SUMMARY PLAN DESCRIPTION · Eligible Employee — You are an eligible employee if you are an...

SUMMARY PLAN DESCRIPTION

The Hearst Corporation

Retirement Plan

The Hearst Corporation Retirement Plan SPD (8/12) i

Contents

THE HEARST CORPORATION RETIREMENT PLAN................................................................................1

LIFE EVENTS AND THE RETIREMENT PLAN...........................................................................................2

IMPORTANT DEFINITIONS.........................................................................................................................3

WHEN PARTICIPATION BEGINS ...............................................................................................................5

TRANSFERS.................................................................................................................................................6

CREDITED SERVICE AND VESTING SERVICE ........................................................................................6

IF YOU BECOME DISABLED...........................................................................................................................6 IF YOU TAKE AN APPROVED LEAVE OF ABSENCE...........................................................................................7 IF YOU TAKE A MILITARY LEAVE OF ABSENCE ...............................................................................................7 WHEN YOU DO NOT EARN CREDITED SERVICE.............................................................................................7 SPECIAL VESTING........................................................................................................................................7 BREAKS IN SERVICE.....................................................................................................................................8

COST OF THE PLAN ...................................................................................................................................9

YOUR RETIREMENT BENEFIT...................................................................................................................9

NORMAL RETIREMENT .................................................................................................................................9 EARLY RETIREMENT ....................................................................................................................................9 DEFERRED RETIREMENT............................................................................................................................10 TERMINATED VESTED RETIREMENT ............................................................................................................11 IF YOU ARE REEMPLOYED AFTER YOU BEGIN RECEIVING BENEFITS ............................................................11 BENEFITS PAYABLE FROM OTHER HEARST RETIREMENT PLANS ..................................................................11 LIMITS ON YOUR BENEFITS ........................................................................................................................11 A WORD ABOUT SOCIAL SECURITY ............................................................................................................11

FORMS OF PAYMENT...............................................................................................................................12

NORMAL FORMS OF PAYMENT....................................................................................................................12 OPTIONAL FORMS OF PAYMENT .................................................................................................................12 ELECTING AN OPTIONAL FORM OF PAYMENT...............................................................................................13

PRE-RETIREMENT DEATH BENEFIT ......................................................................................................14

IF YOU WERE AN ACTIVE EMPLOYEE ..........................................................................................................14 IF YOU WERE ELIGIBLE FOR A TERMINATED VESTED BENEFIT......................................................................15 LUMP SUM PAYMENT .................................................................................................................................16

TAXES ON YOUR BENEFIT PAYMENTS.................................................................................................16

SPECIAL BENEFIT PROVISIONS.............................................................................................................17

ELIGIBILITY AS A RESULT OF A JOB CHANGE ...............................................................................................17 EMPLOYEES OF ACQUIRED COMPANIES ......................................................................................................17 PARTICIPANTS IN PRIOR PLANS ..................................................................................................................18 PARTICIPANTS COVERED UNDER PLAN PROVISIONS NOT DESCRIBED IN THE BOOKLET ................................20

The Hearst Corporation Retirement Plan SPD (8/12) ii

OTHER IMPORTANT INFORMATION.......................................................................................................21

APPLYING FOR BENEFITS ...........................................................................................................................21 IF YOUR APPLICATION IS DENIED................................................................................................................21 AMENDMENTS TO THE PLAN .......................................................................................................................22 IF THE PLAN IS TERMINATED ......................................................................................................................22 PENSION BENEFIT GUARANTY CORPORATION .............................................................................................23 ASSIGNMENT OF BENEFITS.........................................................................................................................24 QUALIFIED DOMESTIC RELATIONS ORDERS ................................................................................................24 TOP HEAVY RULES ....................................................................................................................................24 REPORTS ON THE PLAN .............................................................................................................................24 NO GUARANTEE OF EMPLOYMENT..............................................................................................................24

ADMINISTRATIVE INFORMATION ...........................................................................................................24

STATEMENT OF RIGHTS UNDER ERISA................................................................................................25

PRUDENT ACTIONS BY PLAN FIDUCIARIES...................................................................................................26 ENFORCE YOUR RIGHTS ............................................................................................................................26 ASSISTANCE WITH YOUR QUESTIONS .........................................................................................................26

The Hearst Corporation Retirement Plan SPD (8/12) 1

The Hearst Corporation Retirement Plan

Retirement means different things to different people. For some, it is a time to relax in a warm climate. For others, it is a time to enjoy hobbies and grandchildren. But whatever your retirement dream is, The Hearst Corporation Retirement Plan helps you have the financial security to enjoy it.

The Plan works with the Employee Savings Plan, Social Security, and your personal savings to form a retirement income program. Each part has a specific and important role to play and offers different features and advantages.

The special features of The Hearst Corporation Retirement Plan (the Retirement Plan or the Plan) include the following: The Company pays the full cost of the Plan. You are eligible for this plan if you were an active employee or on an approved leave of absence as of

December 31, 2010. Your participation begins automatically as soon as you complete one year of service, and are at least 21 years old

The amount of your benefit is based on your years of credited service and your final average salary. You are fully vested in your benefit after completing just five years of vesting service. That means you

are entitled to receive a benefit at age 65, even if you leave the Company before then. You can retire at age 65, or as early as age 55 if you have at least 10 years of vesting service You have the choice of several different forms of payment for your benefit. Your spouse or domestic partner may receive a benefit in the event of your death.

Effective December 31, 2009, the Hearst-Argyle Television, Inc. Retirement Plan was merged into The Hearst Corporation Retirement Plan.

This booklet describes The Hearst Corporation Retirement Plan in effect as of January 1, 2012, except for eligible employees of HTV Charlotte, KCCI, KCRA/KQCA, KETV, KOAT, KSBW, WDSU, WESH/WKCF, WGAL, WLKY, WPTZ/WNNE, WXII, and WYFF. The Hearst Corporation Retirement Plan in effect for employees at those units is described in a separate booklet. If you have any questions about how particular aspects of the Plan work, contact the Employee Benefits Department at 1-704-348-8487.

If you are viewing this summary plan description (SPD) on BenefitsInsider (www.benefitsinsider.com), you can print it from the site. For a printed copy of this SPD, please call the Employee Benefits Department.

This booklet is intended to provide you with easy-to-understand explanations of certain features of The Hearst Corporation Retirement Plan. It does not include the complete details of the Plan. These are contained in the official Plan document, which legally governs the administration of the Plan.

Every effort has been made to ensure the accuracy of the information contained in this booklet. However, if there is a conflict or difference between what is written here and the Plan document, the Plan document will always rule.

Hearst Corporation intends to continue the Plan; however, the Company necessarily reserves the right to amend, change, modify, or terminate the Plan at any time and for any reason.

This booklet is not an offer or contract of continued employment with the Company.


Life Events and the Retirement Plan

During your Hearst career, there may be a lot of changes in your life. But from your first day of work to your retirement, the Retirement Plan continues to meet your needs. This chart provides a brief description of how the Plan works when certain life events occur. Please read this booklet for more detailed information about your benefits.

Life Event Plan Highlight

When you join the Company If you are an eligible employee, you automatically participate in the Plan after you have completed one year of service during which you worked at least 1,000 hours, and if you are at least 21 years old.

If you did not become a participant before December 31, 2010, you will become a participant after you meet the age and service requirements only if you were an active employee or on an approved leave of absence on December 31, 2010.

If you are married or have a domestic partner

The normal form of retirement benefit is a joint and 50% survivor annuity, with your spouse or domestic partner as your beneficiary.

If you become divorced Your former spouse is no longer eligible for death benefits.

If you are sick or injured and cannot work You continue to earn credited and vesting service while you are unable to work if you meet the Plan’s definition of disabled.

If you leave the Company before you retire You can receive a retirement benefit at age 65 if you had at least five years of vesting service

Benefits can begin as early as age 55 if you had at least 10 years of vesting; benefits are reduced if they begin before age 65.

