Proprietary 8-22 Distribution elections The following are different distribution options that may be available to you: 1 Scheduled In-Service Withdrawal: This optional election (available only during annual enrollment for the upcoming Plan year) allows you to schedule a distribution of the Plan year’s balance as early as 3 years from the start of the Plan year, while you are still under contract with Farmers entities. For instance, you may elect to receive your 2024 Plan year’s balance as early as 2027. You may elect, and by meeting certain Plan requirements, will receive annual installments over a period of two to four years. Scheduled In-Service Withdrawals are paid in early April of the year you elect a distribution to commence. You have the option to postpone receipt of your Scheduled In-Service Withdrawal; however, the postponement must be submitted by the last day in February one year prior to your elected distribution year, and it must be postponed for a minimum of 5 years. Remember, each Plan year is treated separately and independent of each other. For instance, you could have Scheduled In-Service Withdrawal distributions for Plan years 2016, 2017 and 2018 that are all due to pay out in 2024. If you want to change or postpone these distributions, you will need to change each Plan year election separately. 2 After Contract Termination: This is a mandatory election. The termination election will govern how the Plan year balance is paid in the event your contract is terminated prior to your Scheduled In-Service Withdrawal. You can choose to receive the Plan year’s balance at contract termination in a lump sum or in annual installments over 2 to 10 years. Some restrictions apply to receiving annual installments — see the Plan Summary & Highlights link via the Farmers Agent Benefits website (under Menu, Items to Explore, select Deferred Comp (agent/DM only), under Deferred Compensation Materials) for details. 3 Hardship Distributions: Hardship distributions may be available for “unforeseeable emergencies.” See the current Summary & Highlights link for details. 4 Death: In the event of your death prior to the distribution of your entire account, the beneficiary(ies) you designate will receive your account balance as a lump sum. Complete beneficiary designation Each new Plan enrollee needs to designate a beneficiary for his/her account balance in the event of death. If you are already a Plan participant, it’s a good idea to make sure your Plan beneficiary information is current and complete. A change in marital status or a new dependent can trigger a need for a new beneficiary. You may change or update your beneficiary designation information at any time. Just follow these simple steps: 1 Sign in to www.farmersagentsbenefits.com with your User ID and Password. 2 Select “Menu.” 3 Under Items to Explore, select “Deferred Comp (agent/DM only).” 4 Click “View Account.” 5 Click on the Elections tab and select Beneficiaries. 6 Click on “Change.” 7 Make your beneficiary designation or complete missing information. 29
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