Bank of America Retiree Health and Insurance Summary Plan Description 2011

Bank of America Retiree Health and Insurance Summary Plan Description 2011

Bank of America Retiree Health and Insurance Summary Plan Description 2011

About this Summary This Retiree Health and Insurance Summary Plan Description 2011 is generally effective July 1, 2011 and applies to retirees, including retirees from certain predecessor companies. Your status as a Bank of America retiree, surviving spouse/domestic partner of a Bank of America retiree or eligible dependent of a Bank of America retiree is determined by the retirement policy in effect at the time the employee stopped working for the company. Receiving this Retiree Health and Insurance Summary Plan Description 2011 does not, in itself, mean you qualify as a retiree under the Bank of America policy. This summary supersedes and replaces any prior communications, policies, rules, practices, standards and/or guidelines to the contrary, whether written or oral, including, but not limited to, the Retiree Handbook 2006. The provisions of this Retiree Health and Insurance Summary Plan Description 2011 are not guaranteed; they are subject to change at any time without notice and are subject to Bank of America s discretion in their application. Benefi ts under any plan, program or policy described in this summary are only available while such plan, program or policy is effective and only pursuant to its terms. Bank of America Corporation has the exclusive right to amend, suspend or terminate any benefi t plan or any other program or policy described in this summary at any time without prior notice (except as required by law) to retirees, their benefi ciaries or any other person. Participants and benefi ciaries have no vested rights in the Bank of America Group Benefi ts Program, any retiree component plan or any program or policy; in particular, no vested rights arise in benefi ts currently made available to retirees after employment ends or to current contributions required to be paid by retirees. The company also retains the discretion to interpret any terms or language used in this summary. If there is a discrepancy between the information in this summary and the terms of the offi cial plan documents, the offi cial plan documents govern. For convenience, the terms Bank of America, bank and company are used to refer to Bank of America Corporation, as well as all companies in the Bank of America controlled group of corporations that participate in the plans described in this summary. Some benefi t programs will refer you to external resources such as websites. It is your personal decision whether to use one of these external resources. Bank of America has no control over the content, availability or terms of use of these external resources. Bank of America is not responsible for any issues you may have related to your access or use of these sites. Your use of these external resources is governed by the terms and conditions described on each site. This summary is provided in English. If you have diffi culty understanding any part of this summary or have questions about your status as a retiree, contact the Bank of America Global Human Resources Service Center at 1.800.556.6044 for assistance.

Introduction Contents 1. Introduction 1-2 2. Eligibility and coverage 3-21 3. 22-110 4. Health Care Accounts 111-114 5. Dental plans 115-120 6. Vision plans 121-124 7. Retiree Life Insurance 125-127 8. Other important information 128-132 9. ERISA information 133-143 Introduction Bank of America provides several benefi t options to support the diverse needs of eligible retired employees and their eligible dependents. This summary contains the summary plan descriptions of available benefi t plans covered by the Employee Retirement Income Security Act of 1974 (ERISA), the federal law that governs certain employee benefi t plans. Note: If you are eligible for a plan not described in this summary (such as a continuing predecessor plan), please review the summary plan description(s) for that plan. You may also contact the Plan Administrator through the Bank of America Global Human Resources Service Center at 1.800.556.6044 or the applicable claims administrator for more information. How to access Plan information If you are unable to fi nd answers to your benefi t-related questions in this summary, you may access your health and insurance information on My Benefi ts Resources at mybenefitsresources.bankofamerica.com or by contacting the Bank of America Global Human Resources Service Center at 1.800.556.6044 (hearing-impaired access: dial 711 then call 1.800.556.6044). Representatives are available Monday through Friday, 8 a.m. to 8 p.m. Eastern. Make sure to keep a record of your ticket number. Benefits at a glance This summary contains information about the benefi ts available to Bank of America retirees. The following table provides a summary of the types of health and insurance coverage discussed in this Retiree Health and Insurance Summary Plan Description 2011. As it is intended to be an overview, this table does not describe plan limitations. In addition, eligibility requirements vary for the different medical plans available to retirees. Specifi c requirements are outlined in the Eligibility and coverage chapter. Keep in mind that certain life events can affect your eligibility for benefi ts and the level of benefi ts you receive. For more information about these benefi t plans, refer to the appropriate sections of this summary or contact the Bank of America Global Human Resources Service Center. 1

