SUMMARY PLAN DESCRIPTION
mygoalline.com
the game plan for your future
2012
NFL PLAYER SECOND CAREER SAVINGS PLAN
401K
PLAYBOOK
September 2012
Dear NFL Player:
This booklet summarizes the NFL Player Second Career Savings Plan (“Savings
Plan”). The Savings Plan helps eligible National Football League (NFL) Players
save for retirement. The Savings Plan was created in accordance with the 1993
Collective Bargaining Agreement (CBA) between the National Football League
Players Association (NFLPA) and the National Football League Management
Council (NFL Management Council), and is maintained in accordance with the
2011 CBA.
This booklet describes the main features of the Savings Plan as of September
2012 and explains how you may use it to increase your retirement benefits, how
you control the investment of your account, and how and when you may access
your account.
This booklet and more information about the Savings Plan are on the Plan’s
website. Go to mygoalline.com and click on “Savings Plan.” There is a “What
Can You Do on the Savings Plan’s Website?” section on page 2 of this booklet.
Please read this booklet carefully and show it to your family. It is important that
they be aware of the benefits of the Savings Plan. Please keep this booklet in
your permanent records.
This booklet summarizes the Savings Plan in everyday language. It is not a
substitute for the official Savings Plan document and, in the event of a conflict,
the official Savings Plan document will be followed. If you would like to review
the official Savings Plan document, please contact the Plan Office at the above
address or by calling the toll-free number at (800) 638-3186. The staff will answer
any questions you may have about your eligibility or your benefits.
Sincerely,
The Savings Board
NFL Player Second Career Savings Plan
NFL Player Second Career Savings Plan
200 Saint Paul St Ste 2420
Baltimore MD 21202
800-638-3186
What is the Purpose of the Savings Plan? . . . . . . 2
Who May Participate in the Savings Plan?. . . . . . 2
What Can You Do on the
Savings Plan’s Website?. . . . . . . . . . . . . . . . . . . 2
What is a Credited Season? . . . . . . . . . . . . . . . . 3
What Are Player Contibutions?. . . . . . . . . . . . . . 3
How Do You Make Player Contributions? . . . . . . . 4
Automatic Enrollment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Table of Contents
How Did the 2011 CBA
Enhance the Savings Plan?. . . . . . . . . . . . . . . . . 1
Affirmative Elections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
What Compensation Can You Contribute
to the Savings Plan?. . . . . . . . . . . . . . . . . . . . . . 7
Are You Eligible for a Club Contribution? . . . . . . . 7
How Much is the Club Contribution
and When is it Allocated?. . . . . . . . . . . . . . . . . . 8
Matching Contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Minimum Contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
When is the Club Contribution Allocated to Your Account?. . . . . . . . . . . . 8
Examples. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Are You Vested?. . . . . . . . . . . . . . . . . . . . . . .
10
III
Table of Contents
How Are the Contributions Invested?. . . . . . . .
10
Investment Fund Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Making and Changing Investment Choices
with Respect to Future Contributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Investment Fund Transfers with Respect
to Your Existing Account Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Plan Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Keeping Track of Your Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
When Are You Eligible to Receive Benefits?. . . .
14
How Are Benefits Paid? . . . . . . . . . . . . . . . . .
15
What is the Savings Plan’s Death Benefit?. . . .
17
Do IRS Rules Limit the Allocation
to Your Account During Any Year?. . . . . . . . . .
17
How Are Your Savings Plan Benefits Taxed?. . .
18
Income Tax Distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Other Possible Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Rollovers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Other Withholding Rules. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Taxation of Death Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
What Happens to Your Benefits
if You Are Divorced?. . . . . . . . . . . . . . . . . . . .
19
What Else Do You Need to Know
About Your Savings Plan?. . . . . . . . . . . . . . . .
20
Administration and Plan Type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Chairman. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Management Members. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
IV
Plan Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Agent for Service of Legal Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Bank Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Union. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Representative of the Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Employer Identification Number (EIN)
Assigned to the Savings Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Plan Number. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Plan Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Plan Amendment of Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Plan Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Assignment of Benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Table of Contents
Player Members. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Change of Address. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
How to Apply for Benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Reciept of Documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Designating a Representative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Missing Payees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Incapacity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Failure to Exhaust Your Administrative Remedies . . . . . . . . . . . . . . . . . . . 24
Benefit Claim and Review Procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Limitation on Actions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Your ERISA Rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Prudent Actions by Plan Fiduciaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Enforce Your Rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Assistance with Your Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
No PBGC Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Disclaimer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
V
The 2011 CBA between the NFL and the NFLPA includes:
• A Club matching contribution of two dollars for every one dollar
contributed by Players, up to a maximum amount of:
– $24,000 for the 2011 through 2014 Plan Years;
– $26,000 for the 2015 through 2018 Plan Years; and
– $28,000 for the 2019 and 2020 Plan Years.
• Players who do not contribute to the Savings Plan will receive a Club
minimum contribution of:
– $7,200 for Players who have earned exactly two Credited Seasons; or
– $3,600 for Players who have earned three or more Credited Seasons.
– The NFL Clubs will make additional contributions to pay the
administrative expenses of operating the Plan.
Players without an election to contribute on file who change Clubs before
October 21, 2012 will not be automatically enrolled, unless they were
automatically enrolled in a prior year. Players without an election to
contribute on file must submit a Decision Form or elect to contribute online
to make Player contributions. See pages 4–6.
