Preparing for the Unexpected: What You and Your Survivors Need to Know and Do

Transcription

1 > Introduction > Employees: What to Do Ahead of Time > Survivors: What to Do When Your Loved One Dies > Phillips 66 Resources for Employees and Survivors Preparing for the Unexpected: What You and Your Survivors Need to Know and Do START HERE

2 Introduction The loss of a loved one is always hard. To make sure your family is prepared to make critical decisions and take appropriate action in the event of your death, it s important to plan ahead. The information in this guide outlines important issues for you and your family to consider, so that you can make informed decisions about your Phillips 66 benefits and other financial and administrative matters. NAVIGATING THIS GUIDE If you re a Phillips 66 employee, take some time to review Employees: What to Do Ahead of Time to see what actions to take to make it easier for your survivors should something unexpected happen to you. If you re the survivor of a Phillips 66 employee or an employee that has lost a dependent, be sure to review Survivors: What to Do When Your Loved One Dies to see what actions to take after you have lost your loved one. IMPORTANT! Please note that the content presented in this guide does not take the place of financial, tax or legal advice. You should seek assistance from qualified individuals before making decisions about your personal affairs. 2 CLOSE

3 Employees: What to Do Ahead of Time PREPARE A LETTER OF INSTRUCTION A letter of instruction is a document that informs your survivors where to find important documents and what actions to take in the event of your death. Your letter of instruction should include guidance on most if not all of the steps outlined in the following pages. Make sure your family and/or the executor of your estate knows where this document can be found. MAKE SURE YOUR FINANCES ARE IN ORDER Your letter of instruction should include your preferences regarding your finances, assets and debt. Assets can include: Cash and other forms of income: Checking, savings, money market and brokerage accounts (for each account, provide name of institution, address, telephone number, account number, online password and location of records) Pension benefits Disability benefits Social Security benefits Military service benefits (list military service number, branch, service dates) 401(k) IRAs Stocks, bonds, mutual funds Annuities Life insurance Real estate identify location of any titles/deeds/forms establishing ownership and property addresses Airline mileage accounts Other assets (inventory and documents establishing ownership of other possessions, such as cars, boats, jewelry and other valuables) Loans or accounts payable to you and/or your spouse (for each debtor, list name, address, telephone number, amount due and location of records) Debt can include money owed on: Mortgages (for each mortgage, provide name of lending institution, address, telephone number, account number) Loans and IOUs (for each lender, list name, address, telephone number, amount due and location of records) Credit cards (for each card, provide name of institution, address, telephone number, account number) Other forms of debt (e.g., money owed to doctors, hospitals and other health care providers) 3 CLOSE

4 Employees: What to Do Ahead of Time (continued) COMPILE CONTACT INFORMATION You ll also need to compile a list of important contacts, providing phone numbers, addresses, information for individuals and institutions that would have a need to be informed about your death: Spouse/domestic partner Members of your immediate family Close friends Colleagues Phillips 66 Benefits Center Previous employers Attorney Tax advisor Stockbroker Agents for life, disability, home and auto insurance Labor union Clergy and faith-based organizations Club memberships Educational institutions Banks Mortgage companies Credit union Credit card companies Other debtors or creditors, as applicable IDENTIFY KEY PERSONAL DOCUMENTS/ITEMS AND WHERE THEY ARE STORED Make a list identifying the location of important personal documents and items, such as: Birth and marriage certificates Estate planning documents (Wills, Trust paperwork) Citizenship papers Divorce/separation documents Social Security card Medicare information Adoption papers Driver's license Military records Income tax records Certificates of automobile ownership and auto insurance policies Passport House and vehicle keys Safe deposit box (include details of bank, branch and address) IMPORTANT! Please make sure to update your Emergency Contact information. Go to HR Express, choose Personal Info then Emergency Contacts to provide primary and secondary contact information. To access HR Express from home visit hr.phillips66.com > Resources > Employee Self-Serivce. 4 CLOSE

