About the ELCA Retirement Plans About Our Funds

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1 EFFECTIVE: JAN. 1, 2017 AMENDED: AUG. 1, 2017

2 About the ELCA Retirement Plans Portico Benefit Services maintains the following retirement plans: the ELCA Retirement Plan, the ELCA Master Institutional Retirement Plan, the ELCA Retirement Plan for The Evangelical Lutheran Good Samaritan Society (GSS retirement plan), and the ELCA 457(b) Deferred Compensation Plan. The assets of each plan are held in various trusts and therefore do not allow one plan to fund a shortfall of another plan. The plans are church plans, as defined in section 414(e) of the Internal Revenue Code and are not subject to the Employee Retirement Income Security Act (ERISA). We reserve the right to change any of the terms of the plans at any time through the amendment or termination process described in each plan s summary plan description. About Our Funds You should carefully consider the target asset allocations, investment objectives, risks, charges, and expenses of any fund before investing in it. All funds, including ELCA funds managed by Portico, are subject to risk and uncertainty. Past performance cannot be used to predict future performance. Funds managed by Portico, including the ELCA Participating Annuity Investment Fund, are not insured or guaranteed by the Federal Deposit Insurance Corporation, or any other government agency. Losses or underperformance in the markets could cause a reduction in monthly participating annuity payments. Fund assets are invested in multiple sectors of the market. Some sectors, as well as the funds, may perform below expectations and lose money over short or extended periods. See the Investment Fund Descriptions The Evangelical Lutheran Good Samaritan Society and the Investment Memorandum for the ELCA Participating Annuity Trust for more information about our funds. Neither Portico Benefit Services nor the ELCA funds are subject to registration, regulation, or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, or state securities laws. Participants, therefore, will not be afforded the protections of the provisions of those laws and related regulations.

3 Contents About This Plan...1 Plan Document...1 ELCA Retirement Plan for The Evangelical Lutheran Good Samaritan Society...1 Payment of Administrative, Recordkeeping, Investment, and Custodial Fees...2 Portico Benefit Services...2 Contact Information...2 Eligibility and Establishing Account Access...3 Establish Your Account Access...3 Employees Not Eligible...3 Breaks in Service...3 Contributions to Your Retirement Account...4 Employee Pretax Retirement Contributions...4 Roth Retirement Contributions...4 Employer Contributions...4 Rollovers From Other Retirement Accounts...5 In-Plan Roth Conversion...6 Transfer Contributions...6 Investment Fund Options...7 Choose How Involved You Want to Be...7 ELCA Investment Funds...8 Investing for Social Impact...8 Investment Performance...10 Online Statements...10 Exemption From Securities Law...11 Plan Your Strategy...11 In-Service Distributions...12 Spousal Consent...12 Withdrawals May Be Subject to Taxes and Penalties...12 Withdrawals at Age 59½...12 Withdrawals if You re Disabled...12 Withdrawals Due to Financial Hardship...12 Loans...13 Distributions After Separating From Service...14 Spousal Consent...14 Withdrawals May Be Subject to Taxes and Penalties...14

4 Annuity Option...14 Eligibility for Annuity...15 Transfers to and From Other ELCA Retirement Plans...15 Transfers to and From Other Church or 403(b) Plans...15 Health Benefits in Retirement...16 Your Beneficiary Designation...17 How to Establish or Change Your Beneficiary Designation...17 Primary and Secondary Beneficiary Designation...18 No Designated Beneficiary...18 Eligible Trusts...18 Benefits to Your Surviving Beneficiaries...19 If You re Under Age 70½ When You Die...19 If You re Age 70½ or Older When You Die...19 If You re Unable to Care for Your Affairs...20 Tax Information...21 No Tax Advice...21 Pretax Retirement Contributions...21 Roth Retirement Contributions...21 Contribution Limits...21 Taxable Income...22 Defer Taxation With Rollovers...22 Federal Income Tax Withholding...22 Penalty Tax...22 Clergy Housing Allowance Exclusion...23 Divorce...24 Administrative and Miscellaneous Provisions...26 Appeals Procedure...26 Glossary...31 Contact Information...35

