Newmont
Effective January 1, 2014
The Pension Plan is an employer-funded retirement plan that pays a defined benefit to eligible participants.
The Plan includes two distinct benefit formulas. This section explains the Stable Value Formula. Employees do
not make any contributions to the Plan.
Pension Plan of Newmont Stable Value Formula
In This Section
Eligibility .............................................................................................................................................................. 2
Participation ........................................................................................................................................................ 3
Enrolling ............................................................................................................................................................... 3
How the Plan Works ............................................................................................................................................ 3
Calculating Your Benefits .................................................................................................................................. 4
Plan Maximums and Limitations ........................................................................................................................ 6
Vesting and Receiving Your Pension Benefits ................................................................................................ 6
Normal Retirement ............................................................................................................................................ 7
Deferred Retirement .......................................................................................................................................... 7
Leaving Newmont Before You Retire ................................................................................................................ 7
Early or Disability Retirement ............................................................................................................................ 7
Applying for Your Benefits ................................................................................................................................. 8
Commencement of Benefits .............................................................................................................................. 8
Normal Form of Payment .................................................................................................................................. 8
Optional Forms of Payment ............................................................................................................................... 8
Understanding Other Pension Plan Provisions ............................................................................................. 10
If You Leave and You’re Rehired .................................................................................................................... 11
If You Become Disabled .................................................................................................................................. 11
If You Die ......................................................................................................................................................... 12
When Your Participation Ends ........................................................................................................................ 12
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Newmont
Effective January 1, 2014
For More Information
For more information about the Pension Plan of Newmont, contact the
Newmont Pension Service Center at 1-855-755-1733.
Effective January 1, 2007, Newmont adopted the Stable Value Formula. The Stable Value Formula expresses
the Plan’s benefit in the form of a lump-sum payment. Although the benefit is expressed and calculated as a
lump-sum benefit, the annuity form of benefit continues to be available under the terms of the Plan with regard
to benefits calculated under the Stable Value Formula. The Stable Value Formula applies to employees hired,
rehired, or transferred into a U.S. salaried position, or U.S. employees in a Grade Level between 1-98, on and
after January 1, 2007, and those who elected to have their benefits calculated under the Stable Value Formula
during the choice period offered in 2007.
Eligibility
You are eligible to participate if:

you are classified as a salaried employee or an employee in a Grade Level between 1-98; and

you were hired on or after January 1, 2007; or

you were rehired on or after January 1, 2007; or

you transferred into a U.S. salaried position or in a U.S. Grade Level between 1-98 on or after January
1, 2007; or

you elected to participate effective January 1, 2008, during the choice period offered in 2007 (the
choice period).

you were a participant in the Final Average Pay formula on June 30, 2014
You are not eligible to participate if:

you are not a citizen or resident alien of the United States with no earned income from U.S. sources;

you are not subject to United States income tax withholding or are paid through a payroll process that
does not use a U.S. tax identification number for reporting purposes;

you are covered by a collective bargaining agreement where retirement benefits were the subject of
good faith bargaining;

you are a Western Nevada Hourly employee who is eligible to receive a Company Retirement
Contribution under the Retirement Savings Plan of Newmont;

you are classified as a contract or leased employee of Newmont; or

you are classified as an intern or a summer student.
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Newmont
Effective January 1, 2014
Participation
You accrue service under the Plan. Service begins with the first day of the calendar month in which you are
credited with an hour of service with Newmont. It ends with the last day of the calendar month in which you
were last employed:

if you are a hired by Newmont on or after January 1, 2007, you become a participant in the Stable
Value Formula on the first day of the month on, or coincident with, completing a year of service.

if you were rehired or transferred on or after January 1, 2007, and had completed a year of service
with the Company, you are eligible to participate on your date of rehire or transfer.

if you were rehired or transferred on or after January 1, 2007, and had not completed a year of
service, you must complete a year of service before you are eligible to participate.

if you are rehired within 12 months of your termination date, all service earned prior to your termination
of employment will be credited toward the completion of a year of service.

if you elected to participate in the Stable Value Formula during the choice period, you became a
Stable Value Participant on January 1, 2008.

