SUMMARY PLAN DESCRIPTION FOR THE CHEMOURS COMPANY RETIREMENT SAVINGS PLAN

Transcription

1 SUMMARY PLAN DESCRIPTION FOR THE CHEMOURS COMPANY RETIREMENT SAVINGS PLAN January 2018 DMEAST # v1 This document is being provided exclusively by your employer, which retains responsibility for the content.

2 SUMMARY PLAN DESCRIPTION FOR THE CHEMOURS COMPANY RETIREMENT SAVINGS PLAN This is a summary plan description for The Chemours Company Retirement Savings Plan (the Plan ), which The Chemours Company (the Company ) maintains for the benefit of its eligible employees. This booklet describes the Plan as in effect on January 1, The Plan is intended to comply with all applicable requirements of the Employee Retirement Income Security Act of 1974, as amended ( ERISA ). This is a general description of the terms of the Plan. If there is any conflict between this summary and the Plan document, the terms of the Plan will govern. You should keep this summary with your permanent records. DMEAST # v1

3 SUMMARY PLAN DESCRIPTION FOR THE CHEMOURS COMPANY RETIREMENT SAVINGS PLAN TABLE OF CONTENTS Part Page A. ABOUT THE PLAN... 1 B. PARTICIPATION IN THE PLAN... 1 C. CONTRIBUTIONS TO THE PLAN... 2 D. ABOUT THE TRUST... 5 E. RETIREMENT BENEFITS... 6 F. VESTING... 8 G. DEATH BENEFITS H. IN-SERVICE DISTRIBUTIONS AND LOANS I. CIRCUMSTANCES AFFECTING YOUR BENEFITS J. ERISA RIGHTS K. MISCELLANEOUS L. GENERAL PLAN INFORMATION DMEAST # v1 i

4 A. ABOUT THE PLAN This document describes The Chemours Company Retirement Savings Plan (the Plan ). This booklet describes the Plan in effect on January 1, The Plan is a defined contribution plan that allows you to make before-tax contributions from your salary or wages through payroll deductions. You also have the ability to make traditional and Roth after-tax contributions. The Company will make matching contributions based on your contributions to the Plan. The Company also has the discretion to make additional retirement savings contributions to the accounts of eligible participants and will make a transition benefit contribution for certain eligible participants through June 30, The Company establishes one or more individual accounts in your name in the trust maintained for the Plan. Your ultimate benefit from the Plan will depend on the amounts contributed to your accounts while you are a participant in the Plan, increased by income and gains, and decreased by any losses or expenses. The accumulations in your accounts will provide an important supplement to your other financial resources in the event of your retirement, total disability, or death. B. PARTICIPATION IN THE PLAN 1. When will I be eligible to participate in the Plan? You will be eligible to participate in the Plan on the date you are hired (or rehired) by the Company. Individuals who are receiving severance pay, retainer, commission, or fee under contract, and individuals who are classified by the Company as temporary employees are not eligible to participate in the Plan. You will not be eligible to participate in the Plan if you are covered by a collective bargaining agreement, unless the agreement specifically provides for your participation in the Plan. In addition, you will not be eligible to participate if you are classified by the Company as a leased employee or an independent contractor. 2. How do I participate in the Plan? Participation in the payroll deduction portion of the Plan is voluntary. Once you become eligible to participate in the Plan (see Question 1 above), you may elect to make beforetax, after-tax, and Roth contributions in accordance with Plan procedures. The effective date of your election will be the first payroll period that next follows the date the Plan Administrator receives your election. If you do not make an election to contribute to the Plan (or not to contribute) within your first 60 days of hire (or rehire), you will automatically be enrolled in the Plan and an automatic contribution of 6% of your compensation will be made to the Plan. This contribution rate will be increased by 1% on each anniversary of your enrollment in the Plan until a 15% contribution rate is reached. Your automatic contributions will be made on a beforetax basis. You can always opt out of this automatic contribution and the related increases by making an affirmative election to contribute (or not to contribute) to the Plan. DMEAST # v1

