colonialprop.com Colonial Properties Trust is an Equal Opportunity Employer.

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1 colonialprop.com Colonial Properties Trust is an Equal Opportunity Employer. Revised _CPT_2009BenefitsGuideV4.indd 1 5/13/09 2:05:58 PM

2 Benefits Guide _CPT_2009BenefitsGuideV4.indd 2 5/13/09 2:06:02 PM

3 Benefits An Important Part of Your Employment Relationship Colonial Properties Trust embraces strong core values of Customer First, Trust, Teamwork, Community Involvement and Star Performance. We believe that Star Performance begins with the employment relationship! We are committed to providing a benefits package that: Is sensitive to the high costs of health care, Helps you prepare financially for the future, Provides opportunities for significant tax advantages, and Makes your life better. This brochure highlights the Benefit Plans that are available to you. Detailed information for each of the company benefit plans can be found in the Summary Plan Descriptions. Eligibility for Benefits If you work 30 hours or more a week, you are eligible for all of Colonial Properties Trust s Group Benefit Plans. Health and Disability Benefit Plans begin on the first day of the month after you have completed a 30 day waiting period. For example, if you are hired on September 5, your 30-day service Requirement would be satisfied on October 5. You would then be eligible for most benefits on November 1. Coverage you elect for your eligible dependents will also begin on the first day of the month after you have completed a 30 day waiting period. Eligible dependents include your spouse, unmarried children under the age of 19, incapacitated children (if the incapacity occurred before age 19), and unmarried children ages who are full-time students. Eligibility rules may differ between Benefit Plans, so please check each Summary Plan Description for details. If you work less than 30 hours a week, you are eligible to accrue prorated time off. You can also elect to actively participate in Colonial Properties Trust s 401(k) and Employee Stock Purchase Plans. Contents: Protecting Your Health Medical...3 Prescription Drug Plan...3 Employee Assistance Program...4 Dental...4 Vision...5 Fitness Facility...5 Protecting Your Income Life Insurance...6 Disability...6 Flexible Spending Accounts...7 Your Time Off Holidays...8 Vacations...8 Personal Choice Days...9 Sick Days...9 Other Leave...9 Preparing For The Future 401 (k) Plan...10 Stock Purchase...10 Making Your Life Better Education Assistance...11 Adoption Assistance...11 Referral Fees _CPT_2009BenefitsGuideV4.indd 3 5/13/09 2:06:03 PM

4 Protecting Your Health Medical Plan We offer a comprehensive Medical Plan that provides care for you and your family in times of illness or crisis. The following is a list of some of the Medical Plan provisions provided under the Group Health Plan: Physician Services - Physician Benefits including office visits, outpatient consultations and emergency room physician services are covered at 100%, after a $25 co-pay. Preventative Care Benefits and Screening - Preventive care benefits include routing newborn exams (in hospital), routine well child exams until age 6, routine immunizations, annual routine office visit, mammograms, prostate and colonoscopy screenings covered at 100% after $25 co-pay. Some routine lab work is covered but limited to a schedule. * For a detailed list of covered preventative screenings, please refer to the Group Health Summary Plan Description. Maternity Care - Inpatient hospital delivery covered at 100%, after the $500 calendar year deductible. Only one $25 physician office co-pay is required at the beginning of your pregnancy. Inpatient, Outpatient, Emergency Room, Hospital Facility - Services covered at 80%, after the $500 calendar year deductible. After you meet you calendar year deductible and annual out of pocket maximum, the plan will then cover 100% of all eligible hospital services you incur for the remainder of the plan year. Other Covered Services - Occupational therapy, physical therapy, speech therapy, ambulance services, chiropractic services, allergy treatment, and durable medical equipment/supplies covered at 80%, after the $500 calendar year deductible _CPT_2009BenefitsGuideV4.indd 4 5/13/09 2:06:05 PM

