1 BUCKINGHAM BROWNE & NICHOLS SCHOOL DC RE TIREMENT PLAN SUMMARY PLAN DESCRIPTION INTRODUCTION TO YOUR PLAN Buckingham Browne & Nichols School DC Retirement Plan ("Plan") has been adopted to provide you with the opportunity to save for retirement on a tax advantaged basis . This Plan is a type of retirement plan known as a 403(b) plan. This Summary Plan Description ("SPD") contains information regarding when you may become eligible to participate in the Plan, your Plan benefits, your distribution options, and many other features of the Plan. You should take the time to read this SPD to understand the fea tures of the Plan. This SPD addresses t he most common questions you might have regarding the Plan. If this SPD does not answer all of your questions, please contact the Plan Administrator or other Plan representative. The Plan Administrator is generally r esponsible for responding to questions and making determinations related to the administration, interpretation, and application of the Plan, unless those responsibilities have been delegated to other parties. The Employer is t he Plan Administrator . The Business Office, which includes Human Resources Human Resources , acts for the Plan A dministrator for many of the administrative tasks . More information can be found at the end of this SPD in the Article entitled "General Information abo ut the Plan." This SPD describes the Plan's benefits and obligations as contained in the legal Plan document, which governs the operation of the Plan. The Plan document is written in much more technical and precise language and is designed to comply with applicable legal requirements. If the non - technical language in this SPD and the technical, legal language of the Plan document conflict, the Plan document always governs. If you wish to receive a copy of the legal Plan document, please contact the Plan Ad ministrator. This SPD describes the current provisions of the Plan. The Plan is subject to federal laws , such as ERISA (the Employee Retirement Income Security Act), the Internal Revenue Code and other federal and state laws which might affect your rights. The provisions of the Plan are subject to revision due to a change in laws or due to pronouncements by the Internal Revenue Service (IRS) or Department of Labor . Your Employer may also amend or terminate this Plan. The Plan Administrat or will notify you if the provisions of the Plan that are described in this SPD change. Investment arrangement. The investment products you select (known as investment arrangements) may also affect the provisions of the Plan. Investment arrangements are p rovided through TIAA. In some cases the investment arrangements may limit your options under the Plan. This SPD does not address the provisions of the various investment arrangements. You should contact the Plan Administrator or the investment provider if you have questions about the provisions of your specific investment arrangements. Types of contributions. The following types of contributions are allowed under this Plan:  Employee elective deferrals  Employer Matching Contribution s  Employer Nonelective Contribution s  Employee rollover contributions Two Classes of Participation. Effective June 1, 2022 , w e amended the Plan so that all employees will now be able to participate. This is great news for our part - time and temporary employees who previously were excluded from participation. These employees now have Limited Participation rights which will allow them to save for retirement from their own compensa tion. They do not receive Employer contributions except in circumstances where hours of service are so significant as to be close to full - time status and special service requirements are satisfied , as described later in this SPD. Full Participants are th ose employees in regularly scheduled positions with service requirements of at least 1,000 hours per year. Full Participants may save for retirement from their compensation and are also eligible for Employer contributions. If first hired on or after June 1, 2022, a minimum age requirement of 21 also applies for employer contributions, but not the right to save. Limited Participants are those with lesser schedules, such as temporary, seasonal, or part - time. Employees in these job categories are Limited Participants and are not Full Participants : - Seasonal Coaches (regardless of scheduled hours) - Summer Counsellors (regardless of scheduled hours) - Substitute Teachers paid on a per diem basis (regardles s of scheduled hours) - Any other Temporary or Seasonal employee, if scheduled to work at a rate that would regularly be less than 20 hours per week with an expectation of less than 1,000 Hours of Service in an Eligibility Computation Period. ARTIC LE I PARTICIPATION IN THE PLAN How do I participate in the Plan? You must open an account with TIAA. If you want to save from your own compensation, you also must complete a Salary Reduction Form and return to the Employer. You may use this e - mail: jpagounes@bbns.org or deliver to Human Resources . If you have questions regarding the enrollment process please contact the Employer or a TIAA representative at 1 - 800 - 842 - 2888.