5 Employees: What to Do Ahead of Time (continued) COMPILE A LIST OF PASSWORDS/CODES Your executor will also need to know your passwords and codes for items such as: Phillips 66 Benefits Center Computer Online accounts (e.g., banking, investment, insurance accounts, social media, shopping, utilities, credit cards, etc.) House alarm Smart phone Voic COMPILE MEDICAL INFORMATION Medical information your loved ones may need: Contact information for doctors and other health care professionals Addresses and phone numbers of preferred hospitals Medicare and Medicaid information Medical and prescription ID cards Health care proxies, living will, power of attorney, advance health care directive, Do Not Resuscitate (DNR) instructions Uniform Donor Card (UDC), which specifies if you ve made a tissue donation, organ donation, or donation of your entire body to medical science MAKE SURE BENEFICIARY INFORMATION IS CURRENT To ensure your assets go to the people intended to receive them, review and, if needed, update your beneficiary information for the following: Any life and accidental death and dismemberment (AD&D) insurance policies in place with the company or other agencies (e.g., State Farm, Gerber, Mutual of Omaha) Savings and pension plans with the company: Phillips 66 Savings Plan Cash Balance Account Phillips Retirement Income Plan Tosco Pension Plan Retirement Plan of Conoco Burlington Resources Inc. Pension Plan-Final Average Earnings Burlington Resources Inc. Pension Plan-Cash Balance Health Savings Account (HSA) Savings and pension plans with other employers Be aware that if your designated beneficiary(ies) pre-deceases you, and you have not updated your beneficiary information, the proceeds may enter probate and be subject to estate and inheritance tax. Be sure to review your beneficiary information after any life event to ensure your wishes are kept current. AYCO s TransitionalSupport Financial Counseling Service may be available to eligible employees, spouses and/or domestic partners with a life expectancy of less than 24 months. Contact the Benefits Center for additional information. 5 CLOSE

6 Employees: What to Do Ahead of Time (continued) UPDATE YOUR BENEFICIARY(IES) FOR PHILLIPS 66 PLANS For Phillips 66 Pension, Life, AD&D and Occupational Accidental Death (OAD) Plans, visit HR Express, choose Health and Welfare and click on Your Benefits Resources (YBR) or call the Benefits Center at (800) or (646) weekdays from 8:00 a.m. to 6:00 p.m. CT. For the Phillips 66 Savings Plan, visit HR Express, go to the Savings page and click on get seamless access to your savings plan account at Vanguard. You may also access vanguard.com or contact Vanguard Participant Services at (800) weekdays from 7:30 a.m. to 8:00 p.m. CT. To access HR Express from home visit hr.phillips66.com > Resources > Employee Self-Serivce. For your HSA Bank Health Savings Account (HSA), go online to hsabank.com or call (800) DISCUSS YOUR WISHES REGARDING END-OF-LIFE CARE WITH YOUR FAMILY AND, IF APPLICABLE, YOUR PHYSICIAN You may think that discussing end-of-life care with your family is important only when you re terminally ill or elderly. However, it s a good idea to have this discussion beforehand so that your loved ones are clear about your wishes should you become mentally or physically incapacitated. Two documents that you ll need to know about are: Advance directives: An advance directive, also known as a living will, enables you to direct family members on what type of care you do or don t want to receive (for example, ventilator breathing and feeding tubes) should you become terminally ill or permanently unconscious. Generally, an advance directive may also serve as a durable power of attorney. Durable power of attorney: A durable power of attorney, also known as a health care proxy, enables you to designate a surrogate a person who will make health care treatment decisions on your behalf if you become unable to make these decisions. If you ve had either or both of these documents prepared, you or your family should inform your physician and other medical professionals attending to your care. For more information, see Establish a durable power of attorney and advance directive. INFORM YOUR FAMILY ABOUT ANY DO NOT RESUSCITATE (DNR) ORDER ON RECORD If you have a catastrophic health condition and are admitted to a hospital or hospice, you or your family may be asked to sign a Do Not Resuscitate (DNR) order, which provides the facility s staff with instructions not to perform any extreme life-saving measures. Make sure you take time to discuss with your family your personal wishes concerning a DNR order. This decision should also be documented within your advance directive. 6 CLOSE

