BENEFITS ENROLLMENT GUIDE NEW HIRES. Benefit with Oxy. your health. your life. your future. Occidental Petroleum Corporation

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1 BENEFITS ENROLLMENT GUIDE NEW HIRES Benefit with Oxy 2015 your health. your life. your future. Occidental Petroleum Corporation

2 health. your Benefit Plans at a Glance* See enclosed benefit rate charts for contribution information. Enroll TODAY! PLAN match) Medical Care (Oxy and employee share cost) Type of Coverage Coverage Action Required Submit all forms directly to OxyLink Personal Savings Account (PSA)- Oxy matches two dollars for every dollar you 401(k) COVERAGE contribute up to 2% of your eligible pay plus (Employee contributions and Oxy dollar for dollar on the next 3% you contribute Enroll online to begin receiving Oxy s match DETAILS Make your contribution election for a total of 7% available Company match and select investment funds online Employee Only, Employee + One Dependent, and Family coverage Submit beneficiary Page designation 2 available Enroll Health Care Employee Only, Employee + One Dependent, Enroll online Within Dental 31 Care (Oxy and employee share in the Employee cost) Only, or Family Employee coverage + One available Dependent, and Family coverage Submit application Page for any 3 regional Days (Oxy and employee Medical share cost) Care available medical option, as applicable Dental Care Flexible Spending Accounts Pay for current year eligible health care and dependent day-care Page 3 (Employee contributions) Flexible Spending Accounts expenses with Pay tax-free for current dollars year eligible health care and Enroll online (Employee contributions) dependent day-care expenses with tax-free Health Care FSA dollars Health Savings Account Dependent Care FSA Save and pay for eligible current and future health care expenses with Page 3 (Employee contributions) tax-free dollars requires that you also enroll in a high-deductible Long-Term Disability medical plan 50% option or 60% of monthly base pay Enroll online (Employee-paid) Basic Life Insurance Two times base pay Page 4 (Oxy-paid) Group Universal Life Up to six times base pay; spouse and Enroll online or submit GUL (Employee-paid) dependent coverage available enrollment form to Cigna Group Universal Life Insurance Up to six times Optional base tax-deferred pay; spouse savings and dependent feature coverage available Page 4 available (Employee-paid) Optional tax-deferred savings feature available Enroll Health Savings Account Save and pay for eligible current and future Enroll online Now Accidental or Death (Employee & Dismemberment contributions) From one to health ten times care expenses base pay with up to tax-free $1 million; dollars spouse and Submit dependent beneficiary Page designation 4 Later (Employee-paid) coverage available requires that you also enroll in a high deductible medical plan option Occupational Accidental Death & Three times base pay Dismemberment Accidental Death & Dismemberment From one to ten times base pay, up to $1 (Employee-paid) million; spouse and dependent coverage (Oxy-paid) available Page 4 Enroll online Submit beneficiary designation AUTOMATIC Short-Term Disability Short-Term Disability (Oxy-paid) (Oxy-paid) 50% or 100% 50% of or base 100% pay of according base pay according to a service-related to a schedule None service-related schedule Page 5 Long-Term Disability Basic Life (Employee-paid)(Oxy-paid) 50% or 60% Two of times monthly base base pay pay (Employee coverage only) Submit beneficiary Page designation 5 Personal Savings Occupational Account (PSA) Accidental Death Oxy & matches Three two times dollars base for pay every dollar you contribute up to Submit 2% of your beneficiary Page designation 6 (Employee contributions Dismemberment and Oxy match) eligible pay, (Employee plus dollar coverage for dollar only) the next 3% you contribute for a (Oxy-paid) total of 7% available Company match Personal Retirement Personal Account Retirement (PRA) Account Oxy (PRA) contributes Oxy contributes 7% of your 7% eligible for your pay eligible up to the pay 2015 up to Social Select Security investment Page funds 6 online (Oxy contributions) the 2015 Social Security Wage Base (SSWB) Submit beneficiary designation (Oxy contributions) Wage Base (SSWB) then 12% once you exceed the SSWB then 12% once you exceed the SSWB * For more detailed information, see each plan s Summary Plan Description (SPD), subsequent issues of The Source for plan changes, and/or the current insurance policies, as applicable.

3 WELCOME How to Enroll to Follow these steps to enroll in Oxy s benefit plans: Oxy Read this Benefits Enrollment Guide to understand your options and consider your elections before you enroll. Enroll online. Log in to oxylink.oxy.com with your Employee ID (provided in your packet) and OxyLink password ( ed to your private Oxy address and mailed to your address of record). WHAT S INSIDE 2 Your Health 4 Medical Coverage 6 Health Savings Account (HSA) 11 Dental Coverage 12 Flexible Spending Accounts (FSA) 16 Disability 18 Life Insurance 20 Personal Savings Account (PSA) 401(k) 23 Personal Retirement Account (PRA) 25 Other Programs & Policies 28 OxyLink Your Direct Benefits Connection To enroll in health, life and disability benefits, select Employee Self Service > Ben Enrollment As A New Hire > New Hire Benefits Enrollment. Have available the Social Security numbers and dates of birth for any dependents you wish to enroll. To enroll in Oxy s 401(k) savings plan, select Employee Self Service > Ben Enrollment As A New Hire > PSA Contribution Rate, and if applicable, PSA Age 50+ Catch-Up to make catchup contributions. To select investment funds for your savings and retirement plans, choose Employee Self Service > Ben Enrollment As A New Hire > My PSA/PRA > Investments > Manage My Money > Change My Future Contribution. Complete and mail applicable forms to OxyLink: See the Action Required column in the Benefit Plans at a Glance chart (inside the front cover) to determine the forms applicable to your enrollment choices. Beneficiary designations must be in writing, and in some cases notarized. Some plans require submission of an application to complete your online election. Forms are included in your packet and available online. Important: Remember to return all of your completed benefit forms directly to OxyLink. Regional medical plans require a completed enrollment form within 31 days of eligibility in addition to your online election. Eligible Participants Generally, all full-time, non-represented Oxy employees are eligible to participate in the benefit plans described in this booklet on the date they first become eligible, which for most employees is on date of hire. Union-represented employees are eligible only if the applicable collective bargaining agreement specifically provides for participation. Employees who are regularly scheduled to work at least 30 hours per week are considered full-time. Part-time and temporary employees are eligible to participate only in Occupational Accidental Death and Dismemberment (OAD&D), the Personal Savings Account (PSA) and the Personal Retirement Account (PRA). 1

4 your health. Oxy offers a choice of plans that support your health and wellness and help you manage your health care costs. Meet ALEX, our virtual benefits counselor ALEX can help you determine which Oxy benefit plans are best for you. ALEX will walk you through the medical and dental plans and the Flexible Spending Account (FSA) and Health Savings Account (HSA). Visit ALEX at How to decide If you are married and your spouse is employed by another company that offers health care coverage, compare costs and plan features to determine which company s coverage, or both, is right for you and your dependents. How much will you pay out-of-pocket for health care between your date of hire and the end of the year? Choose among available options by comparing covered expenses, contribution rates, copayments/coinsurance, deductibles, out-of-pocket limits, prescription drug costs, etc. Remember, you may enroll in different plans for next year during the annual Open Enrollment. Although HMOs (offered at some Oxy work locations) offer more predictable costs, is the freedom to go to any doctor you choose more important? Are you comfortable with your potential cost under a high-deductible health plan in exchange for lower contributions and the opportunity to save for the future in a Health Savings Account (HSA)? Consider paying for out-of-pocket medical, dental, vision and prescription drug expenses you and your dependents incur between your date of hire and the end of the year with pretax dollars by enrolling in a Flexible Spending Account (FSA) and/or a Health Savings Account. Under the medical and dental plans, you and Oxy share the cost of coverage. You pay your share through per-pay-period contributions, copayments or coinsurance, and/or annual deductibles. Within 31 days of your date of eligibility, you may enroll in medical coverage, enroll in dental coverage, or waive coverage under either or both plans, and enroll in the Flexible Spending Accounts. If you do not enroll within 31 days, you will be deemed to have waived coverage. Under both the medical and dental plans, you may select from the following coverage levels: Employee Only Employee + One Dependent Family If you enroll in both a medical and dental plan, you may select different levels of coverage and dependents for each plan. See the enclosed benefit rate charts for monthly employee contribution amounts by level of coverage. Your per-pay-period contribution will be displayed when you enroll online. Enrollment deadlines Review your enrollment materials promptly. Most plans require that you enroll and submit applicable forms to the OxyLink Employee Service Center within 31 days of your date of eligibility or wait until the next annual Open Enrollment period, if applicable. If you wait to enroll in the Long-Term Disability (LTD) and Group Universal Life (GUL) plans, you will later need to provide proof of good health, also known as evidence of insurability or EOI, to the insurance company, at your own expense, and you risk that your application might not be approved. If you don t have Internet access, call an OxyLink service representative at

