Visa MetLife Long Term Disability (LTD) Plan Summary Plan Description

Transcription

1 Visa MetLife Long Term Disability (LTD) Plan Summary Plan Description Effective January 1, 2015

2 MetLife LTD Plan i Table of Contents ABOUT YOUR PARTICIPATION... 1 When Coverage Begins... 1 When Coverage Ends... 1 YOUR LTD BENEFITS... 2 When Benefits Begin... 2 How the Plan Works... 2 Definition of Disability... 3 Pre-Existing Condition Limitation... 4 Temporary Recovery During the Elimination Period... 4 Temporary Recovery After LTD Benefits Begin... 5 Rehabilitation Incentive... 5 Work Incentive... 5 Family Care Expenses... 5 Other Income Benefits... 6 Additional Limitations... 7 How Benefits are Paid... 7 When Benefits End... 7 Family Survivor Benefits... 8 What s Not Covered... 9 ADDITIONAL RULES THAT APPLY TO THIS PLAN... 9 How Your LTD Benefit Is Taxed... 9 LTD Benefits and Your Other Visa Benefits Health Benefits Paid Time Off... 12

3 MetLife LTD Plan ii HOW TO REACH THE PLAN CLAIMS PROCEDURES Filing a Claim Time Frame for Claim Determinations Employment and Benefits Upon Receiving an Adverse Benefit Determination Procedures for Appealing an Adverse Benefit Determination Employment and Benefits Upon Receiving a Final Adverse Benefit Determination 19 Receive Information About Your Plan and Benefits Prudent Actions by Plan Fiduciaries Enforce Your Rights Assistance with Your Questions PLAN ADMINISTRATION Plan Sponsor Plan Administrator Agent for Service of Legal Process Identification Numbers Plan Year Organization Providing Administrative Services Plan Funding Plan Document Future of the Plan Limitation on Assignment YOUR EMPLOYMENT... 25

4 MetLife LTD Plan 1 This booklet summarizes the main provisions of the MetLife Long Term Disability (LTD) Plan, effective January 1, 2014, and serves as the summary plan description (SPD) for these benefits. It describes the benefits as they apply to eligible employees. The plan is offered under the Visa Welfare Benefits and Cafeteria Plan. We encourage you to read this SPD carefully and share it with your family members. If you have any questions about your benefits, please contact the Visa Benefits Help Line at Note, also, that the summary plan description is only a summary. Complete details of the plan are contained in the legal plan document. If there is any difference between the information in this booklet and in the legal plan document, the plan document will govern. ABOUT YOUR PARTICIPATION This section includes important information about your participation in Visa s MetLife LTD Plan, including eligibility information, when coverage begins, and when coverage ends. When Coverage Begins Your LTD coverage begins on your first day of active work as an eligible employee at Visa. When Coverage Ends In general, coverage under the MetLife LTD Plan will end on the last day of the month in which your employment ends. Coverage may also end for other reasons, such as: Visa terminates this plan You are no longer eligible for benefits You Die

5 MetLife LTD Plan 2 If you receive benefits from a Visa severance plan upon your termination of employment, your coverage under the MetLife LTD Plan ends on the last day of the month in which you are actively at work. YOUR LTD BENEFITS The MetLife LTD Plan provides a portion of your income when you are under a doctor s care and unable to work because you became injured or ill while covered under the MetLife LTD Plan, subject to applicable limitations. When Benefits Begin LTD benefits begin after you have been disabled for 180 consecutive calendar days (this period is known as the elimination period ). If you return to work for 30 days or less during your elimination period, you do not need to complete a new elimination period. However, in order for LTD benefits to be payable, you must provide: Proof of disability Evidence of continuing disability Proof you are under the Appropriate Care and Treatment of a doctor throughout your disability Information about other benefits Proof that you have applied for Social Security disability benefits. MetLife has a Social Security Assistance program to help you apply for Social Security Benefits. A signed Reimbursement Agreement that confirms that you will repay all overpayments of LTD benefits and A signed form authorizing the Social Security Administration to release information on awards directly to MetLife. How the Plan Works

