89579128.2

DePaul University 403(b) Retirement Plan (“Plan”)

Summary of Material Modifications

Relating to the 2nd Amendment to the Plan

July 2017

This Summary of Material Modifications (“SMM”) is intended to notify you of recent changes to the Plan by

DePaul University (“DePaul”), as described below. Please file this notice with your copy of the Summary Plan

Description (“SPD”) for the Plan.

Increase in Matching Contributions.

Prior to January 1, 2017, the Plan provided for a matching contribution of 8.5% of regular salary for eligible

participants (generally, a participant who is age 21 or older, has completed one year of service, and has elected a

salary deferral into the Plan of at least 5% for a payroll period). Additionally, the Plan provided that matching

contributions will continue at that same rate for a participant who is on a paid leave of absence or short-term

disability, provided that such participant continues to remain eligible for matching contributions during the

absence or disability period. When an employee’s salary is reduced under the short-term disability policy, the

Plan provided for an additional contribution of 5% of the participant’s eligible regular salary, for a total DePaul

contribution of 13.5%, regardless of the participant’s contribution rate.

Effective January 1, 2017, DePaul amended the Plan to increase matching contributions from 8.5% to 9% of

eligible regular salary, including in the case of participants who are on a paid leave of absence or on short-term

disability. In addition, the applicable short-term disability contribution (for participants whose salary is reduced

under DePaul’s short-term disability policy) was increased from 13.5% to 14% of eligible salary.

Automatic Enrollment for Student Workers Who Transfer to Eligible Employee Status.

The Plan provides that student workers are not eligible to make salary deferrals into the Plan. The Plan also

provides that employees hired or rehired on or after January 1, 2016 who are eligible to make salary deferrals to

the Plan will be automatically enrolled in the Plan to make salary deferrals at a contribution level of 5% if they do

not elect otherwise within 60 days following their hire date.

Effective January 1, 2017, DePaul amended the Plan to clarify the application of the automatic enrollment rules

to student workers who transfer to eligible employee status. Specifically, student worker employees who transfer

to an eligible class of employees on or after January 1, 2017 will also be automatically enrolled in the Plan pursuant

to its automatic enrollment provisions, as described above. Any student worker who transferred into an eligible

class of employees during the 2016 Plan year (which is the same as the calendar year), but who did not

affirmatively elect whether to participate in the Plan, was treated as a new employee as of January 1, 2017 and

was automatically enrolled in the Plan pursuant to its automatic enrollment provisions.

Other Important Information

The official documents for the Plan (i.e., the Plan documents, including any amendments) control the actual

payment of benefits and administration of the Plan. This notice simply highlights recent changes to the Plan, but

does not replace the official Plan documents. Capitalized terms that are not defined in this SMM have the same

meaning as provided under the Plan or SPD. If there is any discrepancy between the SMM or the SPD and the

official Plan documents, the terms of the official Plan documents will apply.

If you have any questions regarding this notice or other Plan documents, you may contact the Benefits Department

at 312-362-8500.