5 Coverage Changes After 31 Days After 31 days from your date of eligibility, in most cases you will not be eligible to enroll or change your coverage under the medical, dental and FSA plans until the next annual Open Enrollment period or until you, or in some cases your spouse or a dependent, experience a change in status including: Change in your legal marital status Change in the number of your dependents Employment status change Work schedule change Change in a dependent s coverage eligibility Change in eligibility under Medicaid or the Child Health Insurance Program (CHIP) Change in work or residence location Compliance with a legal order Depending on your status change, you may increase, decrease, stop or start coverage under the medical, dental, or FSA plans if the change you request is consistent with the event. To request a coverage change, you must call OxyLink and submit any required documentation within 31 days of the event, or within 60 days of a Medicaid or CHIP event. Use the Plan Cost Estimator By entering your family s expected health care expenses, the Plan Cost Estimator can help you decide which medical option might be best for you. Go to OxyLink and under Important Links select: Benefits Information for New Hires > Plan Cost Estimator. The Estimator models costs on an annual basis and assumes a full year of plan participation, so you may need to adjust the results accordingly. Your Eligible Dependents Generally, your eligible dependents under the medical and dental plans are your legal spouse* (unless legally separated) and your children under age 26. Eligible dependent children, regardless of the child s student, employment, or marital status or residence, include: Your natural children Children legally adopted or placed for adoption with you Stepchildren and foster children Other children whom you claim as dependents on your federal income tax return, for whom you and/or your spouse have primary legal custody, who live with you in a regular parent-child relationship, and for whom you can provide required documentation * All legal marriages will be recognized for purposes of benefit eligibility, regardless of the state in which you reside. Add/review dependents The OxyLink Employee Self Service medical and dental enrollment screens will prompt you to enter information about each eligible dependent you enroll for coverage, including date of birth and Social Security number. You will select from a drop-down menu to enter the dependent s relationship to you. For children, choices include Child and Rec Child. Child applies to natural and legally adopted children and children placed with you for adoption. Rec Child (recognized child) applies to any other children who qualify as your eligible dependents (e.g., stepchildren) and for whom you can provide required documentation. Medical Identification Cards You will usually receive identification (ID) cards for the medical plan you choose within two to three weeks after submitting your enrollment. In the event you require emergency medical services, seek treatment and file a claim for reimbursement, as needed. Reimbursement will be subject to the terms of your elected plan of coverage. 3

6 your health. Medical Coverage The medical option you choose and the coverage level you select Employee Only, Employee + One Dependent, or Family determine your monthly pretax contribution amount. Network Options Oxy offers three medical options to all employees. These plans help you pay for the cost of most preventive care and medically necessary care, and protect you from extraordinary medical expenses. Aetna Options Two Aetna options are available the Aetna Basic (low deductible) and the Aetna HealthFund (high deductible) option. Typically, after the deductible, these options pay a percentage of covered expenses that varies depending on whether you use a network provider. Prescription drug coverage under these options is provided through Express Scripts. Anthem Blue Cross Option Anthem Blue Cross offers one plan option. When you use network providers you ll pay a fixed-dollar copay for most common expenses such as office visits and prescription drugs. For other services you pay a percentage of covered expenses after a deductible for care that is typically less frequent. Prescription drug coverage under this option is also provided through Express Scripts. The Aetna and Anthem options offer significant cost savings when you use network providers, and none of these plans require a referral to see a specialist. The enclosed Medical Options Comparison Chart shows the monthly contribution amounts, annual deductibles, and other major features of the Aetna and Anthem options. Summaries of Benefits and Coverage are also available on the OxyLink website. Your prorated contribution will be deducted each pay period on a pretax basis. The HealthFund option is not for everyone Although the HealthFund option, with its lower contributions and the tax-free aspects of an optional Health Savings Account (HSA), can be a wise choice for a broad range of employees, the financial risk of a high deductible plan is not for everyone. Finding participating providers in your area To find local network providers under the Aetna and Anthem medical options, the Aetna dental plan, and the Aetna and Anthem vision and hearing discount programs, go to the Medical, Dental and Vision/Hearing pages on My HR. 4

7 Regional Medical Options At certain locations (primarily Western New York), employees may choose a Health Maintenance Organization (HMO). Under an HMO, you select a primary care physician (PCP) to coordinate all of your care and you pay a fixed-dollar copay for each office visit or hospital stay. The copayments and monthly contributions vary by option. Covered medical services typically must be received from a specific network of doctors, hospitals and other medical providers associated with that organization. If any regional medical options are available in your area, the coverage and contribution summaries are enclosed in your enrollment packet. If no summaries are provided, only the Aetna and Anthem options are available at your work location. If you want to enroll in a regional medical option, you must select that option online, complete the plan s enrollment form and return it to OxyLink within 31 days of your date of eligibility. You may either print the form online during your enrollment or use the copy in your packet. Your coverage ID cards will be mailed to you directly from the regional plan within approximately three weeks following OxyLink s receipt of your form. Vision and Hearing Discount Programs If you enroll in an Aetna medical, dental or FSA plan administered by Aetna, you are automatically eligible for Aetna s vision and hearing discount programs. If you enroll in the Anthem Blue Cross medical option, similar programs are available. The programs are offered at no cost and can provide you and your enrolled dependents significant savings when you use participating providers. The programs can provide substantial discounts on hearing exams and hearing aids and on eyeglass frames, corrective lenses, contact lenses, non-prescription sunglasses, contact lens solutions and accessories. The vision programs also offer discounts on LASIK surgery and eye examinations, and Aetna offers a mail-order contact lens program. For detailed information about using Aetna or Anthem discount programs, go to My HR>Vision/Hearing. Health care claim forms Medical, Dental, Prescription Drug and Flexible Spending Account claim forms are available online. To access health care claim forms, go to OxyLink and under Forms, Publications & Info select: Forms - Beneficiary, Claims and Payroll > Medical, Dental and FSA Forms. 5

