Citi for You
Citi for You
The Citigroup Pension Plan
Summary Plan Description
January 1, 2012
Citi for You
IMPORTANT INFORMATION ABOUT THE
CONTENTS OF THIS DOCUMENT
This description has been written, to the extent possible,
in non-technical language to help you understand the
basic terms and conditions of the Citigroup Pension
Plan (the ¡°Plan¡±) as it is currently in effect. This
description is intended only to be a summary of the major
highlights of the Plan.
No general explanation can adequately give you all the
details of the Plan. This general explanation does not
change, expand, or otherwise interpret the terms of the
Plan. If there is any conflict between the Plan document
and this description, or any written or oral communication
by an individual representing the Plan, the terms of the
Plan document (as interpreted by the Plan Administrator
in its sole discretion) will be followed in determining your
rights and benefits under the Plan.
The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended
(¡°ERISA¡±), and the Internal Revenue Code of 1986, as
amended (the ¡°Code¡±). Citigroup Inc. reserves the right
to change Plan terms or discontinue the Plan at any time
without prior notice, to the extent allowed by law.
Nothing contained in the Plan or this summary is to
be construed as an express or implied contract of
employment for any definite period of time or for any
benefits associated with employment. Your employment is
always on an at-will basis.
How to contact the Citigroup Pension Plan
To obtain a copy of the Plan, contact the Citigroup
Pension Plan online, by telephone, or in writing.
Online: Visit the Total Comp @ Citi website at
, available from
the Citi intranet and the Internet. You can also visit
the Your Benefits Resources? website directly at
.
By telephone: See ¡°How to call the Citi Benefits Center¡±
section at right.
Write to:
Citigroup Inc., Corporate Benefits Department
1 Court Square 46th Floor
Long Island City, NY 11120
The company may charge up to 25 cents per page.
PLAN ADMINISTRATION
The Plans Administration Committee of Citigroup Inc.
(the ¡°Committee¡±), which is the Plan Administrator,
is responsible for the operation and administration of
the Plan. The Committee has such powers as may
be necessary to carry out the provisions of the Plan,
including the power and discretion to determine all
benefits and resolve all questions pertaining to the
administration, interpretation, and application of Plan
provisions either by rules of general applicability or
by particular decisions. Only written responses of the
Committee may be relied upon. Oral representations may
not be relied upon.
How to call the
Citi Benefits Center
Call ConnectOne at 1-800-881-3938. From the
ConnectOne main menu, choose the ¡°pension¡± option.
Representatives are available from 8 a.m. to 8 p.m.
Eastern time on weekdays, excluding New York Stock
Exchange holidays.
From outside the United States, Puerto Rico,
Canada, and Guam: Call the Citi Employee Services
(CES) North America Service Center at
1-469-220-9600. From the ConnectOne main menu,
choose the ¡°pension¡± option.
? If you are hearing impaired and use a TDD in the
United States: Call the Telecommunications Relay
Service at ¡°711¡± and then call ConnectOne as
instructed above.
? If you are hearing impaired and use a TDD in
Puerto Rico: Call the Telecommunications
Relay Service at 1-866-280-2050 and then call
ConnectOne as instructed above
Contents
Introduction to the Plan ______________ 1
Eligibility and enrollment _____________ 2
When participation began ___________ 3
Enrolling in the Plan _______________ 3
How the Plan works__________________ 4
Citigroup benefits ___________________ 6
Your account formula ______________ 6
Vesting _________________________ 9
When benefits are payable __________ 9
How benefits are paid ______________ 10
Choosing a beneficiary _____________ 12
Preretirement survivor benefits _______ 12
Citibuilder benefits __________________ 14
Your account formula prior to 2002 ____ 14
Vesting _________________________ 16
When benefits are payable __________ 16
How benefits are paid ______________ 17
Choosing a beneficiary _____________ 18
Preretirement survivor benefits _______ 19
Travelers benefits ___________________ 20
Your account formula prior to 2002 ____ 20
Vesting _________________________ 23
When benefits are payable __________ 23
How benefits are paid ______________ 23
Choosing a beneficiary _____________ 25
Preretirement survivor benefits _______ 25
CitiStreet benefits ___________________ 27
Your account formula ______________ 27
Vesting _________________________ 29
When benefits are payable __________ 30
How benefits are paid ______________ 30
Choosing a beneficiary _____________ 31
Preretirement survivor benefits _______ 32
Applying for benefits_________________ 33
How benefits are taxed _______________ 34
Other Important Information ___________ 35
If you are rehired __________________ 35
Effect on benefits__________________ 35
Automatic rollover procedures________ 36
Additional benefit__________________ 36
Actuarial equivalency for optional forms of
benefit payments and cost for certain
coverage ________________________ 36
Maximum retirement benefits ________ 36
Top-heavy provisions ______________ 37
Nonduplication of benefits ___________ 37
Restrictions on alienation ___________ 37
Qualified Domestic Relations Order ___ 37
Future of the Plan _________________ 37
Pension Benefit Guaranty Corporation _ 38
When benefits are not paid __________ 38
Claims and appeals________________ 39
Plan type and funding ______________ 40
Plan Sponsor and Administrator ______ 41
Your rights under ERISA____________ 42
Appendix A: For certain participants in the
Citibank Retirement Plan _____________ 44
Final average pay formula __________ 44
When benefits are payable __________ 45
If you become disabled _____________ 46
How benefits are paid ______________ 47
Preretirement survivor benefits _______ 48
Appendix B: For Citigroup Pension Plan
participants prior to 2000 _____________ 50
How benefits are paid ______________ 50
Appendix C: For former Travelers Insurance
Plan participants ____________________ 51
Plan formulas ____________________ 51
When benefits are payable __________ 52
If you are re-employed _____________ 54
How benefits are paid ______________ 54
Survivor benefits __________________ 56
Preretirement survivor benefits _______ 56
