Withdrawals. Hardship Withdrawals

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1 Withdrawals The Plan s primary purpose is to provide benefits when you retire. However, under certain circumstances, you may be able to withdraw money from your account while you are still employed by U.S. Bank: Hardship withdrawals Non-hardship withdrawals Roth and Non-Roth age 59-1/2 withdrawals After tax withdrawals Non-Roth rollover withdrawals Roth rollover withdrawals The amount available to you and the way the withdrawal affects your account depends on the type of withdrawal you request. You are limited to one withdrawal of each type per month. Special tax rules apply when you take a withdrawal. Depending on the type of withdrawal you take, you may be able to defer taxes by rolling over the withdrawal to another qualified employer plan or an individual retirement account (IRA). Hardship Withdrawals In certain situations, you may take a hardship withdrawal: You must have an immediate and heavy financial need. The withdrawal must be necessary to satisfy that need. You must provide documentation to prove your financial hardship. Funds from other sources are not reasonably available to you in order to meet that need. Hardship withdrawals can only be taken for the following reasons: Unreimbursed medical expenses for medical care described in IRC section 213(d) previously incurred or necessary to obtain medical care and that would be deductible on your federal income tax return under IRC section 213(d) for you, your spouse, or your dependents which generally are those you may claim as dependents on your federal tax return; Tuition, related educational fees, room and board for the next semester or quarter of postsecondary education for you, your spouse, your children, or your dependents which generally are those you may claim as dependents on your federal tax return; Costs directly related to the purchase of your principal residence (excluding mortgage payments); Prevention of mortgage foreclosure or eviction from your principal residence; Funeral/burial expenses for your parent, your spouse, your children, or your dependents which generally are those you may claim as dependents on your federal tax return; or Payment for certain repairs of damage to your principal residence that would qualify as a casualty deduction under Section 165 of the Internal Revenue Code

2 In most cases, you must incur the expense before requesting the withdrawal (except for tuition). You cannot pay the expense and then request a hardship withdrawal for reimbursement. The money you withdraw for hardship must be used to pay for that expense. A hardship withdrawal will not be allowed if you have any loans or other types of withdrawals available to you under this Plan or any plan of U.S. Bank. You will be required to take those loans and withdrawals first. If you take a hardship withdrawal from your 401(k) Plan account, your 401(k) contributions will be suspended for six months. If you take another hardship withdrawal within the original six month suspension period, the end date of the suspension period will be reset to six months from the most recent hardship withdrawal. If you wish to begin contributing to the Plan following your suspension period, you must elect a new contribution rate after the suspension period has ended. You can withdraw up to the amount of your immediate financial need or the maximum amount available, whichever is less. However, you can request that the amount of your hardship withdrawal be increased to cover any federal, state or local income taxes or penalties reasonably anticipated to result from the withdrawal. Federal law prohibits the withdrawal of earnings related to any before tax contributions credited to your account after December 31, You cannot roll over the hardship withdrawal to another qualified employer plan or IRA. After Tax Account Rollover Account Prior Plan Transfer Account Before Tax Account Roth Account Roth Rollover Account the next subaccount. For example, the amount available in your after tax subaccount must be fully depleted before money is taken from your rollover subaccount. example, if all of the money for your withdrawal is taken from your rollover subaccount, and 10% of that subaccount is invested in the Stable Asset Fund, 10% of your withdrawal amount comes from that fund. The percentage taken from each fund is based on the actual subaccount balance invested in that fund, not your investment choices for future You must request a Hardship Withdrawal Application in order to take a hardship withdrawal. The application provides you with steps you will need to take in order to receive a hardship withdrawal, including the required documentation and information that must be reflected on that documentation.

3 Non-Hardship Withdrawals You can take a non-hardship withdrawal for any reason. No documentation is required. You can roll over the withdrawal to another eligible employer plan or IRA. After Tax Account (Non-Roth) You can withdraw all after tax contributions and their investment Deductible Deposits You can withdraw all deductible deposit contributions and their investment Rollover Account You can withdraw all rollover contributions and their investment Prior Plan Transfer Account You can withdraw certain prior company contributions and their investment the next subaccount. For example, the amount available in your after tax contributions subaccount must be fully depleted before money is taken from your deductible deposits contributions subaccount. example, if all of the money for your withdrawal is taken from your Prior Plan Transfer subaccount, and 10% of that subaccount is invested in the Stable Asset Fund, 10% of your withdrawal amount comes from that fund. The percentage taken from each fund is based on the actual subaccount balance invested in that fund, not your investment choices for future Age 59-1/2 Withdrawals Once you reach age 59-1/2, you can take a withdrawal for any reason. No documentation is required. After Tax Account You can withdraw all after tax contributions and their investment Rollover Account You can withdraw all rollover contributions and their investment Prior Plan Transfer Account You can withdraw certain prior company contributions and their investment Before Tax Account You can withdraw all before tax contributions and their investment earnings if you are age 59-1/2 or older. Until that age, you cannot withdraw

4 money from your before tax contributions subaccount unless you take a hardship withdrawal. Match Account You can withdraw all company contributions and their investment Roth Account You can withdraw all Roth (after tax) contributions and their investment Roth In-Plan Conversion Account the next subaccount. For example, the amount available in your after tax contributions subaccount must be fully depleted before money is taken from your rollover contributions subaccount. example, if all of the money for your withdrawal is taken from your rollover subaccount, and 10% of that subaccount is invested in the Stable Asset Fund, 10% of your withdrawal amount comes from that fund. The percentage taken from each fund is based on the actual subaccount balance invested in that fund, not your investment choices for future After Tax Withdrawals (Non-Roth Account) You can take an after tax withdrawal for any reason. No documentation is required. You can roll over the withdrawal to another eligible employer plan or IRA, as long as after tax monies are accepted. Pre-87 After Tax Account You can withdraw all pre-1987 after tax contributions and their investment Post-86 After Tax Account You can withdraw all post-1986 after tax contributions and their investment the next subaccount. For example, the amount available in your pre-87 after tax contributions subaccount must be fully depleted before money is taken from your post-86 after tax contributions subaccount. example, if all of the money for your withdrawal is taken from your pre-87 after tax contributions subaccount, and 10% of that subaccount is invested in the Stable Asset Fund, 10% of your withdrawal amount comes from that fund. The percentage taken from each fund is based on the actual subaccount balance invested in that fund, not your investment choices for future

5 Rollover Withdrawals You can take a rollover withdrawal for any reason. No documentation is required. You can roll over the withdrawal to another eligible employer plan or IRA. When you withdraw money from your Plan account, it is taken from your before tax or Roth rollover contributions subaccount. example, if all of the money for your withdrawal is taken from your rollover contributions subaccount, and 10% of that subaccount is invested in the Stable Asset Fund, 10% of your withdrawal amount comes from that fund. The percentage taken from each fund is based on the actual subaccount balance invested in that fund, not your investment choices for future For more information on rollovers to a qualified employer plan or IRA, see the document entitled Eligible Rollovers. May 2014