8 your health. Health Savings Account (HSA) A Health Savings Account (HSA) provides an alternative to traditional health insurance it is a special, tax-advantaged savings account that works with a qualifying high deductible health plan such as the Aetna HealthFund medical plan option. The HSA offers a way of saving money to pay for your current and future medical expenses. When you enroll in the Aetna HealthFund medical option, you can open an HSA to pay for qualified health care expenses or save for retirement. Unlike a Flexible Spending Account (FSA), an HSA has no use it or lose it rule. Money remaining in the account at year-end rolls over (stays in your account) for later use. You own your HSA, so you keep it, even if you change medical plans or jobs. With an HSA, you control how your health care needs are met and financed. You decide how much money you want to contribute each year and how that money should be spent or saved. Because you retain ownership of any unused funds, you may be more aware of the true cost of services and more deliberate in your decisions. You may price shop, ask more questions, and get more involved in prevention and treatment. HSA Contributions You may choose to make tax-free contributions to your HSA, up to the annual limits shown in the enclosed benefit rate charts, in one or both of the following ways: Pretax payroll contributions: Deductions will be made before federal and state (in most states) taxes are taken from your paycheck. To use this method, elect an annual HSA contribution of at least $1 during your online enrollment and Oxy will pay your monthly PayFlex HSA administration fee. After-tax contributions: You may send periodic or one-time after-tax contributions directly to PayFlex by check or through electronic funds transfer from your bank account. You can contribute any time during the year, or up until April 15th of the following year, then claim your after-tax contributions as a deduction when you file your tax return. You will need to contact PayFlex directly to set up your account unless you also elect an HSA payroll contribution. Alternatively, you may choose to set up your own HSA at a local bank or credit union, and you will be responsible for any associated fees. A dependent who does not qualify as a tax dependent may be eligible to establish and contribute to a separate HSA. Making contributions to fund your HSA is voluntary you may enroll in the HealthFund medical option without contributing to or establishing an HSA. Deciding about an HSA Are you comfortable with the increased financial risk of a high deductible medical plan? Review your health services and expenses for the past few years. Do you want the opportunity to save money in a tax-free HSA to pay for your current and future health care expenses? Are you looking for additional opportunities to save tax-free for your retirement? Compare your contributions under the Aetna HealthFund medical option versus other available medical options. Remember, you can fund your HSA with some or all of the difference in cost. 6

9 Age 55+ HSA Catch-up Contributions For individuals age 55 or older by the end of the year, the IRS allows an additional contribution up to the annual catch-up limit shown in the enclosed benefit rate charts. If both you and your spouse are age 55 or older and are not enrolled in Medicare (Part A or Part B) or a regular FSA, each may take advantage of the catch-up provision. Employee catch-up contributions may be made on a pretax basis through payroll deductions. Joint HSAs are not allowed by the IRS, so for spousal catch-ups, you must establish a separate spousal HSA account. Spousal HSA catchup contributions must be made by personal check or by electronic funds transfer from a bank account directly to PayFlex (not by pretax payroll deduction), and the spousal account must be established by December 31. Any catch-up contributions made on an after-tax basis should be claimed as a deduction on your income tax return. Dependent expenses In order to pay for expenses for dependents using your HSA, the dependents must qualify as tax dependents, or the distribution must be reported as taxable income and an additional 20% penalty tax will apply. Annual HSA Contribution Limits The IRS sets the HSA maximum allowable annual contribution amounts, which are indexed and adjusted each year. See the enclosed benefit rate charts for this year s maximum HSA contribution amounts. If you contribute the maximum allowed during the balance of this year and then fail to remain enrolled in a high deductible health plan for the 12-month testing period (as defined by the IRS) following enrollment, some amounts may be taxable and incur an additional penalty tax. More information about HSAs To link to various HSA publications and available tools to assist you such as HSA Quick Reference Guide, Frequently Asked Questions (FAQs), Forms, etc. go to and select my resources. IRS restrictions on HSAs IRS rules permit you to contribute to an HSA only if you enroll in a high deductible health plan such as the Aetna HealthFund medical option. In addition, to be eligible to enroll in an HSA, you cannot have other health insurance coverage that IS NOT a high deductible health plan (including coverage under your spouse s medical plan, a regular FSA, or Medicare Part A or B). You must also have a valid Social Security number and satisfy any federal banking account set-up procedures. If you are eligible to enroll on or after December 2, you may not contribute to an HSA until January of the following year. Note, however, that under the Last Month Rule, if you are eligible to enroll on or before December 1, you may contribute up to the maximum annual contribution limit. 7

10 your health. How to Use Your HSA PayFlex will administer this program and process your HSA transactions. They are a part of the Aetna family. If you enroll in an HSA, you will receive a PayFlex HSA MasterCard in your name. This card may be used like any debit card, for example, at the doctor s office, pharmacy or hospital. Additional cards for family members are available upon request. Use your PayFlex HSA debit card or their optional online issued checks to pay for qualified expenses with your HSA funds. Alternatively, you can pay for current expenses out-of-pocket and leave your HSA funds in your account to grow tax-free for future use. By keeping your receipts, you can access your HSA funds at any time in the future to reimburse yourself tax-free for qualified expenses you paid for out-of-pocket. You may set up direct deposit to a bank account of your choice at Unlike a Flexible Spending Account (FSA), any unused balance in an HSA automatically rolls over year after year (i.e., stays in your account until used). You do not need to file a claim form to access your HSA funds; however, you should keep all of your receipts and documentation in case they are requested by the IRS. If you use your HSA to pay for non-qualified expenses, you must report the expense as taxable income on your tax return. An additional 20% penalty tax on non-qualified expenses will apply unless you are at least age 65, or disabled. HSA qualified expense examples You may use your HSA to pay for qualified, health-related expenses allowed by the IRS. Certain expenses not covered under Oxy s medical plans may still be considered by the IRS as qualified for payment with HSA dollars. The following are examples of qualified expenses: Medical deductibles, copays, and coinsurance Diagnostic services Dental and orthodontia services LASIK surgery, contact lenses and eyeglasses Prescription drugs Most other over-the counter drugs (with a prescription) Hearing aids Medicare, COBRA and qualified long-term care premiums For more examples of HSA qualified expenses, go to and under my resources select common eligible expenses. 8

11 HSA Investment Options Your contributions to the HSA will be deposited in an account with Citibank. Until you accumulate $1,000 in your HSA, your contributions will be invested in an interest-bearing, FDIC-insured cash account (earning 0.25% as of January, 2015) at Citibank. Once you reach the $1,000 minimum balance, you may open an investment account. Any balance above $1,000 in your HSA is available for you to invest in a diversified group of mutual funds offered by Citibank. While mutual funds are not FDIC-insured and expose investors to the risk of loss of principal, they provide the opportunity to earn higher returns than might be available in the HSA cash account. Auto-sweep and Recurring transfer options are available from your HSA Cash Account to your HSA Investment Account. Enrollment is required via online. Your HSA account balance and transaction history are available online at or at Build Your Nest Egg An HSA not only can help you pay for current health care expenses on a tax-free basis, it can be a powerful tool to help you build longterm savings for your retirement. This is because an HSA provides tax benefits beyond those of other tax-deferred savings vehicles. Contributions to an HSA are excluded from taxable income even withdrawals are tax-free when used to pay for qualified health care expenses. You may choose to pay for your current expenses out-of-pocket and let your HSA grow and accumulate earnings tax-free for future expenses like long-term care premiums or health expenses during retirement. If you pay for your medical costs with after-tax money, or you remain healthy and don t need to withdraw from your HSA, your balance can increase by investment earnings that accumulate tax-free. You may then use the money in the account to supplement your retirement income. When you reach age 65, withdrawals can be made for non-medical purposes but are taxed as ordinary income. Funds used for qualified medical expenses are never taxed. If you are seeking additional opportunities to build retirement savings, HSAs offer a unique and innovative vehicle for both accumulating wealth and managing health expenditures, all on a tax-favored basis. Use the Plan Cost Estimator In addition to studying this guide and the additional HSA-related information available on the OxyLink website, you can use the Plan Cost Estimator to help you determine if a high deductible plan is right for you and your family, and how much to contribute to an HSA. Go to OxyLink and under Important Links select: Benefits Information for New Hires > Plan Cost Estimator. You also may want to consult with your tax advisor about the tax advantages that an HSA can provide. Use our virtual benefits counselor Visit ALEX, at 9

