Legacy Dow Corning Retirees IMPORTANT INFORMATION ABOUT YOUR DOW CORNING RETIREMENT PLANS Review this information carefully to learn more about what s happening with your Dow Corning Corporation Employees Retirement Plan (ERP) beginning January 1, 2017.
Important Information about Your Dow Corning Retirement Plans November 2016 What s Happening Effective January 1, 2017, the Dow Corning Corporation Employees Retirement Plan (ERP) will merge into the Dow Employees Pension Plan (DEPP). This update will not change your pension benefit payment amount. Changes you will experience include administrative updates and the way you receive pension benefit related support from Dow. Dow is taking action in an effort to simplify administration, while also meeting obligations to plan participants and providing additional resources. Carefully review this booklet to understand what to expect, steps to take and where to go for support beginning January 1, 2017. What You Can Expect While your pension benefit amount will not change, you will experience some administrative changes. Here is what you can expect to change and stay the same beginning January 1, 2017. WHAT IS CHANGING - The issuer of your pension benefit (shown on your bank statement or check) - Resources available to help you with pension-related requests - When pension statements will be mailed to you - The issuer of your Form 1099 beginning in 2018 (for the 2017 tax year) WHAT IS NOT CHANGING - Your gross pension benefit amount (note that your payment amount will be updated to reflect benefit deductions based on your benefit elections, if applicable) - How you receive your pension benefit payment (check vs. direct deposit) - Tax withholdings (note that the method used for calculating tax withholdings may be updated in the future after new tax forms and documentation are processed) If you have a nonqualified plan benefit, the timing of your payment for this benefit will move from midmonth to the end of the month. This separate payment will be made at the same time as your qualified plan payment. The company continues to provide your payment, though Dow will be shown on the payment or bank statement, instead of Dow Corning. 1
Important Information about Your Dow Corning Retirement Plans November 2016 What You Can Expect (Continued) More About What Is Changing - Pension benefit payments will be made by the Dow Employees Pension Trust. Currently, Northern Trust issues benefit payments under the Dow Corning ERP. Pension benefit payments you receive on or after January 1, 2017, will come from the Dow Employees Pension Trust. As a result, you will see Dow Employees Pension Trust on your pension check or bank statement (if you currently receive your benefit payment via direct deposit). - You will have access to new resources for help with pension-related requests. The Dow Retiree Service Center and Dow Benefits website will be your go-to resources for pension-related requests. - Pension statements will be mailed to you in January and December, as well as in any month in which your net pension benefit changes (for example, due to changes in tax withholding or benefit premiums). Note you will no longer receive monthly statements by mail. More About What Is Not Changing - Your pension benefit amount stays the same. You will receive the same pension benefit amount as you do today. The method used for calculating tax withholdings may be updated in the future after new tax forms and documentation are processed, but this will not change the gross amount of your benefit. - You will continue to receive your pension benefit payment the same way you do today via direct deposit or paper check mailed to you. - Deductions from your pension payments for retiree medical and life insurance premiums will continue (if applicable). Deduction amounts will reflect your elections for 2017 and any year-to-year cost increases. - Your Form 1099 will come from Dow for payments made in 2017 and going forward. Northern Trust will send your Form 1099 in January 2017 for your 2016 payments. 2
Important Information about Your Dow Corning Retirement Plans November 2016 Your Resources Dow has a number of valuable resources available to you as a retiree. Take advantage of these resources as you have questions throughout the year. Dow Retiree Service Center For all benefit-related questions (including pension-related requests starting January 1, 2017), contact the Dow Retiree Service Center: EMAIL Access the Dow Benefits website Click on Message Center PHONE 800-344-0661 (Monday Friday, 8 a.m. 6 p.m. Eastern Time) Experienced representatives will assist you with your requests. This is the same service center you currently use for assistance with health and welfare benefits. Dow Benefits Website You may be familiar with the Dow Benefits website (https://dowbenefits.ehr.com) if you accessed it during annual enrollment. This website is currently available for health and welfare information (unless you receive your retiree benefits coverage through the Aon Hewitt Exchange). Soon you will have access to pension information too. You will receive more information about how to use the Dow Benefits website for pensionrelated information next year before the online self-service features take effect. Dow Friends Website Keep in mind you will continue to have access to the Dow Friends website (www.dowfriends.com) for general information about your pension, resources and other programs. If you have pension-related questions and/or requests before January 1, 2017, you should continue to call the Dow Corning HR Service Center at 800-440-0772. 3
The Transition Timeline Here s an overview of what is happening when and what action you may need to take as a result. Now through December 31, 2016 Continue to call the Dow Corning HR Service Center at 800-440-0772 for any pension-related questions. Beginning January 2017 Contact the Dow Retiree Service Center at 800-344-0661 for pensionrelated requests. 2nd Quarter of 2017 Access the Dow Benefits website to use online self-service features related to your pension benefit (e.g., update your contact information, tax withholding assumptions, direct deposit information).
PO Box 2169 Midland, MI 48641-2169 Important Information about Your Dow Corning Retirement Benefits - New number to call for your pension benefits starting January 1, 2017 - Pension-related information coming to Dow Benefits website in 2017 Dow refers to The Dow Chemical Company and its subsidiaries that are authorized to participate in the benefit plans described in this guide. The brief summaries of benefits in this communication provide only general information. You should refer to the plan document and Summary Plan Description of the applicable plan(s) for a more complete description of a plan s terms. If there is any conflict between (a) information in this communication and any oral or written representations made by anyone regarding a plan and (b) the legal documents of a plan, including the plan document or Summary Plan Description for the applicable plan, the plan legal documents will govern. The Dow Chemical Company reserves the right to amend, modify, and terminate the plan(s) described in this communication at any time in its sole discretion. The foregoing descriptions are subject to change based on the terms of the plan(s) and applicable law. Trademark of The Dow Chemical Company ( Dow ) or an affiliated company of Dow. Content Steward: Bill Mon LIT #318-61191-1116