Introduction Benefits at a glance - health and insurance benefits Medical Options for non-medicare eligible participants may include: Preferred Provider Organizations (PPOs) Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs) High deductible health plan Out-of-area plan (available only if a PPO is not available within your home ZIP code) Health Care Accounts Dental Vision Life insurance Options for Medicare-eligible participants may include: Comprehensive Medicare Supplement High Deductible Medicare Supplement Medical Only Medicare Supplement Medicare Advantage plans Not all options are available in all locations. If you are eligible, you will receive information on the plans available in your area at retirement and during each annual enrollment period if you are currently covered under a plan at that time. You may be eligible to participate in the Health Savings Account (HSA) to pay for eligible health care expenses. This summary also includes information about the following health care accounts: Health Reimbursement Arrangement (HRA) Medical Reimbursement Account (MRA) Health Care Savings Fund (HCSF) You may be eligible for dental coverage that provides preventive and restorative benefi ts. Depending on where you live, the following options may be available: MetLife Dental (PPO) Aetna Dental Maintenance Organization (DMO) You may be eligible for vision benefi ts provided through a network of optometrists and ophthalmologists contracted at discounted rates. Depending on where you live, the following options may be available: Vision Service Plan EyeMed Vision Care You may be eligible for basic retiree life insurance coverage if you meet the eligibility requirements. This summary also includes information about supplemental retiree life insurance coverage available to certain eligible retirees. 2

Eligibility and coverage Eligibility and coverage Introduction As a Bank of America retiree, you may be eligible for the benefi ts and programs described in this Retiree Health and Insurance Summary Plan Description 2011. This chapter provides information about eligibility rules, when coverage begins and how your retiree health and insurance benefi ts may be affected by certain life events. Table of contents Section I Eligibility Section II When coverage begins Section III Enrolling in retiree health and insurance benefits Section IV Changing coverage after retirement Section V Paying for coverage Section VI When coverage ends Section VII Retiree surviving-spouse/domestic partner benefits Section VIII Special provisions for certain groups 3

Eligibility and coverage Section I Eligibility Your retiree health and insurance benefi ts depend on the retirement policy in effect when you stopped working for the company. All plan options for which you are eligible are listed in the personalized enrollment materials you received when you fi rst became eligible for retiree benefi ts, and during subsequent Annual Enrollment periods. All eligible retirees must complete the enrollment process to select their retiree medical, dental and/or vision benefi ts, and to change life insurance benefi ts, if applicable. Details about the specifi c health and insurance plans available to Bank of America retirees are provided later in this summary. In order to be eligible for retiree benefi ts, you must have: Been benefi ts-eligible as an active employee as of the date your employment ended and met the Rule of 60 (see Rule of 60 later in this section) as of that date, or Met the rule of 60 (see Rule of 60 later in this section) as of the date you moved from benefi ts-eligible to non-benefi ts eligible status as an active employee, or Satisfied other applicable eligibility criteria in effect as of the date your employment ended prior to Jan. 1, 2006. In general, you may be eligible for the following retiree benefi ts: Medical Dental Vision Health care accounts Health Reimbursement Arrangement (HRA) Health Savings Account (HSA) Medical Reimbursement Account (MRA) Health Care Savings Fund (HCSF) Retiree Life Insurance To learn more about eligibility for health care accounts, see the Health Care Accounts chapter or contact the Bank of America Global Human Resources Service Center. To learn more about eligibility for retiree life insurance, see the Retiree Life Insurance chapter and contact your plan directly. If you are eligible for retiree life insurance, your coverage is shown on your Enrollment Worksheet in your enrollment materials. Note: Some retiree life insurance plans reduce coverage based on age. If this applies to your plan, information will be included with your enrollment materials. If your service ended in connection with an act of dishonesty or if you were terminated for gross misconduct, you will not have access to any retiree health and insurance benefi ts or banking privileges and you will not be considered a Bank of America retiree. You will only receive any pension plan benefi ts and 401(k) plan benefi ts to which you are entitled. Rule of 60 The Rule of 60 defines eligibility for certain compensation and benefit programs when eligible employees leave the company. This rule may give eligible employees access to and certain additional rights to a number of Bank of America programs. For more details about these programs, see Programs under Rule of 60 later in this section. Note: If you worked for a predecessor company you may have special eligibility requirements. See Section VIII Special provisions for certain groups for more information, including eligibility for a company contribution toward the cost of retiree health and insurance coverage. Subject to any applicable nondiscrimination requirements, Bank of America, in its sole discretion, may designate certain individuals who do not meet the Rule of 60 upon termination of employment as eligible for retiree benefits described in this Retiree Health and Insurance Summary Plan Description 2011. Eligibility for Rule of 60 Generally, you are eligible to enroll in retiree benefi ts if you leave the company on or after Jan. 1, 2006 and you meet the following age and service requirements on the date your employment ends: At least 10 years of vesting service 1 as defi ned under either the tax-qualifi ed pension plan sponsored by Bank of America in which you were accruing a benefi t when employment ended, or the Bank of America Pension Plan if you were not accruing a benefi t under any such tax-qualifi ed pension plan, and Age plus years of vesting service equals at least 60 (with no minimum age requirement). Rule of 60 retiree eligibility will be evaluated only for individuals at the time of retirement from Bank of America on or after Jan. 1, 2006. This includes new retirees or rehired retirees who are now re-retiring, but does not include individuals who previously retired prior to Jan. 1, 2006. 1 Special rules may apply. See Section VIII Special provisions for certain groups later in this section for more information. 4