12 your health. Beneficiary Designation In the event of your death, your HSA balance can transfer to your surviving spouse tax-free, but only if you name your spouse as beneficiary. If you do not name your spouse, or your beneficiary is not your spouse, the funds will be taxed as ordinary income. Beneficiary forms for the HSA are maintained by PayFlex. To designate your beneficiary online, access your HSA online at or at States vary on HSA tax treatment References in this document to the tax-free nature of HSAs apply to federal income tax. HSAs are also tax-free in most states. As of November, 2014, some states in which Oxy operates (e.g., Alabama and New Jersey) have not passed legislation to grant state tax benefits to HSA contributions and investment earnings like those available at the federal level. The information provided in this document is not tax advice. While the information is believed to be accurate as of the print date, it is subject to change. Consult a qualified tax expert for advice on determining eligibility for any tax benefits. HSA tax advantages Contributions you make to your HSA through pretax payroll deductions are not considered taxable income on your federal income tax return. Contributions are also nontaxable in most states. Any after-tax contributions can be taken as an above-the-line tax deduction when you file your tax return, thereby reducing your taxable income by the aftertax amount you contributed to your HSA. You do not have to itemize your deductions to benefit. HSA funds accumulate interest and earnings tax-free. Withdrawals for qualified expenses are tax-free. In the event of your death, your HSA balance can transfer to your surviving spouse taxfree, if you name your spouse as beneficiary. See page 12 for an example of the Tax Savings Advantage of HSAs and FSAs. 10

13 Dental Coverage The Dental Plan, administered by Aetna, covers preventive dental care and services that are essential to the proper care of your teeth. The Aetna Dental Plan offers significant cost savings when you use network providers. For preventive and diagnostic services, the plan generally pays 100% of covered expenses with no deductible. These services include routine examinations, cleanings and annual bitewing X-rays. For restorative services the plan pays 80% of covered expenses after the deductible. These services include most fillings, extractions and periodontal and endodontic treatment. For major services such as inlays, gold fillings, crowns and bridgework, the plan pays 50% of covered expenses after the deductible. In addition, orthodontic services are covered at 50% up to a maximum lifetime benefit of $2,500, with no deductible, for each covered dependent child under age 19. The coverage level you select determines the amount of your contribution. Current monthly contributions and annual deductibles are shown on the enclosed Aetna Dental PPO Summary. Your prorated contribution will be deducted each pay period on a pretax basis. For covered expenses, the plan will pay a maximum annual benefit of $2,000 for each covered individual with no lifetime maximum (excluding the separate lifetime orthodontic limit). If you use a network dentist, the plan pays the applicable percentages of the generally lower network rate, so you and the plan pay less. If you use a non-network dentist, the plan pays the same above percentage of covered expenses, but only up to the plan s usual and customary limits you pay the rest. 11

14 your health. Flexible Spending Accounts (FSAs) A Flexible Spending Account (FSA) lets you pay for certain health care and dependent care expenses with pretax dollars. The FSAs are administered by PayFlex. Regardless of the medical and/or dental option you select, if any, you may participate in a Health Care FSA, a Dependent Care FSA, or both, if you enroll within 31 days of your date of eligibility. If you do not enroll within this period, in most cases you will not be eligible to enroll until the next annual Open Enrollment period unless you have a change in status during the year (See page 3). FSAs operate on a calendar year basis. Each year, you must decide how much to set aside in one or both accounts. In your first year, eligible expenses are limited to those you incur after your date of eligibility. Elections do not automatically continue from one year to the next, nor do any unused balance(s) in the FSAs. The tax savings advantage The example below shows how an FSA and/or HSA can save you money. Assume you expect $2,000 in out-of-pocket medical, dental and vision expenses, earn less than the annual Social Security wage base, pay federal income taxes of 15% and state taxes of 5%, and you don t take a tax deduction for these expenses. A Health Care FSA is an account used to pay for health care expenses that are not paid or reimbursed from other sources, such as your or your spouse s medical or dental plans. A Dependent Care FSA is used to pay for child care, elder care and care for other eligible individuals, which enables you and your spouse to work outside the home. How FSAs Work The amount you elect to contribute to each account will be deducted automatically from your paycheck before Social Security, federal income and most state income taxes are calculated and withheld. This means your taxable pay is reduced by what you contribute to an FSA, resulting in lower taxes. Money set aside Less taxes paid: Federal (15%) State (5%) Social Security (7.65%) Amount available to cover expenses With an HSA and/or FSA $2, $2,000 Without an HSA and/or FSA $2, $1,447 When you have an eligible expense, you pay for the expense and then submit a claim to the claims administrator (PayFlex) to pay yourself back from your account. FSA reimbursements are processed daily. You could either have $2,000 in pretax dollars to pay for those expenses, or you could pay $553 in taxes on that money, reducing your net buying power to only $1,447. Or, put another way, without a pretax account, you would need $2,000 of taxable income to cover $1,447 in expenses. Use the Plan Cost Estimator The Plan Cost Estimator also can help you decide how much to contribute to a Health Care FSA and shows your potential tax savings. Go to OxyLink and under Important Links select: Benefits Information for New Hires > Plan Cost Estimator. 12

15 How Much You Can Contribute There are limits to the amounts that you can contribute to FSAs each year, as shown below. SPENDING ACCOUNT TYPE Health Care FSA Dependent Care FSA* Single or married filing a joint tax return Married filing a separate tax return Contributions to an FSA are deducted each pay period. When you enroll, you will elect the total amount you wish to contribute for the remainder of the year. Direct Deposit Option You may elect to have your FSA reimbursements directly deposited into a designated checking or savings account of your choice. Once enrolled in FSA, go to to register and provide your direct deposit banking information. Changing Your Contribution Amount ANNUAL LIMIT $2,500 $5,000 $2,500 * Your family s combined contributions to all Dependent Care accounts (including your spouse s or yours with any prior employer) may not exceed these limits in a calendar year. Once you submit your FSA election for the plan year, you may not stop or change your contribution amount unless you experience a change in status (see page 3), and the change you elect is consistent with the event. A change in dependent care provider is not considered a status change. Use our virtual benefits counselor Visit ALEX, at FSA Claim Forms To access FSA claim forms, go to and select: My Resources > Reimbursement Account Forms or go to Oxylink.oxy.com and under Forms, Publications & Info select: Forms - Beneficiary, Claims and Payroll > Medical, Dental and FSA Forms. Other Important Information Make sure you understand the FSA requirements and elect your contributions carefully. If you do not use all the money in your FSA(s), you will lose it. IRS regulations require that you forfeit any unspent money at the close of the plan year.* Forfeitures cannot be deducted on your income tax return. Under Oxy s plans, eligible expenses must be incurred between your date of eligibility and the end of this year. Claims incurred on or before December 31 of this year must be submitted and received by PayFlex on or before March 31 of next year or you will not be reimbursed. * The Health Care FSA does not provide for a 2½ month grace period nor does it have a carry over provision. Auto Pay: Streamlined Claims Submission (Health Care FSA only) You may elect to have the unpaid portion of any medical and/or dental claims that are processed by Aetna and your copays or coinsurance processed by Express Scripts (ESI)** automatically forwarded to your Health Care FSA for reimbursement. You may select this convenient streamlined claims submission during your online benefits enrollment. PayFlex refers to this function as Auto Pay. Anthem medical claims are not currently eligible for Auto Pay, however, prescriptions processed by ESI under the Anthem medical plan are eligible. Do not elect streamlined claims submission if you coordinate medical or dental claims with another health care plan such as your spouse s plan or Medicare, or if you plan to receive reimbursement for orthodontic expenses you will pay in advance. Streamlined claims submission is not available if you enroll in a Health Savings Account (HSA). ** Express Scripts is the prescription drug administrator under both the Aetna and Anthem medical plan options. 13

