US GROUP HEALTH, WELFARE & RETIREMENT PLAN HIGHLIGHTS 2015 B/E AEROSPACE, INC. MEDICAL COVERAGE The Company offers a competitive medical plan. There are two different coverage options available at all sites through United Healthcare. The medical coverage comparison summary can be found at the end of this brochure. The site Human Resources Department can provide you with bi-weekly cost information. All deductions are made on a pre-tax basis. If you are employed in California, you are also eligible for medical insurance coverage with Kaiser HMO. FLEXIBLE SPENDING ACCOUNTS Flexible Spending Accounts (“FSAs”) provide a tax advantaged way for you to pay for health and dependent care expenses not reimbursed by your benefit plans, allowing you to save money on the cost of these goods and services. There are two separate FSAs: one for health care expenses, and one for dependent care expenses. If you elect one or both of these FSAs, you set aside pre-tax money from each paycheck into your Health Care and/or Dependent Care FSA. When you have a health or dependent care expense, you pay the provider and use the money in your FSA to reimburse yourself for health and/or dependent care expenses. VISION COVERAGE The Vision Plan provides a comprehensive vision program to eligible employees and their dependents. The Plan is provided through Vision Service Plan (“VSP”). Comprehensive vision examinations are covered up to $130 annually after a $10 co-pay, when using an in-network vision provider. Lenses and frames are fully covered after a $20 co- pay. The site Human Resources Department can provide you with bi-weekly cost information. All deductions are made on a pre-tax basis. DENTAL COVERAGE Dental coverage is offered through Delta Dental. You have the choice between the Delta HMO (for residents of AZ, CA, CT, FL, KS, MO, NJ, NY and TX only) or the Delta DPO Plan (all locations). Delta Network Benefits Out of Network Benefits Preventive & Diagnostic 100% 100% Basic Services 80% 80% Major Services 50% 50% Annual Deductible* $50 per person $75 per person Annual Maximum** $1,500 per person $1,500 per person Orthodontia (children & adults) 50% up to $1,000 lifetime max 50% up to $1,000 lifetime max * The annual deductible applies only to Basic and Major services. There is no deductible for Preventive and Diagnostic services. ** All benefits (for Preventive and Diagnostic, Basic and Major services) provided by the Plan count against the annual maximum. The site Human Resources Department can provide you with bi-weekly cost information. All deductions are made on a pre- tax basis. ELIGIBILITY Unless specified otherwise, benefits are effective on the first day of the pay period on or following the 60 th day of employment to all full-time, non-union employees. If you reside in California and work at least 30 hours per week, you become eligible for benefits on the 60 th day of employment. The information in this highlights brochure provides an overview of these plans. A more detailed explanation can be found in the Summary Plan Descriptions. Each of the benefits included in this brochure is based on an official certificate of coverage, plan document or policies, which govern at all times. Your dependent child may be covered on the group medical, dental and vision plans until the end of the calendar year in which they turn 26 years of age. EMPLOYEE ASSISTANCE PLAN The Company offers an Employee Assistance program. A toll free number is available 24 hours a day for our employees and their dependents. The EAP can help with problems such as family and marital issues, financial and legal concerns, child and adult care, stress, depression and anxiety, and substance abuse. In addition, there is a 24 hour Nurse Line which can assist employees and their dependents with general health questions, minor illnesses and emergencies, as well as information about treatment options proposed by a physician. There is no waiting period for this benefit.
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US GROUP HEALTH, WELFARE & RETIREMENT PLAN HIGHLIGHTS 2015 · RETIREMENT PLAN HIGHLIGHTS 2015 B/E AEROSPACE, INC. MEDICAL COVERAGE The Company offers a competitive medical plan. There
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US GROUP HEALTH, WELFARE & RETIREMENT PLAN HIGHLIGHTS 2015
B / E A E R O S PA C E , I N C .MEDICAL COVERAGEThe Company offers a competitive medical plan. There are two different coverage options available at all sites through United Healthcare. The medical coverage comparison summary can be
found at the end of this brochure. The site Human Resources Department can provide you with bi-weekly cost information. All deductions are made on a pre-tax basis.
If you are employed in California, you are also eligible for medical insurance coverage with Kaiser HMO.
