Summary Plan Description of the CenturyLink Dollars & Sense 2018-12-04آ  CenturyLink Dollars & Sense

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  • CenturyLink Dollars & Sense 401(k) Plan

    SPD January 1, 2018

    Summary Plan Description

    of the

    CenturyLink Dollars & Sense 401(k) Plan

    PLEASE READ THIS SUMMARY PLAN DESCRIPTION CAREFULLY

    AND KEEP IT FOR FUTURE REFERENCE

    The date of this Summary Plan Description is January 1, 2018

  • TABLE OF CONTENTS

    Page

    CenturyLink Dollars & Sense 401(k) Plan SPD January 1, 2018

    -i-

    SECTION 1: INTRODUCTION .................................................................................................. 1

    Keep Access to Your Plan Account Secure ....................................................................... 1

    SECTION 2: THE PARTIES RESPONSIBLE FOR THE PLAN AND ITS OPERATIONS .... 2

    Plan Sponsor ...................................................................................................................... 2

    CenturyLink ........................................................................................................... 2

    Employer Identification Number or EIN. .............................................................. 2

    Participating Company........................................................................................... 2

    Company. ............................................................................................................... 2

    Plan Administrator ............................................................................................................. 2

    CenturyLink Employee Benefits Committee (the “Committee”). ......................... 2

    Wells Fargo ............................................................................................................ 3

    Wells Fargo Retirement Service Center ................................................................ 3

    Accessing Your Plan Account ............................................................................... 3

    Investment Fiduciary - CenturyLink Investment Management Company ........................ 4

    Investment Manager............................................................................................... 4

    Self-Directed Brokerage Account ...................................................................................... 4

    Trust Fund and Trustee ...................................................................................................... 4

    Agent for Service of Legal Process ................................................................................... 5

    Where You Can File A Lawsuit Against the Plan ................................................. 5

    SECTION 3: PARTICIPATING IN THE PLAN ......................................................................... 6

    Covered Employees ........................................................................................................... 6

    Ineligible Employees ......................................................................................................... 6

    When Your Plan Participation Commences ...................................................................... 7

    Making Employee Contributions ....................................................................................... 8

    How to Opt Out of Automatic Employee Contributions ....................................... 8

    Automatic Annual Increase in Pre-Tax Contributions. .......................................... 8

    Other Automatic Contribution Alternatives. .......................................................... 9

    Voluntary Automatic Increase Option ................................................................... 9

    Target My Retirement® Automatic Increases ..................................................... 10

    Election to Make Roth Contributions and After-Tax Contributions ................... 10

    Separate Election Required To Make Employee Contributions From

    Bonus Compensation ............................................................................... 10

    Eligibility for Company Matching Contributions ............................................................ 11

    Ceasing Participation ....................................................................................................... 11

    Participation upon Rehire ................................................................................................ 11

    SECTION 4: PLAN ACCOUNTS AND CONTRIBUTIONS ................................................... 12

    Plan Accounts .................................................................................................................. 12

    Pre-Tax Contributions ...................................................................................................... 12

    Roth Contributions ........................................................................................................... 12

    After-Tax Contributions................................................................................................... 12

  • TABLE OF CONTENTS

    (continued)

    Page

    CenturyLink Dollars & Sense 401(k) Plan SPD January 1, 2018

    -ii-

    Maximum Amount of Pre-Tax Contributions, Roth Contributions and/or After-Tax

    Contributions........................................................................................................ 13

    What Happens If You Contribute More Than The Maximum Annual

    Dollar Limit? ............................................................................................ 13

    What About Your Participation in Other 401(k) or 403(b) Plans? ...................... 13

    Catch-Up Contributions ................................................................................................... 13

    Rollover Contributions..................................................................................................... 14

    Employee Contribution Election Changes ....................................................................... 15

    Automatic Suspension of Contributions Upon Hardship Withdrawal. ................ 15

    Matching Contributions ................................................................................................... 15

    Amount of Matching Contribution ...................................................................... 16

    Annual True Up of Matching Contributions ........................................................ 17

    Compensation Used for Plan Contributions .................................................................... 18

    Bonus Compensation ........................................................................................... 19

    Maximum Amount of Annual Compensation For Plan Purposes ....................... 19

    Contributions by Participants Returning from Military Leave ........................................ 19

    SECTION 5: VESTING ............................................................................................................. 21

    Vesting in Company Contributions ................................................................................. 21

    Forfeiture of Unvested Amounts ..................................................................................... 22

    How Service is Credited for Vesting ............................................................................... 22

    Service Spanning Rules ....................................................................................... 23

    Break In Service Rules......................................................................................... 24

    SECTION 6: INVESTMENT OF YOUR PLAN ACCOUNT ................................................... 26

    Introduction ...................................................................................................................... 26

    Target Date Funds ............................................................................................................ 26

    Core Funds – Building Your Own Portfolio .................................................................... 27

    Passively-Managed Core Funds ........................................................................... 27

    Actively-Managed Core Funds ............................................................................ 27

    Available Fund Investment Options .................................................................... 27

    Self-Directed Brokerage Account .................................................................................... 28

    PCRA Fees ........................................................................................................... 28

    PCRA Restrictions ............................................................................................... 28

    The Importance of Diversifying Your Retirement Savings ............................................. 29

    A Special Note about the CenturyLink Stock Fund............................................. 29

    Assistance For Your Investment Decisions ..................................................................... 30

    Wells Fargo Retirement Investment Advice Program ......................................... 30

    Wells Fargo Target My Retirement® Managed Account Program ..................... 30

    Who is Responsible for Participant Investment Decisions .............................................. 31