5 About This Plan Portico Benefit Services offers the GSS retirement plan to help meet your retirement needs. As a ministry of the Evangelical Lutheran Church in America, Portico s mission is to provide retirement and related benefits and services to enhance the well-being of those who serve through the ELCA and other faith-based organizations such as The Evangelical Lutheran Good Samaritan Society (The Society). This summary plan description describes the GSS retirement plan, effective Jan. 1, Participants receive this summary plan description when they make a retirement election, or when they receive their first employer retirement contribution. Use it as a reference when you have questions about your retirement account or plan benefits. Visit GSS.PorticoBenefits.org for the most current information and contribution limits. Plan Document Your rights under the plan are governed by the plan document (the full, legal description of the plan). If this summary is found to be inconsistent with the plan document, the plan document will be considered the controlling document. Portico reserves the right to change any term of the plan through the amendment or termination process described later in this summary. A copy of the plan document is available from the Portico Retirement Call Center at ELCA Retirement Plan for The Evangelical Lutheran Good Samaritan Society The plan is designed to help you achieve financial security in retirement. As a retirement income account under Internal Revenue Code 403(b)(9), employee contributions may be made on a pretax and/or Roth (after tax) basis. Employer contributions may be made on a pretax basis. You may be eligible to enroll in the plan and make pretax and/or Roth contributions immediately upon your date of employment. The Society has specific eligibility requirements in place that you must meet before you qualify to receive an annual employer contribution. See your human resources representative for information about plan design and eligibility specifics. You decide how your account is invested by choosing from the 20 ELCA investment funds. In addition to making contributions, you can increase the size of your account by rolling in other accounts you may have. Your retirement plan accepts pretax rollovers from traditional IRAs, 401(k) plans, 403(b) plans, governmental 457(b) plans, and other ELCA retirement plans, as well as direct rollovers from designated Roth accounts. As you near retirement, you can receive limited distributions from your account. Once you retire, you can use withdrawals or start receiving participating annuity payments to provide income. Page 1

6 Payment of Administrative, Recordkeeping, Investment, and Custodial Fees The ELCA Master Institutional Retirement Trust pays two types of fees: administrative and investment. The administrative fee covers costs for recordkeeping and all other internal administrative and participant support services. The investment fee includes expenses associated with management and custody of the investment funds by internal and external asset managers. The administrative fee is a combination of percentage of assets and a flat account fee. The percentage portion of the administrative fee is 0.33% and is assessed before investment performance is reported. The account fee of $45 per year is assessed on accounts with balances of $500 or more. The investment fee varies depending upon which of the 20 investment options are selected. In 2016, it varied from 0.01% to 0.49% (unaudited). For additional details on the investment funds and their fees, please see the Investment Fund Descriptions The Evangelical Lutheran Good Samaritan Society at GSS.PorticoBenfits.org. Portico Benefit Services Portico provides: Administration decisions regarding plan benefits Negotiation and administration of employer and vendor contracts related to this plan Management of investment funds Contact Information The Portico Retirement Call Center powered by Fidelity 8 a.m. midnight (Eastern), Monday Friday GSS.PorticoBenefits.org Fidelity* P.O. Box Cincinnati, OH Fidelity provides recordkeeping services for the GSS retirement plan. You have account access online or by phone. For online access, sign in to GSS. PorticoBenefits.org. Select Online Statement at NetBenefits from the Related Links section. For questions, or to access your account via telephone, call the Portico Retirement Call Center powered by Fidelity at *Portico provides recordkeeping services through Fidelity Workplace Services, LLC (Fidelity) Page 2

7 Eligibility and Establishing Account Access GSS employees are typically eligible to participate in this plan and begin making retirement contributions on the day they begin employment with The Society. Establish Your Account Access If you re eligible to participate in this plan, The Society and Portico s recordkeeper (Fidelity) will establish a retirement account for you on the Fidelity NetBenefits website. To set up access to your personal online account, start by visiting GSS.PorticoBenefits.org, and complete a one-time registration process to access your account on NetBenefits. You ll receive a letter from Portico with information to help you complete the one-time registration process. You will also need your Social Security number to register. The registration process includes setting up your username and password for ongoing access to your account. NOTE: If you do not receive a letter, please call and a call agent will assist you. You ll receive additional information in the mail from Fidelity after you ve made an initial contribution to your account. Your username and password enables you to access your account online or by phone to review, track, and change your retirement account information on NetBenefits, including your initial investment election. Employees Not Eligible The following individuals are not eligible to participate in the GSS retirement plan: ELCA pastors sponsored in the ELCA Retirement Plan Non-resident aliens (with no U.S. source income) Leased employees Students performing services described in Code 3121(b)(10) Breaks in Service Any continuous period of employment with The Society will apply toward meeting the minimum service requirement for eligibility, even if you were not regularly scheduled to work the minimum hours per week. If you terminate employment for more than 91 days and are later re-employed by The Society, your prior service will not count toward meeting the minimum months of service requirement. Breaks in service of fewer than 91 days will be deducted from the total number of days of service, prior to calculating months of service. NOTE: For purposes of converting days into months, 30 days constitutes one month. Page 3

