Your Georgia-Pacific LLC Salaried Pension Plan Summary ...

Your Georgia-Pacific LLC Salaried Pension Plan Summary Plan Description

Georgia-Pacific LLC Salaried Pension Plan/January 1, 2016 ? Page

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Table of Contents

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

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

Service and Vesting .................................................................................................................3 Vesting ...................................................................................................................................... 3 Years of Service .........................................................................................................................3

Your Plan Benefit.....................................................................................................................4 Benefit Credits ...........................................................................................................................4 Excess Benefit Credit .................................................................................................................. 5 Interest Credits ..........................................................................................................................5 Prior Plan Benefit .......................................................................................................................6

Your Payment Options ............................................................................................................7 Automatic Form of Payment........................................................................................................7 Optional Forms of Payment.........................................................................................................8 Choosing Your Form of Payment ................................................................................................. 9

Situations Affecting Your Benefit..........................................................................................10 Military Leave........................................................................................................................... 10 If You Return to Work After Retirement ..................................................................................... 10 If You Participated in a Prior Plan .............................................................................................. 11 When a Benefit Is Not Payable .................................................................................................. 11 Overpayments from the Plan..................................................................................................... 11 If You Cannot Be Located ......................................................................................................... 11

Beneficiary ............................................................................................................................. 12

Death Benefit ........................................................................................................................13 If You Die Before Your Benefit Begins ....................................................................................... 13 If You Die After Your Benefit Begins .......................................................................................... 13

Applying for a Benefit............................................................................................................14

Income Tax Implications.......................................................................................................15 Rolling Over Your Plan Benefit .................................................................................................. 15

Claims and Appeals ...............................................................................................................16 Initial Claims ............................................................................................................................ 16 Appeals ................................................................................................................................... 16

Administrative Information...................................................................................................18 Plan Administrator .................................................................................................................... 18 Koch Retirement Solutions Center ............................................................................................. 19 Address Changes ..................................................................................................................... 19 Employment Rights .................................................................................................................. 19 For Information About Your Benefit ........................................................................................... 19 Plan Trust Fund ....................................................................................................................... 19 Plan Costs................................................................................................................................ 20 Pension Benefit Guaranty Corporation ....................................................................................... 20 Top-Heavy Rules ...................................................................................................................... 21 Right to Change Benefits or Terminate the Plan ......................................................................... 21

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Your ERISA Rights.................................................................................................................22 Receive Information About Your Plan and Benefits ..................................................................... 22 Prudent Action by Plan Fiduciaries ............................................................................................. 22 Enforce Your Rights.................................................................................................................. 22 Assistance with Your Questions ................................................................................................. 23

Key Terms..............................................................................................................................24 Appendix ................................................................................................................................ 25

List of Merged Plans ................................................................................................................. 25

Georgia-Pacific LLC Salaried Pension Plan ? January 1, 2016 ? Page ii

Introduction

The Georgia-Pacific LLC Salaried Pension Plan (the "Plan") is maintained by Georgia-Pacific LLC (the "Company") to provide eligible employees of the Company and certain of its affiliates that have adopted the Plan with income at retirement. Under this plan, your pension benefit is determined by a formula that takes into account your age and pay with the Company. Once vested, you are entitled to a benefit from the Plan, even if you leave before you retire. This summary plan description (SPD) describes the Plan in effect on January 1, 2016, and replaces all earlier SPDs. Please read this SPD carefully so you can understand the important features of the Plan. While every effort has been made to accurately reflect Plan terms, this is only a summary and many details of the Plan are not included. If there is anything that is not clear or there is a conflict between the Plan document and this summary, the official Plan document will control and is binding on all parties. You may review the Plan document by contacting the Koch Retirement Solutions Center at (877) 344-5772 or resources.koch. The Plan cannot be changed by written or oral statements made to you by the Plan Administrator or other personnel.

Georgia-Pacific LLC Salaried Pension Plan ? January 1, 2016 ? Page 1

Eligibility

You were eligible to participate in the Plan if, on December 31, 2005, you were: ? A salaried employee (or other employee entitled to salaried benefits) of Georgia-Pacific or a participating affiliate; ? Employed in the U.S. or a U.S. citizen working abroad at a Georgia-Pacific facility; and ? Paid on a U.S. payroll (employees who live in Puerto Rico are not eligible to participate in the Plan). Special eligibility rules apply to individuals who were employees of GP Cellulose LLC on or before March 31, 2006. Please contact the Koch Retirement Solutions Center at (877) 344-5772 for more information. Note: If you do not meet the above criteria, you are not eligible to participate in the Plan, now or in the future. In lieu of benefits under the Plan, if you are a new salaried benefits-eligible employee, or a rehired salaried benefits-eligible employee, you are eligible to receive a Company-paid retirement contribution (called a fixed company contribution) under the Georgia-Pacific LLC 401(k) Retirement Savings Plan (the RSP). For more information about your benefit under the RSP, please see the summary plan description for that plan. If you stop being an active participant for any reason (such as leaving the Company, transferring to a job not eligible for Georgia-Pacific salaried benefits, or you are no longer paid on a U.S. payroll), you will not be able to rejoin the Plan. While you will stop earning benefit credits, your account will continue to receive semi-monthly interest credits for as long as you leave it in the Plan.

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Service and Vesting

Your service with the Company is measured in years. Your years of service are counted to determine if you are: ? Vested, which means you have a right to a benefit when you retire or leave the Company; and ? Eligible for early retirement under a grandfathered plan (if applicable).