NFL Player Second Career Savings Plan
How Did the 2011 CBA
Enhance the Savings Plan?
1
NFL Player Second Career Savings Plan
2
What Is the Purpose
of the Savings Plan?
The purpose of the NFL Player Second Career Savings Plan (“Savings Plan” or
“Plan”) is to help eligible Players save for retirement in a tax-favored manner.
Who May Participate
in the Savings Plan?
All Players are automatically eligible to participate in this Savings Plan,
according to the rules described in this booklet. Former Players who have
positive account balances may continue to participate in the Plan, but former
Players may not make Player contributions.
All Players (including first-year Players), except those on the practice squad,
may make Player contributions to the Plan. “Player” means any person
employed under a contract by a Club to play football in the NFL at any time
during the Plan Year.
What Can You Do on the
Savings Plan’s Website?
You can:
• View your balance as of the last business day;
• Change your rate of Player contributions and the Investment Funds for
those contributions;
• Change the allocation of your Savings Account among the Investment
Funds, as often as once every 31 days; and
• Access additional information and resources.
The term Credited Season has the same meaning as Credited Season under
the Bert Bell/Pete Rozelle NFL Player Retirement Plan. In general, you earn a
Credited Season if you are employed as an Active Player (including an injured
Player who otherwise satisfies the definition of Active Player) on the date
of three or more regular-season or post-season NFL games (except the Pro
Bowl).
What Are Player Contributions?
Player contributions are amounts withheld from your paycheck on a pre-tax
basis and contributed to your Savings Account. Player contributions reduce
the amount of your current taxable income for federal and most state income
tax purposes. You generally can contribute up to the IRS maximum amount
for each calendar year. For 2012, the IRS maximum is generally $17,000. In
some circumstances, IRS rules may reduce the amount of Player contributions
you can make during a season; if so, you will be notified. Any excess
contributions you made, plus any gains and minus any losses, will be returned
to you.
NFL Player Second Career Savings Plan
What Is a Credited Season?
3
NFL Player Second Career Savings Plan
4
How Do You Make Player Contributions?
You can make Player contributions in one of two ways: (1) by being
automatically enrolled, or (2) by making an affirmative election. You can
opt out of automatic enrollment or elect to make Player contributions on a
different basis, at any time, by making an affirmative election. These rules are
described below.
For Players who have previously made an affirmative election
If (1) you previously elected to contribute or previously elected not to
contribute to the Savings Plan and (2) your election is on file with the
Savings Plan, you will not be subject to automatic enrollment. You can
check whether your election is on file by logging into the Savings Plan’s
website and looking at the “Contribution” tab, which describes elections
you have made, or by calling the Plan Office at 800-638-3186. If you have
no elections on file, you will be subject to automatic enrollment unless you
make an affirmative election.
For Players who were previously automatically enrolled
If you were previously automatically enrolled, you will be treated as if you
had made an affirmative election for the 2012 season. The “Contribution”
tab on the Savings Plan’s website will state that your contribution election
is 10% of your salary. The “Investments” tab, “View Current Investments”
screen will state that 100% of contributions will be invested in the Balanced
Fund.
For Players who have not made an affirmative election or were not
previously automatically enrolled
You may be subject to automatic enrollment as described below, unless
you make an affirmative election prior to October 21, 2012.
Unless you submit a Decision Form or elect to contribute on the Plan’s website
by October 21, 2012, you will be automatically enrolled in and may make
Player contributions to the Savings Plan if you are (1) on a Club’s payroll for
the first game in the season, and (2) receive pay after October 31 for being
on that same Club’s Active, Inactive, Reserve/Injured, or Reserve/Physically
Unable to Perform list. Beginning with your first paycheck in November, 10%
of your pre-tax salary will be contributed to your Savings Account, up to the
IRS limit for each calendar year ($17,000 for 2012). If you remain on one of
the lists above, and have not filed a Savings Plan Decision Form that provides
otherwise, automatic contributions will continue through March 31 and from
each November 1 through March 31 thereafter while you are employed by any
Club.
All amounts contributed through automatic enrollment will be invested in
the Savings Plan’s Balanced Fund. You can change the investment of these
amounts online or by completing the Fund Transfer Form.
Federal law permits you a limited period to request a refund of amounts
automatically contributed. If you decide that you do not wish to contribute
to the Savings Plan, and would like to recover amounts contributed under
automatic enrollment, you must submit the Automatic Enrollment Contribution
Return Form no later than 90 days after the date your first automatic
enrollment contribution was withheld from your pay. If you elect to
withdraw these contributions within this 90-day period, your salary reduction
contributions, adjusted for investment return and any applicable fees, will
be paid to you. Any matching contributions made to your account during
this period (adjusted for investment experience and applicable fees) will be
forfeited. After the 90-day period expires, you will not be able to recover your
automatic enrollment contributions from the Plan until you are age 45 and
otherwise eligible for a distribution from the Savings Plan.
NFL Player Second Career Savings Plan
Automatic Enrollment
5
NFL Player Second Career Savings Plan
6
You have the right to opt out of automatic enrollment or to change the
investment of your future contributions at any time. To so do, you must
complete the Savings Plan’s Decision Form and return it to your Club. You
also have the right to reallocate your Savings Account from the Balanced Fund
to any other Investment Fund(s) offered by the Plan by initiating a transfer on
the Plan’s website, or by completing a Fund Transfer Form. The Fund Transfer
Form can be obtained from the Plan Office and completed forms should be
sent to the Plan Office.
