Transcript Document

2014 Benefits
Disclaimer
•
This document is intended to be a high-level overview. The terms and
conditions of the benefits described are determined solely by the summary
plan descriptions (SPDs) or plan documents and summaries of material
modifications of the Dresser-Rand Company Welfare Plan, Pension Plan for
Employees of Dresser-Rand Company and the Dresser-Rand Company
Retirement Savings Plan. In the event of any inconsistent provisions, the
language of the plan documents applies.
•
As in the past, the Company reserves to itself, pursuant to its sole and
exclusive discretion, the right to change, amend or terminate this Plan
according to the terms of the applicable plan documents and subject to any
collective bargaining agreements.
•
Benefits described herein may not automatically apply to employees at all
locations or employees covered under a labor agreement.
•
Plan is subject to nondiscrimination rules that may reduce or limit the tax
advantages of the plan for certain employees.
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2014 Benefits Enrollment
Dresser-Rand Benefits Enrollment
• Benefits website: www.dresser-rand.com/benefits
• Review benefits information on website
• Access online enrollment system by selecting:
• Call BenefitsPlus call center to enroll
866-787-6312
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Overview
Dresser-Rand Health & Welfare Benefits
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Health
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Income Protection
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Medical/Prescription
Wellness
Dental
Vision
Health Savings Account (HSA)
Flexible Spending Accounts (FSAs)
Employee Assistance Program (EAP)
Basic Life and AD&D
Optional Life
Voluntary AD&D
Business Travel Benefits
Voluntary Group Legal
Disability
Retirement Savings Plan
Vacation Purchase Plan
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Eligibility
Health & Income Protection
• Full-time employees working over 35 hours
per week AND Part-time employees working
over 20 hours per week are eligible for all
benefits
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Eligible Dependents
Who can you cover?
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Your legal spouse (opposite- or same-sex)
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Your dependent children (biological, adopted or step-children) until the end of the month
they attain age 26 (marital, student or employment status does not apply)
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Your children age 26 or older who are certified by BlueCross to be disabled due to
mental or physical disability and who are dependent on you for financial support (the
disability must be certified prior to age 26)
NOTE: If both you and your spouse work for Dresser-Rand, the plan does not allow
“double coverage”. Only one of you may choose coverage for your eligible children.
And if you choose an enrollment category that covers your spouse, your spouse will not
be eligible to also choose duplicate coverage under any Company-sponsored Plan or
program.
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Medical Benefit Choices
Medical Options
• MedicalPlus - A Consumer Directed Health Plan
with a Preferred Provider network
• PPO – Preferred Provider Option
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MedicalPlus
MedicalPlus utilizes a PPO network of providers
• Choice of physicians and hospitals
• BlueCross BlueShield offers the largest PPO network in the
United States
• Higher level of benefits using BCBS network providers
• No claim forms to file when using network providers
• Lower claim costs through negotiated network
• Prescription Coverage through Prime Therapeutics
• Health Savings Account contribution
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MedicalPlus
In-Network Benefits
• $2,500 Individual or $5,000 Family Deductible
(combined medical and prescription claims)
– 10% Coinsurance (Plan pays 90%)
– 90-day supply of maintenance medication may be purchased through
Prime Mail OR at a participating local Retail Pharmacy
• Annual Out-of-Pocket Maximum
(including deductible)
– $3,000 individual or $6,000 family
• Wellness Benefits and Well Baby Benefits (100% coverage,
deductible does not apply, no maximum)
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MedicalPlus
Out-of-Network Benefits
• $3,000 Individual or $6,000 Family Deductible
(combined medical and prescription claims)
– 30% Coinsurance Medical (Plan pays 70%)
– 35% Coinsurance Rx (Plan pays 65%)
• Annual Out-of-Pocket Maximum
(including deductible)
– $5,000 individual or $10,000 family
• No Wellness Benefits
• “Reasonable & Customary” applies
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MedicalPlus
Health Savings Account
Health Savings Account (HSA)
• Tax-free spending account for qualified medical/ prescription
drug, dental, vision, health club membership (with a doctor’s
certification), and exercise equipment (with a doctor’s
certification)
• Access funds using a debit card or checkbook
• Gives you more control of money spent on health care
• Dresser-Rand will contribute to every participant’s HSA (FSA if
Medicare eligible)
• Employees can make additional tax-advantaged HSA
contributions through payroll deduction (Up to IRS Limits)
• Over-the-counter medication is not reimbursable unless there is
a doctor’s prescription for it
• Contributions are not “use-it or lose-it”!
