PHILLIPS ACADEMY RETIREMENT PLAN Contribution & Employer Match

PHILLIPS ACADEMY RETIREMENT PLAN Average Participant Retirement Account Value

PHILLIPS ACADEMY RETIREMENT PLAN Estimated Average Employee Contribution Amount

• Participants agree as a condition of employment, that they will defer 5% of their annual compensation, as defined by the Plan, to the Plan on a pre-tax basis.
• Such contributions continue as long as the Participant maintains employment at the level required for mandatory employee and Employer contributions as defined by the Plan.
• Eligible Employees who have not satisfied the conditions for mandatory Participant contributions may make elective contributions to the Plan on the first of the month following date of hire.
• Participants may also make elective contributions in excess of the 5% mandatory Participant contribution.
• Elective contributions may also be made post-tax (Roth contributions).
• Through a combination of Employer and employee contributions, Participants may contribute up to 100% of their annual compensation to the Plan, subject to certain limitations as defined annually by the Internal Revenue Code (the Code).
• Participants who have attained age 50 before the Plan year-end may make catch-up contributions, as defined annually by the Code.

• The Employer makes a mandatory contribution to the Plan equal to 10% of Participant compensation earned below the Social Security Wage Base (SSWB) and 13% for compensation above the SSWB, as defined annually by the Social Security Administration and outlined in the Plan.