Eligibility and coverage Programs under Rule of 60 Program If you leave the company under Rule of 60 Retiree medical coverage Retiree dental & vision coverage Health Reimbursement Arrangement You and your eligible dependents will have access to retiree medical coverage at the full cost of coverage. Rule of 60 does not include a company subsidy or contribution toward the cost of coverage. You and your eligible dependents will have access to retiree dental and vision coverage at the full cost of coverage. Rule of 60 does not include a company subsidy or contribution toward the cost of coverage. You will have access to the balance remaining in your account (which will be transferred to a Retiree HRA). You can use the balance to pay for any qualified medical expenses, including health care premiums, even if you do not enroll in Bank of America retiree medical coverage. Note: Meeting the Rule of 60 offers only access to Bank of America retiree medical, dental and vision plans; it does not provide a subsidy or company contribution toward the cost of medical, dental and vision coverage. The Rule of 60 does not determine eligibility to participate in retiree life insurance. To learn more about the Rule of 60 and the impact on other benefits such as retirement and stock plans, call the Bank of America Global Human Resources Service Center and follow the prompts for Retirement. Eligible dependents For purposes of your benefi ts, the following defi nitions of dependents apply: Children: Your children qualify as your dependents if they are unmarried, depend on you for primary fi nancial support and are either under age 19 or full-time students under age 24 as defi ned below. Spouse: Your spouse is your legally married spouse as recognized under applicable state law. Domestic partner: A same or opposite sex individual qualifi es as your domestic partner, for applicable health and insurance benefi t plans, if all the domestic partner requirements below are satisfi ed (or as provided by state or local law). Other adult dependent 2 : An individual can qualify as your other adult dependent if he or she meets all the eligibility requirements outlined under Other adult dependent later in this section. Your dependents in the armed services are not eligible for the medical, dental and vision plans. Children Children include natural children, legally adopted children, stepchildren and children placed with you for adoption or foster care. Other children who live with you, depend on you for primary financial support and who have a parent-child relationship with you (including a domestic partner s children and children for whom you are legal guardian) may also be enrolled. Dependent children must be unmarried, depend on you for primary fi nancial support, and be under age 19 or be full-time students under age 24 3 enrolled in a high school or accredited college or university or similar educational institution (student verifi cation required annually). In most plans, you may also enroll your disabled unmarried children who depend on you for primary fi nancial support and who have been continuously disabled by a physical or mental condition that began before age 19 (or before age 24 while a full-time student covered under a company-sponsored medical plan). You must submit medical proof of disability for the dependent child before coverage under this provision is effective and at reasonable intervals as requested by the Plan s claims administrator. Normally, grandchildren cannot be enrolled as your dependents. However, grandchildren can be enrolled if they live with you, depend on you for primary fi nancial support and you have assumed the parental role. You are considered to have assumed the parental role of your grandchildren if one of the following applies: You have been appointed legal guardian of the grandchildren No parent of your grandchildren lives with you A parent of your grandchildren lives with you but is under 18 and also dependent on you for primary fi nancial support If you are uncertain if a child qualifi es as your dependent, contact the Bank of America Global Human Resources Service Center. 2 The HMSA Hawaii PPO plan and the Triple-S Salud plan do not cover other adult dependents. 3 Your eligible dependent child may be able to continue coverage after these ages if he or she is enrolled in a fully insured medical, dental and/or vision plan and lives in certain locations. In addition, the HMSA Hawaii PPO plan and Triple-S Salud plan extend dependent child eligibility up to age 26 regardless of full-time student or marital status. Please call the Bank of America Global Human Resources Service Center for more details. 5

Eligibility and coverage Spouse/Domestic Partner Your spouse is your legally married spouse as recognized under applicable state law. For an individual to qualify as your domestic partner, you and that individual must meet all the following criteria listed below (or be recognized as domestic partners or civil union partners under applicable state or local law): Have an exclusive, committed relationship that is expected to last indefi nitely Live together Be responsible for each other s welfare on a continuing basis Not be of an age or related to each other in a way that would prohibit legal marriage Not be legally married to anyone else Not have had another domestic partner in the past six months (except in the case of death) In general, same-sex spouses are treated like opposite sex spouses under Bank of America s welfare benefit plans to the extent permitted under applicable law. However, in order to correctly report federal income taxes, a same-sex spouse who is not a tax dependent must be enrolled as a domestic partner. If you legally marry a same-sex individual in a state that permits the marriage, but you live in or move to a state that does not recognize the marriage, that individual will still be eligible for coverage as a domestic partner. Other adult dependent To qualify as an other adult dependent, an individual must: Be under age 65 Be your dependent for federal income tax purposes. (To qualify for coverage in a given year, the individual must have been your tax dependent for the previous tax year and must continue to be your tax dependent for the current tax year.) Live with you and be considered a member of your family Not be eligible for, and not have declined or deferred, coverage through the Bank of America employee or retiree health care program Other adult dependents may be covered as your dependent under most medical and dental plans. Medical, dental and vision plans will cover either a spouse, domestic partner or other adult dependent. The HMSA Hawaii PPO plan and the Triple-S Salud plan do not cover other adult dependents. Please see the medical plan summaries in the chapter for details and exceptions. For information regarding insurance coverage for other adult dependents, log in to My Benefi ts Resources or contact the Bank of America Global Human Resources Service Center. Verification of dependent status You may be required to provide evidence of dependent eligibility, such as, but not limited to tax returns, marriage license, birth certifi cate, court order, adoption papers, proof of joint residency or certifi cate/affi davit of common-law marriage or eligibility for domestic partner or other adult dependent status. If a dependent becomes ineligible If a covered spouse, domestic partner, other adult dependent or dependent child becomes ineligible for coverage during the year (for example, you get divorced), the individual(s) who become(s) ineligible for coverage will be dropped from your coverage. You must immediately contact the Bank of America Global Human Resources Service Center to report that any dependents should be dropped from coverage due to a loss of eligibility within 31 calendar days of the loss of eligibility. When you report a dependent s loss of eligibility within 31 calendar days of the loss of eligibility: The dependent s coverage ends at midnight on the last day of the month in which the dependent loses eligibility for coverage. If a dependent loses eligibility for coverage on the fi rst day of a month (e.g., dependent child s 24 th birthday occurs on the fi rst day of a month), that dependent s coverage ends on the last day of the previous month. Changes to your contribution amounts will be made as of the fi rst day of the month on or after the date on which you notify the Bank of America Global Human Resources Service Center that your dependent is no longer eligible. 6

