Stark Bank Group Enrollment Booklet

ARTICLE III RETIREMENT BENEFITS

What benefits will I receive at normal retirement?

You will be entitled to all your accounts under the Plan when you reach your Normal Retirement Age. However, actual payment of your benefits will, at your election, begin as soon as administratively feasible following your Normal Retirement Date. If you continue working after your Normal Retirement Age, your benefits will be deferred until your Late Retirement Date.

Your Normal Retirement Date is your Normal Retirement Age.

You will attain your Normal Retirement Age when you reach your 65 birthday.

What is my Late Retirement Date?

You may remain employed past the Plan's Normal Retirement Date and retire instead on your Late Retirement Date. Your Late Retirement Date is the date you choose to retire after first having reached your Normal Retirement Date. On your Late Retirement Date, you will be entitled to all your accounts under the Plan. However, actual payment of your benefits will, at your election, begin as soon as administratively feasible following your Late Retirement Date.

What happens if I leave the Employer's workforce before I retire?

The Plan is designed to encourage you to stay with us until retirement. Payment of your account balance under the Plan is available upon your death, disability or retirement.

If your employment terminates for reasons other than those listed above, you will be entitled to receive only your vested percentage (your ownership rights) of your account balance.

You may elect to have your vested benefit distributed to you as soon as administratively feasible on or after the Anniversary Date coinciding with or next following your termination of employment. Any such distribution of your vested benefit which includes Company Stock acquired with the proceeds of a loan which has not been repaid in full will be postponed. However, if the value of your vested benefit does not exceed $5,000, then a distribution will be made to you as soon as administratively feasible on or after the Anniversary Date coinciding with or next following your termination of employment. In addition, if the value of your vested benefit does not exceed $5,000, then this distribution will be made to you in a single lump-sum payment regardless of whether you elect to receive it.

What is my vested interest in my account?

You are always 100% vested (which means that you are entitled to all of the amounts) in the following contributions:



salary deferrals including Roth 401(k) deferrals and catch-up contributions



rollover contributions



matching and non-matching discretionary contributions

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