Summary Plan Description

This booklet contains a summary of your plan rights and benefits under the Federal Home Loan Bank of Pittsburgh Plan. If you have difficulty understanding any part of this booklet, contact your Human Resources Officer at his/her office: 412 ###-###-####.

Este folleto contiene un resumen de los derechos y beneficios bajo el Plan de Federal Home Loan Bank of Pittsburgh. Si tiene dificultad para entender cualquier parte de este folleto, comuniquese con el Oficial De Recursos Humanos en su oficina: 412 ###-###-####.

We are pleased to present your Summary Plan Description. This Summary has been prepared to help you understand the retirement plan which is provided by the Federal Home Loan Bank of Pittsburgh through its participation in the Pentegra Defined Benefit Plan for Financial Institutions (formerly known as the Financial Institutions Retirement Fund) (the "Pentegra DB Plan").

The Pentegra DB Plan is a large, non-profit, tax-exempt pension trust which was created in 1943. It is administered by a professional staff under the direction of a Board of Directors comprised of presidents of Federal Home Loan Banks and officers of various participating employers.

The Pentegra DB Plan enables financial institutions and other organizations serving them to provide for the security of their employees. It invests the contributions made to it and, under its Comprehensive Retirement Program (a defined benefit pension Plan), it pays out retirement, disability and death benefits.

This Summary highlights the main benefit features of your retirement plan. The Pentegra DB Plan Regulations contain the governing provisions and should be consulted as official text in all cases. If there is any conflict between this Summary Plan Description and the Pentegra DB Plan's Regulations, the Pentegra DB Plan's Regulations will control. Either your employer or the Pentegra DB Plan will provide you with a copy of the Regulations at your request.

Finally, please note that wherever the masculine pronoun is used in this Summary, it is intended to include the feminine pronoun.

Employee Eligibility     1

Service and Salary     2

- Benefit Service     2

- Vesting Service     2

- Salary     2

Vesting     3

Retirement Benefits    4

- General    4

- Normal Retirement (if you were hired prior to January 1, 2008)    4

- Late Retirement (if you were hired prior to January 1, 2008)    4

- Normal Retirement (if you were hired on or after January 1, 2008)    5

- Late Retirement (if you were hired on or after January 1, 2008)    5

- Early Retirement (if you were hired prior to January 1, 2008)    6

- Early Retirement (if you were hired on or after January 1, 2008)    7

- Disability Retirement (Applicable to all Members)    8

- Retirement Adjustment Payment (if you were hired prior to January 1, 2008)    9

Death Benefit    10

- Death Benefit in Active Service (Applicable to all Members)    10

- Death Benefit in Retirement (if you were hired prior to January 1, 2008)    10

- Death Benefit in Retirement (if you were hired on or after January 1, 2008)    11

Optional Forms of Retirement Benefit     12

Direct Rollovers    12

Automatic Cash-Out of Benefits    12

Paying for Your Benefits     13

Your Personal Annual Statement     13

Reinstatement of Membership and Service     14

Leaves of Absence     15

Limitations on Benefits     16

Insurance of Benefits     17

Disputed Claims Procedure     17

Qualified Domestic Relations Orders ("QDROs")    18

Statement of ERISA Rights     19

- Receive Information About Your Plan and Benefits    19

- Prudent Actions by Plan Fiduciaries    19

- Enforce Your Rights    19

- Assistance with Your Questions    20

Other Plan Information     21

You will become a Member when eligible and will be enrolled by your employer at that time. You will be eligible for membership in the Plan on the first day of the month following satisfaction of your Plan’s waiting period, if any. Your Plan’s current waiting period is:

If you are expected to complete 1,000 hours of service in the 12 consecutive months following your enrollment date, you will be enrolled as an active Member and, as such, will be entitled to all the benefits described in this Summary. If you are not expected to complete 1,000 hours of service in this 12 consecutive month period, you will be enrolled as an inactive Member and, as such, will not accrue or be entitled to any retirement or death benefits. Subsequently, you will be active or inactive depending on whether or not you complete 1,000 hours of service in each calendar year.

