The JPMorgan Chase Retirement Plan is a defined benefit plan. This means your benefit is defined (or calculated) through a formula that's based on various factors, such as your benefits pay and your years of service with JPMorgan Chase. The general guidelines for participating in the JPMorgan Chase Retirement Plan are described in this section.

Your participation in the JPMorgan Chase Retirement Plan is automatic. In general, you are eligible to participate if you:

Please Note: An individual classified or employed in a work status other than as a common law salaried employee by his/her employer, such as an:

is not eligible to participate in the plan regardless of whether an administrative or judicial proceeding subsequently determines this individual to have been instead a common law salaried employee.

If you're an eligible employee, you automatically become a participant in the Retirement Plan on the first day of the month coincident with or next following the date you complete one year of total service. You do not need to enroll to participate.

Once you're eligible to participate in the plan, you will remain eligible to participate — even if your work status changes from salaried to hourly or if you are rehired as an hourly employee following termination of employment. This means that following these status changes you can continue to participate in the plan. (Please see "If Your Situation Changes" for more information on how a status change can affect your plan participation.)

You do not pay to participate in the Retirement Plan. JPMorgan Chase and any of its subsidiaries that have adopted the plan pay its cost by making contributions to a trust. The need for and the amount of these contributions are determined annually by the plan's actuary.

A beneficiary is the person(s) you name to receive your vested plan benefit in the event of your death. You can name any individual to be your beneficiary but only on a form approved and accepted by the plan. However, if you're legally married, your spouse will automatically be your sole primary beneficiary under current law. If you want to designate someone other than your spouse as your primary beneficiary, your spouse must give written, notarized consent (this consent is irrevocable). Please Note: If you name someone as a beneficiary and you subsequently marry, your prior designation becomes invalid and your new spouse will be your beneficiary.

Your most recent beneficiary designation (including any designation under the heritage plans) will remain in effect until you make a change, except as noted below.

As required by law, if you are married, JPMorgan Chase will notify you of your right to make a change of beneficiary beginning with the plan year in which you reach age 32. However, if you were married and named a non-spousal beneficiary before you were age 35, your designation will no longer be valid when you reach age 35. After age 35, you can submit a change of beneficiary at any time — subject to written, notarized spousal consent.

Similarly, if you remarry after a divorce, your new spouse automatically becomes your beneficiary — subject to any qualified domestic relations order (QDRO). (Please see "If You Become Divorced or Legally Separated" and "If Your Situation Changes" for more information on QDROs.)

If you are not married and don't name a beneficiary, or if your beneficiary predeceases you, vested benefits are paid to your estate upon your death.

You should regularly review your beneficiary designations.