Affirmative Elections
There are two ways that you may elect the amount of your salary you would
like to contribute to the Savings Plan. First, you can complete a Decision Form
and submit it to your Club. You can obtain a Decision Form from your Club,
the Plan Office, or on the Savings Plan’s website. The Decision Form directs
your Club to contribute a portion of your compensation to the Savings Plan on
your behalf. On the Decision Form you should indicate the amount you want
to save from your paychecks between November 1 and March 31. Second,
you can make all of these changes online. You can access the Savings Plan’s
website through a link on mygoalline.com.
If you change Clubs before October 21, 2012 and you want to contribute, you
must submit a Decision Form to your Club or make your elections online after
October 21, 2012. If you change Clubs on or after October 21, 2012, you do
not need to submit a new Decision Form if one is on file with the Plan Office.
If no Decision Form is on file, you may be subject to automatic enrollment.
This means that 10% of your pre-tax salary will be contributed to the Savings
Plan, up to the IRS limit for each applicable calendar year, and this future
contribution will be invested in the Balanced Fund, until and unless you elect
otherwise.
Not all of your compensation is eligible to be deferred and contributed to the
Plan. You can make Player contributions from salary paid by a Club to you
between November 1 and March 31 if you are on that Club’s Active, Inactive,
Reserve/Injured, or Reserve/Physically Unable to Perform list. You may not
make contributions from compensation paid to you for services while on the
practice squad. You may make Player contributions from other compensation
you receive from a Club, such as bonuses, incentive payments, grievance
settlements, injury payments, and deferred compensation from prior years, but
only if all of the following rules are satisfied:
• The compensation would be taxable income if you did not elect to
contribute it to the Savings Plan;
• The compensation is for playing football;
• The compensation is paid to you between November 1 and March 31; and
• The compensation is paid during the same Plan Year you were on a Club’s
Active, Inactive, Reserve/Injured, or Reserve/Physically Unable to Perform
list.
Are You Eligible for a Club Contribution?
For Plan Years from 2011 through 2020, your account will be allocated a
Club contribution if you earn a Credited Season during such Plan Year and
you previously earned at least one Credited Season during a prior Plan Year.
Whether Club contributions will be made after the 2020 Plan Year depends on
future collective bargaining agreements.
NFL Player Second Career Savings Plan
What Compensation Can You
Contribute to the Savings Plan?
7
NFL Player Second Career Savings Plan
8
How Much Is the Club Contribution
and When Is It Allocated?
Matching Contribution
If you are eligible for a Club contribution, you will receive a matching
contribution of two dollars for every dollar you contribute during the calendar
year in which the Plan Year begins, up to the following maximums:
Plan Years
Maximum Match
2011 – 2014
$24,000
2015 – 2018
$26,000
2019 – 2020
$28,000
Minimum Contribution
If you are eligible for a Club contribution, your Club contribution will not be
less than $7,200 if you have earned exactly two Credited Seasons and will not
be less than $3,600 if you have earned three or more Credited Seasons, even
if you do not make a Player contribution or contribute only a small amount.
When Is the Club Contribution Allocated to Your Account?
If you are eligible for a Club contribution, the Club contribution will be
allocated to your account by December 1 of a Plan Year if you both earn a
Credited Season by and through the sixth week of the regular season and
have made Player contributions of at least $12,000 during the calendar year
by the date you are paid for your Club’s first game in November of that
Plan Year. If you are entitled to a Club contribution and it was not allocated
by December 1 because you did not meet the conditions in the preceding
sentence, the Club contribution will be allocated by March 31 of the following
calendar year.
The following chart illustrates how Club contributions are computed and when
those contributions will be made. Assume Players A, B, C, D, E, and F earned
a Credited Season during the 2012 season. Then, depending on the assumed
facts of rows 1, 2, 3, and 4, the results are in rows 5, 6, and 7.
Player A
Player B
Player C
Player D
Player E
Player F
ASSUPMTIONS
1. Did Player earn
a Credited Season
prior to 2012?
Yes
Yes
Yes
Yes
Yes*
No
$17,000
$17,000
$12,000
$5,000
$0
$17,000
3. Did Player
contribute $12,000
by the first game in
November?
Yes
Yes
No
No
No
Yes
4. Was the
Credited Season
earned by the sixth
week of regular
Season?
Yes
No
Yes
Yes
Yes
n/a
2. Amount
of Player
contributions for
the 2012 Season
RESULTS
5. Is Player
eligible for a Club
contribution?
6. Club
contribution for the
2012 Season
7. Date the Club
contribution is
made
Yes
Yes
Yes
Yes
Yes
No
$24,000
$24,000
$24,000
$10,000
$3,600
$0
December
31, 2012
March
31, 2013
March
31, 2013
March
31, 2013
March
31, 2013
n/a
* Assumes Player E had earned at least two Credited Seasons prior to 2012. If he had earned exactly one
Credited Season prior to 2012, his Club contribution would be $7,200.
NFL Player Second Career Savings Plan
Examples
9
NFL Player Second Career Savings Plan
10
Are You Vested?
Generally, you are at all times fully vested in (that is, you have a nonforfeitable
right to) all amounts in your account in the Savings Plan. There are two
exceptions to this rule. First, if you enrolled in the Savings Plan through
automatic enrollment, and you elected to withdraw your contributions within
90 days of the date your first automatic enrollment contribution would have
been included in your pay, any matching contributions that were made to your
account during the 90-day period were forfeited. The second exception is
described on page 23, under the heading “Missing Payees.”
