Schlumberger OFS1 / New to Canada Payroll Employee Benefit Presentation 2018

Transcription

1 Schlumberger OFS1 / New to Canada Payroll Employee Benefit Presentation 2018

2 Agenda Schlumberger s Flexible Health Benefits - New to Canada? - Flex Benefit Options Health, Dental, Insurance & Disability - How to select the right benefits for you - How to Enroll online - Managing your claims throughout the year - Additional Employee Benefits Schlumberger s Financial Benefits - Defined Contribution Pension Plan (DCPP), Deferred Profit Sharing Plan (DPSP) - Group Registered Retirement Saving Plans (RRSPs), Tax Free Savings Accounts (TFSA) - Discounted Stock Purchase Plan (DSPP) Websites & Questions

3 New to Canada? 3

4 Provincial Health Care Plans The Schlumberger group health plan works in conjunction with the government sponsored health plan You must be a member of the provincial healthcare plan to participate in the Schlumberger group plan To apply and obtain a provincial health care card visit Service Canada:

5 The group & government plan work together! The government provides coverage for some medical services including doctor visits and hospital stays just show your provincial healthcare card! The Schlumberger group plan provides supplementary coverage for items such as prescription drugs, dental treatments, and paramedical services.

6 Flex Benefit Options Health, Dental, Insurance & Disability 6

7 Introduction to Flex Benefits You have a variety of benefits to choose from Schlumberger provides you with enough flex dollars to pay the full cost of option 2 for both health and dental coverage You also receive additional flex dollars to use where you choose Each benefit has different options with different price tags If you have leftover flex dollars, you can deposit them into your Health Care Spending Account (HCSA) or Wellness Spending Account (WSA) What you don t pay for with flex dollars, you can cover with payroll deductions

8 Your Benefit Choices Enroll online by click First Time User 1-2 weeks after your start date Or enroll 2 4 weeks after your start date. You will receive an Enrollment Package with a copy of the Enrollment Guide and a letter with your temporary PIN to access the online enrollment tool You will have 30 days from the date listed on your letter to enroll Your benefit choices will be in effect from your hire date or first day on Canada payroll until the end of the plan year (December 31) Any claims incurred after your start date, can be claimed once you are set up in the system

9 How to Enroll

10 How to Enroll

11 How to Enroll (continued) Step 1: Log on Go to the Employee Self Service website You can sign on from any computer with Internet access Use your General Identification Number (GIN) and your enrollment PIN to log on If you have forgotten your PIN, just click on I Forgot My PIN on the home page

12 How to Enroll (continued) Step 2: Select your benefits The enrollment website will guide you to Verify your contact information Verify your dependent information Choose your benefit options for you and your dependents Review your beneficiary(ies) Allocate any excess flex dollars to your HCSA or Wellness Account

13 How to Enroll (continued) Step 2: Select your flex benefits Save your choices if you need to leave the YBR website before you have completed your enrollment You can continue where you left off next time you log on Once you click on OK your choices will be saved and will become your coverage for next year

14 How to Enroll (continued) Step 3: Complete your forms You may need to complete beneficiary designation forms for your life and AD&D insurance If you choose optional life insurance for you or your spouse, you will need to fill out an Evidence of Insurability (EOI) form If you don t return your signed forms, your changes, including any new beneficiary designation, will not take effect

15 Schlumberger Flex Extended Health Coverage (3 Options) Provincial Coverage (BC Only) Dental Coverage (4 Options) Long-Term Disability Insurance (3 Options) Employee AD&D Insurance (Basic and Optional) Employee Life Insurance (Basic and Optional) Spouse and Child AD&D Insurance (Optional) Spouse and Child Life Insurance (Basic and Optional) Critical Illness Insurance

16 Provincial Health Care British Columbia Schlumberger pays 50% of the cost of your BC provincial health care premium Required in BC only Complete Schlumberger Group Benefits Form

17 Covering Your Dependents You can cover: Yourself Yourself + one dependent Yourself + two or more dependents

18 Extended Health Care Option 1 Option 2 Option 3 Reimbursement For all eligible expenses Prescription drugs Deductible 70% 90% 100% Dispensing fee Dispensing fee Dispensing fee Hospital Semi-private Semi-private Private Vision care (24 months) None $150 $350 Paramedical services Maximum per service $500 $500 $1,000 Annual combined max $1,500 $1,500 $1,500 Orthotics (annual max) $150 $150 $150