In counting hours, you will be credited with an hour of service for every hour for which you have a right to be paid. This includes vacation, sick leave, jury duty, etc., and any hours for which back pay may be due.

Your benefits are based on your Benefit Service and Salary. The period of Benefit Service is the number of years and months of employment upon which benefits are determined under the Plan.

Benefit Service includes:

Prior Service ‑ any or all employment prior to the date your employer joined the Pentegra DB Plan for which your employer has purchased credit.

plus

Membership Service (or future service) ‑ period of employment as an active Member (see Page 1) from enrollment to retirement, death or other termination.

For example, suppose you were hired by your employer at age 35. Then 10 years later, when you are age 45, your employer joined the Pentegra DB Plan and purchased credit for your 10 years of prior service. After 20 years of membership service you will reach the Plan’s normal retirement age (65) and will then have 30 years of Benefit Service:

The easy way to approximate how much Benefit Service you would have upon retirement at age 65 is to subtract from 65 whatever age you were when your Benefit Service began.

Vesting Service is the period used to determine whether or not you are vested and eligible for early retirement. It is your period of employment measured from the first day of the month in which you were hired (but not before the earliest date your employer provided credit under any pension plan) to the last day of the month in which you terminate employment. (Refer to Page 3 describing Vesting.)

Salary is your basic annual Salary rate as of each January 1st, excluding special payments such as overtime, bonuses, or commissions. Changes in your basic annual Salary rate which occur during the calendar year are not recognized.

For the 2012 calendar year, only Salary earned up to $250,000 can be considered in determining your accrued benefit under this Plan.

"Vested" means that you have a nonforfeitable right to a retirement benefit which you will not lose if you terminate your employment. You will become vested in accordance with the following schedule:

Upon reaching the age of 65, you are automatically 100% vested, regardless of the number of years of employment you have completed.

If you terminate service after becoming fully vested, you are entitled to receive a retirement benefit (see the “Retirement Benefits” section). If, for example, you are 100% vested upon termination of employment, you would be entitled to a retirement allowance at age 65 equal to 100% of the allowance accrued to your termination date. If you are not vested at termination, you will not be entitled to any retirement benefit.

The regular form of all retirement benefits provides a retirement allowance, (see normal, early, and disability retirement formulas) plus a retirement death benefit (explained later). Instead of choosing the regular form, you may select one of the optional forms as described in the "Optional Forms of Retirement Benefit" section of this Summary.

All retirement allowances are in addition to Social Security, and are payable in monthly installments for life. In addition, all retirement allowances must begin as of April 1st of the calendar year following the later of (i) the calendar year in which you reach age 701/2, or (ii) the calendar year in which you retire ("Required Beginning Date"). However, if you are a 5% owner, your Required Beginning Date is April 1st of the calendar year following the calendar year in which you reach age 701/2, even if you are still working.

Upon termination of employment at or after age 65, you will be entitled to a normal retirement benefit. The formula for determining your normal retirement allowance is:

Example: You had 30 years of benefit service at termination of employment and your average annual salary for the three (3) consecutive years of highest salary during benefit service ("High-3 Average Salary") was $40,000. Your annual retirement allowance would be:

If you do not continue in your employer's service after age 65, you may begin your normal retirement allowance as described above or you may defer commencement of your allowance until any time up to your Required Beginning Date.

If you continue in employment beyond the Plan’s normal retirement age (65), you will receive a benefit determined under the employer's benefit formula based on Salary and Benefit Service earned beyond age 65 until actual termination of employment (regardless of age) without any increase for delayed payment. However, the benefit will not be less than the benefit you would have had at age (65) actuarially increased.