If you retire You can receive a normal retirement benefit at age 65.

Benefits can begin as early as age 55 if you have at least 10 years of vesting service; benefits are reduced if they begin before age 65.

If you die before you begin receiving benefits

If you had completed at least five years of vesting service, your surviving spouse or domestic partner will be eligible for a death benefit if you had been married or in the domestic partner relationship for at least 12 months.

No benefit will be paid if you were not married or if you had been married or in a domestic partner relationship for less than 12 months.

Survivor benefits will be paid to your domestic partner only if you were an active employee on or after October 1, 2004 (January 1, 2005, if you worked for Hearst-Argyle Television on that date).


Life Event Plan Highlight

If you die after you begin receiving benefits

If you were receiving benefits in a form of payment that includes survivor benefits, your beneficiary will receive benefits after your death.

If you were receiving benefits in a form of payment that does not include survivor benefits, no benefits will be paid after your death.

Important Definitions

Here’s an explanation of some words and phrases that have a very specific meaning when used to describe the Plan.

Administrative Committee or Committee — The individuals appointed by Hearst to administer the Plan.

Company — Hearst Corporation and its designated subsidiaries and affiliated companies.

Credited Service — Your years and months of service as an eligible employee with the Company, beginning on the date you begin participating in the Plan and continuing to the date you terminate covered employment, up to a maximum of 40 years of credited service. You earn a year of credited service for each calendar year in which you complete at least 1,000 hours of service as an eligible employee with the Company. During your first and last years of Plan participation, you earn a month of credited service for each whole month of employment (partial months will be credited to the nearest whole month). See “Credited Service and Vesting Service” on page 6 for more information.

Domestic Partner –– A partner of the same or opposite sex with whom you: Are in a relationship that is exclusive, and is one of mutual support, caring, and commitment, and

intend to remain so indefinitely, Maintain the same permanent residence, and have done so for at least one year, Are not related by blood closer than would bar marriage under the law of your state of domicile, and Are jointly responsible for common living expenses. In addition, you and your domestic partner must: Be at least 21 years old and mentally competent to enter into a legally binding contract, Not be married to any other individual, or in a domestic partnership relationship with any other

individual, and Satisfy such other criteria of uniform applicability as may be reasonably required by the Administrative

Committee.

You (or in the case of your death, your domestic partner) must submit an Affidavit of Domestic Partnership, which confirms that you and your domestic partner meet these criteria.

Even if you do not meet all of the above conditions, you and your domestic partner will automatically qualify as domestic partners for purposes of Plan benefits if you are registered as domestic partners in accordance with the requirements of a city, state, or municipality that recognizes domestic partnerships. A certified copy of your registration or other certification must be submitted to the Employee Benefits Department.


Eligible Employee — You are an eligible employee if you are an employee hired before January 1, 2011, of a business unit of Hearst that participates in the Plan and you are paid on an hourly wage or annual salary basis, as long as you were an active employee or on an approved leave of absence on December 31, 2010. You are not an eligible employee if you are: Covered by a defined benefit retirement plan (other than this one) to which the Company contributes Covered by a collective bargaining agreement where benefits were the subject of good faith

bargaining An employee of a business entity that has not been designated by Hearst to participate in the Plan A leased employee

If you terminate employment after December 31, 2010, and later return to service, you will not be eligible to participate in the Plan at any time after your reemployment. However, you will continue to accrue vesting service.

Final Average Pay — The average of your highest paid salary during any five consecutive calendar years that you are an eligible employee. Your pay for your final year of service will be included only if your last day of employment is December 31. If you work fewer than five years, your final average pay will be based on your service, including any partial year of service during the year you were hired, but not including your final year of service, unless your last day of employment is December 31. Your paid salary includes base salary, commissions, regular bonuses, overtime and salary continuation, before-tax contributions to any Hearst employee savings plan, and before-tax deductions used to pay for any benefits sponsored by the Hearst. Federal tax law limits the annual pay the Plan may include in calculating your final average pay. For 2012, the maximum pay that is used is $250,000. This amount will be adjusted periodically. Please contact the Employee Benefits Department for the limit applied to each year.

Hours of Service — Any period of time for which you are paid or entitled to be paid by Hearst or any affiliated companies. Hours of service include vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty, approved leave of absence, and any other period for which you are paid or are legally entitled to be paid, up to a maximum of 501 hours. Your hours of service also include any period for which back pay is either awarded or agreed to by the Company, up to a maximum of 501 hours. The same hours of service will not be credited more than once. Your hours of service do not include any period for which you receive Workers’ Compensation or unemployment benefits. For salaried employees, hours of service are credited on an equivalent basis. You will be credited with 190 hours of service each month in which you work at least one hour of service. See “Breaks in Service” on page 8 for more information.

Normal Retirement Date — The first day of the month coinciding with or immediately following the day you turn 65.

Retirement Plan or Plan — The Hearst Corporation Retirement Plan, as amended through January 1, 2012.

Spouse — The person to whom you are legally married when benefit payments begin or to whom you had been legally married for at least 12 consecutive months immediately preceding your death if you die before you begin receiving a benefit.

Vesting Service — Your years of service with Hearst or any affiliated companies beginning on your date of hire and continuing to the date you terminate employment. You earn a year of vesting service for each


calendar year in which you complete at least 1,000 hours of service, as long as you are at least 18 years old. See “Credited Service and Vesting Service” on page 6 for more information.

When Participation Begins

You automatically participate in the Plan if you are an eligible employee of a business unit of the Company that participates in the Plan and you: Have completed one year of service, Are at least 21 years old, and Were an active employee or on an approved leave of absence on December 31, 2010.

A year of service for determining eligibility to participate is the 12-month period, beginning on your date of hire, during which you complete at least 1,000 hours of service.

Participation begins the day after you become eligible.

If you do not complete at least 1,000 hours during your first 12 months of service, the period for measuring your 1,000 hours will be the calendar year following your date of hire. You will automatically participate in the Plan on the January 1 immediately following the calendar year in which you complete 1,000 hours of service.

For example, if you began work on April 23, 2010, you became a participant in the Plan on April 23, 2011, as long as you completed at least 1,000 hours of service during the 12-month period ending on April 22, 2011, and you were at least age 21. In this example, if you did not complete at least 1,000 hours of service by April 22, 2011, but you did complete 1,000 hours of service during the 2011 calendar year, you will become a participant in the Plan at the beginning of the following calendar year, January 1, 2012.

If you are younger than 21 when you complete your 1,000 hours of service, you will become a participant on your 21st birthday. For example, let’s assume you began work on May 4, 2010, when you were age 19, and your birthday is June 8. The 12-month period for completing at least 1,000 hours of service ends on May 3, 2011 but because you are age 20 at that time, you will not become a participant until June 8, 2011, when you turn 21.

If you participated in the Hearst-Argyle Television, Inc. Retirement Plan on December 31, 2009, you automatically became a participant in The Hearst Corporation Retirement Plan on January 1, 2010. If you were not a participant, your service before January 1, 2010, will be taken into account to determine when you become eligible to participate in the Plan.

If you were an employee of Hearst Corporation who participated in The Hearst Corporation Retirement Plan on August 28, 1997, and you became an employee of Hearst-Argyle Television, Inc. as of August 29, 1997, your Plan participation will be effective as of your original Plan membership date. If you became a Hearst-Argyle Television, Inc. employee after August 29, 1997, your Plan participation will be retroactive to the date you became a member of the Hearst-Argyle Television, Inc. Retirement Plan.

You are not eligible to participate in the Plan if you are: Hired or rehired on or after January 1, 2011 Covered by a defined benefit retirement plan (other than this one) to which the Company contributes Covered by a collective bargaining agreement where benefits were the subject of good faith

bargaining


An employee of a business entity that has not been designated by Hearst to participate in the Plan A leased employee

Transfers If you transfer after December 31, 2010, to a unit that participates in the Plan from a non-participating unit or you are promoted to management from union status, you will be eligible to participate in the plan if you participated in another Company-sponsored defined benefit retirement plan at the time of your transfer. See “Eligibility as a Result of a Job Change” on page 17 for more information.