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MedicalPlus
Health Savings Account
2014 Dresser-Rand Annual Contribution*
Employee Only
$1,000
Employee + 1
$1,500
Family
$2,000
*Company contributions deposited up front; prorated based on portion of
calendar year remaining.
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MedicalPlus
Health Savings Account
2014 Optional Employee Contributions
Employee Only
Up to an additional $2,300
($3,300 if 55 Years Old by 12-31-2014)
Employee + 1
Up to an additional $5,050
($6,050 if 55 Years Old by 12-31-2014)
Family
Up to an additional $4,550
($5,550 if 55 Years Old by 12-31-2014)
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MedicalPlus
Health Savings Account
Further HSA information:
• Account must be activated – watch your mail for
information from ACS/Mellon (aka “BenefitWallet”)
• Monthly fee of $2.25 for accounts with balances under $3,000
(fee taken from account)
• Electronic statements are encouraged - $0.75 monthly fee for
paper statements
• Once you have accumulated a balance of $1,500 or more,
you can transfer excess balance into one of the Dreyfus
mutual fund investment options
• You can visit www.HSAmember.com for more information
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PPO
BlueCross BlueShield of Illinois
PPO utilizes same network as MedicalPlus
• Choice of physicians and hospitals
• BlueCross BlueShield offers the largest PPO network in the
United States
• Higher level of benefits using BCBS network providers
• No claim forms to file when using network providers
• Lower claim costs through negotiated network
• Prescription Coverage through Prime Therapeutics
• No HSA Contribution
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PPO
BlueCross BlueShield of Illinois
In-Network Benefits
• $300 Individual or $700 Family Deductible
• 20% Coinsurance (Plan pays 80%)
• Annual Out-of-Pocket Maximum (including
deductible)
– $2,000 individual or $4,000 family
• Wellness Benefits and Well Baby Benefits (100%
coverage, deductible does not apply, no
maximum)
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PPO
BlueCross BlueShield of Illinois
Out-of-Network Benefits
• $600 Individual or $1,400 Family Deductible
• 40% Coinsurance (Plan pays 60%)
• Annual Out-of-Pocket Maximum
– $4,000 individual or $8,000 family
(excluding out of network drugs)
• No Wellness Benefits
• “Reasonable & Customary” applies
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PPO – Prescriptions
Prime Therapeutics
In-Network Benefits
• No Deductible
• Retail Benefit (up to a 30-day supply)
– $10 co-payment for Generic Prescriptions
– 35% Coinsurance for Brand Prescriptions (Plan pays 65%)
– Per prescription maximum cost of $150
• Mail Order Benefit (up to a 90-day supply)
– $20 co-payment for Generic Prescriptions
– 25% Coinsurance for Brand Prescriptions (Plan pays 75%)
– Per prescription maximum cost of $300
• 90-day supply of maintenance medication may also be purchased at
a participating local Retail Pharmacy at the same Coinsurance as the
Mail Order
• Annual Out-of-Pocket Limit $1,250 individual or $2,500 family
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PPO – Prescriptions
Prime Therapeutics
Out-of-Network Benefits
• You pay the full, undiscounted cost at the
pharmacy and must submit a paper claim form
• You are eligible for up to 65% reimbursement
• No prescription drug out-of-pocket maximum
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Medical
Employee Contributions
2014 Monthly Employee Contributions
MedicalPlus
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Employee Only
Employee + 1
Family
$ 69.35
$109.20
$148.50
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Employee Only
Employee + 1
Family
$142.10
$254.20
$366.30
PPO
PART-TIME EMPLOYEES: If you are a part-time employee scheduled to work at
least 20 hours but less than 35 hours per week you are eligible for medical
coverage at 150% of the monthly contribution rates stated here for full-time
employees.