16 your health. Health Care Spending Account Eligible Expenses Generally, eligible health care expenses are those that: Are incurred by you, your spouse, your children under age 26 including your natural children, stepchildren, lawfully adopted children, children placed with you for adoption; and any other person whom you claim as a dependent on your federal income tax return, Qualify as health care expense deductions for federal income tax purposes, Are not claimed as an itemized health care expense deduction on your federal income tax return, and Are not reimbursed to you or paid to your health care provider(s) from any other source. For a complete list of eligible expenses go to and click on Common Eligible Expense Items. How to decide How much will you spend between your date of eligibility and the end of the year for out-of-pocket health care expenses that will not be reimbursed under a medical or dental plan or any other source? Think about your expected eligible health care expenses. Wouldn t you rather save money by paying for these expenses with pretax dollars? Estimate your FSA contributions carefully. If you don t use it by year end, you ll lose it. If you enroll in a Health Savings Account, carefully read the Limited Purpose FSA with an HSA information. Health Care FSA vs. Itemized Deductions You cannot take a tax deduction for the same expenses reimbursed to you through an FSA. A federal income tax deduction can only be taken to the extent that unreimbursed medical expenses exceed 10% of your adjusted gross income. Unless you expect substantial out-of-pocket health care expenses, you may want to consider a Health Care FSA. If you are unsure which option to choose, consult a tax adviser. Limited Purpose FSA with an HSA While a Health Savings Account (HSA) offers tax savings opportunities and other advantages, there are IRS restrictions on how HSAs may be used in conjunction with a Health Care FSA. If you enroll in an HSA and in a Health Care FSA, the FSA must be a Limited Purpose FSA. In general, most health care expenses cannot be paid from a Limited Purpose FSA until your medical plan deductible is met. Limited Purpose FSA funds can, however, be used to pay first-dollar coverage of dental, vision and certain preventive drugs and services. Before you meet your HealthFund medical plan deductible... the only things you may reimburse from your Limited Purpose FSA are your out-of-pocket expenses for dental, vision and certain preventive drugs and services. After you meet your HealthFund medical plan deductible... you may use your Limited Purpose FSA for all qualified health care expenses. These include IRS-approved medical expenses not covered under Oxy s plan. But remember, you can always use your HSA to reimburse all of the expenses currently reimbursable under a regular FSA, plus certain health-related premiums. The annual contribution limits are the same for a regular and Limited Purpose FSA. Keep in mind that any money remaining in an FSA at the end of the year is forfeited. Employees enrolling in an HSA should take extra care in deciding how much money, if any, to place in a Limited Purpose FSA for health care. 14

17 Dependent Care Spending Account Eligible Expenses Generally, eligible dependent care expenses are those that are incurred for a: Qualifying child* under age 13 who can be claimed as a dependent on your federal tax return, or Qualifying relative* (e.g., child, sibling, grandparent, parent) who is physically or mentally incapable of caring for himself or herself, with whom you share your principal place of residence for more than half of the taxable year; and the expenses are for: Day care received in your home, as long as you cannot claim your care provider as a dependent for federal income tax purposes or the provider is not one of your children under age 19 at the end of the year, or Day care received outside of your home. However, any care facility that cares for more than six persons at the same time must comply with all applicable state and local government laws and regulations and must be properly licensed. More about Dependent Care Expenses In addition to expenses for at-home care or licensed day-care centers, expenses for summer day camps and preschools may be eligible for reimbursement. Eligible expenses are based on IRS guidelines contained in IRS Publication 503, Child and Dependent Care Expenses. FSA vs. Income Tax Credit When you file your federal tax return, the IRS allows a tax credit on the same kinds of expenses that qualify for a Dependent Care FSA. You may not take the tax credit for the same expenses reimbursed through a Dependent Care FSA, but you may be able to split your eligible expenses between a Dependent Care FSA and the tax credit. You can estimate which method will work to your advantage. In most cases, you will have higher tax savings from a Dependent Care FSA or a combination of a Dependent Care FSA and the tax credit. However, depending on your income, your individual tax situation will determine which method results in the greater tax savings. To determine the best method for you, consult your tax adviser. As a rule, eligible expenses are those you incur so that you can work. If you are married, both you and your spouse must be employed, or your spouse must be a full-time student. * As defined in the Internal Revenue Code. How to decide Will you have dependent care expenses between your date of eligibility and the end of the year? Caution before you enroll Compare the advantages of a Dependent Care FSA with the federal dependent care tax credit to see which approach provides you with the better tax advantage. A Dependent Care Spending Account is not for dependent medical care expenses. Do not enroll in this plan unless you expect to incur eligible expenses (e.g., expenses for day care). 15

18 your life. Oxy provides income protection when you need it most. Disability When you re healthy, it s hard to imagine being unable to work because of a serious illness or injury. However, if you become disabled while employed at Oxy and cannot work, disability benefits are designed to provide you with income to help support yourself and your family. Short-Term Disability (STD) The STD plan provides financial security for you and your family if you are unable to work because of a short-term disability caused by illness or injury. You are automatically covered on your date of eligibility. The STD plan is provided by the company at no cost to you and provides pay for up to the first 26 weeks that you are unable to work because of illness or injury. STD benefits start at 100% of your base pay and, depending on your service and the duration of your disability, may reduce to 50% of base pay according to the schedule below. Your STD may be reduced by disability income from other sources such as Workers Compensation, Social Security or other government or company disability programs. See what Short-Term Disability pays: benefit amount years of OXY service 100% of Base PAY 50%* of Base PAY Less than 2 years 2 years but less than 3 years 3 years but less than 4 years 4 years but less than 5 years 5 years but less than 6 years 6 years but less than 7 years 7 years but less than 8 years 8 years but less than 9 years 9 years but less than 10 years 10 years but less than 11 years 11 years but less than 12 years 12 or more years 2 weeks 4 weeks 6 weeks 8 weeks 10 weeks 12 weeks 14 weeks 16 weeks 18 weeks 20 weeks 23 weeks 26 weeks 24 weeks 22 weeks 20 weeks 18 weeks 16 weeks 14 weeks 12 weeks 10 weeks 8 weeks 6 weeks 3 weeks * STD during approved periods of Workers Compensation does not decrease to 50%. 16