Eligibility and coverage If you do not inform the Bank of America Global Human Resources Service Center of a covered dependent s ineligibility within 31 calendar days of the loss of eligibility: The dependent s coverage ends at midnight on the last day of the month in which the dependent loses eligibility for coverage. If a dependent loses eligibility for coverage on the fi rst day of a month (e.g., dependent child s 24 th birthday occurs on the fi rst day of a month), that dependent s coverage ends on the last day of the previous month. Changes to your contribution amounts will be made as of the fi rst day of the month on or after the date on which you notify the Bank of America Global Human Resources Service Center that your dependent is no longer eligible. Any claims paid while your dependent was enrolled but ineligible may be considered an overpayment from the Plan which you may have to repay 4. To drop coverage for ineligible dependents, contact the Bank of America Global Human Resources Service Center. The company reserves the right to seek recovery of any benefi ts paid under any plan to your ineligible dependents. Falsification of information If you or an enrolled dependent knowingly submit false information when enrolling in, changing or claiming health and insurance benefi ts, or if you fail to notify the Bank of America Global Human Resources Service Center that an enrolled dependent is no longer eligible for coverage, participation for you and your dependents may be immediately, retroactively and permanently canceled. In addition, the insurance company may deny coverage. Pending claims may not be paid and you must reimburse the plan for any previous claims incurred that should not have been paid. 4 Under the HMSA Hawaii PPO plan and the Triple-S Salud plan, if you or one of your eligible dependents become eligible for Medicare coverage, then coverage in these two plans will be terminated prospectively from the date you notify the Bank of America Global Human Resources Service Center of such Medicare eligibility, rather than retroactively as described in this section. 7

Eligibility and coverage Section II When coverage begins This section describes when coverage generally begins. Newly retired employees If you enroll by the deadline shown on your Enrollment Worksheet, coverage for the retiree health and insurance benefi ts you are eligible for begins on the fi rst day of the month after your retirement date. Generally, most retirement dates are the last day of the month. For example, if your retirement date is Dec. 31, 2011, your retirement coverage begins Jan. 1, 2012. Information about coverage if you do not submit benefi t elections is described in Section IV Changing coverage after retirement. Re-enrollment requirements are described in Section III Enrolling in retiree health and insurance benefits and Section VIII Special provisions for certain groups. Dependents You may enroll your eligible dependents in some of the retiree health and insurance benefit plans offered to you. You can enroll eligible dependents when you first become eligible for retiree coverage, during an Annual Enrollment period or if your dependent has a qualified change in status. See Qualified status changes in Section IV Changing coverage after retirement for more information. If you enroll your dependents at the same time you enroll yourself, their coverage begins when your coverage begins. If you enroll your dependents during an Annual Enrollment period, their coverage begins as of January 1 of the next year. If you enroll your dependents upon a qualified status change, their coverage begins as described under Qualified status changes in Section IV Changing coverage after retirement. No person may be covered as a dependent of more than one Bank of America retiree and/or active employee under particular types of coverage. You can elect one of four levels of coverage under the retiree medical, dental and vision plans: You only You + child(ren) You + one adult You + one adult + child(ren) You may elect different coverage levels for retiree medical, dental and vision. For example, you can choose retiree medical coverage for your family and retiree dental or vision coverage for yourself only. If either you or one or more of your dependent(s) are eligible for Medicare, but not all covered family members are eligible for Medicare, you can also elect one of three levels of coverage under the retiree medical plans: One adult only One adult + child(ren) Child(ren) only See If you are eligible for Medicare in Section III Enrolling in retiree health and insurance benefits for more information. Note: Participants from certain predecessor companies or those enrolled in certain medical plans of predecessor companies may not drop medical coverage and re-enroll later, or may not add new dependents upon enrollment at a later date. Please call the Bank of America Global Human Resources Service Center for information about applicable re-enrollment rules and restrictions. Certain special provisions for some of these participant groups are described in Section VIII Special provisions for certain groups later in this section. Medicare Advantage plan participants Medicare Advantage plans must review and approve all enrollment requests. Until the Medicare Advantage plan approves your enrollment, you will receive interim coverage through the Comprehensive Medicare Supplement Plan. You may be required to provide a Notice of Creditable Coverage. Once the Medicare Advantage plan approves your enrollment, the Bank of America Global Human Resources Service Center will update your medical coverage to refl ect your enrollment in the Medicare Advantage plan. You will receive a Confi rmation Statement from the Bank of America Global Human Resources Service Center at the end of the Medicare Advantage plan s enrollment period. 8

