PepsiCo

PepsiCo Employees Retirement Plan

PepsiCo also sponsors a traditional pension plan, the PepsiCo Employees Retirement Plan (the "pension plan"). The pension plan is designed to replace a percentage of pre-retirement income for those who spend their career with PepsiCo and retire from the Company.

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Overview

The pension plan is paid entirely by PepsiCo and can provide you with valuable monthly income during retirement. You don't pay into the plan and there is no enrollment required – you will automatically participate when you become eligible. You will be eligible to receive your benefit upon reaching normal retirement age, meaning you are age 65 with at least five years of service. You will be eligible for a reduced early retirement benefit if you are age 55 with at least ten years of service. To view estimates of your benefit online, go to netbenefits.com/pepsico.

Eligibility

Generally, most hourly employees hired before January 1, 2023 are eligible to participate in the PepsiCo Employees Retirement Plan. Certain union employees may not be eligible. If you are a union employee, please refer to your collective bargaining agreement to determine your eligibility.

For most eligible employees, you will automatically participate in the plan on January 1 or July 1 after your first work anniversary, assuming you are over 21 years old and worked at least 1,000 hours in your first year of employment.

Vesting

You will vest in your pension benefit usually after five years of service with PepsiCo. Once you are vested, your benefit will generally continue to increase in value the longer you work for the Company. If you leave the Company after you are vested, you will be eligible for a deferred vested benefit from the plan once you become retirement-eligible. If you leave the Company before your five-year anniversary, you won't receive any benefit from the plan.

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Total Rewards

This guide is intended to provide a summary of some of the features of the PepsiCo Savings Plan; however the official plan documents remain the final authority and, in the event of a conflict with this guide, will govern in all cases. While PepsiCo, Inc. (Company) currently intends to continue the Savings Plans and programs described herein, the Company reserves the right to amend, modify or terminate the Savings Plans or programs at any time. Nothing in this guide should be construed as a promise or guarantee of future benefits or any level or amount of benefits, or as a promise or guarantee of employment or future employment for any duration.

January 2024