, amounts used to buy paid time off, amounts realized in connection with stock options and restricted stock, recognition awards other than MK Service Recognition awards, premiums for group term life insurance, premiums for health insurance, tax allowances, reimbursements or other expense allowances and other non-recurring allowances, relocation payments, living allowances, including per diem allowances and cost-of-living allowances, deferred compensation under a non-qualified plan, and severance or separation pay. #

16 The maximum amount of your compensation that can be considered for Plan contributions for a given Plan Year is limited by law. The annual limit on compensation is $245,000 for the Plan Year beginning January 1, This limit is periodically adjusted for inflation. SALARY REDUCTION CONTRIBUTIONS You may elect to have a portion of your compensation contributed to the Plan by the Employer. The amount of your compensation you elect to have the Employer contribute may not be less than one percent (1%) of your compensation. The maximum amount you may elect is the lesser of seventy-five percent (75%) of your compensation, or one hundred percent (100%) of the compensation available in any pay period after all applicable income and employment taxes. You may make this election by providing the percentage of compensation to be withheld from your paycheck, either via the Fidelity NetBenefits Web site at or by calling the URS 401(k) Service Fidelity at K ( ). However, there is another limitation: you may not elect to have more than $16,500 (as of 2011) contributed to the Plan as a combination of both Salary Reduction Contributions and Roth Contributions for any Plan Year. This $16,500 limit may be adjusted for inflation in future years. Employees who attain age 50 or more in the current year may make additional contributions in excess of this limitation in the form of Catch-up Contributions (see the following section). Since your Catchup Contributions, Roth Contributions and After-Tax Contributions (see descriptions below) are combined with your Salary Reduction Contributions for purposes of the limitation of seventyfive percent (75%) of compensation, the maximum percentage of compensation you may contribute in the form of Salary Reduction Contributions may be less than seventy-five (75%) percent, and may vary from year to year depending on the other types of contributions you make. If you are considered to be a highly compensated employee (see Page 12), you may be limited to a maximum contribution percentage of your compensation. This maximum percentage is determined by the Human Resources Committee based on results of non-discrimination testing required by the Internal Revenue Service. Non-discrimination tests are performed each year to determine if there is any discrimination between contributions made by highly compensated employees versus non-highly compensated employees. If you elect to make Salary Reduction Contributions, you are authorizing the Employer to direct a portion of your pay directly into the Plan before federal and, in most cases, state income taxes are withheld. This means that your savings are not considered part of your taxable income. In effect, you defer paying income taxes on your Salary Reduction Contributions until you withdraw them from the Plan. Such contributions are called 401(k) contributions because Section 401(k) of the Internal Revenue Code permits this type of contribution. While your Salary Reduction Contributions reduce your taxable income used in determining your federal and, in most cases, state income taxes, they do not reduce the pay on which your Social Security taxes are based. Salary Reduction Contributions are eligible for Matching Contributions. #