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Wellness Program
Blue Care Connection
• Well onTarget
• 24/7 Nurseline
• Special Beginnings
• Blue Care Advisors
• Case Management
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Wellness Program
Blue Care Connection
Well onTarget
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Liveon Member Wellness Portal
• Onmytime Self-directed Courses
• Health and Wellness Library
• Tools and Trackers
Onmyway Health Assessment (HA)
– Questions to help you learn more about you
and your health
– Life Points Program
Completely voluntary and confidential
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Wellness Program
Blue Care Connection
• Fitness Program
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No long-term contract required
Membership is month to month
Monthly fees are $25 per member per month
More than 8,000 participating gyms
Earn bonus Life Points for joining
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Wellness Program
Blue Care Connection
Nurse Line
Provides immediate telephone access to registered nurses for
health care information, advice and medical guidance for you and
your family.
Available 24/7
• Answer your questions about symptoms and health-related topics
• Help you decide how and where to get the care you need
• Help you determine what questions to ask your doctor before an
appointment.
Not a substitute for your regular physician, health care specialist or routine preventive exams. In
the event of a medical emergency, seek immediate medical attention from the nearest
emergency facility or call 911.
Completely voluntary and confidential
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Wellness Program
Blue Care Connection
Health Assessment
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Online questionnaire that evaluates your health and gives you a
detailed, confidential report with action steps to help you improve your
health.
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You will need to enter your personal biometric data
– Blood pressure
– Cholesterol and blood glucose levels
– Body mass index
Completely voluntary and confidential
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Wellness Program
BCBS Illinois
Special Beginnings
Offers support for expectant mothers
Helps you understand the active role you can take to give your baby
the greatest chance of being born strong and healthy by
providing:
– Support & education
– Pregnancy risk factor identification
– Personal contact from program staff
The first step is to call Special Beginnings at 888-421-7781
Completely voluntary and confidential
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Dental
BlueCross BlueShield Illinois
Deductible
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Preventive Services
Basic, Major & Orthodontic
None
$25 individual/$75 family
Coinsurance
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Preventive Services
Basic Services
Major Services
Orthodontic Services
100%
80%
50%
50%
Maximum Coverage
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Dentistry
Orthodontics*
$1,500 per person annual
$1,500 lifetime maximum
Preventive Services DO NOT count toward annual maximum
* Note: Orthodontic coverage provided for eligible dependent children up to age 19
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Dental
BlueCross BlueShield Illinois
Preventive Services
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Oral examinations
Routine scaling and polishing
Routine bitewing x-rays
Fluoride treatments (children through age 18)
Sealants (children through age 15)
Basic Services
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Fillings and Extractions
Stainless steel crowns
Relining of dentures
Repair of crowns, bridges, and removable dentures
Major and Restorative Services
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Inlays, onlays, and crowns (other than temporary crowns or stainless steel)
Full mouth rehabilitation
Preventive Services DO NOT count toward annual maximum
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Dental
Employee Contributions
2014 Monthly Employee Contributions
• Employee Only
• Employee + 1
• Family
$25.30
$51.65
$76.95
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Vision
VSP
Voluntary Vision Program