If you were a Final Average Pay participant on June 30, 2014, you became a participant in the Stable
Value Formula on July 1, 2014
Any service which is credited to a Stable Value participant under another defined benefit plan of the Company
for contribution credit or benefit accrual purposes will not be taken into account for purposes of calculating
your benefit under the Stable Value Plan. Any service credited for purposes of a retirement contribution
(applicable to hourly paid employees) under the Retirement Savings Plan of Newmont, the International
Retirement Plan of Newmont or service while on foreign assignment, will not be taken into account for
purposes of calculating your benefit under the Stable Value Retirement Benefit. However, this time will be
counted towards your vesting service.
Enrolling
As an eligible employee, you are automatically enrolled as a participant under the Pension Plan. You don’t
have to complete any forms.
How the Plan Works
The Plan is an employer-funded retirement plan that pays a defined benefit to eligible participants. Employees
do not make any contributions to the Plan.
The Plan uses years of service to determine vesting and eligibility to receive benefits. Vesting means you
obtain a non-forfeitable right to the benefit. Your benefit grows with each year of service with Newmont, and is
typically payable upon your normal, early, or deferred retirement. (See “Vesting and Receiving Your Pension
Benefits” for more information.)
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Newmont
Effective January 1, 2014
The Stable Value benefit is expressed as a lump sum payable at normal retirement age, and you can elect to
receive your benefit in either a lump sum or an annuity. Please see “Optional Forms of Payment” on for more
information.
Calculating Your Benefits
Your benefit will be expressed as a single lump sum payment at normal retirement age (65). Each year, you
will accrue benefits based on your years of service as of the end of the plan year and your salary. The amount
accrued each year is equal to the following:
Full years of service completed by
the end of the Plan Year
Accrual rate of salary up to and
including the Social Security Wage
Base
Accrual rate of salary over the
Social Security Wage Base
0-9
13%
21%
10 - 19
15%
23%
20 +
17%
25%
The Social Security Wage Base for 2014 is $117,000, and may be adjusted each year to reflect cost of living
increases.
The Stable Value benefit, as of a given date, is the sum of all the amounts accrued for each year of service.
Benefits accrued under the Stable Value formula are based on an annual accrual of your salary payable as a
single lump sum at retirement. Different rates of accrual are applied to the portion of your salary less than, and
in excess of, the Social Security Taxable Wage Base (SSTWB).
Any salary that is credited to you under another Newmont sponsored retirement plan for contribution credit or
benefit accrual will not be included in determining your accrual for purposes of the Stable Value formula.
Your vesting service will be used to determine which tier level is taken into account to determine your accrued
benefit.
Pension Benefit Calculation Example
The following is an example for a participant who works from 2010
Year
Full years of service completed by the end
of the plan year
Eligible
compensation
Accrual
rate
Accrual
2010
1
$72,000
13%
$ 9,360
2011
2
$74,160
13%
$9,641
2012
3
$76,385
13%
$9,930
2013
4
$78,676
13%
$10,228
2014
5
$81,037
13%
$10,535
2015
6
$83,468
13%
$10,851
2016
7
$85,972
13%
$11,176
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Newmont
Effective January 1, 2014
Year
Full years of service completed by the end
of the plan year
Eligible
compensation
Accrual
rate
Accrual
2017
8
$88,551
13%
$11,512
2018
9
$91,207
13%
$11,857
2019
10
$93,944
15%
$14,092
2020
11
$96,762
15%
$14,514
2021
12
$99,665
15%
$14,950
2022
13
$102,655
15%
$15,398
2023
14
$105,734
15%
$15,860
2024
15
$108,906
15%
$16,336
Total
$186,240
In this example, you would be entitled to a single lump sum of $186,240 payable at age 65. If you choose to
receive your benefit before age 65, the amount of the payment will be reduced. You may also choose to have
this lump sum benefit converted to an annuity and payable as a monthly benefit for the rest of your life.
For participants who previously earned benefits under the Final Average Pay formula, retirement benefits will
be based on a two-piece benefit determined under the Final Average Pay Formula and under the Stable Value
Formula. The Final Average Pay benefit is frozen as of June 30, 2014 with no future pay increases and no
future service accruals.
In addition to the two-pieced benefit, some Final Average Pay participants may be eligible to receive Transition
Credits. Transition credits are additional accruals added to your Stable Value benefit percentages set forth
above and are determined based on your age and years of service with Newmont as of June 30, 2014. If you
were not a stable value participant prior to July 2, 2014 and if your age plus service is greater than or equal to
50 on June 30, 2014 you will receive transition credits.
Years of Age + Vesting Service
as of June 30, 2014
Transition Credit
Less than 50
No Transition Credit
50 – 59
3%
60 – 74
6%
75+
9%
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Newmont
Effective January 1, 2014
Salary
For purposes of the Pension Plan, “salary” generally includes your regular pay, holiday pay, military differential pay, paid
time off (PTO) pay, overtime pay, and bonus pay under the Annual Incentive Compensation Payroll Practice of Newmont,
generally determined over the period it was earned.
Salary does not include:
 stock options, restricted stock or deferred stock;
 signing bonuses;
 fringe benefits;
 severance pay;
 pay adjustments due to being on a foreign assignment (such as cost of goods and services adjustment, foreign
service premium or hardship allowance); or
 other miscellaneous compensation.
Salary limitations
There’s also a federal tax code limit on the amount of eligible compensation that can be taken into account in determining
your benefits under the Pension Plan. For 2014, contributions are based on your first $260,000 of eligible compensation.
Federal law limits the amount of your eligible pay under the Pension Plan. This amount is adjusted annually. (See “Plan
Maximums and Limitations” below for more information.)
Plan Maximums and Limitations
There are limits on the contributions that Newmont can make to the Pension Plan and on the amount of salary
that can be taken into consideration. Limits are set by federal law, and are subject to change each year to
account for increases in the cost of living. Here’s a summary of those limits:

Benefit maximum — the maximum monthly benefit you may receive from the Pension Plan is the
lesser of:
– 100% of your average compensation for three consecutive 12-month periods for which your
compensation was the highest;
– $210,000 for 2012, as indexed by the IRS, and for payment prior to age 62 and after age 65; or
These limitations are applied to the Stable Value benefit after converting the Stable Value lump sum to an
equivalent annuity.

Restrictions based on funding — the law imposes limitations on pension plans when certain funding
levels are not met by the Plan. For example, if the Plan is less than 60% funded, benefit payments
may be restricted to amounts that do not exceed a straight life annuity (although payable in another
form). In addition, certain limitations apply if the Plan’s funding level is less than 80%. For example, no
Plan amendment may increase liabilities of the Plan in such case.
Other limits may apply for “highly compensated employees” or if the Pension Plan becomes “top heavy.” (See
the Rules and Regulations section for more information.)
Vesting and Receiving Your Pension Benefits
You are 100% vested after completing five years of service with Newmont, upon change of control while you
are in active service or if you die while in active service.
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Newmont
Effective January 1, 2014
You are eligible to receive Pension benefits when:

you reach normal retirement age (65) and retire from Newmont, regardless of your service;

you retire from Newmont after having worked past your normal retirement date, regardless of your
service; or