FLEXIBLE SPENDING ACCOUNTSFlexible Spending Accounts (“FSAs”) provide a tax advantaged way for you to pay for health and dependent care expenses not reimbursed by your benefit plans, allowing you to save money on the cost of these goods and services. There are two separate FSAs: one for health care expenses, and one for dependent care expenses. If you elect one or both of these FSAs, you set aside pre-tax money from each paycheck into your Health Care and/or Dependent Care FSA. When you have a health or dependent care expense, you pay the provider and use the money in your FSA to reimburse yourself for health and/or dependent care expenses.
VISION COVERAGEThe Vision Plan provides a comprehensive vision program to eligible employees and their dependents. The Plan is provided through Vision Service Plan (“VSP”).
Comprehensive vision examinations are covered up to $130 annually after a $10 co-pay, when using an in-network vision
provider. Lenses and frames are fully covered after a $20 co-pay. The site Human Resources Department can provide you with bi-weekly cost information. All deductions are made on a pre-tax basis.
DENTAL COVERAGEDental coverage is offered through Delta Dental. You have the choice between the Delta HMO (for residents of AZ, CA, CT, FL, KS, MO, NJ, NY and TX only) or the Delta DPO Plan (all locations).
Delta Network Benefits
Out of Network Benefits
Preventive & Diagnostic
100% 100%
Basic Services 80% 80%
Major Services 50% 50%
Annual Deductible* $50 per person $75 per person
Annual Maximum** $1,500 per person $1,500 per person
Orthodontia (children & adults)
50% up to $1,000 lifetime max
50% up to $1,000 lifetime max
* The annual deductible applies only to Basic and Major services. There is no deductible for Preventive and Diagnostic services.** All benefits (for Preventive and Diagnostic, Basic and Major services) provided by the Plan count against the annual maximum.
The site Human Resources Department can provide you with bi-weekly cost information. All deductions are made on a pre-tax basis.
ELIGIBILITYUnless specified otherwise, benefits are effective on the first day of the pay period on or following the 60th day of employment to all full-time, non-union employees. If you reside in California and work at least 30 hours per week, you become eligible for benefits on the 60th day of employment. The information in this highlights brochure provides an overview of these plans. A more detailed explanation can be found in the Summary Plan Descriptions. Each of the benefits included in this brochure is based on an official certificate of coverage, plan document or policies, which govern at all times.
Your dependent child may be covered on the group medical, dental and vision plans until the end of the calendar year in which they turn 26 years of age.
EMPLOYEE ASSISTANCE PLANThe Company offers an Employee Assistance program. A toll free number is available 24 hours a day for our employees and their dependents. The EAP can help with problems such as family and marital issues, financial and legal concerns, child and adult care, stress, depression and anxiety, and substance abuse. In addition, there is a 24 hour Nurse Line which can assist employees and their dependents with general health questions, minor illnesses and emergencies, as well as information about treatment options proposed by a physician. There is no waiting period for this benefit.
401(K) B/E SAVINGS PLAN
This Plan can provide part of your retirement income and has been designed to permit each employee considerable flexibility in saving for their retirement years. Employees who join the Plan agree to set aside a portion of their pay as a contribution to a Plan account in their name. Currently the Company matches 100% on the first 3% contribution, and 50% on the next 2% contribution. The maximum match is 4%, and it is made in cash. Contributions may be invested in any of the fifteen investment funds. Employees decide how to invest their own contributions and matching company funds within these fifteen investment choices. Employees may receive their full account balance, including vested Company contributions and any investment income, if they leave the Company for any reason. This Plan also offers the option of contributing to a post-tax Roth 401(k) savings plan.
EMPLOYEE STOCK PURCHASE PLAN
The Employee Stock Purchase Plan (“ESPP”) give employees in the US, Netherlands and those employed at B/E Aerospace (UK) Ltd the opportunity to take ownership in the Company through the purchase of Company Common Stock at a discount. Employees are eligible to participate in the first Option Period following their 90th day of employment. Option periods begin each January 1 and July 1, and last six months. Employees may contribute from 2% to 15% of their earnings towards the purchase of Company Common Stock. The purchase price is determined based on 85% of the Fair Market Value on the last day of the Option Period, a 15% employee discount.
SHORT TERM DISABILITY
The Short Term Disability Plan (“STD”), paid by the company, provides income protection for up to 26 weeks should an illness or injury prevent you from working. STD benefits replace all or part of your pay during the first 26 weeks of disability. The amount of your STD payment is 50% or 100%, depending on your length of service with the Company.