• Benefits provided by Vision Service Plan (VSP) –
Largest vision care provider in the US with over 50 years
experience
• Premium Plan provides vision benefits each year
– 2 pairs of frames and lenses; or
– 1 pair of frames and lenses and contacts lenses
• Basic Plan provides vision benefits
– 1 pair of lenses OR supply of contact lenses each year
– 1 set of frames every 24 months
• Provider network includes Costco and Eye Masters
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Vision
VSP
Voluntary Vision Program
In-Network Benefits
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$10 co-payment for vision exams
$150 allowance for eyeglass frames
$10 co-payment for eyeglass lenses
Progressive & photochromic lenses & tints covered in full (Premium
Plan only, not covered in Basic Plan)
• $150 allowance for daily wear contact lenses
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Vision
VSP
Voluntary Vision Program
Out-of-Network Benefits
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Up to $45 for vision exams
Up to $70 for eyeglass frames
Up to $30 for single vision eyeglass lenses
Up to $50 for lined bifocal eyeglass lenses
Up to $65 for lined trifocal eyeglass lenses
Up to $100 for lenticular eyeglass lenses
Up to $105 for daily wear contact lenses
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Vision
Employee Contributions
2014 Monthly Employee Contributions
TIER
BASIC OPTION
PREMIUM OPTION
Employee Only
$7.29
$16.80
Employee + 1
$14.57
$33.59
Family
$23.47
$54.08
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Maintenance of Benefits
• If you or your dependents are covered under more than one
medical or dental plan
– Plans work together to coordinate benefits
• BCBS will maintain the level of benefit based on the plan you
choose
– The allowable expense is limited to the amount the BCBS plan
would have paid if there were no other medical or dental benefit
coverage in effect
• This is called Maintenance of Benefits
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Flexible Spending Accounts
(FSA)
• Full Use Healthcare Flexible Spending Account
(for PPO Enrollees)
• Limited Use Healthcare Flexible Spending
Account – dental & vision expenses only
(for MedicalPlus Enrollees)
• Dependent Care Flexible Spending Account –
daycare expenses only
Important Reminder: These are “USE IT or LOSE IT” plans
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Full Use Healthcare FSA
(PPO Participants)
• Use tax-free contributions to pay for medically necessary, noncovered medical, prescription drug, dental and vision care
expenses:
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All healthcare deductibles and coinsurance amounts
Eyeglasses, contact lenses
Health club membership (with a doctor’s note)
Exercise equipment (with a doctor’s note)
• You may contribute from $100 to $2,500 per year
• Debit card to access account
• Paper claims will be required for claims not submitted using
debit card or the online claims submission process
• Cannot be used with an HSA
Important Reminders: This is a “USE IT or LOSE IT” plan
Over-the-counter medicine must have a doctor’s prescription
in order to qualify for reimbursement.
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Limited Use Healthcare FSA
For HSA Participants
• Limited Use FSA coordinated with HSA
• Use tax-free contributions to pay for non-covered
health (dental and vision) expenses:
– Dental and vision deductibles, coinsurance amounts
and other expenses
– NO medical/prescription drug expenses covered by the
Plan are allowed (must use your HSA)
• You may contribute from $100 to $2,500 per year
• Debit card to access account
• Paper claims will be required for claims not submitted
using debit card or the online claims submission process
Important Reminder: This is a “USE IT or LOSE IT” plan
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Dependent Care FSA
• Use tax-free contributions to pay for day care
expenses for:
– Children (up to age 13)
– Elderly parents
• Not for your dependent’s non-covered
healthcare!
• If married, both you and your spouse must work
outside the home
• You may contribute from $100 to $5,000 per year*
• You can elect direct deposit for your reimbursements
* Employees classified as Highly Compensated will be limited to $2,000
per year.