5 If you are on leave of absence after being hired by the Company and subsequently transferred to a foreign or domestic subsidiary of the Company, no contributions will be made to the Plan on your behalf. If your leave of absence is terminated prior to you again becoming eligible for the Plan, your participation will be terminated and your account will be paid to you in accordance with the terms of the Plan. C. CONTRIBUTIONS TO THE PLAN 1. What kinds of contributions can I make to the Plan? As discussed above, you contribute to the Plan through payroll deductions. You may change the amount you contribute in accordance with Plan procedures. Your change will take effect on the payroll period following the date your change is made. You may also elect to discontinue your contributions. This will take effect on the first day of the payroll period following your instructions to discontinue contributions. You may resume your contributions as of any subsequent payroll period. You can choose to contribute to the Plan on a before-tax basis, a traditional aftertax basis, a Roth after-tax basis, or all three, up to the applicable limits. Roth contributions are treated like before-tax contributions for most purposes, including the Plan s loan, vesting, and distribution rules. However, there are differences in the way these contributions are taxed both when they are deposited and when they are withdrawn. The amounts you contribute to the Plan as before-tax contributions are not subject to Federal income tax at the time of the contribution. Instead, the distributions you later receive from the Plan are taxable. In contrast, Roth contributions are subject to Federal income tax when contributed to the Plan. However, for Federal tax purposes, distributions from your Roth contribution account will be 100% tax-free if you satisfy certain requirements. In other words, you will not have to pay tax twice on the amounts you contribute, regardless of when you take a distribution, and if you wait until you have met the requirements for a tax-free distribution, you will never have to pay taxes on the earnings held in your Roth contribution account. In order to receive a tax-free distribution from your Roth contribution account, you must wait at least five taxable years after you first make a Roth contribution to this Plan, and your distribution must be made after you have reached age 59½, to your beneficiary after your death, or on account of your disability (as defined by Federal law). Keep in mind, however, that tax laws are always subject to change. Like Roth contributions, money you contribute on a traditional after-tax basis goes into the Plan after federal income taxes have been deducted. A withdrawal of after-tax contributions is tax-free, but the investment earnings are subject to tax. 2. How much may I contribute to the Plan? You may make combined before-tax, after-tax and Roth contributions of 1% to 90% of your total compensation for each payroll period in which you are eligible for and elect to participate in the Plan. The amounts you contribute will be allocated to separate before-tax, after-tax and Roth contribution accounts established in your name. Plan contributions are determined based on your eligible Plan compensation. Your Plan compensation is your total compensation from the Company, prior to deductions for DMEAST # v1 2

6 before-tax contributions to the Plan and pre-tax contributions for health benefits and to your flexible spending accounts, for the hours you work, including overtime, variable compensation, local performance based compensation, and sales incentive pay. Allowances in connection with transfer or termination of employment and other special payments and awards under a Gain Sharing Program or any stock option or dividend unit or similar plan are not considered Plan compensation. Annual compensation in excess of $275,000 is not considered. This limit applies for 2018 and is subject to periodic cost of living adjustments by the IRS. Before-tax, after-tax, and Roth contributions will be made to your account only to the extent amounts are available after all other deductions, including taxes, garnishments, loan repayments, union dues, and health plan premiums. By law, your total combined before-tax and Roth contributions in any calendar year cannot exceed $18,500 (for 2018). Beginning in the year that you turn age 50, if your combined before-tax and Roth contributions reach the annual limit described above, the 90% of pay limit imposed by the Plan, or any other limit imposed by law or the Plan, you may contribute an additional catch-up contribution for the year, up to $6,000 (for 2018). The IRS will adjust each of these limits from time to time to reflect increases in the cost of living. In order to comply with these limits, the Plan Administrator will either restrict your contribution percentage or refund the portion of your contributions that is in excess of these limits. 3. Will the Company make contributions to the Plan on my behalf? The Company will contribute an amount equal to 100% of the first 6% of compensation that you contribute to the Plan on a before-tax, after-tax and/or Roth basis. This is called a matching contribution and will be allocated to your matching contribution account. Matching contributions are contributed on a payroll basis, but the total amount allocated to your matching contribution account for a plan year is based on the total contributions that you make for the plan year. Only compensation earned in the portion of the plan year during which you are eligible to receive matching contributions is taken into account. The Company will not match contributions that you make in excess of 6% of your compensation. The Company may also decide to make a retirement savings contribution to the Plan each year. It is possible that the Company may not make a retirement savings contribution for a particular year or years. In addition, the Company will make a transition benefit contribution for certain participants through June 30, Will I be entitled to a share of the Company s retirement savings contribution? Retirement savings contributions, if any, will be made for the determination period selected by the Company. The determination period is the period over which retirement savings contributions are determined. This could be a payroll period, a month, a year, a portion of a year, or some other period. You will be entitled to an allocation of the Company s retirement savings contribution for the determination period if you are eligible to participate in the Plan during the determination period, you receive compensation from the Company during the determination period, and you are employed by the Company on the last day of the determination period. DMEAST # v1 3