Eligibility and coverage Plan identification (ID) cards If you enroll in a retiree medical and/or dental plan, you may receive a plan ID card from each carrier (medical, prescription drug and/or dental coverage) directly. You may only receive new plan ID cards for plans if you are enrolling for the fi rst time, making changes or if changes are made to plan information. If you enroll in the EyeMed vision plan, you may receive an ID card from EyeMed directly. You may also register by visiting eyemedvisioncare.com, where you may view and print your plan ID card. You may only receive new plan ID cards if you are enrolling for the fi rst time, or if changes are made to plan information. If you enroll in the VSP Visioncare plan, you may view and print your plan ID card by visiting vsp.com. If you have any questions about your ID cards please contact your insurance carrier directly. Regardless of whether you have received your plan ID card(s), you and your dependents, if properly enrolled, are eligible to receive services from your retiree health care plan starting with the effective date of coverage. Receipt of a plan ID card does not entitle you to a benefi t from the plan. 9

Eligibility and coverage Section III Enrolling in retiree health and insurance benefits If, when you left Bank of America on or after Jan. 1, 2006, you met the Rule of 60, and you are eligible for retiree health and insurance coverage, you can enroll yourself and your eligible dependents in retiree health and insurance benefi ts upon retirement. You may be eligible to waive retiree medical coverage and re-enroll during a future Annual Enrollment period or within 31 days of a qualifi ed status change, 5 but you will be required to provide proof that you and each eligible dependent you wish to enroll have been covered under another medical plan (other than Medicare) for 12 consecutive months prior to the date you wish to enroll. You will not be required to provide proof of other coverage if you want to re-enroll only in retiree dental and/or vision coverage. If your family member is a Bank of America retiree or employee If your spouse or domestic partner is also a Bank of America retiree or employee you have two options: Each of you may enroll individually, in the same plan or in different plans, subject to Medicare-eligibility requirements. If you enroll individually, you may not enroll each other as a dependent. Children can be enrolled by only one of you. One of you may enroll in a plan as the retiree or employee, as applicable, enroll the other as a spouse or domestic partner and enroll eligible children as dependents in that same plan. If you elect this option and lose coverage, your spouse or domestic partner will be allowed to elect coverage as a retiree or employee, as applicable and enroll you and eligible children as dependents. Dependent children who are benefi ts-eligible full-time or part-time employees may either enroll as employees, or may be enrolled in your plan as dependents if they meet the eligibility criteria. If your dependent child enrolls as an employee, he or she will be eligible for certain benefi ts depending on his or her work status. Your dependent can contact the Bank of America Global Human Resources Service Center for more information. If you are eligible for Medicare Your home ZIP code and your Medicare eligibility determine the types of medical plans available to you. You are required to notify the Bank of America Global Human Resources Service Center immediately if you or your covered dependent(s) are or become eligible for Medicare. The medical plan options are listed in the enrollment materials you receive as a newly eligible retiree, during Annual Enrollment or when you or one of your dependents becomes eligible for Medicare. Some options may not be available in all locations. Before enrolling your dependents, please review the requirements for claiming and enrolling a dependent in each plan. If you are eligible for Medicare and a dependent is not, you are eligible for different plans as shown below. If you are eligible for Medicare, you should enroll in both Medicare Part A and Part B and use providers who accept Medicare. If you or your covered dependent(s) are eligible for Medicare and do not enroll in Medicare, or do not use providers who accept Medicare, you will be responsible for paying the portion of medical expenses Medicare otherwise would have paid. If: Neither you nor your dependent(s) are eligible for Medicare Either you or one or more of your dependent(s) are eligible for Medicare, but not all covered family members are eligible for Medicare Both you and your dependent(s) are eligible for Medicare Then you and your dependent(s) enroll in: The same non-medicare eligible plan. Different plans: Medicare-eligible plan Non-Medicare eligible plan The same Medicare-eligible plan. 5 Participants from certain predecessor companies or those enrolled in certain medical plans of predecessor companies may not drop medical coverage and re-enroll later, or may not add new dependents upon enrollment at a later date. Please call the Bank of America Global Human Resources Service Center for information about applicable re-enrollment rules and restrictions. Certain special provisions for some of these participant groups are described in Section VIII Special provisions for certain groups later in this section. 10

