Thrift Plan

General Information

   Account Statement  

Your statements show:

• Account balances at the beginning of the period
• Any activity in the account during the period (contributions, distributions, etc.)
• Gains and/or losses on the account
• How current contributions are invested
• Any outstanding loan balances
• Vested amount and account balance at the end of the period

   Qualified Domestic Relations Orders  

Your Thrift Plan benefit can become subject to a property or other financial settlement in case of a divorce. The court may issue a Qualified Domestic Relations Order--a court order related to divorce--which could award a portion of your account to your former spouse, your child, or another dependent. Contact your Human Resources Department if this situation applies to you, and they can arrange to send you or your attorney a model Qualified Domestic Relations Order.

   Loss of Benefits  

If you leave the Federal Reserve before you are 100 percent vested in all Employer Matching contributions and investment earnings on that money, you (or your beneficiary) will forfeit any non-vested amounts in your Plan account.

   Pension Benefit Guaranty Corporation  

The Thrift Plan is not covered by the Employee Retirement Income Security Act of 1974 (ERISA), so the Pension Benefit Guaranty Corporation (PBGC) does not insure your benefits under the Thrift Plan.

It is a government plan that is exempt from the requirements of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan is qualified under Sections 401(a) and 501(a) of the Internal Revenue Code, and the contributions meet the requirements of Sections 401(k) and 401(m) of the Code.