Credited Service and Vesting Service

Your retirement benefit is determined using your final average pay and your years of credited service — up to 40 years.

In general, after you become a Plan participant, you earn a year of credited service for each calendar year in which you complete at least 1,000 hours of service as an eligible employee with Hearst. However, in some cases you may earn credited service when you are not actively employed as an eligible employee. The following sections provide information about those situations. In addition, if you became a participant in the Plan when you transferred into the Plan from non-covered employment, special rules apply. See “Special Benefit Provisions” on page 17, for more information.

Vesting refers to your right to receive a benefit. You are 100% vested at the earlier of the following events: You complete five years of vesting service You reach age 65 and you are an active Hearst employee

You earn a year of vesting service for each calendar year in which you complete at least 1,000 hours of service, as long as you are at least 18 years old. Your vesting service includes all your hours of service with Hearst or a related employer, even if you are not eligible to participate in the Plan. In addition, in some cases you earn vesting service when you are not actively at work. The following sections provide information about those situations. If you are an employee of a business entity acquired by Hearst, vesting service for your previous employment will be credited as specified by Hearst for your business unit.

If You Become Disabled You are considered disabled if you are eligible to receive benefits under the Federal Social Security Act and you are receiving benefits from The Hearst Corporation Salary Continuation Insurance Plan. However, if your Salary Continuation Insurance Plan benefits end because you have received the maximum benefits allowed under that plan, you will continue to be considered disabled under this Retirement Plan, as long as you are receiving Federal Social Security disability benefits.

You continue to earn credited service and vesting service while you are disabled until the date you terminate employment or retire from the Company. When you become eligible for an early or normal retirement benefit, the amount you receive will be based on your credited service and vesting service both before and during your period of disability.

If you recover from your disability before you begin receiving benefit payments under the Plan, you will not earn any additional credited service and vesting service unless you return to work within a reasonable time after your recovery.


If You Take an Approved Leave of Absence You continue to earn credited service and vesting service if you take an approved, unpaid leave of absence. This includes an approved, unpaid Family or Medical Leave of Absence. If you do not return to work on or before the last day of the approved leave of absence, you will forfeit this credited service and vesting service.

If You Take a Military Leave of Absence Federal law gives you certain rights if you voluntarily or involuntarily leave work to serve in any of the United States uniformed military services (including the Coast Guard) for active duty or for training. To qualify for these rights, both of the following must apply to you: You must give the Company advance written or verbal notice of your upcoming leave for military

service, and You must report back to work within certain time periods, depending on the length of your military

service.

If you meet these requirements, when you return to work you will be eligible to receive the credited service and vesting service you would have earned during the period of military service, had you remained employed with the Company.

For more information about reemployment rights for veterans, please contact the Employee Benefits Department.

When You Do Not Earn Credited Service You do not earn credited service in the following situations: Before you become a Plan participant After you return to service, if you return to service after December 31, 2010 While you are receiving unemployment insurance or Workers’ Compensation payments If you transfer to a unit that does not participate in the Plan, or to a job category, such as union

membership, that is not eligible to participate in the Plan (in this case, your accrued benefit will be frozen as of the date of your transfer and you will not earn additional credited service)

If you are an employee of a business unit that has not been designated by Hearst as a participating employer in the Plan

After you have earned the maximum credited service (40 years) recognized by the Plan

Special Vesting Employees of the following units became 100% vested in their benefit, regardless of their years of service, as described below: HomeArts and Astronet divisions of Hearst Communications, Inc. — employees who were employed

as of March 31, 1999, and whose employment was terminated because these units were sold to Women.com Networks LLC

Avon Books, Inc., Hearst Books Trade Division/Administration, William Morrow and Company, Inc., and Wilmore Warehouse and Shipping Co., Inc. — employees who were employed as of July 12, 1999, and whose employment was terminated because these units were sold to HarperCollins Publishers, Inc.

Eastern News Warehouse division of the Hearst Distribution Group, Inc. — employees who were employed on April 30, 2001, and whose employment was terminated because this unit was sold


In addition, former employees of the San Francisco Newspaper Printing Company who terminate employment before completing five years of vesting service will be 100% vested if they: Had completed at least three years of vesting service as of December 31, 2001, and Would have been vested under the terms of the San Francisco Newspaper Agency (SFNA) Pension

Plan, if that Plan had continued to apply to the employees.

Breaks in Service A break in service can affect your Plan benefit. You may have a break in service if you complete fewer than 501 hours of service during a calendar year.

If you are not vested when you have a break in service, your years of credited service and vesting service from your first period of employment will be restored to you when you are rehired if your break in service is less than five years.

If you are not vested and you have a break in service of five years or more, your prior vesting service and credited service will be forfeited.

You will not have a break in service and you will continue to earn credited service and vesting service during any period of disability or approved leave of absence (including a Family or Medical Leave of Absence or Military Leave of Absence), as long as you return to work at the end of the leave of absence or period of disability.

To prevent a break in service, you will be credited with up to 501 hours of service during any year in which you are absent from work because of: Pregnancy Childbirth The placement of an adopted child in your home The care of a child after birth or placement in your home

These 501 hours of service will be credited in the year in which the break in service begins. If fewer than 501 hours are needed to prevent a break in service, the remaining hours will be credited to the next year.

If you are vested when you have a break in service, all of your prior vesting service will be restored to you when you are rehired, regardless of how long the break in service was. When you are rehired, your prior credited service will be restored if: You did not receive a lump sum payment of your benefit, or You received a lump sum payment and you repay the total amount, plus interest, within five years of

your reemployment.

Different rules may apply if you had a break in service and returned to work before January 1, 1985. See the Employee Benefits Department for more information.

If you are rehired before January 1, 2011, you will participate in Plan again after you complete one year of vesting service. If you were previously a Plan participant, your participation will be retroactively effective from your date of rehire. If you were not vested when you had a break in service of less than five years, your years of credited service and vesting service from your first period of employment will be restored to you when you are rehired and you complete one year of vesting service. If you were not vested when you had a break in service of five years or more, your prior credited service and vesting service will be forfeited.


If you are rehired after December 31, 2010, following a termination of employment, you will not be eligible to participate in the Plan. However, you will be credited with vesting service in accordance with the rules described above.

Cost of the Plan

The Company pays the entire cost of your benefit. You contribute nothing.

Your Retirement Benefit

When you terminate, you will be eligible for one of four types of retirement benefit: Normal retirement Early retirement Deferred retirement Terminated vested retirement

In general, the type of benefit you receive depends on your age and your years of vesting service. You must be 100% vested before you can receive a benefit. See “Credited Service and Vesting Service” on page 6 for more information.

Remember, benefit payments do not begin automatically; you must apply for them. See “Applying for Benefits” on page 20 for more information.

Normal Retirement You can retire and begin receiving a normal retirement benefit on the first day of the month coinciding with or immediately following the day you reach age 65.

Your normal retirement benefit is calculated like this:

1 12% × final average pay × years of credited service, up to 40 years

Normal Retirement Example

Let’s assume you retire at age 65, your final average pay is $50,000, and you have 30 years of credited service. Your annual benefit would be: 1 12% × final average pay × years of credited service, up to 40 years (1 12% × $50,000 × 30 = $22,500).

Your monthly benefit would be $1,875 ($22,500 ÷ 12 = $1,875).

Early Retirement You can retire and begin receiving a benefit as early as age 55, if you have at least 10 years of vesting service.

Your early retirement benefit will be calculated in the same way as a normal retirement benefit, but it will be reduced because you will receive your benefits over a longer period of time. For each month that your early retirement date precedes your normal retirement date, the reduction in benefit will be -1/2 of 1% for each of the first 60 months and 13 of 1% for each of the next 60 months. The table on the next page shows the percentage of your normal retirement benefit you will receive, based on your age when you begin receiving benefits.