Eligibility and coverage Section IV Changing coverage after retirement In general, you may change from one retiree medical, dental or vision plan to another only during an Annual Enrollment period. In addition, you may be eligible to drop your current retiree medical, dental or vision coverage during an Annual Enrollment period or within 31 days of a qualifi ed status change, and re-enroll during a future Annual Enrollment period or within 31 days of a qualifi ed status change. To re-enroll in retiree medical coverage, you will be required to provide proof that you and each eligible dependent you wish to enroll have been covered under another medical plan (other than Medicare) for 12 consecutive months prior to the date you wish to enroll. You will not be required to provide proof of other coverage if you want to re-enroll only in retiree dental and/or vision coverage. For example, if your spouse works and has medical coverage through his or her employer, your spouse may be able to enroll you as a dependent, and you could drop your Bank of America retiree medical coverage. If you later change your mind, or your spouse stops working, you can re-enroll in Bank of America retiree medical coverage during Annual Enrollment, or within 31 days of the date your spouse ceases employment (a qualifi ed status change). Note: Participants from certain predecessor companies or those enrolled in certain medical plans of predecessor companies may not drop medical coverage and re-enroll later, or may not add new dependents upon enrollment at a later date. Please call the Bank of America Global Human Resources Service Center for information about applicable re-enrollment rules and restrictions. Certain special provisions for some of these participant groups are described in Section VIII Special provisions for certain groups later in this section. Annual Enrollment period Annual Enrollment is generally held each fall. If you are eligible, it is your opportunity to review and make changes to your retiree medical, dental, vision and/or life insurance (if applicable) benefi ts for the upcoming year. The changes you make during Annual Enrollment generally become effective January 1 of the next year. If you are currently enrolled in retiree medical, dental and/or vision coverage, you will receive personalized enrollment materials, including an Enrollment Worksheet that outlines the benefi t options available to you. You can make changes to your benefi ts elections outside of Annual Enrollment only if you experience a qualifi ed status change. See Qualified status changes later in this section for more information. If you do not submit your benefi t elections within the time specifi ed in your Annual Enrollment materials, you will automatically receive the coverage described in the below table under the No action taken during Annual Enrollment column. Coverage if you do not submit benefit elections Benefit No action taken at retirement No action taken during Annual Enrollment Retiree medical, Dental and Vision Retiree life insurance, Dependent life insurance, and Accidental death and dismemberment (AD&D) insurance No coverage Your coverage is based on certain provisions in place at the time you retire. If you are eligible for a life insurance, dependent life insurance and/or AD&D insurance benefi t, your coverage is shown on your Enrollment Worksheet at the time of your retirement. Note: Some retiree life insurance plans reduce coverage based on age. If this applies to your plan, information will be included with your enrollment materials at the time of your retirement. Currently enrolled - Coverage level and plan currently in effect, or if your plan is no longer offered, then similar coverage. Not currently enrolled - No coverage. Currently enrolled - Coverage level and plan currently in effect. Not currently enrolled - No coverage. 11

Eligibility and coverage Qualified status changes Generally, you may not change your retiree coverage between Annual Enrollment periods. However, if you experience certain changes in your life (referred to as qualified status changes) during the plan year (January 1 through December 31), you may be able to adjust your retiree health and insurance benefi t elections or they may be adjusted automatically. Most requested changes in retiree health and insurance benefi t elections must be on account of, and correspond with, your qualifi ed status change. For example, after the birth of a child, you may add the child to your existing retiree medical plan. However, generally you cannot change to a new medical plan. For more information, contact the Bank of America Global Human Resources Service Center. Some retiree health and insurance benefi t election changes may require you to provide evidence of insurability. If you have a qualifi ed status change, you will need to apply for retiree health and insurance benefi t election changes within 31 days of the change by calling the Bank of America Global Human Resources Service Center or by going to My Benefi ts Resources. You are not required to provide documentation when applying for the change, but you should keep your documentation in case you are later required to provide a copy as evidence of the event. If you do not provide notifi cation within 31 days of the qualifi ed status change, you will not be able to make changes to your retiree health and insurance coverage (including adding any newly eligible dependents) until the next Annual Enrollment period. However, as an exception to this general rule, if you provide notifi cation of your and/ or your dependents eligibility for Medicare more than 31 days after becoming eligible for Medicare, you and/or your dependent(s) will be moved from your current non-medicare eligible plan to a Medicare-eligible plan. This change becomes effective the fi rst day of the month following the date of your notifi cation. Contact the Bank of America Global Human Resources Service Center for more information. In general, your change in benefi ts that corresponds to your qualifi ed status change is effective the fi rst day of the month following the notifi cation of the qualifi ed status change. However, coverage for newborn or adopted children is effective on the date of birth or adoption for most benefi ts. When retroactive changes to retiree medical coverage are required (such as upon receipt of a Qualifi ed Medical Child Support Order), the retroactive change can go back no more than 60 days. For information on Medical Child Support Orders, see the Other important information chapter. If you lose a dependent or your dependent no longer qualifi es for coverage, it is your responsibility to advise the Bank of America Global Human Resources Service Center when your dependent s eligibility changes and he or she no longer qualifi es for coverage (for example, upon divorce, dissolution of domestic partnership, age out of dependent child, etc.). See Section I Eligibility/Verification of dependent status/if a dependent becomes ineligible for information regarding when a dependent s coverage ends, when changes to benefi t contributions are refl ected and the consequences of failing to notify the Bank of America Global Human Resources Service Center within 31 days of such an eligibility change. The following are examples of qualifi ed status changes: You gain or lose a dependent (through marriage, birth, adoption, placement for adoption, death, divorce, legal separation or annulment) You move to a new location outside your current medical or dental network You become eligible for Medicare You or your spouse receives a judgment, decree or court order requiring coverage to be provided for a dependent You or your spouse s COBRA coverage from another employer expires You or your spouse or dependents experience a signifi cant curtailment or termination of medical, dental or vision coverage You or one of your eligible dependents dies Your dependent ceases to be eligible for coverage Your spouse or dependent gains or loses coverage through employment or Medicare Your spouse or dependent experiences a signifi cant increase in coverage cost Your spouse or dependent starts or returns from a strike or lockout Your spouse or dependent changes coverage under another employer s plan due to a qualifi ed status change, or during that plan s open enrollment period that does not correspond with the Bank of America open enrollment period Note: Participants from certain predecessor companies or those enrolled in certain medical plans of predecessor companies may not be eligible to change coverage between Annual Enrollment periods. Please call the Bank of America Global Human Resources Service Center for information about applicable rules and restrictions. Certain special provisions for some of these participant groups are described in Section VIII Special provisions for certain groups later in this section. 12

