ALLSTATE 401(k) SAVINGS PLAN ALLSTATE 401(K) SAVINGS PLAN ALLSTATE 6 JANUARY 2020 أک Excluded...

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Transcript of ALLSTATE 401(k) SAVINGS PLAN ALLSTATE 401(K) SAVINGS PLAN ALLSTATE 6 JANUARY 2020 أک Excluded...

  • SUMMARY PLAN DESCRIPTION ALLSTATE 401(k) SAVINGS PLAN

    Effective January 1, 2020

  • ALLSTATE 1 JANUARY 2020

    Allstate 401(k) Savings Plan

    This Summary Plan Description (SPD) describes the principal provisions of

    the Allstate 401(k) Savings Plan (the “Plan”), effective as of January 1, 2020,

    unless otherwise noted.

    This document dated January 1, 2020, constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.

  • ALLSTATE 401(K) SAVINGS PLAN

    ALLSTATE 2 JANUARY 2020

    The Plan covers Regular Full-Time and Part-Time Employees of Allstate Insurance Company and other Participating Employers in The Allstate Corporation controlled group of companies. The terms “Company” or “Allstate” as used in this document mean The Allstate Corporation. “Employer” or “Participating Employer” means Allstate Insurance Company and any related employers that have adopted the Plan for their employees. As of January 1, 2020, the Participating Employers are Allstate Insurance Company, Allstate New Jersey Insurance Company, and Answer Financial, Inc.

    The Plan consists of a profit sharing and stock bonus plan containing a cash or deferred arrangement intended to meet the requirements of sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”). The stock bonus portion includes an employee stock ownership plan (“ESOP”) intended to meet the requirements of sections 409 and 4975(e)(7) of the Code. The stock bonus and ESOP portion of the Plan is designed to invest primarily in Company shares which constitute qualifying employer securities under section 407(d)(5) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and section 4975(e)(8) of the Code.

    The Plan is administered by an Administrative Committee appointed by, and serving at the pleasure of, the 401(k) Committee of the Plan. The members of the Administrative Committee are employees of Allstate Insurance Company. The Secretary of the Administrative Committee is the Plan Administrator as defined in Section 3(16)(A) of ERISA. The Administrative Committee has the discretion to establish and carry out all rules necessary to operate the Plan and to make decisions regarding the interpretation or application of Plan provisions, including the discretion to make factual determinations and remedy any possible ambiguities, inconsistencies or omissions. Any decision made by the Administrative Committee is final and binding on all parties. The Administrative Committee has comprehensive authority, including:

    Ø adoption of rules and retention of assistance for Plan administration;

    Ø maintenance of participants’ Accounts;

    Ø conditions for Plan enrollment, investment elections, and beneficiary designations; and

    Ø decisions on claims for benefits.

    Assets of the Plan are held by The Northern Trust Company, as Trustee under the Allstate 401(k) Savings Plan Trust (the “Trust”).

    This Summary Plan Description is designed to summarize the Plan in non-technical terms. Should there be any inconsistency between this Summary Plan Description and the Plan’s official plan document, the terms of the plan document will govern. The Plan reserves the right to correct any errors or mistakes of fact, and make adjustments in benefit amounts paid, unpaid, or estimated in order to remain in compliance with plan documents. You may examine the complete plan document on which this Summary Plan Description is based for a more detailed description of the Plan’s provisions and procedures.

    While Allstate expects to continue the Allstate 401(k) Savings Plan, The Allstate Corporation as Plan Sponsor reserves the right to change, amend or terminate the Plan, at any time for any reason. Participation in the Plan does not constitute a contract or guarantee of employment.

  • ALLSTATE 401(K) SAVINGS PLAN

    ALLSTATE 3 JANUARY 2020

    Table of Contents See Page

    Highlights ............................................................................................................................................................................ 5 An Easy Way to Save .................................................................................................................................................... 5

    Eligibility and Participation ............................................................................................................................................... 5 Vesting ................................................................................................................................................................................. 6

    Vesting Service .............................................................................................................................................................. 6 Breaks in Service ........................................................................................................................................................... 6 Transfer of Employment to a Non-Participating Employer ........................................................................................... 7 Forfeiture of Company Contribution Account ............................................................................................................... 7 Reemployment ............................................................................................................................................................... 7

    Leaves of Absence ............................................................................................................................................................... 8 Special Military Duty and Military Leave of Absence .................................................................................................. 8 Maternity or Paternity Leave ......................................................................................................................................... 8

    How to Enroll ...................................................................................................................................................................... 9 Automatic Enrollment ................................................................................................................................................... 9

    Participant Deposits .......................................................................................................................................................... 10 Pre-Tax Deposits — 401(k) ......................................................................................................................................... 10 Roth 401(k) Deposits ................................................................................................................................................... 10 Catch-Up Deposits ....................................................................................................................................................... 11 Income Taxes on Pre-Tax and Catch-Up Deposits ...................................................................................................... 11 After-Tax Deposits ...................................................................................................................................................... 11

    Limits on Deposits and Contributions ............................................................................................................................ 11 Participant Deposit Comparisons ................................................................................................................................ 12 How Taxes Impact Your Savings ................................................................................................................................ 13 Annual Increase Option ............................................................................................................................................... 14 Starting, Changing or Stopping Your Deposits ........................................................................................................... 14 Rollover Deposits to the Plan ...................................................................................................................................... 15 In-Plan Roth Conversions ............................................................................................................................................ 15

    Eligible Compensation ...................................................................................................................................................... 16 Your Plan Accounts .......................................................................................................................................................... 17 Company Contributions ................................................................................................................................................... 18

    If You Leave the Company.......................................................................................................................................... 18 Company Contributions Transfer ................................................................................................................................ 18 Funding Company Contributions Prior to the 2020 Plan Year—The Leveraged Employee Stock Ownership Plan (ESOP) ......................................................................................................................................................................... 19

    Investment of Your