Age When Benefits Begin Percentage of Normal Retirement Benefit

64 94%

63 88%

62 82%

61 76%

60 70%

59 66%

58 62%

57 58%

56 54%

55 50%

Early Retirement Example

Let’s assume you retire and begin receiving your benefit at age 61, your final average pay is $50,000, and you have 26 years of credited service. Your annual benefit payable at age 65 would be $19,500 (1 12% × $50,000 × 26 = $19,500). Because you are beginning payment at age 61, however, your benefit will be reduced to 76% of this amount, or $14,820 (76% of $19,500 = $14,820). Your monthly benefit would be $1,235 ($14,820 ÷ 12 = $1,235).

Deferred Retirement There is no mandatory retirement age. You can continue working past age 65 and continue to earn credited service, up to 40 years. Benefits will begin at retirement, unless noted below.

If you continue working past age 65, you will receive a retirement benefit for any calendar month during which you are expected to work less than 40 hours. This payment will be made by the first day of the third month following the month you worked less than 40 hours, and the payment will include interest up to the date payment is made. Generally, you will not begin receiving benefits until you actually retire. However, there are certain exceptions to this rule. If you are a 5% owner of Hearst or a related company, you must begin receiving benefits as of April 1 of the year after the year in which you reach age 7012, even if you are still working for the Company. In addition, if you reached age 7012 before 2000, you were allowed to begin receiving a monthly minimum distribution of your benefit after attaining age 7012, even if you were still employed. Under special tax rules, participants who reached age 7012 before 1996 were required to begin receiving benefits as of April 1 of the year after the year in which they reached age 7012, even if they had not retired.

If you do not begin receiving benefit payments until you retire after age 7012, your benefit will be actuarially increased to take into account the period of deferral after age 7012. The actuarial increase begins on the January 1 following the calendar year in which you reach age 7012 and ends on the date you begin receiving benefits from the Plan. Your retirement benefit determined as of any date after you reach age 7012 will be the greater of: Your benefit determined as of the last day of the prior Plan year, actuarially increased to the date you

begin receiving benefits from the Plan, or Your normal retirement benefit as of the last day of the prior Plan year, increased by any additional

accrual due to credited service and/or salary earned in the current Plan year.


If you begin receiving benefits before you terminate employment, any increase in your accrued benefit due to increases in your credited service, salary or other reasons will be reduced by the value of the benefit payments you receive before you actually retire. That is, your benefit calculation will take into account the value of the benefits paid and any change in your final average pay and credited service. Your benefit will never be less than your accrued benefit as of December 31 of the prior year.

Terminated Vested Retirement If you leave the Company after you complete at least five years of vesting service, you are eligible to receive a terminated vested retirement benefit when you reach age 65. If you have at least 10 years of vesting service, you can begin receiving your terminated vested retirement benefit any time after you reach age 55.

This benefit is calculated in the same way as the normal retirement benefit, using your years of credited service and final average pay when you leave the Company. If you begin payment before age 65, your benefit will be reduced in the same way as described in “Early Retirement” on page 9.

If You Are Reemployed After You Begin Receiving Benefits If you retire and begin receiving benefits and then return to the Company, payment of your benefits will be suspended. Your benefit will be recalculated when you leave the Company again. Your benefit will be reduced by the value of any payments that you previously received; you will not earn any additional benefits if you are rehired after December 31, 2010. If you return to work at your normal retirement date or later, payment of your benefits will be suspended only if you work at least 40 hours a month. If you are reemployed by the Company after you received a lump sum payment, your previous credited service will be restored to you if you repay the total amount, plus interest, within five years of your reemployment.

Benefits Payable from Other Hearst Retirement Plans If you participated in any other retirement plan sponsored by Hearst, a portion of your benefit may be paid according to the terms of that plan, and the Hearst Retirement Plan benefit will be reduced by the amount you receive from the other plan if you receive benefits from this Plan for the same period of service. See “Special Benefit Provisions” on page 17 for more information.

Limits on Your Benefits Federal law limits the benefit you can receive each year from the Plan. In 2012, the annual benefit amount from the Plan is limited to $200,000. This amount may be adjusted periodically by the IRS. You will be notified if you are affected.

A Word About Social Security In addition to the Plan benefits, you may also be eligible to receive Social Security retirement benefits. You and the Company pay taxes toward the cost of Social Security benefits. For each $1 you pay, Hearst also pays $1 toward your Social Security benefits.

You can begin receiving reduced Social Security benefits as early as age 62. And, your spouse may also be eligible for a benefit.

As with the Plan benefit, your Social Security benefit does not start automatically. You must apply for it through your local Social Security Administration Office at least three months before the date you want benefit payments to begin.


Forms of Payment

You can receive your benefit in the normal form of payment for your marital status, or you can choose one of the optional forms of payment.

If you terminate employment or retire on or after March 28, 2005, and the present value of your vested benefit is $1,000 or less, you will automatically receive your benefit in a lump sum when you leave the Company. If the present value of your vested benefit is more than $1,000 and not over $5,000, you may elect to receive your benefit in a lump sum when you leave the Company. Your spouse does not need to consent to this lump sum payment.

Normal Forms of Payment If you are single, your benefit will be paid as a life annuity, unless you elect another form of payment. With a life annuity, you receive monthly payments during your lifetime, and no benefits are paid after your death. This is the form of payment shown in the benefit calculation examples used in this document.

If you are married or have a domestic partner, your benefit will be paid as a joint and 50% survivor annuity, unless you elect another form of payment (with spousal consent, as explained below). With this form of payment, you receive monthly payments during your lifetime, and after you die, your surviving spouse or domestic partner will receive a monthly benefit equal to 50% of your monthly benefit for the rest of his or her life. The amount of your monthly benefit is reduced to pay for the cost of continuing benefit payments after your death. The amount of the reduction is based on the difference between your age and your spouse’s or domestic partner’s age. The reduction is greater when your spouse or domestic partner is younger than you, with the reduction increasing with greater age differences. Your spouse must give notarized, written consent to any form of payment other than a joint and survivor annuity paying at least 50% of your benefit to your spouse. Consent to another form of payment is not required from a domestic partner. Please note that this is the normal form of payment if you have a domestic partner only if benefit payments begin on or after October 1, 2004 (January 1, 2005, if you worked for Hearst-Argyle Television on that date).

Optional Forms of Payment You can choose one of these optional forms of payment, instead of the normal form of payment for your marital or domestic partner status.

Life Annuity Option — You receive a monthly benefit during your lifetime, and no benefits will be paid after your death. This is the same as the normal form of payment for a single person.

Joint and Survivor Annuity Option — You receive a monthly benefit during your lifetime, and after your death, your designated beneficiary will receive a monthly benefit for the rest of his or her life. Your designated beneficiary under the joint and survivor annuity option must be someone who would be entitled to inherit from your estate if you were to die without making a will (for example, your spouse or your child) or your domestic partner (for benefits beginning on or after October 1, 2004). If you are married, your spouse must give written, notarized consent for any beneficiary other than himself or herself. If you later wish to change your beneficiary designation before benefits begin, your spouse’s written, notarized consent is required.


You can choose to have 50%, 75%, or 100%, or any other percentage between 50% and 100%, of your benefit for the survivor benefit. Certain limits may apply if your beneficiary is not your spouse; you will be notified if this applies to the beneficiary you designate. Your monthly benefit is reduced to pay for the cost of continuing benefit payments after your death. The amount of the reduction is based on the percentage of your benefit that continues after your death and the difference between your age and your beneficiary’s age. The greater the percentage of the survivor benefit, the greater the reduction. The reduction also is greater when your beneficiary is younger than you, with the reduction increasing with greater age differences.