6 MetLife LTD Plan 3 With the MetLife LTD Plan, you receive a portion of your income if an injury or illness keeps you from working. To qualify for LTD benefits, you must meet the plan s definition of disability. If you qualify for LTD benefits, your monthly benefit is 66.66% of the first $37,500 of your monthly pre-disability pay reduced by any other income you receive from other sources. The maximum monthly benefit payable under the MetLife LTD Plan is $25,000. The minimum monthly benefit is $50, although no minimum monthly benefit will be paid if you are receiving income from employment. For the MetLife LTD Plan, your pre-disability pay includes your annual base salary or wages (excluding overtime, shift differentials, bonuses, or additional compensation) in effect the day before you become disabled. You must be actively at work to receive any change in benefit amount due to change in earnings or class. If you do not have regular work hours, your pre-disability pay is based on the average number of hours you worked per month during the preceding 12 calendar months, but no more than 173 hours per month. For employees in a sales position, commissions are averaged over the last 24 months or over the active period of employment if employment is less than 24 months. Definition of Disability You are considered "disabled" under the MetLife LTD Plan if, due to sickness, pregnancy, or accidental injury, you are under Regular care of a physician. You must be under Regular care unless Regular care: Will not improve the condition(s) causing the Disability; or Will not prevent a worsening of the condition(s) causing the Disability. Regular care means: You personally visit a Physician(s) as frequently as medically required to effectively manage and treat the condition(s) causing the Disability

7 MetLife LTD Plan 4 You are receiving appropriate treatment and care which conforms with generally accepted medical standards for the condition(s) causing the Disability. During the elimination period and the following 24-month period, you are unable to earn more than 80% of your pre-disability pay or indexed pre-disability pay (for your occupation) from any employer in your local economy and After the 24-month period, you are unable to earn more than 80% of your indexed pre-disability earnings from any employer in your local economy and in any occupation for which you are reasonably qualified for (based on your training, education and pre-disability earnings). Indexed pre-disability pay is your pre-disability pay increased by straight CPI beginning with your thirteenth monthly payment from the MetLife LTD Plan. Pre-Existing Condition Limitation A Pre-existing Condition means you: Received medical treatment, consultation, care or services for a diagnosed condition; or Took prescription medications or had medications prescribed for a diagnosed condition In the 3 months immediately prior to the effective date of coverage under this plan; and the disability caused or substantially contributed to by the condition begins in the first 12 months after the effective date of coverage under this plan. The effective date of coverage is typically your first date of hire or rehire. Temporary Recovery During the Elimination Period If you return to work for 30 days or less during your elimination period, those days will count towards your elimination period. However, if you return to work for more than 30 days before satisfying your elimination period, you will have to begin a new elimination period. During the temporary recovery period you will not be subject to, or qualify for, any change in coverage provided under the MetLife LTD Plan caused by a change in: The rate of pay used to determine your pre-disability pay

8 MetLife LTD Plan 5 A change in the terms, or conditions of the MetLife LTD Plan. Temporary Recovery After LTD Benefits Begin If you temporarily recover from your disability after LTD benefits begin, you return to work for less than six months and then you suffer a relapse related to your prior disability, you do not need to complete a new elimination period. During the temporary recovery period you will not be subject to, or qualify for, any change in coverage provided under the MetLife LTD Plan caused by a change in: The rate of pay used to determine your pre-disability pay A change in the terms, or conditions of the MetLife LTD Plan. Rehabilitation Incentive If you participate in an approved rehabilitation program while you are disabled, your monthly benefit (before any reduction for other income benefits) will be increased by 10%. Participation in a rehabilitation program includes: Returning to part- or full-time employment in an occupation for which you are reasonably qualified for based on your training, education, experience and past earnings or Participating in approved vocational training or physical therapy. Work Incentive If you work while you are disabled, there is no offset for employment earnings, including return-to-work incentives and other income benefits unless these amount exceed 100% of your pre-disability earnings. After the first 24 months following your return to work, the monthly disability benefit will be reduced by 50% of the earnings from working while disabled. Family Care Expenses During the first 24-month period following your elimination period, you may also receive a reimbursement for eligible family care expenses when you work or participate in an