7 5. How is my share of the Company s retirement savings contribution determined? Company retirement savings contributions to the Plan, if any, are divided among the accounts of all participants who are eligible to share in contributions in proportion to their total compensation from the Company for the portion of the determination period during which they are eligible to participate. 6. What is the transition benefit contribution? If you (1) were actively employed by an employer participating in the DuPont Retirement Savings Plan as of June 30, 2015, (2) were accruing benefit service under the DuPont Pension and Retirement Plan as of June 30, 2015, and (3) became eligible to participate in the Plan on July 1, 2015, you are eligible to receive a transition benefit contribution as follows: Years of Transition Benefit Contribution Service Percentage of Compensation Less than 15 3% At least 15, but less than 21 5% At least 21, but less than 30 7% 30 or more 1% Your transition benefit contribution service is determined based on the records of your service from your adjusted service date with DuPont through June 30, 2015, as provided to the Company by DuPont. Transition benefit contributions will not be made with respect to compensation for periods after June 30, May I roll over amounts distributed from another employer s retirement plan? Yes. Most distributions that you receive from a plan of another employer may be rolled over into this Plan. The administrator of the other employer s plan will give you information explaining whether a particular distribution may be rolled over. It may be necessary to demonstrate to the Plan Administrator that a particular distribution from another employer s plan may be rolled over to the Plan under IRS rules. You may also be able to roll over amounts that you hold in a traditional IRA. Your rollover contribution will be placed in a separate rollover account. You will always be fully vested in your rollover account. 8. Are there other limitations on contributions made to my account? Yes, in addition to the limits on before-tax and Roth contributions described in Question 2 above, Federal law places an overall limit that applies to the total amount of contributions and benefits that you may receive under all plans sponsored by the Company in which you participate. DMEAST # v1 4

8 Also, if you are in a group of highly paid participants, Federal law may limit the amount of after-tax contributions that you can make. The Plan Administrator has the right to take any steps that may be necessary to prevent a violation of the law, which include restricting or reducing the amount of contributions to your account or refunding amounts that exceed the limits. The Plan Administrator will notify you if any of the limits described in this section apply to you in any year. D. ABOUT THE TRUST 1. Who holds contributions to the Plan? The Plan trustee (see Part L) holds all Plan assets in a trust. The assets are invested by the trustee in investment categories that you choose (see Question 4 below). 2. What happens to earnings or losses? Your accounts will be adjusted by adding or subtracting your proportionate share of the investment earnings or losses of each investment fund in which your accounts are invested, and by subtracting your share of any operating expenses of the Plan that are paid from the trust fund of the Plan. 3. How often is the value of my accounts determined? The value of the portion your accounts that is invested in the Plan is determined daily. You can obtain your current account balance at any time by calling Bank of America Merrill Lynch at (877) or by visiting its website at You will receive quarterly statements of your accounts. 4. How do I choose my investments? Under this Plan, you may choose to invest the amounts in your accounts in one or more investment options that have been selected by the Retirement Plan Committee. The Plan offers a wide range of investment options that allows you to create an investment program that is right for you. When you first enroll in the Plan, you will make an election as to how you want your Plan contributions to be invested. Your investment elections are made in increments of 1%. You may change your initial investment elections at any time. Any change will apply, as you direct, (1) only to existing monies in your account(s), (2) only to future contributions to your account(s), or (3) to both existing monies and to future contributions. Transfers between funds are made in increments of 1% or in any number of fund units and/or shares. If you do not make an affirmative choice as to how you want your Plan contributions to be invested, they are invested in a default fund chosen by the Retirement Plan Committee. You can obtain detailed information (including a prospectus) about each of the investment options offered under the Plan by calling Bank of America Merrill Lynch at DMEAST # v1 5