17 Changing Your Rate of Salary Reduction Contribution You can request to change the amount of your Salary Reduction Contribution at any time either via the Fidelity NetBenefits Web site, or by calling the URS 401(k) Service Fidelity. You can also stop your future Salary Reduction Contributions at any time either via the Fidelity NetBenefits Web site, or by calling the URS 401(k) Service Fidelity. It may take one to two weeks for the change or suspension to take effect in your paycheck. Limitations on Contributions The Internal Revenue Code (the Code ) imposes specific limitations on the amounts that highly compensated employees can contribute to plans like the URS Corporation 401(k) Retirement Plan. Some highly compensated employees may have to lower the amount of their before-tax contributions to the Plan. You will be notified if you are affected by this limitation. An employee is considered as highly compensated in Plan Year 2011 if his or her earnings for 2010 are more than $110,000. The highly compensated limit is set each year by the Internal Revenue Service. If you contributed to another employer s 401(k) or 403(b) plan and make contributions to the URS Corporation 401(k) Retirement Plan in the same calendar year, your combined contributions to both plans must not exceed the maximum amount permitted by the Internal Revenue Service for that year. For 2011, the contribution limit is $16,500. Employees who attain age 50 or more in the current year may make additional contributions in excess of this limitation in the form of Catch-up Contributions (see the following section). Please contact your local Human Resources representative if you contributed to another employer s 401(k) or 403(b) plan and join the URS Corporation 401(k) Retirement Plan in the same year. You will be required to provide a copy of your pay stub to prove how much was contributed to the former employer s plan. CATCH-UP CONTRIBUTIONS If you are eligible to make Salary Reduction Contributions for any Plan Year, and you will have attained age 50 by the end of such Plan Year, you also will be eligible to make Catchup Contributions. As with Salary Reduction Contributions, if you elect to make Catch-up Contributions, you are authorizing the Employer to direct a portion of your pay directly into the Plan before federal and, in most cases, state income taxes are withheld. Your Catch-up Contribution amount may not be less than one percent (1%) nor greater than the lesser of seventy-five percent (75%) of your compensation, or one hundred percent (100%) of the compensation available in any pay period after all applicable income and employment taxes. In addition, Catch-up Contributions for 2011 are limited to $5,500. This $5,500 limit may be adjusted in future years. Since your Catch-up Contributions will be counted, along with Roth Contributions and After-Tax Contributions, as part of the seventy-five percent (75%) limitation on Salary Reduction Contributions under the Plan, the maximum percentage of compensation you may contribute in the form of Catch-up Contributions may not exceed (and may be less than) seventy-five (75%) percent, and may vary from year to year depending on the other types of contributions you make. Elections for Catch-up Contributions shall be made as a dollar amount per pay period. #

18 Catch-up Contributions are not eligible for Matching Contributions. You may designate a portion or all of your Catch-up Contribution as a Roth Catch-up Contribution. AFTER-TAX CONTRIBUTIONS You may elect to enter into an After-Tax Contribution agreement with the Company under which you agree to make an After-Tax Contribution to the Plan, using the same procedures used for salary reduction agreements. If you elect to make After-Tax Contributions, you are authorizing the Employer to direct a portion of your pay directly into the Plan after all federal and state taxes are withheld. In this case, your savings are considered part of your taxable income. Your After-Tax Contribution amount may not be less than one percent (1%) nor greater than the lesser of seventy-five percent (75%) of your compensation, or one hundred percent (100%) of the compensation available in any pay period after all applicable income and employment taxes. Since your After-Tax Contributions will be counted, along with Catch-up Contributions and Roth Contributions, as part of the seventy-five percent (75%) limitation on Salary Reduction Contributions under the Plan, the maximum percentage of compensation you may contribute in the form of After-Tax Contributions may not exceed (and may be less than) seventy-five (75%) percent, and may vary from year to year depending on the other types of contributions you make. If you are considered a highly compensated employee (see Page 12), you may be limited to a maximum After-Tax Contribution percentage of your compensation. Call the URS 401(k) Service Fidelity for details at K ( ). After-Tax Contributions are not eligible for Matching Contributions. ROTH CONTRIBUTIONS You are allowed to make Roth Contributions to the Plan. A Roth Contribution is a special type of after-tax contribution. As with After-Tax Contributions, if you elect to make Roth Contributions, you are authorizing the Employer to direct a portion of your pay directly into the Plan after all federal and state taxes are withheld. However, it is different from After-Tax Contributions because both the contributions and the earnings on the contributions are distributed to you tax-free, as long as they are distributed to you after you reach age 59½ and the distribution is made at least five years after the date you made your first Roth Contribution to the Plan. Earnings on After-Tax Contributions would be taxed to you regardless of when they are distributed. Other important features of Roth Contributions are: They are counted, along with Salary Reduction Contributions, in the annual limitation on deferrals. They are included, along with Salary Reduction Contributions, Catch-up Contributions and After-Tax Contributions in the overall limitation on your contributions to the Plan of the lesser of seventy-five percent (75%) of your compensation, or one hundred percent (100%) of the compensation available in any pay period after all applicable income and employment taxes. #