8 Contributions to Your Retirement Account The GSS retirement plan offers you the convenience of a single account for: Your own pretax and/or Roth retirement contributions Pretax contributions made by The Society on your behalf (employer contributions) Any distributions rolled over from other eligible retirement plans (rollover contributions) These contributions and their investment earnings accumulate during your working years to provide income in retirement. You decide how these contributions are invested by selecting the fund(s) that best meets your personal financial goals. Any contributions received before you make an investment election will be invested in the ELCA 60e Balanced Fund. When you enter into a contribution agreement with The Society, you agree to contribute a portion of your salary to your retirement account. You decide the percentage of your salary or the dollar amount of the contribution, and whether it will be made on a pretax basis, an after-tax Roth basis, or a combination of the two. The Roth designation is irrevocable. The Society then withholds your contribution from your salary and sends the amount to the provider of recordkeeping services on your behalf. Your contribution is credited to your account, and is 100% vested. According to the Internal Revenue Code, the 2017 employee retirement contribution limit is $18,000 total. That includes both pretax and after-tax Roth contributions. If you are age 50+ and would like to contribute more than this amount, you can contribute an additional $6,000 (2017 catch-up limit). See page 21 for more information. Employee Pretax Retirement Contributions Employee pretax retirement contributions to the plan are made before taxes are taken out of your pay. Pretax contributions reduce your current taxable income during your working years. You will, however, pay taxes on the distributions both contributions and associated earnings you draw from this account in retirement. Roth Retirement Contributions Roth retirement contributions to the plan are made after taxes are taken out of your pay. Because Roth contributions are made using after-tax dollars, you pay no taxes on Roth distributions both contributions and associated earnings as long as you take the distributions when you re at least age 59 ½ and it s been five+ years since your first Roth contribution. Employer Contributions You become eligible for an annual employer required contribution to your account on the first day of the following month after you have completed 36 consecutive months of service with The Society, or are retirement eligible*. The Society makes the contribution to your account in January of the following Page 4

9 year based on your defined compensation (see Glossary) for the prior calendar year. The contribution is immediately 100% vested. To receive the annual contribution (if you are not retirement eligible*), you must also: Have been paid by The Society for at least 1,000 hours during the plan year (January 1 December 31) Be employed by The Society on December 31 of the plan year Be a non-highly compensated employee The required contribution amount is: 3.25% of defined compensation for all sponsored members of the support staff group for each calendar year 7% of defined compensation for all sponsored members of the administrators/executives group for each calendar year * See: Retirement Eligibility in the Glossary. Rollovers From Other Retirement Accounts You may roll your traditional IRAs, designated Roth accounts, and other eligible pretax retirement accounts into this plan. By consolidating retirement accounts in your GSS retirement plan, you can: Save time by receiving one statement showing all of your retirement savings Simplify your investment decisions by having all of your retirement investments in one place Choose from 20 ELCA funds Your GSS retirement plan accepts rollovers of at least $200 from: Traditional IRAs 401(k) plans 403(b) plans Designated Roth accounts Governmental 457(b) plans Other ELCA retirement plans (the ELCA Retirement Plan or the ELCA Master Institutional Retirement Plan) The money you roll into your GSS retirement plan must be pretax or designated Roth money and it cannot be a: Required minimum distribution Hardship withdrawal Part of a series of substantially equal periodic payments (paid over 10 or more years, your lifetime, or the lifetimes of you and your beneficiary) Roth IRA balance For pretax money, you may make either a direct rollover/transfer or an indirect rollover. For designated Roth accounts, you may only make a direct rollover/transfer. Direct rollover/transfer: The custodian of the account from which you wish to roll money makes check payable to the GSS retirement plan for your benefit or forwards your money directly to your GSS retirement plan account with your authorization. You aren t subject to taxes Page 5

10 on the amount rolled over until you receive a distribution from the GSS retirement plan. This can involve any of the ELCA retirement plans (ELCA Retirement Plan or the ELCA Master Institutional Retirement Plan) as well as other tax-deferred qualified retirement accounts (403(b) plans, 401(k) plans, etc.) and designated Roth accounts. Indirect rollover: This is also referred to as a 60-day rollover. If you make an indirect rollover, the custodian of the account sends the payment as a check payable to you. You have 60 days after receiving the payment to make the deposit into your GSS retirement plan account. Because this is not a direct rollover, the custodian of the account is generally required to withhold 20% of the payment for federal income taxes. This means, to roll over the entire payment in 60 days, you must use other money to make up for the 20% withheld. If you do not roll over the entire amount, the portion not rolled over may be taxed and may be subject to an additional 10% early distribution penalty if you are under age 59½. NOTE: You can only do one IRA indirect rollover in a 12-month period, or be subject to IRS excess contribution taxes. All rollover contributions are immediately 100% vested. You can withdraw these contributions and earnings anytime. However, penalties may apply if you make withdrawals before age 59½. For more information or to request a rollover, call In-Plan Roth Conversion You may convert eligible vested money in your GSS 403(b) to a Roth designation by paying taxes now on the amount to be converted. While this decision enables you to accumulate tax-free earnings, it also has immediate tax consequences and should be made after consultation with a tax adviser. Any amount converted to Roth maintains the distribution restrictions of its original source. Converting funds to Roth does not remove or accelerate any restrictions on withdrawals. For more information, call Transfer Contributions If you are currently participating in the GSS retirement plan and have an account in the ELCA Retirement Plan or the ELCA Master Institutional Retirement Plan, you may transfer that money into this plan. Call to initiate a transfer. Page 6

