U.S. Bank Pension Plan Summary Plan Description

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U.S. Bank Pension Plan SPD Effective January 2011 Qualified Domestic Relations Orders If you are married and become divorced, or become a party to some other domestic dispute, a court may issue a domestic relations order dividing your retirement benefit. When presented with such an order, the Committee, in its discretion, will make a determination as to whether the order is a Qualified Domestic Relations Order ("QDRO"), as defined in federal law. If the Committee determines that the order is a QDRO, it will honor the terms of the QDRO and divide your retirement benefit. Upon request to the Plan administrator, you can obtain, without charge, a copy of the QDRO procedures used to determine whether a domestic relations order is a QDRO. Plan Administration The Committee has the sole discretion, authority and responsibility to decide all factual and legal questions under the Plan. This includes interpreting and construing the Plan, In addition, the Committee may adopt any rule that (i) is not in conflict with the Plan, (ii) is necessary for administering the Plan, or (iii) is required to carry out the provisions of the Plan. Plan Information: U.S. Bank Pension Plan Plan Name U.S. Bank Pension Plan Name and Address of Plan Sponsor U.S. Bancorp 800 Nicollet Mall Minneapolis, MN 55402-4302 A complete list of employers who sponsor the Plan is available from the Plan Administrator on written request, and is available for examination by participants and beneficiaries as required by DOL Regulations §§ 2520.104b-1 and 2520.104b-30. Employer Identification Number 41-0255900 Plan Number 001 Administrative Information Type of Plan Defined benefit plan Plan Administrator (as defined in ERISA 3(16)) U.S. Bank Benefits Administration, EP-MN-R2BN 4000 W. Broadway Avenue Robbinsdale, MN 55422 800-806-7009 Type of Administration Employer Administration Agent for Service of Process General Counsel U.S. Bank 800 Nicollet Mall Minneapolis, Minnesota 55402-4302 Service may also be made upon the Plan Trustee or Plan Administrator. Funding Mechanism All Plan funds are held in trust. Trustee U.S. Bank National Association 180 East Fifth Street St. Paul, MN 55164 Source of Funds The Plan is funded through employer contributions. 28
U.S. Bank Pension Plan SPD Effective January 2011 Fees and Expenses Trustee fees and administration fees may be paid by the employer or the Plan. Plan Year January 1 - December 31 Type of Plan The Plan is "tax qualified" under the Internal Revenue Code as a defined benefit plan. Amendment and Termination U.S. Bancorp expects to continue the Pension Plan, but reserves the right to change the Plan, eliminate certain benefits under the Plan or end the Plan at any time and for any reason. If the Plan is terminated, you will not accrue any additional benefits but the benefits you have accrued will not be cancelled. The amount of your benefit (if any) will depend on Plan assets, the terms of the Plan and the benefits guarantee of the Pension Benefit Guaranty Corporation (PBGC). According to Employee Retirement Income Security Act of 1974, Plan participants and beneficiaries share the Plan assets in the following order: � Certain annuities retired participants have been receiving or could have been receiving for the three years before the Plan ended, � Other vested benefits guaranteed by the PBGC, � Other vested benefits, and � Remaining Plan benefits. If the Plan's assets exceed its liabilities, any excess will revert to U.S. Bancorp. Plan Termination Insurance Your pension benefits under the Plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. If the Plan terminates (ends) without enough money to pay all benefits, the PBGC will step in to pay pension benefits. Most people receive all of the pension benefits they would have received under their Plan, but some people may lose certain benefits. The PBGC guarantee generally covers: (1) normal and early retirement benefits; (2) disability benefits if you become disabled before the plan terminates; and (3) certain benefits for your survivors. The PBGC guarantee generally does not cover: (1) benefits greater than the maximum guaranteed amount set by law for the year in which the Plan terminates; (2) some or all of benefit increases and new benefits based on Plan provisions that have been in place for fewer than 5 years at the time the Plan terminates; (3) benefits that are not vested because you have not worked long enough for the company; (4) benefits for which you have not met all of the requirements at the time the Plan terminates; (5) certain early retirement payments (such as supplemental benefits that stop when you become eligible for social security) that result in an early retirement monthly benefit greater than your monthly benefit at the Plan's normal retirement 29
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U.S. Bank Pension Plan Summary Plan Description

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