Vesting

Vesting refers to your right to receive a benefit under the Plan. This Plan was frozen to new participants on January 1, 2006. You are fully vested in your benefit under the Plan, because you became vested once you completed three years of vesting service. Please refer to prior Plan documents and summary plan descriptions for an explanation of how vesting service was earned.

Years of Service

You earn one year of service for each 12-month period that you work, no matter how many hours you work. The 12-month periods are counted from your hire date until your severance date, which is the earliest of the: ? Date you retire, quit, are discharged or die; ? First anniversary of your absence (with or without pay) for a reason other than those listed above, such as vacation,

holiday, leave of absence, sickness or layoff; or ? Date you are found to be disabled under the long-term disability plan sponsored by Georgia-Pacific, but no earlier than

the first day of the sixth month after your last day of active employment with Georgia-Pacific. If you do not complete an hour of service within 12 months after your severance date, you have a "break in service." The first 12 months of your absence will not be included if your absence is for maternity or paternity reasons (e.g., pregnancy, birth of a child, placement of a child for adoption or child care after birth or adoption). For more information about service and grandfathered plans, including how a break in service might affect your eligibility for an early retirement benefit, contact the Koch Retirement Solutions Center at (877) 344-5772 or resources.koch.

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Your Plan Benefit

As an eligible participant, the Plan has established a personal account for you. Your account grows with benefit credits, excess benefit credits (if applicable) and interest credits. You can keep track of the activity in your account by contacting the Koch Retirement Solutions Center at resources.koch or (877) 344-5772.

Eligible Pay

Eligible pay means the compensation actually paid to you in cash while you are employed and categorized by Georgia-Pacific as:

? Wages, base salary or commissions; ? Differential wage payments for qualified military service; ? Holiday and vacation pay; ? Short-term incentive pay or incentive awards; ? Indirect labor costs; ? Idle time pay; ? Premium pay; and ? Pay for safety meeting and training.

Eligible pay also includes any before-tax contributions you make to a Company-sponsored 401(k) plan or flexible benefit plan.

Eligible pay does not include amounts categorized by Georgia-Pacific's payroll records as court settlements (other than for back pay or wages), employee relations payments, executive life cash payments or payouts, imputed income, miscellaneous income, severance pay, third party payments, tuition reimbursements, reimbursements or other expense allowances (including fringe benefits and moving expenses), any payments from any deferred compensation plan and any payments from the Performance Unit Plan or other long-term incentive award plan.

The amount of pay the Plan can take into account is limited by federal law and is subject to change annually. For 2016, this amount is $265,000. You may contact the Koch Retirement Solutions Center at (877) 344-5772 or resources.koch for the limit in future years.

Benefit Credits

Your account will be credited on the 15th day and the last day of the month with a benefit credit equal to a percentage of your eligible pay for that semi-monthly period. The benefit credit percentage depends on your age on the December 31 before the applicable semi-monthly period. The table below shows how the benefit credit percentage changes as your age increases:

Age At The Applicable December 31 Below 30 30 ? 39 40 ? 49 50 ? 59

60 and over

Benefit Credit Percentage 4.0% 4.5% 5.0% 5.5% 6.0%

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For example, if you are 49 on December 31, 2016, your benefit credit will be 5% of your eligible pay for each semi-monthly period during the year 2017 in which you participate in the Plan. Since you will turn 50 during 2017, your benefit credit will increase to 5.5% for each semi-monthly period beginning in 2018.

Excess Benefit Credit

If your eligible pay is more than the Social Security wage base during a calendar year, your account will also be credited with an "excess benefit credit" equal to a percentage of your excess pay for that semi-monthly period. The excess benefit credit will begin with the first semi-monthly period that you have excess pay. For the year 2016, the Social Security wage base is $118,500. The Social Security wage base is set by federal regulations and can be changed annually to reflect published cost-ofliving adjustments. You may contact the Koch Retirement Solutions Center at (877) 344-5772 or resources.koch for the Social Security wage base in future years.

Like the benefit credit, the percentage of excess benefit credit you receive also depends on your age on the December 31 before the applicable semi-monthly period. Your excess benefit credit percentage will change as your age increases, as shown in the table above under "Benefit Credits."

Example Assume you are 40 years old on December 31, 2016, and your annual eligible pay for 2017 is $120,000. If the Social Security wage base is $118,500 for 2017, you will have $1,500 in excess pay for 2017 ($120,000 $118,500). Assume that the first semi-monthly period in November 2017 will be the first period in which you have excess pay. Beginning November 15, 2017, your personal account will be credited with a benefit credit equal to 5% times your eligible pay for that period plus an excess benefit credit equal to 5% times your excess pay. Beginning on November 1, 2017, the total annual benefit credit added to your personal account would be:

5% times your eligible pay for the year $120,000 x 0.05 = $6,000 plus

5% times your excess pay for the year $1,500 x 0.05 = $75 equals

$6,000 + $75 = $6,075

Interest Credits

On the 15th day and the last day of the month, an interest credit will be added to your personal account. The amount of the interest credit is equal to the semi-monthly interest crediting rate multiplied by your personal account balance at the end of the previous semi-monthly period. The rate used to calculate interest credits is the semi-monthly interest rate that yields, on an annual basis (when compounded), the annual 30-year Treasury Constant Maturities Rate determined as of the November before the plan year for which it applies. Contact the Koch Retirement Solutions Center at (877) 344-5772 or resources.koch for the current interest rate.

For example, assume you have a personal account balance of $50,000 as of June 30, 2017. If the 30-year Treasury Constant Maturities Rate as of November 2016 is 4.19%, the semi-monthly interest crediting rate, when compounded, is 0.171171%. The interest credits to be added to your personal account as of July 15 would be $50,000 x 0.00171171 = $85.59.

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