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Rent-A-Center 401(k) Retirement Savings Plan

Plan Overview - Rent-A-Center 401(k) Retirement Savings Plan

Your Plan Offers:

  • Voluntary Enrollment
  • Annual Deferral Increase through Voluntary Bump It!
  • Company Matching Contributions
  • Loans, Hardship Withdrawals, In-Service Distributions (after age 59½)

Eligibility & Entry
You are eligible for the Plan: After completing 90 days of service
You may enter the Plan: At the first of any month

Employee Deferrals
You can defer (contribute) through payroll deductions:

  • 1% to 50% of your compensation in increments of 1%
  • You can change your deferral amount at any time online or by phone
  • Voluntary Bump It! takes place April 1

Company Contributions
Currently, the matching contribution made on the first 6% you defer is:

  • $.50 for every $1 deferred

The above considerations merely summarize the major points of the Plan. In the event of a discrepancy between these points and the Plan Document, the Plan Document will control. The Plan Document is available for review in your Corporate Office.


Fund Choices

Rent-A-Center, Inc. Company Stock Fund RCII  
Oppenheimer Developing Markets ODVYX Fact Sheet
Harbor International Inst HAINX Fact Sheet
Vanguard Total Int'l Stock Index VTIAX Fact Sheet
Eagle Small Cap Growth HSRUX Fact Sheet
JP Morgan Small Cap Equity Fund VSEIX Fact Sheet
Vanguard Small Cap Index Adm VSMAX Fact Sheet
Invesco Small Cap Value Fund VSMIX Fact Sheet
PRIMECAP Odyssey Aggressive Growth POAGX Fact Sheet
Vanguard Mid Cap Index Fund VMCIX Fact Sheet
Principal Mid Cap Value III PVUIX Fact Sheet
T. Rowe Price Growth Stock Fund PRGFX Fact Sheet
Vanguard 500 Index #540 Fund VFIAX Fact Sheet
John Hancock Disciplined Value JDVWX Fact Sheet
Vanguard Total Bond Market Index VBTLX Fact Sheet
JP Morgan Core Plus Bond JCPUX Fact Sheet
American Century Inflat-Adj Bond Instl AIANX Fact Sheet
Wells Fargo Stable Return Fund   Fact Sheet
MFS Lifetime 2050 MFFPX Fact Sheet
MFS Lifetime 2040 MLFJX Fact Sheet
MFS Lifetime 2030 MLTJX Fact Sheet
MFS Lifetime 2020 MFLJX Fact Sheet
MFS Lifetime Retirement Income MLLJX Fact Sheet

Not FDIC Insured | No Bank Guarantee | May Lose Value.

For information about the funds offered as investment options in your Plan, call 1-866-412-9026 to obtain a prospectus. You may also select the link to download a prospectus for the mutual fund selected. Read the prospectus carefully before you invest. The prospectus contains important information about each fund's objectives, investment policies, fees and expenses. Investment return and principal fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original costs.


Disclosures

Not FDIC Insured | No Bank Guarantee | May Lose Value

For information about the funds offered as investment options in your Plan, call 1-866-412-9026 to obtain a prospectus. You may also select the link to download a prospectus for the mutual fund selected. Read the prospectus carefully before you invest. The prospectus contains important information about each fund's objectives, investment policies, fees and expenses. Investment return and principal fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original costs.


Frequently Asked Questions

GETTING STARTED: Deferrals, Contributions, Rollovers

When am I eligible to begin contributing (deferring) to the Rent-A-Center 401(k) Retirement Savings Retirement Savings Plan?
You are eligible to begin salary deferrals after you complete 3 months of service with Rent-A-Center, Inc.

What is the difference between deferring and contributing?
You defer a percentage of your salary and your employer then contributes that deferral to the Plan. We will use the term to refer to the amount that comes out of your paycheck each pay period.

How do I start deferring to the Plan? You may make your election to participate at any time by following the New Enrollment instructions at the bottom of this page.

How can I begin deferring to the Plan if I have stopped?
If you have reduced your salary deferral percentage to zero, you may again begin deferring a percentage of your pay by calling the Voice Response Unit or by selecting My Account on this site. However, if you are a re-hire who previously participated in the Plan, you must complete a new Enrollment Form and Beneficiary Designation Form.

How much can I defer to the Plan?
Generally, you can defer up to 50% of your gross pay and incentive income with certain limitations.

