Team Church 403(b)7 Retirement Plan

TEAM CHURCH 403(b)7 Retirement Plan

Introduction. Team Church is committed to offering a Retirement Plan as part of its benefit package to full time employees. In accordance with IRS regulations, Team Church is required to provide a retirement plan effective 1 January 2009. This document, from here on referred to as the “Plan”, outlines and explains Team Church’s responsibilities as a sponsor. The Plan also outlines all participant requirements and investment options. Team Church uses The Vanguard Group as the only source for 403(b)7 Investments, and adheres to all terms and conditions as set forth in the Vanguard Individual 403(b)7 Program – Service Description and the Vanguard 403(b)7 Individual Custodial Account Agreement. These two Vanguard documents are to be considered a reference to this Plan and should be read in conjunction with this Plan. Plan Overview. Team Church sponsors one retirement plan option, a 403(b)7 plan that is run by The Vanguard Group. All investment options, benefits, limitations, terms and conditions are determined by the Vanguard Group and this document. Team Church does not contribute to any other retirement plan or account. Eligibility. • Any paid staff member is eligible to participate in the Plan and make voluntary payroll contributions. Only full time staff members are eligible to receive matching contributions from Team Church. • Part-Time staff can enroll in the Plan at any time. It is the staff member’s responsibility to enroll themselves in the plan. They are not eligible for matching contributions from Team Church. • Full-Time staff can enroll in the Plan at any time. It is the staff member’s responsibility to enroll themselves in the plan. Benefits. • After one year of continuous service in a full time status, the Full Time staff member is eligible to receive 5% of their income as a match. This percentage is placed in the staff members account whether the staff member contributes or not. • Any other benefits are those specified by the Vanguard 403(b)7 Individual Custodial Account Agreement. Limitations. • In order to participate in the Plan, employees must enroll in the Vanguard 403(b)7 Plan offered by Team Church. Team Church is not responsible for enrolling employees, although the organization will assist employees in that process. • All other limitations are those set forth in the two referenced Vanguard documents.

March 13, 2009 12:48 PM

TEAM CHURCH 403(b)7 Retirement Plan

Available Investments. All investment options provided by The Vanguard Group and offered specifically as part of their 403(b)7 agreement are available to enrolled employees. Distributions. • Distributions will be made in accordance with the terms and requirements set forth in the Vanguard Individual Custodial Account Agreement and the Vanguard Individual Program – Service Description, and this Plan. • Hardship Withdrawals are not authorized under this plan with the exception for severance and disability. See the Individual Custodial Account Agreement for what constitutes a hardship withdrawal. Plan Compliance and Administration. • Team Church will assign an Administrator to properly manage this Plan and ensure it fully complies with all laws and regulations. • The Administrator will notify all staff of their right to make, change, or revoke salarydeferral selections on an annual basis. • The Administrator will authorize hardship withdrawals based on Plan requirements Questions. For questions or clarification related to the Plan, contact the Administrator, Robin Priles at 704-469-5642 or [email protected]

March 13, 2009 12:48 PM