60 or 120 Months Certain Option — You receive a monthly benefit during your lifetime. However, if you die before receiving at least 60 or 120 payments, as elected by you before benefits begin, your designated beneficiary will receive the same benefit payments you did until the end of the period of guaranteed benefit payment. All benefits will end at that time. Your monthly benefit is reduced to pay for the cost of continuing the benefits after your death for the specified period of time. The amount of the reduction will be based on the length of the period of guaranteed benefit payment and your age.

Social Security Option — This option is available only if you retire before you are eligible to receive any Social Security benefits (currently age 62). With this option, your benefit is adjusted so that, as nearly as possible, your total income from the Plan and Social Security will be the same before and after age 62. Your Plan benefit before you reach age 62 will be greater than the benefit paid beginning at age 62, when you will start receiving Social Security benefits. Your benefit commencing at age 62 will be reduced to pay for the increased payment before age 62. In some cases the benefit may be reduced to zero.

You can choose this option in one of the following forms of payment: Life Annuity — This option uses the benefit adjustment described above to pay for the increased

payment before age 62. No benefits are paid after your death. Joint and Survivor Annuity — An additional reduction is made to continue payments after your death.

This reduction will be based on the percentage you choose for the survivor benefit and the difference between your age and your beneficiary’s age.

120 Months Certain Option — With this form of payment, if you die before receiving at least 120 payments, your designated beneficiary will receive the same benefit payments you would have received, until the end of the period of guaranteed benefit payment. All benefits will end at that time. If you die before age 62, the survivor benefits will be adjusted as of the date you would have reached age 62, the same as they would have been if you were still alive. Your monthly benefit is reduced to pay for the increased payment before age 62 and to pay for the cost of continuing the benefits after your death for the remainder of the 120 guaranteed payments. This option is not available if you are a Hearst Television employee.

Lump Sum Option — If the present value of your benefit is $10,000 or less, you can take a lump sum payment of your benefit when you retire. This option is only available if you terminate employment on or after your early retirement date.

Electing an Optional Form of Payment If you want to receive your benefit in one of the optional forms of payment, you must complete and return an election form between 30 and 90 days before you want benefits to begin. The Employee Benefits Department can provide you with calculations showing what your benefit and the survivor benefit, if any, will be under the different forms of payment.


Remember, if you are married, your spouse must give notarized, written consent to any beneficiary other than himself or herself and any form of payment that does not provide at least a 50% survivor benefit. You may change the election of an optional form of payment back to the joint and 50% survivor annuity with your spouse as your beneficiary at any time before benefit payments begin. You do not need your spouse’s consent to elect this normal form of payment.

Pre-Retirement Death Benefit

Your surviving spouse or domestic partner will be eligible for a death benefit from the Plan if: You die before you begin receiving benefit payments, You had completed at least five years of vesting service, and You and your spouse had been married, or you and your domestic partner had been in the domestic

partner relationship, for at least 12 consecutive months before your death.

Please note that your domestic partner is eligible to receive a pre-retirement death benefit only if you were an active employee on or after October 1, 2004 (January 1, 2005, if you worked for Hearst-Argyle Television on that date).

If You Were an Active Employee If on your date of death you were an active employee, disabled, or on an approved leave of absence, your surviving spouse or domestic partner may be eligible for a death benefit. The amount of the benefit and when it will be paid will be based on your age and years of vesting service, as described below.

If you had completed between 5 and 10 years of vesting service and you were under age 65, your surviving spouse or domestic partner will receive 100% of the benefit you would have received if you had left the Company on the day before your death, survived to age 65, and retired with a joint and 100% survivor annuity. Your spouse will begin receiving benefits on the first day of the month coinciding with or next following the date you would have reached age 65. Your domestic partner must begin receiving benefits as of the first day of the month after your death. Benefit payments to your surviving domestic partner will be actuarially reduced based on how long benefit payments begin before the date you would have reached age 65.

If you had completed at least 10 years of vesting service and you were under age 55, your surviving spouse or domestic partner will receive the greater of (A) or (B), as described below: (A) Regular Death Benefit — 100% of the benefit you would have received if you had left the

Company on the day before your death, survived to age 65, and retired with a joint and 100% survivor annuity. Your surviving spouse may elect to receive a reduced payment beginning as early as the first day of any month coinciding with or following the date you would have reached age 55, but no later than your normal retirement date. Your surviving domestic partner must begin receiving benefits as of the first day of the month after your death. Benefits will be actuarially reduced for early payment.

(B) Special Death Benefit — 40% of the benefit you would have received if you had left the Company on the day before your death, survived to age 65, and retired with a life annuity. The 40% benefit is reduced by 1% for each year greater than five years that your surviving spouse or domestic partner is younger than you (partial years will be used). Your surviving spouse may begin receiving benefits as early as the first day of any month coinciding with or following the date you would have reached age 55, but no later than your normal retirement date. Benefit payments to your surviving spouse will not be further reduced if payments begin before the date you would have reached age 65. Your surviving domestic partner must begin receiving benefits as of the first


day of the month after your death. Benefit payments to your surviving domestic partner will be actuarially reduced based on how long benefit payments begin before the date you would have reached age 55.

If you had completed at least 10 years of vesting service and you were between the ages of 55 and 65, your surviving spouse or domestic partner will receive the greater of (A) or (B), as described below: (A) Regular Death Benefit — 100% of the benefit you would have received if you had left the

Company on the day before your death, survived to age 65, and retired with a joint and 100% survivor annuity. Your surviving spouse may elect to receive a reduced payment beginning as early as the first day of any month coinciding with or following your death, but no later than your normal retirement date. Your surviving domestic partner must begin receiving benefits as of the first day of the month after your death. Benefits will be actuarially reduced for early payment.

(B) Special Death Benefit — 40% of the benefit you would have received if you had left the Company on the day before your death, survived to age 65, and retired with a life annuity. The 40% benefit is reduced by 1% for each year greater than five years that your spouse or domestic partner is younger than you (partial years will be used). Your surviving spouse may begin receiving benefits as early as the first day of any month coinciding with or following your death, but no later than your normal retirement date. Your surviving domestic partner must begin receiving benefits as of the first day of the month after your death. There is no reduction if benefits begin before the date you would have reached age 65.

If you were age 65 or older, your surviving spouse or domestic partner will receive the greater of (A) or (B), as described below: (A) Regular Death Benefit — 100% of the benefit you would have received if you had left the Company

on the day before your death and retired with a joint and 100% survivor annuity. Benefits will begin on the first day of the month coinciding with or following your death.

(B) Special Death Benefit — 40% of the benefit you would have received if you had left the Company on the day before your death and retired with a life annuity. The 40% benefit is reduced by 1% for each year greater than five years that your spouse or domestic partner is younger than you (partial years will be used). Benefits will begin as of the first day of the month after your death.

If You Were Eligible for a Terminated Vested Benefit If on your date of death you were no longer an active employee, but you had completed at least five years of vesting service, your surviving spouse or domestic partner will be eligible for a death benefit based on your final average pay and credited service when you left the Company. When the death benefit will be paid is based on your age and years of vesting service, as described here:

If you had completed between 5 and 10 years of vesting service and you were under age 65, your surviving spouse or domestic partner will receive 50% of the benefit you would have received if you had survived to age 65 and retired with a joint and 50% survivor annuity. Your surviving spouse will begin receiving benefits on the first day of the month coinciding with or next following the date you would have reached age 65. Your surviving domestic partner must begin receiving benefits as of the first day of the month after your death. Benefit payments to your surviving domestic partner will be actuarially reduced based on how long benefit payments begin before the date you would have reached age 65.

If you had completed at least 10 years of vesting service and you were under age 55, your surviving spouse or domestic partner will receive 50% of the benefit you would have received if you survived to age 65 and retired with a joint and 50% survivor annuity. Your surviving spouse may elect to receive a


reduced payment beginning as early as the first day of any month coinciding with or following the date you would have reached age 55, but no later than your normal retirement date. Your surviving domestic partner must begin receiving benefits as of the first day of the month after your death. Benefits will be actuarially reduced for early payment.