What are catch-up contributions?
You are eligible to make additional salary deferrals called catch-up contributions if you are 50 years of age or older or turn 50 any time during the year.

Is there a minimum I can defer to the Plan?
The minimum you can defer to the Plan is 1% of your gross pay and incentive income. The Plan document requires that you defer in 1% increments.

How often can I make changes to my salary deferral?
You may change your salary deferral percentage at any time by using the Voice Response Unit or by selecting My Account on this site. Requests will be processed each week. Requests received prior to 3:00 p.m. Central Time Thursday will be effective for the following Friday's payroll.

Does Rent-A-Center, Inc. match my deferral to the Plan?
Rent-A-Center, Inc. will match the first 6% of salary deferrals you make to the Plan at the rate of 50 cents for every $1 you defer.

Why must I designate a Beneficiary for the Plan?
You must specifically designate who you want to receive your Plan benefits in the event of your death. This Beneficiary Designation is separate from other benefits you may have.

How do I change my investment choices and how often may I change my investment choices?
You may change future investment elections or current investment mix at any time by using the Voice Response Unit or by selecting My Account on this site.

How do I roll my 401(k) account balance from a previous employer into the Plan?
The first step is to request a distribution form from the Plan Administrator or Trustee of your previous 401(k) plan. Generally, you are required to complete and sign a rollover election form indicating that you want a direct rollover distribution to your new employer's 401(k) plan. When you complete the rollover election form indicate that the check distributing your account should be made payable to: Rent-A-Center, Inc. 401(k) Retirement Savings Plan F/B/O (your name). The check should be mailed to.

NestEgg U
Attn: R/K Department
P.O. Box 1 M.S. 1.1
Wichita, KS 67201

How do I roll a Conduit (Rollover) IRA into the Plan?
The first step is to request a distribution form from your broker or mutual fund. Generally, you are required to sign a form indicating that you want a direct rollover distribution to your employer's 401(k) plan. When you complete the required form, indicate that the check should be made payable to: Rent-A-Center, Inc. 401(k) Retirement Savings Plan F/B/O (your name). The check should be mailed to.

NestEgg U
Attn: R/K Department
P.O. Box 1 M.S. 1.1
Wichita, KS 67201

How long will it take to rollover my accrued benefit in another 401(k) plan or IRA to this Plan?
Typically 2 to 4 weeks. There are situations where it can take longer. Be sure to keep a record of where and to whom you sent your distribution forms so you can follow up if there is a delay.

INVESTMENTS

What are the investment options offered in the Plan?
The Plan’s investment options allow you to select investments appropriate for your age and individual risk tolerance. To view the funds available for investment, you may visit the "Fund Choices" section of this site.

What happens if I sell Rent A Center stock?
Your trade will be executed the next business day (usually in the morning) if the trade is requested before market close (typically 3 pm Central Time). The price you will receive is what the trade was executed at by the broker (which will be between the high and low for that day). The trade will settle three days after executed. If you are transferring from Rent-A-Center stock to a mutual fund, the cash from the sale will become available on settlement date (3 days following the sale) to execute the "buy side" of your transaction.

GENERAL

How do I find my 401(k) account balance?
You may find out your account balances by calling the Voice Response Unit or by selecting My Account on this site. Quarterly statements are generated at the end of every quarter. You may request to have one mailed to your address of record.

Does my participation in the Plan impact my ability to contribute to an IRA?
You are able to contribute to IRAs and Roth IRAs when covered by an employer sponsored retirement plan. The IRS still requires you to abide by several income and participation rules that affect the deductibility of, or ability to contribute to IRAs or Roth IRAs. There are several rules and regulations covering IRAs and Roth IRAs and you are strongly urged to review your circumstances with your financial advisor or tax preparer.

I misplaced my User ID to access my retirement account online. How do I get a new one?
To obtain a new User ID, you may call 1-866-412-9026 and speak to a Customer Service Representative. The Customer Service Representative will give you a temporary User ID after verifying your identity.

DISTRIBUTIONS, LOANS and VESTING

How can I take money out of the Plan?
There are three ways to take money out of the Rent-A-Center 401(k) Retirement Savings Retirement Savings Plan. You will need to complete the appropriate paperwork depending on the type of request. 1) Loan - You may borrow (with limitations) from your individual account. 2) In-Service Withdrawal - Age 59½ or hardship for specific reasons as detailed by the IRS. 3) Distribution - Only upon termination of employment, death, disability, retirement.