Upon termination of employment at or after age 65, you will be entitled to a normal retirement benefit. The formula for determining your normal retirement allowance is:

Example: You had 30 years of benefit service at termination of employment and your average annual salary for the five (5) consecutive years of highest salary during benefit service ("High-5 Average Salary") was $40,000. Your annual retirement allowance would be:

If you do not continue in your employer's service after age 65, you may begin your normal retirement allowance as described above or you may defer commencement of your allowance until any time up to your Required Beginning Date.

If you continue in employment beyond the Plan’s normal retirement age (65), you will receive a benefit determined under the employer's benefit formula based on Salary and Benefit Service earned beyond age 65 until actual termination of employment (regardless of age) without any increase for delayed payment. However, the benefit will not be less than the benefit you would have had at age (65) actuarially increased.

If you leave your employer prior to age 65, after having become fully vested (see Page 3), you will be entitled to an early retirement benefit. The retirement allowance payable at age 65 is equal to the vested amount of the normal retirement allowance accrued to your termination date.

For employees hired prior to January 1, 2008, payment may begin as early as age 45, in which case the allowance otherwise payable at age 65 is reduced by applying an early retirement factor based on your age when payments begin (see below). Payment may also be deferred to any time up to your Required Beginning Date, in which case the retirement allowance payable at age 65 will be increased actuarially.

Example: You terminate employment at age 61 after 26 years of benefit service (rather than at age 65 after 30 years), and your High-3 Average Salary over such a period is $40,000. Your annual retirement allowance commencing at age 65 would be:

If, on the other hand, you elected to have your retirement allowance commence immediately, the allowance payable at age 65 would be reduced by 3% for each year you are under age 65, as follows:

If you leave your employer prior to age 65, after having become fully vested (see Page 3), you will be entitled to an early retirement benefit. The retirement allowance payable at age 65 is equal to the vested amount of the normal retirement allowance accrued to your termination date.

For employees hired on or after January 1, 2008, payment may begin as early as age 55, in which case the allowance otherwise payable at age 65 is reduced by applying an early retirement factor based on your age when payments begin (see below). Payment may also be deferred to any time up to your Required Beginning Date, in which case the retirement allowance payable at age 65 will be increased actuarially.

Example: You terminate employment at age 61 after 26 years of benefit service (rather than at age 65 after 30 years), and your High-5 Average Salary over such a period is $40,000. Your annual retirement allowance commencing at age 65 would be:

If, on the other hand, the member elected to have his retirement allowance commence immediately, the allowance payable at age 65 would be reduced as follows:

If, after completing one year of membership service or having been credited with five (5) years of Benefit Service (not counting service during a leave of absence) but before reaching age 65, you have to stop working because of a disability, you may be entitled to a disability retirement benefit. First, you must file an application with the Pentegra DB Plan within 13 months after the date you had to stop working. Second, you must satisfy either Test A or B below:

Test A - Certification by doctors designated by the Pentegra DB Plan that your disability (i) prevents you from doing the kind of work for which you are fitted or trained, and (ii) is expected to last at least 12 months from the date you had to stop working or to result in death.

Generally, the annual disability retirement allowance is payable immediately, and is the higher of (i) an amount equal to the normal retirement allowance accrued to your termination date, or (ii) 30% of average annual Salary for the five (5) highest paid consecutive years of Benefit Service ("High-5 Average Salary"). However, it cannot be more than what your normal retirement allowance would have been if you had stayed in service to age 65. The disability allowance described in this paragraph is only payable up to when you reach normal retirement age (65). After you attain normal retirement age (65), the normal benefit formula allowed under this plan will apply. You will, however, be allowed to choose a different optional form of payment based on your accrued benefit calculated at the disability retirement effective date.

You may be required to provide evidence, as often as annually, that you continue to be disabled.

If you retire after age 55 (whether normal, early or disability retirement), you will be entitled to a one-time Retirement Adjustment Payment. Please note that under the provisions of the plan, you are deemed to be retired upon your termination of employment with a deferred vested benefit. The Retirement Adjustment Payment is a single lump sum equal to three months' regular retirement allowance payable when your allowance begins.