you terminate from Newmont with five or more years of service.
Certain requirements apply; see below for details about when you are eligible to receive benefits and what
reductions, if any, may apply to your benefit payments.
Normal Retirement
Your “normal retirement date” is the first day of the month coinciding with or next following your 65th birthday.
If you retire from Newmont on or after your normal retirement date, you are fully vested in your Pension Plan
benefits regardless of your years of service.
Deferred Retirement
If you continue employment with Newmont beyond your normal retirement date, you will continue to
accumulate Pension benefits. Payments will begin on the first day of the month coinciding with or following
your actual retirement date. The benefit will be based on the sum of the amounts accrued for each year of
service as of your actual retirement date from Newmont.
Leaving Newmont Before You Retire
If you leave Newmont prior to reaching normal retirement age (65), you may still be eligible for Pension
benefits if you are vested upon termination of employment.
•
•
If you are under Normal Retirement Age and you terminate employment with less than five years of
service, you will not be eligible to receive Pension benefits.
Regardless of age, if you terminate employment with at least five years of service, you will be eligible to
receive your Pension benefit upon your termination; however, your benefit may be reduced.
Early or Disability Retirement
If you retire from Newmont for any reason, including disability or early retirement prior to reaching normal
retirement age (65) and you have completed at least five years of service, you are eligible for Pension
benefits. You may elect to have your benefit paid as a lump sum as soon as administratively possible after
your date of termination, or in an optional form as described in this section. Your early retirement or disability
benefit will be reduced based on your age and will be the Actuarial Equivalent of your benefit accrued as of
your termination date payable at your normal retirement date.
The Actuarial Equivalent for Early or Disability Retirement is an amount approximately equivalent to the benefit
you would receive at age 65 and reduced by the applicable mortality table and interest rate prescribed by the
Internal Revenue Code.
If you are eligible for benefits under the Long-Term Disability Plan of Newmont, your Pension benefits may
affect benefits payable to you under the Long-Term Disability Plan. For more information, see the Long-Term
Disability section.
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Newmont
Effective January 1, 2014
Applying for Your Benefits
Benefits do not begin until you or your surviving spouse/beneficiary file an application to receive such benefits.
The claim will specify the date on which Pension benefits are to begin, in accordance with the provisions
described above. Application forms are available by contacting the Pension Service Center.
If you’re not satisfied with the outcome of a claim you’ve submitted for benefits, you can ask that the claim be
reviewed. (See “Claims Review Process” in the Rules and Regulations section for more information.)
Commencement of Benefits
If you do not make an election to receive your benefits or to have your benefits deferred, benefits will begin no
later than 60 days after the end of the plan year in which the latest of the following events occur:

you reach age 65;

you reach your 10th anniversary of service with Newmont; or

you terminate employment with Newmont.
You must submit a claim for benefits or other election permitted by the Administration Committee in order for
benefit payments to begin.
Distributions must begin no later than your required beginning date. Generally, your required beginning date is
April 1 of the year following the year you attain age 70½ or the year you retire from Newmont, whichever is
later. If you are a 5% or more owner of Newmont, your required beginning date is the April 1 following the year
you attain age 70½ even if you remain employed by Newmont. If you fail to begin benefit payments on or
before your required beginning date, you may be subject to substantial penalty taxes.
Normal Form of Payment
Under the Stable Value Formula of the Pension Plan, your benefit will be paid as a lump sum. However, you
may elect to receive your benefit in alternate forms of payment as described under the “Optional Forms of
Payment” section below. If you do not make an election, the lump sum form of payment will be converted to a
single life annuity payment if you are not married for at least one year prior to the commencement of benefits,
or a 50% joint and survivor annuity if you are treated as married as of the date of commencement of benefits.
If the actuarial equivalent value of your Pension benefit is $1,000 or less — your benefit will be paid in a lump
sum.
Optional Forms of Payment
Generally, benefits under the Stable Value Formula of the Pension Plan are paid as a lump sum; however, you
may receive an optional form that will provide a benefit to your spouse. The optional forms that allow a spousal
benefit are as follows:
Joint and Survivor Options

If you have been married at least one year as of benefit commencement, under the Joint and
Survivor options, you will receive a reduced monthly benefit until your death, then your surviving
spouse will receive a percentage of your eligible Pension benefit for the remainder of his or her
lifetime. You may elect join and:
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Newmont
Effective January 1, 2014
– 50% survivor annuity;
– 66.67% survivor annuity;
– 75% survivor annuity; or
– 100% survivor annuity.
–
If you were hired after April 1, 1995 and commenced your benefit prior to July 1, 2014, the joint and
66.67% survivor annuity was not available.

