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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