9 MetLife LTD Plan 6 approved rehabilitation program while disabled. Your eligible family members are those people who live with you and chiefly depend on you for support. Eligible family care expenses include the monthly expenses, up to $250 per eligible family member, incurred by you to participate in a rehabilitation program to provide: Child care for family members under age 13 at a licensed child care facility or other qualified child care provider that is not a member of your immediate family or living with you Care for an eligible family member who is incapable of caring for himself/herself provided that the care-giver is not a member of your immediate family or living with you To be eligible for reimbursement, the expenses may not be reimbursed from another plan or any other sources and you must provide proof that you incurred the services and that the family member cannot care for himself and is chiefly dependent on you for support. Other Income Benefits The LTD benefit you are eligible to receive from the MetLife LTD Plan will be reduced by any of the following benefits you may receive from other sources, such as: Social Security benefits Company or government retirement benefits Employer funded benefits from the Visa Retirement Plan Workers compensation State-mandated benefits Occupational Disease laws Maritime maintenance and cure Third party recovery.

10 MetLife LTD Plan 7 Sick pay Amounts received by compromise or settlement of any claim for permitted offsets (minus attorney s fees) Any Salary continuation, personal time off, and annual leave pay; Return to work earnings as set forth in the Work Incentive Provision Your LTD benefit will not be reduced by benefits received from any private disability coverage that you have purchased. Additional Limitations The MetLife LTD Plan places additional benefit limitations on the following conditions: Mental or nervous disorders LTD benefits for mental or nervous disorders are limited to 24 months during your lifetime (unless the disability results from schizophrenia, bipolar disorder, dementia or organic brain disease) Drug, alcohol or substance abuse or dependency LTD benefits for drug, alcohol or substance abuse or dependency will not begin until you participate in an approved rehabilitative program. LTD benefit payments will end when you receive 24 monthly benefit payments, you refuse to participate in a rehabilitative program or you complete or stop participating in a rehabilitative program, whichever occurs first. LTD benefits for drug, alcohol or substance abuse or dependency are limited to one period of disability per lifetime. How Benefits are Paid Your LTD benefit will be paid monthly, beginning one month after you qualify for benefits. Monthly benefits due for a period of less than one month are paid at a daily rate of 1/30 th of the monthly benefit. If you are overpaid benefits from the MetLife LTD Plan, you must refund the excess amount. When Benefits End

11 MetLife LTD Plan 8 LTD benefits will continue until age 65. However, if you become disabled at age 60 or older, your LTD benefits will end after 60 months or when you reach age 70 whichever occurs first (but you will always receive at least 12 months of MetLife LTD Plan benefits). Regardless of your age, your LTD benefits will end when one of the following happens: You recover from your disability Your disability period for mental or nervous disorders, or alcohol, drug or substance abuse and dependency ends You fail to provide necessary proof of disability as required by the MetLife LTD Plan You seize or refuse to participate in a rehabilitation program You die You fail to attend a medical examination requested by the MetLife LTD Plan Family Survivor Benefits If you die while you are receiving benefit payments under the MetLife LTD Plan, your surviving spouse/domestic partner or unmarried children under age 25 may be eligible for a survivor benefit payable in a lump sum. The amount of the survivor benefit is equal to three times your monthly LTD benefit before reductions for other income benefits, and then reduced by any benefit overpayment that MetLife is entitled to recover. The survivor benefit is payable to your surviving spouse/domestic partner only if you completed your elimination period prior to your death, you were eligible to receive monthly LTD benefits when you died and proof of your death is provided. If you do not have a surviving spouse/domestic partner when you die, your unmarried children or your spouse's unmarried children under age 25 will receive the survivor benefit in equal shares.

