Retirement Savings Plan Summary Plan Description

8.8 Income Tax Withholding on Monthly Benefit Payments

Federal income taxes will be withheld from your monthly benefit payments on the assumption that you are married with three exemptions unless you elect otherwise by filing a W-4P form with the Plan Office. If federal income taxes are withheld from your benefit, you are a resident of California and you do not elect otherwise on Form DE4-P, an amount equal to 10% of your Federal income tax withholding will be withheld for state purposes. Applicable forms are available on request and on the website. You may want to consult with your tax advisor to discuss your payment and withholding options. Failure to withhold a sufficient amount of income tax and/or pay appropriate estimated tax payments may result in a penalty for underpayment of estimated taxes.