Benefits are payable on the eight calendar day of a Company-approved absence or illness unless the absence is caused by hospital confinement or outpatient surgery, in which case benefits begin on the first day.
The Company provides benefits in accordance with State mandated disability laws. To the extent the Company-provided disability benefits are greater than the benefits required under a state law, the Company will pay the excess benefits. In no case will the benefit paid be less than the benefit required by law.
LONG TERM DISABILITY
The Long Term Disability Plan (“LTD”), paid for by the company, provides a continuing source of income when an illness or injury prevents you from returning to work after the conclusion of the 26-week Short Term Disability period.
The Monthly Benefit is the lesser of:1. The Maximum Monthly Benefit minus Other Income Benefits; or 2. 60% of Basic Monthly Earnings minus Other Income Benefits.
The maximum benefit is $10,000 per month. The minimum benefit is $100 or 10% of the Monthly Benefit before reduction for Other Income Benefits.
GROUP HEALTH, WELFARE & RETIREMENT PLAN HIGHLIGHTS
LIFE INSURANCE
The Life Insurance Plan protects your family’s financial security in the event of your death. It is designed to provide you considerable flexibility in choosing an appropriate amount of insurance coverage to meet your personal needs.
Basic Life Insurance: The Company automatically provides Basic coverage equal to one times your annual base salary or straight-time hourly earnings, rounded up to the next $1,000. There is no cost to you for this coverage.
Supplemental Life Insurance: You may voluntarily purchase additional life insurance to supplement the Basic coverage provided by the Company. Supplemental coverage may be purchased in amounts equal to one, two, three, four or five times your annual base salary or straight-time hourly earnings (the amount of insurance is rounded up to the next $1,000). There is a guarantee issue of three times your annual earnings, rounded to the next $1,000, to a maximum of $500,000. You pay the cost of any Supplemental coverage you choose through payroll deductions. The cost is based on your age and the amount of salary you elect.
Spousal Life Insurance: You may cover your spouse from $5,000 to $250,000 in $5,000 increments. The maximum is the lesser of 50% of the employee supplemental amount, or $250,000. There is a guarantee issue of $30,000.
Dependent Life Insurance: You may cover your dependent children through the end of the year in which your child turns 26. You may cover your dependents from $1,000 to $10,000 in $1,000 increments. The maximum is the lesser of 50% of the employee supplemental amount, or $10,000. There is a guarantee issue of $10,000.
ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE
The Accidental Death and Dismemberment (“AD&D”) Insurance Plan provides an additional source of financial security to you and your family in the event of your death or dismemberment due to an accident.
Basic AD&D Insurance: The Company automatically provides Basic AD&D coverage equal to one times your annual base salary or straight-time hourly earnings, rounded up to the next $1,000. There is no cost to you for this benefit.
Supplemental AD&D Insurance: You may purchase additional AD&D insurance to supplement the Basic coverage provided by the Company. Supplemental AD&D coverage may be purchased in amounts equal to one, two, three, four or five times your annual base salary or straight-time hourly earnings, rounded up to the next $1,000. You pay the cost of any Supplemental coverage you choose through payroll deductions. Unlike life insurance, AD&D rates do not depend on your age.
BUSINESS TRAVEL ACCIDENT INSURANCE
The Business Travel Accident Insurance Plan provides extra financial protection to you or your family members in the event of your death or dismemberment due to an accident that occurs while you are traveling on business. The Company automatically provides coverage equal to three times your annual base salary or straight-time hourly earnings, up to a maximum of $500,000 at no cost to you. There is no waiting period to be eligible for this benefit.
Plan United Choice Network Plan United Choice Plus High Plan Kaiser HMO(CA Only)
Mail Order Pharmacy (90 day supply) 2.5X Copay 2.5X Copay 2X Copay
(1) CYM = Calendar Year Maximum(2) *All services are subjected to Calendar Year Deductible(3) All Out-of-Network benefits are subjected to Usual Customary & Reasonable (UCR) charges - you may be balance billed for charges over UCR. Charges over UCR do not go toward your Annual Out-of-Pocket Maximums.(4) Benefit Calendar Year dollar and Visit Maximums are combined for both In and Out-of-Network