11 Investment Fund Options Your account is valued on a daily basis. This means daily unit values for each investment fund are calculated by pricing the investments in each fund and dividing the market value by the total number of units outstanding in that fund. Each time a contribution is invested in a fund, the contribution purchases units based on that day s unit value. Unit values can rise and fall, depending on investment gains and losses in the fund. You decide how your account is invested by selecting the fund(s) that best meets your personal financial goals. This decision affects how your account grows throughout your career and the amount of your income when you retire. If no choice is made, your account balance and future contributions are automatically invested in the ELCA 60e Balanced Fund. Your investment election applies to future contributions to your account and may be changed at any time. You may also change the allocation of your current account balance at any time. Neither Portico nor the funds it manages are subject to registration, regulation, or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, or state securities laws. Participants, therefore, will not be afforded the protections of those provisions of those laws and related regulations. Choose How Involved You Want to Be With the GSS retirement plan, your asset allocation decision enables you to choose how involved you want to be in overseeing and managing your investments. Select Series If you want investment professionals to manage the mix of your investments in the plan according to a defined strategic allocation, investing your entire account in one of the six Select Series balanced funds may be a good option for you. The Select Series provides a simple way to achieve a certain asset allocation (mix of investments). The Select Series includes six balanced funds (three social purpose and three unscreened) developed by our investment professionals to be diversified both across and within various asset classes. This helps achieve an appropriate mix of investments. In addition, the balanced funds are periodically rebalanced for you to maintain the target asset allocation. Each fund in the Select Series is managed with the goal of achieving maximum return for a given level of risk. Build-Your-Own Series If you prefer to choose and manage your mix of investments yourself, use our Build-Your-Own Series funds. Each of these funds targets a specific asset class, and you choose the mix of funds to diversify your savings. You re also in charge of rebalancing your investments over time to maintain your target asset allocation. Page 7

12 Default Investment You also have the option to leave all your retirement contributions in the default fund for the GSS retirement plan: the ELCA 60e Balanced Fund. Select Series 1 ELCA 80e Balanced Fund ELCA Social Purpose 80e Balanced Fund ELCA 60e Balanced Fund ELCA Social Purpose 60e Balanced Fund ELCA 40e Balanced Fund ELCA Social Purpose 40e Balanced Fund ELCA Investment Funds Build-Your-Own Series ELCA Global Stock Fund ELCA Social Purpose Global Stock Fund ELCA Non-U.S. Stock Fund ELCA Social Purpose Non-U.S. Stock Fund ELCA U.S. Stock Fund ELCA Social Purpose U.S. Stock Fund ELCA Social Purpose Stock Index Fund ELCA S&P 500 Stock Index Fund 2 ELCA Small- and Mid-Cap Stock Index Fund ELCA Global Real Estate Securities Fund ELCA High-Yield Bond Fund ELCA Bond Fund ELCA Social Purpose Bond Fund ELCA Money Market Fund 1 The trademarks listed below and contained in this publication are owned, controlled, or licensed by or to Portico Benefit Services, and are protected by U.S. trademark and unfair competition laws. All rights reserved. ELCA 40e Balanced Fund ELCA Social Purpose 40e Balanced Fund ELCA 60e Balanced Fund ELCA Social Purpose 60e Balanced Fund ELCA 80e Balanced Fund ELCA Social Purpose 80e Balanced Fund See the Investment Fund Descriptions for important information about these funds, including the target asset allocations, investment objectives, risks, charges, and expenses of each fund. 2 S&P 500 is a trademark of The McGraw-Hill Companies Inc. and has been licensed for use by Portico Benefit Services. The ELCA S&P 500 Stock Index Fund is not sponsored, endorsed, sold, or promoted by Standard & Poor s, and Standard & Poor s makes no representation regarding the advisability of investing in the fund. Investing for Social Impact Portico uses the collective strength of ELCA retirement plans dollars to strive to create positive social impact in alignment with the social teachings and policies of the ELCA. Across the ELCA retirement plans funds, Portico engages in dialog, shareholder advocacy, and proxy voting to motivate corporate leaders to act in the best interests of shareholders by encouraging responsible business practices and good stewardship of resources. Through the eight ELCA social purpose funds, Portico: Uses investment screens to exclude companies with business practices that conflict with ELCA social teachings and policies, and Financially supports investments that strive for positive, measureable social impact through positive investing. Page 8

