TEAM CHURCH 403(b)7 Retirement Plan

Introduction.
Team Church is committed to offering a Retirement Plan as part of its benefit package to full
time employees. In accordance with IRS regulations, Team Church is required to provide a
retirement plan effective 1 January 2009. This document, from here on referred to as the “Plan”,
outlines and explains Team Church’s responsibilities as a sponsor. The Plan also outlines all
participant requirements and investment options. Team Church uses The Vanguard Group as the
only source for 403(b)7 Investments, and adheres to all terms and conditions as set forth in the
Vanguard Individual 403(b)7 Program – Service Description and the Vanguard 403(b)7
Individual Custodial Account Agreement. These two Vanguard documents are to be considered a
reference to this Plan and should be read in conjunction with this Plan.

Plan Overview.
Team Church sponsors one retirement plan option, a 403(b)7 plan that is run by The Vanguard
Group. All investment options, benefits, limitations, terms and conditions are determined by the
Vanguard Group and this document. Team Church does not contribute to any other retirement
plan or account.

Eligibility.
• Any paid staff member is eligible to participate in the Plan and make voluntary payroll
contributions. Only full time staff members are eligible to receive matching contributions
from Team Church.
• Part-Time staff can enroll in the Plan at any time. It is the staff member’s responsibility
to enroll themselves in the plan. They are not eligible for matching contributions from
Team Church.
• Full-Time staff can enroll in the Plan at any time. It is the staff member’s responsibility
to enroll themselves in the plan.

Benefits.
• After one year of continuous service in a full time status, the Full Time staff member is
eligible to receive 5% of their income as a match. This percentage is placed in the staff
members account whether the staff member contributes or not.
• Any other benefits are those specified by the Vanguard 403(b)7 Individual Custodial
Account Agreement.

Limitations.
• In order to participate in the Plan, employees must enroll in the Vanguard 403(b)7 Plan
offered by Team Church. Team Church is not responsible for enrolling employees,
although the organization will assist employees in that process.
• All other limitations are those set forth in the two referenced Vanguard documents.

March 13, 2009 12:48 PM

 TEAM CHURCH 403(b)7 Retirement Plan

Available Investments.
All investment options provided by The Vanguard Group and offered specifically as part of their
403(b)7 agreement are available to enrolled employees.

Distributions.
• Distributions will be made in accordance with the terms and requirements set forth in the
Vanguard Individual Custodial Account Agreement and the Vanguard Individual Program
– Service Description, and this Plan.
• Hardship Withdrawals are not authorized under this plan with the exception for severance
and disability. See the Individual Custodial Account Agreement for what constitutes a
hardship withdrawal.

Plan Compliance and Administration.

• Team Church will assign an Administrator to properly manage this Plan and ensure it
fully complies with all laws and regulations.
• The Administrator will notify all staff of their right to make, change, or revoke salary-
deferral selections on an annual basis.
• The Administrator will authorize hardship withdrawals based on Plan requirements

Questions.
For questions or clarification related to the Plan, contact the Administrator, Robin Priles at
704-469-5642 or rpriles@teamchurch.com

March 13, 2009 12:48 PM