Keysight Benefits in Brief

Transcription

1 Keysight Benefits in Brief A summary of the benefits provided to Keysight employees in Canada Effective August 1, 2014 through July 31, 2015 Inside: Managing Work/Life Demands Staying Healthy For Your Protection Planning for Your Retirement Success Sharing and Wealth Accumulation

2 Benefits in Brief Page 2 As someone who is considering employment opportunities with Keysight Technologies in Canada, you re undoubtedly interested in the benefits that Keysight provides to its employees. This brochure was prepared to help you and your family understand some of the policies and benefits that affect your employment at Keysight. Benefits are an important part of your total compensation, and we re proud to offer a comprehensive, balanced and competitive benefits package. Keysight s programs address the immediate needs that you and your family may have, such as health coverage, as well as your long-term needs, such as saving for retirement. In addition, Keysight offers programs that acknowledge the need, and importance, of having time away from work.. Managing Work/Life Demands Keysight has a number of programs and policies designed to help employees in its diverse work force manage their work and personal lives while meeting company objectives for business success. Vacation We all work hard at Keysight and the Company believes vacation is a vital way to restore energy and creativity. You earn vacation from your date of hire, and you are eligible to take your vacation after six months of continuous service. Vacation Accrual 1st calendar year 2nd calendar year After 12-year anniversary After 14-year anniversary After 16-year anniversary After 18-year anniversary After 20-year anniversary After 22-year anniversary After 24-year anniversary After 26-year anniversary After 28-year anniversary After 30-year anniversary You can carry forward one year of vacation days per month, maximum 20 days 20 days 21 days 22 days 23 days 24 days 25 days 26 days 27 days 28 days 29 days 30 days Holidays Keysight has eleven paid holidays per calendar year. For some provinces, one or more floater holidays are used to ensure that eleven holidays are available in the year. You are eligible for statutory holidays from your date of hire. Flexible Work Arrangements Keysight s Flexible Work Arrangements are intended to help support the company s business needs and employees needs for managing work/life demands. The following may be alternatives to the traditional Monday-Friday, eight-hour a day, office-based work arrangement. Each of these options is subject to local laws and approval by your management team. Part-time Employment (minimum 20 hours per week) Job Sharing/Job Splitting Telecommuting Variable Work Schedules Flexible Work Hours Flexible work hours allow Keysight employees more freedom in arranging their work and personal schedules. The use of flexible work hours is subject to the needs of the company and its customers. The requirements are that an employee work a schedule designated by his/her organization and arrive and leave within specified periods. Leaves of Absence Keysight has several unpaid leave of absence programs available to employees. They include personal leave, emergency family leave and compassionate leave. Leave is approved by management and Keysight Human Resources.

3 Benefits in Brief Page 3 Maternity/Parental and Adoption Top Up Plan Many Keysight employees combine careers with childcare responsibilities. At Keysight, we recognize the responsibilities that parents face by providing a maternity / parental leave program that enables you to take time away from work while maintaining continuity of service. Keysight s Top Up plan is designed to supplement the government paid Employment Insurance (EI) benefits to 100% of employees weekly gross salary. To qualify for the top up, you must be approved for EI benefits by Canada Employment. The number of weeks eligible for the top up benefit is based on the type of leave, as outlined below: Maternity Leave Parental Leave Adoption Leave Natural Mother 17 weeks 0 weeks 0 weeks Father 0 weeks 12 weeks 0 weeks Adoptive Parent 0 weeks 0 weeks 12 weeks Full time and part time employees are eligible for this plan from date of hire. Employee Assistance Plan Keysight s Employee Assistance Plan (EAP) offers employees and members of their household a single point of access for confidential counseling, limited legal and financial assistance, legal referrals and referral assistance for child/elder care services. Specially-trained clinicians are available 24 hours a day to provide assistance with emotional difficulties, parenting concerns, family and relationship issues, stress-related problems, conflicts at work or home, and substance abuse issues. Clinicians provide assessment of treatment needs, solution-oriented intervention and, when necessary, referral to the appropriate level of treatment. This includes up to seven face-to-face counseling visits per problem per year. The EAP also provides Keysight employees and members of their household with resources to help manage work and personal responsibilities, such as child and elder care issues or expectant parent concerns. You are eligible for this benefit from your date of hire and there is no cost to you. Staying Healthy Coverage under Keysight s medical plan is designed to help you pay for services to maintain a healthy lifestyle. All regular employees (and their eligible dependents) are eligible for medical coverage starting on their first day of employment. The benefit plan year for the coverage begins August 1st. There is no cost for this coverage for employees or their dependents. Medical Coverage Summary Drug Reimbursement Drug Deductible Out of Pocket Maximum Drug dispensing fee Pay Direct Card 80% reimbursement None $200 out of pocket max per person per plan year; 100% thereafter $8 dispensing fee Yes Supplementary Health Care Expenses (100% reimbursement up to max per service) Paramedical Services (incl. Chiropractor, Naturopath, Osteopath, Physiotherapist, Podiatrist, Chiropodist, Psychologist, Massage Therapist, Speech Therapist and Acupuncturist) Ambulance Services (ground and air) Blood Glucose Monitors (for insulin dependent diabetics) Durable equipment (incl. Wheelchairs, wheelchair repairs, walkers, hospital beds, traction kits) Elastic support stockings Hearing Aids Home and auto fitting Hospital Expenses Nursing (private duty, out-ofhospital) Orthopaedic shoes (must be prescribed) Where permitted by law, reimbursement from 1st dollar Reimbursement on a per visit basis to a maximum of $500 per plan year for each insured for each practitioner Maximum of $150 in a 5 year period. $750 every 5 years $25,000 lifetime maximum Semi-private room $25,000 in a benefit plan Year 50% reimbursement - Covers 2 pairs per plan year Orthotics 100% reimbursement Covers $250 per foot 1 pair every 24 months Vision Care Expenses (Eye Glasses and Eye Examinations) $200 for glasses and contact lenses every 24 months per insured One eye examination by an optometrist in a 24 month period, (12 month period for dependents under age 19**) ** In provinces where provincial health plan has no coverage.