13 Shareholder Advocacy Across Our Funds On behalf of all retirement plan participants, Portico collaborates with other stakeholder groups to influence decisions made by companies in which we are invested. By having dialogue with corporate leaders, proxy voting, and filing shareholder resolutions, we act, where possible, on behalf of more than 26,000 investors in our funds to bring a voice to the table that encourages responsible business practices and good stewardship of resources. To motivate corporate leaders to act in the best interests of shareholders, we (together with other stakeholders where appropriate): May hold dialogues with corporate leaders to discuss why specific changes have been proposed May present shareholder resolutions appearing on proxy ballots prior to a corporation s annual meeting Vote our proxies Screening via Social Purpose Funds On behalf of ELCA social purpose fund investors, Portico identifies companies with business practices that conflict with ELCA social teachings and policies, and doesn t consider them for future investments. We currently screen out companies based on their involvement in: Distilled alcohol, which can cause physical and emotional harm to individuals and families when used excessively Creating environmental harm, such as toxic spills and ownership of thermal coal reserves that damage human health and God s creation Gambling, which disproportionately harms the poor Military weapons, which contradict Christ s call that we be peacemakers Pornography, because commercial sexual exploitation is a destructive use of God s good gift of human sexuality Private prisons, which remove from government the responsibility for holding criminals accountable for their crimes Tobacco, which compromises the physical health of those who use it and those exposed to second-hand smoke Using the ELCA s current social criteria screens as a guide, Portico reviews thousands of potential companies on an ongoing basis and typically eliminates about 10% of those it reviews. When a new screen is created and approved by the ELCA, Portico considers it for approval and, once approved by the Portico board of trustees, applies that screen to investment decisions going forward, not necessarily to prior investments. The ELCA s social criteria investment screens policy and definitions of the screens can be found at elca.org/resources/corporate-responsibility. NOTE: Due to practical implementation realities, not all portfolios in the social purpose funds are screened. Unscreened portfolios include real estate, alternative real assets, and commingled assets. Positive Social Investing On behalf of ELCA social purpose fund investors, Portico strives to balance financial return and social impact, investing when possible in companies and organizations making a positive, measurable difference in the community and God s world. In particular, we seek out opportunities to support: Page 9

14 Companies whose activities and practices protect God s creation, such as through sustainable forestry, clean air, and renewable energy Community development initiatives supporting education, job training, affordable housing, and public health To help achieve even greater social impact, seven of the eight social purpose funds employ an increasingly popular form of positive social investing called social impact first (SIF). SIF investments accept a somewhat lower projected return and/or somewhat higher projected risk for a portion of the fund s investments in order to invest in companies and organizations that strive for greater, measureable social impact related to initiatives like affordable housing, reduced greenhouse emissions, and renewable energy. Measureable impact is demonstrated quantitatively and anecdotally using metrics targeting key areas of ELCA mission suggested by the ELCA s Corporate Social Responsibility Table. As of Nov. 1, 2015, up to 10% of the assets in social purpose funds (excluding the ELCA Social Purpose Stock Index Fund) may be applied to SIF investment opportunities. These investments carry no more than 25% greater projected risk and no more than 25% lower projected return than similar investments not prioritizing social impact. The remaining 90% of the assets include positive social investments with higher return projections than SIF investments. Whenever possible, Portico intends to lessen the difference between funds with and without SIF investing by seeking out SIF investments that are less likely to lower return as much as the 25% stated here. Portico analyzed the projected return over 10 years of the ELCA 60e Balanced Fund and the ELCA Social Purpose 60e Balanced Fund, assuming the largest projected return difference allowed by SIF guidelines. As this is a hypothetical, individual investment results may vary. Also, past performance is not indicative of future results. This analysis assumed: A hypothetical $100,000 starting balance for each fund The ELCA Social Purpose 60e Balanced Fund included 10% SIF investments projected to return 25% less than similar investments not prioritizing social impact Potential Impact: The ELCA Social Purpose 60e Balanced Fund balance was projected in 10 years to be lower than the ELCA 60e Balanced Fund balance by about $5,000. This equates to an annualized projected return that is lower by about 0.3%. Investment Performance The most up-to-date performance returns for the plan s investment funds can be found on GSS.PorticoBenefits.org. Online Statements To view your account online at Fidelity NetBenefits, go to GSS.PorticoBenefits.org; select the Retirement Center tab and then About Your Retirement Account. Sign in, and select the Access Online Statements tab to see your online statement on NetBenefits. (If this is your first time on Fidelity NetBenefits, registration help is available online to register as a new user.) You can also call the Portico Retirement Call Center at Page 10

15 Exemption From Securities Law Neither Portico nor the funds it manages are subject to registration, regulation, or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, or state securities laws. Participants, therefore, will not be afforded the protections of those provisions of those laws and related regulations. NOTE: You should carefully consider the target asset allocations, investment objectives, risks, charges, and expenses of any fund before investing in it. All funds, including ELCA funds, are subject to risk and uncertainty. Past performance cannot be used to predict future performance. ELCA funds, including the ELCA Participating Annuity Investment Fund, are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Losses or underperformance in the markets could cause a reduction in monthly participating annuity payments. Fund assets are invested in multiple sectors of the market. Some sectors, as well as the funds, may perform below expectations and lose money over short or extended periods. Plan Your Strategy To learn about creating your retirement investment strategy and for more information about your retirement plan investment funds, read the Investment Fund Descriptions The Evangelical Lutheran Good Samaritan Society. This booklet is available by visiting GSS.PorticoBenefits.org or from the Portico Retirement Call Center. Call for more information. Page 11