12 MetLife LTD Plan 9 The survivor's benefit is paid on the date one month after the last monthly LTD benefit payment was made to you prior to your death. What s Not Covered The MetLife LTD Plan does not cover disabilities due to or related to any of the following: War, insurrection or rebellion Active participation in a riot Intentionally self-inflicted injuries or attempted suicide or Committing a felony. ADDITIONAL RULES THAT APPLY TO THIS PLAN How Your LTD Benefit Is Taxed Benefits you receive from the MetLife LTD Plan Option 1 are considered taxable income to you. You have the option of filing a W-4 form with MetLife to withhold taxes from your monthly benefit. If you are enrolled for MetLife LTD Plan Option 2, your LTD benefits will not be taxable. While benefits under this plan are tax free, you pay taxes on the premiums that Visa pays on your behalf.

13 MetLife LTD Plan 10 LTD Benefits and Your Other Visa Benefits Health Benefits If MetLife approves your LTD request, you may continue to receive medical, dental, and vision benefits under Visa s benefit plans for yourself and your eligible dependents. You have two choices of coverage, as follows: 1) You may elect up to 18 months of COBRA coverage for yourself, your spouse/domestic partner and/or your dependents that are currently enrolled. You pay the entire cost of COBRA. COBRA coverage may be extended for up to a total of 29 months if you are determined to be disabled under Title II or XVI of the Social Security Act within the first 60 days of receiving COBRA coverage, provided that you notify Visa of this disability determination within 60 days of that determination and the first 18 months of your COBRA coverage. COBRA coverage will continue through the 18 months (29 months with proof of Social Security award) regardless of whether you qualify for LTD benefits, unless COBRA coverage ceases earlier pursuant to the provisions of COBRA. At the end of your COBRA coverage, you may be able to convert your COBRA coverage to an individual plan, purchase your own medical insurance, apply for Medicare or apply for early retiree medical benefits, if eligible, under Visa's Retiree Health Plan. However, your spouse/domestic partner and/or your dependents may also be entitled to elect an additional period of COBRA coverage, provided they experience another event (such as legal separation, divorce or your death) that entitles them to this additional coverage. 2) You may elect to continue your medical, dental and vision coverage under Visa's Welfare Benefits and Cafeteria Plan as an alternative to COBRA coverage. Alternative to COBRA coverage is provided to yourself at no cost while you are on an LTD leave of absence for a maximum of 24 months. In addition, your spouse/domestic partner and eligible dependents that are currently enrolled may continue to receive medical, dental and vision benefits under Visa's Welfare Benefits and Cafeteria Plan while you are on an LTD leave of absence for the same 24 month period, subject to applicable plan

14 MetLife LTD Plan 11 provisions and limitations. You are responsible for paying the cost of spouse/domestic partner and dependent coverage. Each period during which you are on an LTD leave of absence is counted in determining the maximum 24 month period. However, LTD leaves of absence that are separated by 12 consecutive months of active employment with Visa are not aggregated in determining the 24 month period. At the end of the 24 months of alternative to COBRA coverage, you, your spouse's/domestic partner s and your eligible dependents' coverage under the Visa Welfare and Benefits Plan will end. However, your spouse/domestic partner and/or your dependents may be entitled to elect an additional period of COBRA coverage, provided they experience another event (such as legal separation, divorce or your death) that entitles them to this additional coverage. Please see the medical plan s summary plan description for a description of continuation coverage under COBRA and the definition of a qualifying event. This information can be found on BenefitSource at or you may call the Benefits Help Line at to request a copy to be mailed to your home. By electing the alternative to COBRA coverage you are waiving your COBRA rights. Should you not exhaust the full 24 months of coverage and you no longer qualify for LTD benefits, you will not be able to continue coverage under COBRA or use the remaining time under the alternative to COBRA coverage. Alternative options are outlined below. Other options after the 24 month period or when you no longer qualify for LTD benefits include converting your coverage to an individual plan, purchasing your own medical insurance, applying for Medicare or applying for early retiree medical benefits, if eligible, under Visa's Retiree Health Plan. Life Insurance Life insurance for yourself and any dependents is continued for the first 12 months that you are disabled. You may continue your life insurance benefits without having to make premium payments beyond the 12 months under the Continued Protection/Waiver of Premium (CP) provisions of the LTD Plan. You must apply for this additional coverage

