Norfolk Southern Retirement

To ensure the financial well-being of their employees, Norfolk Southern Corporation has established Norfolk Southern Retirement Plan effective June 1st, 1982, and last amended on January 1st, 2016, for all staff members who work at or above certain levels. The company will contribute up to 8% annually to each employee’s account under article XVII, which can be used as they see fit with assured benefits provided by Employee Savings Bank(ESB).

Norfolk Southern Corporation Retirement Plan

Introduction

The NS Plan provides an additional level of financial security for life. It is a monthly retirement benefit that will continue after you retire, ensuring there’s always money coming in even if disaster strikes. Unlike a pension, an individual account program (IAP) is an account you set up and manage yourself. This provides the freedom to decide how much money to save and how often to make contributions. The benefits you receive are based on your age, years of service, and the final average compensation you earn.

Membership

The membership of this plan is open to all full-time regular employees (at any level) who are eligible under the terms and conditions that apply to their plans.

If you are currently employed or on Disability Service, your retirement will start the first day of each succeeding month. Your retirement will be effective in the month you leave your service when you retire.

Creditable Service

In order to receive a Norfolk Southern Corporation employee benefit, you must be employed by the company on December 31st of the year before credit will be granted. In other words, if you left your position on June 1st, you will be credited with employment beginning on May 31st. In addition, if you transfer to another Norfolk Southern employee, your service will be credited from the date they first reported for work with us.

Retirement

The benefits of a being Norfolk Southern employee include:

• Medical and dental plans.
• Life insurance plans.
• A long-term disability plan.
• A short-term disability plan.
• A retirement plan.
• A defined benefit pension plan.
• Prescription drug programs.

A retirement benefit is a monthly payment that you will receive after retiring. This benefit is based on the sum of your age and years of service with Norfolk Southern Corporation. At the moment of your retirement, you will receive a lump-sum payment. The value of this payment is your final average compensation, which is a measure of your total earnings, adjusted to remove the effect of pay raises.

Limitation on Benefits

You must be at least fifty years old by the last day of each month in which you are being credited with service. This applies unless evidence proves otherwise, such as an official certificate from your physician stating how long it will take before he/she can no longer work due to disability calculations. If so, you must be fifty (50) by the last day of the first month after the disability began) to be eligible for any retirement benefit and to receive any payment.

Survivorship Benefits and Distribution Options

Upon the death of a member, a survivor benefit will be paid. A survivor benefit is a monthly benefit paid to a surviving spouse or to a person who is a child of a deceased employee. The available benefit will be based on the deceased’s age at the time of his or her death, the number of spouses that the deceased had, and the number of children that the deceased had.

At any time after retirement, you may take a distribution of your retirement benefit. The value of this distribution is what you would receive if you were to cash an annuity at age sixty-five (65), and you will receive a lump sum payment at that time.

After retirement, you may choose to change the investment option for your account. The value of this change is the Internal Revenue Service (IRS) applicable tax rate, which will be applied to any distribution you make from your retirement benefit.

Refund of Employee Contributions

Amendments

After the plan is amended, you may elect to recalculate your benefit amount. Employee Contributions would have made during the time you were employed would be refunded to you in an amount equal to the additional contribution. To receive refunds, you’ll need a pay stub or a copy of your paycheck, which shows your pay for the year.

NW Plan for Supplemental Pensions

Retiree Medical Benefits

NW Plan for Supplemental Pensions is a defined benefit pension plan offered and maintained by the National Railroad Passenger Corporation (Amtrak), an operating railroad that the government of the United States wholly owns. This plan provides medical and other retirement benefits to employees. The program is open to employees of the Amtrak Retiree Division and meets certain eligibility requirements.

Disability Benefit

You may be entitled to a Disability Benefit if you become disabled as you perform your regular duties or because of an accident or injury.

Disability Benefit is provided to the extent that your disability continues for at least one year, and during such period you are not eligible for any other benefit under the NW Plan.

The Disability Benefit is based on your Average Monthly Earnings, defined as your average pay during the twelve (12) full months preceding an event that caused your disability. For example, your disability benefit would be based on your average monthly earnings for the twelve months preceding the date you became disabled, regardless of when that disability occurred.

Final Thoughts – Norfolk Southern Retirement

With Norfolk Southern Retirement’s comprehensive benefits package, you and your family are guaranteed to be taken care of. In fact, they can promise that you will never be alone in retirement. You can feel confident that you’ll have a dedicated advocate at your side every step. You have been one of NS’s most valued employees. As a retired Norfolk Southern Corporation employee, you’ll find yourself enjoying life to the fullest.