19 Long-Term Disability (LTD) The LTD plan is designed to provide you with continuing income in case of a prolonged illness or injury. If the insurance carrier, determines that you are totally disabled, LTD benefits generally begin after the 26-week STD period ends. As long as you remain disabled under the terms of the LTD policy, LTD benefits typically are payable until your Social Security normal retirement age. If you enroll for LTD coverage within 31 days of your date of eligibility, proof of good health, also known as evidence of insurability or EOI, will not be required. You pay the entire cost of your LTD coverage through after-tax contributions deducted each pay period. The monthly contribution per $100 of monthly base pay is shown on the enclosed benefit rate chart. Your per-pay-period LTD contribution amount will be displayed when you enroll online. No guarantee of later enrollment Consider your LTD enrollment decision carefully. If you do not enroll within 31 days of your date of eligibility, you will not be eligible to enroll in the future without providing satisfactory EOI to the insurance carrier unless you experience a life event (e.g., marriage or birth of a child) and apply within 31 days of the event. Any costs associated with providing such evidence will be at your expense, and you risk the possibility that the insurance carrier may not approve your application. You may increase your LTD coverage level without EOI only during Open Enrollment unless you experience a life event and notify OxyLink within 31 days. However, you will be subject to preexisting condition rules. LTD Options The two available options provide an LTD income benefit of either 50% or 60% of your monthly base pay, subject to offsets for income from other sources such as Workers Compensation and Social Security. Each option also provides a lump-sum survivor benefit equal to six months of your gross LTD benefit payable in the event you die while receiving LTD benefits. Your beneficiary for the survivor benefit will be your eligible survivor (spouse or dependent children) or your estate. Under both the 50% Option and the 60% Option, the minimum monthly LTD benefit is $150 and the maximum monthly benefit is $15,000. Because you pay the full cost of your LTD coverage through after-tax payroll deductions, any LTD benefit you receive under the plan will be tax-free. You may cancel or decrease your coverage, or apply for new or increased coverage at any time during the year by calling OxyLink. Continuation of Other Benefits Under current plan provisions, medical, dental and basic life insurance coverages will continue under the terms of those plans while you are eligible to receive LTD benefits. Long-Term Disability considerations Do you have enough personal savings or other sources of income to support yourself and your family if you become disabled for a long period of time and cannot work? Do you have disability coverage from any other source? If you have a working spouse, will his or her income be enough to support your entire household if you have no other sources of income? If you qualify to receive government benefits, will they replace a sufficient portion of your pre-disability income? How important to you is the continued medical, dental and life insurance coverage while you receive LTD benefits that may not be available to you if you do not have LTD coverage? 17

20 your life. Life Insurance Basic Life Basic life insurance provides you with coverage equal to two times your annual base pay. Your coverage automatically begins on your date of eligibility. Oxy pays the full cost of your coverage. In the event of your death during Oxy employment, the full amount of your coverage is payable to your beneficiary(ies). How to decide Life insurance helps protect your family s financial future. If you have no dependents, you may not need much insurance. However, if you have a spouse, children or other dependents, you may want more protection. In addition to the company-paid Basic Life insurance and OAD&D plans, Oxy offers two optional employee-paid insurance plans, Group Universal Life (GUL) and Accidental Death and Dismemberment (AD&D), to help you meet your individual insurance needs. Occupational Accidental Death and Dismemberment (OAD&D) The OAD&D plan, which is fully paid by Oxy, provides coverage while you are at work, traveling on company business, and commuting between your home and Oxy workplace. The plan pays a benefit of three times your annual base pay for occupational accidental death. For accidental dismemberment, coverage is between 25% and 100% of the death benefit amount, depending on the nature of the occupational injury. Refer to the Summary Plan Description for additional information. Coverage automatically begins on your date of eligibility. Beneficiary forms Complete and return the Basic Life/OAD&D Beneficiary Designation and, if you enroll, the AD&D Beneficiary Designation forms to OxyLink. How many people depend on your income for support? Would your family need insurance benefits to help keep up with a mortgage and pay for such things as day-to-day living expenses or a child s college education? Do you or other members of your family have other financial assets such as savings, investments or private insurance coverage that could also provide for your dependents? Global Assist Participants in the AD&D and OAD&D Plans can benefit from global emergency services provided through Assist America s travel and accident program. A detailed brochure and ID card are included in your new hire packet. When considering whether or not to enroll in the AD&D plan, do you and your spouse have sufficient disability insurance to support your family if either of you are severely injured or die in an accident? 18

21 Group Universal Life (GUL) You may purchase additional life insurance coverage under the GUL plan offered through Cigna. If you enroll within 31 days of your date of eligibility, you may elect coverage of one-half, one or two times your base pay, up to a maximum of $500,000, without providing medical information. Coverage of three, four, five or six times your base pay is available, but the additional coverage requires evidence of insurability (EOI). The plan also offers spouse and dependent child coverage. You pay the entire cost for GUL coverage based on an age-related premium schedule. You also may make additional contributions to a tax-advantaged savings account if you elect either employee or spouse coverage. When you retire or leave Oxy employment, your GUL coverage is portable (may continue in force) as long as you continue to pay the required premiums directly to Cigna. Review Cigna s GUL brochure and application enclosed in your enrollment packet. The GUL brochure includes a calculation tool to help you determine the current cost of coverage based on the amounts and types of coverage you elect. To enroll in GUL, you must complete Cigna s online application, or submit the enclosed paper application to Cigna. Your coverage will take effect once your application is approved by Cigna. Your after-tax contributions will be deducted once per month starting the month following approval of your application. Accidental Death and Dismemberment (AD&D) If you enroll, the AD&D provides 24-hour coverage for you and your eligible dependent children in the event of death, or loss or paralysis of limb(s), resulting from an accident. You also may elect coverage for your spouse. You pay the entire cost for your coverage through after-tax payroll deductions. You may enroll in, change or cancel your coverage effective the first of any month. Coverage Amount You may purchase AD&D coverage from 1 to 10 times your annual base pay up to a maximum of $1 million. If you enroll, you also may purchase spousal coverage equal to 50% or 100% of your elected coverage amount up to a maximum of $1 million. All coverage amounts are rounded up to the next $10,000. Upon your enrollment, each of your dependent children up to age 26, is automatically covered for $10,000 at no additional cost. The full amount of coverage is payable in the event of accidental death. For accidental dismemberment or loss of use, coverage is a percentage of the death benefit amount, based on the nature of the injury. Additional benefits may be payable depending on the nature or circumstances of the accident (such as for seat belt or air bag usage). Cost of Coverage The AD&D monthly contribution rates are provided in the enclosed benefit rate charts. Your per-pay-period contribution amounts for the available levels of employee and spousal coverage are on OxyLink > Employee Self Service > Benefits Event then select Edit for the applicable coverage. No guarantee of later enrollment Consider your GUL plan enrollment decision carefully. If you do not enroll within 31 days of your date of eligibility and then want to enroll at a later date, you will be required to provide satisfactory EOI to Cigna. Any costs associated with providing such evidence will be at your expense, and you risk the possibility that Cigna may not approve your application. Only if you later experience a life event (e.g., birth or marriage) can you elect or increase GUL coverage by one times base pay (up to guaranteed amounts), within 31 days of the event, without providing EOI. 19

22 your future. Oxy helps you save for your financial future. Personal Savings Account (PSA) 401(k) The Oxy Savings Plan also known as the Personal Savings Account or PSA is a 401(k) plan designed to help you reach your long-term financial goals. You may enroll at any time, starting on your date of eligibility. The sooner you enroll, the sooner the Company match will begin. Contributing to the PSA The PSA is based on shared responsibility both you and Oxy play an important role. To take advantage of the plan, you need to save and invest. You may start, stop or change your contributions at any time. Your elections will take effect in the first available pay period. You may not make contributions on pay received before you enroll. Your entire PSA balance remains tax-deferred until you request a distribution. 401(k) Plan contribution limit The government s annual before-tax contribution limit shown on the enclosed benefit rate charts is an individual limit. Your combined before-tax contributions to all employer-sponsored 401(k) savings plans to which you contribute on a before-tax basis may not exceed the annual limit in any tax year, and it is your responsibility not to exceed it. If you made before-tax contributions to another employer s savings plan this year and your combined before-tax contributions under both plans will cause you to exceed the individual annual limit, notify OxyLink. If you provide OxyLink with the total amount you contributed on a before-tax basis to your previous employer s plan, Oxy will limit your contributions so that you will not exceed your individual before-tax limit in the year you are hired by Oxy. Your Regular Contributions The PSA allows you to save a percentage of your pay you receive each pay period on a before-tax basis, an after-tax basis or a combination of both. To determine your maximum PSA contribution percentage, go to the enclosed benefit rate charts and find the category in the PSA table that applies to you. If you are participating in the PSA at the time you receive an annual incentive bonus payment, up to 5% will be contributed to your PSA and you will receive Oxy s matching contribution. Some limitations and restrictions apply. If your year-to-date before-tax contributions exceed the government s contribution limit shown on the benefit rate charts, your contributions for the rest of the year automatically will be deducted on an after-tax basis. Oxy s Matching Contributions Oxy matches two dollars for every dollar you contribute up to 2% of your eligible pay plus dollar-for-dollar on the next 3% of your contribution, for a total of up to 7% available in Company match. Oxy matches before-tax and after-tax contributions. Oxy s match is invested in the Oxy Stock Fund which may be exchanged (traded) to any other PSA investment fund. You are immediately fully vested in your employee and Company contributions. Special vesting rules apply for in-service withdrawals. Refer to the Summary Plan Description for more details. 20