To illustrate, the annual allowance upon normal retirement would be calculated as shown on Page 4. Assume the annual retirement allowance was $12,000, and then in addition to such allowance, you would receive a Retirement Adjustment Payment as follows:

If you are vested and die in active service, your beneficiary would be entitled to a lump sum death benefit equal to 100% of your last 12 months' Salary, plus an additional 10% of such Salary for each year of Benefit Service until a maximum of 300% of such Salary is reached for 20 or more years, plus a refund of your own contributions, if any, with interest.

Example: You die after 15 years of Benefit Service and your last 12 months' Salary is $40,000. Your beneficiary would get:

Either you or your beneficiary may elect to have your benefit or the retirement death benefit described below paid in the form of installments over a period of up to 10 years or a lifetime annuity.

If you die after becoming eligible for early retirement, your beneficiary would receive the higher of (i) the active service death benefit described above, or (ii) the retirement death benefit described below (as if you had retired on the first day of the month in which you died).

The regular form of all retirement benefits (normal, early or disability) includes not only a retirement allowance, but also a lump sum retirement death benefit which is 12 times the annual retirement allowance less the sum of such allowance payments made before death. Please note that this death benefit does not apply in the event you elect to receive your benefit under one of the “Optional Forms of Retirement Benefit” (see Page 12) in lieu of the regular form.

Example: You die two (2) years after retirement. Your regular annual retirement allowance was $10,000. Your death benefit is illustrated below:

All retirement allowances continue for life, even though under the regular form there would be no death benefit payable after 12 years.

The regular form of all retirement benefits (normal, early or disability) is guaranteed for life, but not less than 120 monthly installments. If you die before 120 monthly installments have been paid, your beneficiary would be entitled to the commuted value of such unpaid installments paid in a lump sum. Either you or your beneficiary may elect to have this benefit paid in the form of installments.

Example: You retire with a monthly allowance of $500 and should die after receiving payments for 20 months’, the commuted value of the 100 remaining monthly installments (120 minus 20) will be paid to your beneficiary. Commuted value is the present amount that would be sufficient, taking into account interest earned, to pay a series of future payments. Therefore, the amount of this death benefit would be something less than 100 times the $500 monthly allowance because these payments would have been paid to you in the future over 100 months.

At any time before your retirement allowance begins, you may elect to convert your regular retirement allowance and death benefit (described previously) to an optional form of benefit. The amount of each Option in which you are interested will be determined and communicated to you at retirement.

These Options are:

If you select payment option numbers 6 or 7 above, you may request that a direct rollover of all or a portion of the distribution be made to either an Individual Retirement Account (IRA) or another qualified plan, which is willing to accept the transfer of assets and is permissible under the Pentegra DB Plan. A direct rollover will result in no tax being due until you withdraw the funds from the IRA or other qualified plan. Under certain circumstances, all or a portion of the amount to be distributed may not qualify for a direct rollover. For example, a distribution of less than $200 will not be eligible for a direct rollover. If you elect to receive the distribution, rather than request a direct rollover, then 20% of the distribution amount will be withheld for federal income tax purposes.

If the present value of your vested accrued benefit is $1,000 or less when you terminate employment, you will be “cashed-out”. Your distribution will be paid as soon as practicable after complying with the applicable federal income tax withholding laws. Distribution of amounts greater than $1,000 will only be made with your consent.

All contributions made to the Plan on your behalf are actuarially determined. Your employer has elected to pay the full cost of your benefits. You, as an employee, do not contribute while on the "non-contributory basis."

If you made personal contributions to the Pentegra DB Plan while your present or previous employer was on the contributory basis and if those contributions have not been refunded to you, you are fully vested in the value of such contributions plus interest ("accumulated contributions"). This means that if you terminate employment, you may request a refund of such accumulated contributions. If you terminate before becoming fully vested in a retirement benefit, the refund will be in lieu of all other benefits. If you terminate after becoming fully vested in an early or normal retirement benefit (refer to Page 3 describing Vesting), the refund will be in lieu of that portion of your retirement benefit which is attributable to your accumulated contributions. The remaining portion, attributable to your employer's contributions, will be payable as a reduced retirement benefit.