How Are the Contributions Invested?
Investment Fund Options
You direct the investment of your account among Investment Funds
selected by the Savings Board. Each of the Investment Funds has a
different investment objective and, as a group, they provide a broad range
of investment risk. The Savings Plan offers the following Investment Fund
options:
• Balanced Fund;
• Bond Fund;
• Growth Fund;
• Index Fund;
• International Fund;
• Small-Cap Core Fund;
• Small-Cap Value Fund;
• Stable Value Fund; and
• Value Fund.
You will receive detailed information about the Investment Funds and
managers from the Plan Office. You may login to the Savings Plan’s website at
mygoalline.com if you do not receive the information or you want additional
copies. You may also contact the Plan Office.
The Savings Plan is intended to be an “ERISA 404(c) Plan.” This means
that you have the ability to choose how your account is invested among the
Investment Funds offered under the Savings Plan, and you are responsible
for that choice. Neither the Savings Board nor the employees in the Plan
Office are responsible for any investment losses that might result from your
choices among the Investment Funds. Therefore, you should consider your
investment choices carefully. You may wish to consult your personal financial
advisor.
Making and Changing Investment Choices
with Respect to Future Contributions
You may choose Investment Funds for future contributions either online or
by submitting a Decision Form to your Club or to the Plan Office. You can
allocate your future contributions among one or more of the Plan’s Investment
Funds. Your choices will remain in effect, whether or not you change Clubs or
end your career, until you again change your allocation.
If you do not choose Investment Funds online, or file a Decision Form with
investment instructions, that will be treated as an instruction from you to invest
the contributions to your account through the Plan’s “default” procedure,
which results in your account being invested in the Balanced Fund. If your
account is invested in the Balanced Fund by default, you have the right to
change the allocation among Investment Funds at any time, either online or
NFL Player Second Career Savings Plan
You may choose to invest in one or more of the Investment Funds established
by the Savings Board. The Savings Board selects and monitors the investment
manager or managers for each Investment Fund. The investment managers
may include registered mutual funds, commingled funds, and separately
managed accounts. The Savings Board may decide to add or delete one
or more Investment Funds and it may choose to add, delete, or modify any
investment at any time. Participants in the Savings Plan do not have the right
to exercise voting, tender, or similar rights with respect to individual securities
held by the Investment Funds.
11
NFL Player Second Career Savings Plan
12
by using the Decision Form as explained above. You may also, as explained
in the following section, move amounts already contributed to any other
Investment Fund. The Savings Board may change the default investment at any
time.
Investment Fund Transfers with Respect
to Your Existing Account Investments
You can change the allocation among the Investment Funds in your account,
in increments of 1% or more, online or by completing a Fund Transfer Form. If
you submit your reallocation directions online by 4:00 p.m. Eastern Time on a
business day, the reallocation will be implemented as of the close of business
that day. If your reallocation directions are submitted after 4:00 p.m. Eastern
Time, or if the instructions are submitted on a day that is not a business day,
your reallocation will be implemented as of the close of the next business
day. In some cases, under federally supervised trading rules, your reallocation
instructions may apply as of a later date.
If you choose to submit a Fund Transfer Form, your reallocation directions will
be implemented after the Fund Transfer Form is received by the Plan Office.
The Fund Transfer Form is available online or can be obtained from the Plan
Office. If you complete a Fund Transfer Form, you must mail it to the Plan
Office.
You are not allowed to change the investment allocation of your Savings
Account more frequently than once every 31 days.
Plan Expenses
Two kinds of expenses are incurred in operating the Plan.
• Investment expenses, such as investment management fees, have been and
continue to be charged to the Investment Funds and reduce the value of
your Savings Account.
• The 2011 Collective Bargaining Agreement provides that, administrative
expenses such as recordkeeping, audit, legal, and custody fees, are paid
by Club contributions to the Plan through the 2020 Plan Year. Unless
this provision is extended by a future Collective Bargaining Agreement,
administrative expenses may be charged to your account beginning in 2021.
Keeping Track of Your Investments
You will receive quarterly Account Statements showing information about
your Savings Account and how it is invested. Account balance information is
available online every day, updated as of the close of the prior business day.
You also may receive additional information regarding the Savings Plan’s
Investment Funds on the Savings Plan’s website or by calling the Plan Office
at 800-638-3186. For example, the following information is available on the
Plan’s website or by calling the Plan Office:
• The estimated annual operating expenses, expressed as a percentage, of
each Investment Fund;
• Copies of any prospectuses, financial reports, or other materials related to
the Investment Funds to the extent such information has been provided to
the Plan;
• A Summary Prospectus for each Investment Fund;
• A statement of the value of a share or unit of each Investment Fund and the
date of the valuation;
• Information concerning the investment performance of each Investment
Fund;
• Information concerning the value of your investment in each Investment
Fund held in your Savings Account; and
• A list of the assets included in the portfolio of each Investment Fund
and the value of each asset (or the proportion of the investment that it
represents).
NFL Player Second Career Savings Plan
More information about expenses is posted online. Sales expenses,
commonly referred to as “front-end loads,” are not paid to acquire Savings
Plan investments. Amounts available from the Plan’s mutual fund investments,
referred to as “12(b)-1 fees” or “service fees,” are used to reduce applicable
Plan expenses.