Important Reminder: This is 38a “USE IT or LOSE IT” plan
Employee Assistance Program
• Company-provided benefit
• Free confidential counseling for employees &
dependents
Depression and anxiety*
Relationships*
Addictions and abuse*
Legal consultation
Stress*
Work/life balance*
Financial services
Grief and loss*
* Up to 8 company-paid sessions, per issue, per
year, per family member
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Life Benefits
• Dresser-Rand provides employees with:
– $50,000 of Basic Life Insurance
– $50,000 of Basic AD&D
• Employees can purchase additional:
– Optional Life Insurance for self & dependents
– Voluntary AD&D Insurance for self &
dependents
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Optional Life Insurance
Employee
• Employee Optional Life
– $25,000 increments, up to $500,000
– Evidence of Insurability (EOI) required for
amounts elected over $250,000
– EOI required for increases after initial election
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Optional Life Insurance
Dependents
• Spouse Life
– $25,000 increments, up to $250,000 or 50% of
employee amount, (combined Basic and Optional)
whichever is less
– Employee must elect Optional Life in order to elect
Spouse Life
– Evidence of Insurability (EOI) required for amounts
elected over $25,000
– Spouse coverage ends at age 70
• Child(ren) Life
– If elected, each child will have $10,000 of Life
Insurance
– Employee must elect Optional Life in order to elect
Child Life
– $1.30 per month
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Optional Life Insurance
Rates
• Employee and Spouse Rates are Based on
– Age
– Tobacco or Non-Tobacco use status
• Tobacco products include cigarettes, pipes, cigars, snuff
and chewing tobacco
– Rate sheet will be included in enrollment packets
and are available on the Dresser-Rand benefits
website: (www.dresser-rand.com/benefits)
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Employee & Spouse Optional Life
Monthly rate per $1,000 of coverage
Age
Non-Tobacco User
Tobacco User
<25
$0.051
$0.087
25-29
$0.068
$0.110
30-34
$0.086
$0.143
35-39
$0.094
$0.154
40-44
$0.111
$0.176
45-49
$0.162
$0.264
50-54
$0.249
$0.408
55-59
$0.471
$0.760
60-64
$0.720
$1.157
65-69
$1.389
$2.226
70-74
$2.255
$3.610
75+
$3.661
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$5.873
Voluntary AD&D Insurance
Employee or Family
Can elect Employee or Family coverage
• Employee
– $25,000 increments, up to $500,000
• Family (Benefit based on Family members)
– Spouse only
• 60% of employee coverage
– Child(ren) only
• Each child, 15% of employee coverage
– Spouse and Child(ren)
• Spouse, 50% of employee coverage
• Each child, 10% of employee coverage
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Voluntary AD&D Insurance
Employee or Family
2014 Monthly Employee Contribution
– Employee only
– Family
$.025 per $1,000 of coverage
$.040 per $1,000 of coverage
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Legal Benefits
• Voluntary
• Access to a network of over 10,000 attorneys
• Services include:
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Document Preparation
Family Law
Real Estate Matters
Wills and Estate Planning
Traffic Matters
• Employee cost = $15.75 per month
• Access @ www.legalplans.com
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Disability Benefits
• Short-Term Disability (pay continuation)
• Long-Term Disability
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Short-Term Disability
(Pay Continuation)
• Dresser-Rand provides you with
replacement income if you are determined
to be disabled for a non work-related injury
or illness.
– 12 weeks at 100% of base pay (40 hrs / wk)
– 14 weeks at 60% of base pay (40 hrs / wk)
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Long-Term Disability
• If you remain totally disabled after the STD
period expires (26 weeks), you may be eligible
for coverage in the LTD program
• LTD Benefit includes:
– A monthly basic benefit equal to 40% of your DresserRand base earnings
– The premium amount Dresser-Rand pays will be taxed
on your pay check
• Employees eligible to continue fringe benefits for
36 months at current active rate
• Employees are administratively terminated upon
transition to LTD
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Long-Term Disability
Buy-up Options
• You can purchase Voluntary LTD
coverage for a total monthly benefit of:
– 50% (10% optional buy-up), or
– 60% (20% optional buy-up) of your base
earnings
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Long-Term Disability
Buy-up Options
2014 Monthly Employee Contributions
• 50% (10% Buy-up) option
• 60% (20% Buy-up) option
$.125 per $100 of benefit
$.303 per $100 of benefit
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Enrollment
• Enroll at www.dresser-rand.com/benefits from any
computer with Internet access
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Vacation & Holidays
• Vacation levels are based on years of service with
