BOOST YOUR RETIREMENT ACCOUNT IN 2021

BOOST YOUR RETIREMENT ACCOUNT IN 2021

Catch-up Contributions for Highly Compensated Participants* Age 50 or Older- 2021 Limits

This notice is to inform you that Plan Participants who are at least 50 years old by the end of 2021 may be eligible to make additional 401(k) Catch-up contributions of up to $6,500 for the coming year.

Effective January 1, 2021 highly compensated employees are able to contribute up to 13% of pay [based on results of interim plan testing]. The total amount you may Contribute to the Plan between your regular deferral ($19,500) and Catch-up contributions for 2021 is $26,000.

No special election or enrollment is necessary to participate in Catch-up for 2021. However, to the extent that you are not able to contribute the full $6,500 as a Catch-Up contribution (due to the 13% limitation on pre-tax deferrals), you may complete a "Catch-Up Contribution Special Election Form."

Please fax your Special Election form to Corporate Benefits, Attn: Tina Ashley at 910-558-7002 by close of business on December 28, 2020 in order to have your catchup contributions begin on your January 8, 2021 paycheck.

If you have any questions or need assistance with increasing your contribution level, please call the Retirement Plan Information Line at 1-800-854-0647. Dial "0" after entering your Social Security number and PIN to be connected to a Representative. Representatives are available every business day from 8 a.m. to 8 p.m. Eastern time.

* The IRS defines "Highly Compensated Employees" ("HCEs") as those who were hired prior to 2021 and earned at least $130,000 in 2020.

PPD-HCE CATCHUP-12.20

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1 Employee Information

Employee Number

Date of Birth

Name (please print)

2 Catch-Up Contributions

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3 Signature

I acknowledge that my catch-up contribution amount will be processed as soon as administratively feasible. I have the right to change, amend or otherwise revoke this agreement, in writing, subject to plan administration provisions. I understand that "Catch-Up Contributions" are not eligible for company matching contributions. I further acknowledge that, in the event that the deferrals I have identified as catch-up contributions above are determined not to be catch-up contributions at the time that the statutory and/ or plan limits are tested (generally at the end of the plan year), they will generally remain in the plan as 401(k) contributions.

Employee Signature

Date

Please return this completed form to: PPD Corporate Benefits Attention: Tina Ashley FAX: 910-558-7002

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