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NFL Player Second Career Savings Plan
14
Valuation
The fair market value of the Savings Plan’s assets is available every day, based
on a valuation as of the close of the prior business day. Valuations take
into account any income, losses, appreciation, depreciation, expenses, and
distributions under procedures established by the Savings Board. You can see
a reconciliation of your account balance from any date after August 31, 2010
through the prior business day on the Plan’s website (mygoalline.com).
When Are You Eligible
to Receive Benefits?
You are eligible to receive your benefits after you attain age 45, provided you
are not employed by a Club or any entity affiliated with a Club. If you are
employed by a Club or an entity affiliated with a Club after you attain age 45,
your distribution will not begin until your employment ends or you reach age
59½. You are not required to start receiving Savings Plan benefits when you
reach age 45. However, your distribution must begin no later than April 1 of
the calendar year after the year in which you reach age 65.
If you have made an allocation to a Plan Investment Fund within 90 days of
receiving a distribution, either by contribution or by reallocation, a redemption
fee may apply. This fee is posted online and can be avoided by postponing
receipt of benefits until more than 90 days after a reallocation.
If you are eligible to receive your Savings Plan benefits and the value of your
Savings Account is more than $5,000, you may select one of the following five
forms of distribution:
• A single lump-sum payment;
• Installment payments over a 10-year period, with 1/10 of the value paid in
the first year, 1/9 of the remaining value paid the next year, etc., except that
you may elect at any time to receive the remaining value of your Savings
Account in a lump sum;
• An annuity for your life only;
• A qualified joint and survivor annuity; or
• A qualified optional survivor annuity.
Under the qualified joint and survivor annuity, you will receive a monthly
benefit during your lifetime and, after your death, your surviving wife
will receive 50% of the monthly benefit you were receiving. If your wife
predeceases you, no benefits are paid after your death. Your surviving wife
is your wife at the time of your annuity beginning date, even if you are later
divorced and remarried (unless otherwise provided in a Qualified Domestic
Relations Order).
Under the qualified optional survivor annuity, you will receive a monthly
benefit during your lifetime and, after your death, your surviving wife
will receive 75% of the monthly benefit you were receiving. If your wife
predeceases you, no benefits are paid after your death. Your surviving wife
is your wife at the time of your annuity beginning date, even if you are later
divorced and remarried (unless otherwise provided in a Qualified Domestic
Relations Order).
If you do not give other instructions at the time your Savings Account must be
distributed to you, your Savings Account will be distributed to you in the form
of the installment option.
NFL Player Second Career Savings Plan
How Are Your Benefits Paid?
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NFL Player Second Career Savings Plan
16
If you are married, you cannot select an annuity for your life only unless you
waive your right to the qualified joint and survivor annuity and the spousal
consent section of the Benefit Election Form is signed by your wife and
notarized. Any new waiver or change in beneficiary will require a new spousal
consent.
If you elect an annuity, the Plan Office will provide you with an estimate of the
amounts you would receive and an explanation of your rights, and the rights
of your wife, regarding the election. The annuity will be purchased from a
commercial insurer selected by the Savings Board.
Your election regarding the form of distribution (and date of commencement
of payment) must be filed in writing with the Plan Office and may not be
revoked after the initial payment is mailed or otherwise transmitted to you.
If –
• the value of your Savings Account is $5,000 or less,
• you have not been paid for an NFL game for three consecutive Plan Years,
and
• you are not then working for an NFL Club or an affiliate of an NFL Club,
you may elect to receive your entire Savings Account in a lump sum, even
if you have not reached age 45. You may not elect to receive installment
payments or an annuity.
In general, after you die your beneficiary will receive the balance in your
Savings Account, paid in a lump sum. An exception applies if you had elected
to receive your benefits in the form of an annuity. If so, whether the benefits
are paid after your death depends on the type of annuity you selected. For
example, if you elected a qualified joint and survivor annuity, your wife will
receive monthly benefits for as long as she lives.
You may designate a beneficiary by completing a Designation of Beneficiary
Form and filing it with the Plan Administrator. If you are married, your wife is
automatically your beneficiary, and you must follow the procedures described
below to name a different beneficiary. If you specifically designate your wife
as your beneficiary and are subsequently divorced, that designation will lapse
unless you re-designate her as your beneficiary after that divorce or unless a
Qualified Domestic Relations Order requires her to be your beneficiary. Any
person who is convicted, pleads guilty, or pleads no contest in connection with
your death will lose his or her right to a death benefit.
If you wish to designate someone other than your wife as your beneficiary, you
may do so at any time. However, that designation will not be effective unless
your wife provides her notarized consent on a special form. If a beneficiary
designation is not on file with the Savings Board for you, or if your beneficiary
designation form is invalid for any reason, the remaining balance in your
Savings Account will be paid to your surviving wife. If you do not have a
surviving wife, payment will be made to your estate.
Do IRS Rules Limit the Allocation
to Your Account During Any Year?
The IRS imposes a limitation on the total amount that is allocated to your
Savings Account during a Plan Year. This dollar limit includes the sum of
your contributions and Club contributions, if any. The limit for the Plan Year
beginning April 1, 2012 is $50,000.
NFL Player Second Career Savings Plan
What Is the Savings Plan’s
Death Benefit?
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NFL Player Second Career Savings Plan
18
How Are Your Savings Plan
Benefits Taxed?