19 Roth Contributions are eligible for Matching Contributions. You may roll over a distribution of your Roth Account, but only to a Roth IRA or a Roth Account in a different employer s plan. You may roll over the balance from a Roth Account in a different employer s plan into your Roth Contribution Account in this Plan. COMPANY MATCHING CONTRIBUTIONS Unless otherwise specified in an attachment to this Summary Plan Description, the Employer may make Company Matching Contributions as provided below. The Employer may elect to make Periodic Company Matching Contributions to the Plan for the benefit of those participants who enter into salary reduction agreements with the Employer. The Board of Directors will determine from time to time the rate of the Periodic Company Matching Contributions, if any, which may be either a percentage of each participant s Salary Reduction Contributions or Roth Contributions, a fixed dollar amount, or a percentage of each participant s compensation. Periodic Company Matching Contributions, if any, may be posted to eligible participants accounts at any time during the Plan Year, or early in the following year. In addition to the Periodic Company Matching Contribution of the Employer, at the discretion of the Board of Directors, the Employer may make a year-end Company Matching Contribution to the Plan. If a year-end Company Matching Contribution is made, it will be allocated only to participants who made Salary Reduction Contributions or Roth Contributions to the Plan during the year and who are employed by the Employer on the last day of the Plan Year, or who terminated employment during the Plan Year on account of death, Disability, attainment of Normal Retirement Age or Early Retirement Age, an involuntary Termination of Employment due to a reduction in force, contract loss or contract completion, or transfer to a Company Affiliate or an LLC wholly or partially owned by the Corporation. In no event will the above requirement for employment on the last day of the Plan Year be waived for a Participant who has been terminated for cause. Generally, the year-end Company Matching Contribution will be allocated to participants in proportion to the amount of their Salary Reduction Contributions or Roth Contributions. The rate of year-end Company Matching Contributions, if any, will be determined from time-to-time by action of the Board of Directors, as described above, and communicated to participants. The year-end Company Matching Contributions applicable to the current year are posted to eligible participants accounts early in the following year. Both Periodic Company Matching Contributions and year-end Company Matching Contributions are made only with respect to Salary Reduction Contributions and Roth Contributions. Neither Catch-up Contributions nor After-Tax Contributions are eligible for Company Matching Contributions. #

20 DISCRETIONARY COMPANY CONTRIBUTIONS Unless otherwise specified in an attachment to this Summary Plan Description, the Employer may make Discretionary Company Contributions as provided below. In addition to Periodic Company Matching Contributions and year-end Company Matching Contributions, the Employer may make (but is not required to make) Discretionary Company Contributions to the Plan. The Board of Directors will determine for each Plan Year if a Discretionary Company Contribution will be made and, if one is to be made, either the amount in dollars to be contributed for such Plan Year, or a formula by which the amount of the contribution may be determined. These contributions shall be totally at the discretion of the Board of Directors with respect to amount, timing and form, and they need not be limited to the profits of the Corporation. An amount, if any, that is contributed by the Employer as a Discretionary Company Contribution for a particular Plan Year, is allocated among the participants accounts pro rata, based on the respective compensation of each participant. The Company s Discretionary Company Contribution is only allocated to those participants who are employed by the Employer on the last day of the Plan Year, regardless of whether the participant entered into a Salary Reduction Agreement. The requirement for employment on the last day of the Plan Year will be waived for participants who terminated employment during the Plan Year on account of death, Disability, attainment of Normal Retirement Age or Early Retirement Age, an involuntary Termination of Employment due to a reduction in force, contract loss or contract completion, or transfer to a Company Affiliate or an LLC wholly or partially owned by the Corporation. In no event will the requirement for employment on the last day of the Plan Year be waived for a Participant who has been terminated for cause. ROLLOVER CONTRIBUTIONS If you have an account in an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, an annuity contract described in Section 403(b) of the Code, a governmental plan described in Section 457 of the Code, or a qualified trust described in Section 401(a) of the Code (collectively, an Eligible Retirement Plan ), you may deposit any eligible rollover distribution you receive from that plan into the URS Corporation 401(k) Retirement Plan. In general, a plan distribution is an eligible rollover distribution unless it is a periodic payment, a required minimum distribution from the Eligible Retirement Plan, or a hardship distribution. By transferring the money (or rolling it over) to the Plan, you can protect the tax-deferred status (if any) of the payout from the Eligible Retirement Plan. These are called Rollover Contributions. The following conditions apply to Rollover Contributions: You must be eligible to participate in the Plan (see Page 6). The money must be transferred from an Eligible Retirement Plan. #