5 Mental Health Benefits - Covered through the company s Employee Assistance Program. Please refer to the EAP Summary Plan Description for further details. Prescription Drugs (up to a 34 day supply) Your generic prescriptions can be purchased with $10 co-pay at a retail pharmacy. There is a $25 co-pay for single source preferred brand drugs (no generic available) and a $40 co-pay for non-preferred brand drugs (generic alternative available). Mail Order Prescription Drug Program With this program, you can elect to have a 90 day supply of your prescription drug maintenance medications mailed directly to your home address. If you elect to mail order medications, you will only be required to pay 2 copayments for a 90 day supply Limitations and Exclusions may apply to all covered health services listed in this brochure. Please review the Group Health Summary Plan Description or contact the Benefits Department for additional information. Employee Assistance Program ( EAP) Personal challenges can affect your work performance, family, and your overall health. Most of life s challenges can be resolved with timely help. To assist you in overcoming life s challenges, Colonial Properties Trust offers assessment, referral, and short term counseling services to all of full time team members through the company Employee Assistance Program. Each plan year, one initial assessment and up to two free counseling sessions are available to you and your family at no cost. Employee Assistance Program covers treatment and counseling services for some of the following items: Depression/Anxiety/Stress ADD/ADHD Grief and Loss Relationship/Marital/Family *Group Medical Plan Participants Additional benefits for mental health services are available to you if you are covered under the Colonial Properties Trust group health plan. You must contact the EAP Administrator prior to seeking mental health services. Dental Plan Colonial Properties Trust remains committed to providing cost-effective dental care for you and your family by offering a flexible Group Dental (PPO) plan. Each covered member receives $1000 in paid dental benefits per calendar year to cover preventative, basic, and major dental needs. Diagnostic and Preventative Services - Examinations, cleanings, x-rays, fluoride treatment, space maintainers, and sealants are covered at 100%, no deductible. Protecting Your Health _CPT_2009BenefitsGuideV4.indd 5 5/13/09 2:06:06 PM

6 Basic Services - Treatment for periodontics, endodontics, fillings (amalgam or composite), oral surgery, and denture repair are covered at 100%, after a $50 calendar year deductible. Major Services - Crowns, jackets, bridgework, cast restorations, dentures (partial and completed) are covered at 50%, after a $50 calendar year deductible. *Coverage applies to dental services received from in-network providers only. Vision Plan The Vision Plan provides coverage for routine/ preventative eyecare and vision materials. Annual vision exams are fully covered under this plan, after a $10 copayment. Under the vision plan, you can choose to order spectacle lenses or contact lenses every 12 months. Every 24 months, Members receive any frame with an approximate retail value between $100 - $150 ($50 wholesale), after a $15 copayment. Spectacle Lenses are covered in full, after a $15 copayment per lens, or a $130 allowance is provided for contact lenses, with no copayment required. The plan also provides discounts for lasik surgery and reduced reimbursement for Outof-network vision services can be reimbursed according to reduced out of network services. Please review the vision brochure for further details. Fitness Facility and Amenity Usage Maintain an active lifestyle by taking advantage of Colonial Properties Trust s fitness facilities and pools. You can use Colonial Properties Trust s Fitness Facilities and pools at multifamily and office sites by completing the Fitness Facility Agreement. Changing Your Benefits The Benefit Plans you elect during your New Hire Enrollment period will remain in force through the end of the year. At the end of every year, an Open Enrollment period will be held where you will be allowed to make changes to your Benefit plans for the next plan year. Benefit Changes can not be made in the middle of the year unless you or an eligible dependent incur a family status change that results in a qualifying event. Family status changes include such events as a change in marital status, change in number of eligible dependents, or changes to your spouse s employment. Check the Team Member Handbook for complete details about this rule _CPT_2009BenefitsGuideV4.indd 6 5/13/09 2:06:09 PM

7 Protecting Your Income Protecting Your Income Life Insurance Life Insurance is an important part of your financial well being, especially if others depend on you for support. That s why Colonial Properties Trust offers a life insurance program that includes the following: Company Basic Life - $50,000 coverage, at no cost, to all full-time team members. Company Accidental Death and Dismemberment (AD&D) - $50,000 coverage, at no cost, to all full-time team members. AD&D benefits double the amount of your life insurance if you die as the result of an accident. The plan also pays scheduled amounts for certain injuries, at no cost to you. Additional Voluntary Term Life and Accidental Death and Dismemberment (AD&D) insurance You can elect additional life insurance at low group rates (after-tax payroll deduction) for: You in $10,000 increments, up to $150,000 (medical underwriting required for elected coverage amounts greater than $150,000) Your spouse in $5,000 increments, up to the amount you elect on yourself Your eligible dependents in $2,000 increments, up to a maximum of $10,000/ dependent for the cost of one premium. *No medical underwriting required for team members who elect additional life insurance up to the guaranteed issue amounts within 30 days of new hire date. Disability Coverage As much as we try to avoid it, sometimes an unexpected illness, surgery, or injury keeps away from work. To help supplement your income while you are away from work, Colonial Properties Trust offers two types of disability coverage: Short Term Disability (STD) - Replaces part of your income during the first 12 weeks of disability, after a 2 week waiting period. You can elect short term benefits for up to 60% of your weekly salary, in $100 increments. A 3 month pre-existing exclusion period applies to short term benefits _CPT_2009BenefitsGuideV4.indd 7 5/13/09 2:06:10 PM

