The JPMorgan Chase 401(k) Savings Plan is a defined contribution plan. This means the value of your account depends on the amount of contributions made, as well as gains and losses based on your investment choices. The general guidelines for participating in the JPMorgan Chase 401(k) Savings Plan are described in this section.

Your participation in the JPMorgan Chase 401(k) Savings Plan is optional. In general, you are eligible to participate if you are:

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 instead been a common law salaried employee.

If you're an eligible full-time employee, you are immediately eligible to enroll in the 401(k) Savings Plan as of your first day of employment with JPMorgan Chase — there's no waiting period. If you are an eligible part-time employee, you are eligible to enroll in the plan the first of the month after completing 90 days of total service. However, in either case, it's your responsibility to enroll in the plan. Your enrollment will become effective in accordance with administrative practices.

In general, as an eligible participant, you may receive JPMorgan Chase matching contributions the first of the month following completion of one year of total service. Please see "JPMorgan Chase Matching Contributions" for more information.

When you become eligible to enroll in the plan, you will receive a 401(k) Savings Plan enrollment kit containing information regarding the plan and the enrollment process. Before enrolling, it's important to review the materials carefully to ensure you understand all the details of the plan, including the risks of investing. You can access your 401(k) Savings Plan enrollment materials online via Company Home  HR & Personal  Pay & Benefits  Enrollment Materials. (A copy of these materials will also be sent to you via interoffice mail. However, you do not need to wait for these materials to arrive to make your enrollment elections online.)

The 401(k) Savings Plan is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974 (ERISA) relating to defined contribution plans. The plan is intended to constitute a plan described in Section 404(c) of ERISA and Title 29 of the Code of Federal Regulations Section 2550.404C-1. Under these regulations, fiduciaries of the plan may be released of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary.

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 will remain in effect until you make a change. If you're not married and don't name a beneficiary, or if your beneficiary predeceases you, vested benefits are paid to your estate upon your death.

Your contributions to the 401(k) Savings Plan and any associated JPMorgan Chase matching contributions, if eligible, will end when:

Your participation in the plan ends when you or your beneficiary receives payment of your vested account balance.