Effective January 1, 2024
Citi Retirement Savings Plan
Summary Plan Description
January 1, 2024 1
Citi Retirement Savings
Plan
Saving for retirement is an important consideration for all of us.
Citigroup Inc. (the “Company”) offers the Citi Retirement Savings
Plan (the “Plan”) to encourage you to become an active participant
in planning and saving for your financial future. The Plan offers a
number of advantages designed to help make saving easier — so
you can Save Well at Citi.
The Plan provides eligible employees with the opportunity to save
money on a before-tax and/or Roth after-tax basis through
automatic payroll deductions. There are tax advantages to both
options, and we encourage you to learn more so you can determine
if one or both options are right for you.
The Plan also offers a significant Company Matching Contribution to help your savings grow: Once you are eligible
for Company Matching Contributions, your Employer will match $1 for every $1 you contribute up to a maximum of
6% of your annual eligible pay up to the limit established by the Internal Revenue Service (IRS).
Through the Plan’s investment options, you have a choice of:
• Target retirement date funds (pre-diversified funds that shift in investment mix, according to your age);
• Indexed funds;
• Actively managed funds; and/or
• The Citigroup Common Stock Fund.
The Plan includes an automatic enrollment and contribution escalation feature that helps many Citi employees start
saving for retirement — and then
keeps
them saving a little more every year until they reach the Plan’s preset
savings goal.
Interactive online tools are available to show how different savings rates may affect your future finances. In
addition, advice services are available to ensure that you feel confident about choosing appropriate investments
and that you are saving enough to reach your long-term goals (see “Financial Tools to Help You Manage Your
Savings” on page 38 to learn more).
Please take the time to read this Summary Plan Description (“SPD”) and review the Plan’s investment options. You
can find fund profiles and additional information about the available funds on the Plan website. If you do not have
Internet access, you can contact the Plan, as described in “How to Contact the Plan” below.
How to Contact the Plan
Online: Visit My Total Compensation and Benefits website at www.totalcomponline.com. To log into My
Total Compensation and Benefits enter your User ID and password. Choose “Contacts” on the left
side of the Welcome page, then select Your Benefits Resources website.
By telephone: How to Call the Citi Benefits Center
Call ConnectOne at 1 (800) 881-3938. See the
For More Information
section for detailed instructions,
including TDD and international assistance.
Write to: Citigroup Inc.
Global Benefits Department
388 Greenwich Street, 15
th
Floor
New York, NY 10013
Citi Retirement
Savings Plan
Prospectus
You can download a copy of the 2024
Prospectus here.
Citi Retirement Savings Plan
2 January 1, 2024
About This Document
This document is part of a prospectus covering securities that have been registered under the Securities Act of 1933.
How to Call the Citi Benefits Center
• Call ConnectOne at 1 (800) 881-3938. From the “Benefits” main menu, choose the “401(k) Plans” option.
Representatives are available from 8 a.m. to 8 p.m. ET, Monday through Friday, excluding New York Stock
Exchange holidays.
• From outside the United States, Puerto Rico, Canada and Guam: Call HR Shared Services (HRSS) at
+1 (469) 220-9600. From the “Benefits” main menu, choose the “401(k) Plans” option.
• If you are hearing impaired and use a TDD in the United States: Call the Telecommunications Relay Service at
“711" and then call ConnectOne as instructed above.
Important Privacy Information
About the My Total
Compensation and Benefits
Website
• You will need a user ID and password to log on to the website.
• Keep in mind that your password can be used to access your personal account information and request
transactions such as withdrawals and distributions. It is also your legal signature for all Plan transactions, so
you are responsible for maintaining the confidentiality of that information. You should verify that your email
address and mailing address on file are up to date, especially if you recently moved or were divorced or
separated from your spouse. This is important to protect your privacy because Plan communications, including
but not limited to, account statements, legally required communications and confirmation statements, may be
emailed to you or mailed to the mailing address on file with the Plan.
• You may manage how communications from the Plan are sent to you by logging into the Your Benefits
Resources (YBR) website through My Total Compensation and Benefits at www.totalcomponline.com. Once on
YBR, select “My Profile” on the right of the top blue banner. Go to “Manage Communications.” There you can
elect to receive certain communications by text message, email or regular mail.
Citi Retirement Savings Plan
January 1, 2024 3
• When accessing the website from outside of the Company’s intranet, be sure to follow the following tips for safe
computer use:
− Use a personal firewall — Many internet service providers offer this feature. A personal firewall protects your
home computer against unauthorized access.
− Beware of malware infection with drive-by download — Drive-by downloads (the unintentional download of
a virus or malicious software (malware)) may happen when visiting a malicious or vulnerable website,
viewing an email message or by clicking on a deceptive pop-up window. Malware is malicious software
installed on your computer that has a harmful intent that can, for example, capture your login passwords
and other personal data. Examples of malware include software such as spyware, adware, viruses, etc. The
best way to protect yourself from malware is to exercise caution before installing programs on your
computer or opening email attachments. Here are some precautions that are important to take:
Only install applications and software from well-known companies you trust.
Make sure your computer is cleansed from viruses/spyware and has up-to-date anti-virus and anti-
spyware software installed.
Keep your operating system and browser current with the latest security updates and patches.
Install trustworthy anti-virus, anti-spyware and malware detection software — The best defense against
computer and mobile device attacks is preventive software. You will need to update the software
regularly to guard against new risks, so download updates from your provider as soon as they are
available. Or, set the software to update automatically. Many vendors offer automatic updates.
Use a pop-up blocker — Set your browser preferences to block pop–ups. Pop-ups can contain
inappropriate content or have malicious intentions.
When conducting financial transactions, make sure to use a trusted computer. In addition, here are some
guidelines for transacting safely away from home:
− Only use wireless networks you trust — Networks in Internet cafés, hotels, and libraries are usually
not secure and are easy to tamper with. Even if they provide you with a password, that does not
guarantee a secure connection. You should avoid using any public computers for financial
transactions.
− Avoid using a public or shared computer for personal transactions — Anyone who uses the computer
after you and visits the same websites can sign on to your accounts. After you sign off, select the
option to "Remove a user", if that option is available. Also, make sure to clear the Internet history and
any cookies stored.
• Review the Department of Labor’s “Online Security Tips,” which includes additional suggestions for protecting
your privacy, at https://www.dol.gov/sites/dolgov/files/ebsa/key-topics/retirement-
benefits/cybersecurity/online-security-tips.pdf.
Citi Retirement Savings Plan
4 January 1, 2024
Important Information about
this Benefits Handbook
This handbook describes the Plan as in effect January 1, 2024, and serves as the SPD, for employees of the Company
and its participating subsidiaries and affiliates (each, an “Employer”, and collectively, the “Employer”). Participating
subsidiaries and affiliates include any U.S. entity in which the Company owns at least an 80% interest. For a
complete list of all the Employers that participate in the Plan, please contact the Citi Benefits Center.
This SPD has been written, to the extent possible, in non-technical language to help you understand the basic terms
and conditions of the Plan as they are in effect from time to time. This description is intended to be only a summary
of the major highlights of the Plan. In addition, this SPD has been incorporated into a prospectus covering securities
that have been registered under the Securities Act of 1933 solely for the purpose of furnishing information
describing the Plan and its operations. For more information about the prospectus and the materials incorporated
into the prospectus, please see the prospectus. To review the prospectus, please contact the Plan (see "How to
Contact the Plan" on page 1). This SPD does not incorporate by reference or otherwise any documents that have
been filed with the U.S. Securities Exchange Commission by the Company.
No general explanation can adequately give you all the details of the Plan. This general explanation does not change,
expand or otherwise interpret the terms of the Plan. If there is any conflict between the Plan document and this
SPD, or any written or oral communication by an individual representing the Plan, the terms of the Plan document
(as interpreted by the Plan Administrator in its sole discretion) will be followed in determining your rights and
benefits under the Plan. If you want a paper copy of the Plan document, please contact the Plan (see “How to
Contact the Plan” on page 1).
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and the Internal Revenue Code of 1986, as amended (the “Code”).
The Company reserves the right to amend, modify, suspend or terminate the Plan, in whole or in part, at any time
without prior notice, to the extent allowed by law. This means that the Company has the right to change Plan terms
(including eligibility for benefits) or to discontinue any part or all of the benefits described herein at any time.
Investment options under the Plan also are subject to change at any time without prior notice.
Nothing contained in the Plan or this SPD is to be construed as an express or implied contract of employment for
any definite or continuing period of time or for any benefits associated with employment. Likewise, participation in
the Plan does not limit your Employer’s right to terminate your employment regardless of your Plan participation.
Your employment is on an at-will basis.
Citi Retirement Savings Plan
January 1, 2024 5
Plan Administrator
The Plans Administration Committee of Citigroup Inc. (the “Committee”) is the Plan Administrator and is
responsible for the operation and administration of the Plan. The Committee has such powers as may be necessary
to carry out the provisions of the Plan, including the power and discretion to determine all benefits and resolve all
questions pertaining to the administration, interpretation and application of Plan provisions either by rules of
general applicability or by particular decisions. Only written responses of the Committee may be relied upon. Oral
representations may not be relied upon (see “Administrative and Legal Information” on page 54).
Important
If you believe you are entitled to a benefit that you have not received or if you disagree with any determination made
by the Plan Administrator regarding your benefit (such as the amount of your benefit or how it is calculated), you
may submit a claim for benefits under the Plan. However, the time period during which you can submit a claim for
benefits (including the time period to bring suit after exhausting the Plan’s claims and appeals procedures) is
limited. If you fail to make a timely claim for benefits or you fail to make a timely appeal of a denied claim, you may
lose your right to those benefits. For important information regarding the process for submitting a claim for benefits
and the deadlines for submitting such a claim, including the deadline for filing a claim in court, please see “Claims
and Appeals” on page 59.
Citi Retirement Savings Plan
6 January 1, 2024
Contents
Citi Retirement Savings Plan ........................................................................................................................................................1
Important Privacy Information About the My Total Compensation and Benefits Website ..................................................... 2
Important Information about this Benefits Handbook .............................................................................................................. 4
Plan Administrator ...................................................................................................................................................................... 5
Eligibility and Enrollment ........................................................................................................................................................... 10
Eligibility ..................................................................................................................................................................................... 10
Who Is Eligible? ................................................................................................................................................................... 10
Who Is Not Eligible? ............................................................................................................................................................ 10
Effect of Transfer or Employment Classification Change ................................................................................................ 11
Re-Employment ................................................................................................................................................................... 11
Enrollment .................................................................................................................................................................................. 11
Voluntary Enrollment in the Plan ....................................................................................................................................... 11
Automatic Enrollment after 90 Days ................................................................................................................................. 11
Investment of Automatic Contributions .......................................................................................................................... 12
Automatic Increases in Your Contribution Rate .............................................................................................................. 12
Naming or Changing a Beneficiary .......................................................................................................................................... 13
No Beneficiary Designation ................................................................................................................................................ 13
Contributions to Your Accounts ................................................................................................................................................ 14
Eligible Pay ................................................................................................................................................................................. 14
Your Contributions ................................................................................................................................................................... 15
Before-Tax Contributions .................................................................................................................................................. 16
Roth After-Tax Contributions............................................................................................................................................ 17
Contribution Limits ............................................................................................................................................................. 18
Catch-Up Contributions .................................................................................................................................................... 18
Changing or Suspending Your Contributions .................................................................................................................. 19
Contributions from Performance-Related Cash Bonuses ............................................................................................. 19
Rollover Contributions ....................................................................................................................................................... 19
Company Contributions .......................................................................................................................................................... 20
Company Matching Contributions .................................................................................................................................. 20
Important Notes about Company Matching Contributions ..........................................................................
................. 21
Company Fixed Contributions........................................................................................................................................... 21
Company Transition Contributions ................................................................................................................................. 23
Other Company Contributions ......................................................................................................................................... 24
Contributions for Participants Returning after Qualified Military Service ................................................................... 24
Tax Credit .................................................................................................................................................................................. 24
Your Accounts ............................................................................................................................................................................. 25
Citi Retirement Savings Plan
January 1, 2024 7
Plan Limitations .......................................................................................................................................................................... 26
Roth In-Plan Conversions .......................................................................................................................................................... 27
Vesting ........................................................................................................................................................................................ 28
Years of Service ........................................................................................................................................................................ 28
If You Are Rehired ..................................................................................................................................................................... 29
Forfeitures ................................................................................................................................................................................. 29
Investing Your Plan Accounts ................................................................................................................................................... 30
Investing Your Contributions .................................................................................................................................................. 30
What Happens if You Do Not Make an Investment Election? ........................................................................................ 31
Investment of Company Contributions ................................................................................................................................. 32
Company Matching Contributions .................................................................................................................................. 32
Company Fixed Contribution, Company Transition Contributions, Aetna Supplemental
Contributions, and the One-Time Shearson Transition Contribution ......................................................................... 32
Citigroup Common Stock Fund .............................................................................................................................................. 32
Citigroup Common Stock Fund Dividends ...................................................................................................................... 33
How to Make a Dividend Election ..................................................................................................................................... 35
Risks of Investing in Company Stock ............................................................................................................................... 35
Changing Your Investment Elections ..................................................................................................................................... 35
Transfers and Reallocations ................................................................................................................................................... 35
Automatic Rebalancing ........................................................................................................................................................... 36
Important Facts about Automatic Rebalancing ............................................................................................................. 36
Restrictions on Fund Transfers, Reallocations and Rebalancing ........................................................................................ 37
Redemption Fees ...................................................................................................................................................................... 37
ERISA 404(c) .............................................................................................................................................................................. 37
Financial Tools to Help You Manage Your Savings .................................................................................................................. 38
Online Advice ............................................................................................................................................................................ 38
Alight Financial Advisors (AFA) Professional Management Program ................................................................................. 38
Lipper Fund Fact Sheets .......................................................................................................................................................... 38
Alight Financial Education Center .......................................................................................................................................... 38
Important Information ............................................................................................................................................................ 39
Plan Loans .................................................................................................................................................................................. 39
Interest Rates ........................................................................................................................................................................... 40
Loan Repayments .................................................................................................................................................................... 40
Repaying Your Loan if You Leave the Company .................................................................................................................... 40
Defaulted Loans ........................................................................................................................................................................ 41
Treatment of Loans While on Qualified Military Service Leave ............................................................................................ 41
Treatment of Loans While on Sabbatical .............................................................................................................................. 42
Treatment of Loans While on Other Approved Leave of Absence ....................................................................................... 42
Withdrawals ............................................................................................................................................................................... 42
Hardship Withdrawals ............................................................................................................................................................. 43
Citi Retirement Savings Plan
8 January 1, 2024
From Non-Roth Accounts ................................................................................................................................................. 43
From Roth Contribution Account ..................................................................................................................................... 44
Non-Taxable Withdrawals for Pre-1987 Contributions ....................................................................................................... 44
Withdrawal of Rollover Contributions ................................................................................................................................... 45
From Non-Roth Rollover Accounts .................................................................................................................................. 45
From Roth Rollover Account ............................................................................................................................................. 45
Age 59½ Withdrawals ............................................................................................................................................................. 45
From Non-Roth Accounts ................................................................................................................................................. 45
From Roth Accounts .......................................................................................................................................................... 45
Disability Withdrawals ............................................................................................................................................................ 46
From Non-Roth Accounts ................................................................................................................................................. 46
From Roth Accounts .......................................................................................................................................................... 46
Qualified Military Service Leave Withdrawals ....................................................................................................................... 46
QVEC Withdrawals .................................................................................................................................................................... 47
Age 65 Withdrawals from Money Purchase Plan Accounts .................................................................................................. 47
Qualified Birth or Adoption Distributions ............................................................................................................................... 47
Other In-Service Withdrawals ................................................................................................................................................. 47
Distributions from Your Accounts ............................................................................................................................................ 48
Following Termination of Employment ................................................................................................................................. 48
On or After Normal Retirement Date ...................................................................................................................................... 48
If You Become Disabled ........................................................................................................................................................... 49
If You Die ................................................................................................................................................................................... 49
Required Minimum Distributions ........................................................................................................................................... 49
Forms of Payment .................................................................................................................................................................... 49
How Distributions Are Processed ........................................................................................................................................... 50
How Benefits Are Taxed ............................................................................................................................................................ 50
Taxation of Plan Participants .................................................................................................................................................. 50
Penalty Tax for Early Distribution ............................................................................................
................................................ 51
Special Rules for Distributions from Roth Accounts ............................................................................................................ 52
Special Withholding Rules ...................................................................................................................................................... 52
Withholding on Installment Payments, Annuities and Minimum Required Distributions ............................................... 52
Withholding on Hardship Withdrawals ................................................................................................................................. 53
State Tax Withholding ............................................................................................................................................................. 53
Tax Rules for Company Common Stock ................................................................................................................................ 53
Taxation of Company Contributions ..................................................................................................................................... 54
Administrative and Legal Information ...................................................................................................................................... 54
Plan Administrator/Agent for Legal Process ......................................................................................................................... 54
Legal Actions ............................................................................................................................................................................ 54
Plan Fees and Expenses .......................................................................................................................................................... 55
Plan Type and Funding ............................................................................................................................................................ 55
Plan Confidentiality ................................................................................................................................................................. 55
Citi Retirement Savings Plan
January 1, 2024 9
Use of Personal Information ................................................................................................................................................... 55
Investing Restrictions .............................................................................................................................................................. 56
Liability for Losses in Your Account ....................................................................................................................................... 56
When Benefits Are Not Paid or Reduced ............................................................................................................................... 56
Participant Responsibility ........................................................................................................................................................ 57
Future of the Plan ...................................................................................................................................................................... 57
Miscellaneous ............................................................................................................................................................................. 57
Nonalienation and Qualified Domestic Relations Orders (QDROs) ..................................................................................... 57
Account Statements ................................................................................................................................................................ 58
Electronic Communications ................................................................................................................................................... 58
Top-Heavy Provisions ............................................................................................................................................................. 58
Normal Retirement Age ........................................................................................................................................................... 58
Claims and Appeals ................................................................................................................................................................... 59
Claims Procedure ............................................................................................................................................................... 59
Appeals Procedure ............................................................................................................................................................. 59
Limitation on Filing Suit .......................................................................................................................................................... 60
Your Rights under ERISA ........................................................................................................................................................... 60
Receive Information ........................................................................................................................................................... 60
Prudent Actions by Plan Fiduciaries ................................................................................................................................. 61
Enforce Your Rights ............................................................................................................................................................ 61
For More Information .......................................................................................................................................................... 61
Administrative Details ................................................................................................................................................................ 62
Glossary ....................................................................................................................................................................................... 62
Appendices .................................................................................................................................................................................. 67
Appendix A — Historical Plans ................................................................................................................................................ 67
Travelers ............................................................................................................................................................................... 67
Loans .................................................................................................................................................................................... 67
Travelers QVECs .................................................................................................................................................................. 67
Copeland/First American Bank, Citibank Texas .............................................................................................................. 67
Citibanamex ........................................................................................................................................................................ 67
Appendix B — Company Transition Contributions .............................................................................................................. 68
Appendix C — Other Company Contributions ......................................................................................
................................ 69
Aetna Supplemental Company Contribution ................................................................................................................. 69
One-Time Shearson Transition Contribution ................................................................................................................. 70
Citi Retirement Savings Plan
10 January 1, 2024
Eligibility and Enrollment
Eligibility
Who Is Eligible?
To be eligible to participate in the Plan, you must be:
• Working in the United States, classified as an employee of the Company and paid through a United States
based payroll system; or
• A United States citizen or a lawful permanent resident of the United States in an expatriate employment
classification. An expatriate employment classification means that you are engaged in an assignment for the
Company outside the United States, are paid through the expatriate payroll system, and your designated
pension country is the United States in accordance with the expatriate assignment handbook and policies of
the Company.
If you are a participant in a Management Associate Program or other similar rotational program established and
administered within the United States and you commenced employment with the Company after January 1, 2012,
you will be eligible to participate in the Plan only if you satisfy either of the two bullets above.
If you are on the Company payroll and classified as temporary (on either a full-time or part-time basis), you are
eligible to participate in the Plan only if you satisfy either of the two bullets above.
You are eligible to make Before-Tax and Roth After-Tax Contributions to the Plan as soon as administratively
practical following your first day of employment with the Company.
Who Is Not Eligible?