9 (877) or by visiting its website at You can make investment elections and changes in the same manner. The Plan is intended to comply with section 404(c) of the Employee Retirement Income Security Act of 1974 ( ERISA ) and accompanying regulations. This means that the Plan permits participants to direct the investment of their Plan accounts, and, as long as the Plan complies with the requirements of section 404(c), you will have responsibility for deciding how those accounts are invested and the parties that otherwise would be responsible for making investment decisions (the fiduciaries of the Plan) will not be liable for any losses that result directly from investment instructions made by you. To comply with section 404(c) of ERISA, the Plan must permit participants to choose from a broad range of investment alternatives and must provide participants with certain information about the investment alternatives and the operation of the Plan. In addition to the information included in this summary and in your enrollment package for the Plan, you may request the following information: a description of the annual operating expenses of each investment fund, and the aggregate amount of such expenses expressed as a percentage of average net assets of the investment fund; copies of any prospectuses, financial statements and reports, and of any other materials relating to the investment funds, to the extent such information is provided to the Plan; a list of the assets comprising the portfolio of each investment fund which constitute Plan assets within the meaning of ERISA, and the value of each such asset; information concerning the value of shares or units in each investment fund, as well as the past and current investment performance of such investment fund, determined, net of expenses, on a reasonable and consistent basis; and information concerning the value of shares or units in investment funds held in the account of the participant or beneficiary. You may request this information by calling Bank of America Merrill Lynch at (877) or by visiting its website at E. RETIREMENT BENEFITS 1. When may I retire under the Plan? You may retire under the Plan on or after your normal retirement date or disability retirement date. Benefits payable if you terminate employment prior to retirement are described in Part F; death benefits are described in Part G. DMEAST # v1 6

10 2. What is my normal retirement date? Your normal retirement date is your 65 th birthday. 3. What is my disability retirement date? Your disability retirement date is the date on which the Plan Administrator determines that you are eligible for and are receiving benefits under the Company s long term disability plan. 4. What happens if I work beyond my normal retirement date? If you work beyond your normal retirement date, you will continue to participate in the Plan until you actually retire. You will begin to receive your benefit from the Plan when you actually retire. If you work beyond the year you reach 70½, you must begin to receive your benefit by the April 1 of the year following the year in which you terminate employment. 5. When will my retirement benefit be paid to me? Your benefit will normally be paid as soon as administratively practicable after you retire. However, if the total value of your account is more than $5,000 (excluding your rollover contributions, if any), you may delay payment of your benefit until the April 1 of the year following the year in which you reach age 70½. During this time, you are able to direct the investment of your account as described in Part D and take withdrawals as described in Part H. You may request full payment of your account at any time. 6. How will my retirement benefit be paid to me? If the value of your account is more than $5,000, you may choose to have your benefit from the Plan paid in one of the following ways: a single sum payment; variable periodic payments (monthly or annual payments for a period of time that you select, subject to certain limitations); lifetime periodic payments (monthly or annual installments based on your life expectancy); or fixed payments (monthly or annual payments in a fixed dollar amount, paid until your account is exhausted). option. Once per year, you may change your election and select another periodic payment Rollover contributions that you made to the Plan (see Part C, Question 7) are disregarded when determining whether your account exceeds $5,000. The Plan Administrator DMEAST # v1 7

11 will provide information on how to indicate your choice of payment form. If you do not indicate your choice, your account will be paid in a single sum payment. If the value of your account is $5,000 or less, you can only receive payment in a single sum. If the value of your account is more than $1,000 but not more than $5,000, you have not reached your normal retirement date, and you do not affirmatively elect to receive a distribution in cash or as direct rollover, your benefit will automatically be rolled over by the Plan Administrator to an individual retirement account (IRA) with Bank of America Merrill Lynch as soon as practical after you terminate employment. Your IRA will be invested in a fund designed to preserve principal and provide a reasonable rate of return and liquidity. You will be responsible for paying all fees and expenses assessed against your automatic rollover IRA. For more information on the Plan s automatic rollover provisions or on the Bank of America Merrill Lynch IRA and the fees and expenses associated with the Bank of America Merrill Lynch IRA, call Bank of America Merrill Lynch at (877) or visit its website at If the value of your benefit is $1,000 or less, it will automatically be paid to you in cash. 7. May I roll over my payment to another plan? You have the right to instruct the Plan Administrator to transfer all or a portion of your payment that is an eligible rollover distribution directly to either a traditional IRA (individual retirement account or individual retirement annuity), a Roth IRA, or an eligible employer plan that accepts rollovers. Roth contributions can be rolled over only to a Roth IRA or to another employer s plan that has a Roth contribution feature. The taxable portion of an eligible rollover distribution that is paid directly to you is subject to mandatory 20% income tax withholding (see Part K, Question 2). The Plan Administrator should be able to tell you what portion, if any, of your payment is an eligible rollover distribution and the types of plans to which you can transfer your distribution. Prior to making an eligible rollover distribution, the Plan Administrator will provide you with a notice explaining your options for rollover, as well as the withholding requirements and tax consequences of your election. 8. How much will my retirement benefit be? The amount of your retirement benefit will depend on the balance in your account on the day immediately preceding the date your benefit is paid. F. VESTING 1. What happens if my employment terminates before my retirement, disability, or death? You must stay with the Company for a certain number of years before you are entitled to the full value of your account under the Plan. The process by which you become entitled to the full value of your account is called vesting. DMEAST # v1 8

