Allstate 401(k) Savings Plan

Summary Plan Description

Allstate 401(k) Savings Plan

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Allstate 401(k) Savings Plan

Table of Contents

Introduction ..................................................................................................................................................................1

Getting Started ............................................................................................................................................................. 1

Securing Your Information .........................................................................................................................................1

Eligibility .......................................................................................................................................................................2

Enrollment and Participation ......................................................................................................................................2

Automatic Enrollment .................................................................................................................................................2

Naming a Beneficiary .................................................................................................................................................3

How the 401(k) Plan Works .........................................................................................................................................4

Your Contributions ..................................................................................................................................................... 4

How You Can Contribute ...........................................................................................................................................5

Employee Contributions ........................................................................................................................................5

Pre-Tax Account ....................................................................................................................................................5

Roth 401(k) Account ..............................................................................................................................................5

Catch-up Contributions ..........................................................................................................................................5

After-Tax Account ..................................................................................................................................................6

Rollover Account ...................................................................................................................................................6

Company Contributions..............................................................................................................................................6

Company Matching Contributions.......................................................................................................................... 6

True-Up Contribution .............................................................................................................................................7

Vesting .......................................................................................................................................................................7

In-Plan Roth Conversions ..........................................................................................................................................8

Investing Your Accounts ............................................................................................................................................8

Overview of Your Investment Options ....................................................................................................................... 9

Default Investment Fund .......................................................................................................................................... 10

Investment Fund Performance ................................................................................................................................. 10

Diversify Your Investments ...................................................................................................................................... 10

Changing Your Investment Options ......................................................................................................................... 10

Transfer Restrictions ................................................................................................................................................ 11

Accessing Your Account Balances .......................................................................................................................... 11

Loans ....................................................................................................................................................................... 12

Summary of Loan Rules ...................................................................................................................................... 12

Loan Repayments ............................................................................................................................................... 13

Loan Defaults ...................................................................................................................................................... 13

Impact of Personal Bankruptcy on Loans ............................................................................................................ 13

In-Service Withdrawals ............................................................................................................................................ 13

Hardship Withdrawals .......................................................................................................................................... 14

Non-Hardship Withdrawals .................................................................................................................................. 15

Qualified Reservist Withdrawals .......................................................................................................................... 15

Note About Allstate Stock and Withdrawals......................................................................................................... 15

Distribution of Your Vested Accounts ....................................................................................................................... 16

Deferral of Distribution ............................................................................................................................................. 16

Mandatory Distributions ........................................................................................................................................... 16

i | ALLSTATE 401(k) SAVINGS PLAN SUMMARY PLAN DESCRIPTION

Allstate 401(k) Savings Plan

Automatic Force-Out ¨C $1,000 or Less ................................................................................................................ 16

Required Minimum Distributions .......................................................................................................................... 16

Distribution to Beneficiaries ................................................................................................................................. 17

How Taxes Impact Your Savings .............................................................................................................................. 17

Special Situations ...................................................................................................................................................... 18

Breaks in Service ..................................................................................................................................................... 18

Transfer of Employment to a Non-Participating Employer ....................................................................................... 19

Leaves of Absence..................................................................................................................................................... 19

Personal or Family Leaves of Absence .................................................................................................................... 19

Special Military Duty and Military Leave of Absence ................................................................................................ 19

If You Have Taken a Loan from the 401(k) Plan.................................................................................................. 20

Maternity or Paternity Leave .................................................................................................................................... 20

Claims and Appeals Procedures .............................................................................................................................. 20

Appeals Procedures ................................................................................................................................................. 21

Other Important Plan Information ............................................................................................................................. 22

Assignment of Benefits and Qualified Domestic Relations Orders ........................................................................... 22

Administrative Plan Expenses .................................................................................................................................. 23

Your Contact Information ......................................................................................................................................... 23

Your ERISA Rights................................................................................................................................................... 24

Receive Information About Your 401(k) Plan and Benefits .................................................................................. 24

Prudent Actions by Plan Fiduciaries .................................................................................................................... 24

Enforce Your Rights ............................................................................................................................................ 24

Assistance with Your Questions .......................................................................................................................... 24

Plan Administration Information............................................................................................................................... 25

Plan Administrator .................................................................................................................................................... 25

