Sallie Mae 2015 Annual Report Download - page 207

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2.4. “Participant” means an employee who has a Supplemental Savings Plan Account,
as defined in Section 4.2.
2.5. “Termination of Employment’’ or “Terminates Employment” means a Participant’s
termination of employment with the Corporation or other separation from service as described in
Code Section 409A and the regulations thereunder.
3. EFFECTIVE DATE
This Plan is established effective May 1, 2014 (the “Effective Date”), and was amended
June 25, 2015. The Plan represents the assumption and continuation of a portion of the Sallie Mae
Supplemental 401(k) Savings Plan (the “Predecessor Plan”), sponsored by SLM Corporation
(“SLM”).
The original effective date of the Supplemental Savings Plan, originally named the
Supplemental SLMA Employees’ Thrift & Savings Plan, was January 1, 1983. The Supplemental
Savings Plan was renamed the Supplemental 401(k) Savings Plan and amended February 28, 1999,
and again July 1, 2004.
4. ELIGIBILITY AND PARTICIPATION
4.1. Employees who are participants in a Qualified 401(k) Plan and whose contributions,
or contributions on their behalf, to such Qualified 401(k) Plan are limited as a result of the limitations
imposed by Code Section 401(a)(17) and further, who are designated by the CEO or senior human
resources officer of the Corporation, will be eligible to participate in the Supplemental Savings Plan
(“Eligible Employees”).
4.2. Eligible Employees will be so advised and an account will be established in their
names on the books of the Corporation (a “Supplemental Savings Plan Account”).
5. PLAN BENEFITS
Benefits provided under this Supplemental Savings Plan are hypothetical bookkeeping
entries or credits allocated to an Eligible Employee’s Supplemental Savings Plan Account. Three
types of credits may be allocated to a Supplemental Savings Plan Account: a Deferred Pay Credit,
an Employer Matching Contribution Credit, and an Investment Credit. The amount and source of
each type of credit is described below. Each of the types of credits will be allocated to a Supplemental
Savings Plan Account beginning no sooner than with the payroll period during or after the payroll
period in which the Eligible Employee’s Eligible Pay exceeds the Code Section 401(a)(17) limit.
5.1. Deferred Pay Credit: If so elected by the Eligible Employee, a Deferred Pay Credit
will be credited by the Corporation in an amount equal to an Eligible Employee’s Eligible Pay times
five (5) percent.
5.2. Employer Matching Contribution Credit: A Participant shall be eligible to receive
an Employer Matching Contribution Credit beginning with the first pay period coincident with the
date the Participant completes a twelve month period of service.