12 You always have a 100% vested (nonforfeitable) interest in any amounts in your before-tax, Roth, after-tax, rollover, and matching contribution accounts. You will have a 100% vested interest in your retirement savings contributions after you have been credited with three years of service. You will have a 100% vested interest in your transition benefit contributions after you have been credited with two years of service. If you are still working for the Company on your 65 th birthday, or when you become totally disabled or die, or if you terminate employment because your position has been eliminated by the Company, you will become 100% vested in the Plan, regardless of how many years of service you have completed at that time. 2. How are my years of service calculated for vesting purposes? You are credited with one year of service for each calendar year during which you are credited with at least 1,000 hours of service for the Company or an affiliated company. For purposes of determining years of service, the Plan Administrator counts 190 hours for each month in which you are paid for at least one hour of service. If you are credited with less than 1,000 hours of service in any calendar year, you will not receive credit for vesting. You will receive credit for an hour of service for each hour for which you are paid or entitled to be paid by the Company for the performance of employment duties. If you are paid for non-working periods such as holidays, vacations, and sick time, you will receive credit for hours of service for those periods. However, no more than 501 hours of service will be credited for any single, continuous, non-working period. For purposes of vesting in your retirement savings contributions, your years of service will include years of service credited to you under the DuPont Retirement Savings Plan as of June 30, For purposes of vesting in your transition benefit contributions, your years of service do not include the years of service credited to you under the DuPont Retirement Savings Plan prior to July 1, Can I ever lose my years of vesting service? You can never lose your years of vesting service if you have earned a vested right to your retirement savings or transition benefit contributions. However if you are not vested in any of your accounts (other than your after-tax or rollover accounts) when you have a break in service, you will lose your accumulated years of service. Your years of service will be restored to you if you are reemployed at a time when your number of one-year breaks in service is less than the greater of five or the number of years of service you completed before the break. 4. What happens to the non-vested portion of my account? If you leave the Company before you are 100% vested in your account, the nonvested portion of your account will be forfeited. However, if you receive a distribution and subsequently return to work before having five consecutive one-year breaks in service, the amount forfeited will be restored to your account if you repay the amount of your distribution (including taxes) before the fifth anniversary of your reemployment. If you did not receive a distribution, the amount forfeited DMEAST # v1 9

13 will be restored to your account as long as you return to work before having five consecutive one-year breaks in service. 5. What is a break in service? A break in service is a plan year in which you are credited with less than 501 hours of service. Most often, a break in service is caused by a termination of employment. A break in service will not occur if you work less than 501 hours in a plan year because of a layoff of less than one year, a leave of absence that has prior approval by the Plan Administrator, or military service. Also, if you are absent because of pregnancy, birth of a child, adoption of a child, or care of a child after birth or adoption, you will be credited with the number of hours you usually work, up to 501 hours. These hours will be credited to the Plan Year in which your absence occurs, or if you have already been credited with 501 hours, to the following plan year. Hours credited during absences in the categories above are counted only in order to prevent a break in service. They are not counted for vesting purposes. 6. When will my vested benefit be paid to me? Vested benefits are paid at the same time and in the same form and manner as retirement benefits, as described in Part E. In certain cases, if you transfer employment due to the sale of the Company s business or a facility, you may be able to transfer your account to the plan of your new employer. You will be notified in the event that this happens. G. DEATH BENEFITS 1. What happens if I die before retirement? If you die before you begin to receive benefits from the Plan, your beneficiary will receive a death benefit equal to the full value of your vested account. Death benefits will be paid to your beneficiary as soon as possible. However, if you die before the first April 1 following the calendar year in which you reach age 70½, your beneficiary can elect to delay the payment of the death benefit until the December 31 of the calendar year following the calendar year in which you died. If your beneficiary is your spouse, he or she can elect to delay the payment of the death benefit until the December 31 of the calendar year in which you would have reached age 70½. If your Plan beneficiary is your spouse, he or she may be permitted to roll the distribution over to another employer s plan, a traditional IRA, or a Roth IRA. If your Plan beneficiary is someone other than your spouse, he or she may be able to roll the distribution over to a traditional or Roth IRA that is treated as an inherited IRA. (See Part E, Question 7 for more information on rollovers.) If your beneficiary is not your spouse, your death benefit will be paid as a single sum. If your beneficiary is your spouse, he or she may elect to receive the death benefit in a single sum or in one of the optional forms of payment described in Part E. Your beneficiary may direct the investment of your account as described in Part D and is permitted to receive withdrawals under Part H. If your beneficiary is your spouse, he or she may designate a beneficiary to receive benefits in the event of his or her death. DMEAST # v1 10