21 You must submit a written certification that the contribution qualifies as a Rollover Contribution. If any part of your Rollover Contribution consists of contributions that you made to the Eligible Retirement Plan on an after-tax basis, you must state in your certification the amount of After-Tax Contributions included in the Rollover Contribution. This amount will be treated as an After-Tax Rollover Contribution, and must be accounted for separately from the portion of your Rollover Contribution that consists of beforetax contributions (your Before-Tax Rollover Contribution ). You may roll over the balance from a Roth Account in a different employer s plan only into your Roth Contribution Account in this Plan. Any Rollover Contribution must be made directly to the Trustee from the Eligible Retirement Plan or must be deposited in the Trust within 60 days after you receive it as a distribution from the Eligible Retirement Plan. To make a Rollover Contribution, you must request the Incoming Rollover Form and Instructions via the URS 401(k) Service Fidelity at K ( ) or obtain the documents via the Fidelity NetBenefits Web site at #

22 HOW CONTRIBUTIONS ARE INVESTED Contributions are made to a trust fund under which Plan assets are held for investment. The name of the trust fund is the URS Corporation 401(k) Retirement Plan Trust. Under the Trust, a separate account is maintained in the name of each participant. The Employer has engaged Fidelity to assist it in the maintenance and administration of the accounts. Contributions made on behalf of a participant to the Trust are directly allocated to the participant s personal account. INVESTMENT OPTIONS Each participant has been delegated the responsibility to decide how contributions made on his or her behalf will be invested. Contributions may be invested in any one or more of a number of investment funds. Your Company Matching Contributions will be invested in the same investment fund(s) that you select for your Salary Reduction Contributions or Roth Contributions. The Retirement Plans Committee selects the available investment funds from time to time. The funds that are available for you to invest in will be communicated to you through materials provided by the Employer. If you have a question regarding the available funds, you may obtain the list via the Fidelity NetBenefits Web site at or by calling the URS 401(k) Service Fidelity at K ( ). If you have any questions concerning the investment funds, such as the fund s investment policy or its underlying investments, you may contact the URS 401(k) Service Fidelity for additional information. If you fail to decide how the contributions made on your behalf will be invested, those contributions will be invested in a default fund or funds chosen by the URS Retirement Plans Committee. The default fund will be a fund qualified as a Qualified Default Investment Fund under regulations issued by the Department of Labor. INVESTMENT CHANGES At the time that you commence participation in the Plan, you must indicate how to invest contributions made to the Plan on your behalf. You can change your investment mix at any time for future contributions and/or existing balances by calling the URS 401(k) Service Fidelity at k ( ). All calls are recorded and a confirmation statement will be mailed to your home to ensure that the request was completed satisfactorily. You may also change your investment mix by logging on to Fidelity NetBenefits at You have the option of receiving the confirmation statement for Internet transactions on-line or mailed to your home. Telephone or Internet transfers made by 4 p.m. (Eastern Time) any business day will take effect the close of the day. Transfers made after 4 p.m. (Eastern Time) will take effect the close of the next business day. It is your responsibility to monitor the transaction activity associated with the telephone or Internet transfer services. Accordingly, if you receive a confirmation that is inconsistent with the telephone or Internet instructions, or if you fail to receive a written confirmation within two weeks after requesting a transfer by telephone or via the Internet, you should contact the URS 401(k) Service Fidelity and speak with a Service Representative for clarification. If #