16 In-Service Distributions You can make limited withdrawals from your account while still employed. The minimum withdrawal amount is $250 or your account balance, if less. You may request a single payment or a series of monthly, quarterly, semiannual, or annual periodic payments. Withdrawals: Are allowed after you reach age 59½ May be allowed in case of disability (as defined by Internal Revenue Code 72(m)(7)) May be allowed in case of hardship (single-payment option only) You can make withdrawals from money you ve rolled in to the plan at any time. Spousal Consent Under certain circumstances, your spouse may need to approve a withdrawal from your retirement account. If you are married and your account balance is: More than $20,000 You must have written, notarized consent from your spouse if you wish to make a withdrawal. Less than $20,000 No consent is needed for any withdrawal. Withdrawals May Be Subject to Taxes and Penalties Your withdrawal may be subject to 20% federal tax withholding and state tax (in certain states where required). Also, withdrawals made while you are employed (including hardship withdrawals) before age 59½ may be subject to an additional 10% early distribution penalty. Withdrawals at Age 59½ When you are age 59½ or over, you can request a withdrawal by calling the Portico Retirement Call Center at , or by visiting GSS.PorticoBenefits.org and selecting the Go to NetBenefits link. If eligible, you may withdraw up to 100% of your account balance. Withdrawals if You re Disabled If you are under age 59½ and are totally and permanently disabled as defined by the Internal Revenue Code 72(m)(7), you can contact the Portico Retirement Call Center at and request a Disability Withdrawal form to complete and return. If eligible, you may make withdrawals only from your own retirement contributions. NOTE: This does not include employer contributions. Withdrawals Due to Financial Hardship You may be able to request a hardship withdrawal from your own pretax and/or Roth retirement contributions. A hardship withdrawal must be due to an immediate and heavy financial need arising from: Payment of medical expenses incurred by you, your spouse, or your dependents that are not eligible for reimbursement by insurance; Costs directly related to the purchase of your principal residence (excluding mortgage payments); Page 12

17 Payment of tuition and related educational fees for the next 12 months of post-secondary education for you, your spouse, or eligible dependents; Payments necessary to prevent eviction from your principal residence or foreclosure on the mortgage of your principal residence (the request must be submitted no earlier than three months before the closing date) Payments necessary to remedy losses to real or personal property caused by a natural disaster (tornado, flood, or earthquake). You must provide the following with your request: documentation of the damage (including cost), a copy of your insurer s determination, and an original copy of a dated newspaper article describing the disaster; or Payments for burial or funeral expenses for your deceased parent, spouse, child, or other dependent (as defined in IRS Code 152), and for taxable years beginning on or after Jan. 1, 2005, without regard to Code section 152 (d)(1)(b). You cannot request a hardship withdrawal from employer contributions or the associated earnings on your pretax contributions. The amount you request cannot exceed the amount necessary to satisfy the immediate financial need. However, the amount can include any amounts needed to pay federal, state, or local income taxes or penalties you reasonably expect to incur as a result of the hardship withdrawal. If you re eligible: The hardship withdrawal will be paid as a single payment; The withdrawal amount cannot be rolled over into an individual retirement account or another retirement plan; Any retirement contribution you re currently making to this plan will be suspended for six months after the hardship distribution. You must provide documentation of the hardship, including written verification that the need cannot reasonably be met through reimbursement or compensation through insurance or other resources (letter of denial or explanation of benefits form). The written information must include the type of hardship, the total dollar amount needed, and the dollar amount reimbursed from other sources. NOTE: If you re married and your account balance is greater than $20,000, your spouse s written and notarized consent must be included on the form. To request a Hardship Withdrawal, call the Portico Retirement Call Center at or online at GSS.PorticoBenefits.org. You ll need your username and password to access your account. If online, select the Manage Your Retirement Account link to access the Withdrawal tab. If you misplaced your username or password, call Loans Loans are not allowed under this plan. Page 13

18 Distributions After Separating From Service If your account balance is more than $500 when you separate from service with The Society, you can leave your account invested in the GSS retirement plan. You ll receive the same level of service and account flexibility as when you were employed (online access, online quarterly statements, ability to choose from the 20 available investment funds, customer advocacy). If you prefer, you can choose one of the following distribution options: Your account balance can be paid to you in a lump sum, or you can take periodic payments from your account balance in a series of monthly, quarterly, semiannual, or annual payments. You can roll your account balance into another qualified plan or IRA and defer paying taxes. According to IRS rules, you must begin receiving distributions from your account by April 1 following the year you reach age 70½, or separate from service, if later. For details, call or visit GSS.PorticoBenefits.org. If your account balance is $500 or less when you separate from service with The Society, your account will be closed and you ll receive a check for the entire value of your account (less applicable taxes and penalties). You also have the option to roll your account balance into another retirement plan and avoid paying taxes now. NOTE: If you re under age 59½, The Society requires that you wait 91 days after your last day of employment to receive payment. Spousal Consent Under certain circumstances, your spouse may need to approve a withdrawal from your retirement account. If you are married and your account balance is: More than $20,000 You must have written, notarized consent from your spouse if you wish to make a withdrawal. Less than $20,000 No consent is needed for any withdrawal. Withdrawals May Be Subject to Taxes and Penalties Your withdrawal may be subject to 20% federal tax withholding and state tax (in certain states where required). NOTE: Distributions made from your account after you separate from service with The Society, or other eligible ELCA-affiliated service, may not be subject to the IRS early distribution penalty provided you are at least age 55 when you separate from service. Annuity Option If you re retired* and your retirement account balance is at least $20,000, you can roll money from the retirement plan to the ELCA Participating Annuity Trust to begin receiving annuity payments. An annuity is a series of payments you receive at regular intervals for a specified period. * See: Retirement Eligibility in the Glossary. Page 14