If you had completed at least 10 years of vesting service and you were between the ages of 55 and 65, your surviving spouse or domestic partner will receive 50% of the benefit you would have received if you had survived to age 65, and retired with a joint and 50% survivor annuity. Your surviving spouse may elect to receive a reduced payment beginning as early as the first day of any month coinciding with or following your death, but no later than your normal retirement date. Your surviving domestic partner must begin receiving benefits as of the first day of the month after your death. Benefits will be actuarially reduced for early payment.

Lump Sum Payment If the present value of the death benefit is $1,000 or less, your surviving spouse or domestic partner will automatically receive the death benefit as a lump sum payment as soon as practicable after your death. However, if the survivor benefit is valued at more than $1,000 and not more than $5,000, your spouse or domestic partner may elect to receive the benefit in a single lump sum payment.

Taxes on Your Benefit Payments

In general, you must pay federal income taxes on your retirement benefits. Depending on where you live, you may also need to pay state and local taxes, too.

Special tax provisions apply to lump sum distributions of your benefit. This section gives a brief summary of these tax consequences. You may wish to consult a tax advisor to discuss how these rules apply to your individual situation. Please remember that benefits from the Plan are generally paid in the form of a monthly annuity, not a lump sum.

If you receive a lump sum distribution of your benefit, federal tax law requires the Plan to withhold 20% of your distribution for federal income taxes. This withholding will be credited to your federal income taxes for the year in which the distribution is made. If you terminate employment before reaching age 55 and you take a lump sum distribution before the calendar year in which you reach age 5912, you will also pay a 10% early distribution penalty tax.

To avoid the 20% withholding and the 10% penalty tax, if applicable, and to defer taxes on your lump sum distribution, you may make a direct rollover of all or part of it into an Individual Retirement Account (IRA) (including a Roth IRA as described in Section 408A of the Code) or into another employer’s qualified retirement plan, including a 403(b) tax-sheltered annuity or a governmental 457(b) plan. If the distribution is paid directly to you, you can still roll over the distribution, but you must complete the rollover within 60 days. You may make up from your own funds the 20% that was withheld at the time of your distribution. If you roll over less than the total amount of your lump sum distribution, the remaining amount will be taxed as ordinary income for the year in which it was paid. Any taxable amount you roll over into a Roth IRA will be includible in your taxable income at the time it is paid from the Plan; however, mandatory withholding does not apply. If certain conditions are met, withdrawals from a Roth IRA, unlike a regular IRA, may be made tax-free.

If your surviving spouse or domestic partner receives a lump sum distribution, he or she can defer taxes by electing a rollover. However, a surviving domestic partner may only elect a rollover to an IRA, and the 20% withholding rule does not apply if your surviving domestic partner does not elect a rollover.


Tax laws are complicated and change often. Should you (or your surviving spouse or domestic partner) become eligible to receive a lump sum distribution from the Plan, more detailed information will be provided at the time.

Special Benefit Provisions

In some cases, you may become a participant in the Plan because you work for a company that is newly designated to participate in the Plan or because you change jobs and become eligible to participate in the Plan. This section provides additional information about how your benefit will be calculated if this applies to you.

Eligibility as a Result of a Job Change In general, if you were transferred into the Plan before January 1, 2011, from non-covered employment with Hearst or a related company, your retirement benefit will be the greater of: The benefit from the Plan, using your credited service earned beginning on the date you were

transferred into the Plan The benefit from the Plan, determined by including both your credited service earned while a

participant in the Plan and your service credited for benefit accrual purposes under any other retirement plan(s) to which Hearst or a related company contributed beginning with the date you would have become a participant in this Plan had you been eligible to participate at that time, minus any benefit you had accrued under such other retirement plan

If you transfer into employment covered by the Plan after 2010, the above rule will apply only if you were actively accruing benefits under another defined benefit retirement plan to which Hearst or a related company contributed immediately prior to your transfer. If not, then you will not be eligible to participate in the Plan.

Exceptions apply in certain situations. If you had a job change, be sure to contact the Employee Benefits Department for more information about how your benefit is calculated.

Employees of Acquired Companies In most cases, service and salary previously earned by employees who become Plan participants when their employer is acquired by Hearst or a related company are disregarded in determining benefits under the Plan. Special rules apply in some circumstances, however. If you became a participant in the Plan as a result of your employer’s acquisition by Hearst or a related company, please contact the Employee Benefits Department for information concerning whether your prior service or salary is considered in the benefit calculation under the Retirement Plan, and whether your prior service is taken into account for eligibility and vesting.

If you were an employee of one of the employers listed below on the membership date, you became a participant in the Plan if you met the Plan’s eligibility requirements on that date (at least one year of service and at least 21 years old). If you had not met the eligibility requirements, you became a Plan participant as soon as you met the requirements, including your service before your employer’s membership date. Your service before your employer’s membership date will also be taken into account to determine when you become vested and when you are eligible for early retirement.

Employer Membership Date

Associated Publishing January 1, 1994

First Data Bank (Indiana) January 15, 1998


Employer Membership Date

Chek-Chart December 9, 1999

CondeNast July 1, 2000

Veranda Publications, Inc. May 31, 2002

Primedia, Inc. (Seventeen) June 1, 2003

American Publishers, Inc. January 1, 2004

Zynx Health, Inc. March 13, 2004

Prime Time, LLP November 30, 2006

Veretech LLC and Veretech, Inc. March 1, 2007

Employees of WMUR Employees of WMUR became eligible to participate in the Plan on the later of January 1, 2005, or the date they met the Plan’s eligibility requirements. All service with WMUR on or after March 28, 2001, is used to calculate your vesting service and to determine when you become eligible to participate in the Plan. If you met the eligibility requirements under the Hearst-Argyle Television, Inc. Retirement Plan before you became an employee of WMUR and you again became an eligible employee under that Plan as of January 1, 2005, you will receive credited service beginning as of the date you became an employee of WMUR. In addition, your salary paid on or after March 28, 2001 or, if later, the date you became an employee of WMUR will be taken into account in determining your benefit under the Plan.

Employees of WMTW Employees of WMTW became eligible to participate in the Plan on the later of July 1, 2004, or the date they met the Plan’s eligibility requirements. Service with WMTW on or after July 1, 2004 is used to calculate your eligibility to participate and your vesting service under the Plan. If you met the eligibility requirements under the Hearst-Argyle Television, Inc. Retirement Plan before you became an employee of WMTW and you again became an eligible employee under that Plan as of January 1, 2005, you will receive credited service beginning as of the later of July 1, 2004 or the date you became an employee of WMTW.

Participants in Prior Plans If you were a participant in a plan that was merged into the Plan, your accrued benefit will never be less than the benefit you accrued under the prior plan.

Special rules that apply to former employees of the San Francisco Newspaper Printing Company and the Chronicle Publishing Company and to former participants in the Houston Chronicle Publishing Company Retirement Plan, are described below.


Former Participants in the San Francisco Newspaper Agency (SFNA) Pension Plan If you were a participant in the SFNA Pension Plan and became a participant in the Plan on December 31, 2001, your retirement benefit will be the greater of: The benefit from the Plan based on all your service with the Company or with SFNA, including your

years of SFNA credited service and any service as an SFNA union employee (after you reached age 21 and completed one year of service), minus the benefit you had accrued under any other pension plan to which the Company or SFNA contributed (including any union pension benefit) attributable to the same period of service, or

The benefit from the Plan based on service on and after January 1, 2002, plus the benefit calculated under the SFNA Pension Plan through December 31, 2001, taking into account any offsets that apply under the SFNA Pension Plan.

The benefit calculation in either case will be based on up to a combined total of 40 years of service. Your salary before and after December 31, 2001, is taken into account in determining your final average salary under the Plan.

Your benefits will be paid entirely from the Retirement Plan (except for those payments that may be made from an SFNA union plan), since all assets and liabilities of the SFNA Pension Plan were transferred to the Plan.