15 MetLife LTD Plan 12 using the MetLife LTD application. If your Continued Protection/Waiver of Premium is approved, your life insurance benefits would continue under the Waiver of Premium. Should the Continued Protection/Waiver of Premium be denied, then you would have 31 days to convert your life insurance to an individual policy. Please note that Dependent Life Insurance will cease once you are approved or denied the Continued Protection/Waiver of Premium. At that time your dependent would have 31 days to convert their life insurance to an individual policy. You may call the Benefits Help Line at to request a Life Insurance conversion form. Retirement Plan Participation Your LTD leave of absence may affect your benefit under the Visa Retirement Plan. Effective November 1, 2003, the Retirement Plan was amended to provide that the maximum LTD leave of absence period that will be counted for determining your benefit service and eligibility to elect an early retirement benefit is 24 months. Benefit service is used to calculate the amount of your benefit from the Retirement Plan. Each period during which you are on an LTD leave of absence is counted in determining your maximum 24-month period under the Retirement Plan. LTD leaves of absence that are separated by 12 consecutive months of active employment with Visa are not aggregated in determining the 24-month period. Thrift Plan (401K) You may cash out your vested 401k balance after you have received six months of LTD benefits. Paid Time Off You may cash out your remaining PTO balance after you have received twelve months of LTD benefits. If you wish to cash out your remaining PTO balance after twelve months of receiving LTD benefits. You must call the Benefits Help Line at to request that your PTO be cashed out.

16 MetLife LTD Plan 13 HOW TO REACH THE PLAN The MetLife LTD Plan is administered by MetLife. You may contact MetLife to submit a claim or to ask questions at: Metropolitan Life Insurance Company Attn: Corporate Customer Relations Department 200 Park Avenue New York, NY MetLife LTD Customer Service: (800)

17 MetLife LTD Plan 14 CLAIMS PROCEDURES Filing a Claim After 90 days of short-term disability, if it is anticipated that your disability may extend for longer than 181 days, you should notify Visa s Leave of Absence Manager to have him or her send you the forms to apply for LTD benefits. The LTD benefit application process takes approximately 60 days to complete. You must submit the completed forms directly to MetLife at: Metropolitan Life Insurance Company P.O. Box Lexington, KY Fax Number: (800) If you have any questions regarding the completion of the MetLife forms, please contact MetLife Long Term Disability Customer Service at (800) Time Frame for Claim Determinations The plan s claim administrator will notify you of the determination or adverse determination within a reasonable period of time, but no later than 45 days after receiving the claim. This 45-day period may be extended for up to 30 days, if the claim administrator both determines the extension is necessary due to matters beyond the control of the plan, and notifies you, before the initial 45-day period expires, of the reason(s) requiring the extension of time and the date by which the plan expects to render a decision. If, prior to the end of the first 30-day extension period, the claim administrator again determines that, due to matters beyond the control of the plan, a decision cannot be rendered within that extension period, the determination period may be extended for up to an additional 30 days. In such case, the claim administrator must notify you, before the first 30-day extension period expires, of the reason(s) requiring the extension of time and the date by which the plan expects to render a decision. All extension notices you receive regarding your disability benefits must specifically explain: The standards on which entitlement to a benefit is based