7 Employees: What to Do Ahead of Time (continued) DOCUMENT FUNERAL ARRANGEMENT WISHES It s also important to record your wishes regarding a funeral or memorial (a service honoring the deceased) and the final disposition of your body. Planning your funeral in advance will help you decide on final arrangements that are right for your preferences and budget. In addition, you ll keep your family from having to make what can be expensive financial decisions during a very emotional and difficult time. FUNERAL PLANNING TOOLS Phillips 66 offers access to a nationwide funeral planning and concierge service through Zurich provided by Everest. This tool offers assistance with funeral-related issues, price comparisons on funeral homes, and other planning tools to help you document your wishes regarding funeral plans. To access Everest resources, go to: everestfuneral.com/enroll and enter your address and Code: ZURICH100 If you do not have access to a computer, call (800) CLOSE

8 Employees: What to Do Ahead of Time (continued) ESTABLISH A DURABLE POWER OF ATTORNEY AND ADVANCE DIRECTIVE When you assign an individual power of attorney, you give that person (usually referred to as an agent or attorney-in-fact ) the authority to act for you. When you ve assigned a durable power of attorney, your agent can act on your behalf, even when you become incapacitated, or otherwise unable to administer your affairs. It is effective immediately, and remains in place until it is revoked by you or you die. In general, a durable power of attorney grants your agent the authority to act for you in legal and business matters. To give an individual the ability to make health care-related decisions on your behalf, you ll need a medical durable power of attorney and an advance medical directive (a document that enables you to convey your decisions about end-of-life care). Medical durable powers of attorney and advance medical directives serve a vital purpose, as they allow you to appoint someone to express your wishes about the type and extent of health care you wish to receive should you become seriously ill or injured and cannot speak for yourself. Because laws governing medical powers of attorney and advance directives may vary from state to state, it s important that you work with an attorney if you are interested in establishing either of these legal documents for yourself. IDENTIFY A CONSERVATOR AND EXECUTOR OF YOUR ESTATE To ensure that any estate management issues are handled smoothly and without delay, you may also wish to pre-designate: A conservator of your estate an individual given the right to manage your money and assets if you become incapacitated; or An executor of your estate an individual appointed to administer your estate after your death. CHECKLIST Prepare a letter of instruction Make sure your finances are in order Compile contact information Identify key personal documents/items and where they are stored Compile a list of passwords/codes Compile medical information Make sure beneficiary information is current Discuss your wishes regarding end-of-life care with your family and, if applicable, your physician Inform your family about any Do Not Resuscitate (DNR) order on record Document funeral arrangement wishes Prepare a will/estate plan Establish a durable power of attorney and advance directive Identify a conservator and executor of your estate 8 CLOSE

9 Survivors: What to Do When Your Loved One Dies As a survivor or as an employee that has lost a dependent, you ll have several decisions to make after you ve lost a loved one. This section summarizes what you ll need to know and do. KEY CONTACTS You ll need to contact the deceased s: Immediate family Close friends Colleagues Phillips 66 Benefits Center (see Notify the Phillips 66 Benefits Center for details) Past employers Attorney Tax advisor Stockbroker Insurance agent Clergy and faith-based organizations Club memberships Educational institutions Social Security Administration Veterans Administration Department of Motor Vehicles Home and auto insurance company Labor union Life insurance companies Banks Mortgage companies Credit union Credit card companies Other debtors or creditors, as applicable Your loved one s letter of instruction should provide contact information for these institutions to make this notification process easier for you. ACCESS FREE COUNSELING SERVICES THROUGH THE EMPLOYEE ASSISTANCE PROGRAM (EAP) The Phillips 66 EAP provides five free professional counseling sessions per person, per problem, per year for grief, loss, anxiety and stress, at no cost to Phillips 66 employees and their eligible dependents. Contact Resources for Living at (844) CLOSE