You are not eligible to participate in the Plan if:
• Your compensation is not reported on a Form W-2 Wage and Tax Statement issued by the Company;
• You are a contract employee paid through a manpower, employee leasing or other third-party firm or are a
“leased employee” as defined by Section 414(n)(2) of the Code;
• You are employed by a subsidiary or affiliate of the Company that is not a participating employer;
• You are a non-resident alien with no United States source of income;
• You are covered by a collective bargaining agreement that does not provide for participation in the Plan;
• You are eligible to participate in the Citi Retirement Savings Plan for Puerto Rico; or
• You are engaged by the Company as an independent contractor, adviser, or consultant.
If a court, regulatory body, administrative agency or other entity having jurisdiction later decides that you are
considered an employee of the Company or are otherwise entitled to receive a Form W-2 from the Company, you
still will not be eligible to participate in the Plan unless the Company determines that your future employment falls
within a category of employment that is eligible for participation.
Citi Retirement Savings Plan
January 1, 2024 11
Effect of Transfer or Employment Classification Change
If you are a Plan participant who transfers to another company that does not participate in the Plan or your
employment classification changes so that you no longer qualify as an employee eligible to participate in the Plan, or
if you transfer outside the United States (except as an expatriate employee who meets the applicable requirements
set forth above in the second bullet under “Who Is Eligible?” on page 10), you will no longer be eligible to contribute
to or otherwise actively participate in the Plan. However, you can continue to transfer your money among the Plan’s
investment options. If you transfer back to an employment classification that does qualify you to participate as an
employee or transfer back to the United States, you will resume active participation in the Plan with the first payroll
that coincides with or next follows your change in employment status.
Re-Employment
If you were a Plan participant who terminated employment with the Company and are subsequently rehired with the
Company, you will be eligible to actively participate in the Plan again immediately on the day your re-employment
begins. If you terminate employment and are subsequently rehired by the Company, you are no longer eligible to
receive a Company Transition Contribution.
If you are unsure of whether your employer participates in the Plan, you may contact the Plan as described under
“How to Contact the Plan” on page 1.
Enrollment
Voluntary Enrollment in the Plan
You may begin contributing to the Plan after you become eligible. When you enroll, you decide:
• What percentage of your eligible pay you want to contribute to the Plan;
• If you want to contribute to the Plan through Before-Tax Contributions and/or Roth After-Tax Contributions;
and
• In which investment options you want your contributions to be deposited.
Your contributions will be deducted from your pay with the next available pay period after your enrollment is
processed.
You can enroll online through My Total Compensation and Benefits at www.totalcomponline.com or by calling the
Citi Benefits Center as described under “How to Contact the Plan” on page 1.
Automatic Enrollment after 90 Days
The Plan has an automatic enrollment feature to encourage savings if you have not otherwise enrolled in the Plan.
When you are automatically enrolled in the Plan, 6% of your eligible pay is withheld from your pay each pay period
and contributed to the Plan as a Before-Tax Contribution (not as a Roth After-Tax Contribution).
Citi Retirement Savings Plan
12 January 1, 2024
You will be automatically enrolled in the Plan effective with the first payroll period that ends after the 90-day period
beginning on your date of hire or rehire. If you do not want to contribute to the Plan, you wish to contribute more or
less than 6% of your pay, or you wish to designate all or a portion of your pay as a Roth After-Tax Contribution, you
must opt out, elect a different percentage, or designate all or a portion of your pay as Roth After-Tax Contribution
within 90 days of your date of hire (or rehire) by visiting the Plan’s website accessible through My Total
Compensation and Benefits at www.totalcomponline.com or calling the Plan as instructed under “How to Contact
the Plan” on page 1.
Once you are enrolled in the Plan, you cannot receive a refund of any contributions made to the Plan, so you should
consider your options during your first 90 days. You may increase, decrease or suspend your future contributions at
any time by contacting the Plan.
In general, after you have met the eligibility requirements for Company Matching Contributions, the Company will
match one dollar for each dollar you contribute, up to a maximum of 6% of your annual eligible pay up to the limit
established by the Internal Revenue Service (IRS). The automatic enrollment feature is designed to allow you to get
the most from these Company Matching Contributions. See “Company Matching Contributions” on page 20 for
information about eligibility for the Company Matching Contribution.
Investment of Automatic Contributions
See “Investing Your Contributions” on page 30 for an explanation of how your automatic contributions are invested.
Automatic Increases in Your Contribution Rate
If you were automatically enrolled in the Plan and have not changed your contribution percentage, your contribution
rate will increase automatically by 1% each year over a nine-year period to a maximum of 15%. At 15%, the automatic
annual increases to your contribution rate will stop.
The first contribution rate increase for employees automatically enrolled in the Plan between January 1 and June 30
of any year will take effect March 1 of the following calendar year.
The first contribution rate increase for employees automatically enrolled in the Plan between July 1 and December 31
of any year will take effect March 1 of the year following the first full calendar year of automatic enrollment.
After the first automatic rate increase occurs, an additional 1% rate increase will take effect on March 1 of each
subsequent calendar year until the 15% limit is reached.
If you were not automatically enrolled and would like to take advantage of the Plan’s automatic increase feature you
can visit the Plan’s website accessible through My Total Compensation and Benefits at www.totalcomponline.com
or call the Plan as instructed under “How to Contact the Plan” on page 1 to enroll.
Citi Retirement Savings Plan
January 1, 2024 13
Examples
• If you were automatically enrolled between January 1 and June 30, 2022, your first automatic increase was
effective March 1, 2023. If you were automatically enrolled between July 1 and December 31, 2022, your first
automatic increase will be effective March 1, 2024.
• If your first automatic rate increase will be effective March 1, 2024, and you continue to contribute to the Plan
without changing your rate of contribution to the Plan, another increase will occur automatically effective
March 1, 2025 (for a total Before-Tax Contribution rate of 8% of eligible pay). Unless you have contacted the
Plan to change your contribution rate, rate increases will continue automatically at 1% per year until March 1,
2032, when you will reach the 15% limit.
Naming or Changing a Beneficiary
As a participant in the Plan, you will be asked to name a beneficiary (the person or persons or your estate that will
receive benefits in the event of your death) and the percentage payable to that beneficiary.
By law, your Plan accounts must be paid to your surviving spouse at your date of death unless your spouse has
consented to your naming a different beneficiary. If you are married and you name someone other than your spouse
as a beneficiary, an authorization form will be mailed to your mailing address. You must obtain your spouse’s written
consent to your naming another beneficiary, and the authorization form must be witnessed by a notary public and
returned to the Plan within 60 days for your beneficiary designation to take effect.
If your spouse is named as your beneficiary and you divorce, you must file a new beneficiary form with the Plan to
name others as your beneficiaries, subject to the terms of any qualified domestic relations order (“QDRO”).
Otherwise, your former spouse will remain your beneficiary if you are single at the time of your death.
If you marry after naming others (such as your children) as your beneficiaries, your beneficiary designations become
invalid. To keep the same beneficiaries after you marry, you must obtain the written consent of your new spouse on
a Plan form.
For purposes of the Plan, your “spouse” is the person to whom you are legally married under the laws of any state in
the United States, the District of Columbia or any foreign jurisdiction as of the earlier of your benefit
commencement date or the date of your death. You may be required to provide the Plan Administrator with a valid
marriage certificate/license.
Important
Your beneficiary designation, revocation or notarized spousal consent will not become effective until
your authorization form is received by the Plan before your death.
No Beneficiary Designation
If you do not name a beneficiary during your lifetime, or if none of the beneficiaries you name is alive at the time of
your death, your benefit will be paid to the following persons (if still living) in the following order of priority:
• Your spouse or your registered, or verified in accordance with Plan terms, domestic partner if you are not
married; then
• Your children (including adopted children) in equal shares, per stirpes; then
Citi Retirement Savings Plan
14 January 1, 2024
• Your parents, in equal shares; then
• The person(s) named as your beneficiary(ies) under any group life insurance maintained by your employing
company; then
• Your estate.
If you name multiple beneficiaries and do not otherwise specify, upon your death the amounts designated for
beneficiaries who may have died before you will be distributed to your surviving beneficiaries as if they were the only
beneficiaries you named. No distribution will be made to a designated beneficiary who dies before you. If you do not
specify otherwise on the beneficiary form, your beneficiaries will share equally.
Only you, as an employee or former employee, may name a beneficiary for your account. In the event that your
account transfers to your beneficiary, that beneficiary will not be able to name a subsequent beneficiary on the
account.
Keep your beneficiary designation up to date since, in the event of your death, your Plan accounts will be paid in full
to the beneficiary or beneficiaries you have named and, if none are living at that time, will be paid in accordance with
the defaults listed above.
Naming or Changing Your Beneficiary
To name or change your beneficiaries, visit the Plan website as instructed under “How to Contact the Plan” on
page 1.
Contributions to Your
Accounts
After your enrollment in the Plan, accounts will be established within the Plan to keep track of the different types of
contributions that may be made to the Plan for your benefit, as well as any earnings on those amounts.
Eligible Pay
Your contributions to the Plan are calculated as a percentage of your eligible pay.
Eligible pay must be earned while you are an eligible employee of the Company and consists of the following:
• Base pay, plus overtime and shift differential, paid to you during the calendar year (including any Before-Tax
Contributions that you make under the Plan, a cafeteria plan or a qualified transportation fringe benefit plan);
• Annual, quarterly, monthly or other performance-related cash bonuses or cash incentive awards (other than
deferred cash bonuses or deferred incentive awards), if any, paid to you during such year;
• Cash commissions, if any, paid to you during such year; and
• Differential wage payments paid during military leave.
Citi Retirement Savings Plan
January 1, 2024 15
Eligible pay includes pay described above earned before your termination of employment that is paid after your
termination of employment. When determining eligible pay under the Plan, your termination of employment
generally is your last day worked or the last day of your notice period. Contributions may be made from your eligible
pay earned before your termination of employment that is paid up to the later of the last payroll that occurs in the
year of your termination or 2
1
⁄
2
months after your termination date. Severance payments are not eligible for deferral
under the Plan.
Eligible pay does not include:
• Any amount included in gross income attributable to the exercise of stock options, or attributable to the vesting
of a stock option, or an election under Section 83(b) of the Code with respect to an award of restricted stock;
• Payments under the Separation Pay Plan or any other severance pay;
• Sign-on or retention bonuses;
• Equity incentive awards or certain salary stock;
• Proceeds from any stock option exercises;
• Reimbursements (including car allowances), tuition benefits and payment for unused vacation;
• Cash, non-cash fringe benefits or welfare benefits (such as medical or life insurance benefits);
• Deferred compensation;
• Relocation expenses;
• Disability benefits;
• Commissions or incentive bonuses paid as an award of, and/or options for, restricted or other stock; or
• Any other extraordinary payments.
Not all of your taxable income is counted as eligible pay. Therefore, the amount of your taxable income as shown on
your Form W-2 is likely to be different from your eligible pay.
The Plan does not recognize or include compensation above the limits imposed by the IRS on annual eligible pay. For
2024, this limit is $345,000; this limit is subject to increase each year for inflation in accordance with
announcements made by the IRS.
If you are continuously employed by the Company but receive no compensation during a calendar year, you will have
no eligible pay and will not be able to contribute to the Plan. If, for example, you are on a personal unpaid leave of
absence, you will receive no pay and therefore will not be able to contribute to the Plan.
Your Contributions
In general, you may save from 1% to 50% — in whole percentages — of your eligible pay. You may save on a Before-
Tax basis, a Roth After-Tax basis or a combination of both. However, your combined Before-Tax and Roth After-Tax
Contributions may not exceed the lesser of 50% of your eligible pay or the IRS limit on Before-Tax and Roth After-
Tax Contributions to the Plan. For 2024, that limit (not including Catch-up Contributions) is $23,000. Your
contribution election stays in place from year to year unless you make a change, you are subject to automatic
increases, or you elect to have your contributions automatically increased.
Citi Retirement Savings Plan
16 January 1, 2024
Before-Tax Contributions
Before-Tax Contributions are deducted from your pay before federal — and, in most locations, state and local —
income taxes are withheld. Since your taxable income is reduced, you should owe less income tax for the current
year. Before-Tax Contributions do not reduce Social Security or Medicare taxes or Social Security benefits.
Taxes are deferred on your contributions and any investment earnings on those contributions for as long as they
remain in the Plan. However, you will pay income tax on all of this money when you receive a distribution of your
account balance.
Even though your taxable income is reduced when you make Before-Tax Contributions to the Plan, the level of your
other pay-related benefits under the Company’s plans — such as life insurance benefits under the Citi Life
Insurance Plan — is not affected. The value of these benefits continues to be based on your full pay (as defined
under those plans) before you contribute to the Plan.
Example
The example below assumes you are a single tax filer taking the standard deduction, earn $40,000 a year and
contribute 6% of your eligible pay to the Plan for 2024. It illustrates how Before-Tax Contributions to the Plan
provide more spendable income than saving the same amount outside the Plan, using the tax law in effect as of
January 1, 2024. Please note that this example does not reflect the impact of state and local taxes.
The benefits of before-tax savings
Saving outside the Plan Saving in the Plan on a before-tax basis
Your eligible pay
$40,000 $40,000
6% Before-Tax Contributions
$0 $2,400
Taxable pay
$40,000 $37,600
Federal income taxes (at single filer
2024 tax rates) and FICA
$5,876 $5,588
Net pay after taxes
$34,124 $32,012
6% after-tax savings outside the Plan
$2,400 $0
Spendable income
$31,724 $32,012
Increase in spendable income
$0 $288
In this example, if you were eligible, the Company Matching Contribution would add another $2,400 of savings to
your Plan account for a total savings of $4,800.
Estimate the Value of Saving in the Plan
A key advantage of the Plan is the ability to save on a before-tax or Roth after-tax basis. Find out what this will
mean to you — and your paycheck — by using the “Impact on Paycheck” calculator available from the Your Benefits
Resources website. Select “Financial Education Center” from the quick links, next look for “Tools & Calculators”
from the Other Resources list. “Impact on Paycheck” calculator is located under the Retirement Savings tools.
Check out the many other helpful tools and calculators available at your fingertips.
Citi Retirement Savings Plan
January 1, 2024 17
Roth After-Tax Contributions
Roth After-Tax Contributions differ from Before-Tax Contributions in the way income tax applies when you
contribute and when you take a distribution from the Plan. While your income tax is not reduced when you make
Roth After-Tax Contributions, your distribution may be tax-free.
When you make Roth After-Tax Contributions, your federal — and, in most locations, state and local — income tax
will be withheld from your pay; then a contribution will be taken from your after-tax pay and made to the Plan. The
result is that your take-home pay will be lower than if you made Before-Tax Contributions to the Plan.
However, the advantages of Roth After-Tax Contributions are realized at the time of distribution. When your Roth
Contribution Account is paid to you, the dollar amount of your total Roth After-Tax Contributions made to the Plan
will not be taxed. Most importantly, when the investment earnings in your Roth Contribution Account are paid to
you (or your beneficiary), they will be tax-free, provided that:
• You are at least age 59½, permanently disabled (as defined under IRS rules) or you have died; and
• The distributions occur no earlier than during the fifth taxable year starting after the taxable year your first Roth
After-Tax Contribution is made to the Plan.
For example, if you make your first Roth After-Tax Contribution during 2024, any distribution of investment
earnings from your Roth Contribution Account will be tax-free if it is paid during 2029 or later (since 2029 is your
fifth taxable year starting after the year of your first Roth After-Tax Contribution (2024)), provided you attain
age 59½, become disabled, or die before the distribution is made. Since Roth After-Tax Contributions are made
from eligible pay on which you have already paid income tax, you (or your beneficiary) will not owe income tax on the
contributions when they are distributed.
Key features of Before-Tax and Roth After-Tax Contributions are summarized in the table below.
Issue Before-Tax Contributions Roth After-Tax Contributions
Payroll deductions and
tax withholding
Contributions are deducted from your pay before
federal and most state and local income taxes are
withheld (no such taxes are withheld from your
pay on these contributions).
Contributions are deducted from your pay after
income taxes are withheld from your pay.
Impact on current-
year income tax
Contributions reduce your current-year taxable
income.
Contributions have no effect on your current-year
taxable income.
Impact on current
take-home pay
You have more take-home pay than if you
contributed the same percentage of eligible pay to
a Roth After-Tax Contribution account because
income tax is not withheld on Before-Tax
Contributions.
You have less take-home pay than if you elected
the same percentage of eligible pay for Before-Tax
Contributions because income tax is withheld on
Roth After-Tax Contributions.
Income tax on
distributions (if not
rolled over)
You will pay tax on all Before-Tax Contributions
and any investment earnings.
You will not pay tax on the value of Roth After-Tax
Contributions (since you already paid the tax).
You will not pay tax on any investment earnings if
certain conditions are met; see Roth After-Tax
Contributions for a list of conditions.
Withdrawal
restrictions
Restrictions on withdrawal before age 59½. Restrictions on withdrawal before age 59½.
Once made, Roth After-Tax Contributions are irrevocable and cannot be redesignated as Before-Tax Contributions.
Who May Benefit Most from Making Roth After-Tax Contributions?
The primary advantage of Roth After-Tax Contributions is that the earnings on those amounts will be paid to you
tax-free if you satisfy the timing rules on payout.
Citi Retirement Savings Plan
18 January 1, 2024
You may be better off making Roth After-Tax Contributions instead of Before-Tax Contributions if:
• You expect to be in a higher income tax bracket when you retire than when you contribute.
• Based on the number of years that you anticipate that you will continue to work or will wait to take a
distribution, you expect to have a considerable amount of time to accumulate earnings in the Plan that
ultimately may be paid to you tax-free.
• You plan to leave your Plan account to your heirs, since they may receive payouts of Roth After-Tax
Contributions and earnings thereon tax-free.*
* Using a 401(k) account in estate planning requires an understanding of the complex rules in the Code governing 401(k) account
distributions. You should consult a knowledgeable professional tax adviser before making any decisions.
If you want to know whether Roth After-Tax Contributions are right for you, contact the Alight Financial Advisors
(AFA) Professional Management Program, as described under “Financial Tools to Help You Manage Your Savings” on
page 38 for answers to specific questions about Roth After-Tax Contributions. See “Roth In-Plan Conversions” on
page 27 for information on converting your current non-Roth Plan balances to Roth after-tax amounts.
Contribution Limits
Tax laws limit how much of your eligible pay you can contribute to the Plan each year. The limit applies, as an
aggregate limit, to all contributions from your pay (both Before-Tax Contributions and Roth After-Tax
Contributions) that you make to all 401(k) and 403(b) plans to which you contribute during a calendar year. The limit
is subject to change each year for inflation in accordance with announcements made by the IRS.
The limit for 2024 is $23,000, unless you also are eligible for Catch-up Contributions, as described below. Once you
reach the maximum combined Before-Tax and Roth After-Tax Contributions (and, if applicable, Catch-up
Contributions) for the year, your payroll deductions will stop automatically. Payroll deductions will resume
automatically in the following year as long as you continue to have a contribution election on file.
If you have contributed to another employer’s plan during the current calendar year, including another plan
maintained within the Company’s controlled group, it is your responsibility to ensure that you do not exceed the
IRS’s annual contribution limit once you start contributing to the Plan. If you exceed the limit, you may be liable for
additional taxes if the excess amount (and earnings) is not distributed to you by April 15 of the immediately
following calendar year. If you think you have exceeded the limit for the current plan year, you may request a refund
by completing the Citi Retirement Savings Plan 402(g) Refund Request Form and returning it no later than March 15
of the immediately following calendar year. To request a copy of this form, contact the Plan as instructed under
“How to Contact the Plan” on page 1.
Catch-Up Contributions
Participants who are age 50 or older by the end of each calendar year become eligible for additional contributions,
called Catch-up Contributions. Catch-up Contributions are subject to a separate limit ($7,500 for 2024).
If you are eligible to make Catch-up Contributions for 2024, you may contribute as much as $30,500 to the Plan
($23,000 in regular contributions plus $7,500 in Catch-up Contributions). The Catch-up Contribution limit will
apply to your Before-Tax and/or Roth After-Tax Contribution election automatically. Accordingly, there is no need
for you to have a separate Catch-up Contribution election. You may elect to increase your current contribution rate
to ensure you maximize your contribution for the year. If you are eligible to make Catch-up Contributions, your
maximum deferral rate under the Plan increases to 99% (subject to annual statutory limits described above).
You can visit the Plan’s website accessible through My Total Compensation and Benefits at
www.totalcomponline.com or call the Plan as instructed under “How to Contact the Plan” on page 1 to enroll to
increase your contribution rate and maximize your Catch-Up Contributions.