You may take early retirement payments for the portion of your retirement benefit earned under the SFNA Pension Plan formula as of December 31, 2001, as early as age 50, if your age and years of vesting service equal 65 or more. However, benefits earned after January 1, 2002, will be payable under the early retirement provisions of the Hearst formula, which permits early retirement at age 55 with 10 years of vesting service. See “Early Retirement” on page 9 for more information.

Former Participants in the Pension Plan of the Chronicle Publishing Company If you were a participant in the Pension Plan of the Chronicle Publishing Company, who became a participant in the Plan on July 27, 2000, your retirement benefit will be the greater of: The benefit from the Plan, using your credited service earned beginning July 27, 2000, or The benefit from the Plan, using your total credited service up to 40 years, including service with the

San Francisco Chronicle before July 27, 2000, minus the benefit you had accrued under the Pension Plan of the Chronicle Publishing Company and any union pension benefit you earned during your period of service with the San Francisco Chronicle.

The benefit calculation in either case will be based on up to a combined total of 40 years of service. Your salary both before and after July 27, 2000, is taken into account in determining your final average salary under the Plan.

Former Participants in the Houston Chronicle Publishing Company Retirement Plan Benefits earned before November 30, 1990, by participants in the Houston Chronicle Publishing Company Retirement Plan (the “Houston Plan”), participants in this Plan who were covered by the provisions of the Houston Plan, or vested Houston Plan participants who terminated employment before that date, are subject to the terms of the Houston Plan. These are called your Houston Plan benefit, and are subject to the following special provisions: Normal Form of Benefit –– Your Houston Plan benefit is payable in the form of a life annuity with

120 months of payments guaranteed. All other forms of payment of your Houston Plan benefit are actuarially equivalent to the 120-month certain form of payment.


Special Early Retirement Provisions –– You may retire and begin receiving your Houston Plan benefit when the total of your age plus your years of service equals at least 75, if you are an active employee of the Company until that time. This benefit will be reduced by 5% per year for each full year (and .4167% for each full month during any partial year) for which benefits are paid before you reach age 65.

Special Optional Benefit Form –– You may elect to receive your Houston Plan benefit in installment payments over a period not extending beyond your and your beneficiary’s combined life expectancies, as well as any other form of benefit available under the Plan.

Special Disability Benefit –– If you became disabled while actively employed before November 30, 1990, and after reaching age 35 and completing at least five years of service, you could elect to receive a monthly disability pension equal to your Houston Plan benefit payable at age 65, determined by assuming that your service continued until age 65 at the same annual salary as prior to the disability.

Pre-Retirement Death Benefit for Non-Spouses –– Prior to November 30, 1990, any properly designated pre-retirement survivor beneficiary, including any person who was not the spouse or domestic partner of a Houston Plan participant, was entitled to receive a death benefit equal to your Houston Plan benefit, payable under any of the optional forms of benefit available under the Plan. This feature was discontinued with respect to any former Houston Plan participant who died after November 30, 1990, and was replaced by the current Plan rule, which provides pre-retirement survivor benefits only to spouses and certain domestic partners as defined by the Plan.

Employees of the San Antonio Express-News If you are an employee of the San Antonio Express-News and you became a participant in the Plan on January 1, 1996, your retirement benefit will be the greater of: The benefit from the Plan, using your credited service earned beginning January 1, 1996, or The benefit from the Plan, using your total credited service, including service before January 1, 1996

credited under the San Antonio Express-News Retirement Plan, minus the benefit you had accrued under the San Antonio Express-News Retirement Plan as of December 31, 1995.

Transfers from Certain HTV Units (Union) If you are an employee who has transferred from HTV Charlotte, KCCI, KCRA/KQCA, KETV, KOAT, KSBW, WDSU, WESH/WKCF, WGAL, WLKY, WPTZ/WNNE, WXII, or WYFF into a unit covered by the Plan described here, your retirement benefit will be calculated and paid from two separate plans: The benefit from the Retirement Plan, using your credited service earned while a non-union employee

of Hearst, and The benefit from the Hearst Corporation Broadcast Retirement Plan.

Transfers from Certain HTV Units (Non-Union) If you are a participant who has transferred from HTV Charlotte, KCCI, KCRA/KQCA, KETV, KOAT, KSBW, WDSU, WESH/WKCF, WGAL, WLKY, WPTZ/WNNE, WXII, or WYFF into a unit covered by the Plan described here, your retirement benefit from the Plan will be the sum of two parts: The benefit earned under your prior benefit formula, plus The benefit earned while a participant under the provisions of the Plan described herein.

Participants Covered Under Plan Provisions Not Described in the Booklet As stated under “Eligible Employee” under “Important Definitions” on page 3 of this Summary Plan Description, this booklet describes the benefits paid to non-union Plan participants who work at specific Hearst units. The benefits paid to Plan participants who work at other units or are covered by a collective bargaining agreement are described in separate booklets.


Other Important Information

Here are some other important things to know about the Retirement Plan.

Applying for Benefits Retirement benefits do not begin automatically; you must apply for them. You should contact the Hearst Pension Service Center at 1-844-743-2778 or via HearstPension.com at least three months before the date you want to retire and begin receiving benefits. You will be given all the information you need to choose how you want your benefit paid and all the forms you need to complete and return.

Circumstances That May Affect Your Benefit There are certain circumstances under which limited benefits or no benefits will be paid. These include the following: If your employment terminates before you are vested, no benefits will be payable. If you fail to apply for benefits or provide information needed to compute benefits, no benefit can be

paid until you do. If you do not meet retirement age requirements, no vested benefits will be payable until you do. If you die before beginning to receive benefits and you have not been married, or in a domestic

partnership, for at least 12 consecutive months, no benefits will be paid to your surviving spouse or domestic partner.

If you (or your beneficiary) fail to make a timely appeal of denied benefits, no benefits will be payable. If you are subject to a “Qualified Domestic Relations Orders” (as described on page 23), a portion of

your benefit could be paid to an alternate payee. If the Plan terminates, your benefits are guaranteed by the Pension Benefit Guaranty Corporation

(PBGC) up to certain limits (see “Pension Benefit Guaranty Corporation” on page 23). If your Plan benefit exceeds PBGC limits, you may not receive the entire benefit you have earned.

If Your Application Is Denied If your application for retirement benefits is denied in whole or in part, you will receive written notification within 90 days (or in unusual circumstances, within a total of 180 days) after your application for benefits is received. The notification will include: The specific reason or reasons for the denial Reference to the specific Plan provisions upon which the denial is based A description of any additional material or information necessary to process your application along

with an explanation of why it is required A description of the Plan’s review procedures and the time limits applicable to these procedures A statement of your right to bring a civil action under section 502(a) of ERISA if your appeal is denied

If the Administrative Committee’s decision will not be made within the initial 90-day period, you will receive notice indicating the reasons for the delay and the date the Administrative Committee expects to make the decision.

You have 60 days to file a written request for a review of your claim with the Administrative Committee at:

Administrative Committee The Hearst Corporation Retirement Plan Hearst Corporation


Employee Benefits Department 3540 Toringdon Way8th floor-BenefitsCharlotte, NC 28277 You are entitled to review pertinent Plan documents, at no cost, and to have a qualified person represent

you during the appeal process. You should include the reasons you are appealing the decision and copies of any documents or records that support your appeal. The specific information you should supply will be listed in the notification of denial of your claim.

The Administrative Committee will review and make a decision within 60 days (or in unusual circumstances, within a total of 120 days) after your appeal is received. The review will take into account all comments, documents, records, and other information you submit relating to your claim, without regard to whether such information was submitted or considered in the initial benefit determination. If the Administrative Committee’s decision will not be made within the initial 60-day period, you will receive a notice indicating the reasons for the delay and the date the Committee expects to make the decision. You will be notified in writing of the decision. If the appeal is denied, the notification will include: The specific reason or reasons for the denial Reference to the specific Plan provisions upon which the denial is based A statement that, if you request, you are entitled to receive, at no cost, reasonable access and copies

of all relevant documents A statement of your right to bring a civil action under section 502(a) of ERISA

See “Statement of Rights Under ERISA” on page 25, for more information.