14 2. What happens if I die after benefit payments have started? If you die after you have started to receive benefit payments, death benefits will continue to be paid to your beneficiary in the same form that was being paid while you were alive. Your beneficiary may elect to discontinue periodic payments and receive the balance of your account in a single sum. 3. Who is my beneficiary? The person who will receive the value of your vested account in the event of your death is called your beneficiary. If you are married, your beneficiary will be your spouse, unless your spouse consents in writing to your choice of an alternate beneficiary. Such a consent must include a statement that your spouse understands the effect of giving his or her consent and must be witnessed by a notary public. If you are not married, you may name anyone you choose as your beneficiary. You may designate your beneficiary by calling Bank of America Merrill Lynch at (877) or by visiting its website at You may change your beneficiary at any time. If you do not designate a beneficiary, if your beneficiary dies before you do, or if your designation is invalid for any reason, death benefits will be paid to your surviving spouse, or, if none, to your estate. H. IN-SERVICE DISTRIBUTIONS AND LOANS 1. May I withdraw any portion of my accounts while I am still working? Except with respect to hardship withdrawals described below, you are permitted to make up to three withdrawals per calendar year. You may withdraw all or a portion of your after-tax and rollover contribution accounts for any reason. After you reach age 59½ and you are still working, in addition to the rights described above, you may also withdraw all or a portion of your before-tax and Roth contribution accounts, and all or a portion of your matching contribution account. You must first withdraw the full value of your after-tax and rollover accounts, if any. You are not permitted to withdraw from your retirement savings or transition benefit contribution accounts prior to your termination of employment. Once you have terminated employment, you may withdraw from the vested portion of all of your accounts for any reason. Before you reach age 59½ and you are still working, you may withdraw all or a portion of your before-tax and Roth contributions (excluding earnings) only in cases of the following serious financial hardships: certain uninsured medical expenses for you, your spouse, or your dependents or non-custodial children; the purchase of your principal residence; DMEAST # v1 11

15 tuition, related educational fees, and room and board expenses for the next 12 months for you, your spouse, or your dependents; the need to prevent eviction from your principal residence, or foreclosure on your principal residence; funeral expenses for your deceased parent, spouse, or dependents; or to repair certain damage to your principal residence. partner. For purposes of these hardship conditions, your spouse includes your domestic The amount of your hardship withdrawal may be increased to pay any related taxes or penalties. Before you receive a hardship withdrawal, you must receive all distributions and non-taxable loans available to you from the Plan and any plan of a related employer. In order to take a hardship withdrawal, you must either (1) certify that your need for the withdrawal cannot be met from other reasonably available sources; or (2) agree to suspend your contributions to the Plan for six months following your receipt of the withdrawal. You may request a withdrawal by calling Bank of America Merrill Lynch at (877) or by visiting its website at A withdrawal fee may be deducted directly from your account when your withdrawal is paid to you. 2. May I borrow from my account? You may borrow a minimum of $1,000 from your Plan account if the Plan Administrator approves your loan application. You may have up to a total of two outstanding loans from this Plan at one time. The amount of any loan from the Plan, when added to the total amount of any outstanding loans from the Plan or a plan of a related employer, cannot exceed $50,000.0F* In addition, the amount of any loan from the Plan, when added to the total amount of any outstanding loans from the Plan, cannot exceed 50% of your vested Plan account. Your loan will be taken from your accounts in the Plan in the following order: 1. your after-tax contribution account; 2. your rollover contribution account; 3. your before-tax contribution account; 4. your matching contribution account; 5. your Roth contribution account. * If you already had a loan during the 12 months before the date of a new loan, this $50,000 figure is reduced by the highest outstanding balance of your previous loan during that 12 month period. DMEAST # v1 12