4 Benefits in Brief Page 4 Dental Coverage under Keysight s dental plan is designed to help you pay for services to maintain or restore healthy teeth and gums. All regular employees (and their eligible dependents) are eligible for dental coverage starting on their first day of employment. The benefit plan year for the coverage begins August 1st. There is no cost for this coverage for employees or their dependents. Dental Coverage Summary All Basic and Preventive Services Reimbursement Deductible Oral Examinations 80% of reimbursement up to a maximum of $2000 per insured for all combined services in a benefit plan year None Recall Oral Examinations Once every 9 months for adults; once every 6 months for children under 19. Special Oral Examinations Major Services Reimbursement Orthodontics (children under 19) Reimbursement of diagnostic procedures, treatment and retention appliances 50% of reimbursement up to a maximum of $2000 per plan year for all combined services 50% of reimbursement up to a maximum of $3,000 per lifetime For Your Protection Basic Life Insurance Basic Life Insurance is designed to provide you with life insurance coverage in the event of death. Coverage is effective on your date of hire and provides your beneficiary(ies) with a lump sum payment equal to two times your annual salary, rounded to the next higher $1,000. The overall maximum death benefit from the Basic Life Plan without evidence of good health is $1,000,000. Keysight pays the full cost of this benefit. Additional coverage is available to you under the Optional Term Life Insurance Plan at low group rates. Optional Term Life Insurance You may wish to purchase additional life protection for yourself and/or your spouse/partner at low group rates. This benefit provides financial security or financial support to any person or organization in the event of death of the insured. Three options are available: Employee Optional Life Insurance: select coverage in units of.25 times your annual salary to a maximum of 5 times your annual salary or $500,000, whichever is lower. Coverage is rounded to the next higher $1,000. Spouse/Partner Optional Life Insurance: select coverage in units of $10,000 to a maximum of $400,000 for your spouse/partner Child Life Insurance: secure life insurance protection for your child or children through this Plan. The maximum coverage is $5,000 per child. Once you have purchased this coverage, all future eligible dependent children will be automatically insured for $5,000 each. It is not necessary for you to apply for each eligible dependent. The costs for the above optional life insurances are based on level of coverage and age. Once the insurance provider has approved the coverage, coverage premiums will be deducted from your pay. Accident Insurance This plan provides protection against accidental losses 24 hours a day. The benefits payable are in addition to the Basic Life Insurance Plan. Coverage is effective on your date of hire and is equal to two times your annual salary, rounded to the next higher $1,000. The overall maximum death benefit from the Accident Insurance Policy is equal to $350,000. Keysight pays the full cost of this core accident insurance benefit.