Citi Retirement Savings Plan
January 1, 2024 19
If you have made Catch-up Contributions to another employer’s 401(k) or 403(b) plan during the current calendar
year, including another plan maintained within the Company’s controlled group, it is your responsibility to ensure
that you do not exceed the IRS’s annual contribution limit on Catch-up Contributions once you start to make
Catch-up Contribution to the Plan. If you have contributed to another employer’s plan, you should complete a Citi
Retirement Savings Plan 402(g) Refund Request Form to notify the Plan how much you have contributed to a prior
employer’s plan during the current calendar year.
Changing or Suspending Your Contributions
You can change your contribution rate (the percentage of eligible pay you contribute to the Plan), stop your
contributions, or start them again at any time.
To make a change, contact the Plan as instructed under “How to Contact the Plan” on page 1. Your change will
become effective as soon as administratively possible.
Note: Generally, whenever the amount of your eligible pay changes, the dollar amount you contribute to the Plan
also will change. For example, if your eligible pay increases from $2,000 to $2,100 per pay period, and you
contribute 6% of your eligible pay to the Plan, your contribution automatically will increase from $120 to $126 each
pay period.
Contributions from Performance-Related Cash Bonuses
If you receive monthly, quarterly, or annual performance-related cash bonuses and you were automatically enrolled
to contribute to the Plan, a contribution deferral will automatically be deducted from your cash bonus at your
regular contribution rate.
If you receive an annual discretionary award package composed of a cash bonus, a deferred cash award and a stock
award, a contribution will be taken from the immediately payable cash portion of the award package.
However, you may elect a different contribution rate from the immediately payable cash bonus portion of your
award that is typically paid at the end of January. The different rate applies only to the award and does not change
your contribution election applicable to other eligible pay.
Check Your Pay Statement
If you contribute to the Plan and/or have a Plan loan, check your pay statement to be sure the correct amount is
being deducted. Your Employer makes every effort to deduct the correct amounts, but it is your responsibility to
review your pay statement. If you discover any error in your deduction or loan payment amount, call the Plan
immediately as instructed under “How to Contact the Plan” on page 1.
Rollover Contributions
You may roll over before-tax and after-tax amounts and Roth after-tax amounts distributed to you from another
employer’s qualified plan, a 403(b) plan, a 457(b) plan of a government entity, another qualified retirement vehicle
or traditional individual retirement account (IRA) described in Section 408(a) of the Code into the Plan. Before-tax
rollover amounts (and their earnings, if any) that are contributed to the Plan will be held in your Rollover Account,
after-tax rollover amounts (and their earnings, if any) that are contributed to the Plan will be held in your After-Tax
Contribution Account, and Roth after-tax rollover amounts (and their earnings, if any) will be held in your Roth
Rollover Account.
Citi Retirement Savings Plan
20 January 1, 2024
These amounts must be rolled over into the Plan within 60 days from the date they are distributed to you. You also
may request that these amounts be directly rolled over into the Plan from a prior employer’s eligible retirement plan
through a direct transfer. At this time, the Plan does not allow rollover contributions from a Roth IRA.
To obtain more information and a Rollover Form, visit the Plan’s website or call the Plan as instructed under “How to
Contact the Plan” on page 1.
Company Contributions
Company Matching Contributions
If you are eligible for a Company Matching Contribution, the Company will contribute $1 for each $1 that you
contribute to the Plan up to a maximum of 6% of your annual eligible pay. This means that for 2024, the Company’s
maximum matching contribution for an eligible Plan participant is $20,700 (6% of $345,000, the maximum eligible
pay allowed for 2024 under IRS rules).
To be eligible for a Company Matching Contribution, you must be eligible for the Plan as described under “Eligibility
and Enrollment” on page 10, with at least one full year of employment, as determined under Plan rules and
applicable Treasury regulations. You are eligible for Company Matching Contributions as of the first day of the
month following your completion of one full year of employment.
Company Matching Contributions will be made on Before-Tax Contributions and Roth After-Tax Contributions up
to 6% of eligible pay.
Your Company Matching Contributions will be based on the portion of annual eligible pay earned after you satisfy
the service requirement for the Company Matching Contribution.
• If you terminate employment voluntarily or involuntarily (including as a result of a reduction in workforce), you
will receive any Company Matching Contribution you have earned; you need not be employed on December 31
to receive a Company Matching Contribution.
• Contributions are posted annually and will generally be posted by the end of the first quarter of the following
year.
Your Company Matching Contributions will be invested as described under “Investment of Company Contributions”
on page 32.
Examples
Example If Your Annual Eligible Pay Is… And Your Annual Contribution Is… The Company’s Matching Contribution Is…
1. $75,000 6% of your eligible pay in Before-Tax
and Roth After-Tax Contributions —
$4,500
6% of your eligible pay — $4,500
2. $75,000 10% of your eligible pay in Before-Tax
and Roth After-Tax Contributions —
$7,500
6% of your eligible pay — $4,500
3. $350,000 10% of your eligible pay in Before-Tax
and Roth After-Tax Contributions
(contributions to the Plan would stop
once the contributions totaled
$23,000 for the year, due to IRS
limits)
$20,700, which is 6% of $345,000
Eligible pay is limited under IRS rules (for
2024, the limit is $345,000); as a result,
Company Matching Contributions are
limited as well.
Citi Retirement Savings Plan
January 1, 2024 21
Example If Your Annual Eligible Pay Is… And Your Annual Contribution Is… The Company’s Matching Contribution Is…
4. $50,000 25% of your eligible pay to the Plan
with contributions starting in
November. Your contributions are
taken in November and December for
a total contribution of $2,083.
$2,083, which represents a dollar-for-
dollar match on your annual contributions
up to 6% for your annual eligible pay
5. $75,000 for 2024.
You are hired by the Company
June 1, 2023. You become
eligible for the Company
Matching Contribution July 1,
2024.
6% of your eligible pay for 2024 —
$4,500
6% of the eligible pay you earn during the
six months of 2024 in which you are
eligible for the Company Matching
Contribution ($75,000 x (6 ÷ 12) =
$37,500). Your Company Matching
Contribution for 2024 is 6% of $37,500, or
$2,250.
6. $30,000 for 2024.
You are hired by the Company
July 5, 2023. You will become
eligible for the Company
Matching Contribution
August 1, 2024.
6% of your eligible pay for 2024 —
$1,800
6% of $12,500 or $750. You will receive a
Company Matching Contribution that is
equal to the lesser of the amount you have
contributed to the Plan or $750, the
maximum Company Matching
Contribution based on your eligible pay
earned after you complete a full year of
employment ($30,000 x (5 ÷ 12) =
$12,500).
Important Notes about Company Matching Contributions
Your Company Matching Contribution for a Plan Year is based on the contributions you make during the entire Plan
Year and therefore, you may vary your contribution amount throughout the year and still be eligible for the
maximum Company Matching Contribution. As long as you contribute at least 6% of eligible pay based on your
eligible compensation for the entire Plan Year, you will receive the maximum match.
Company Fixed Contributions
If you are eligible to participate in the Plan as described under “Eligibility and Enrollment” on page 10, you may be
eligible for a Company Fixed Contribution as of the first day of the month following your completion of one full year
of employment as determined under Plan rules and applicable Treasury regulations.
You are eligible for the Company Fixed Contribution for the year if you have met the service requirement described
above and:
• Your “qualifying compensation,” as defined by the Plan, does not exceed $100,000;
• You are employed by the Company, or are on an authorized leave of absence (but are not receiving salary
continuation or other form of severance pay), on December 31 of the year; and
• You are not grandfathered in the Citibank, Associates, or State Street formulas of the Citigroup Pension Plan.*
* If you lose your grandfathered status because you terminate employment and are subsequently rehired, you may be eligible for
a Company Fixed Contribution based upon the eligibility requirements as determined by the Plan.
Below is how the Company Fixed Contribution works if you are a participant who is eligible for a Fixed Contribution:
• A Company Fixed Contribution of up to 2% of eligible pay will be made to your account after the end of the year;
for example, the 2023 contribution will be contributed to your account in 2024; contributions will generally be
posted by the end of the first quarter.
• You must be employed by the Company or on an authorized leave of absence on December 31 of the Plan Year.
Citi Retirement Savings Plan
22 January 1, 2024
• You do not need to contribute to the Plan to receive a Company Fixed Contribution.
• Your Company Fixed Contributions will be invested as described under “Investment of Company Contributions”
on page 32.
Your completed years of employment as of December 31 of the current calendar year determine the level of your
Company Fixed Contribution:
• If you have completed at least one but fewer than two years of employment under the Plan as of December 31,
you are eligible for a Company Fixed Contribution of 1% of eligible pay;
• If you have completed two or more years of service as of December 31, you are eligible for a Company Fixed
Contribution of 2% of eligible pay; and
• Only your eligible pay received on or after the first day of the month after you have satisfied the eligibility
requirements for the 1% and 2% Company Fixed Contributions, respectively, will be considered in calculating
the Company Fixed Contribution.
If you are otherwise eligible for a Company Fixed Contribution but are not employed by the Company on
December 31 of the current year due to your death, disability, termination of employment after attaining age 55, or
because of your involuntary termination of employment (other than for gross misconduct or substantial failure to
perform your duties), you may still receive a Company Fixed Contribution for that year based on your eligible pay up
to the date your employment was terminated. If you lose your grandfathered status because you terminate
employment and are subsequently rehired, you may be eligible for a Fixed Contribution based upon the eligibility
requirements as determined by the Plan.
Determining Your Qualifying Compensation
When determining your eligibility for the Company Fixed Contribution, the Plan looks at your “qualifying
compensation” as defined by the Plan. For example, for the Company Fixed Contribution for 2023 that is made in
March 2024 (approximately), your “qualifying compensation” for 2023 will be used.
Qualifying compensation for a year (the “current year”) is the sum of:
• Base pay as of June 30 of the current year, excluding any shift differential, as annualized (for participants hired
or re-hired after June 30, regular base salary as of hire date will be annualized) and including any Before-Tax
Contributions that you make under the Plan, a cafeteria plan or a qualified transportation fringe benefit plan;
• Commissions, if any, paid during the year before the current year;
• Cash bonuses (other than the cash portion of any annual discretionary award package), if any, paid during the
year before the current year;
• Annual discretionary awards, if any, earned for the year before the current year and paid in cash during the
current year;
• The nominal value of annual discretionary equity or deferred cash awards, if any, the amount of which was
determined in recognition of performance for the year before the current year and awarded in the current year;
and
• Short-term disability benefits paid in the year before the current year, for commission-paid employees only.
For new hires who are eligible employees in Citi Markets and Global Wealth Management groups, the amount of any
guaranteed bonus will be included in the calculation of your qualifying compensation.
Citi Retirement Savings Plan
January 1, 2024 23
Qualifying compensation does not include:
• Overtime;
• Shift differential;
• Pay for employment not covered by the Plan;
• Sign-on or retention bonuses;
• Proceeds from any stock option exercises;
• Reimbursements, tuition benefits and payment for unused vacation;
• Cash and non-cash fringe benefits;
• Deferred compensation earned in a prior year and paid in the current year;
• Disability benefits (except as described above);
• Severance pay; and
• Relocation expenses.
Company Transition Contributions
The Company will make an annual Company Transition Contribution to the Plan accounts of eligible employees
whose total annual benefit opportunity from the Company, under (1) the cash balance formula of the Citigroup
Pension Plan as in effect for 2007, (2) the 401(k) matching contribution in effect for 2007, and (3) the equity-based
Citigroup Ownership Program in effect for 2007, exceeded the total of the maximum Matching Contribution and
Company Fixed Contribution percentages under the current Plan design. See “Appendix B — Company Transition
Contributions” on page 68 for more information on eligibility for Company Transition Contributions.
If you are eligible for an annual Company Transition Contribution, you would have received a personalized report in
2007 showing how your Company Transition Contribution percentage, if any, was calculated. Refer to your report
for details of the calculation.
Here is how the Company Transition Contribution works:
• The Company performed a one-time calculation in 2007 to determine the percentage of your annual eligible
pay that it will contribute as your annual Company Transition Contribution.
• The Company Transition Contribution is made to your account after the end of the year; for example, the 2023
contribution will be contributed to your account in 2024; contributions will generally be posted by the end of
the first quarter.
• You do not need to contribute to the Plan to receive a Company Transition Contribution.
• Your Company Transition Contributions will be invested as described under “Investment of Company
Contributions” on page 32.
You must be employed by the Company or on an authorized leave of absence (but are not receiving salary
continuation or other form of severance pay) on December 31 of the Plan Year to receive a Company Transition
Contribution for that Plan Year.
If you are otherwise eligible for a Company Transition Contribution but are not employed by the Company on
December 31 of the current year due to your death, disability, termination of employment after attaining age 55, or
because of your involuntary termination of employment (other than for gross misconduct or substantial failure to
perform your duties), you will receive a Company Transition Contribution for that year based on your eligible pay up
to the date your employment was terminated.
If you terminate employment and are subsequently rehired by the Company, you are no longer eligible to receive a
Company Transition Contribution. However, you may be eligible for a Company Fixed Contribution if you meet the
eligibility requirements described under “Company Fixed Contributions” on page 21.
Citi Retirement Savings Plan
24 January 1, 2024
Other Company Contributions
Aetna Supplemental Company Contribution
As part of the merger agreement between Travelers Property Casualty and Aetna Casualty & Surety, the Plan
provides a supplemental Company Contribution to certain former Aetna employees. See “Appendix C — Other
Company Contributions” on page 69 for a description of this Company Contribution. Your Aetna Supplemental
Company Contributions will be invested as described under “Investment of Company Contributions” on page 32.
One-Time Shearson Transition Contribution
The Plan provides for a one-time Company Contribution to the accounts of certain former employees of Shearson
Lehman. See “Appendix C — Other Company Contributions” on page 69 for details on this Company Contribution.
Your One-Time Shearson Transition Contributions will be invested as described under “Investment of Company
Contributions” on page 32.
Contributions for Participants Returning after Qualified Military Service
If you return to employment following a period of Qualified Military Service, you will be permitted to make additional
Before-Tax Contributions, Roth After-Tax Contributions and Catch-Up Contributions, up to the amount that you
would have been permitted to make if you had continued to be employed and received pay during the period of
Qualified Military Service. Company Matching Contributions on any additional Before-Tax and Roth After-Tax
Contributions you make will be made as outlined above. Generally, you may make these contributions to the Plan
over a period that is no greater than the lesser of three times the period of your Qualified Military Service or five
years. The amount of these additional contributions cannot exceed the amount that you could have contributed if
you had continued to be employed by the Company during your Qualified Military Service.
In addition, if you would have been eligible for Company Fixed and/or Company Transition Contributions or any
other Company Contributions, the Company will make these contributions on your behalf to the Plan upon your
return to employment.
“Qualified Military Service” is any period of time for which you are absent for military service under leave granted by
the Company or required by law, provided you return to employment while your right to re-employment is protected
by law.
Tax Credit
Depending on your income, you may be eligible to reduce your federal income tax through a tax credit based on a
portion of your contributions (Before-Tax and/or Roth After-Tax Contributions) to the Plan. The credit for 2024 is:
• 50% of the first $2,000 contributed to the Plan by an individual participant ($4,000 for married participants,
filing jointly) with Adjusted Gross Income (AGI) of $23,000 or less ($46,000 or less if married and filing jointly);
• 20% of the first $2,000 for individuals ($4,000 for married participants, filing jointly) with AGI between
$23,001 and $25,000 ($46,001 and $50,000 if married and filing jointly); and
• 10% of the first $2,000 for individuals ($4,000 for married participants, filing jointly) with AGI between $25,001
and $38,250 ($50,001 and $76,500 if married and filing jointly).
The IRS may change the AGI limits set forth above for future years.
To claim the credit, you must complete IRS Form 8880, “Credit for Qualified Retirement Savings Contributions.”
Because the Company does not give tax advice or counsel, you should consult a professional tax adviser or
financial expert for advice about your circumstances.
Citi Retirement Savings Plan
January 1, 2024 25
Your Accounts
You have one or more “accounts” within the Plan that keep track of the types of contributions that have been made
to the Plan for your benefit. Understanding your accounts is important to understanding your investment, vesting,
withdrawal and distribution rights.
Your accounts hold contributions as adjusted for any earnings or losses on those contributions. You may have one
or more of the following types of “accounts”:
Account Name Account Holds
Before-Tax
Contribution Account
Before-Tax Contributions to the Plan and prior employer plans, as adjusted for any earnings or losses on
those contributions.
Roth Contribution
Account
Roth After-Tax Contributions to the Plan and prior employer plans, as adjusted for any earnings or
losses on those contributions. This account also holds, as a subaccount, in-Plan Roth Conversion
amounts.
Company Matching
Contribution Account
Matching Contributions made by the Company for 2008 and later years, as adjusted for any earnings or
losses on those contributions.
Company Fixed
Contribution Account
Company Fixed Contributions, as adjusted for any earnings or losses on those contributions.
Company Transition
Contribution Account
Company Transition Contributions, as adjusted for any earnings or losses on those contributions.
Company Contribution
Account
Aetna Supplemental Contributions, Matching Contributions to the Plan for years before 2008, employer
contributions from certain prior employer plans that were merged into the Plan (including their
matching contributions), and certain other employer contributions. Please consult the Glossary for
information on the contributions that are held in the Company Contribution Account.
One-Time Shearson
Transition
Contribution Account
One-Time Shearson Transition Contributions, as adjusted for any earnings or losses on those
contributions.
Rollover Account
Before-tax rollover contributions you may have made to the Plan or prior employer plans, as adjusted for
any earnings or losses on those contributions. After-tax rollover contributions are held separately in the
After-Tax Contribution Account.
Roth Rollover Account
Roth rollover contribution amounts, as adjusted for any earnings or losses on those contributions. This
account also holds Roth rollover contributions made to a prior employer plan that was merged into this
Plan. This account accepts Roth rollover contributions made to the Plan.
QMAC/QNEC Account
QMAC and QNEC contributions, as adjusted for any earnings or losses on those contributions.
The following accounts are maintained for some participants in the Plan, although the Company is no longer making
contributions to these accounts.
Account Name Account Holds
Profit Sharing
Account
Profit sharing contributions from certain prior employer plans, as adjusted for any earnings or losses on
those contributions. Please consult the Glossary for more information on which prior plan accounts are
held in the Profit Sharing Account.
After-Tax
Contribution
Account
Any after-tax contributions you may have made according to the terms of the Plan before 2008, as
adjusted for any earnings or losses on those contributions. and any after-tax rollover contributions you
may have made to the Plan or prior employer plans, as adjusted for any earnings or losses on those
contributions.
Citi Retirement Savings Plan
26 January 1, 2024
Account Name Account Holds
Money Purchase Plan
Account
Employer contributions to prior employer money purchase plans, as adjusted for any earnings or losses
on those contributions.
PAYSOP Account
Certain former Salomon employees were eligible to make payroll-based stock ownership plan (PAYSOP)
contributions, which are no longer allowed by law, and these contributions, as adjusted for any earnings
or losses on those contributions, are held in a separate account.
QVEC Account
Certain employees of Citibank and Travelers were eligible to make qualified voluntary employee
contributions (QVECs), which are no longer allowed by law, and these contributions, as adjusted for any
earnings or losses on those contributions, are held in a separate account.
Plan Limitations
Tax laws limit how much money you can contribute to the Plan each year. The limit applies, as an aggregate limit, to
all contributions (including both Before-Tax Contributions and Roth After-Tax Contributions) from your eligible pay
that you make to all 401(k) and 403(b) plans to which you contribute during a calendar year. The limit may be
adjusted each year for inflation in accordance with announcements made by the IRS. The limit for 2024 is $23,000
unless you are eligible for Catch-up Contributions in which case the limit is $30,500 for 2024. This limit does not
include your rollover contributions or non-Roth after-tax contributions.
Once you reach the maximum combined Before-Tax and Roth After-Tax Contributions limit for the year, your payroll
deductions will stop automatically. Payroll deductions will resume automatically in the following year as long as you
continue to have a contribution election on file.
If you have contributed to another employer’s plan during the current calendar year, it is your responsibility to
ensure that you do not exceed the IRS’s annual contribution limit once you start contributing to the Plan. If you
exceed the limit, and the excess is not distributed to you within the time period required, the excess amount is
subject to taxation for the year of the excess contribution and again in the year of distribution. If you think you have
exceeded the limit for the current calendar year, you may request a refund by completing the Citi Retirement Savings
Plan 402(g) Refund Request Form from the Plan and returning it within the required time period. To request a copy
of this form, call the Plan as instructed under “How to Contact the Plan” on page 1.
