401(k) Plan - My Lowe's Life
401(k) Plan - My Lowe's Life
401(k) Plan - My Lowe's Life
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Benefit Assignment orTransfer∗Your account in the <strong>Plan</strong> cannot be sold, assigned, ortransferred before distribution except under terms of aQualified Domestic Relations Order (QDRO) or pursuant to ajudgment, order, decree, or settlement agreement enteredagainst you as part of any civil or criminal procedure involvingmisuse of <strong>Plan</strong> assets. Before distribution, your benefits underthe <strong>Plan</strong> are not subject to any debts or claims against youexcept as specified above.The <strong>Plan</strong> allows for an immediate lump sum payment to analternate payee under a QDRO even though the participant maynot yet be eligible to receive a distribution from the <strong>Plan</strong>.However, an alternate payee under a QDRO is not eligible toreceive a hardship withdrawal, an age 59 1 ⁄ 2 distribution, or a 20-year one-time withdrawal from your ESOP account under the<strong>Plan</strong>. A participant or alternate payee (or prospective alternatepayee) may obtain <strong>Plan</strong> account information as well as a freecopy of the <strong>Plan</strong>’s QDRO procedures and a model QDRO fromthe <strong>Plan</strong> administrator. In addition, if you have questionsregarding a QDRO, you may call1-336-658-4067 .Statement of Rights underERISA*The <strong>Plan</strong> is governed by and subject to the reporting anddisclosure, participation and vesting, fiduciary responsibility,and enforcement provisions of ERISA.As a participant in the <strong>Plan</strong>, you are entitled to certain rightsand protections under ERISA. ERISA provides that all <strong>Plan</strong>participants will be entitled to:• Receive information about your <strong>Plan</strong> and benefits.• Examine, without charge, at the <strong>Plan</strong> administrator’s officeand at other specified locations, such as work sites, alldocuments governing the <strong>Plan</strong>, including insurancecontracts, collective bargaining agreements, and a copy ofthe latest annual report (Form 5500 series) filed by the <strong>Plan</strong>with the U.S. Department of Labor and available at thePublic Disclosure Room of the Employee Benefits SecurityAdministration.• Obtain, upon written request to Lowe’s, copies of alldocuments governing the operation of the <strong>Plan</strong>, includinginsurance contracts and collective bargaining agreements,copies of the latest annual report (Form 5500 series), andupdated summary plan description. Lowe’s may make areasonable charge for the copies.• Receive a summary of the <strong>Plan</strong>’s annual financial report.Lowe’s is required by law to furnish each participant with acopy of the <strong>Plan</strong>’s summary annual report.• Obtain a statement telling you the value of your accountsunder the <strong>Plan</strong>. This statement must be provided to you freeof charge. The statement may be requested through the<strong>Plan</strong>’s web site or via telephone at 1-877-236-5693. The<strong>Plan</strong> is not required to make an account statement availableto you free of charge more than once every calendar quarter.Normally you will automatically receive this statement onceeach quarter via the <strong>Plan</strong>’s web site (unless you haveterminated service, in which case you will receive astatement by mail).Prudent Actions by <strong>Plan</strong> FiduciariesIn addition to creating rights for <strong>Plan</strong> participants, ERISAimposes duties on the people who are responsible for theoperation of the <strong>Plan</strong>. The people who operate the <strong>Plan</strong>, calledfiduciaries of the <strong>Plan</strong>, have a duty to do so prudently and in theinterest of you and other <strong>Plan</strong> participants and beneficiaries.No one, including your employer, or any other person, may fireyou or otherwise discriminate against you in any way toprevent you from obtaining a pension benefit from the <strong>Plan</strong> orexercising your rights under ERISA.Enforce Your RightsAccount distributions under the <strong>Plan</strong> will normally be madewithout participants or beneficiaries having to file claims forbenefits. However, if you (or your beneficiary) do not receive adistribution to which you (or your beneficiary) believe you (oryour beneficiary) are entitled, you (or your beneficiary) maypresent a claim in writing to the Administrative Committee forany unpaid benefits.∗Specific portions of this document, designated with an asterisk (*), constitutepart of a prospectus covering securities that have been registered under theSecurities Act of 1933If your claim for a pension benefit under the <strong>Plan</strong> is denied, inwhole or in part, you must receive a written explanation of thereason for the denial. You have the right to have theCommittee review and reconsider your claim.14