Medical, Dental, and Vision

What

If you participate in the J. Paul Getty Trust's Retirement Plan, you may be eligible to participate in the Medical Plan for retirees. This plan is designed to provide health care benefits for you and your eligible dependents.

When

• Your coverage as an employee will remain in effect through the end of the month in which you retire. If you are eligible for the Medical Plan for retirees, you and your eligible dependents may elect to enroll in the plan if you also elect to retire and receive monthly benefits from the Retirement Plan. You must elect coverage in order to enroll in the medical plan. If you do not elect coverage at the time you retire, you will no longer be eligible for the Retiree Medical Plan.

• If you are not eligible for the Medical Plan for retirees, you may choose to continue coverage through COBRA.

How

Human Resources will send you specific information on COBRA soon after you retire. For general information on COBRA, refer to PDF page 49 of the Summary Plan Description.

Note

Dental and vision coverage is not included in the Medical Plan for retirees. You may elect to purchase dental and vision coverage by applying for COBRA.

Flexible Spending Accounts (FSAs)

What

• You will be eligible for reimbursement of healthcare expenses incurred prior to the date you retire. However, you will be eligible for reimbursement of dependent day care expenses for the remainder of the calendar year. If you elect to participate in COBRA, you will be eligible to receive reimbursement for healthcare expenses incurred after your employment terminates.

• For more information on continuing your healthcare FSA, go to PDF page 10 of the Summary Plan Description.

When

You must submit all claims by March 31 of the following calendar year.

How

To request reimbursement from your FSA, submit an FSA Claim Form along with receipts to the address on the form.

Group Term Life, AD&D, LTD and Voluntary Life

What

Your coverage under Group Term Life, AD&D, LTD, and Voluntary Life terminates on the day you retire from the Getty.

Note

You may convert your Group Term Life and Voluntary Life to individual policies. For information go to PDF page 50 of the Summary Plan Description.

Retirement Plan

What

The Retirement Plan benefit is based on a specific formula using factors such as your service, age and pay. You may choose one of five payment options.

For information on the Retirement Plan, refer to the Summary Plan Description.

When

Retirement Plan benefits are paid monthly. Within 15 business days from the last day you work, you will receive a letter from Human Resources notifying you of your monthly retirement benefits and the payment options available to you.

How

To apply for Retirement Plan benefits, you must notify Human Resources, in writing, of the exact date of your termination at least 4 weeks prior to your retirement. Benefits will be effective the first of the month following your termination date.

After your last day worked, your monthly benefits will be calculated. You will be sent a letter notifying you what your monthly benefit is under each of the five payment options. You will also be sent a Retirement Option Form. By completing the Retirement Option Form, you are electing how you want your monthly benefit to be paid to you. You must return this form to Human Resources along with proof of your age. If you are married, you must return proof of age of the joint annuitant and your marriage certificate.

Monthly benefits are effective the first of the month following the last day you work. Because of the time needed to process the Retirement Option Form, you may not receive your first payment on time. As a rule, Human Resources must receive your forms, along with birth and marriage certificates, by the 10th of the month, in order for your benefits to begin the first of the following month. If your monthly benefits do not begin on the effective date (the first of the month following the last day you worked), you will be paid retroactively back to the effective date.

For example, if the last day you worked was September 21, 2001, your monthly benefits are effective October 1, 2001. However, there is not enough time to process the Retirement Option Form for benefits to begin on October 1, 2001. As a result, your monthly benefit, plus October's benefit, will be sent to you on or about November 1, 2001 provided you have submitted the proper paperwork.

Note

If you are eligible to receive a monthly benefit from the Retirement Plan, it is important that you keep the Getty informed of all future address changes.

Employee Investment Program (EIP)

What

The Employee Investment Program consists of two plans:

1) The Employee Investment Plan (EIP), which contains the account that accepts and holds your before-tax contributions; and

2) The Defined Contribution Retirement Plan (DCRP), which may contain the following two accounts:

• The Match Account, which holds the Getty's contributions that match up to 4% of your base pay.
• If you were hired on or after January 1, 2009, the Non-Elective Contribution Account, which holds the Getty's annual contribution of 6% of base pay up to the Social Security taxable wage base, and 10% on any other base pay. You must be an active employee as of December 31 to receive the Getty's contribution for that calendar year.
  

For information on the EIP, refer to the Summary Plan Description.

When

You should submit your request to Human Resources at least 30 days before you want your payment(s) to begin.

How

To receive a distribution from both of your EIP plans, you must log on to your account at www.vanguard.com or call Vanguard at 800.523.1188. The Getty must review and approve all distributions before Vanguard will process them.

It is your responsibility to request this distribution from the EIP. The Getty will not notify you. If you are married, your spouse's notarized consent is required.

Note

The tax laws that apply to EIP payments are complicated. Please consult a tax advisor before deciding how you want your account balances paid to you.

Vacation and Personal Time Accrual

When you retire from the Getty, your unused vacation and personal time will be paid to you.