The tax rules that apply to Savings Plan distributions are complex. Because
of this complexity, you should contact your personal tax advisor to determine
exactly how your benefits will be taxed. The Savings Plan is not in a position
to provide legal or tax advice. However, general information about some of
the more important federal tax rules currently in effect is provided below.
Income Tax on Distributions
If you elect to receive your Savings Plan benefits in a lump sum, the full
amount will be taxable in the year distributed, unless you elect to roll over
your benefits as discussed below. If you elect to receive your Savings Plan
benefits in the form of installment payments over 10 years, an annuity for your
life, a qualified joint and survivor annuity for your life with a 50% continuation
benefit for your wife, or a qualified optional survivor annuity for your life with
a 75% continuation benefit for your wife, the full amount of each payment you
receive will be taxable in the year that you receive it.
Other Possible Taxes
If you receive a payment from the Savings Plan before you reach age 59½, the
distribution may be subject to an additional federal tax of 10%. The additional
tax does not apply to annuity payments or any portion of a lump-sum
distribution that is rolled over to an Individual Retirement Account or Individual
Retirement Annuity (traditional or Roth IRA) or another tax-favored retirement
plan, as discussed below.
Rollovers
You may delay current taxation of any portion of a lump-sum distribution
paid to you by making a direct rollover of that portion to a traditional IRA or
another tax favored retirement plan (that is, a 401(a) plan, 403(a) plan, 403(b)
annuity, or governmental 457(b) plan) that accepts direct rollovers. Federal
withholding of 20% applies to the portion of your lump-sum distribution that is
not directly rolled over.
If you elect a form of payment other than a lump sum for your Savings Plan
benefits, each payment is subject to federal withholding based on the amount
of the payment, unless you elect no amount to be withheld. The Plan Office
will provide you with additional information on the withholding rules for
Savings Plan distributions when you elect to receive your benefits.
Taxation of Death Benefits
Generally, your beneficiary will be taxed on any distribution of Savings Plan
benefits received on account of your death. However, the 10% additional tax
discussed above does not apply regardless of your age or the age of your
beneficiary.
What Happens to Your
Benefits if You Are Divorced?
Although you generally may not assign your account to another person, all
or a portion of your account may be assigned in certain situations involving
divorce or in accordance with other orders issued by a domestic relations
court. For example, as part of a divorce, a judge may issue an order that
divides your account between you and your former wife. Federal law requires
that this kind of order, called a “Qualified Domestic Relations Order” or
“QDRO,” must meet certain requirements before the Savings Plan may
recognize it and pay benefits based on it. For example, a QDRO must be
specific as to the division of benefits, must not require benefits to be paid in
any form not provided for in the Savings Plan, and must clearly identify the
Savings Plan and the parties involved. You may obtain a copy of the Savings
Plan’s QDRO procedures free of charge from the Plan Office.
If you are involved in a divorce or other domestic action which may result in
a QDRO, you should contact the Plan Office for the Savings Plan’s model
QDRO.
NFL Player Second Career Savings Plan
Other Withholding Rules
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NFL Player Second Career Savings Plan
20
What Else Do You Need to Know
About Your Savings Plan?
Administration and Type of Plan
The Savings Plan is a multiemployer-defined contribution plan that includes
a cash or deferred arrangement. The Savings Plan is administered by the
Savings Board, which is a joint Board of Trustees. The Savings Board has
six voting members, three of whom are selected by the NFLPA and three of
whom are selected by the NFL Management Council. The Commissioner of
the NFL is a nonvoting member.
The following individuals are currently on the Savings Board:
Chairman
Roger Goodell
Management Members
Dick Cass
Katie Blackburn
Ted Phillips
Player Members
Jeff Van Note
Robert Smith
Sam McCullum
The Savings Board has absolute discretion and authority to interpret the
Savings Plan, review claims for benefits, and decide how the Plan applies in
different situations. Any matter on which the Savings Board is deadlocked
may be referred to an arbitrator. You can address correspondence to
individual Savings Board members, c/o the Savings Plan at the address listed
below. The day-to-day administration of the Savings Plan, on behalf of the
Savings Board, occurs at the address of the Plan Administrator below:
SAVINGS BOARD
NFL PLAYER SECOND CAREER SAVINGS PLAN
200 SAINT PAUL ST STE 2420
BALTIMORE MD 21202
800-638-3186
Agent for Service of Legal Process
The agent for service of legal process is the Savings Board, the joint Board of
Trustees for the Savings Plan. Service of legal process also may be made on
each individual member of the Savings Board.
Bank Trustee
BNY MELLON
DIRECTED TRUSTEE
ONE MELLON CENTER
500 GRANT ST
PITTSBURGH PA 15258
Union
THE NATIONAL FOOTBALL LEAGUE PLAYERS ASSOCIATION (NFLPA)
1133 20TH ST NW
WASHINGTON DC 20036
Representative of the Employers
NFL MANAGEMENT COUNCIL
345 PARK AVE
NEW YORK NY 10154
Employer Identification Number (EIN) Assigned to the Savings Board
#52-1852902
NFL Player Second Career Savings Plan
Plan Administrator
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NFL Player Second Career Savings Plan
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Plan Number
001
Plan Year
Records for the Savings Plan are maintained on a Plan Year basis that begins
on April 1 and ends on the following March 31. A Plan Year is identified by
the calendar year in which it begins.