Tax laws also limit the total amount of Plan contributions that can be made to your Plan accounts each year. This
limit applies to the sum of all contributions by you or by your employer on your behalf during the year, excluding
Catch-up Contributions and rollover contributions. The limit for 2024 is $69,000 or 100% of your annual
compensation (as defined by the Code), whichever is less. You will be notified if the total amount of Plan
contributions made to your Plan accounts for the year need to be adjusted due to this limit.
The Plan does not recognize or include compensation above the limits imposed by the tax laws on annual eligible
pay. For 2024, this limit is $345,000; this limit is subject to change each year for inflation in accordance with
announcements made by the IRS.
Citi Retirement Savings Plan
January 1, 2024 27
Roth In-Plan Conversions
Actively employed participants are able to convert existing non-Roth Plan balances to after-tax Roth amounts. If
you are actively employed and choose this option, you will have taxable income in the year of conversion; however,
you may receive tax-free earnings when you receive distributions in the future. Your Roth conversion amounts will
be held in a Roth In-Plan Conversion Account as a sub-account of your Roth Contribution Account.
Your decision to convert may depend on many factors, including:
• Whether you have Plan money eligible for an in-Plan Roth conversion. Generally, only account balances that are
fully vested and currently able to be distributed from the Plan and that would be an eligible rollover distribution
if distributed from the Plan are eligible for an in-Plan Roth conversion. This generally means if you are at least
age 59½, you may apply some or all of the vested portion of your account to an in-Plan Roth conversion.
However, hardship distributions, minimum required distributions and dividend distributions on Citigroup
Common Stock are not eligible for in-Plan Roth conversion.
• Your expectations about current tax rates versus tax rates at the time you take your distribution — if you believe
that tax rates will be higher in the future when you receive your distribution, you may decide to convert amounts
to a Roth Contribution Account.
• Your ability to pay taxes now with funds outside the Plan — you will need money to pay taxes at ordinary
income tax rates on any Before-Tax Contribution balances you convert to a Roth Account in the calendar year
you make the conversion. The money to pay these taxes generally will have to come from outside the Plan.
• Whether you expect to meet the Roth After-Tax Contribution requirements for a tax-free distribution of the
earnings on your account (a “qualified distribution”):
− To meet this requirement, your Roth Contribution Account must be in existence for at least five years
(which may include prior years if you have made earlier Roth After-Tax Contributions); and
− You must be at least age 59½ when you take the distribution (other than a distribution due to your death or
disability).
Generally, the five-year period starts on January 1 of the year you make your first Roth After-Tax Contribution in the
Plan or Roth In-Plan Conversion. If you take a distribution of your converted amounts before your Roth Contribution
Account has been in existence for five years the earnings on the amounts you contributed or converted are subject
to taxation. In addition, if you take a distribution before age 59½ you may be subject to a 10% early withdrawal
penalty.
Before making a decision about an in-Plan Roth conversion, please consult a professional tax adviser to ensure this
strategy is consistent with your overall personal financial goals.
Citi Retirement Savings Plan
28 January 1, 2024
Vesting
Vesting refers to your permanent right to the value of your accounts, including: (1) your contributions, (2)
contributions made to your account by the Company, and (3) any earnings or losses on those contributions.
You are always 100% vested in all of your contributions and contributions made to your account by the Company
other than your Company Fixed Contribution Account and Company Transition Contribution Account. Exceptions
may apply to some employer contributions if you are a rehired employee.
Your Company Fixed Contribution Account and Company Transition Contribution Account become 100% vested
after three years of service. However, you are automatically 100% vested, even without three years of service, if,
while employed by the Company, you die (including your death while you are on qualified military leave), become
disabled, or attain age 55.
Years of Service
Vesting under the Plan is based on the elapsed time method of crediting service. Under this method, years of service
are measured in whole years (12 months) of employment, starting with the day you begin employment with the
Company and ending with your severance from service date. Note: with respect to the vesting service rules
described below, your employment with any entity that is part of the Company’s controlled group is counted.
Your “severance from service date” is the earlier of:
• The date on which you resign, retire, are discharged, or die; or
• The first anniversary of your first date of absence for any other reason (for example, vacation, holiday, sickness,
disability, leave of absence or layoff).
If you sever from service as a result of your resignation, retirement or discharge and you again perform service with
the Company
within
12 months, the entire period of severance will be counted toward your years of service, just as if
you had been continuously employed for the entire period.
If you are absent from service for any reason other than your resignation, retirement or discharge and, during that
period of absence, you resign, retire or are discharged, the period of time between the date you resign, retire or are
discharged and the first anniversary of the date you were first absent will be counted towards your service as long as
you again perform an hour of service with (e.g., are rehired by) the Company on or before that first anniversary date.
A “period of severance” is each 12-month period beginning on your severance from service date during which you do
not earn any service with the Company. For purposes of measuring your period of severance, if you are absent from
work because of a parental leave and do not terminate employment earlier under an applicable personnel policy,
your severance from service date will be the second anniversary of the first day you were absent due to your parental
leave. However, you will not receive any years of service after the first anniversary of your first date of absence.
“Parental leave” is a paid or unpaid authorized absence for any period by reason of your pregnancy, the birth of your
child, the placement of a child with you in connection with your adoption of the child, or any absence for the
purpose of caring for the child immediately following the birth or placement of the child.
Even though non-successive periods of service will be aggregated, only your whole years with the Company will be
counted to compute your years of service. For example, if you have two years and nine months of service, then for
vesting purposes you will receive credit for two years of service.
Citi Retirement Savings Plan
January 1, 2024 29
If you terminate employment following an absence of 12 months or more, no period following your termination and
preceding any rehire will be counted as years of service.
If you are absent due to qualified military service and you return to service with the Company while your right to re-
employment is protected by law, your period of qualified military service will not be considered a period of severance
and the years of service that you had accumulated before your absence as well as the absence due to qualified
military service will be counted.
If you terminated employment before January 1, 2021, your years of service for vesting were based on the “hours of
service” method of crediting service and for determining breaks-in-service. For more information about the pre-
2021 rules, please contact the Plan Administrator.
If You Are Rehired
If you are not fully vested when you leave the Company and are subsequently rehired, your period of severance can
affect your vesting service for your Company Fixed Contribution Account and Company Transition Contribution
Account.
• If you are rehired before you incur five consecutive periods of severance, your non-vested account attributable
to your employment before your termination will be restored when you return. Any service credit earned for
vesting purposes before you left will be restored, and you will continue toward vesting in your non-vested
account balance. Your prior years of service will also count for vesting in future Company Fixed Contributions
allocated to your account following your re-employment.
• If you are rehired after you incur five consecutive periods of severance, your non-vested account attributable to
your employment before termination will not be restored. In addition, your prior years of services will be
restored for vesting in future Company Fixed Contributions allocated to your account following your re-
employment only if you had a vested interest in any contributions before your termination of employment. For
this purpose, if you made Before-Tax Contributions or Roth After-Tax Contributions to the Plan before
termination, you are considered to have a vested interest.
Note: If you terminate employment and are subsequently rehired by the Company, you are no longer eligible to
receive a Company Transition Contribution. In addition, you are not permitted to repay any amount previously
distributed to you.
Forfeitures
If you are not vested in your Company Fixed Contribution Account and Company Transition Contribution Account
when you leave the Company, you will typically forfeit the unvested amounts as of the earlier of:
• The date you receive a distribution of your entire vested interest in your account; or
• The date on which you incur five consecutive one-year periods of severance (as defined under “Years of Service”
on page 28).
Forfeiture of unvested amounts may occur as early as your termination of employment if you have no vested interest
in your account (for example, if you only have two years of service and have not made any Before-Tax Contributions
or Roth After-Tax Contributions to the Plan). If you are rehired before you incur five consecutive periods of
severance, the forfeited amounts will be restored to your account (but will not be adjusted for investment
experience between the date of forfeiture and the date of restoration).
Citi Retirement Savings Plan
30 January 1, 2024
Any forfeiture restored to your Plan account will be invested in the Plan’s Qualified Default Investment Alternative
(“QDIA”). You may then elect a different investment option for this amount pursuant to the Plan’s fund transfer
procedures.
Forfeitures may be used under the Plan to restore the account balances of rehired participants, to pay reasonable
administrative expenses of the Plan or to offset future Company Contributions.
Investing Your Plan Accounts
You can choose from a wide range of options in which to invest your accounts. The Plan’s investment options are
selected and monitored by the 401(k) Plan Investment Committee, which is the fiduciary committee charged with
oversight of the Plan’s investment menu (other than the Citigroup Common Stock Fund). Fiduciary Counselors Inc.
serves as the independent fiduciary charged with monitoring and making fiduciary decisions with respect to the
Citigroup Common Stock Fund. In accordance with the terms of the Plan, the Citigroup Common Stock Fund must
be made available as a Plan investment option, unless Fiduciary Counselors Inc. determines that retaining the fund
is no longer consistent with ERISA.
The investment options available to you under the Plan vary in risk and return characteristics. The specific
investments available to you may be changed from time to time. Information about these investment options,
including prospectuses and fund fact sheets for each fund, is available on the Plan website. If you do not have
Internet access or wish to receive a paper copy of these materials, please contact the Citi Benefits Center as
described under “How to Contact the Plan” on page 1.
The level of investment diversification appropriate for you may depend on a variety of factors including personal risk
tolerance, age, other savings and investment goals.
Each fund is managed by one or more professional investment firms. See the Lipper fund fact sheets for a brief
description of each fund. To obtain the Lipper fund fact sheets, an investment fund profile page for a particular fund,
or, if applicable, a fund prospectus, call the Plan as instructed under “How to Contact the Plan” on page 1 or visit the
Investments page of the Savings and Retirement tab on the Your Benefits Resources website through My Total
Compensation and Benefits at www.totalcomponline.com.
Investing Your Contributions
Through the Plan’s investment options, you have a choice of:
• Target retirement date funds (pre-diversified funds that shift in investment mix, according to your age);
• Index funds;
• Actively managed funds; and/or
• The Citigroup Common Stock Fund.
If you make an affirmative election to enroll in the Plan, you have to choose the investment options in which
contributions to your accounts will be invested.
That investment election stays in place for all future contributions to those accounts until you make a change. You
may make a change to your investment elections by filing a subsequent investment election in the form required by
the Plan Administrator.
Citi Retirement Savings Plan
January 1, 2024 31
You may have different investment elections on file for contributions to your Before-Tax Contribution Account
and/or Roth Contribution Account.* You may invest your contributions in one or more of the investment options in
whole percentages totaling 100%.
* Unless you elect otherwise, your Roth After-Tax Contributions, if any, will be invested in the same manner as your Before-Tax
Contribution election.
What Happens if You Do Not Make an Investment Election?
If you are automatically enrolled in the Plan, your contributions will be automatically invested in the Plan’s QDIA,
which is the Plan’s “target retirement date” fund consistent with your projected year of retirement. For this purpose,
your projected year of retirement is the year you will become 65 years of age. If your age is not on file with the Plan,
contributions will be invested in the target retirement date fund with a projected retirement date of 2025, if
available. If the target retirement date fund with a projected retirement date of 2025 is not available, contributions
will be invested in a target retirement date fund with a projected retirement date of 2030.
“Target retirement date” funds are a useful option for investors who want a diversified investment portfolio based
on their targeted retirement date but who prefer not to make detailed or complicated investment decisions. The
manager of a target retirement date fund changes the fund’s investment mix gradually over time to reflect the
changing risk tolerance normally associated with each stage of an average individual’s life. In other words, the fund
manager gradually shifts the fund’s asset allocation over time to become more conservative as the target retirement
year approaches.
BlackRock Fund Advisors (BFA) manages the Plan’s target retirement date funds (the “BFA Life Path Funds”). The
annual expenses charged by BFA are currently 0.05% (5 basis points) of amounts invested in any of the target
retirement date funds. Additional fees may be charged by the Plan for administrative expenses.
Any funds (e.g., settlement proceeds and rollovers) received by the Plan in your name, for which you have not made
an investment election, will also be invested in the Plan’s QDIA, which is the Plan’s “target retirement date” fund
consistent with your projected year of retirement.
You are not required to stay in the BFA Life Path Funds. You can elect different investment fund options for future
contributions and you can transfer all or a portion of your Plan balance to any of the other investment options at any
time without financial penalties, subject to any trading restrictions imposed by the individual funds or by the Plan.
For more information on these topics, see "Transfers and Reallocations" on page 35.
For more detailed information on the BFA Life Path Funds (including specific information on the risk and return
characteristics) or the other investment alternatives under the Plan, you can review the Lipper fund fact sheets
available for each of the Plan’s investment alternatives. Contact the Plan’s website as instructed under “How to
Contact the Plan” on page 1.
For additional information on fees charged by the Plan and how to transfer your balances in the BFA Life Path
Funds, contact the Plan’s website as instructed under “How to Contact the Plan” on page 1. If you do not have
Internet access, you can call the Plan as instructed under “How to Contact the Plan” on page 1 to request this
information.
If you are an active employee with no breaks in service and have stopped contributing to the Plan, the investment
election you had on file when you stopped contributing will be your investment election when you resume
contributing to the Plan. If your investment election is no longer available when you resume contributing, your
contributions will automatically be invested in the Plan’s Default Investment Alternative until you make a change.
Note: This rule does not apply to rehired employees, who will be treated like new hires for this purpose.
Citi Retirement Savings Plan
32 January 1, 2024
Investment of Company Contributions
Company Matching Contributions
Company Matching Contributions are invested in the same investment options as your Before-Tax Contributions. If
you have no election on file for your Before-Tax Contributions, your associated Company Matching Contributions will
be invested in the Plan’s QDIA, which is the Plan’s “target retirement date fund” consistent with your projected year of
retirement, even if you are only contributing on a Roth after-tax basis.
Company Fixed Contribution, Company Transition Contributions, Aetna
Supplemental Contributions, and the One-Time Shearson Transition
Contribution
Company Fixed Contributions, Company Transition Contributions, Aetna Supplemental Contributions, and One-Time
Shearson Transition Contributions are invested in the same investment options as your Before-Tax Contributions. If
you have no such election on file for your Before-Tax Contributions, any Company Fixed Contributions, Company
Transition Contributions, Aetna Supplemental Contribution, and One-Time Shearson Transition Contributions that you
may receive will be invested in the Plan’s QDIA.
You can transfer your Company Contributions to any of the Plan’s available investment options at any time, subject to
trading restrictions imposed by the individual funds or by the Plan. Contact the Plan as described under “
How to
Contact the Plan” on page 1 if you want to know more about the investment options and/or to exercise these
rights. For more information on these Plan rules, see “
Restrictions on Fund Transfers, Reallocations and
Rebalancing” on page 37.
Citigroup Common Stock Fund
The Citigroup Common Stock Fund is intended to be an employee stock ownership plan within the meaning of
Section 4975(e)(7) of the Code. The Citigroup Common Stock Fund is a collective investment fund that invests
primarily in shares of Company Stock, which are retained in this fund regardless of market fluctuations unless
Fiduciary Counselors Inc., the independent fiduciary, determines that retaining Company Stock is no longer
consistent with ERISA.
In the normal course, cash equivalents also will be held for liquidity purposes to meet administrative and
distribution requirements. Participants in this fund do not directly own shares of Company Stock.
The Plan’s record keeper has adopted unitized accounting to value each participant’s interest in the Citigroup
Common Stock Fund. “Share equivalents” are the accounting measure for determining a participant’s ownership
interest in the fund. The number of share equivalents credited to a participant’s account represents the number of
hypothetical shares that would be held in such account if the fund were 100% invested in shares of Company Stock.
Since a small portion of the fund is actually invested in cash equivalents for liquidity reasons, the actual number of
shares that are ultimately allocated to a participant’s account will be slightly less than the number of share
equivalents credited to the participant’s account.
Participants will have the opportunity to direct the voting of shares of Company Stock allocated to a participant’s
account based on the participant’s proportionate ownership interest in the Citigroup Common Stock Fund. If a
participant does not provide voting directions in a timely manner, the participant’s allocated shares in the fund will
be voted in the same proportion as the shares for which voting instructions were provided, subject to the
requirements of the Plan and applicable law. In either case, participant directions may be disregarded by the
fiduciary if following those directions would constitute a violation of fiduciary duties under ERISA.
Citi Retirement Savings Plan
January 1, 2024 33
Citigroup Common Stock Fund Dividends
Citigroup Common Stock Fund dividends are vested as soon as they are allocated to your account.
Declared dividends are paid quarterly. You may elect to receive any dividends from your investment in the Citigroup
Common Stock Fund in cash in accordance with rules and procedures established by the Plan Administrator.
Any Citigroup Common Stock Fund dividends from your investment in the Citigroup Common Stock Fund, including
dividends currently payable via ACH direct deposit, will be automatically reinvested in the Citigroup Common Stock
Fund. To the extent your dividends are at least $40, you may elect to receive dividends in cash as explained in “How
to Make a Dividend Election” on page 35. If you elect to receive dividends in cash, they will be distributed via ACH
direct deposit; they will no longer be distributed via check. If any ACH distribution that fails to go through because
the ACH information you have provided is no longer accurate (e.g., if you close your bank account or remove it from
your profile and fail to add a new bank account), that distribution and all subsequent distributions will be reinvested
in the Citigroup Common Stock Fund until you make a new election with accurate information.
If the amount of your dividend distribution is less than $40, your dividends will be automatically reinvested,
irrespective of your election. No dividend distribution of less than $40 will be made.
If your employment is terminated, you elected to receive your dividends from the Citigroup Common Stock Fund in
cash, and you have requested a lump-sum distribution before the dividend payment, then your dividends will be
paid as soon as administratively possible after the dividend has been declared.
You may change your dividend election for dividends of $40 or greater at any time. If you elect to take them in cash,
they will be taxable to you at ordinary income tax rates in the year of the distribution. If you received a dividend
payment in 2023, you will receive a Form 1099 in early 2024.
Citi Retirement Savings Plan
34 January 1, 2024
Notice of Your Rights Concerning Employer Securities
The Plan allows you to move any portion of your account invested in the Citigroup Common Stock Fund to other
investment alternatives under the Plan. You may go online or call the Plan, as instructed under “How to Contact the
Plan” on page 1, for specific information on how to exercise this right. All of the investment options under the Plan
are available (except for closed funds) if you decide to diversify out of the Citigroup Common Stock Fund.
To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-
balanced and diversified investment portfolio. Spreading your assets among different types of investments can help
you achieve a favorable rate of return while minimizing your overall risk of losing money.
Diversification is advisable as market or other economic conditions that cause one category of assets, or one
particular security, to perform very well may cause another asset category, or another particular security, to perform
poorly. If you invest more than 20% of your retirement savings in any one company, industry or asset category, your
savings may not be properly diversified. Although diversification is not a guarantee against loss, it may be an
effective strategy to help you manage investment risk.
In deciding how to invest your retirement savings, you may want to take into account all of your assets, including
any savings outside the Plan. No single approach may be right for everyone because, among other factors,
individuals may have different financial goals, different time horizons for meeting their goals and different
tolerances for risk. You also may want to periodically review your investment portfolio, investment objectives and
the investment options under the Plan to help ensure that your retirement savings will meet your retirement goals.
Visit the Plan's website accessible through My Total Compensation and Benefits at www.totalcomponline.com or
https://www.dol.gov/agencies/ebsa/laws-and-regulations/laws/pension-protection-act/investing-and-
diversification for more information on individual investing and diversification.
As a reminder, the Plan is intended to operate as a long-term savings vehicle, and the selection of investment
options is entirely up to you. To prevent short-term speculative trading, which may cause potential harm to the Plan
and to its participants, the Plan has imposed a seven-day transfer restriction. This restriction applies to all of the
investment options in the Plan, except the BlackRock Cash Fund: Treasury, into which you can transfer money at
any time. In addition, the Stable Value Fund has its own set of restrictions. Certain Plan participants also may be
subject to corporate policies that restrict personal trading in Company Stock. See “Restrictions on Fund Transfers,
Reallocations and Rebalancing" on page 37. Within these constraints, you are free to transfer assets among the
investment options at any time to meet your goals.