Your reduced monthly retirement benefit equals the amount of the monthly Pension payment
otherwise payable to you, reduced by multiplying this amount by the Joint and Survivor Adjustment
Factor (actuarial value of a single life annuity, divided by the actuarial value of the optional form).
You may elect to receive an unreduced single life annuity benefit, with no benefits payable upon your death or
other optional form if your spouse signs an “election to waive the qualified joint and survivor annuity form.” This
form must be signed in the presence of a notary public or a designated Plan representative. If your spouse
consents to another payment arrangement, he/she may cancel that consent at any time before benefit
payments begin.
Within a reasonable period of time before your Pension benefits begin, Newmont will provide you with:.
a written explanation of the terms and conditions of the qualified joint and survivor annuity form of benefits, as
well as other optional forms available to you;

your right to waive the joint and survivor annuity form of benefits;

the rights of your spouse to consent or refuse to consent to a waiver; and

your right to make a revocation of an election to waive the joint and survivor annuity form of benefits.
Period Certain Options
Both married and single participants may elect to receive an alternate form of payment known as “period
certain payments.” Through this option, a reduced Pension benefit is paid to you until your death, then to your
spouse/beneficiary for the remainder of the designated period. If you are married, your spouse must agree to
this optional payment method. You may elect payments for one of the following designated periods:

5 years;

10 years; or

15 years.
If you elect to receive benefits under the period certain options, upon retirement you will need to name a
beneficiary. It’s important to name a beneficiary, or beneficiaries, who will receive your benefits if you die.
One-Year Rule
Your spouse is not eligible to receive survivor benefits under an annuity form of payment unless you are
married through the one-year period ending on the earlier of your Pension commencement date or your death.
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Newmont
Effective January 1, 2014
Rollovers
You may elect to have your lump sum benefits rolled over into an eligible retirement plan, including a
traditional Individual Retirement Account (IRA), Roth IRA or other tax-qualified plan that will accept your
rollover. In the event of your death, your spouse may also roll over a lump sum payment to an IRA, Roth IRA
or other tax qualified plan. Your non-spouse beneficiary may elect to have your lump sum benefits rolled over
into a traditional IRA or Roth IRA. A non-spouse rollover must be a direct rollover and cannot be distributed to
your beneficiary first and subsequently rolled over to an IRA. Additional tax detail will be provided to you when
you apply for benefits.
Naming a Beneficiary
If you’re a married participant (whether actively employed, inactive or retired), your spouse is automatically the
sole primary beneficiary. You must be married for one year prior to the earlier of your Pension commencement
date or your death in order for your spouse to be eligible for a survivor benefit. As explained above, your
spouse may waive his or her rights to a survivor’s benefit in accordance with the Plan’s procedures.
If you elect to receive period certain payments, you may name someone other than your spouse as your
beneficiary if your spouse has signed a consent form in the presence of a notary public or a designated Plan
representative. You may also name both primary contingent beneficiaries for period certain payments. (See
“Period Certain Options” under “Optional Forms of Payment” for more information on this alternate payment
option.)
Assigning Your Pension Benefits through a Court Order
Generally, participants of the Pension Plan do not have the right to assign
benefits to another individual unless it is required as part of a “Qualified
Domestic Relations Order” (QDRO), such as a divorce decree that requires
a percentage of your benefits be paid to your former spouse and/or
dependent children.
Understanding Other Pension Plan Provisions
Certain circumstances may limit your eligibility to receive Pension benefits. For example:

if you leave Newmont before you become fully vested in the Pension Plan, you may forfeit your
benefit. You may have an opportunity to recover this amount if you’re re-employed. (See “If You Leave
and You’re Rehired” for more information.)

your benefits may be forfeited due to the inability to locate you or your beneficiary when payment is
due (subject to reinstatement, if required by law, when a proper claim for benefits is filed).