Special provisions _________________ 56
Appendix D: For certain former Commercial
Credit employees ___________________ 58
Benefit formula ___________________ 58
When benefits are payable __________ 59
How benefits are paid ______________ 59
Disability benefits _________________ 60
Preretirement survivor benefits _______ 60
Appendix E: For certain former Smith Barney
employees _________________________ 62
Profit-sharing plan_________________ 62
When benefits are payable __________ 62
How benefits are paid ______________ 63
Preretirement survivor benefits _______ 64
Appendix F: For Shearson Transfers ___ 65
Benefit formula ___________________ 65
How benefits are paid ______________ 65
Preretirement survivor benefits _______ 67
Appendix G: For former State Street
Retirement Plan participants __________ 68
Benefit formulas __________________ 68
When benefits are payable __________ 68
How benefits are paid ______________ 70
Preretirement survivor benefits _______ 70
Appendix H: For former participants in the
Schroder Pension Plan _______________ 71
Benefit formula ___________________ 71
Vesting _________________________ 71
When benefits are payable __________ 71
How benefits are paid ______________ 72
Appendix I: For former participants in The
Associates Pension Plan _____________ 75
Benefit formula ___________________ 75
When benefits are payable __________ 76
If you become disabled _____________ 77
How benefits are paid ______________ 78
Preretirement survivor benefits _______ 79
Appendix J: For former participants in the
California Federal Retirement Bank Income
Plan (¡°Cal Fed Plan¡±) and Certain Plans
Merged Into the Cal Fed Plan __________ 81
Cal Fed Plan formula_______________ 81
Vesting _________________________ 82
When benefits are payable __________ 83
How benefits are paid ______________ 85
Cost of living adjustment ____________ 86
Preretirement survivor benefits _______ 86
If you become disabled _____________ 87
Mandatory contributions ____________ 87
San Francisco Federal Savings Bank __ 87
How benefits are paid ______________ 89
Glendale Federal Retirement Plan ____ 92
How benefits are paid ______________ 95
Retirement Plan for Employees of Redlands
Federal Bank_____________________ 97
How benefits are paid ______________ 99
Appendix K: For employees in the Banco
Nacional de Mexico Retirement Plan
(¡°Banamex NY Plan¡±) ________________ 101
How benefits are paid ______________ 101
Appendix L: For employees in the Retirement
Plan for Wellspring Resources, LLC ____ 102
Appendix M: For employees of acquired
companies _________________________ 103
Introduction to the Plan
Most people do not ¡ª but should ¡ª plan for retirement. Most of us will spend more than one quarter of
our lives ¡°retired.¡± The Citigroup Pension Plan is one source of income for retirement in addition to Social
Security, your own savings, and other employer sponsored retirement programs.
The Citigroup Pension Plan (referred to hereafter as the ¡°Plan¡±) is designed to pay a benefit after you
retire. The amount of the benefit is based on your years of credited service, your pay, your age, when
benefits begin, and interest rates under the Plan. The way you choose to receive the benefit ¡ª as an
annuity or a lump sum (if eligible) ¡ª also affects the payment amount.
The Plan was frozen effective January 1, 2008, although as described below, interest continues to be
credited on hypothetical Plan accounts and certain ¡°grandfathered participants¡± continue to accrue a
benefit. If you were not a participant in the Plan on December 31, 2007, you will not become a participant
or have a benefit under the Plan. If you think you might be a grandfathered participant, see the applicable
appendix for the criteria of a grandfathered participant and the appropriate pension plan benefit formula.
Here are some highlights of the Plan:
? Benefit credits. Prior to January 1, 2008, each year the Plan credited your hypothetical Plan account
with benefit credits equal to a percentage of your pay. You did not need to make any contributions to
receive this benefit. However, effective January 1, 2008, the Plan was frozen (except for certain
grandfathered participants) and will no longer provide for the addition of any benefit credits to the
hypothetical accounts of Plan participants;
? Interest credits. Your hypothetical account will grow with interest (both before and after January 1,
2008), until you take a distribution from the Plan;
? Vesting. In general, you become vested or entitled to a benefit in your hypothetical account balance
after five years of service. Effective January 1, 2008, you become vested or entitled to your benefit
after three years of service if you were not previously vested, provided you were credited with at least
one hour of service on or after January 1, 2008. If you leave Citigroup Inc., and the Participating
Employers (together referred to as the ¡°Company¡±) after vesting, the benefit you have accumulated is
yours to keep; and
? Payment options. You choose how to receive your benefit when you retire or leave the Company:
either in a lump sum or as a monthly annuity.
If you participated in a pension plan of a company acquired by Citigroup before joining the Plan, all or a
portion of your pension benefit may be determined under the provisions of the prior plan, although it is
paid from the Plan. In addition, depending on your current employer and your employment history, other
Plan provisions may apply. See the appendices for more details. For a complete list of grandfathered
eligible plans from which a portion or all of your Plan benefit is determined, contact the Citi Benefits
Center.
You will probably want to read this summary more carefully as you get closer to retirement. But it is a
good idea to have a general understanding of your retirement benefits now.
This document describes the Plan as in effect on January 1, 2012, for employees of the Company. A
Participating Employer is any U.S. entity in which Citigroup owns at least an 80% interest, as more fully
described below in Eligibility and enrollment.
Effective December 31, 1998, the Retirement Plan of Citibank, N.A. and Participating Companies was
merged into The Travelers Group Pension Plan. Coincident with the plan merger, the name of the Plan
was changed to The Citigroup Pension Plan.
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