18 MetLife LTD Plan 15 The unresolved issues that prevent a decision on the claim The additional information needed to resolve those issues. You have 45 days to provide the specified additional information. In the event that an extension is necessary due to your failure to submit necessary information, the plan s time frame for making a benefit determination is tolled (i.e., stopped) from the date the claim administrator sends you the extension notification until the date you respond to the request for additional information. If You Receive an Adverse Benefit Determination The claim administrator will provide you with a notification of any adverse benefit determination, which will set forth: The specific reason(s) for the adverse benefit determination Reference to the specific plan provisions on which the benefit determination is based A description of any additional material or information necessary for you to perfect the claim and an explanation of why that material or information is necessary A description of the plan's appeal procedures and time limits applicable to such procedures Any internal rule, guideline, protocol or other similar criterion relied upon in making the adverse benefit determination; or a statement that a copy of the rule, guideline, protocol or other similar criterion relied upon in making the adverse determination will be provided free of charge to you upon request If the adverse benefit determination was based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the adverse determination, applying the terms of the plan to your medical circumstances or a statement that such explanation will be provided free of charge upon request.

19 MetLife LTD Plan 16 Employment and Benefits Upon Receiving an Adverse Benefit Determination Upon receiving notice from MetLife of an adverse benefit determination, you will have 30 days to obtain a position within Visa. If you do not obtain a position with Visa within 30 days, your employment will end after the 30-day period expires. This policy will be administered in accordance with all applicable laws. While you were applying for LTD benefits, your coverage under the Visa Group Health Plan continued by you choosing either COBRA coverage or alternative to COBRA coverage. If Visa receives confirmation from MetLife that you are actively appealing MetLife s decision, you will remain covered during your appeal process under your remaining COBRA or alternative to COBRA coverage, subject to the provisions of COBRA or alternative to COBRA coverage. However, if you do not appeal MetLife s adverse benefit determination, your employment with Visa will end 30 days from the date that you receive notice from MetLife of an adverse benefit determination, unless you obtain a position with Visa within the 30-day period. If at the beginning of your LTD leave you chose COBRA coverage, your coverage under the Visa Group Health Plan will continue under your remaining COBRA coverage, subject to the provisions of COBRA coverage. If at the beginning of your LTD leave you chose alternative to COBRA coverage, your coverage under the Visa Group Health Plan will continue only until the end of the month of your 30-day notice period. Thereafter, you may continue your coverage by converting to an individual plan, purchasing your own medical insurance, applying for Medicare or applying for early retiree medical benefits, if eligible, under Visa s Retiree Health Plan. In addition, your spouse/domestic partner and/or your dependents may be entitled to elect an additional period of COBRA coverage, provided they experience another event (such as legal separation, divorce or your death) that entitles them to this additional coverage. Please see the medical plan s summary plan description for a description of continuation coverage under COBRA and the definition of a qualifying event. This information can be found on BenefitSource at

20 MetLife LTD Plan 17 or you may call the Benefits Help Line at to request a copy to be mailed to your home. Procedures for Appealing an Adverse Benefit Determination You, or your authorized representative, have 180 days following the receipt of a notification of an adverse benefit determination within which to appeal the determination. You have the right to: Submit written comments, documents, records and other information relating to the claim for benefits Request, free of charge, reasonable access to and copies of all documents, records and other information relevant to your claim for benefits A review that takes into account all comments, documents, records and other information submitted by you relating to the claim, regardless of whether such information was submitted or considered in the initial benefit determination A review that does not defer to the initial adverse benefit determination and that is conducted by a named fiduciary of the plan that is neither the individual who made the adverse determination nor that person's subordinate If the appeal involves an adverse benefit determination based in whole or in part on a medical judgment, require the named fiduciary to consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment, and who was neither consulted in connection with the initial adverse benefit determination nor the subordinate of any such individual The identification of medical or vocational experts whose advice was obtained in connection with the adverse benefit determination, without regard to whether the advice was relied upon in making the decision. The claim administrator must notify you of the plan s benefit determination on review within a reasonable period of time, but not later than 45 days after receipt of your