23 the inconsistency is not corrected or clarified to your satisfaction, you should then contact the Plan Administrator. PLAN EXPENSES Fees and expenses charged under your Account will impact your retirement savings, and fall into three basic categories. Investment fees are generally assessed as a percentage of assets invested, and are deducted directly from your investment returns. Investment fees can be in the form of sales charges, loads, commissions, 12b-1 fees, or management fees. Some of these investment fees may not apply depending upon the funds and share classes available in the Plan. You can obtain more information about such fees from the documents that describe the investments available under the Plan. Plan administration fees cover the day-to-day expenses of your Plan for recordkeeping, accounting, legal and trustee services, as well as additional services that may be available under the Plan. A portion of these costs may be covered by investment fees that are deducted directly from your investment returns. The remaining administrative fees are passed through to the participants in the Plan, in the form of a quarterly recordkeeping fee that is deducted from your Account. Transaction-based fees are associated with optional services offered under your Plan, and are charged directly to your Account if you take advantage of particular plan features that may be available, such as processing a Plan loan, distribution, or qualified domestic relations order (QDRO). For more information on fees associated with your Account, refer to your Account statement or speak with the Plan Administrator. SECTION 404(C) PLAN This Plan is intended to be a participant-directed plan as described in Section 404(c) of the Employee Retirement Income Security Act of 1974 ( ERISA ), and Department of Labor regulations governing Section 404(c) plans. This means that, to the extent that you have directed the investment of assets in your Account under the Plan, you are responsible for the investment decisions you made relating to those assets and the Plan fiduciaries are ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by you in investing those assets. If you want information about any investment alternative, in addition to that provided to you by the Employer (as described above in Investment Options ), you may request any of the following information via the Fidelity NetBenefits Web site at or by calling the URS 401(k) Service Fidelity at K ( ): A description of the annual operating expenses of each investment fund (such as investment management fees, administrative fees, transaction costs) which reduce the rate of return to you, and the aggregate amount of such expenses expressed as a percentage of average net assets of the designated investment alternative; Prospectuses, fact sheets, financial statements and reports, plus any other material provided to the Plan which relates to the available investment alternatives; A list of the assets comprising the portfolio of each investment fund that constitute plan assets within the meaning of 29 CFR , the value of each such asset (or the proportion of the investment fund which it comprises), and with respect to #

24 each such asset which is a fixed rate investment contract issued by a bank, savings and loan association or insurance company, the name of the issuer of the contract, the term of the contract and the rate of return on the contract; Information concerning the value of shares or units of the investment funds available to you under the Plan, as well as the past investment performance of such funds, determined net of expenses, on a reasonable and consistent basis; and Information concerning the value of shares or units in the investment funds held in your Plan accounts. #

25 YOUR PLAN ACCOUNT The Plan maintains a separate account for each participant, which is comprised of different contributions that you and the Employer make. Your account includes the contributions, net earnings (interest and dividends) from those contributions, and investment gains and losses on those contributions. They also reflect any distributions made to you. YOUR ACCOUNT Your account may include the following types of current contributions: Salary Reduction Contributions (your 401(k) contributions) Catch-up Contributions (if you attain age 50 or more in the current year) Roth Contributions (and rollover contributions from a Roth account in another employer s plan) After-Tax Contributions Company Matching Contributions (periodic or year-end discretionary) Discretionary Company Contributions Before-Tax Rollover Contributions After-Tax Rollover Contributions Additionally, you may have Company Stock and/or prior plan accounts (such as a money purchase plan account) if you were a participant in The Performance Plan of Greiner Engineering, Inc. (the Greiner Performance Plan ) or the Woodward-Clyde Group Capital Accumulation Plan (the WCG Plan ). Additionally, you may have prior plan accounts if you were a participant in the Dames & Moore Group Capital Accumulation Plan, the Radian International LLC 401(k) Thrift Plan, the Rogers & Associates Engineering Corporation Employee Profit Sharing Plan, the EG&G Technical Services, Inc. Savings Plan, the Lear Siegler Services, Inc. Retirement Income Savings Plan, the Washington Group International 401(k) Retirement Savings Plan or the Washington Group International 401(k) Retirement Savings Plan for Field Operations. These may include Profit-Sharing Accounts, After-Tax Accounts, Deductible Voluntary Contribution Accounts, Covered Contract Contribution Accounts, Alabama Retirement Contribution Accounts, SCA Contribution Accounts or Prior Company Match Accounts. VESTING Your account is one hundred percent (100%) vested and not subject to forfeiture, provided that you were actively employed by the Company on or after January 1, #