16 Your retirement savings and transition benefit contribution accounts may not be used for a loan. You will generally have to repay your loan within one to five years. However, if the loan will be used to buy or build a home that is to be your primary residence, the term of the loan may be as long as 10 years. Interest charged on the loan will be commensurate with the interest rates charged by persons in the business of lending money for loans that would be made under similar circumstances. The term and interest rate will be put into a written agreement. Any fees related to the loan may be deducted directly from your account. Generally, your loan will be repaid in installments through payroll deductions. If loan payments cannot be made by payroll deduction, you may be permitted to make direct payments to the Plan. You may repay the outstanding balance of any loan in one lump sum at any time by notifying the Plan Administrator of your intent to do so and forwarding to the Plan Administrator payment in full of the then outstanding balance plus interest accrued to the date of the payment. The amount of principal and interest repaid by you is credited to your Plan account as each repayment is made. If you default on the loan for any of the reasons set forth in your loan agreement, the outstanding balance of the loan, plus accrued interest, will be deducted from your account before the Plan makes any distribution to you. The amount of this deduction will be treated as a taxable distribution to you. I. CIRCUMSTANCES AFFECTING YOUR BENEFITS 1. May the Plan be amended or terminated? Although the Plan is intended to be permanent, the Company retains the right to amend or terminate the Plan at any time for any reason. However, no amendment to the Plan will reduce the benefit you have already earned, or divest you of any entitlement to a benefit. Prior to 2017, the Plan requires that any change that had the effect of reducing or eliminating benefits under the Plan will not be effective until one year following announcement of the change by the Company. Beginning in 2017, this notice requirement is eliminated. If the Plan is terminated or contributions are completely discontinued, you will become or continue to be fully vested in your accounts. Since the Plan is a defined contribution plan, benefits are not guaranteed by the Pension Benefit Guaranty Corporation. 2. Can the value of my account ever decrease? The value of your Plan account is dependent on the value of the investments you have selected for your account. The value of an investment can increase or decrease at any time. 3. What if the Plan becomes top-heavy? Federal law provides that in the event that the Plan is shown to benefit certain key employees disproportionately, the Plan may be declared top-heavy and become subject DMEAST # v1 13

17 to special rules. If the Plan is declared top-heavy, you will receive information concerning the new rules that would apply to the Plan. It is extremely unlikely that the Plan will become topheavy. 4. How do I apply for my benefits? After an event that entitles you to benefits has occurred, you may apply for your benefits from this Plan by filing a request with the Plan Administrator. 5. What if my claim for benefits is denied? If the Plan Administrator denies your claim for benefits, you will be notified, in writing, within 90 days (or 180 days under special circumstances) after receipt of your claim. The notification will include the specific reasons why your claim was denied, specific references to the Plan provisions on which the denial is based, a description of any additional material or information you must provide to perfect the claim and why the information is needed, and a description of the Plan s review procedures and the time limits applicable to such procedures, including a statement of your rights to bring a civil action. You may request review of a denied claim by filing a written request with the Plan Administrator within 60 days after receipt of notification that your claim has been denied. You may submit issues and comments at this time. You will be afforded a full and fair review by the Plan Administrator that does not give deference to the initial determination. You will be able to look at all documents, records, and any other information relevant to your claim. The Plan Administrator must give you a written decision on your appeal not later than 60 days (or 120 days under special circumstances) after it receives your request for review. If your claim is again denied, the Plan Administrator must give you the specific reasons for the denial and cite the specific Plan provisions on which the denial is based. You must follow all the steps described above before you may take legal action against the Company. Naturally, both you and the Company will want to avoid legal action. But should you feel that legal action is necessary, any summons or other legal documents should be served on the agent for service of legal process (see Part K). J. ERISA RIGHTS As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 ( ERISA ). ERISA provides that all Plan participants shall be entitled to: Examine, without charge, at the office of the Plan Administrator and at other specified locations, such as worksites, all plan documents and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor, and available at the Public Disclosure Room of the Employee Benefits Security Administration. DMEAST # v1 14

18 Obtain copies of all Plan documents and copies of the latest annual report (Form 5500 Series) and updated summary plan description upon written request to the Plan Administrator. The Plan Administrator may make a reasonable charge for the copies. Receive a summary of the Plan s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. Obtain a statement telling you the value of your accounts. The Plan Administrator provides this statement to all participants annually. In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your Plan, called fiduciaries of the Plan, have a duty to run the Plan prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. If your claim for a benefit is denied or ignored in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce your rights. For instance, if you request a copy of plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits that is denied or ignored, in whole or part, you may file suit in a state or federal court. In addition, if you disagree with the Plan s decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in federal court. If it should happen that plan fiduciaries misuse the Plan s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in federal court. The court will decide who should pay court costs and legal fees. If you win the suit, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees -- for example, if it finds that your claim is frivolous. If you have any questions about the Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at (866) You may seek additional assistance by calling EBSA toll-free at (866) 444-EBSA or by directing electronic inquiries to EBSA s website at DMEAST # v1 15