Eligibility and coverage Section V Paying for coverage Cost of coverage and contributions The amount you pay for benefi ts depends on several factors, including the predecessor company from which you retired, your age, your date of hire, your date of termination of employment, your years of service, the plans you choose, the number of people you cover and where you live. Contribution information is described in Section I Eligibility/Rule of 60/Programs under Rule of 60 and Section VIII Special provisions for certain groups. Your retiree medical, dental and vision plan rates are shown on your personalized enrollment materials each year during the Annual Enrollment period. You have several payment options: Automatic deduction from your pension plan annuity benefit (available for most retirees) If you are receiving your pension benefi ts in the form of a monthly annuity, you can have your monthly retiree health and insurance benefi t payments deducted directly from your pension annuity check. If your monthly cost is more than your pension benefi ts, you will receive a monthly invoice. Note: This option is not available if you have an MRA or HCSF (see Section IV Medical Reimbursement Account and Health Care Savings Fund in the Health Care Accounts chapter for details about these accounts) or if you are a Countrywide or Merrill Lynch retiree; in these cases, you must select either automatic bank withdrawal or invoice billing. Direct Debit from a checking or savings account You may elect to have your monthly retiree health and insurance benefit payments deducted automatically from your bank account. Your payments will be deducted from your account on or around the first of each month. Direct billing If you do not request automatic deduction from your pension plan annuity benefi t or direct debit from a bank account, you will receive a bill each month from the Bank of America Global Human Resources Service Center. To change your payment method, call the Bank of America Global Human Resources Service Center or visit My Benefi ts Resources and navigate to the Billing and Payments section under the Health and Insurance tab, and click Change under the Current Ongoing Payment Method. Imputed income The value of certain retiree benefi ts is considered imputed income, which means you pay taxes on the value of that coverage. The value of coverage for a domestic partner or same-sex spouse and/or their children who are not your tax dependents for purposes of retiree medical, dental and vision coverage is considered imputed income. If you are enrolling a domestic partner, same-sex spouse and/or their children whom you can claim as your dependent under federal law for purposes of health care coverage, you must notify the Bank of America Global Human Resources Service Center. In addition, you will have imputed income if your company-paid retiree life insurance coverage exceeds $50,000. Some participants may have imputed income on their dependent life insurance coverage (for coverage more than $2,000). If you are currently receiving a monthly pension annuity check, the taxes you owe on any imputed income amounts will be withheld directly from your pension annuity check. If imputed income affects you, you will receive a W-2 form. For more information, call the Bank of America Global Human Resources Service Center or contact a tax adviser. Some states may have different rules for imputed income for state income tax purposes. 13