19 Dental Option 1 Option 2 Option 3 Option 4 Deductible None None None Basic dental Recall exams Periodontics Major dental Crowns Combined maximum 70% 6 months 16 units 50% Included 90% 6 months 16 units 70% Included 100% 6 months 16 units 80% Included $1,500 $2,000 $3,000 No coverage Orthodontia Under age 18 Lifetime max No coverage 50% $2,000 50% $3,000

20 Life Insurance Basic Optional Paid for by Schlumberger You Automatic Yes No Coverage For you 2 x your admissible compensation Multiples of $25,000 For your spouse $10,000 Multiples of $25,000 For your child(ren) $5,000 Multiples of $5,000 Schlumberger-paid premiums are taxable Additional optional coverage requires EOI

21 Accident Insurance Basic Optional Paid for by Schlumberger You Automatic Yes No Coverage For you 2 x your admissible compensation Multiples of $25,000 For your spouse N/A Multiples of $25,000 For your child(ren) N/A Multiples of $5,000 No evidence of insurability is required for AD&D coverage

22 Critical Illness (new since 2017) Optional coverage Provides a tax-free lump sum that you can spend how you choose Paid through payroll deductions Units of $10,000, starting at $20,000 to a maximum of $250,000 You can select up to $50,000 in coverage without providing EOI 2017 year only! Premiums are based on your gender, age and smoking status You can also purchase $5,000 in critical illness coverage for your child(ren) You can use it for Treatment outside of Canada Treatments not covered by your provincial plan Child care Travel to a regional treatment centre Meals Parking New or experimental drugs Lost income for a family member to support the patient. 22

23 Critical Illness (continued) Covered illnesses include: Aortic surgery Aplastic anemia Bacterial meningitis Benign brain tumour Blindness Cancer (life-threatening) Coma Coronary artery bypass surgery Deafness Dementia, including Alzheimer s disease Heart attack Heart valve replacement or repair Kidney failure Loss of independent existence Loss of limbs Loss of speech Major organ failure on waiting list Major organ transplant Motor neuron disease Multiple sclerosis Occupational HIV infection Paralysis Parkinson s disease and specified atypical parkinsonian disorders Severe burns Stroke For children: Cerebral palsy Congenital heart disease Cystic fibrosis Down s syndrome Muscular dystrophy Type 1 diabetes mellitus * * Note: Check out Enrollment Central for more details 23

24 Business Travel Accident Insurance You *Spouse Paid for by Schlumberger Schlumberger Mandatory Yes Yes Coverage 4.5 x eligible compensation $50,000 Maximum $1,000,000 $50,000 *Spouse is covered only if Schlumberger requested that they travel with you.

25 Short-term Disability Coverage Fully paid by Schlumberger Available for 26 weeks Equal to 100% of your base pay for Office Employees and 130% of base pay for Field Employees No options to choose

26 Long-Term Disability

27 Your Health Care Spending Account How it works: Schlumberger provides each employee with $300 in flex dollars You ll use your flex dollars to pay for the benefits you choose Depending on your benefits selections, you may have leftover flex dollars This amount can be deposited into your HCSA or Wellness Spending Account You can use the funds in your HCSA for reimbursement for any eligible medical expense (per CRA) The best part is that it s tax free!

28 Your Health Care Spending Account Examples of eligible expenses: The percentage of dental or health care related expenses that you pay Prescription drug dispensing fees Eyeglasses, contact lenses, or laser surgery Orthodontia or other dental expenses not covered under your dental option Health care expenses of relatives who are financially dependent on you, but not covered by Schlumberger Flex, like a parent or sibling

29 Wellness Spending Account Your allocation January 1 You pay tax each January on your wellness claims made in the previous year. You submit claims to Sun Life just as you would for your HCSA Claim forms will be available on the Sun Life website

30 Wellness Spending Account Examples of eligible expenses: Vitamins and supplements Orthopedic beds & pillows Cholesterol and hypertension screening Health assessments/ screening Allergy tests Reflexologists Herbalist Homeopaths Athletic therapists Maternity services Health education programs Exercise physiologists Chinese medical practitioners Shiatsu therapists Osteopathic practitioners Acupressurists Occupational therapists Fitness equipment (excluding apparel and footwear) Fitness league fees Fitness classes LTD premiums Comprehensive medical exams Naturopathic medicines Financial Planning

31 Your HCSA & WSA The fine print: Flex dollars expire two plan years after deposit You must claim expenses in the year they occur Flex dollars may only be withdrawn to reimburse eligible expenses If your employment with Schlumberger ends or you are transferred outside of Canada, any eligible claims incurred before you leave must be received by Sun Life within 90 days of your last day at work; after that, your HCSA & WSA dollars will be forfeited. You have two years!