19 We encourage you to understand what annuities are and how they work, so you can make an informed decision about whether an annuity such as the ELCA Participating Annuity is right for you. Detailed information about the ELCA Participating Annuity can be found in the Investment Memorandum for the ELCA Participating Annuity Trust, available online at GSS.PorticoBenefits.org or by contacting the Portico Retirement Call Center. If you re interested in beginning a stream of lifetime income by rolling money from the GSS retirement plan to the ELCA Participating Annuity Trust, contact the Portico Retirement Call Center to discuss your options with a representative. Your annuity application and related forms must be received at Portico by the 15 th day of the month before the month you want to begin receiving payments. (If the 15 th falls on a weekend, forms must be received by the Friday before.) Eligibility for Annuity The following individuals are eligible to receive payments from the Annuity Trust as described in the Investment Memorandum: Sponsored participants (eligible participants receiving GSS retirement plan contributions from their sponsoring employers and self-employed ministers making their own contributions) are eligible upon retirement (after reaching age 60 or after completing 30 years of service). Participants who were once sponsored and who have separated from service, and alternate payees (former spouses) may annuitize after reaching age 60 or after completing 30 years of service. Surviving spouses and beneficiaries may annuitize at any time. You must begin receiving annuity payments before you turn age 80 or separate from service, whichever is later. For additional questions regarding eligibility, contact the Portico Retirement Call Center at Transfers to and From Other ELCA Retirement Plans If you re no longer a GSS Retirement Plan participant and later become a participant in the ELCA Retirement Plan or the ELCA Master Institutional Retirement Plan, you may transfer money held in your retirement account to that plan with the exception of Roth contributions which can t be transferred to the ELCA Retirement Plan or the ELCA Master Institutional Retirement Plan. The transfer can include up to your entire vested balance (excluding Roth). Transfers to and From Other Church or 403(b) Plans Portico may enter into agreements with other churches, church pension boards, or other 403(b) plan sponsors to enable you to transfer your account balance. You may transfer account balances from approved plan sponsors into this plan. These transfers are 100% vested. You may also transfer your account balance with this plan into these approved plans if you separate from service with The Society and are a participant in one of these plans. Roth contributions must be transferred to a qualified Roth plan. Page 15

20 Health Benefits in Retirement On or after retirement, you and your spouse are eligible to enroll in the ELCA Health Benefits Plan at your own expense if you have a GSS retirement plan account and at the time of retirement you are: Age 60 or over, or have 30 years of service with the ELCA (or predecessor church) or an eligible ELCA-affiliated organization; Enrolled in and have an account balance in this retirement plan by The Society immediately prior to retirement; Enrolled in The Society s or your spouse s employer s group health plan. NOTE: To be eligible for ELCA health coverage in retirement, your application for coverage must be received at Portico no later than 60 days after your termination of employment with The Society. Contact the Portico Retirement Call Center at for details concerning your options to enroll and waive coverage while in another group health plan. Page 16

21 Your Beneficiary Designation It s important to designate beneficiaries for your GSS retirement plan account. When you die, your beneficiaries are entitled to the entire balance in your GSS retirement plan account. Keeping your beneficiary designation up-to-date will help facilitate proper payment of benefits to your beneficiaries when you die. Your beneficiary designation takes precedence over a personal will and applies to all money in your GSS retirement plan account. You can name an individual, trust, foundation, charitable organization, or your estate as your beneficiary. Review your beneficiary designation regularly, especially if you experience a life event (birth or adoption of a child; change in marital status; retirement; or the death of a spouse, child, or a primary beneficiary). Portico does not rely on testamentary documents, such as a personal will or estate plan, to determine beneficiary payouts. See below for details on payouts if no beneficiary is designated. How to Establish or Change Your Beneficiary Designation To designate a beneficiary online or by phone: Go online to your account at GSS.PorticoBenefits.org o Select Menu, then Profile, then Beneficiaries o After your beneficiary election is complete, you ll be able to view your election(s) online Call the Portico Retirement Call Center at Participants who are married If you re married, your spouse must be your sole primary beneficiary unless he or she agrees to the designation of another beneficiary and gives written, notarized consent to the provider of recordkeeping services. If you marry (or remarry) after filing a beneficiary designation with the recordkeeper, your previous beneficiary designation will no longer be valid and your new spouse will automatically become your sole primary beneficiary. If you wish to name a person other than (or in addition to) your spouse or an entity (a foundation, charitable organization, your estate), designate your beneficiary online or by phone. Participants who are single If you re single, your beneficiary may be anyone you choose. In the Event of Divorce A divorce automatically revokes any designation of a spouse as your beneficiary. You may designate your former spouse as your beneficiary, but you must complete a new beneficiary designation form, dated after the date of the divorce decree naming your former spouse as your beneficiary. If a new beneficiary designation is not filed with the provider of recordkeeping services, the designation of your former spouse as beneficiary is void and your non-spousal beneficiaries become primary. For more details, see the Divorce section. Page 17