Eligibility and coverage Section VI When coverage ends Coverage ends if: You cancel your coverage (restrictions apply). You do not pay the retiree portion of your health care contributions for 30 days. Your coverage will be canceled retroactively as of the end of the last month for which you had paid for coverage. You must reimburse the plan for any claims paid during this period. You are rehired by Bank of America regardless of your benefits-eligible status as an active employee [applies only to retiree medical plans, the Medical Reimbursement Account (MRA), the Healthcare Savings Fund (HCSF), and the Health Reimbursement Arrangement (HRA)]. Your dependent becomes ineligible for coverage (only the dependent s coverage ends). Coverage generally ends at the end of the month in which one of the events listed above occurs, provided that you have paid for coverage that month. If the event occurs on the first day of the month, coverage ends the last day of the previous month. If you receive benefits from a plan after the date coverage ends, you are responsible for reimbursing the plan for benefits provided during that period. You may be eligible for continuation or conversion coverage as described in Section IV Continuation and conversion coverage in the Other important information chapter. Section VII Retiree surviving-spouse/domestic partner benefits Generally, your surviving spouse or surviving domestic partner can remain enrolled in health care coverage at retiree rates after your death. He or she may also continue coverage for those dependent children who were enrolled in a company-sponsored plan at the time of your death, and they will be responsible for the cost of coverage. Your surviving spouse may not enroll a new spouse or any new dependent children for Bank of America retiree coverage. However, certain exceptions may apply under COBRA (see Section IV Continuation and conversion coverage in the Other important information chapter). Note: Special rules may apply. 14

Eligibility and coverage Section VIII Special provisions for certain groups The following special provisions generally apply to certain retiree groups and are not meant to be an exhaustive list of all the special rules and/or eligibility requirements that may apply to a particular individual. If an individual does not satisfy any eligibility requirements to receive a company-provided subsidy ( bank subsidy ) toward the cost of retiree medical coverage, then that individual must pay the full cost of any retiree medical coverage elected. Please contact the Bank of America Global Human Resources Service Center to review any specifi c eligibility requirements or provisions that apply to you based on your legacy company status (e.g., BankAmerica, NationsBank, Fleet, MBNA, U.S. Trust, LaSalle, Merrill Lynch, etc.) and your specifi c factual situation. Some retirees from certain predecessor employers or those enrolled in certain plans may not switch plans, add dependents or drop coverage and re-enroll later. In this section, references to a predecessor company s employees or retirees, such as former BankAmerica employees or Security Pacifi c retirees, refer to employees or retirees who were subject to the personnel policies used within that particular predecessor company before its merger into the Bank of America controlled group of companies. In addition, as used in this section, the terms vesting service and benefi t service are generally defi ned under the tax-qualifi ed pension plan sponsored by Bank of America in which the employee was accruing benefi ts at the time of termination of employment (in certain pension plans, benefi t service may be referred to as credited service, credited years of service or some other similar term). Unless otherwise noted, the groups described below are closed groups - no new retirees can enter. Please note that other special rules may apply to certain retiree groups. If you have questions about whether any special rules apply to you, please call the Bank of America Global Human Resources Service Center. Former BankAmerica employees BankAmerica retirees who retired before Jan. 1, 1991 receive a bank subsidy based on plan selected, coverage level (e.g., retiree only, retiree + one adult), and potentially state of residence. The bank subsidy is a fi xed dollar amount based on the company contribution for each category of coverage in 1991. No reductions based on age and service at retirement apply. Non-Medicare eligible retirees also receive a converted subsidy based on plan selected, coverage level and potentially state of residence. BankAmerica retirees hired prior to Jan. 1, 1991, who retire after Dec. 31, 1990 who meet one of the following four criteria receive a bank subsidy based on plan selected, coverage level and potentially state of residence, but this subsidy may be less than the subsidy received for those who retired before Jan. 1, 1991, depending on age and benefi t service at retirement: As of Dec. 31, 2000, were at least age 55 and had accrued at least 15 years of benefi t service, or As of Dec. 31, 2000, were at least age 60 and had accrued at least 5 years of benefi t service, or As of Dec. 31, 2000, were at least age 65 and had accrued at least 10 years of benefi t service, or Have attained at least age 55 with 15 years of benefi t service at retirement, with at least 75 years of combined age and benefi t service. Non-Medicare eligible retirees also receive a converted subsidy based on plan selected, coverage level and potentially state of residence. This group is still open to current Bank of America employees who meet these qualifi cations upon retirement. BankAmerica retirees hired prior to Jan. 1, 1991, who retire after July 1, 2000 and who are at least age 50 but less than age 55, with at least 15 years of benefit service and at least 75 years of combined age and benefit service at retirement receive a bank subsidy based on plan selected, coverage level, potentially state of residence and combined age and benefit service at retirement. This subsidy is one-half of the bank subsidy they would have received if they had retired at age 55 with at least 75 years of combined age and benefit service. Non-Medicare eligible retirees also receive a converted subsidy based on plan selected, coverage level and potentially state of residence. This group is still open to current Bank of America employees who meet these qualifications upon retirement. BankAmerica retirees hired on or after Jan. 1, 1991, who retired after July 1, 2000 and before Jan. 1, 2006 and who were at least age 50 with at least 75 years of combined age and benefit service at retirement receive a converted subsidy for non-medicare eligible plans based on plan selected, coverage level and potentially state of residence. BankAmerica retirees who retired after July 1, 2000 and before Jan. 1, 2006 and who were at least age 50 with at least 75 years of combined age and vesting service at retirement receive a converted subsidy for non-medicare eligible plans based on plan selected, coverage level and potentially state of residence. 15