10 Survivors: What to Do When Your Loved One Dies (continued) IDENTIFY READILY AVAILABLE CASH FOR EXPENSES It s important to identify cash readily available for expenses, such as: Funeral arrangements Mortgage Utilities Estate fees (for example, attorney and court fees) Federal, state and local: Income tax Estate tax Income tax on the estate, if applicable Outstanding medical expenses incurred by the deceased Deadlines for some of these expenses may be inflexible, so it s important for you to be prepared to handle upcoming out-of-pocket costs. LOCATE DOCUMENTS IMPORTANT TO THE DECEASED S ESTATE You ll need to locate and secure important documents, such as: The deceased s letter of instruction, will and estate plan Certified copies of death certificate (a certified copy may be required for claiming assets such as life insurance benefits, savings and retirement plan benefits) Life insurance policies FUNERAL ARRANGEMENTS You ll need to make arrangements for your loved one s funeral or memorial service and final disposition of body. Ideally, you ll have a letter of instruction to guide you regarding your loved one s wishes. NOTIFY THE PHILLIPS 66 BENEFITS CENTER You ll need to report the death to the Phillips 66 Benefits Center at (800) or (646) The Benefits Center will: Gather important information, such as the deceased s date of death, living relatives and contact information. Assign the case to a Life Benefits Specialist (LBS), who can answer questions about survivor benefits. Notify the insurance carriers of your loved one s death. Once the carriers have been notified, the beneficiary(ies) on file will receive survivor benefit information. The beneficiary(ies) will need to complete and return any necessary forms to the insurance carriers. Initiate Ayco Survivor Support services if requested (see Access Ayco Survivor Support for details). CERTIFIED DEATH CERTIFICATES The Benefits Center, former employers, insurance companies, financial institutions and other entities providing beneficiary benefits may request that you mail them a certified death certificate, so be sure to have several copies on hand. 10 CLOSE

11 Survivors: What to Do When Your Loved One Dies (continued) MAKE DECISIONS REGARDING PHILLIPS 66 BENEFITS There are several actions you and your family need to take regarding company benefits. Please note that some benefits shown below may not apply to you. Here s a brief summary of what needs to be done and when: BENEFITS WHAT YOU NEED TO KNOW TIMING WHAT YOU NEED TO DO FOR MORE INFORMATION COBRA The Benefits Center will send enrollment materials and rate information to eligible dependents. Mailed within 3 5 business days. Eligible dependents less than age 65 should review materials and enroll in survivor benefits online or with the Benefits Center within 65 days. Benefits Center: (800) Retiree Medical and Prescription Drug Coverage Health Savings Account (HSA) The Benefits Center will send enrollment materials and rate information to eligible dependents under age 65. Unless indicated otherwise by beneficiary designation forms, HSAs may remain open and transfer to a surviving spouse. Mailed within 3 5 business days. The Phillips 66 affiliated HSA will be closed and an individual HSA Bank account will automatically be opened for the deceased employee within 30 days, with funds transferring to the new account. Eligible dependents less than age 65 should review materials and enroll in survivor benefits online or with the Benefits Center within 30 days. Surviving spouse should contact HSA Bank to request account transfer to his/her name. Spouse may also open an HSA with another financial institution and request funds be transferred there. If there is no surviving spouse, or there is a designated beneficiary the HSA funds will go to the beneficiary or the estate. Benefits Center: (800) For HSA inquiries after account transfer HSA Bank (800) (continued) 11 CLOSE

12 Survivors: What to Do When Your Loved One Dies (continued) BENEFITS WHAT YOU NEED TO KNOW TIMING WHAT YOU NEED TO DO FOR MORE INFORMATION Flexible Spending Account (FSA) Health Care Flexible Spending Account (HCFSA) Dependent Care Flexible Spending Account (DCFSA) If funds remain, surviving dependents must submit proof they are executor of the estate in order to submit claims against remaining balance. Claims must be filed against remaining balance by June 30 of the following year. Eligible dependent should contact WageWorks FSA Unit with any questions about account balance or filing claims. WageWorks: (877) wageworks.com Phillips 66 Pension Plan The Benefits Center will send a kit of materials to eligible survivor/beneficiary. Mailed within 3 5 business days. Eligible survivor/beneficiary should review materials and make elections with the Benefits Center. Benefits Center: (800) Phillips 66 Savings Plan If an account exists, Vanguard will send a Savings Plan claim to the beneficiary. Mailed within 14 business days. Beneficiary should review materials and contact Vanguard with any questions regarding plan information. Vanguard: (800) Life Insurance* Basic Supplemental Spouse Life Zurich will send a claim packet to the beneficiary(ies). Mailed within 5 7 business days. Beneficiary(ies) should review materials and contact Zurich with any questions regarding the claims process. Zurich: (800) Child Life Accidental Death and Dismemberment (AD&D) Life Insurance* Occupational Accidental Death (OAD) Contact the Claims Administrator, Manager, Total Rewards to file a claim. Manager, Total Rewards: (918) * Note: Only if there is a life insurance benefit payable and the funeral home will allow an assignment of life insurance proceeds. Please contact the life insurance carrier for assistance with this process. 12 CLOSE