Dividend payments are not subject to early withdrawal penalties. You cannot roll over your cash dividends into
another eligible retirement plan or IRA, or as an in-Plan Roth Conversion. Each dividend will be credited to your
account or made in cash based on your election on file at the time the dividend is paid.
If you elect to receive dividend payments in cash, you are reducing the investment in your Plan account. If you do not
make an election, dividends will be reinvested in your Citigroup Common Stock Fund account automatically.
Citi Retirement Savings Plan
January 1, 2024 35
How to Make a Dividend Election
You can visit the Plan’s website or call the Plan, as instructed under “How to Contact the Plan” on page 1, to elect to
receive any dividends that are at least $40. The amount of the dividend and your election on file on the day the
dividend is allocated will determine if your dividend will be paid to you in cash or reinvested in the Citigroup
Common Stock Fund. You may change your election at any time.
Risks of Investing in Company Stock
Investing in Company Stock is subject to certain risks. The material risks are described in detail in the Company’s
annual report on Form 10-K. For information on how to obtain a copy of the most recent annual report, visit the
Investor Relations page at www.citi.com.
Changing Your Investment Elections
You can change the options in which your current or future contributions will be invested by visiting the Plan’s
website through My Total Compensation and Benefits at www.totalcomponline.com or calling the Plan as
instructed under “How to Contact the Plan” on page 1. If your change is received and confirmed by 4 p.m. ET,
Monday through Friday your new investment mix will take effect that day.
If the NYSE closes before 4 p.m. ET, the deadline is the time the market closes. If access to the NYSE is unavailable
due to a condition beyond the control of the Plan that results in a delay of processing or a failure to process a
transaction, in part or in full, as outlined above, the Plan will process the transaction as soon as possible once the
NYSE is again available. The Plan is not responsible for any missed gains or losses incurred as a result of a condition
described above that is beyond the Plan’s control.
Transfers and Reallocations
You can move a specific dollar amount from one investment option offered under the Plan to another option. This
type of transaction is called a “fund transfer.” Fund transfers are available across all of your accounts.
You can also reallocate specific percentages of your accounts to specific investment options. For example, if your
Plan assets are invested 75% in the BlackRock S&P 500 Fund and 25% in the BlackRock Cash Fund: Treasury, you
may reallocate your accounts to 50% in each fund without specifying a dollar amount. This type of transaction is a
“reallocation.” Reallocations are available across all of your accounts.
A fund transfer or reallocation does not change your investment elections for future contributions.
Note: If you are enrolled in the Alight Financial Advisors (AFA) Professional Management Program, you will not be
able to process a fund transfer or reallocation.
In general, if you elect a fund transfer or reallocation you may not make any other Plan investment transactions for
the next seven calendar days (except for certain transfers to money market funds).
You are not permitted to transfer Plan assets into any of the Plan’s closed funds. You may transfer all or part of your
Plan assets out of the Plan’s closed funds. If you want to move money out of a closed fund, you must transfer the
money, not reallocate it.
Citi Retirement Savings Plan
36 January 1, 2024
Fund Transfer and Reallocation Requests
To make a fund transfer or reallocation, visit the Plan’s website or call the Plan, as instructed under “How to Contact
the Plan” on page 1.
Fund transfer or reallocation requests that are received and confirmed by 4 p.m. ET, Monday through Friday, are
processed as of that day using the closing values for that day, or as reasonably practicable thereafter. If the NYSE
closes before 4 p.m. ET, the deadline is the time the market closes.
Fund transfer or reallocation requests that are received after 4 p.m. ET will be processed on the next business day
using the closing values for that day. Certain exceptions apply to this general rule, such as when the market closes
earlier than 4 p.m. ET or is not open for business on that day (i.e., a holiday or a weekend). If your transaction cannot
be completed because the closing value of your Plan account has fluctuated as a result of market volatility, you will
be notified and you will need to initiate a new request.
Automatic Rebalancing
You may elect to have your Plan accounts rebalanced automatically. An election to rebalance means that the
investment of your accounts will be adjusted on a periodic basis to match percentages you have elected. For
example, if you have elected to rebalance your account on a quarterly basis so that 50% is invested in the BlackRock
S&P 500 Fund and 50% is invested in the BlackRock Cash Fund: Treasury, at the end of each calendar quarter,
regardless of their current balances, your accounts will be reallocated so that 50% is invested in each such fund.
If you elect automatic rebalancing, your Plan accounts will be rebalanced according to the investment election you
have on file for your Before-Tax Contributions. See “What Happens if You Do Not Make an Investment Election?” on
page 31 to learn more. If you want a different allocation for your automatic rebalancing, you must change your
investment election for future Before-Tax Contributions to match your choices for rebalancing. In the above
example, your investment elections for future contributions would have to be 50% in the BlackRock S&P 500 Fund
and 50% in the BlackRock Cash Fund: Treasury.
Important Facts about Automatic Rebalancing
You may choose annual, semiannual, or quarterly rebalancing.
If you have an automatic rebalancing election on file and subsequently initiate a reallocation, your automatic
rebalancing election may be canceled, unless you re-elect the function.
In order to process a fund transfer, you must cancel any pending auto-rebalancing election on file.
If you request a rebalance fewer than seven days from the end of the quarter and had previously elected a
reallocation within seven days from the end of the calendar quarter, your account will be rebalanced starting with
the following quarter. Similar rules apply at the end of each annual and semiannual rebalancing period.
If you are not contributing to the Plan, but you have a balance in the Plan and want your Plan accounts
automatically rebalanced, the rebalancing will be based on the investment elections you may have on file for future
contributions.
Rebalancing is implemented on a pro-rata basis across all your accounts.
The Plan’s closed funds are excluded from automatic rebalancing transactions.
Citi Retirement Savings Plan
January 1, 2024 37
Restrictions on Fund Transfers, Reallocations and
Rebalancing
In general, you may move your Plan assets among the Plan’s investment options through a fund transfer,
reallocation, or rebalance no more frequently than once every seven calendar days.
An exception to this rule is that you may move your Plan assets into the BlackRock Cash Fund: Treasury at any time.
However, once you move your Plan assets into the BlackRock Cash Fund: Treasury, you cannot move your Plan
assets out of that fund for seven calendar days.
In addition, you may not move an investment in the Stable Value Fund through a fund transfer, reallocation, or
rebalance directly into any of the investment options that are considered competitors of the Stable Value Fund, the
BlackRock Cash Fund: Treasury, the BFA LifePath Retirement Fund, and the BlackRock 0-5 Year US TIPS Index
Fund. (The BFA LifePath Retirement Fund is not considered a money market fund or stable value fund but rather is
considered to be a conservative investment vehicle.) This restriction enables the Stable Value Fund to secure higher
yielding, fixed-income investments intended to preserve your principal and earned interest.
If you move Plan assets from the Stable Value Fund through a fund transfer, reallocation or rebalance into any
investment option other than the competing investment options named above, the amount moved must remain
invested in a noncompeting investment option for at least 90 days before you can move it into one of the three
competing investment options.
In addition, you are not permitted to transfer your savings into the Plan’s closed funds. You may transfer all or part
of your savings out of the Plan’s closed funds through a fund transfer.
These restrictions are subject to change at any time depending on generally applicable Plan rules or the
requirements of the funds.
To the extent required by the compliance procedures of a mutual fund to ensure the fund’s adherence to the market
timing rules mandated by the Securities and Exchange Commission, upon request by a mutual fund, the Plan may
provide reports to the fund detailing Plan participants’ trading activity in that particular fund.
The Company may restrict the ability of certain Plan participants to invest in or divest the Citigroup Common Stock
Fund or any other investment fund offered by the Plan. The Plan is subject to certain securities and regulatory
requirements, and it will be administered to comply with such requirements. Certain Plan participants also may be
subject to corporate policies that restrict personal trading. If your ability to invest under the Plan is restricted, you
will be notified of these restrictions and any transactions you direct that do not comply with these restrictions may
be reversed. If reversed, no losses or gains associated with such a reversal will be recognized.
Redemption Fees
In general, no transaction costs are associated with the Plan, though the funds have the right to impose redemption
fees should they decide to do so.
ERISA 404(c)
The Plan is intended to constitute a participant-directed individual account plan within the meaning of
Section 404(c) of ERISA. As such, the fiduciaries of the Plan are not liable for any losses incurred that are the result
of your investment instructions. You are responsible for your investment decisions (including your decision not to
make investment elections), so you should consider and take advantage of the tools and information available. Plan
participants are “named fiduciaries” under ERISA to the extent that they exercise voting rights on Company Stock.
Citi Retirement Savings Plan
38 January 1, 2024
Financial Tools to Help You
Manage Your Savings
Online Advice
This online tool is for the “do-it-yourself” type of investor. Based on your input (which can include your investments
outside the Plan), this planning software will provide a retirement forecast of your current account as well as
investment and savings recommendations. You can use interactive tools to see how changes to your risk level,
contributions or retirement age could affect your financial outlook. This tool is available to you at no cost on the Plan
website.
Or you could choose to have your account professionally managed for a fee.
Alight Financial Advisors (AFA) Professional Management
Program
This service provides a personalized savings and investment strategy recommendation and the ability to have your
account proactively managed for you for a fee. If you decide to enroll in the Professional Management program, you
will be charged a fee based on your account balance. This fee will be debited automatically from your Plan account.
To access the Online Advice tool, or to learn more about the Professional Management program, visit the Your
Benefits Resources
TM
website through My Total Compensation and Benefits at www.totalcomponline.com. From
the “Get Somewhere Fast” flyout menu, select the “401(k) Retirement Savings” option. Go to the “Other Benefits”
tab, and select “Get Professional Investment Advice.” Here you will also find information on the fees charged in the
Professional Management program.
Lipper Fund Fact Sheets
Fund fact sheets prepared by Lipper Inc., a Thomson Reuters company, are available for each of the Plan’s
investment options. These fact sheets are updated each quarter and provide the same categories of information and
performance measures for each investment option, so that you can more easily compare them. You can find fund
profiles and other fund information on the Plan website. If you do not have Internet access or wish to receive paper
copies, you can call the Citi Benefits Center to request information as instructed under “How to Contact the Plan”
on page 1.
Alight Financial Education Center
This service is designed to provide Plan participants with financial education through the use of articles, videos,
decision support tools and calculators at no charge to them. This service is available on the Plan website or by
calling the Alight Financial Advisors.
Citi Retirement Savings Plan
January 1, 2024 39
Important Information
You are not obligated to use or accept advice you receive through the Alight Financial Education Center or the online
platform. You should consider the service that you are most comfortable using given your level of investment
experience and your need for additional information and assistance.
How you choose to invest your Plan accounts is entirely up to you. As an employee, you have access to tools that let
you plan for retirement on your own terms and at your own comfort level. Whether you have not yet started your
retirement savings, you are actively saving and investing for retirement, or you are setting aside some pay for the
future but feel you could do more, the above tools are designed to help you achieve your goals for your financial
future.
Plan Loans
The Plan is designed so that your Plan accounts will be distributed to you at retirement or when you leave the
Company. However, you may be able to borrow against your Plan accounts while you are working for the Company
by taking a loan from the Plan. The basis for granting a loan will be those factors considered by commercial lenders
in the business of making similar loans. The Plan Administrator will decide whether to grant the loan based on IRS
and Plan rules and its decision will be final. You are required to repay any loan taken from the Plan. When you repay
a Plan loan, you repay your account on an after-tax basis with interest.
The minimum loan amount is $1,000. The maximum loan amount is the lesser of:
• 50% of your vested account balances on the date the loan is made; or
• $50,000 reduced by the highest outstanding loan balance (if any) in the last 12 months.
The maximum amount available will be determined by considering all of your eligible accounts except for your
Money Purchase Plan Account, PAYSOP Account and QVEC Account, if you have such accounts. Loan amounts will
be withdrawn pro-rata across all your investment options at the time you take out your loan.
Any money your Employer has contributed since 2017 (for the 2016 Plan year or after) is not available for loan
purposes (e.g., Company Matching, Fixed and Transition contributions, plus all earnings). The only money that is
available for loans is the money
you
contribute to your account and any Company Contribution made before 2017.
The Plan permits general purpose and residential loans, both of which have a $50 application fee. This fee is non-
refundable and will be deducted from your account balance at the time the loan request is processed. This fee will
be used to offset the administrative expenses associated with the loan.
General purpose loans can be repaid over a period of 12 to 60 months.
Residential loans can be used to purchase your principal residence only and may be repaid over a period of 12 to 240
months. Documentation is required for a residential loan.
You may have two loans outstanding at any time, and only one can be a residential loan.
You do not pay income taxes on any money borrowed from the Plan because it is repaid into your Plan account. The
interest portion of your payments is not tax-deductible. You may wish to consult a professional tax adviser before
borrowing from the Plan.
You can request a loan by visiting the Plan’s website or calling the Plan as instructed under “How to Contact the
Plan” on page 1.
Citi Retirement Savings Plan
40 January 1, 2024
Special Loan Requirements for Expats (or Former Expats)
In no event may a participant who is or has been employed as an employee in an expatriate classification in the
United Kingdom be granted a loan secured by any amounts attributable to contributions based on compensation
earned while employed in the United Kingdom before April 5, 2002.
Interest Rates
The interest rate for all loans will equal the prime rate plus 1%, as reported in The Wall Street Journal in effect on the
15
th
day of the month before the first day of the month which applies to your loan. The interest rate is fixed for the
entire loan repayment period.
Loan Repayments
You repay the loan through after-tax payroll deductions in substantially equal amounts over a period of up to 60
months for general purpose loans and 240 months for residential loans. Loan repayments are invested in your
accounts according to the investment election on file for your Before-Tax Contributions at the time the payment is
credited to your accounts.
For example, if you have elected to deposit 75% of your payroll contributions in the BlackRock S&P 500 Fund and
25% in BlackRock Cash Fund: Treasury, your loan repayments will be invested 75% in the BlackRock S&P 500 Fund
and 25% in the BlackRock Cash Fund: Treasury, regardless of which funds the loan amount was taken from. If you
have taken a loan and have not made an applicable investment option election, your loan repayments will be
invested in the QDIA.
For loans made on or after January 1, 2002, interest will continue to accrue on missed loan payments.
Pay Off Your Loan Early
Pre-paying all or part of your loan will allow you to pay off your loan earlier. You can pre-pay your general purpose
loan in full or in part at any time beginning six months from the date the loan was issued. You can pre-pay your
residential loan in full or in part at any time after the loan is issued. There is no penalty for repaying the loan balance
early. Pre-payments of your loan may be made by cashier’s check, certified check or money order.
Repaying Your Loan if You Leave the Company
For loans made on or after January 1, 2015, if your employment is terminated, you can continue to make monthly
loan payments by cashier’s check, certified check or money order or, subject to a one-time $25 processing fee, by
direct debit from your checking or savings account provided that:
• Your Plan account balance is greater than $7,000 upon termination of employment; and
• Your loan end date is 90 or more days after your termination of employment date.
If you are on disability leave without pay or an unpaid leave of absence other than disability leave you can continue
to make monthly loan payments through cashier’s check, certified check or money order.
Payments are due by the last business day of the month. If you die, the loan will become taxable to your estate.
Citi Retirement Savings Plan
January 1, 2024 41
Defaulted Loans
If you fail to make a required loan payment in immediately available funds by the end of the calendar quarter
following the quarter in which the repayment is due or if you fail to make a required loan payment following your
termination of employment, your loan will be considered to be in default. If you have defaulted on a loan from the
Plan (including any plan merged into the Plan):
• The outstanding principal amount of the defaulted loan will be reported to the IRS as a taxable distribution to
you and subject to applicable income tax.
• The outstanding principal amount of the defaulted loan will be considered outstanding for purposes of
determining the maximum amount available for any new loan.
• The outstanding loan will be included when determining the number of future loans available to you.
• Interest will continue to accrue on the outstanding loan.
If you are an active employee, you can always repay any previously defaulted loans in full, and it will no longer be
included in determining the maximum number of loans or maximum loan amount available to you. Although
repayment of your defaulted loan will not change the tax treatment of the deemed distribution described above, and
it will still be treated as a taxable distribution from the Plan, you will have tax basis in the amount of the repayment
so that the same amount will not be taxable again when distributed.
Examples
• You defaulted on a loan in March 2023. The maximum number of loans you can take at any time is one. If you
repay the defaulted loan, you can have a maximum of two loans outstanding at any time, and you would be
eligible to apply for the maximum of two loans available under the Plan.
• You default on a loan taken on or after January 1, 2003. Interest has continued to accrue on the defaulted loan.
If you later decide to repay the loan, the loan payment amount will include interest from the time of your last
payment.
If you request a full distribution of your account balance and have an outstanding loan with the Plan, the balance of
your loan will be treated as part of that distribution and will be subject to applicable income tax. In addition, the
distribution of your outstanding loan balance may be subject to a 10% early withdrawal penalty tax.
Treatment of Loans While on Qualified Military Service
Leave
During Qualified Military Service, your loan repayments are generally suspended and the loan term is extended by
the period of leave. While on leave, interest continues to accrue but you may request that the loan interest rate be
reduced to 6% if your loan rate is higher. Upon return from leave, you must resume the loan payments and the
interest rate must be restored to the original rate (if it was reduced). The loan must be paid off by the period that
includes the original term plus the period of Qualified Military Service.
Citi Retirement Savings Plan
42 January 1, 2024
Treatment of Loans While on Sabbatical
If you take a leave of absence under the ‘R3’ Sabbatical Leave Program, loan payments will not be paid with after-
tax payroll deductions, but will be billed directly to you. Please contact the Citi Benefits Center as described under
“How to Contact the Plan” on page 1 for more information, as a failure to pay the billed amount may result in a loan
default as described above.
Treatment of Loans While on Other Approved Leave of
Absence
If you take an approved leave of absence either without pay or at a rate of pay that is less than your required loan
repayment amount, loan payments may be suspended for up to one year. When you return, your loan will be
reamortized and payments will resume.
Please contact the Citi Benefits Center as described under “How to Contact the Plan” on page 1 for more
information.
Withdrawals
The Plan allows you to withdraw certain amounts from your accounts while you are still actively employed by the
Company. IRS and Plan rules specify which of your accounts are eligible for withdrawal while you are employed and
under what circumstances.
These withdrawals may result in taxable income and/or tax penalties to you. For more information on income tax
consequences, see the section entitled “How Benefits Are Taxed” on page 50. You may wish to consult a
professional tax adviser before withdrawing amounts from your Plan accounts.
Amounts are withdrawn pro-rata across all your investment options. The amounts withdrawn may be in cash. In
some instances, amounts invested in the Citigroup Common Stock Fund may be paid out in cash or Company
Stock. Installment payments are not available for withdrawals while you are employed.
There are 14 types of withdrawals available through the Plan while you are still employed by the Company:
1. Hardship withdrawal (from non-Roth accounts);
2. Hardship withdrawal (from Roth accounts);
3. Non-taxable withdrawal for pre-1987 amounts;
4. Rollover withdrawal (from non-Roth accounts);
5. Rollover withdrawal (from Roth accounts);
6. Age 59½ withdrawal (from non-Roth accounts);
7. Age 59½ withdrawal (from Roth accounts);
8. Disability withdrawal (from non-Roth accounts);
9. Disability withdrawal (from Roth accounts);
10. Qualified Military Service Leave withdrawal;
Citi Retirement Savings Plan
January 1, 2024 43
11. QVEC withdrawal;
12. Age 65 Money Purchase Pension Plan Accounts withdrawal;
13. Qualified Birth or Adoption Distribution: and
14. Other in-service withdrawals.
See the details of each distribution type below. You can obtain available amounts for any of these withdrawals
online or by telephone. See “How to Contact the Plan” on page 1.
In no event may a participant who is or has been employed as an employee in an expatriate classification in the
United Kingdom be granted a withdrawal for any amounts attributable to contributions based on compensation
earned while employed in the United Kingdom before April 5, 2002.
Hardship Withdrawals
From Non-Roth Accounts
If you have a financial hardship as defined by the IRS, you may request a “hardship withdrawal.” If your withdrawal
request is approved, the amount withdrawn is taken from your accounts in the following order:
• After-Tax Contribution Account;
• Rollover Account;
• Profit Sharing Account;
• Before-Tax Contribution Account (excluding earnings credited after December 31, 1988);
• Company Contribution Account; and
• One-Time Shearson Transition Contribution Account.
The maximum available is 100% of the accounts listed above. The minimum withdrawal amount is $500 or the total
balance in these sources, if less.