32 How to select the right benefits for you 32

33 What you need to think about Health and Dental Look at this year s claims Think about what s changed Chronic conditions? The need for major dental work? Orthodontia planned? Talk to your doctor and dentist

34 What you need to think about (continued) Life and Accident Coverage Think about your current financial obligations Determine what your future income needs will be What would your family need if you weren t there? Consider other insurance coverage you may have

35 What you need to think about (continued) Long-Term Disability Think about your current financial obligations Consider other family income Determine what your future income needs will be

36 Coordinating Your Benefits Does your spouse have a benefit plan? Receive up to 100% coverage by coordinating your two plans By choosing a lower option with a less expensive price tag, you ll have more flex dollars to direct elsewhere or deposit into your HCSA/WSA.

37 Coordinating Your Benefits An example Marco has chosen Extended Health Option 1 (70% reimbursement) Marco has $400 in physiotherapy claims to submit Submits $400 claim to SLB Flex (70%) Receives a reimbursement of $280 Submits to his spouse s plan Receives a reimbursement for the remaining $120

38 What you need to think about (continued) Taxable Benefits Premiums on a number of benefits are taxable You ll see the amount on your pay slip You pay tax on: Flex dollars used to pay for life insurance Flex dollars used to pay for accident insurance Business travel accident insurance premiums Wellness Account reimbursements

39 Want more information? Enrollment Guide Plan summary Help with decision-making Real life examples

40 How to Enroll (continued) If you don t enroll Benefit Default Coverage Extended Health Care Option 1 Provincial Health Care (BC only) Current coverage Dental Option 1 Basic Employee Life 2 x eligible compensation Basic Spouse Life (if on file) $10,000 Basic Child Life (if on file) $5,000 Basic AD&D 2 x eligible compensation Long-Term Disability (LTD) Option 1 Any excess flex dollars Deposited to your Wellness Account

41 Changing Your Benefits Life changes! So can your benefits There are two types of opportunities to change your coverage: During the annual enrollment period each year After you have a life event Be sure to make your benefit changes on the enrollment tool within 30 days of any life event Life events include marriage, divorce, the birth or adoption of a child, the death of a dependent, or your spouse losing his or her benefits coverage.

42 Managing your claims throughout the year

43 Submitting Your Claims Sun Life is the benefits provider for Schlumberger Flex You can submit claims many ways: Paper forms Online via Sun Life website Mobile App (for iphone, Android or Blackberry) Automatically with your Assure Card (prescription drugs) at the pharmacy Wellness Account claims may only be submitted via paper claim form

44 Sign up for Sun Life Go to Click Register now

45 Sign up for Sun Life Go to 45

46 Mobile App Benefits in your pocket 46

47 Additional Employee Benefits

48 Shepell fgi Employee and Family Assistance Program Confidential help with work and life issues Services include: Professional counseling including an online program. Access to subject matter experts. Family Support Financial Support Legal Health Coaching Naturopathic Service Nutrition Work/Life Balance Online resources, tools, articles, action plans and self-directed help kits on real and relevant issues. or

49 Medical Travel Assistance For use with business or personal travel (can be used in Canada outside of your province, or anywhere outside of Canada) Covers a variety of costs resulting from a medical emergency while traveling (read Emergency Travel Assistance section of Your Group Benefits booklet for full services offered) Treatment charges are paid by the employee and then reimbursed through the Sun Life

50 Schlumberger s Financial Benefits Defined Contribution Pension Plan (DCPP) Deferred Profit Sharing Plan (DPSP) Group Registered Retirement Saving Plan (RRSP) Tax Free Savings Account (TFSA) Discounted Stock Purchase Plan (DSPP)