Plan Amendment or Termination
The Savings Plan is maintained under Collective Bargaining Agreements
between the NFLPA and the NFL Management Council. While there
is a Collective Bargaining Agreement in effect, the NFLPA and the NFL
Management Council, when acting jointly, may amend or terminate the
Savings Plan. If there is no Collective Bargaining Agreement in effect, the
Savings Board may amend the Savings Plan at any time, and may terminate
the Savings Plan if no Collective Bargaining Agreement is in effect for more
than one year. However, no amendment may operate to deprive you or your
beneficiary of any rights or benefits under the Savings Plan. If the Savings
Plan is terminated, the value of your account, less any expenses, will be
distributed to you.
Plan Assets
The Savings Plan’s assets are held in trust by the Trustee.
Assignment of Benefits
In general, you cannot transfer, assign, or pledge your account under the
Savings Plan. Exceptions include a Qualified Domestic Relations Order and
an IRS tax levy.
Change of Address
Be sure to keep the Plan Office informed of your current address. You can
update your address on mygoalline.com. A change of address card is also
included in this booklet.
Please call or write the Plan Office to request an application form:
NFL PLAYER SECOND CAREER SAVINGS PLAN
200 SAINT PAUL ST STE 2420
BALTIMORE MD 21202
ATTN: SAVINGS BOARD
800-638-3186
Receipt of Documents
All correspondence, including forms, elections, and other documents that
must be submitted or filed with the Plan, are deemed received only if and
when actually received by the Plan, and not when mailed or otherwise sent.
Designating a Representative
For all types of claims and administrative review of claim denials, you can
designate a representative to act on your behalf by submitting a written
authorization to the Plan Office. You may not designate a representative
who is a convicted felon. If you designate a representative to act on your
behalf, unless you limit the scope of the representation in writing (or the
representation is otherwise terminated), the decisions and other notices
regarding your claim and/or administrative review of a claim denial will be sent
to your representative, and your representative will be allowed to review and
obtain copies of your Savings Plan records and other relevant information.
Missing Payees
If a benefit is payable to a Player or beneficiary who cannot be found by
the Plan Office, the entire benefit of, and amount payable to, that Player
or beneficiary will be forfeited at the end of that Plan Year. If the Player or
beneficiary subsequently provides accurate contact information to the Plan
Office, the amount forfeited will be reinstated, and all amounts then due will
be paid to such Player or beneficiary with interest at a reasonable rate.
NFL Player Second Career Savings Plan
How to Apply for Benefits
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NFL Player Second Career Savings Plan
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Incapacity
If you are incapacitated so as to be unable to manage your financial affairs,
the Savings Board may, in its sole discretion, direct that your benefits be paid
to your legal representative, relative, or other individual for your benefit or
otherwise direct that benefit payments be made on your behalf. In addition,
the Savings Board may, in its sole discretion, establish a trust to hold your
benefits on your behalf and appoint a trustee for that trust. The Savings Plan
will pay reasonable expenses of the trust and its trustee. More information
regarding such trusts is available from the Plan Office.
Failure to Exhaust Your Administrative Remedies
If your initial claim for benefits is denied in whole or in part (including a
deemed denial) and you fail to request, in a timely manner, review by the
Savings Board of the denial under the Plan’s review procedures described
below, you will have failed to exhaust your administrative remedies. If you fail
to exhaust your administrative remedies and later file a legal action in court on
your denied benefit claim, the court may dismiss your claim.
Benefit Claim and Review Procedures
You may submit a claim for benefits under the Savings Plan by filing a written
claim with the Savings Board. The Savings Board ordinarily will reach a
decision on a benefit claim within 90 days after it is submitted, although in
some cases the decision may take up to an additional 90 days. You will be
notified in writing if the decision time is extended beyond the initial 90-day
period. If your claim is denied, in whole or in part, you will be provided a
written notice of decision, stating –
• the specific reasons for the denial,
• the specific Plan provisions on which the denial is based,
• a description of additional information necessary to perfect your claim and
an explanation of why such additional material is necessary, and
• an explanation of the Plan’s appeal procedures for seeking review of denied
or partially-denied claims, including your right to bring a civil action under
ERISA if your claim is denied on review under the Plan’s appeal procedures.
If you receive a notice of a decision that is adverse to you in whole or in part
on your claim for benefits that you want reviewed under the Plan’s appeal
procedures, you must request administrative review (also called administrative
appeal) in writing to the Savings Board at the Plan Office within 60 days
of receiving the notice of a decision on your claim. You also can request
administrative review of a deemed denial of your claim.
During the appeal process, upon request and free of charge, you can have
reasonable access to (and copies of) all documents, records, and other
information relevant to your claim for benefits, and you also can submit
issues and comments in writing to the Savings Board. The Savings Board
ordinarily will make a decision with respect to your request for review at its
next meeting, or at its second meeting following receipt of your request for
review if your request is received less than 30 days before the next meeting.
However, if special circumstances exist, such as the need to obtain further
clarifying information, the review may be delayed but will be made by no later
than the third Savings Board meeting following receipt of your request for
review. The Savings Board will notify you in writing of its decision on review. If
the decision on review is adverse to you in whole or in part, the written notice
will include –
• the specific reasons for the decision,
• references to the provisions of the Savings Plan on which the adverse
decision was based,
• a statement of your right, upon request and free of charge, to have access
to and copies of all documents, records, and other information relevant to
your claim, and
• a statement of your right to bring a civil action under ERISA following an
adverse decision on review.