Note: Company Fixed Contribution Accounts, Company Transition Contribution Accounts and Company Matching
Contribution Accounts (i.e., Company Matching Contributions made for 2008 and later years) are not available for
hardship withdrawals.
The IRS defines financial hardship as an “immediate and heavy financial need” that you cannot meet through other
means. The hardship withdrawal cannot be for more than the amount of the immediate and heavy financial need,
although it can include additional amounts you may need to pay applicable taxes and penalties. You are required to
have received all other withdrawals and distributions available under the Plan (other than Plan loans) before you are
eligible for a hardship withdrawal. According to IRS rules, a financial hardship includes:
• Purchase of your primary residence (excluding mortgage payments);
• Funds to prevent your eviction from or foreclosure on the mortgage of your primary residence;
• Post-secondary tuition expenses and related educational fees, including room and board, for you, your spouse,
or your dependents for the next 12 months only;
• Unreimbursed medical expenses for you, your spouse, or your dependents;
• Funeral or burial expenses associated with the death of an immediate family member (including your parents,
your spouse and children);
Citi Retirement Savings Plan
44 January 1, 2024
• Repairs to your home as a result of a natural disaster not covered by insurance; and
• Expenses and losses (including loss of income) due to a disaster declared by the Federal Emergency
Management Agency (FEMA) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act if your
principal residence or principal place of employment at the time of the disaster was in an area designated by
FEMA for individual assistance due to that disaster.
Other circumstances that may qualify as a financial hardship include:
• Legal expenses or court costs for you;
• Income tax due for prior tax years; and
• Car repossession.
You will be required to document the existence of a financial hardship and the extent of the hardship. The existence
of a hardship, and the amount that can be withdrawn, will be determined by the Plan Administrator in accordance
with IRS and Plan rules. The Plan Administrator’s decision will be final and binding.
The following rules apply to financial hardships:
• You must provide a written statement that you do not have other liquid assets reasonably available to satisfy
your financial need.
• If you have a balance in the Citigroup Common Stock Fund, you must elect to receive your dividends in cash. If
you have not made a prior election, your election will be updated at the time your approved hardship is
processed.
• You may not repay any amount withdrawn as a hardship withdrawal.
From Roth Contribution Account
If you have a financial hardship as defined by the IRS, you may request a “hardship withdrawal” from your Roth
Contribution Account. The hardship requirements applied are the same as those applied to hardship withdrawals
from non-Roth Accounts. If your withdrawal request is approved, the amount withdrawn is taken from your
accounts in the following order:
• Roth Rollover Account; and
• Roth Contribution Account.
The maximum available is 100% of your Roth Contribution Account. The minimum withdrawal amount is $500 or
the total balance, if less.
Non-Taxable Withdrawals for Pre-1987 Contributions
If you have pre-1987 contributions in your After-Tax Contribution Account, you can request a “non-taxable
withdrawal” at any time. The maximum available is 100% of the pre-1987 contributions. The minimum amount
available is $500 or the total of your pre-1987 contributions, if less.
Citi Retirement Savings Plan
January 1, 2024 45
Withdrawal of Rollover Contributions
From Non-Roth Rollover Amounts
You may request a “rollover withdrawal” at any time. The maximum available is 100% of your available pre-tax
rollover amounts in your Rollover Contribution Account and after-tax rollover amounts in your After-Tax
Contribution Account. The minimum withdrawal amount is $500, or the total balance, if less.
From Roth Rollover Account
If you have a balance in your Roth Rollover Account, you may request a “Roth rollover withdrawal” at any time. The
maximum available is 100% of your Roth Rollover Account. The minimum withdrawal amount is $500, or the total
balance, if less.
Age 59½
Withdrawals
From Non-Roth Accounts
If you are at least 59½, you may request an “age 59½ withdrawal.” The amount withdrawn is taken from your vested
accounts in the following order:
• After-Tax Contribution Account;
• Rollover Account;
• Profit Sharing Account;
• Before-Tax Contribution Account;
• Citigroup Stock Fund Dividend Account;
• Company Contribution Account;
• QMAC/QNEC Account;
• Company Fixed Contribution Account;
• Company Transition Contribution Account;
• Company Matching Contribution Account; and
• One-Time Shearson Transition Contribution Account.
The maximum available is 100% of the accounts listed above. The minimum withdrawal amount is $500 or the total
balance in these sources, if less.
From Roth Accounts
If you are at least 59½, you may request an “age 59½ withdrawal” from your Roth Rollover Account and Roth
Contribution Account.
The maximum available is 100% of the accounts listed above. The minimum withdrawal amount is $500 or the total
balance in these sources, if less. If your Roth account has not been in place for five years, there may be adverse tax
consequences for withdrawals of earnings on Roth After-Tax Contributions. See “How Benefits Are Taxed” on
page 50.
Citi Retirement Savings Plan
46 January 1, 2024
Disability Withdrawals
From Non-Roth Accounts
If you become totally and permanently disabled while actively employed, you may request a “disability withdrawal.”
The amount withdrawn is taken from your accounts in the following order:
• After-Tax Contribution Account;
• Rollover Account;
• Profit Sharing Account;
• Before-Tax Contribution Account;
• Company Contribution Account;
• QMAC/QNEC Account;
• Money Purchase Plan Account;
• Company Fixed Contribution Account;
• Company Transition Contribution Account;
• Company Matching Contribution Account; and
• One-Time Shearson Transition Contribution Account.
The maximum available is 100% of the accounts listed above. The minimum withdrawal amount is $500 or the total
balance in these sources, if less.
From Roth Accounts
If you become totally and permanently disabled while actively employed, you may request a “disability withdrawal”
from your Roth Accounts. The amount withdrawn is taken from your accounts in the following order:
• Roth Rollover Account; and
• Roth Contribution Account.
The maximum available is 100% of the accounts listed above. The minimum withdrawal amount is $500 or the total
balance in these sources, if less.
Qualified Military Service Leave Withdrawals
If you are on qualified reservist duty and are called to active-duty military leave, you may be able to withdraw
amounts from your Before-Tax Contribution Accounts and/or Roth After-Tax Contributions. A qualified reservist
distribution is not subject to the additional tax on early distributions. A qualified reservist distribution is a
distribution to an individual ordered or called to active duty (because he or she is a member of a reserve component)
for a period of more than 179 days or for an indefinite period and made during the period beginning on the date of
the order or call and ending at the close of the active-duty period. You must have been ordered or called to active
duty after September 11, 2001. You may recontribute all or a portion of the distributed amount to the Plan within
two years of the end of your period of active duty.
Citi Retirement Savings Plan
January 1, 2024 47
QVEC Withdrawals
If you are an active employee who participated in the Citibank Savings Incentive Plan and have a balance in the
QVEC Account relating to the Plan, you may request a QVEC withdrawal at any time. The minimum is $500 or the
total balance, if less. Former employees of Travelers Corporation with a QVEC balance may request a QVEC
withdrawal at any time as described in “Appendix A — Historical Plans” on page 67.
Age 65 Withdrawals from Money Purchase Plan Accounts
If you were a participant in a prior plan with a balance in the Money Purchase Plan Account and you are at least
age 65, you may request up to 100% of the balance in this account. The maximum available is 100% of the balance
of the account. The minimum is $500 or the total balance, if less. If you are married, you may need your spouse’s
written consent on a Plan form to get this distribution.
Qualified Birth or Adoption Distributions
You can take a “qualified birth or adoption distribution” (as defined by the IRS) of up to $5,000 for the birth or legal
adoption of your child. The following rules apply to such distributions:
• The distribution must be made during the one-year period following the birth or legal adoption of your child;
and
• The adopted child must be either under age 18 or physically or mentally incapable of self-support and may not
be your spouse’s child.
A qualified birth or adoption distribution is not subject to the 10% tax penalty that generally applies to distributions
taken before you attain age 59½. You may later recontribute all or a portion of the distributed amount to the Plan if
you are eligible to make rollover contributions to the Plan at that time. The amount you recontribute will be treated
as a direct rollover to the Plan from another qualified plan.
You may repay a qualified birth or adoption distribution within three years of receiving it. Please note that
distributions received on or before December 29, 2022, must be repaid no later than December 31, 2025.
For more information about qualified birth or adoption distributions, please contact the Citi Benefits Center as
described under “How to Contact the Plan” on page 1 for more information.
Other In-Service Withdrawals
If you have a balance in one or more of the following accounts, you can request an “in-service withdrawal” at any
time:
• After-Tax Contribution Account;
• Profit Sharing Account; and
• One-Time Shearson Transition Contribution Account.
The amount withdrawn is taken first from the remaining After-Tax Contribution Account, any amounts you may
have in your Profit Sharing Account, and finally from your One-Time Shearson Transition Contribution Account. The
maximum available is 100% of the accounts listed above. The minimum withdrawal amount is $500 or the total
balance in these sources, if less.
Citi Retirement Savings Plan
48 January 1, 2024
Distributions from Your
Accounts
You (or, in the case of your death, your beneficiary) can receive the vested value of your Plan accounts as a
distribution after:
• You leave the Company and all affiliates for any reason including, but not limited to, your voluntary resignation,
total disability, or retirement; or
• Your death.
Following Termination of Employment
When you leave the Company and all affiliates:
• If the value of your Plan accounts is $1,000 or less, your accounts automatically will be distributed to you in a
lump sum with applicable taxes withheld.
• If the value of your Plan accounts is greater than $1,000 but not greater than $7,000, and you do not choose to
receive a distribution of your accounts or roll them over directly into another eligible retirement plan or IRA
within 90 days after you receive a notice from the Plan, your account automatically will be rolled over into a
Citibank IRA and invested in accordance with the Plan’s procedures for auto rollovers. You are responsible for
deciding how you want this IRA invested.
• If your Plan account is rolled over to a Citibank IRA and you have questions concerning your rollover, you can
contact Citibank Retirement Plan Services, Monday through Friday from 8 a.m. to 10 p.m. ET, and Saturday
from 9 a.m., to 5:30 p.m. ET at 1 (800) 695-5911.
• If the value of your Plan accounts is greater than $7,000, you may request a distribution at any time or you can
leave your accounts in the Plan. However, you must begin to receive your money by April 1 of the calendar year
following the calendar year in which you reach age 73. While your money remains in the Plan you can continue
to direct the investment of your account. You may not borrow from your account after termination of
employment.
On or After Normal Retirement Date
If you retire on or after your Normal Retirement Date, age 65, you may elect to take a distribution of all or a portion of
your vested accounts. If you are age 65 or older and the value of your Plan accounts is $7,000 or less, your accounts
automatically will be distributed to you as a cash lump sum with applicable taxes withheld unless you choose to roll
them over directly to another eligible retirement plan or IRA within 90 days after you receive a notice from the Plan.
This distribution will not be eligible for an automatic rollover by the Plan.
If the value of your Plan accounts is greater than $7,000, you may elect to take a distribution at any time or you can
leave your accounts in the Plan. However, you must begin to receive your money by April 1 following the calendar
year in which you reach age 73 (this is considered your “required beginning date”). If you do not affirmatively elect to
receive your benefit following your termination of employment, you will be deemed to have elected to defer payment
until the earlier of (1) the date you make an affirmative election or (2) your required beginning date.
While your money remains in the Plan you can continue to direct the investment of your account. You may not
borrow from your account after termination of employment.
Citi Retirement Savings Plan
January 1, 2024 49
If You Become Disabled
If you become disabled while you are an active employee, you may be eligible for a disability withdrawal, as
described under "Disability Withdrawals" on page 46. If you terminate employment as a result of your disability, you
have the same distribution options as other participants who terminate employment with the Company and all
affiliates.
If You Die
In the case of your death, your beneficiary can receive the vested value of your Plan accounts as a distribution after
your death. If you are married, your spouse will be your beneficiary unless you have designated someone else.
For more information about naming and updating a beneficiary under the Plan, see “Naming or Changing a
Beneficiary” on page 13.
Required Minimum Distributions
If you remain employed by the Company or any affiliate after you reach age 73, you may delay the distribution of
your accounts until you retire. If you terminate employment before you reach age 73, you generally must begin
receiving distributions no later than April 1 of the calendar year following the calendar year in which you reach
age 73. For more information about your options, call the Plan as instructed under “How to Contact the Plan” on
page 1.
Effective January 1, 2024, Roth accounts are not included in required minimum distributions made to you. However,
they are included in required minimum distributions made to a beneficiary.
Forms of Payment
In general, upon leaving the Company and all affiliates, you may take a distribution from the Plan in the following
forms:
• A lump-sum or partial payment of cash and/or employer stock. A distribution of less than all of your accounts is
called a “partial termination distribution;”
• Monthly, quarterly, semiannual or annual installment payments; or
• A rollover of some or all of your accounts to another eligible retirement plan or IRA.
If your account balance is more than $7,000, you may defer payment. However, payments must begin by your
required beginning date, as described under “On or After Normal Retirement Date” on page 48. If your account
balance is $7,000 or less, see “Following Termination of Employment” on page 48.
If you elect a partial termination distribution in cash, the distribution generally is withdrawn on a pro-rata basis
across all your account types and investment options in effect on the distribution date. If you elect installment
payments in cash, each payment is withdrawn pro-rata across all your account types and investment options as in
effect on each installment payment date.
If you elect installment payments, you can elect a fixed amount and frequency and are permitted to change the
frequency and/or fixed payment amount. You are also permitted to elect a lump-sum payment of your remaining
account balance.
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50 January 1, 2024
You also may purchase a fixed annuity. The Plan does not offer a monthly annuity as a payment option (except as
provided below in connection with money purchase plans that were merged into the Plan). However, you can
contact the Plan for information about the benefits of retirement annuities and a program where you can take all or
part of your Plan balance to purchase an individual annuity at group rates. You may want to consider consulting
with a professional financial adviser before purchasing an annuity.
If you have an account that was transferred to the Plan from a prior employer’s money purchase plan, you may elect
to receive payment from your Money Purchase Plan Account in the form of an annuity. If you are married and wish to
elect a payment option for your Money Purchase Plan Account other than a 50% or 75% joint-and-survivor annuity
option with your spouse as beneficiary, your spouse must consent to your election in writing. Your spouse’s
signature must be witnessed by a notary public. Visit the Plan’s website accessible through My Total Compensation
and Benefits at www.totalcomponline.com or call the Plan as instructed under “How to Contact the Plan” on page 1
to obtain the forms for spousal consent.
If any portion of your account is invested in the Citigroup Common Stock Fund and you elect the lump-sum or
installment option, you may request that those funds be distributed to you in shares of Company Stock with any
fractional shares distributed in cash.
You also may convert any cash or funds in your account into the Citigroup Common Stock Fund and request a
distribution of your entire account in whole shares of Citigroup common stock. A fractional share will be converted
and distributed in cash.
For details about how taxes affect your benefits distribution, see “How Benefits Are Taxed” on page 50.
How Distributions Are Processed
Distribution requests that are received by 4 p.m. ET are processed as of that day using the closing values for that
day, or as reasonably practicable thereafter. Distribution requests that are received after 4 p.m. ET will be processed
on the next business day using the closing values for that day. Certain exceptions apply to this general rule, such as
when the market closes earlier than 4 p.m. ET or is not open for business on that day (i.e., a holiday or a weekend).
How Benefits Are Taxed
The following is a brief summary of certain federal income tax laws and their application to your benefits under the
Plan as of the date of this SPD. This summary is intended for U.S. employees only and does not address state or
local income taxation. Regardless of your tax-paying status, you should consult a professional tax adviser to
determine the applicability or interpretation of any federal, state, or local tax laws that may be relevant to your
individual situation. The tax year cut off for payments is determined each year by the Plan’s Trust and is
earlier
than
the end of the calendar year. Please confirm the tax year cut-off date to ensure your year-end distribution is
reflected in the tax year you desire. Future changes in the law may affect the tax analysis described in this SPD and
other benefits-related communications.
Taxation of Plan Participants
The Plan enjoys certain tax advantages because it is intended to be a long-term savings program for retirement. For
example, under current federal income tax law, money in your Plan account is not taxable while it is held in your
account unless you choose to convert existing non-Roth Plan balances to after-tax Roth amounts (as described
under “Roth In-Plan Conversions” on page 27).
Citi Retirement Savings Plan
January 1, 2024 51
You or your beneficiary will owe income taxes on the taxable portion of your distribution (all amounts other than
contributions to your After-Tax Contribution Account and Roth accounts plus the earnings on Roth After-Tax
Contributions under certain conditions) when you receive the money. The tax year cut off for payments is
determined each year by the Plan’s Trust and is
earlier than the end of the calendar year
. Please confirm the tax year
cut-off date to ensure your year-end distribution is reflected in the tax year you desire.
Penalty Tax for Early Distribution
In addition to ordinary income taxes, you may owe a 10% penalty tax on the taxable portion or Roth portion of any
distribution you receive before you reach age 59½. Withdrawals from the Plan you may make during employment as
well as distributions after termination of employment are subject to ordinary income tax plus the 10% additional tax.
The 10% penalty tax will not apply in the following situations:
• Your account is paid to you if you terminate employment with your Employer in the calendar year in which you
will attain age 55 or any later age.
• Your account is paid to you because you have become disabled as defined in the Code.
• Your account is paid to your beneficiary in the event of your death.
• The amount distributed consists of dividends on the Citigroup Common Stock Fund.
• The distribution is made to you in a year when your unreimbursed medical expenses, as defined by the IRS,
exceed 10% of your adjusted gross income.
• The distribution is a qualified birth or adoption distribution.
• Payment is directed to another person by a QDRO or payment is made to you as an alternate payee as a result of
a QDRO.
• You roll over the distribution within 60 days, or direct the Plan to transfer that amount directly to another
eligible retirement plan or IRA.
• Payment is made in installments over your life expectancy or the joint life expectancies of you and your
beneficiary (provided that the installments begin after you separate from service).
• Payment is made in an annuity over your life or the joint lives or you and your beneficiary.
• You are ordered or called to duty in the military reserves as a qualified reservist and you receive a distribution
during your active duty period.
• You receive a “qualified distribution” from your Roth accounts. A distribution is a qualified distribution if your
Roth Contribution Account has been in existence for at least five years and the distribution is (1) made on or
after the date that you attain age 59½, (2) made to your beneficiary or your estate after your death, or (3)
attributable to your having a disability as defined under IRS Rules.
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52 January 1, 2024
Special Rules for Distributions from Roth Accounts
If you take a distribution from a Roth Rollover Account or Roth Contribution Account before the account is at least
five years old and before you have attained age 59½ (or on account of your death or disability, if sooner) earnings on
the amounts in the Roth Rollover Account or Roth Contribution Account will be includible in your taxable income. If
you make an in-Plan Roth conversion and take a distribution of such amount before the Roth Contribution Account
is at least five years old, the earnings on the amounts distributed are taxable. In addition, if the withdrawal is made
before you reach 59½, the converted amounts and earnings will be subject to a 10% penalty tax. Further, if a
participant loan is taken with respect to Roth After-Tax Contributions, and the loan is defaulted, the taxable portion
of the deemed distribution will be includible in your taxable income and you may be subject to a 10% penalty if you
are under age 59½.
Special Withholding Rules
Unless you elect a direct rollover through a direct transfer of your distribution into another eligible retirement plan or
IRA, the Code generally requires that federal income tax be withheld equal to 20% of the taxable portion of the
distribution. This withholding applies to any withdrawals from the Plan you may make during employment (except
for hardship withdrawals) as well as distributions after termination of employment.
If you do not elect a direct rollover, you are still permitted to roll over the distribution you receive into another eligible
retirement plan or IRA if you do so within 60 days of the date you receive the distribution. However, if you elect this
rollover option, 20% withholding will still apply on the taxable amount (which you may later recover as a refund
when you file your income tax return for the year of the distribution). The only way to avoid this federal income tax
withholding at distribution is to elect the direct rollover option.
If your surviving spouse is entitled to receive an eligible distribution due to your death, he or she can also authorize a
rollover of your Plan balance into another eligible retirement plan or IRA. Non-spouse beneficiaries may also roll over
an eligible distribution to an IRA or Roth IRA only. Nonspousal beneficiary payments eligible to be rolled over into an
IRA or Roth IRA are subjected to the mandatory 20% federal income tax withholding if not rolled over.
Regardless of the amount of federal income tax withheld at distribution, you will be responsible for paying any taxes
associated with the distribution including any amount that exceeds the amount withheld, as well as any state or
local taxes that may apply.