5 Benefits in Brief Page 5 Optional Accident Insurance This plan offers you the option to purchase additional accident insurance at low group rates. The benefit provides financial protection in the event of accidental death and accidental loss of use of limbs, sight, hearing or mobility. Your cost for this benefit is based on the selected amount of coverage and the plan option. This amount will be deducted from your pay. Short Term Disability (STD) This Plan is designed to protect your income for a maximum 15 week period if you are absent due to illness or injury. Keysight pays you 100% of your earnings during this period. If you are unable to work for more than 5 days, you are eligible to apply for STD income under this Plan. Full medical information will be required by the disability case manager to substantiate your disability. You are eligible for this benefit from your date of hire. Long Term Disability (LTD) This Plan provides income assistance to you and your family if you should suffer a disability that prevents you from working for an extended period of time. Disability income paid under this Plan applies to absences from work due to illness or injury exceeding 15 weeks. Employees who qualify receive income protection as long as they remain eligible under the terms of the Long Term Disability policy. You pay the full cost for this insurance Plan through payroll deduction. Because you pay the cost, the benefit you receive is tax-free. You are eligible for this benefit from your date of hire. Planning for Your Retirement Retirement Program The Retirement Program is made up of two components: the Keysight Defined Contribution Pension Plan (DCPP) and the Keysight Optional Registered Retirement Savings Program. Employee contributions are directed into a Retirement Savings Plan, while the company s contributions are directed into a Pension Plan. All permanent full and part-time employees working at least 20 hours per week are eligible to participate on the 1st day of the month on or after completion of twelve months of service. Your local Human Resources department will notify you once you are eligible to participate. Keysight Defined Contribution Pension Plan (DCPP) Keysight s contributions are deposited into your account(s) with Sun Life Financial every pay period. The level of contribution is based on your years of service (see table) and eligible earnings (base, commissions and shift premium). All contributions made to your pension plan are locked in until age 55 and cannot be withdrawn until you leave Keysight. Keysight contributions based on years of service Completed Years of Service Less than 1 year Keysight s Contribution (% of eligible earnings) N/A 1 to 4 years 3% 5 to 19 years 6% 20 or more years 8% Domestic Partners/Dependents Spouse is defined as the person you have married through an ecclesiastical or civil ceremony. Domestic Partner is defined as a partner who, although not legally married to you, has cohabited with you in a conjugal relationship for at least one year (of the same or opposite sex). Dependent Child is defined as a child either natural, legally adopted or a child/stepchild for whom you are legal guardian. They must be: financially dependent on you; and unmarried; and under age 21 at the start of the plan year or under age 26 if a full time student at a recognized school, or any age if physically or mentally disabled. The child must live with you if he or she is a stepchild or the child of your common-law spouse.

6 Group Registered Retirement Savings Program (RRSP) You can contribute anywhere from 1% to 6% of your eligible earnings to an RRSP Account. (Eligible earnings include base salary, commissions and shift premiums.) Contributions are deposited every pay period. All contributions made to your Group RRSP are employment restricted and cannot be withdrawn. This includes for participation in any Home Buyer s plans. You also have the flexibility of directing your contributions into a spousal RRSP account. Any contributions made to a spousal account are subject to your RRSP limit. Success Sharing and Wealth Accumulation Keysight Results Bonus (KRB) As part of Keysight s overall pay-for-performance rewards strategy, the Keysight Results Bonus provides eligible employees with an opportunity to receive bonuses based on company results. Bonuses are determined and paid twice a year to all eligible employees following the end of each performance period: November 1st through April 30th (with a payout in June) and May 1st through October 31st (with a payout in December). Most regular employees are eligible beginning on their first day of employment. Employee Stock Purchase Plan (ESP) Keysight provides you with the opportunity to participate in the Employee Stock Purchase Plan. You can contribute up to 10% of your eligible compensation towards the purchase of Keysight common stock. The price you pay for the shares of Keysight common stock is at least 15% less than Keysight s common stock market value on the date that the Keysight common stock is purchased for you. You can change your contribution level at any time. There are no brokerage fees when you buy Keysight common stock. You can sell Keysight common stock shares in your account at any time. You can contribute through convenient payroll deductions. Contributions are accumulated for each six-month purchase period, and are then applied toward the purchase of Keysight common stock. For your enrollment to be effective for one of the six-month purchase periods, you must be enrolled in ESP prior to the beginning of that purchase period. Six-month purchase periods begin on May 1st and November 1st. Contributions are accumulated for each six-month purchase period and are then applied toward the purchase of Keysight common stock. This overview provides highlights of Keysight Technologies programs. The official plan documents are always used to determine when and what benefits will be provided. Keysight s policies and benefits may change from time to time. Accordingly, this brochure does not represent a contract and it should not be interpreted as contractual in nature. Keysight Technologies is an equal opportunity employer dedicated to workforce diversity. This information is subject to change without notice. Keysight Technologies, 2015 Published in Canada, February 17,