23 Investing in the PSA Age 50+ Catch-Up Contributions If you will be age 50 or older by December 31, you may make before-tax catch-up contributions in addition to your regular beforetax contributions, up to the IRS s annual catch-up limit shown on the enclosed benefit rate charts. Catch-up contributions are not matched, so to maximize Oxy s match, do not consider catch-up contributions unless your regular contributions are at least 5%. You may change your catch-up amount at any time, and your election will remain in effect until you change it. Once your catch-up contributions reach the annual limit, they will stop, then resume the following year unless you stop the contribution. Rollover Contributions to the PSA If you participated in another employer s qualified savings or retirement plan, the PSA accepts rollover contributions while you are an active Oxy employee. If you are interested in rolling over taxable balances from another employer s qualified plan or an IRA, you may obtain a PSA Rollover Contribution Application form from the OxyLink website. Oxy offers a diversified group of funds to select from, however, you may not transfer (exchange) funds into the Oxy Stock Fund. You may not roll over non-taxable amounts (after-tax contributions and Roth IRAs) you contributed to another employer s qualified plan. Investing Future Employee Contributions The PSA lets you invest your employee contributions among a broad range of investment options, each offering a different risk and return profile. Up to 30% of your contributions may be invested in the Oxy Stock Fund. For more information about the PSA investment funds, refer to the enclosed PSA Fund Descriptions summary. If you elect to contribute to the PSA but do not make any investment elections, your contributions automatically will be invested in the PSA s default investment fund, the Diversified Balanced Fund. You may change your fund choices for investing future employee contributions at any time on OxyLink Employee Self Service. Transferring Balances You may transfer your PSA employee account balances among the various PSA investment funds on any day the U.S. stock market is open for trading. A transfer request submitted after 1:00 P.M. (Central Time) or on a weekend or holiday, will be processed and valued at the end of the next available trading day. A $10 fee will be deducted from your PSA for each employee account fund transfer you request in excess of 24 in a calendar year. PSA Rollover Form To obtain a PSA Rollover Contribution Application form, log in to OxyLink and select: Employee Self Service > My PSA/PRA > Resources and Tools > Resources Library > PSA Rollover Application. Enroll today in the PSA To start the maximum Oxy matching contribution, submit your PSA enrollment and elect at least a 5% contribution on OxyLink > Employee Self Service > Ben Enrollment As A New Hire > PSA Contribution Rate. Deductions will begin in the next available pay period. 21

24 your future. Accessing Your PSA In-Service Withdrawals Generally, you may request one in-service withdrawal in any six-month period. Amounts you withdraw in excess of your after-tax contributions will be taxable to you unless you roll over the taxable portion of your withdrawal to an IRA or to another employer s qualified plan. Your pretax contributions may not be withdrawn before age 59½ while you are employed at Oxy. Oxy s pretax matching contributions may be withdrawn if you have completed at least three years of vesting service, however, you will be suspended from contributing to your PSA and receiving Oxy s match for six months following the withdrawal payment unless you have attained age 59½. PSA Loan Feature The PSA allows employees to borrow money from their vested balances and repay it through payroll deductions. The minimum loan amount is $1,000 (in $100 increments only) and the maximum is the lesser of $50,000 (reduced by your highest PSA principal loan balance during the past 12 months) or 50% of your balance. You will pay a one-time $50 loan processing fee when you receive a PSA loan. Only one loan is permitted to be outstanding at any time, and your monthly loan payment may not exceed 25% of your monthly base pay. You may request a general purpose loan for 1 to 5 years or a primary residence loan for 6 to 10 years. The interest rate is the U.S. Prime Rate as published by The Wall Street Journal. Requesting Benefits When You Leave Oxy When you terminate or retire from Oxy, you may request payment of your PSA balance or you may leave your balance in the plan to earn tax-deferred investment returns. Distribution options include a total lump-sum payment, a partial cash payment (one in any six-month period), and various forms of annuity payments. Designating Your PSA Beneficiary If you are single, you may designate anyone as your PSA beneficiary. If you are married and under age 35, your PSA beneficiary must be your spouse. If you are married and age 35 or older, you may designate someone other than your spouse as your beneficiary if your spouse provides notarized consent. PSA ESOP summary The PSA s Oxy Stock Fund is an employee stock ownership plan (ESOP) that provides you with important advantages: ESOP Fund Transfers You may perform exchanges (trades) out of the ESOP fund to diversify your balance in Oxy s Matching Account among the other investment options available under the plan. Dividends Oxy s quarterly dividends are allocated to the Oxy Stock Fund for both your Oxy Matching Account and your employee account. Pass-Through Dividend Payment Option You may prospectively elect to have your Oxy Stock Fund quarterly dividends paid in immediate, taxable cash payments instead of having the dividends automatically invested in the Oxy Stock Fund tax deferred. Passthrough dividend payments are considered taxable income to you which is reported on the IRS form 1099DIV in the year you receive payments. Attention represented employees: Your PSA and PRA benefits may differ from those described here. Refer to your collective bargaining agreement for a description of your benefits. 22

25 Personal Retirement Account (PRA) The Retirement Plan more commonly called the Personal Retirement Account or PRA is entirely paid by Oxy. It is a very important part of Oxy s effort to help you save for your retirement. You automatically become a participant on your date of eligibility. Oxy s Contributions to Your PRA Each pay period, Oxy makes cash contributions to an account set up in your name. Oxy s contribution to your PRA equals a percentage of your base pay and annual incentive bonus payment below and above the Social Security wage base (SSWB), as follows. PRA Contribution Formula COMPANY CONTRIBUTION PRA Investments Investing Future Contributions You may invest Oxy s contributions to your PRA among a number of investment funds, each offering a different risk and return profile. Information about the PRA investment options is provided in the enclosed PRA Fund Descriptions summary. You may change your fund investment choices at any time on OxyLink Employee Self Service. If you do not make an investment election, Oxy s contributions automatically will be invested in one of the PRA s Balanced Strategy funds, depending on your age: AGE BY DECEMBER & Under PRA FUND Balanced Strategy III: Aggressive % of Eligible Pay Up to SSWB* 7% 36 Through 45 Balanced Strategy II: Moderate % of Eligible Pay Over SSWB* 12% 46 & Over Balanced Strategy I: Conservative * See the enclosed Savings & Retirement Contribution sheet for the current SSWB. Your PRA balances are tax-deferred until you request payment. The amount of your PRA benefit depends on your base earnings, age and investment growth under the PRA funds in which you elect to invest. You will become vested in (have a nonforfeitable right to) your PRA upon completion of three years of service. Transferring PRA Balances You may transfer balances among the various PRA investment funds on any day the U.S. stock market is open for trading. A transfer request submitted after 1:00 P.M. (Central Time), or on a weekend or holiday, will be processed and valued at the end of the next available trading day. A $10 fee will be deducted from your balance for each fund transfer you request in excess of 24 in a calendar year. Designating Your PRA Beneficiary If you are single, you may designate anyone as your PRA beneficiary. If you are married and under age 35, your PRA beneficiary must be your spouse. If you are married and age 35 or older, you may designate someone other than your spouse as your PRA beneficiary if your spouse provides notarized consent. Requesting PRA Benefits In-service withdrawals of your vested balance are available once you are age 60. If you are vested when you terminate or retire from Oxy, you may request payment, regardless of your age at the time, or you may leave your account in the plan earning tax-deferred investment returns. Distribution options include a total lump-sum payment, partial cash payment (one in any six-month period), and various forms of annuity payments. 23