Withholding on Installment Payments, Annuities and
Minimum Required Distributions
If you receive your account balance in installments for 10 years or more or in installments payable over your life
expectancy (or the joint life expectancies of you and your designated beneficiary), you can elect whether to have
federal income tax withheld from your payments by contacting the Plan. This election is also available for payments
under annuity options to the extent available under the Plan.
If you do not make any election, federal income tax will be withheld automatically as if the payments were wages
and you were married and claiming three withholding allowances. For example, this generally means that tax will be
withheld if a monthly distribution is at least $1,680 per month.
Regardless of the amount of federal income tax withheld from the installment payments, you will be responsible for
paying any taxes associated with the taxable portion of the installments including any amount that exceeds the
amount withheld.
Citi Retirement Savings Plan
January 1, 2024 53
Withholding on Hardship Withdrawals
If you receive a financial hardship withdrawal, you can elect whether to have federal income tax withheld from your
payment at 10% of the amount withdrawn or, if you choose, at a greater amount, by visiting the Plan’s website
accessible through My Total Compensation and Benefits at www.totalcomponline.com or calling the Plan as
instructed under “How to Contact the Plan” on page 1. If you do not make an election, 10% federal income tax will be
withheld automatically.
Regardless of the amount of federal income tax withheld, you may owe additional taxes on the hardship withdrawal.
You also may be subject to the 10% premature withdrawal penalty tax. See “Penalty Tax for Early Distribution” on
page 51 for more information. You are responsible for paying any federal taxes associated with the withdrawal, and
any applicable state and local taxes.
State Tax Withholding
If required by law, state income tax will be withheld on distributions from the Plan. You are responsible for any state
and local income taxes that apply to distributions made to you.
Tax Rules for Company Common Stock
Upon certain events, if you choose to receive a distribution of Company Stock (instead of cash or instead of rolling
over your payment) for the value of your contributions and any Employer contributions that are invested in the
Citigroup Common Stock Fund, any net unrealized appreciation in the value of such stock while held by the Plan’s
Trust that would be taxable at the time of distribution is, instead, taxable at the time of disposition, i.e., when you
sell the stock. However, you may elect on your tax return for the taxable year of the distribution to treat this
appreciation as current income.
In order for this special treatment to apply to both your contributions and Employer contributions in the Citigroup
Common Stock Fund, you must receive a distribution in a lump sum that meets the following criteria.
In general, a lump-sum distribution for this purpose is the distribution of your total balance (within a single tax year)
from the Plan due to:
• Death;
• Attainment of age 59½; or
• Separation from service.
If the distribution is not a lump-sum distribution as defined above, tax is deferred only on the net unrealized
appreciation resulting from your own after-tax contributions to the Plan.
The “net unrealized appreciation” is the excess of the market value of the stock at the time of the distribution over
the cost or other basis in the stock to the Trust.
Any taxable appreciation on shares of Company Stock not taxed to you at the time of distribution generally will be
taxed as a long-term capital gain upon subsequent disposition of the stock.
Any additional gain you realize, on a subsequent taxable disposition, that exceeds the original net unrealized
appreciation is taxable as either short-term or long-term capital gain depending on the stock holding period.
If the value of a lump-sum distribution of Company Stock is less than the total of your regular after-tax
contributions or Roth After-Tax Contributions (if any), no loss is recognized at the time of distribution, and the basis
of such common stock would be the amount of your contributions. You recognize a gain or loss only when you
subsequently sell the securities.
Citi Retirement Savings Plan
54 January 1, 2024
T
he balance of the value of your account in excess of the aggregate of your contributions and the net unrealized
appreciation on stock will be taxed as ordinary income when paid to you unless rolled over to an eligible retirement
plan. This includes all contributions other than after-tax and Roth After-Tax Contributions and all investment
growth on your account (other than certain growth on Roth After-Tax Contributions).
Tax laws change from time to time, and the tax impact of receiving payments from the Plan will vary with your
individual situation and when you receive the distribution. Because the Company does not give tax advice or
counsel, you should consult a professional tax adviser or financial expert for advice about your circumstances.
Taxation of Company Contributions
For federal income tax purposes, the Company generally will be allowed a deduction for any Before-Tax and Roth
After-Tax Contributions, any Company Contributions made to the Plan and for the value of cash dividends paid on
shares of Company Stock held in the Citigroup Common Stock Fund.
The dividend deduction is available under a provision of the Code that applies to employee stock ownership plans
(“ESOPs”). Under IRS rules, the Citigroup Common Stock Fund has been structured to be an ESOP while remaining a
portion of the larger Plan. For the Company to be eligible for the deduction, the IRS requires that dividends on
Company stock in the Citigroup Common Stock Fund be vested on allocation to participant’s account.
The dividends must then be reinvested in the Citigroup Common Stock Fund unless a participant elects to receive a
distribution of part or all of a dividend allocation in cash. As a general matter, a participant is entitled to transfer any
portion of his or her account that is invested in the Citigroup Common Stock Fund to other investment options
available under the Plan.
Administrative and Legal
Information
Plan Administrator/Agent for Legal Process
The Plans Administration Committee of Citigroup Inc. is the fiduciary responsible for oversight over the operation
and administration of the Plan. Fiduciary Counselors Inc. serves as the independent fiduciary for the Citigroup
Common Stock Fund.
The Plan Administrator has such powers as may be necessary to carry out the provisions of the Plan, including the
power and discretion to determine eligibility for the Plan, all Plan benefits, and to resolve all questions pertaining to
the administration, interpretation, and application of the Plan provisions either by rules of general applicability or by
particular decisions. You may rely on only written responses of the Plan Administrator on issues regarding the Plan.
You may not rely on oral representations for any determination regarding the Plan.
Legal Actions
If you wish to bring legal action against the Company, the Plan Administrator or the Plan, you must first go through
the claims and appeals procedures described under “Claims and Appeals” on page 59. In the event of an unresolved
dispute over the Plan following completion of the claims and appeals procedures, service of any legal process may
be made upon the Trustee or the Plan Administrator at the following address:
Citigroup Inc.
General Counsel
388 Greenwich Street, 17
th
Floor
New York, NY 10013
Citi Retirement Savings Plan
January 1, 2024 55
Plan Fees and Expenses
Certain administrative fees, including trustee, custodian, paying agent and recordkeeping fees, are charged to
participant accounts on a pro-rata basis. Participant accounts are charged for certain expenses incurred in that
account, such as the fee for the Professional Management Program, loans and QDRO processing. Investment
management fees and other expenses may be charged by the investment managers of the investment options in
which you invest and will generally be reflected in the value of such investment options. See the Lipper fund fact
sheets or, where applicable, the fund prospectus for details on fees charged by the investment managers. The
Citigroup Common Stock Fund currently pays all direct charges, expenses and taxes that relate to purchases by the
Citigroup Common Stock Fund. Any fees not paid for by the Plan will be paid for by the Company.
Plan Type and Funding
The Plan is a stock bonus plan, which is a defined contribution plan, a portion of which is designated an employee
stock ownership plan within the meaning of Section 4975 of the Code, with a cash or deferred arrangement under
Section 401(k) of the Code and a qualified Roth contribution program under Section 402A of the Code. The Plan is
intended to be qualified under Section 401(a) of the Code. The Plan is also intended to comply with the “safe harbor”
requirements prescribed in Sections 401(k)(12) and 401(m)(11) of the Code. The Plan is funded with contributions
that Plan participants and the Company make to the Plan’s trust fund and any investment earnings (or losses) on
those contributions.
The Plan is subject to ERISA, including the provisions relating to disclosure, reporting, participation, vesting,
fiduciary responsibilities, administration and enforcement. As the Plan is considered a “defined contribution” type
of pension plan, benefits are not insured by the Pension Benefit Guaranty Corporation, and the Plan is not subject to
the funding requirements of ERISA and the Code.
Plan Confidentiality
The Plan has established procedures designed to ensure the confidentiality of your investment and voting decisions
concerning the Citigroup Common Stock Fund. The confidentiality of your investment is maintained by the
following procedures: Records of transactions — including the purchase, sale and voting of Company Stock within
the Plan — are kept confidential. When you exercise your voting rights on Company Stock held in the Citigroup
Common Stock Fund, a Plan fiduciary supervises and ensures the confidentiality of your decisions.
To the extent required by the compliance procedures of a mutual fund to ensure the fund’s adherence to the market
timing rules mandated by the Securities and Exchange Commission, upon request by a mutual fund, the Plan may
provide reports to the fund detailing Plan participants’ trading activity in that particular fund. The Company has
implemented compliance procedures to ensure that any trading activity in the Citigroup Common Stock Fund
complies with those compliance procedures, as more fully described below under Investing Restrictions.
Use of Personal Information
In connection with the implementation and administration of the Plan, and the fulfillment of the Company’s and the
Plan’s legal obligations, it will be necessary for the Company to transfer, use and hold certain personal information
concerning each potential participant, participant and beneficiary (“personal data”).
By participating in the Plan, you are deemed to understand and consent to the transfer by the Company of personal
data — electronically or otherwise — within the Company and to any third parties assisting the Company in the
implementation and administration of the Plan and/or the fulfillment of the Company’s or the Plan’s legal
obligations.
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56 January 1, 2024
Information to be used for the administration of the Plan and your potential participation therein, as well as
compliance with the Company’s or the Plan’s legal obligations, may include your name, gender, nationality, date of
birth, tax identification number, GEID, home address, work address, compensation information, details of your Plan
benefits, name of your business unit and employing legal vehicle, and contact information (including your personal
email address and home telephone number or mobile telephone number if on file with the Plan).
Investing Restrictions
The Company may restrict the ability of certain Plan participants to invest in the Citigroup Common Stock Fund or
any other investment fund offered by the Plan. The Plan is subject to certain securities and regulatory requirements,
and it will be administered to comply with such requirements. Certain Plan participants also may be subject to the
corporate policies that limit personal trading. If your ability to invest under the Plan is restricted, you will be notified
of these restrictions and any transactions you direct that do not comply with these restrictions may be reversed. If
reversed, you will not receive any gains but will be subject to any losses associated with such reversal.
Liability for Losses in Your Account
This Plan is intended to constitute a plan described in Section 404(c) of ERISA and Title 29 of the Code of Federal
Regulations Section 2550.404c-1. As such, the fiduciaries of the Plan are not liable for any losses incurred that are
the result of your investment instructions. You are responsible for your investment decisions, so you should
consider and take advantage of the tools and information available.
When Benefits Are Not Paid or Reduced
This SPD describes how the Plan provides benefits to you or your beneficiary. It is important that you understand
the conditions under which benefits could be less than expected or not paid at all. These conditions include the
following:
• If you leave the Company and all affiliates before you have satisfied certain service requirements, in general, you
will forfeit the value of certain Employer contributions to your account. For more information, see “Vesting” on
page 28.
• You could lose your benefits if they are payable after you terminate employment and the Plan Administrator is
unable to locate you at your last known address. Therefore, you must notify the Plan of any changes in your
mailing address.
• If, as a result of a divorce, you are responsible for child support, alimony, or marital property rights payments, all
or a portion of your benefits could be assigned to meet these payments if a court issues a QDRO (see
“Nonalienation and Qualified Domestic Relations Orders (QDROs)” on page 57).
• Your benefits may be offset by any amount that you are ordered to repay the Plan due to any criminal or
fiduciary malfeasance relating to the Plan. Your Plan benefits may be reduced or eliminated if the Plan
Administrator receives a notice of tax lien from the IRS to satisfy obligations to the IRS.
Citi Retirement Savings Plan
January 1, 2024 57
Participant Responsibility
The Plan Administrator makes every effort to ensure that enrollment, contribution and investment elections, and
similar actions taken by participants and beneficiaries and the Plan Administrator are processed timely and
correctly. However, if any errors are made, Citigroup Inc. (as Plan Sponsor), and the Plan Administrator, reserve the
right to correct them, including recovery of excess amounts plus interest or earnings from you (or your beneficiary). It
is your responsibility to check your pay statement and your Plan statements and confirmations to be sure
transactions have been processed correctly. If you discover any errors, call the Plan immediately as instructed under
“How to Contact the Plan” on page 1. Depending on the type of error, the Plan is not responsible for making up any
lost investment earnings or interest on the amount involved in the error.
Future of the Plan
Citigroup Inc. expects to continue the Plan indefinitely but reserves the right to amend, modify, suspend or
terminate the Plan — in whole or in part — at any time without prior notice. Citigroup Inc.’s decision to change or
terminate the Plan may be due to changes in federal or state laws governing retirement benefits, the requirements of
the Code or ERISA, or for any other reason. Such change may transfer Plan assets to another plan or split this Plan
into two or more parts.
In the event of a complete termination of the Plan, all participant accounts will be 100% vested. Trust assets then
will be used to pay benefits to participants and beneficiaries.
Miscellaneous
Nonalienation and Qualified Domestic Relations Orders
(QDROs)
Except as may be required under applicable law in the case of a QDRO under ERISA or as otherwise specifically
permitted by U.S. Treasury regulations, your benefits under the Plan may not be assigned, transferred, sold,
alienated, pledged or encumbered.
A domestic relations order (DRO) is any judgment, decree, or order (including certain property settlement
agreements) that provides for child support, alimony, and/or other marital property rights to a spouse, former
spouse, child, or other dependent under state domestic relations law. Federal law requires the Plan to review a DRO
submitted to the Plan to determine whether it constitutes a QDRO, and your benefit may be reduced if a portion or
all of your accounts are allocated to another party under a QDRO as noted above. To be recognized as a QDRO, the
order must comply with certain legal requirements, including review and approval by the Plan Administrator.
You will be assessed a $750 processing fee for any QDRO reviewed with respect to your Plan account. This fee will
be charged to your Plan account before the allocation of all or a portion of your Plan account to the other party. You
should contact Alight’s QDRO center at www.qocenter.com if you are considering obtaining a QDRO or need a
detailed description of the procedures for a QDRO. There is no charge for the procedures.
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58 January 1, 2024
Account Statements
The Plan will provide to you either electronically or by mail, on a periodic basis, a statement showing the value of
your accounts. At any time, you may request an account balance summary with the market value of your accounts
by visiting the Plan’s website accessible through My Total Compensation and Benefits at
www.totalcomponline.com or calling the Plan as instructed under “How to Contact the Plan” on page 1.
Electronic Communications
If you are an active employee with a work email address assigned to you by the Company, the Plan will generally
provide your account statements, notices and other Plan related materials by email. These electronic
communications will include: this SPD; the Retirement Savings Plan Newsletter; the Safe Harbor Notice; the QDIA
Notice; the Investment Options Brochure; Quarterly Account Statements as indicated above under Account
Statements; and other required Plan materials. If you are an active employee, you may instruct the Plan to send
certain Plan-related materials to your secure mailbox rather than to your work address by going to the Plan website
and following the instructions. However, you will continue to receive certain legally required notices at your work
email address. You may request that paper copies be mailed, at no cost to you, at any time by contacting the Plan.
If you are an active employee and do not have a Company assigned email address, or if you are no longer an active
employee, you will receive your account statements, notices and other Plan related materials by postal mail unless
you have provided the Plan with a personal email address. If you prefer to have Plan related materials sent to you by
email, you may elect to do so by going to the Plan website and following the instructions to provide the email
address of your choice. You may change your election and request that paper copies be mailed, at no cost to you, at
any time by contacting the Plan. See “How to Contact the Plan” on page 1.
Top-Heavy Provisions
Under current tax laws, qualified retirement plans, including the Plan, are required to contain provisions that will
become effective if they become “top-heavy.” A plan is considered top-heavy only if the present value of the
accumulated accrued benefits for certain highly paid employees is more than 60% of the accrued benefits for all
employees.
It is unlikely that the Plan will ever become top-heavy. If it does, certain minimum benefits must be provided. A more
detailed explanation of these provisions will be provided if and when the Plan ever becomes top-heavy.
Normal Retirement Age
The normal retirement age under the Plan is age 65.
Citi Retirement Savings Plan
January 1, 2024 59
Claims and Appeals
Claims Procedure
If you do not receive Plan benefits to which you believe you are entitled, or if your application for benefits is denied in
whole or in part, you may file a written claim with the Plan Administrator. The Global Benefits Department or its
delegate(s) will investigate your claim on behalf of the Plan Administrator and you will receive its decision.
Benefit claim determinations will be made in accordance with the Plan document, and the Plan provisions will be
applied consistently for similarly situated participants. If your claim is denied, you will receive a written explanation
within 90 days after receipt of your claim (180 days if special circumstances apply and written notice is provided
within the initial 90-day period indicating the special circumstances and the expected benefit determination date).
Such explanation will include the following:
• The specific reasons for the denial;
• References in the Plan documentation that support these reasons;
• When appropriate, the additional information you must provide to improve your claim and the reasons why that
information is necessary; and
• A description of the Plan’s claims review procedures for filing an appeal with the Plan Administrator (including
time limits) and a statement of your right to bring a civil action under Section 502(a) of ERISA if the Plan
Administrator’s final decision is to deny the benefits requested in your appeal.
Appeals Procedure
You have a right to appeal a denied claim by filing with the Plan Administrator a written request for additional review
of your claim within 180 days after you have received notification that your claim has been denied. The Plan
Administrator will conduct a full and fair review of your appeal. You and your representative may review Plan
documents and submit written comments with your appeal.
You will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records
and other information relevant to your claim. The Plan Administrator’s review will take into account all comments,
documents and other information submitted by you relating to the claim without regard to whether such
information was submitted or considered in the initial benefit determination. The Plan Administrator, in its
discretion, may grant to you the opportunity to present your case by telephone at a teleconference scheduled by the
Plan Administrator.
The Plan Administrator will make a final decision on your claim no later than the first available meeting date of the
Plan Administrator following the date on which you filed your appeal provided that any request for review filed
within 30 days preceding any such meeting date will be decided at the second available meeting date.
The Plan Administrator holds regularly scheduled meetings quarterly. If special circumstances require an additional
extension of time for processing, a decision will be made no later than the third available meeting date of the Plan
Administrator following the date on which you filed your appeal.
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60 January 1, 2024
In the case of an extension, you will receive written notice before the beginning of the extension that describes the
special circumstances and the date as of which the benefit determination will be made. The Plan Administrator will
reply to your appeal in writing regarding its decision on its review no later than five days after the decision has been
made.
The reply will include:
• The specific reasons for the denial;
• References in the Plan documentation that support these reasons;
• A statement that you are entitled to receive, upon request and free of charge reasonable access to, and copies
of, all documents, records and other information relevant to your claim for benefits; and
• A statement of your right to bring a civil action under ERISA.
To file a claim or appeal with the Plan Administrator, you must complete the form designated by the Plan
Administrator in accordance with the Plan’s procedures.
Limitation on Filing Suit
No suit or action for benefits under the Plan will be sustainable in any court of law or equity unless you complete the
claims and appeals procedures. By participating in the Plan, participants and beneficiaries are deemed to agree that
they cannot begin a legal action, in any forum, more than 12 consecutive months after the Plan Administrator’s final
decision on appeal or, if earlier, within two years from the date on which the claimant was aware, or should have
been aware, of the claim at issue in the legal action. The two-year limitation will be increased by any time a claim or
appeal on the issue is under consideration by the appropriate fiduciary.
Your Rights under ERISA
As a participant in the Plan, you are entitled to certain rights and protections under ERISA.
Receive Information
You may examine, without charge, at the Plan Administrator’s office and at other specified locations, such as work
sites, all documents governing the Plan including insurance contracts and a copy of the latest annual report (Form
5500 Series) filed by the Plan Administrator with the U.S. Department of Labor and available at the Public
Disclosure Room of the Employee Benefits Security Administration.
You may obtain, upon written request to the Plan Administrator, copies of documents governing the operation of
the Plan including insurance contracts and copies of the latest annual report (Form 5500 Series) and an updated
SPD. The Plan Administrator will mail these documents to your home free of charge.
You may 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 the summary annual report.
You may obtain a statement with your total account balance under the Plan. This statement must be requested in
writing and is not required to be given more than once every 12 months. The Plan must provide the statement free of
charge. Even if you do not make this written request, you will receive statements as determined by the Plan
Administrator see Account Statements.
Citi Retirement Savings Plan
January 1, 2024 61
Prudent Actions by Plan Fiduciaries
In addition to creating rights for Plan participants, ERISA imposes duties on the people who are responsible for the
operation of the Plan. The people who operate the 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 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 the Plan
document or the latest annual report from the Plan and do not receive it within 30 days, you may file suit in federal
court. In such a case, the court may require the Plan Administrator to provide the material and pay you up to $110 a
day until you receive the material, unless the material was not sent because of reasons beyond the control of the
Plan Administrator.