Dresser-Rand
• Vacation is allotted at rate of 1/12 of yearly vacation
level per full month beginning on initial date of hire
Years of Service
Vacation Level
0 – 9 Years
15 Days
10 – 24 Years
20 Days
25 Or More Years
25 Days
• Dresser-Rand provides 10 holidays each year
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Vacation Purchase Plan
• Purchase an extra 5 days of vacation
• Cost is based on your annual base salary
divided by 2080 multiplied by the number of
hours requested
• Pre-tax deductions spread over remaining
pay periods in year
• Elect 1-5 days in 4 hour (1/2 day) increments
• Enrollment form must be completed and
returned within 31 days of hire date
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Retirement Savings Plan
Eligibility
•
As a non-bargaining unit employee of Dresser-Rand, you are eligible to participate
in the Dresser-Rand Company Retirement Savings Plan, as soon as
administratively practicable following your hire or rehire date
Benefits Available Under the Plan
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Both Tax Deferred (Pre-Tax) and Roth (After-Tax) contributions to the Plan are
allowed
A Catch-Up feature, for those age 50 or greater by year end, allows you to save
additional amounts
Company Matching Contributions depending on your paycheck deferral
Automatic Company Basic Contributions
Loans and In-Service Withdrawals are available on a limited basis
Plan Recordkeeper - Fidelity
•
For general assistance or enrollment contact Fidelity Retirement Service Center
(1-800-835-5097) or visit 401k.com
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Retirement Savings Plan
Company Basic Contributions – No Enrollment needed
• All eligible participants of the Plan, will automatically receive
a “Basic” contribution to their account. This contribution is
paid by Dresser-Rand and equal to 3% of eligible earnings
per pay period.
• Since these contributions are automatic, they will begin with
your first eligible pay check – meaning you do not need to
enroll in the Plan to receive them.
Vesting Schedule for Company Basic Contributions
Period of Service
Percent Vested
Less than 36 months
0%
Minimum of 36 months
100%
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Retirement Savings Plan
Your Elective Deferral & Company Matching Contributions
Elective Deferrals and
IRS Annual Limits
You may elect to defer between 1% and 75% of eligible pay into the
Plan.
However, you may not exceed the applicable annual IRS limits below:
• The 2014 Elective Deferral limit is $17,500
• The 2014 Catch-Up Deferral limit is $5,500
(Catch-Up Deferrals are only available to Participants age 50 or older)
These limits apply to the sum of your tax deferred and your after-tax
(Roth) deferrals.
The Company Match
Based on your elective deferral, a “matching” contributions will be
made to your account. This contributions is paid by Dresser-Rand
and equal to each dollar you contribute up to 3% of eligible earnings,
then $.50 for each dollar you contribute between 3% and 5% of
eligible earnings. This makes the maximum Matching contribution
possible 4% if you contribute 5%.
Vesting Schedule for
Elective Deferrals and
Company Match
You are immediately 100% vested in the Company Match
contributions made to your account and you are always 100% vested
in your contributions and their earnings.
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Retirement Savings Plan
Employee
Company
Savings Rate
Match
Basic
Contributions
(per pay period)
Total
Contribution
(as a % of pay)
1%
1%
3%
5%
2%
2%
3%
7%
3%
3%
3%
9%
4%
3.5%
3%
10.5%
5%
4%
3%
12%
6%
4%
3%
13%
7%
4%
3%
14%
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Retirement Savings Plan
Fidelity can assist you if you want to:
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•
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•
•
Enroll in the Plan
Change Your Investment Election
Change Your Paycheck Deferral Election
Request a Loan
Request an In-Service Withdrawal, and Loan Address Changes
Roll Over Another Plan’s Balance into this Plan
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Retirement Savings Plan
Enrollment is easy…
• Within 10 days of your hire date with Dresser-Rand
you will receive a packet mailed to your home from
Fidelity with instructions to enroll in the Plan.
• After you receive the enrollment packet, you can
enroll via the internet or by telephone.
• If you have not received your enrollment packet 10
days after your start date, please contact James
Crawford.
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Retirement Savings Plan
For more information:
Fidelity Retirement Service
Center
1-800-835-5097
Fidelity Web Access
401k.com
Retirement Benefits Department
Plan Administrator: James Crawford
E-mail: [email protected]
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Questions
If you have any questions, contact
your local Human Resources
Representative.
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