Citi Benefits Handbook
When Benefits Are Not Paid
This SPD describes how the Plan provides benefits to you or your beneficiary. It is important that you understand the conditions under which benefits could be less than expected or not paid at all. These conditions include the following:
  • If you leave the Company before you have satisfied certain service requirements, in general, you will forfeit the value of certain employer contributions to your account. For more information, see "Vesting."
  • You could lose your benefits if they are payable after you terminate employment and the Plan Administrator is unable to locate you at your last known address. Therefore, you must notify the Plan of any changes in your mailing address.
  • If, as a result of a divorce, you are responsible for child support, alimony, or marital property rights payments, all or a portion of your benefits could be assigned to meet these payments if a court issues a Qualified Domestic Relations Order or QDRO (see below).
The Plan Administrator makes every effort to ensure that enrollment, contribution and investment elections, and similar actions taken by participants and beneficiaries and the Plan Administrator are processed timely and correctly. However, if any errors are made, the Company as Plan Sponsor, and the Plan Administrator, reserve the right to correct them, including recovery of excess amounts plus interest or earnings from you (or your beneficiary). It is your responsibility to check your pay statement and your Plan statements and confirmations to be sure transactions have been processed correctly. If you discover any errors, call the Plan immediately as instructed under "How to Contact the Plan." Depending on the type of error, the Plan is not responsible for making up any lost investment earnings or interest on the amount involved in the error.
Your benefits may be offset by any amount that you are ordered to repay the Plan due to any criminal or fiduciary malfeasance relating to the Plan. Your Plan benefits may be reduced or eliminated if the Plan Administrator receives a notice of tax lien from the IRS to satisfy obligations to the IRS.