If you have a claim for benefits, which following appeal is denied or is 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 you believe that Plan fiduciaries are misusing the Plan’s money, or if you believe that you are being 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, subject to the limitation of the Plan rules. 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.
For More Information
If you have any questions about the Plan, contact the Plan Administrator. If you have any questions about this SPD
or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator,
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 Ave., NW, Washington, DC 20210.
You also may obtain certain publications about your rights and responsibilities under ERISA by calling the
publications hotline of the Employee Benefits Security Administration or by visiting its website at
www.dol.gov/EBSA.
Citi Retirement Savings Plan
62 January 1, 2024
Administrative Details
Plan Name Citi Retirement Savings Plan
Plan Sponsor
Citigroup Inc.
750 Washington Blvd.
Stamford, CT 06901
Employer Identification Number (“EIN”)
52-1568099
Plan Number
004
Plan Year
January 1 through December 31
Plan Administrator
Plans Administration Committee of Citigroup Inc.
388 Greenwich Street, 15
th
Floor
New York, NY 10013
Plan Trustee
Bank of New York Mellon
1 Wall St.
New York, NY 10286
Agent for Service of Legal Process Service (legal process may
also be made upon the Trustee or Plan Administrator)
General Counsel
Citigroup Inc.
388 Greenwich Street, 17
th
Floor
New York, NY 10013
This information is required to be included in the SPD by ERISA.
Please note that the Plan’s fiduciary has claimed an exclusion from the definition of the term “commodity pool
operator” pursuant to CFTC Rule 4.5 and, therefore, the Plan is not subject to registration or regulation as a pool
operator under the Commodity Exchange Act.
Glossary
The following definitions apply to the Plan unless clearly indicated otherwise.
After-Tax Contribution Account
This account holds your After-Tax Contributions (including certain pre-1987 contributions), any after-tax
contributions you may have rolled over from another employer’s qualified plan, a 403(b) plan, or a 457(b) plan of a
government entity and after-tax contributions permitted in prior years for former Travelers Property Casualty and
Copeland employees. You also may have after-tax contribution accounts from prior plans that were merged into the
Plan. Any earnings or losses on all such contributions are included.
Before-Tax Contribution Account
This account holds your Before-Tax Contributions and any earnings and losses on those contributions. Your Before-
Tax Contribution Account may hold your contributions to plans of a prior employer that were merged into the Plan.
Pre-1999 contributions made to the Savings Incentive Plan of Citibank, N.A. and Participating Companies
(previously known as Basic Award Contributions) are included.
Citi Retirement Savings Plan
January 1, 2024 63
Before-Tax Contributions
The contributions you contribute to the Plan on a before-tax basis (i.e., contributions that were deducted from your
pay before being subject to federal and, in some cases, state and local income taxes).
Citigroup Common Stock Fund
An investment fund comprised of shares of Company Stock.
Citigroup Stock Fund Dividend Account
This account holds dividends reinvested in the Citigroup Common Stock Fund.
Code
Internal Revenue Code of 1986, as amended.
Committee or Plan Administrator
The Plans Administration Committee of Citigroup Inc.
Company
Citigroup Inc. and its participating subsidiaries and affiliates. Participating subsidiaries include any U.S. entity in
which the Company owns at least an 80% interest.
Company Stock
Citigroup Inc. common stock.
Company Contribution Account
This account holds the following Company Contributions, adjusted for any earnings or losses:
Company Contribution Description
Aetna Supplemental
Contribution (Savings-Post
1997)
Employer contributions for former Aetna employees
Citibuilder Contributions Contributions for eligible employees of Citibank (1999-2001); Citigroup Corporate (excluding the
Citigroup Investment Group) 2000-2001; Total Benefits Outsourcing (TBO) and Institutional
Divisions (ID) of CitiStreet LLC (2001); and The Associates (2001)
Company Matching
Contributions
Contributions made by the Company for Plan Years beginning on or after January 1, 2002, and
before January 1, 2008
Special 2007 Company
Contributions
Contributions for certain acquired employees of ABN AMRO, Group Financiero Uno, Ecount and
Capmark
State Street Match The employer matching contribution for State Street employees under the State Street Salary
Savings Program before its merger into the Plan, effective July 1, 2001
Wellspring Match The employer matching contribution for Wellspring employees under the Savings and Investment
Plan for the Associates of Wellspring Resources, LLC before its merger into the Plan, effective July 1,
2001
Other Company Contributions
5% Discount: Pre-1997 employer 5% discount on purchases of employer common stock, which,
before 2007, were restricted from transfer out of the common stock fund until age 55
Aetna Employer Match: 1996 employer matching contributions made for former Aetna employees
Copeland Match and Profit Sharing: Employer matching and profit-sharing contributions made
before 1996 for employees of Copeland (or the Retirement Services Division of CitiStreet LLC)
Matching contribution accounts: For former employees of EAB, Fidelity Leasing, Associates, and
Citibanamex
Pre-Merger 5% Discount-December 1989: Employer matching contributions for Travelers Group
employees in the Primerica Holdings, Inc. Capital Accumulation Plan
Citi Retirement Savings Plan
64 January 1, 2024
Company Contribution Description
Profit Sharing/Segregated Account: Employer contributions made before 1992 for employees of
Primerica Financial Services under the PFS Primerica Corporation Savings and Retirement Plan;
employer contributions made under the American Express Incentive Savings Plan, Shearson
Lehman Brothers Holdings Inc. Employee Stock Ownership Plan, and the Retirement Plan of Phillip
Brothers Inc., or the Phibro Energy Profit Sharing and Retirement Savings Plan.
Salomon 401(k) Match: Employer matching contributions made in cash before 1999 for Salomon
employees
Salomon Guideline Benefit Contributions: Employer contributions made before 1999 for Salomon
employees based on years of service
Special Company Contribution: Employer contributions made for certain employees of Citi
Investment Group, CitiFinancial, National Benefit Life Insurance Co., Primerica, Salomon Smith
Barney Inc., CitiStreet LLC Retirement Services Division, Travelers Property Casualty, Phibro,
Travelers Life & Annuity, and Travelers Insurance Co.
Supplemental Awards: Pre-1999 Matching Contributions made to employees of the Savings
Incentive Plan of Citibank, N.A. and Participating Companies
Travelers Match: Employer matching contributions for Travelers Property Casualty, Travelers Life &
Annuity, Travelers Insurance Co., and Copeland (Retirement Services Division of CitiStreet LLC)
employees (made before 1997 except for Travelers Property Casualty Transitional Benefit employees
who received employer matching contributions through December 31, 1998)
Travelers Pre-Merger Match: Employer matching contributions for Travelers Group and Smith
Barney employees made before 1997. Pre-merger matching contributions were made by the
employer for Travelers Group and Smith Barney employees before the merger of the Primerica
Holdings, Inc. Capital Accumulation Plan and the Smith Barney 401(k) Employee Savings Plan into
the Travelers Group 401(k) Savings Plan.
Your Company Contribution Account also may hold your contributions to plans of a prior employer that were
merged into this Plan.
Company Fixed Contribution Account
This account holds your Company Fixed Contributions, adjusted for any earnings or losses thereon.
Company Fixed Contributions
The Company Fixed Contributions made by the Company for eligible participants.
Company Matching Contribution Account
This account holds your Matching Contributions, adjusted for any earnings or losses thereon.
Company Matching Contributions
The Company Matching Contributions made with respect to your Before-Tax and/or Roth After-Tax Contributions.
Company Transition Contribution Account
This account holds your Company Transition Contributions, adjusted for any earnings or losses thereon.
Company Transition Contributions
The Company Transition Contributions made by the Company for eligible participants.
Disabled
A disability that would qualify a participant to receive long-term disability benefits under a Company disability plan.
For purposes of the Plan, a participant becomes “Disabled” if he has incurred a disability and is no longer an
employee.
Citi Retirement Savings Plan
January 1, 2024 65
Employer
The Company and its participating subsidiaries and affiliates. Participating subsidiaries and affiliates include any
U.S. entity in which Citigroup Inc. owns at least an 80% interest.
ERISA
The Employee Retirement Income Security Act of 1974, as amended.
IRS
The Internal Revenue Service.
Money Purchase Plan Account
This account holds any contributions made for you by prior employers who had money purchase plans merged into
the Plan (e.g., the Retirement Services Division of CitiStreet LLC, Citibanamex and First American Bank), adjusted for
any earnings or losses. Amounts held in your Money Purchase Plan Account must be distributed in the form of an
annuity unless you and, if applicable, your spouse or registered domestic partner provide consent to another form of
distribution.
One-Time Shearson Transition Contribution Account
A one-time contribution for certain former Shearson employees, as specified under the Plan, and any earnings or
losses thereon.
Plan Year
January 1 through December 31.
QMAC/QNEC Account
This account includes 1990 and 1991 employer-qualified matching contributions for Travelers Group employees,
other qualified matching contributions, and qualified non-elective contributions made to the Plan or prior plans, as
adjusted for any earnings or losses on such contributions.
Qualified Default Investment Alternative or QDIA
The Qualified Default Investment Alternative or QDIA is the Plan’s “target retirement date” fund consistent with your
projected year of retirement, which, for this purpose, is the year you will become 65 years of age. If your age is not on
file with the Plan, contributions will be invested in the target retirement date fund with a projected retirement date
of 2025. The Plan has adopted target retirement date funds as its QDIA under Department of Labor regulations.
QVEC Account
This account holds pre-1987 qualified voluntary employee contributions (QVECs) under the Savings Incentive Plan
of Citibank, N.A. and Participating Companies and QVEC contributions made by former employees of the Travelers
Corporation (described in Appendix A), as adjusted for any earnings or losses on such contributions.
PAYSOP Account
Employer contributions under the Salomon Payroll Based Stock Ownership Plan or additional employer matching
contributions made in stock before 1999 for Salomon employees and any earnings or losses thereon.
Citi Retirement Savings Plan
66 January 1, 2024
Profit Sharing Account
This account holds certain employer contributions to plans of a prior employer that were merged into this Plan
including profit-sharing contributions made before 1980 for employees in the Savings Incentive Plan of Citibank,
N.A. and Participating Companies; The Associates post-1991 profit-sharing and match; Wellspring plan employer
non-elective contributions; EAB prior plan frozen matching contributions; certain Ecount employer contributions;
and any earnings or losses thereon.
Rollover Account
This account holds your before-tax rollover contributions made to the Plan or a prior employer plan from another
employer’s eligible retirement plan, as adjusted for any earnings or losses thereon. After-tax rollover contributions
are held separately in the After-Tax Contribution Account.
Roth After-Tax Contributions
The contributions that you make to the Plan on an after-tax basis that are subject to the Roth distribution
requirements.
Roth Contribution Account
This account holds your Roth After-Tax Contributions, which are deducted from your eligible pay after being subject
to federal and, in some cases, state and local income taxes. Your Roth Contribution Account is adjusted for earnings
or losses.
Roth Rollover Account
This account holds your Roth Rollover Contributions, as adjusted for any earnings or losses. This account also holds
Roth rollover contributions to a prior employer plan that was merged into the Plan.
Trust
The trust established under the Plan for purposes of investing and holding the assets of the Plan.
Citi Retirement Savings Plan
January 1, 2024 67
Appendices
Appendix A — Historical Plans
Travelers
For employees of the Travelers Corporation who, before January 1, 1987, elected to make Qualified Voluntary
Employee Contributions (“Travelers QVECs”) to the Plan.
Loans
Loans previously repaid only to the Fixed-Income Securities Fund will be repaid according to current investment
elections.
Travelers QVECs
Before 1987, you could contribute to the Plan on a before-tax basis, but there were no Company Matching
Contributions on these deposits. These contributions are known as QVECs.
Amounts in your QVEC Account relating to the Travelers plan may be withdrawn at any time and are payable
without charge when you retire, become disabled, or die. Your Travelers QVEC amounts will be paid to you in a lump
sum, in installments, as an annuity, or in a combination of forms as you elect.
Because these contributions were not taxed when they were deposited into the Plan, they will be subject to income
taxes when paid to you. The 10% excise tax on early withdrawals may also apply if you receive Travelers QVEC
amounts before age 59½. The rules regarding rollovers and mandatory 20% withholding and minimum distribution
requirements at age 73 also apply. In addition, there may be other federal and state tax implications. Consult your
professional tax adviser before requesting a distribution.
Copeland/First American Bank, Citibank Texas
If you are a former Copeland employee or a former employee of either First American Bank or Citibank Texas: In
addition to the forms of payment available to all participants in the Plan (described under Forms of Payment), you
also can choose a 50% joint and survivor annuity with your spouse as beneficiary.
Citibanamex
If you are a former Citibanamex employee: In addition to the forms of payment available to all participants in the
Plan (described under Forms of Payment), you also can choose a single life annuity, a joint and 75% survivor annuity
with either a spouse or non-spouse beneficiary, a joint and 50% survivor annuity for a non-spouse beneficiary, and
a term-certain annuity with guaranteed payments for five, 10, 15 or 20 years.
Citi Retirement Savings Plan
68 January 1, 2024
Appendix B — Company Transition Contributions
A Company Transition Contribution will be made for a Plan Year and credited to the Company Transition
Contribution Account for each participant who:
• Is employed by the Company or is on an authorized leave of absence on the last day of such Plan Year (but is not
on salary continuation or other form of severance pay);
• Has been continuously employed by the Company on and after December 31, 2006, was an eligible participant
in The Citigroup Pension Plan as of December 31, 2007, and had his accrued benefit under such plan frozen as
of such date; and
• Is not a Legacy Pension Participant, as defined in the Plan.
Defined terms not provided in this Appendix B shall have the definitions found in the Plan.
Participants eligible for an annual Company Transition Contribution received a personalized report in 2007 showing
how the Company Transition Contribution percentage, if any, was calculated. The following is an explanation of the
calculation.
For eligible participants, a Company Transition Contribution equals the following percentage (if any) of the
participant’s Compensation for such Plan Year – the excess of: (1) the Legacy Contribution Percentage, determined
as described below, over (2)(i) for a participant with 2006 Qualifying Compensation of $100,000 or less, 8%, and (ii)
for a participant with 2006 Qualifying Compensation of more than $100,000 or who was a 2006 Smith Barney
Financial Advisor, 6%.
A participant’s Legacy Contribution Percentage, if any, is the sum of the following two percentages:
1. For a participant with 2006 Qualifying Compensation of $50,000 or less, 6%; for a participant with 2006
Qualifying Compensation between $50,001 and $100,000 (inclusive), the percentage obtained by dividing
$3,000 by the amount of 2006 Qualifying Compensation; and for a participant with 2006 Qualifying
Compensation in excess of $100,000, 0%; provided, however, that for Smith Barney Financial Advisors with
2006 Qualifying Compensation of $50,000 or less, the percentage will be 3%; for a participant with 2006
Qualifying Compensation between $50,001 and $100,000 (inclusive), the percentage obtained by dividing
$1,500 by the amount of 2006 Qualifying Compensation; and
2. The percentage from the chart below based on the participant’s projected attained age and completed Years of
Credited Service (as determined in accordance with the terms of The Citigroup Pension Plan) as of December 31,
2007.
A participant who is otherwise eligible for a Company Transition Contribution, but who is a rehired participant, will
not be eligible for a Company Transition Contribution on and after the date of re-hire.
If you are otherwise eligible for a Company Transition Contribution but are not employed by the Company on
December 31 of the current year due to your death, disability, termination of employment after attaining age 55 or
because of your involuntary termination of employment (other than for gross misconduct or substantial failure to
perform your duties), you may still receive a Company Transition Contribution for that year based on your eligible
pay up to the date your employment was terminated.
From the Citigroup Pension Plan
Percentage
Participant’s Age Fewer Than 6 Years of
Credited Service
At Least 6 but Fewer
Than 11 Years of
Credited Service
At Least 11 but Fewer
Than 15 Years of
Credited Service
15 or More Years of
Credited Service
Up to Age 29
1.5% 2.0% 2.5% n/a
Age 30 to 34
2.0% 2.5% 3.0% 3.5%
Age 35 to 39
2.5% 3.0% 3.5% 4.0%
Age 40 to 44
3.0% 3.5% 4.0% 4.5%
Age 45 to 49
3.5% 4.0% 4.5% 5.0%
Age 50 to 54
4.0% 4.5% 5.0% 5.5%
Age 55 and Over
4.5% 5.0% 5.5% 6.0%
Citi Retirement Savings Plan
January 1, 2024 69
Appendix C — Other Company Contributions
Aetna Supplemental Company Contribution
As part of the merger agreement between Travelers Property Casualty and Aetna Casualty & Surety, the Plan
provides a supplemental Company Contribution to certain former Aetna employees. You are eligible for this
supplemental contribution if you:
• Participated in the Retirement Plan for Employees of Aetna Life & Casualty Co. as of April 2, 1996, transferred
from Aetna Casualty & Surety Co. to Travelers Property Casualty, and did not transfer back to Aetna before
January 1, 1997; or
• Were continuously employed by Aetna immediately before April 3, 1996, and then transferred to Travelers
Property Casualty on any date from April 3, 1996 through December 31, 1996, and have remained continuously
employed by the Company.
As soon as administratively possible following the end of the calendar year, the Company will contribute an amount
determined under a point formula to the Company Contribution Account of each eligible former Aetna employee.
The points that a former Aetna employee is entitled to are as follows:
Your annual base
compensation and bonus
received as of April 2, 1996 (up
to a maximum of $150,000)
× Point assignment based on age
(on April 2, 1996) and years of
service through December 31,
1997 (see table below)
= Allocation points
Age Years of service
0 to 5 years 6 to 14 years 15 or more years
Lower than 35
0.75 1.25 1.25
35 to 44
1.80 2.00 2.50
45 to 54
2.90 3.50 4.50
55 or older
4.00 5.00 7.00
The value of an allocation point equals the quotient of $4 million divided by the sum of all allocation points for all
transferred employees. Points were calculated and fixed as of April 2, 1996, according to the table above. As the
total number of points assigned to Aetna participants declines as a result of their terminations of employment (due
to resignation, retirement, death, or otherwise), the total amount to be allocated in each Plan year will be reduced by
the value of the terminated Aetna participants’ point values.
If eligible, your contribution amount is fixed for each year during which you remain actively employed. In the year you
terminate employment, retire, become disabled, or die, the contribution will be pro-rated to reflect the number of
full months worked.
If you terminate employment voluntarily and then return to active service, you are no longer eligible for any future
Aetna Supplemental Company Contributions. If you terminate involuntarily, then subsequently return to active
service, the rights to all future Aetna Supplemental Company Contributions will be reinstated, as long as you qualify
under the Plan’s break-in-service rules.
Citi Retirement Savings Plan
70 January 1, 2024
One-Time Shearson Transition Contribution
The Plan provides for a one-time employer contribution to the accounts of certain former employees of Shearson
Lehman who (a) transferred to Smith Barney, Harris Upham & Company, Inc. as of August 1, 1993 or within one year
of that date, (b) are continuously employed by a Company employer through either (i) the date they attain age 65 or
(ii) the date they transferred to the joint venture pursuant to the Joint Venture Contribution and Formation
Agreement between Morgan Stanley and the Company, dated January 13, 2009, and (c) were eligible participants in
the Citigroup Pension Plan on December 31, 2007, whose benefit accruals under that Plan ceased on that date. The
contribution generally is calculated to reflect the difference between the benefit, projected to age 65, under the
Shearson pension plan formula and the projected benefit under the cash balance benefit in the Citigroup Pension
Plan assuming the 2008 retirement plan redesign had not occurred.
If you were eligible, the Company added a one-time contribution to your One-Time Shearson Transition Account in
an amount equal to the present value of this difference, as determined in accordance with Plan terms. Employees
who transferred to Morgan Stanley Smith Barney in the Morgan Stanley joint venture described above, would have
been eligible for a one-time contribution only if they had timely executed a general release provided by the
Company. Such contribution would have been determined and discounted as of the date of the transfer to the joint
venture. Due to limits imposed by the Code on total Plan contributions, it may have been necessary for some or all of
this contribution to be made into a nonqualified retirement plan maintained by the Company for employees eligible
for this contribution.
Participants who became eligible for a One-Time Shearson Transition Contribution were notified in 2007. To find
out if you were eligible for a One-Time Shearson Transition Contribution and the amount you were eligible to receive
or were paid, contact the Plan as instructed under “How to Contact the Plan” on page 1.