8 Long Term Disability (LTD) - Replaces up to 60% of your income if you are certified disabled for more than 90 days. You must be an active participant on this plan for at least 12 months before you are eligible to receive Long Term Benefits. LTD Calculation Gross Wages x.0021 Example: $900 x.0021 = $1.89 per pay period Flexible Spending Accounts We also provide additional Benefit Plans that help reduce your tax liability. Your out of pocket Medical expenses and/or Dependent Care expenses can be reimbursed to you throughout the year if you elect a Medical and/or Dependent Care Flexible Spending Account. You can elect an annual Medical Flex Amount up to $3000, and an annual Dependent Care Flex Amount up to $5000. Your annual amount will be divided by the number of pay periods left in the current year to calculate your pre-tax per pay deduction. Since your elected funds are deducted pre-tax, you reduce your taxable income and lower the amount of tax money you pay at year end. You can use your accounts for purchases throughout the year, such as: Dependent Care so you can work Medical Plan deductibles and copays Dental and Vision expenses Medicines and Drugs Over-the-counter medications Wheelchair and equipment Psychiatric/Physiological care Other health related expenses (i.e., chiropractic, fertility services,. acupuncture, etc.) Instead of paying these expenses out of your pocket, you can spread them over the year, payroll deduct them, and reduce your taxes at the same time. See the box above for an example: This team member makes $30,000 annually, is in a 27% tax bracket, and has 1,200 in unreimwwbursed medical expenses _CPT_2009BenefitsGuideV4.indd 8 5/13/09 2:06:11 PM

9 Your Time Off Colonial Properties Trust understands your need to take time away from work, for rest and relaxation, to enjoy holidays with family and friends or to give you time to recuperate from an injury or illness. That s why Colonial Properties Trust provides you with the following time off benefits: Holidays Each year, 8 Holidays are observed including: New Year s Day Martin Luther King, Jr. Day Memorial Day Independence Day Labor Day Thanksgiving Day Day After Thanksgiving Christmas Day You will receive pay for these holidays if you are a full-time team member, and were eligible for pay on the working day before and after the holiday. If you are a part-time or temporary team member, you will receive pay for the regularly scheduled number of hours you normally work on that day of the week. *Note- Some properties may be open on observed holidays. Vacation Vacation hours are earned each pay period and are accrued based on the number of hours you work. You begin to accrue vacation time immediately; however, your vacation time does not become available to you until the pay period after you have completed 6 months of continuous service. Temporary and seasonal employees are not eligible for vacation benefits. Years of Service Vacation Earned 0-5 years of service 2 weeks (80 hours) 6-10 years of service 3 weeks (120 hours) 11 + years of service 4 weeks (160 hours) *Table shows accumulated time for Full Time Status (40 hours per week) Every December 31st, you are allowed to rollover vacation time up to the amount you are eligible to accrue. Available vacation time over the allowed accrued amount (table above) must be used by December 31st or you will lose it. Protecting Your Income _CPT_2009BenefitsGuideV4.indd 9 5/13/09 2:06:12 PM