22 Primary and Secondary Beneficiary Designation Your primary beneficiary(ies) receives the designated retirement plan benefit upon your death. If a primary beneficiary dies before you, that beneficiary s share will be divided proportionately among your surviving primary beneficiaries. Your secondary beneficiary receives payment only if all primary beneficiaries die before you. If a secondary beneficiary dies before you, that beneficiary s share will be divided proportionately among your surviving secondary beneficiaries. No Designated Beneficiary If all of your primary and secondary beneficiaries die before you or if you don t designate a beneficiary, benefits will be paid to your beneficiaries in the first of the following categories in which there are survivors: Your surviving spouse Your surviving children (natural or legally adopted); if any child dies before you, their descendants (your grandchildren, great-grandchildren) will receive the share their parent would have received if living, by right of representation Your surviving parents Your surviving siblings Your estate All members of a class (for example, your children) will receive an equal share. Portico does not rely on testamentary documents, such as a personal will or estate plan, to determine beneficiaries for your GSS retirement plan. Determination of the identity of the designated beneficiary(ies) in each case will be made by Portico. Eligible Trusts You may name a trust as your beneficiary. If it s an eligible trust, references in the GSS retirement plan document pertaining to life expectancies include individuals who are beneficiaries of trusts. An eligible trust meets the following conditions: It s a valid trust under state law, or would be if it had assets It s irrevocable, or will be, upon your death Your beneficiaries are clearly identified in the trust document (within the meaning of Treasury Regulations 1.401(a)(9)-4, as well as the portion of the trust to which they are entitled and the conditions on their entitlement) A copy of the trust document is provided to Portico at your death If a trust meets these requirements, the relevant life expectancy of your designated beneficiary (for purposes of calculating distributions) is the life expectancy of your trust beneficiary with the shortest life expectancy. A trust that doesn t meet the above requirements will be treated as having no life expectancy but still may be named as your designated beneficiary. Page 18

23 Benefits to Your Surviving Beneficiaries If You re Under Age 70½ When You Die Surviving spouse If you re married and die with money in your retirement account (and your spouse did not waive the rights to your retirement benefits by giving written, notarized consent to the designation of another beneficiary), your spouse has the same options (regarding your account) as any participant who is separated from service. Beginning the month following your death, your spouse can: Designate beneficiaries for her or his retirement benefits (see page 17) Make investment decisions (page 7) Make withdrawals Convert some or all of the account balance to a participating annuity to provide a stream of lifetime income (page 14) Transfer or roll over money from the plan into an inherited IRA or other eligible retirement plan Distributions must begin by the end of the calendar year following the year of your death, or the end of the year in which you would have reached age 70½, whichever is later. Your spouse can make withdrawals and rollovers from the account. These distributions will not be subject to the 10% early distribution penalty, even if he or she is under age 59½. If your spouse dies before distribution begins, any remaining benefits will be paid to your spouse s designated beneficiaries. Non-spousal beneficiaries If you die with an account balance and you are single, or your spouse has consented to your designating another beneficiary, the entire balance in your account will be paid to your designated beneficiaries in the percentages you specified. Your beneficiary has similar options with your account as any participant who is separated from service, including the ability to make withdrawals. Your beneficiary also has the option to make a rollover to an inherited IRA. Withdrawals must begin before the end of the calendar year following the year of your death. If a beneficiary dies before receiving the entire benefit, the remaining amount will be paid to the designated beneficiary s designated beneficiary. If You re Age 70½ or Older When You Die If you re receiving required minimum distributions from your account when you die, the remaining payments will be paid to your designated beneficiary at least as rapidly as under the method of distribution you selected. Page 19

24 If You re Unable to Care for Your Affairs The provider of recordkeeping services will determine whether your retirement benefits will be paid to your guardian, conservator, or other legal personal representative if you re unable to care for your affairs because of a mental or physical condition. The provider of recordkeeping services assumes no liability with respect to these payments and is not obligated to question the competence of any person to receive payments. Page 20