Your accumulated contributions will be shown on your Personal Annual Statement (see below).

Every year the Pentegra DB Plan prepares a Personal Annual Statement for each Member. This statement shows as of each January 1^st your periods of accrued Vesting Service and Benefit Service, and the status of your retirement and death benefits. These statements are sent to your employer for distribution in or about the following month of March.

If you leave employment before becoming vested (see Page 3), but become reemployed by the same or another employer participating in this Program, you will be reenrolled immediately.

If the period of your break in service (i.e., the period between your termination and reemployment) was not longer than 60 months, your previous Vesting Service will be reinstated upon your reemployment. If your break in service was not longer than 12 consecutive months, your previous Vesting Service will be reinstated upon your reemployment. In addition, you will also receive Vesting Service credit for the period of your break. If the period of your break in service exceeded 60 months but was not longer than the period of your Vesting Service before becoming vested, your previous Vesting Service will be reinstated upon your reemployment. If the period of your break in service was equal to or exceeded the greater of 60 consecutive months or your previous Vesting Service, upon reemployment you will be treated as a new employee upon reemployment. In other words, no prior Vesting Service will be credited to you.

The following chart should assist you in understanding your options:

Upon reinstatement of your Vesting Service, your previous Benefit Service will also be reinstated if you repay within five years of your reemployment (or the date you incurred a break in service of at least 60 months) any accumulated contributions which were refunded to you with interest to the date of such repayment.

For example, if you terminated service and had completed one year (i.e., 12 months) of Vesting Service, you would not be vested in a retirement benefit and would be entitled only to a refund of your own contributions, if any, plus interest. However, if you returned to service with any participating employer within 60 months, your previous Vesting Service would be reinstated and your previous Benefit Service would also be reinstated if you repaid with interest any contributions that had been refunded to you.

If you leave employment with a vested benefit, commence receiving benefits, and then are reemployed as an active Member by a participating employer, you will be reenrolled immediately and given the option (within six months following reemployment as an active Member) to make an irrevocable election to continue to receive the payment of your Retirement Allowance or to suspend the payment until subsequent termination of service. If no election is made, the payment of your Retirement Allowance will continue in the form of payment previously chosen. Upon your subsequent retirement, your retirement benefit will be based upon your Benefit Service before and after your prior retirement and your Salary during that service, but will be actuarially reduced for any such benefit already paid.

There are four types of approved leaves of absence which may be granted on a uniform basis by your employer while you are a Plan Member.

The following Table will assist you in understanding the Plan’s Leave of Absence provisions as described above.

Any benefit for which you are otherwise eligible may become payable during a Type 1 leave. However, no benefit, other than the refund of your contributions, if any, is payable on account of your disability or death incurred during a Type 2 leave, except that if you are eligible for early retirement and die during such leave, your beneficiary will receive the retirement death benefit described previously which would have been payable if you had retired on the first day of the month in which your death occurred.

    

Benefits under the Plan are insured by the Pension Benefit Guaranty Corporation (PBGC) if the Pentegra DB Plan terminates. Generally, the PBGC guarantees most vested normal retirement age benefits, early retirement benefits, and certain disability and survivor pensions. However, the PBGC does not guarantee all types of benefits under covered plans, and the amount of benefit protection is subject to certain limitations.

The PBGC guarantees vested benefits at the level in effect on the date of Plan termination. However, if prior to the termination of a plan, the employer has been participating for less than five (5) years, or if benefits have been increased within the past five years, the whole amount of the vested benefits or the vested increase may not be guaranteed. In addition, there is a ceiling on the amount of monthly benefit the PBGC guarantees, which is adjusted periodically. A withdrawal of your employer from participation in the Pentegra DB Plan is not a plan termination under this paragraph, and only those benefits provided under Article XII of the Pentegra DB Plan Regulations are payable in the event of such a withdrawal.