21 MetLife LTD Plan 18 request for review by the plan, unless the claim administrator determines that special circumstances require an extension of time. If an extension of time is required, a written notice of the extension must be sent to you before the end of the initial 45-day period. The notice of the extension must indicate the special circumstances and the date by which the plan administrator expects to render the determination on review. In the event an extension is necessary due to your failure to submit necessary information, the plan s time frame for making a benefit determination on review is tolled (i.e., stopped) from the date the claim administrator sends you the extension notification until the date you respond to the request for additional information. The claim administrator s notice of an adverse benefit determination on appeal will contain all of the following information: The specific reason(s) for the adverse benefit determination Reference to the specific plan provisions on which the benefit determination is based A statement that you are entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant to your claim A statement describing any voluntary appeal procedures offered by the plan and your right to obtain the information about such procedures Any internal rule, guideline, protocol or other similar criterion relied upon in making the adverse benefit determination or notice that a copy of the rule, guideline, protocol or other similar criterion relied upon in making the adverse benefit determination will be provided free of charge upon request If the adverse benefit determination was based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the adverse determination, applying the terms of the plan to your medical circumstances or a statement that such explanation will be provided free of charge upon request.

22 MetLife LTD Plan 19 Employment and Benefits Upon Receiving a Final Adverse Benefit Determination Upon receiving notice from MetLife of a final adverse benefit determination, you will have 30 days to obtain a position within Visa. If you do not obtain a position with Visa within 30 days, your employment will end after the 30-day period expires. This policy will be administered in accordance with all applicable laws. As described above, your employment with Visa will end 30 days from the date that you receive notice from MetLife of a final adverse benefit determination, unless you obtain a position with Visa within the 30-day period. If your employment is so terminated and if at the beginning of your LTD leave you chose COBRA coverage, your coverage under the Visa Group Health Plan will continue under your remaining COBRA coverage, subject to the provisions of COBRA coverage. If at the beginning of your LTD leave you chose alternative to COBRA coverage, your coverage under the Visa Group Health Plan will continue only until the end of the month of your 30-day notice period, subject to the provisions of alternative to COBRA coverage. Thereafter, you may continue your coverage by converting to an individual plan, purchasing your own medical insurance, applying for Medicare or applying for early retiree medical benefits, if eligible, under Visa s Retiree Health Plan. In addition, your spouse/domestic partner and/or your dependents may also be entitled to elect an additional period of COBRA coverage, provided they experience another event (such as legal separation, divorce or your death) that entitles them to this additional coverage. Please see the medical plan s summary plan description for a description of continuation coverage under COBRA and the definition of a qualifying event. This information can be found on BenefitSource at or you may call the Benefits Help Line at to request a copy to be mailed to your home. Your Rights Under ERISA As a participant in the plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all plan participants shall be entitled to:

23 MetLife LTD Plan 20 Receive Information About Your Plan and Benefits Examine, without charge, at the plan administrator s office and at other specified locations, such as worksites all documents governing the plan, including insurance contracts and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration. Obtain, upon written request to the plan administrator, copies of documents governing the operation of the plan, including insurance contracts and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The administrator may make a reasonable charge for the copies. Receive a summary of the plan s annual financial report. The plan administrator is required by law to furnish each participant with a copy of this summary annual report. Prudent Actions by Plan Fiduciaries In addition to creating rights for plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your plan, called fiduciaries of the plan, have a duty to do so prudently and in the interest of you and other plan participants and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a plan benefit or exercising your rights under ERISA. Enforce Your Rights If a claim for a plan benefit is denied or ignored, in whole or in part, you or your beneficiary has the right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan and do