19 K. MISCELLANEOUS 1. What about my Social Security benefits? In addition to any benefits you may receive from the Plan, you may also be entitled to receive Social Security retirement benefits. Your Social Security benefit is provided through contributions made by you and the Company. 2. Do I pay tax on the money contributed to my account? Except with respect to after-tax and Roth contributions, which are taxed when contributed to the Plan, you will not have to pay Federal tax on the money contributed to the Plan on your behalf until you receive your benefit from the Plan. In some states, however, you will have to pay state income tax on all of your before-tax contributions to the Plan for the year in which you make them. For Federal income tax purposes, the benefit payments that you receive from the Plan are considered taxable income to you for the years in which you receive them. However, Roth contributions are always distributed tax-free, and earnings on your Roth contributions are distributed tax-free as long as certain requirements are met. If your account holds any after-tax contributions, these amounts (exclusive of any earnings) will be distributed to you tax-free. The taxable portion of any payment from the Plan will usually be taxed at ordinary income rates. Single sum payments from the Plan that are made directly to you or your beneficiary generally will have Federal income taxes withheld at a rate of 20% of the taxable portion of the payment as required by law. The amount withheld will be credited toward the amount of Federal income tax you owe for the year. However, if you elect to transfer the payment directly to either a traditional IRA or another eligible employer plan that accepts rollovers (as described in Part E, Question 7), no taxes will be withheld currently from your distribution. In addition, if you receive benefit payments (including withdrawals described in Part H, Question 1) before age 59½, you may owe an additional 10% penalty tax on the taxable portion of your payments. If your Federal adjusted gross income does not exceed $63,000 for joint returns, $47,250 for head of household returns, or $31,500 for all other tax returns, you may be eligible for a Federal tax credit (called the Saver s Credit ) for all or a portion of the contributions you make to the Plan. These amounts are applicable for 2018 and may be increased by the IRS in the future. The Plan Administrator can give you more information on the Saver s Credit. The laws that govern the tax treatment of contributions to and benefit payments from retirement plans such as this Plan are quite complex. You are urged to consult with your personal tax advisor about your own situation. DMEAST # v1 16

20 3. May I assign my benefit to some other person? The Plan was designed to help provide financial security for you and your family in your later years. Therefore, except as described in this booklet, you are not permitted to assign your benefit to another person, to use your benefit as collateral for a loan, or to receive any part of your benefit prior to your retirement or other termination of employment within the Company. However, if you become a party to a divorce property settlement or a court order, or if you become liable for support or alimony payments, the Plan may be legally required to pay all or a portion of your benefit to your spouse, ex-spouse, children, or other dependents in compliance with a court order that is determined to be a qualified domestic relations order (QDRO). You may request a copy of the Plan s procedures governing QDROs from the Plan Administrator. The procedures will be provided to you free of charge. 4. What happens if I leave the Company for military service? The Uniformed Services Employment and Reemployment Rights Act (USERRA) provides certain rights and protections to individuals who leave their jobs for military service. You should contact the Plan Administrator if you are absent due to military service and you think you might be protected under USERRA. L. GENERAL PLAN INFORMATION Type of Plan The Plan is a defined contribution safe harbor 401(k) profit sharing plan. Plan Year The Plan uses the calendar year as its fiscal year or plan year. The books and records of the Plan are maintained on a plan year basis, with quarterly accounting in each plan year. Plan Sponsor and Administrator The Plan is sponsored by The Chemours Company. The address and telephone number of the Company are: 1007 Market Street Wilmington, DE (302) The Chemours Company is also the Plan Administrator. The Company may delegate its duties as Plan Administrator to an individual or group of individuals. In addition, the Company has appointed a Retirement Plan Committee to select and monitor the investment options available under the Plan. DMEAST # v1 17

21 Agents for Service of Legal process Legal process may be served on the Plan Administrator (see above) or on the Plan trustee (see below). Trustee The assets of the Plan are held in trust and are used exclusively to fund benefits for participants in the Plan and to pay proper administrative expenses. The trustee is: Bank of America, N.A Merrill Lynch Drive MSC NJ Pennington, NJ Identification Numbers The employer identification number (EIN) for the Company is The Plan number is 001. DMEAST # v1 18