ConocoPhillips Savings Plan
ConocoPhillips Savings Plan
Dated January 1, 2022
Welcome to your summary plan description (SPD) for the ConocoPhillips
Savings Plan (Plan)
4
Features to help you
4
Staying up to date
4
Contact information
4
Legal information
5
Plan highlights
6
Who is eligible
7
How to enroll
7
Contributions to the Plan
7
Employee contributions
7
Changing your contributions
7
Company contributions
8
Company matching and discretionary contributions
8
Company retirement contributions
8
Roth In-Plan Conversion
9
Rollover contributions
9
Military leaves of absence
10
Vesting
10
Break in Service
10
Forfeitures of Company retirement contributions
10
Annual IRS limits
10
Before-tax and Roth 401(k) contribution limit
11
Annual additions limit
11
Annual compensation limit
11
Nondiscrimination limits
11
Investing your contributions
11
Investment options
12
Changing your investment allocation
12
Current contributions
12
Existing account balances
12
Exchange rules
12
Single stock fund transactions
13
Understanding real-time trading
13
Your Plan account
13
Valuation of your account
13
Account statements
13
2022
1
Plan loans
13
Loan restrictions
14
Loan amounts
14
Source of loan proceeds
14
Loan fees
14
Loan interest rate
15
Loan repayments
15
Loan payoff
16
Investment of your loan repayments
16
Missed loan repayments
17
Loan default
17
Withdrawals from the Plan during employment
18
Special rules for hardship withdrawals
19
Special disaster relief
19
Special rules for Heroes Earnings Assistance and Relief Tax Act (HEART Act) withdrawals
19
Special rules for qualified reservist withdrawals
20
Special rules for Money Purchase Pension Contribution
20
Withdrawal payment options
20
Timing of withdrawal requests
20
Distributions from the Plan
21
Distribution upon termination of employment
21
Distributions upon death
21
Required Minimum Distributions
22
Distribution options
22
Distribution payment
23
Single sum payment (partial or full payout)
23
Installments
23
Money Purchase Pension Contributions
24
Distribution process
24
Timing of distribution requests
24
Dividend pass-through election
25
Naming your beneficiary
25
Voting of ConocoPhillips Stock (proxy/tender offer)
26
Voting eligibility
26
Voting rules
26
Who is eligible to vote
26
Voting as a fiduciary
26
How to vote
27
Filing claims and appeals under the Plan
27
Initial appeal process
27
Final appeal process
28
2
2022
Other information/ERISA
28
Legal actions
28
Transfers from and to other plans
29
Recoupment of overpayments
29
Plan expenses
29
Your ERISA rights
29
Receive information about the Plan and your benefits
29
Prudent action by Plan fiduciaries
30
Enforcing your rights
30
Plan administration
31
Benefits Committee
31
Claims Administrator
31
When the Plan is amended or terminated
32
Assignment of account -- Qualified Domestic Relations Orders (QDROs)
32
Qualified Domestic Relations Orders (QDROs) fees
32
Payments to a minor or legally incompetent person
32
Availability of Plan documents
32
Lost participants and beneficiaries
32
Appendix A: Special tax notice -- your rollover options
33
General information about rollovers
33
Special rules and options
36
For more information
41
Glossary
42
2022
3
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