10 Personal Choice Days Personal Choice Days are earned every year for you to arrange time off for special occasions, family events, school functions, or relaxation. As a new hire, personal choice days become available to you on the pay period after you have completed 90 days of continuous service. Available Personal Choice days can be taken at any time during the calendar year and in hourly increments, subject to prior approval from your supervisor. *Available Personal Choice Days cannot be carried over to the following year and must be used by December 31st. Employment Status Full Time (40 hours) Reduced Full Time (30-39 hours) Part Time (20-29 hours) Personal Time Earned 16 hours per year 12 hours per year 8 hours per year Sick Days You begin to accrue sick time after your first month of employment. As a new hire, accrued sick time becomes available to you on the pay period after you have completed 90 days of continuous service. You can bank up to 720 sick hours to carry with you from year to year. Sick time is accrued once a month depending on your hire date, and the amount of sick time you accrue each month depends on your work schedule and length of employment (as shown in the chart below). Employment Status Full Time (40 hours) Reduced Full Time (30-39 hours) Part Time (20-29 hours) Sick Time Earned 4 Hours/ Month 1st Year, 8 Hours/ Month After 3 Hours/ Month 1st Year, 6 Hours/ Month After Bereavement Leave Colonial Properties Trust will grant time off if you lose a family member. Bereavement leave encompasses lost time including the day of the funeral. In the event that such a loss occurs, you should notify your supervisor as soon as is reasonably possible. The following chart determines the number of bereavement days that are provided to you for each family member. Family Member Spouse, Child, or Parent Brother, Sister, Spouse's Parent, Granchild Brother-in-law, Sister-in-law, Grandparent, Aunt, or Uncle 2 Hours/ Month 1st Year, 4 Hours/ Month After Days Provided 5 Days 3 Days 1 Day _CPT_2009BenefitsGuideV4.indd 10 5/13/09 2:06:13 PM

11 Jury Duty In the event that you are summoned for jury duty and/or in court as a witness, Colonial Properties Trust will continue to provide your regular pay for each day you are required to serve. If you are called to serve as a juror and/or witness, you should immediately notify your supervisor. When the court excuses or dismisses you from service, you are required to return to work and submit the proof of service (provided by the court) to your supervisor. Other Leave Family and Medical Leave (FMLA) Provides eligible team members up to 12 work weeks of unpaid, job protected leave for certain family and medical reasons. Personal Leave of Absence Commonly used for team members who are not eligible for Family and Medical Leave (FMLA). Military Leave Provides leave for team members entitled to time off for certain types of inactive or active duty in the National Guard or as a Reserve of the Armed Forces. *If you have a need for leave (more than 6 consecutive days) during your employment with the Colonial Properties Trust, you should notify the Benefits & Payroll Department at least 30 days in advance or as soon as is reasonably possible. Preparing For The Future When you dream about your retirement future, do you dream of playing more golf, traveling, or spending more time with your family? Colonial Properties Trust wants to partner with you, helping to provide you with opportunties to conveniently save for your future and help you live your retirement dreams. Colonial Properties Trust provides you with the following two investment opportunities: The 401(K) Profit Sharing Plan This retirement plan allows you to save part of your pay each pay period on a pre-tax basis. The pre-tax funds are deposited directly into the 401(k) plan. After your first contribution, you should contact Principal Financial Group directly to allocate your funds to investments of your choice. There is no waiting period on this plan, so you can begin participating in the 401(k) plan immediately upon employment. After one year of service, Colonial Properties Trust will begin matching your contributions. The company will annually match 100% on the first 4% of your eligible contributions, and 50% on the next 2% of your eligible contributions. The money that you contribute to the plan and the company match are always fully vested. The funds in your 401(K) account grow tax-deferred over the years until you leave the company or retire. *Colonial Properties Trust reserves the right to modify the 401(k) plan (including company match) at any time with proper notice. Employee Stock Purchase Plan This Benefit allows you to easily purchase company stock through convenient payroll deductions (after-tax). You are eligible to begin contributing to this plan on the first day of the month after you complete a 90 day waiting period. Company stock purchased through this plan is not discounted. However, you will not in _CPT_2009BenefitsGuideV4.indd 11 5/13/09 2:06:15 PM

12 cur the normal brokerage fees associated with purchasing company stock from an outside source, and only a small transaction fee applies if you sell. Making Your Life Better Colonial Properties Trust appreciates you and offers you a few other Benefit programs to help you achieve personal goals: Education Assistance After 6 months of continuous service, you can request educational assistance for pre-approved job related courses, up to $3,000/ year (available to full time team members only). *Training courses/seminars for certifications are not part of the educational assistance program. Adoption Assistance After 1 year of continuous service, Colonial Properties Trust can help you with qualified adoption expenses by reimbursing you up to $2,000/child. Referral Fees If you refer someone who is ultimately hired as a Colonial Properties Trust team member, you could receive $500 if the referred colleague is still in good standing with the company after 90 days of continuous employment _CPT_2009BenefitsGuideV4.indd 12 5/13/09 2:06:17 PM