Newmont and the Plan trustee have the right to recover excess payments or benefits that weren’t paid
in accordance with the Plan’s terms.
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Newmont
Effective January 1, 2014
If You Leave and You’re Rehired
If you leave Newmont and are later rehired, your vesting and/or payment status may be affected, depending
on your vesting and payment status at the time you left Newmont and how long you were away.

If you are re-employed after Pension benefit payments begin — Pension benefits will be
suspended for each calendar month during which you complete at least 40 hours of service with
Newmont. Benefits will be recalculated when you again terminate employment, taking into account all
years of credited service.

If you are re-employed after receiving a lump sum — you have the option of repaying the lump
sum, in which case your full accrued benefit will be restored. However, if you do not repay your lump
sum with interest within 5 years of your reemployment date, your accruals will start over on your rehire
date.

If you are re-employed on or after January 1, 2007 — you will accrue benefits under the Stable
Value Formula for each completed year of service with Newmont. However, you will not receive credit
under both the Final Average Pay Formula and the Stable Value Formula for the same years of
service.

If you are re-employed on or after July 1, 2014 and were receiving a Transition Credits — you
will not receive Transition Credits on your accruals earned after your reemployment.
If You Take a Leave of Absence
Generally, if you are on an approved leave of absence for 12 months or less, service for Pension benefits
continues to accrue while you’re on leave, and will continue to do so unless you do not return to Newmont
following your approved leave. This includes leave under the Family and Medical Leave Act (FMLA).
Military Leave
If you leave Newmont to perform qualified military service in the United States uniformed services and return
to work for Newmont, you won’t be treated as having a period of separation. Your military service will count as
service under the Pension Plan, as long as you return to work at Newmont within the time required by law.
If you are on military leave and die or are disabled in military service, your
benefit under the Plan will be treated as though you were an active
employee up to your date of death.
If You Become Disabled
If you become disabled, Pension benefits continue to accrue while you’re on Short-Term Disability leave of
absence.
If you’re totally and permanently disabled, you may be eligible to receive Pension benefit payments as
described in “Early or Disability Retirement”.
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Newmont
Effective January 1, 2014
If You Die
If you die after payments have commenced, your spouse or beneficiary will only receive a benefit if you have
elected an optional form that provides a beneficiary benefit. Your beneficiary will be your eligible spouse
unless you elect a five, ten or fifteen-year certain form of payment. If you elect a term certain form of payment,
you may name a beneficiary other than your spouse, provided your spouse consents to your election, if
applicable. See the “Period Certain Options” for more information. Generally, payments to your
spouse/beneficiary may begin on the first day of any month following your death, but no later than your normal
retirement date.
If you die before payment commences as a vested participant and have been married to your spouse for one
year or more, your surviving spouse will be eligible to receive the benefit that would have been payable to you.
The benefit payable to your spouse is subject to the same early retirement adjustments that would have been
applicable to you in the event your spouse receives benefits prior to the date you would have attained your
Normal Retirement Date.
No survivor benefit shall be paid to the estate of any beneficiary of an unmarried Stable Value Participant. If
you die as a vested participant who has not yet commenced Pension payments, and if you are unmarried, or
married for less than one year as of the date of your death, no Pension benefits are payable.
When Your Participation Ends
Generally, accrual of your Pension Plan benefits will end on the earliest of the following dates:

the last day of employment with Newmont;

the date on which you no longer meet the eligibility requirements;

the date you die; or

the date Newmont discontinues the Plan.
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