Plan Amendment and Termination ........................................................................................................................... 25

Plan Document and Trust Agreement ...................................................................................................................... 25

Type of Plan ............................................................................................................................................................. 26

Top-Heavy Rules ..................................................................................................................................................... 26

Receiving Advice...................................................................................................................................................... 26

Pension Benefit Guaranty Corporation ..................................................................................................................... 26

Plan Identification Information.................................................................................................................................. 27

This is the Summary Plan Description (¡°SPD¡±) for the Allstate 401(k) Savings Plan (¡°401(k) Plan¡±), effective as of January 1, 2024, unless

otherwise noted. This SPD is designed to summarize the 401(k) Plan in non-technical terms. Read this summary carefully so you

understand the 401(k) Plan. This document constitutes part of a prospectus covering securities that have been registered under the

Securities Act of 1933. It should be read in conjunction with the Prospectus and Fund Fact Sheets, which have been incorporated by

reference into this SPD. You may view those documents and learn more about the 401(k) Plan at or by calling the

Allstate Benefits Center toll-free at (888) 255-7772.

Should there be any inconsistency between this SPD, enrollment materials, benefit statements, or oral statements made by a

representative, and the plan document, the terms of the plan document will govern. The 401(k) Plan reserves the right to correct any

errors or mistakes of fact, and make adjustments in benefit amounts paid, unpaid, or estimated in order to remain in compliance with the

plan document, regardless of the cause, nature, or source of any error. The method of correction shall be determined by the Plan

Administrator, and may include recovery of any prior benefit payments, as applicable. You may examine the complete plan document on

which this SPD is based for a more detailed description of the 401(k) Plan¡¯s provisions and procedures.

While Allstate expects to continue the 401(k) Plan, The Allstate Corporation as plan sponsor reserves the right to change or amend the

401(k) Plan at any time for any reason, and the Board of Directors of Allstate may terminate the 401(k) Plan at any time and for any

reason. Participation in the 401(k) Plan does not constitute a contract or guarantee of employment.

ii | ALLSTATE 401(k) SAVINGS PLAN SUMMARY PLAN DESCRIPTION

Allstate 401(k) Savings Plan

Introduction

The Allstate 401(k) Savings Plan (¡°401(k) Plan¡±) provides an opportunity for you to build a source of

retirement income through your personal savings and contributions from Allstate. Your contributions and

those of Allstate can be invested among a diverse selection of investment options. Together with a

pension benefit, Social Security, and personal savings, the 401(k) Plan is a valuable part of your total

retirement income.

This Summary Plan Description (¡°SPD¡±) provides a general summary of the features of the 401(k) Plan in

simple terms. Please take the time to review this SPD to help understand your rights and obligations, and

keep it as a reference. If you have questions, contact the Allstate Benefits Center.

Getting Started

Participating in the 401(k) Plan is easy and convenient! You can access your account in the following

ways:

Log into the Allstate Good Life website at .

Call the Allstate Benefits Center toll-free at (888) 255-7772.

Access your account on your mobile device via the Allstate Benefits Center mobile

application. Search for ¡°Alight Mobile¡± on your app store.

The Allstate Good Life website is generally available 24 hours a day, 7 days a week. Allstate Benefits Center

representatives are generally available Monday through Friday, 8 a.m. to 6 p.m. Central Time (¡°CT¡±).

After you access your account, you can:

? Enroll in the 401(k) Plan.

? Elect or change the amount of your per paycheck contributions and/or the accounts to which you want

them allocated (pre-tax, Roth 401(k), after-tax).

? Choose or change your investment options.

? Name or change your beneficiary designation(s).

? Get detailed information on your investment options and fund performance.

And more.

Securing Your Information

You and your beneficiaries, including alternate payees, are responsible for safeguarding the privacy and

security of your account information. This includes all credentials used to access your account information,

such as your username and password. You can reduce the risk of unauthorized access by following the

following security tips found on the Department of Labor Employee Benefits Security Administration

website, found here: sites/dolgov/files/ebsa/key-topics/retirementbenefits/cybersecurity/online-security-tips.pdf. The Plan Administrator, Allstate, and the trustees will

not be liable for any loss that may result from unauthorized access to your account.

1 | ALLSTATE 401(k) SAVINGS PLAN SUMMARY PLAN DESCRIPTION

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