13 Survivors: What to Do When Your Loved One Dies (continued) ACCESSING YOUR PHILLIPS 66 BENEFIT INFORMATION As a survivor of a Phillips 66 employee, if you re eligible for Phillips 66 medical and prescription coverage and/or you re entitled to pension benefits from the company, you ll have your own account for the Benefits Center. After you ve provided notification of your loved one s death, the Benefits Center will send you, within five business days, a temporary password to use for accessing your account information through the Your Benefits Resources TM (YBR) website or by phone. 13 CLOSE

14 Survivors: What to Do When Your Loved One Dies (continued) ACCESS AYCO SURVIVOR SUPPORT Ayco s SurvivorSupport Financial Counseling Service is a personalized and comprehensive financial counseling service. The cost of this service is paid for by Phillips 66. Participation is entirely voluntary. As a general rule, if you request Ayco services: Ayco will call you within five business days of the initial notification of death. Initially, you ll have a counseling session with an experienced Ayco professional, who will review your financial position, help establish objectives and priorities, and assist you in making decisions in your best interest. For more information about Ayco, contact the Benefits Center. SECURE THE DECEASED S HOME You may need to secure the deceased s home, if he or she lived alone. ARRANGE CHILDCARE OR ELDER CARE FOR THE DECEASED S DEPENDENTS If the deceased had children under the age of 18 and/or was caring for elderly or other family members, you may need to arrange for childcare or elder care for these individuals. MAKE ARRANGEMENTS FOR PETS, IF ANY If your loved one left pets behind, you may need to make arrangements for their care and housing (both temporary and permanent). UPDATE TAX WITHHOLDING INFORMATION If the deceased is listed as a dependent on your W-4 form, you will need to update your withholding information. SURVIVORS CHECKLIST Key contacts Identify readily available cash for expenses Locate documents important to the deceased s estate Funeral arrangements Notify the Phillips 66 Benefits Center Make decisions regarding Phillips 66 benefits Access Ayco Survivor Support Secure the deceased s home Arrange childcare or elder care for the deceased s dependents Make arrangements for pets, if any Update tax withholding information 14 CLOSE

15 Phillips 66 Resources for Employees and Survivors RESOURCE Phillips 66 Benefits Center Resources for Living CONTACT INFORMATION Ayco Survivor Support Financial Counseling Service Benefits Center at (800) Zurich Funeral Planning Tools Vanguard Participant Services YBR through HR Express via hr.phillips66.com (Resources > Employee Self-Serivce) or directly at resources.hewitt.com/phillips66 Benefits Center at (800) (646) (for international callers) To learn more about resources for daily living including emotional support, legal, financial and daily life assistance, view this brochure. (844) resourcesforliving.com Username: Phillips66; Password: RFL everestfuneral.com/enroll Code: ZURICH100 (800) weekdays from 7:30 a.m. to 8:00 p.m. CT vanguard.com This communication may contain information regarding certain Phillips 66 compensation & benefits. The summary plan descriptions for the various benefit plans and other relevant terms and conditions provide more detailed information. Receipt of this communication does not guarantee eligibility for benefits or any other form of compensation. Phillips 66 reserves the right to correct any errors. If the information provided by this communication conflicts with the plan documents, the plan documents will prevail. Phillips 66 also reserves the right to amend, change or terminate its plans, any underlying contract or any other policy or program, at any time without notice, at its sole discretion. This information applies only to non-represented employees, as well as represented employees where provided for under the terms of an applicable collective bargaining agreement. 15 CLOSE