For more information on the PBGC insurance protection and its limitations, ask the Plan Administrator or the PBGC. Inquiries to the PBGC should be addressed to the PBGC's Technical Assistance Division, 1200 K Street N.W., Suite 930, Washington, D.C. 20005 - 4026 or call ###-###-#### (not a toll free number). TTY/TTD users may call the federal relay service toll free at ###-###-#### and ask to be connected to ###-###-####. Additional information about the PBGC's pension insurance program is available through the PBGC's website on the Internet at www.pbgc.gov.

If you disagree with the Pentegra DB Plan with respect to any benefit to which you feel you are entitled, you should make a written claim to the President of the Pentegra DB Plan, who holds discretionary authority to approve or deny the claim. If your claim is denied, you will receive written notice from him explaining the reason for the denial within 90 days after the claim is filed, which sets forth, in an understandable manner, the following information:

The President's decision will be final unless you appeal such decision in writing to the Retirement Committee of the Board of Directors of the Pentegra DB Plan at 108 Corporate Park Drive, White Plains, New York 10604, within 60 days after receiving the notice of denial. The written appeal should contain all information you wish to be considered. The Retirement Committee will review the claim within 60 days after the appeal is made. Its decision will be in writing, and will include the reason for such decision. The Committee's decision will be final. In the case of a decision on appeal upholding the President’s initial denial of the claim, the President’s notice of its decision on appeal shall set forth, in an understandable manner, the following information:

A QDRO is a judgment, decree or order which has been determined by the Pentegra DB Plan, in accordance with the procedures established under the Pentegra DB Plan's Regulations, to constitute a QDRO under the Internal Revenue Code.

To obtain copies of the Pentegra DB Plan's Model QDRO and QDRO Procedures free of charge, please contact the Plan Administrator. (Please refer to the "Other Plan Information" section of this Summary to obtain the Plan Administrator's address and telephone number).

As a Member in the Comprehensive Retirement Program, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Members will be entitled to:

In addition to creating rights for Plan Members, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan Members and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension benefit or exercising your rights under ERISA.

If your claim for a pension benefit is denied in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the Plan Administrator and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive them, unless such materials were not sent for reasons beyond the Plan Administrator's control. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court.

In addition, if you disagree with the Plan Administrator’s decision (or lack thereof) concerning the qualified status of a domestic relations order, after you have complied with the remedies prescribed in the Plan’s QDRO Procedures and Disputed Claims Procedure outlined in this summary plan description, you may file suit in Federal court.

If it should happen that Plan fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U. S. Department of Labor or, after you have complied with the Plan’s “Disputed Claims Procedure” outlined in this summary plan description, you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees (for example, if it finds your claim is frivolous).

If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N. W. Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

This Statement of ERISA Rights is required by Federal law and regulations.

Federal Home Loan Bank of Pittsburgh

601 Grant Street

Pittsburgh, PA ###-###-####

Telephone Number: 412 ###-###-####

The Comprehensive Retirement Program is sponsored by the -

Pentegra Defined Benefit Plan for Financial Institutions

108 Corporate Park Drive

White Plains, New York 10604

Telephone Number: 914 ###-###-####

Plan Identification Number - ###-###-####

Plan Number - 001

Plan Year End - June 30

The Plan Administrator is the President of the Pentegra DB Plan, whose place of business is the office of the Pentegra Defined Benefit Plan for Financial Institutions. The President is also the person designated as agent for service of legal process. Service of legal process may also be made upon a Plan Trustee.

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Telephone Number: 212 ###-###-####

The composition of the Board changes from year to year, but you may refer to the most recent Annual Report (which is furnished to your employer) for a current listing of Directors and their places of business.

Upon receipt of a written request for information regarding whether a particular employer is a Member of this multiple employer arrangement, we will provide you with a statement as to whether such employer is a Member and, if so, the employer’s address.