How does the IRS calculate the penalties and taxes if I take money out of the Plan before I’m 59 ½?
Generally, distributions to a participant from a qualified retirement plan before age 59 ½ are subject to 20% federal withholding and a 10% early withdrawal penalty. There are exceptions to the early withdrawal penalty for pre-59½ withdrawals. State tax may also apply to the distribution. Please consult with your financial or tax advisor to see if those exceptions apply to your particular situation.

If I take a distribution from the Plan, how much does the IRS require to be withheld?
Generally, a distribution made directly to a participant from a qualified plan is subject to 20% federal withholding. This withholding occurs at the time the distribution is made. If the distribution is a hardship distribution, it is subject to 10% federal withholding unless you elect no withholding.

If I take a distribution from the Plan will state tax be withheld?
If you reside in Arkansas, California, Delaware, Georgia, Iowa, Kansas, Maine, Maryland, Massachusetts, Nebraska, North Carolina, Oklahoma, Oregon, Vermont or Virginia, and receive a direct distribution, state tax will be withheld from your distribution. A hardship distribution is also subject to state withholding unless you elect no withholding.

How do I get a loan from the Plan? How much can I get?
You may submit a loan request through the Voice Response Unit or by selecting My Account above. Generally, you are able to borrow the lesser of $50,000 or 50% of your vested account balance, including 401(k) rollover contributions. The minimum loan amount is $500 (which means you must have a vested account balance greater than $1,000). There is a $100 loan-processing fee. The interest rate charged for your loan is the published Prime Rate in the Wall Street Journal.

What is the process for taking out a loan?
You may submit a loan request by calling the Voice Response Unit or by selecting My Account on this site, or by calling a Customer Service Representative at 1-866-412-9026. If the loan request is received before 3:00 p.m. M-F a check will be mailed out to the participant within 2 business days.

May I have two loans at one time?
No, the Plan only allows for one loan at a time. You may not request a second loan to pay off the first loan.

What happens to my 401(k) balance if I leave the Company?
Once you have separated from service with Rent-A-Center, Inc., you may request a direct transfer to another retirement account or a distribution of your benefits. If your Plan balance is less than $1,000, the Plan will automatically distribute your balance. You will, however, have a limited opportunity to rollover the funds to an IRA or another employer's retirement plan. If your balance is less than $1,000, your balance may not remain in the Rent-A-Center, Inc. 401(k) Retirement Savings Plan. If your Plan balance is $1,000 or more, you have the option to leave your funds in the Plan or you may request that the funds be rolled over to an IRA or another employer's retirement plan.

What are my options if I need money for a true emergency?
There are three approaches if you are a Rent-A-Center employee. There are: 1) Loans 2) Hardship withdrawals 3) In-Service distributions after age 59½. Hardship withdrawals are allowed only for an immediate and heavy financial need. You should talk with your Plan Administrator to obtain information on what constitutes an immediate and heavy financial need.

How do I determine my vesting percentage?
Vesting is determined based on your years of service. Your vesting status in the company matching contributions can be found on your quarterly Rent-A-Center, Inc. 401(k) Retirement Savings Plan statement or by clicking My Account above and selecting "Account Balances".

When will I be 100% vested in my 401(k) salary deferrals and rollover contributions?
You are always 100% vested in salary deferrals and rollover contributions and any related earnings on those deferrals and contributions.

When will I be 100% vested in the company matching contributions?
You are 100% vested in any matching contributions after you complete 3 years of service. You receive credit for one year of vesting service each time you pass your hire anniversary date with Rent-A-Center, Inc. After your first year of service you are 25% vested and after 2 years of service you are 50% vested.


Beneficiary Form

To view your existing Beneficiary Designation or to change your designation, select My Account. Your Beneficiary information is located under the Gear icon in the top right corner of the page once you have accessed your account.


Change Form

All changes to your account can be made by selecting My Account or by calling the NestEgg U Customer Solutions Center at 866-412-9026. If you require a paper change form, one will be mailed to you.


New Enrollment

You are eligible to begin making contributions after 90 days of service. Download our enrollment instructions for details about the enrollment process.

To enroll, select My Account at the top of the page.