Amendments to the Plan Hearst reserves the right, through action of its Board of Directors, to amend the Plan at any time and for any reason. In addition, the Administrative Committee is authorized to adopt Plan amendments that are technical or ministerial in nature and are required by ERISA or the Code. The provisions of the Plan are subject to any changes required by the IRS or the U.S. Department of Labor to comply with federal law or regulations. The Plan may also be amended for business reasons. However, no amendment of the Plan may eliminate any protected right or benefit or reduce the benefits you have accrued up to the effective date of such amendment.

If the Plan Is Terminated Hearst expects to continue the Plan indefinitely, but reserves the right, through action of its Board of Directors, to terminate it at any time for business reasons. If the Plan is terminated, you will be fully vested in your benefit accrued up to the date of Plan termination — to the extent this benefit is then funded.

Your benefit will be determined using the benefit formula described in “Your Retirement Benefit” on page 9. In most cases, after government approval of Plan termination, you would receive a deferred annuity contract with an insurance company, and benefits would begin when you reach retirement age. However, if your accrued benefit is valued at $1,000 or less, you will receive your benefit in a lump sum. If the value is more than $1,000 and not more than $5,000, you may elect to receive your benefit in a lump sum at Plan termination.

Of course, we expect the trust fund to have enough money to pay benefits to all members at termination. However, if there is not enough money, the Plan assets will be allocated in the following order: 1. Certain annuities that members have been receiving or could have been receiving for three years

before Plan termination 2. Other vested benefits guaranteed by the Pension Benefit Guaranty Corporation (see below)


3. Other vested benefits4. Any other Plan benefits

Payment of your benefit at termination will come only from Plan assets or from the Pension Benefit Guaranty Corporation. If any assets remain in the Plan after all payments have been made, as listed above, the remaining assets will be distributed to Hearst.

If a participant cannot be located through a diligent search (including a search for beneficiaries and the use of a commercial locator service), Hearst may request the assistance of the IRS in locating the participant. If the participant still cannot be located, the participant’s benefit will be delivered to and held by the Pension Benefit Guaranty Corporation until the participant is located.

Pension Benefit Guaranty Corporation Your pension benefits under this Plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. If the Plan terminates (ends) without enough money to pay all benefits, the PBGC will step in to pay pension benefits. Most people receive all of the pension benefits they would have received under their plan, but some people may lose certain benefits. There is a ceiling on the amount of annual benefit that the PBGC guarantees. This ceiling is adjusted periodically. (For 2012, this ceiling is $56,000.)

The PBGC guarantee generally covers: Normal and early retirement benefits Disability benefits if you become disabled before the Plan terminates Certain benefits for your survivors

The PBGC guarantee generally does not cover: Benefits greater than the maximum guaranteed amount set by law for the year in which the Plan

terminates Some or all of benefit increases and new benefits based on plan provisions that have been in place

for fewer than five years at the time the Plan terminates Benefits that are not vested because you have not worked long enough for the Company Benefits for which you have not met all of the requirements at the time the Plan terminates Certain early retirement payments (such as supplemental benefits that stop when you become eligible

for Social Security) that result in an early retirement monthly benefit greater than your monthly benefit at the Plan’s normal retirement age,

Non-pension benefits, such as health insurance, life insurance, certain death benefits, vacation pay, and severance pay

Even if certain of your benefits are not guaranteed, you still may receive some of those benefits from the PBGC depending on how much money your plan has and on how much the PBGC collects from employers.

For more information about the PBGC and the benefits it guarantees, ask your Plan Administrator or contact the PBGC’s Technical Assistance Division, 1200 K Street N.W., Suite 930, Washington, D.C. 20005-4026 or call 202-326-4000 (not a toll-free number). TTY/TDD users may call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4000. Additional information about the PBGC’s pension insurance program is available through the PBGC’s Web site on the Internet at http://www.pbgc.gov.


Assignment of Benefits Your retirement benefits under this Plan are not subject to claims of your creditors or creditors of your spouse or other beneficiaries. You may not assign, sell, or commit any retirement benefit due to you in any way unless the assignment results from a judgment, decree, or order relating to child support, alimony payments, or marital property rights under state domestic relations law.

Qualified Domestic Relations Orders The Retirement Equity Act of 1984 (REA) requires that employee retirement benefit plans recognize Qualified Domestic Relations Orders (QDROs). Generally, a QDRO is a court order, judgment, or decree that: Is made according to a state domestic relations law (including community property laws) Relates to child support, alimony payments, or marital property rights Creates or recognizes an alternate payee’s right to receive all or part of a member’s benefits under an

employee benefit plan

If you are a party in a divorce that affects your interest in this Plan, you or your spouse’s attorney should contact the Plan Administrator to make certain that the appropriate documents are filed and that the court order in question is actually a QDRO that complies with the governing legislation and Plan procedures. A copy of the QDRO procedures is available, at no cost, from the Plan Administrator.

Top Heavy Rules The Internal Revenue Code requires that a retirement plan be tested periodically to see if certain owners, officers, and highly-compensated employees of the company are earning more than 60 percent of the total benefits provided by the plan. If so, the plan is considered “top heavy.”

While we do not expect this Plan to become top heavy, if it does, you will earn a minimum benefit for each year the Plan is top heavy. The minimum benefit will be the lesser of: 2% of your final average salary times the credited service you earn while the Plan is top heavy, or 20% of your final average salary while the Plan is top heavy.

In addition, you will become vested in your benefit more quickly during top heavy years.

Reports on the Plan The Administrative Committee files annual reports on the Plan with the Secretary of Labor in Washington, D.C. and the Internal Revenue Service.

No Guarantee of Employment Your membership in the Plan should not be construed as modifying, creating, or affecting your employment status.

Administrative Information

Plan Name The Hearst Corporation Retirement Plan

Employer Hearst Corporation 300 West 57th Street New York, New York 10019 A list of divisions and/or companies participating in the Plan is available from the Plan Administrator upon request.

Employer’s Identification Number

13–0433120


Plan Number 048

Type of Plan Defined Benefit Plan

Plan Administrator and Agent for Legal Process

Administrative Committee The Hearst Corporation Retirement Plan Hearst Corporation 3540 Toringdon Way8th floor-BenefitsCharlotte, NC 28277The day-to-day operation of the Plan is carried out by the Administrative Committee, which is appointed by the Board of Directors of Hearst Corporation. The Administrative Committee is responsible for making rules and regulations for operating the Plan in a fair and equitable manner for all Plan members.

Plan Year January 1 to December 31

Funding The Company pays the full cost of benefits under the Plan. No contributions are required or permitted by employees. Hearst Corporation provides funding for your Plan benefits in accordance with established federal funding requirements. The Company’s contributions are placed in a trust established to provide retirement benefits. Each year the Company’s actuary reviews the Plan funding requirements. Until all Plan obligations have been fulfilled, the Plan’s assets can be used only for the benefit of Plan members and to pay Plan expenses.

Trustee Bank of New York

Service of legal process may also be made on the Trustee.

Statement of Rights Under ERISA

As a participant in The Hearst Corporation Retirement Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974, as amended (ERISA). ERISA provides that all Plan participants shall be entitled to: Examine, without charge, at the office of the Plan Administrator or Resident Controller of your unit, all

documents governing the Plan, including a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies.

Obtain a statement telling you whether you have a right to receive a pension at your normal retirement age and if so, what your benefits would be at normal retirement age if you stop working under the Plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once every twelve (12) months. The Plan must provide the statement free of charge.

Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this annual funding notice.


Prudent Actions by Plan Fiduciaries In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit 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 participants 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.

Enforce Your Rights If your claim for a pension benefit is denied or ignored, 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 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 the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 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’s decision or lack thereof concerning the qualified status of a domestic relations order, 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 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.

Assistance with Your Questions If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about 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.

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