24 MetLife LTD Plan 21 not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file a suit in a state or federal court. In addition, if you disagree with the plan s decision or lack thereof concerning the qualified status of a medical child support order, you may file suit in a federal court. If it should happen that plan fiduciaries misuse the plan s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. Assistance with Your Questions If you have any questions about your plan, you should contact the plan administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the plan administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. PLAN ADMINISTRATION This information about the administration of the plan is provided in compliance with the Employee Retirement Income Security Act (ERISA) of 1974, as amended. While you

25 MetLife LTD Plan 22 should not need these details on a regular basis, the information may be useful if you have specific questions about the plan. Plan Sponsor The name, address and telephone number of the plan sponsor are: Visa Inc. 900 Metro Center Blvd. Foster City, CA This plan is a welfare benefit plan providing LTD benefits. It is a component of the Visa Welfare Benefits and Cafeteria Plan. Plan Administrator The name, address and telephone number of the plan administrator are: Global Head of Human Resources 900 Metro Center Blvd. Foster City, CA The administration of the plan will be under the supervision of the plan administrator. To the fullest extent permitted by law, the plan administrator will have the discretion to determine all matters relating to eligibility, coverage and benefits under the plan. The plan administrator will also have the discretion to determine all matters relating to interpretation and operation of the plan. Any determination by the plan administrator, or any authorized delegate, shall be final and binding.

26 MetLife LTD Plan 23 Agent for Service of Legal Process The name, address and telephone number of the agent for service of legal process is: Visa Inc. 900 Metro Center Blvd. Foster City, CA Identification Numbers The Employer Identification Number (EIN) assigned by the Internal Revenue Service to Visa Inc.is The plan number for the Visa Welfare Benefits and Cafeteria Plan is 501. Plan Year The plan year for the MetLife LTD Plan is January 1 through December 31. Organization Providing Administrative Services Listed below are the name, address, and phone number of the organization that provides administrative services. These services include administering claims and providing customer assistance. Metropolitan Life Insurance Company Attn: Corporate Customer Relations Department 200 Park Avenue New York, NY MetLife LTD Customer Service: (800) Plan Funding The MetLife Long Term Disability Plan is fully insured, which means MetLife assumes financial responsibility and adjudication of paying claims.

27 MetLife LTD Plan 24 Plan Document This booklet is intended to help you understand the main features of the plan. It should not be considered a substitute for the plan document, which governs the operation of the plan. That document sets forth all of the details and provisions concerning the plan and is subject to amendment. If any questions arise that are not covered in this booklet or if this booklet appears to conflict with the official plan document, the text of the official plan document will determine how questions will be resolved. Future of the Plan It is Visa s intent that the MetLife LTD Plan will continue indefinitely. However, Visa reserves the right to amend, modify, suspend or terminate the plan, in whole or in part, by action of the Global Head of Human Resources or Visa s board of directors. Any such action would be taken in writing and maintained with the records of the plan. Plan amendment, modification, suspension or termination may be made for any reason, and at any time. If the plan is terminated there is no guarantee that you will be eligible for the plan s benefits. Your consent or the consent of your beneficiary is not required to terminate, modify, amend or change the MetLife LTD Plan. If the even that your coverage ends in accord with when your coverage ends, you may still be eligible to receive benefits. Any changes to the Plan will take place on the day one returns to active work. For example, if an employee goes out on disability, and Visa makes a plan change, that change does not go into effect for the disabled employee until he/she returns to active work. Limitation on Assignment Your rights and benefits under the plan cannot be assigned, sold or transferred to your creditors or anyone else.

28 MetLife LTD Plan 25 YOUR EMPLOYMENT Your eligibility or your right to benefits under the plan is not a guarantee of employment. The company s employment decisions are made without regard to the benefits to which you are entitled upon employment. This booklet provides detailed information about the plan and how it works. It does not constitute an expressed or implied contract or guarantee of employment. All Visa employees are employed at-will, meaning either Visa or the employee may terminate the employment relationship with or without cause or notice.