51 Defined Contribution Pension Plan (Schlumberger) Eligibility First of the month following 3 months of service Contributions are made each pay period as a percentage of your total pay You will be automatically enrolled at a 3% contribution rate in order to maximize company contributions Schlumberger will contribute 2% automatically, and will additionally match your contribution up to 3%. You can contribute a maximum of 5%, bringing your maximum possible contribution to 10% Vested immediately in Employer Funds EE 5% + ER 2% (basic) + ER 3% (match)

52 Your Pension Plan Eligibility Your Contributions Employer Contributions Full-time regular non-union employees and part-time non-union employees with regular work schedules of 30 or more hours per week must join the plan on the first day of the month of eligible employment You are not required to contribute. You may make optional contributions from 1% to 5% of your earnings. You may change the amount of your contributions on Jan 1, Apr 1, Jul 1, or Oct 1 of each year. 3.5% of your earnings up to the YMPE, then increase 2.5% of the remainder In addition, your employer will match your optional contributions at a rate of 100% of your contributions up to 3%, and 50% of the next 2%

53 Deferred Profit Sharing Plan (DPSP) Eligibility First of the month following one year of service Vested after 3 years of service Based on profitability, the Company will contribute up to 15% of your admissible compensation to your DPSP account For Example: (2015 award was 6%) If the employee s admissible compensation was $80, and the profit sharing award was 6%, the dollar figure would translate to $4,800.00

54 Registered Retirement Savings Plan (RRSP) A savings plan registered with the Canadian federal government allowing you to save for the future on a tax-sheltered basis. An RRSP is an investment portfolio. It can contain a variety of investments What makes an RRSP special is that your contributions to it are tax deductible and your portfolio grows tax sheltered. Eligibility - voluntary participation on the first day of the month following 3 months of service No Company contributions Voluntary contributions (payroll deductions) up to your RRSP contribution limit - if you don t know your limit, contact the Canada Revenue Agency

55 Tax Free Savings Account (TFSA) A flexible, registered, general-purpose savings vehicle that allows you to earn tax-free investment income Voluntary contribution up to $5,500 annually Investment income earned & withdrawals from a TFSA are tax-free. Contributions are not tax-deductible.

56 Pension and Profit Sharing Package Sun Life is our benefits carrier for the financial benefits Employees receive a Financial benefits package with information on how to access their accounts Transfer ins to Canada will receive this 2 4 weeks after their start date New Hires will receive this 6 weeks before they are eligible, so about 6 8 weeks after their start date 56

57 Sun Life website Retirement and Savings Check out your Sun Life retirement and savings accounts How much are you contributing? Should you be contributing more? Have you used the Sun Life financial planning tools? What about your investments? mysunlife.ca

58 What you need to think about (continued) Retirement and Savings Go to my financial centre and update your beneficiary information under tab Quick Links Click on the Edit button and Submit No form to sign and no form to mail mysunlife.ca

59 Discount Stock Purchase Plan (DSPP) Eligibility Employees are eligible upon hire, but can only enroll in June or December Employees can contribute 1 to 10% of their total pay towards DSPP Your DSPP balance accumulates throughout the plan period (January through June and July though December) On the last day of the plan period, you automatically purchase as many shares of stock as you can with your DSPP balance Price is determined as: lower of the stock price on the first trading day of the plan period (July 1st Or Jan 1st) or the last trading day of the plan period (June 30th or Dec 31st) less 7.5%

60 Discount Stock Purchase Plan (DSPP) Example: Plan Period July 1, 2015 Dec 31, 2015 Price on July 1, 2015 Price on Dec 31, 2015 $85.30 $ % Purchase Price is $64.47 USD

61 Discount Stock Purchase Plan (DSPP) Certify your tax status W-8BEN FOR NON-US CITIZENS/RESIDENTS OR W9 FOR US RESIDENTS/TAX PAYERS If you don t certify your tax status, you will be subject to an automatic US Tax withholding (28%) as required by the US Internal Revenue Service (US tax authorities). Questions: Contact Computershare Shareowner Services (previously known as BNY Mellon). Slb-dspp@cpushareownerservices.com or in USA or outside USA

62 Websites and Questions Enrollment Central: Canada HR Hub AskHR is your one-stop shop for all HR related questions ASKHR Online : askhr@slb.com