26 your future. Beneficiary forms Complete and return your PSA and PRA Beneficiary Designation forms, as applicable, to OxyLink. Some designations require notarized spousal consent. A preaddressed OxyLink envelope is enclosed for your convenience. Electing your PSA contribution percentage After reviewing the enclosed Savings & Retirement Contribution sheet, manage your employee contribution election online through OxyLink. Log in and select: Employee Self Service > My Benefits > PSA Contribution Rate > PSA and PSA Age 50+ Catch-up, if eligible. Under Current Contributions select Edit, enter the percentages you want to contribute each pay period then click Save. Managing your retirement and savings accounts online Once your New Hire Event closes, you can manage your PSA and PRA accounts online through OxyLink. Log in and select: Employee Self Service > My PSA/PRA. Use this link to view account balances, change investment fund elections, transfer balances among funds, view current and historical rates of return and more. Professional investment advice from Financial Engines You may obtain company-paid confidential, online professional investment advice from Financial Engines through OxyLink. Financial Engines can help you make investment decisions for your PSA, PRA and other personal savings. Log in and select: Employee Self Service > My PSA/PRA > Resources and Tools > Financial Engines. 24

27 work/life. Find your balance. Oxy provides resources to help you manage your life at home and at work. Other Programs & Policies Vacations & Holidays Vacation and holiday policies vary by location. Generally, employees are entitled to annual paid vacation under the following schedule: YEARS OF SERVICE Less than 1 year 1 year, but less than 9 years 9 years, but less than 19 years 19 years, but less than 29 years 29 years or more VACATION DAYS Prorated 15 days (120 hours) 20 days (160 hours) 25 days (200 hours) 30 days (240 hours) Step changes in vacation accrual begin on the first of the month following completion of the 9th, 19th and 29th service anniversaries. You accrue 1/12th of your annual vacation for each full calendar month of service. Generally, Oxy observes the eleven holidays listed below. New Year s Day Presidents Day Good Friday Memorial Day Labor Day Independence Day Thanksgiving (2 days) Christmas (2 days) Floating Holiday Service Awards Your service with Oxy is recognized by the presentation of service awards on established anniversary dates, generally beginning with your fifth year of service and at five-year intervals thereafter. You will be contacted in advance of your designated anniversary date so that you may select one of the gifts Oxy awards in recognition of the years of service you have achieved. Educational Assistance Oxy encourages employee self-development by providing educational assistance to eligible employees who successfully complete preapproved courses of study. Upon the successful completion of each course of study that is begun as an Oxy employee, eligible employees generally will be reimbursed for required educational fees including tuition, textbooks, laboratory fees, parking, and admission fees, for a maximum of ten courses per calendar year up to the total preapproved reimbursement amount. Matching Gifts The Occidental Petroleum Matching Gift Program provides you with the opportunity to double the effectiveness of your gifts to cultural organizations and accredited educational institutions. Oxy s maximum annual matching donation on behalf of each eligible employee is $50,

28 work/life. Merit Scholarships The Occidental Petroleum Charitable Foundation, through the National Merit Scholarship Corporation (NMSC), makes available college scholarships to eligible high school students who are the children of Oxy employees. NMSC identifies and honors academically talented high school students through an annual merit scholarship competition. All phases of the competition, including the selection of winners, the amount of the scholarship stipend, payment of the stipend and renewal of the awards, are administered by the NMSC. Employee Assistance Program (EAP) The EAP helps employees deal with personal and work-related problems. It provides confidential assistance 24 hours a day, 365 days a year. The EAP offers assistance for marital, family, relationship or legal difficulties, emotional problems, and drug/alcohol abuse through a nonjudgmental counseling, referral and follow-up service staffed by professionals. This source of confidential help is offered at no charge to all employees and their dependents (up to eight sessions per event per person). Call the toll-free number to access services. Aetna Resources for Living SM Worklife services are provided at no cost to you, so that you, your spouse and dependent children can get professional help for problems that are affecting your well-being or your work performance. You can find solutions for child care, elder care and many other everyday personal, household and family issues, including, but not limited to: Referrals to providers and local resources Various legal and financial services Online tools and information You can access these services through the 24-hour toll-free member line or through the member worklife services website. Aetna Resources for Living SM and Employee Assistance Program 888-Aetna-EAP ( ), or (outside the U.S. or Canada) Available 24 hours a day, 7 days a week Use Login: myoxyeap and password: eap for online tips and tools for balancing work, family and personal well-being. 26

29 OxyHealth Oxy provides you with access to valuable health services and resources at no cost to you. This program is designed to support your overall health and well-being, integrating health benefits information with tips on personal health, workplace health and life balance, including a fitness subsidy program, an online/personalized wellness program and on-site wellness events. For more detailed information, go to My HR>OxyHealth. Health Advocate Available 24 hours a day, seven days a week Health Advocate Health Advocate can help you obtain confidential, unbiased, objective information so you can make more informed decisions about health care. In addition, they can provide a wide range of other health care services such as: Claim resolution; Finding the right providers; Explaining medical conditions; Researching the latest treatments; Scheduling appointments and tests; and Clarifying your benefits. Oxy makes this service available at no charge to all current employees, their spouses, dependent children, parents, and parents-in-law. You may call Health Advocate to request assistance and visit their website for additional information. 27

30 work/life. OxyLink Your Direct Benefits Connection The OxyLink Employee Service Center is part of Oxy and is dedicated to helping employees make the most of the resources available to them. It is staffed by Oxy employees, allowing us to provide you with a higher level of service. OxyLink services include the following: OxyLink Online provides 24/7 access to a wide variety of new hire, payroll, benefits, and employee development information and transactions from work or from home. Access OxyLink Online to: Maintain your OxyLink password Update your address, telephone number and emergency contact information Change your payroll withholding, deductions and direct deposit directives View and manage your PSA and PRA, and request transactions Obtain benefit claim forms and beneficiary designation change forms/ instructions Link to third-party provider websites OxyLink service representatives are available during normal business hours to answer employees questions about their benefits or assist them with any of the other services OxyLink provides. OxyLink service representatives can assist with: Name and marital status changes Resetting your OxyLink password OxyLink Website oxylink.oxy.com OxyLink oxylink@oxy.com OxyLink Address 4500 South 129th East Avenue, Tulsa, OK Oxylink Service Representatives or (from outside the U.S.) (fax) Weekdays (except holidays) 8:30 A.M. to 5:00 P.M. (Central Time) Benefit plan enrollment questions and changes Other questions about benefit plans and processing 28

31 This Enrollment Guide contains only a partial summary of Oxy s benefit plans and programs. Please refer to the Summary Plan Descriptions for more complete information. The plans and programs are administered according to plan documents, including trust agreements and contracts with third party providers, as well as corporate and divisional policies. With the exception of changes announced in subsequent issues of The Source and other publications, if any discrepancy arises between this guide and the legal plan documents, the plan documents, contracts or trust agreements will apply. Oxy does not promise that these benefit plans and programs or any level of benefits will continue to be made available. Oxy reserves the right to revise, amend or discontinue any of its benefit plans or programs at any time, with or without notice. Benefits are provided at the sole discretion of Oxy and do not create a contract of employment. 29

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