NFL Player Second Career Savings Plan
If the Savings Board fails to notify you of its decision regarding your claim
within the time periods described above, you can elect to treat that failure to
respond as a deemed denial of your initial claim, which you may appeal to the
Savings Board.
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NFL Player Second Career Savings Plan
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Limitation on Actions
You may not commence a legal action in a court on a benefit claim denial or
partial denial more than 42 months from the date of the final decision on your
claim. With respect to all other types of claims, you may not commence a
legal action in a court after the earlier of –
• six years after the date of any omission, violation, or breach of any
responsibility, duty, or obligation imposed by the Plan or applicable laws, or
• three years from the earliest date that you knew or should have known of
any such omission, violation, or breach; however, depending on the facts,
certain exceptions may apply.
If you do file a legal action after these limitation periods have expired, the
court may dismiss your claim.
Your ERISA Rights
You are entitled to certain rights and protections under the Employee
Retirement Income Security Act of 1974, as amended (ERISA).
ERISA provides that all Plan Participants are entitled to:
Receive Information About Your Plan Benefits:
• Examine without charge at the Plan Office all official Savings Plan
documents, including the 1993 and 2011 Collective Bargaining
Agreements and any extensions thereto, a copy of the latest annual
report (Form 5500 Series) filed by the Savings Board with the US
Department of Labor (and available at the Public Disclosure Room of the
Employee Benefits Security Administration), and a copy of the updated
Summary Plan Description. You can get copies of these Savings Plan
documents if you ask in writing. The Plan Office may charge you a
reasonable fee for copies of these documents, except for the Summary
Plan Description.
• Receive a summary of the Savings Plan’s annual financial report. The
Savings Board is required by law to give you a copy of this Summary
Annual Report every Plan Year.
• Obtain by written request to the Plan Office a complete list of employers
and employee organizations sponsoring the Savings Plan. The list also
is available for examination at the Plan Office. In addition, you may
obtain by written request to the Plan Office information as to whether a
particular employer or employee organization is a Savings Plan sponsor
and, if so, the sponsor’s address.
Prudent Actions by Plan Fiduciaries
In addition to creating rights for plan participants, ERISA imposes duties upon
the people who are responsible for the operation of the Savings Plan. The
Savings Board members and certain others with responsibility for managing
or operating the Savings Plan, called “fiduciaries” of the Savings Plan, have
a duty to do their jobs prudently and in your interest and in the interest of all
the other Savings Plan participants and beneficiaries. No one – neither your
employer, your union, nor any other person – may terminate your employment
or in any way discriminate against you to prevent you from obtaining a
retirement benefit or exercising your rights under ERISA.
Enforce Your Rights
If your claim for a benefit is denied in whole or in part, you have the right to
receive a written explanation of the reason for the denial. You have the right
to have the Savings Board review and reconsider your claim. And under
ERISA, there are steps you can take to exercise these rights.
For instance, if you ask for copies of the above materials from the Plan Office
and do not receive them within 30 days, you can file suit in a federal court. In
such a case, the court may require the Savings Board to provide the material.
In addition, the court may impose a fine of up to $110 a day on the Savings
Board, payable to you, unless you did not get the materials because of some
reason beyond the control of the Savings Board.
NFL Player Second Career Savings Plan
• Obtain by written request a statement telling you when you have a right
to receive a distribution, and the total amount of your account balance
under the Plan. The Savings Board must provide this statement free of
charge, but only once per year.
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NFL Player Second Career Savings Plan
28
If you have a claim for benefits that is denied or ignored in whole or in part,
you may file suit in a state or federal court. In addition, if you disagree with
the Plan’s decision or lack thereof concerning the qualified status of a domestic
relations order, you may file a suit in federal court. If it should happen that
the Savings Plan fiduciaries misuse the Savings Plan’s money, or you are
discriminated against for asserting your rights, you may seek assistance from
the US Department of Labor. You may file a suit in a federal court. The court
will decide who should pay court costs and legal fees. If the court decides in
your favor, it may order the person you have sued to pay these court costs and
legal fees. If you lose, the court may order you to pay these court costs and
legal fees if, for example, it finds your claim is frivolous.
Assistance with Your Questions:
If you have any questions about your Savings Plan, you should contact the
Savings Board by writing or calling the Plan Office. If you have any questions
about this statement or about your rights under ERISA, or if you need
assistance in obtaining documents from the Plan Administrator, you should
contact the nearest office of the Employee Benefits Security Administration,
US Department of Labor, listed in your telephone directory, or the Division of
Technical Assistance and Inquiries, Employee Benefits Security Administration,
US Department of Labor, 200 Constitution Avenue, NW, Washington,
DC 20210. You also can obtain certain publications about your rights and
responsibilities by calling the publications hotline of the Employee Benefits
Security Administration.
No PBGC Insurance
Benefits under the Savings Plan are not insured by the Pension Benefit
Guaranty Corporation (PBGC). PBGC insurance protection is not available to
“defined contribution” plans such as this Savings Plan.
This summary is intended to describe in general terms the essential features
of your Savings Plan. Every effort has been made to make sure that the
information contained in this summary is correct; however, in the case of any
discrepancy, the provisions of the actual Savings Plan and Trust will govern.
Your rights to benefits can be determined only by official action of the Savings
Board.
NFL Player Second Career Savings Plan
Disclaimer
29
SUMMARY PLAN DESCRIPTION
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2012
NFL PLAYER SECOND CAREER SAVINGS PLAN
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