Transcript Document
U.S. Benefits
New Hire Overview
January 2012
May 2012
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Total Compensation and Benefits
Compensation
Base Salary
Variable Cash Incentive Program (VCIP)
Long-term Incentive (LTI)
Special Recognition Award (SRA)
Benefits
Health & Welfare
Phillips 66 Savings Plan
Phillips 66 Retirement Plan
Time-off & others
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Health – Medical & Dental Plans
Medical Plan
Coverage options assist with health care needs from prevention to
catastrophic events
Options include:
Consumer Plan with or without a Health Savings Account (HSA)
PPO Plan
HMO – in certain locations
If enrolled in the Consumer Plan with HSA, Phillips 66 will contribute $500
(you only) or $750 (all other coverage levels) to your Chase HSA
Prescription drug coverage through Express Scripts (Medco) includes retail
and home delivery options (for Consumer and PPO plans)
Estimated 80 / 20 premium cost sharing between Phillips 66 & employees
(Phillips 66 contribution to HMOs capped at PPO contribution)
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Health – Medical & Dental Plans
Medical Plan
Coordinated health improvement programs (Health Coaching, 24 hour
Nurseline) to enhance medical outcomes
Modeling tools available to help employees decide which options are right
for their personal situation
Dental Plan
Comprehensive Dental –through MetLife with projected 80 / 20 cost sharing
between Phillips 66 & employees
Preventive Dental – through MetLife at a zero ($0) monthly cost to
employees
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Medical Option Highlights (Network)
Network Coverage
Consumer
PPO
Monthly Costs
Individual/Family After Wellness Incentive
$0 - $33
$65 - $272
Annualized Costs
Individual/Family
$0 - $396
$780 - $3,264
Health Savings Account Company
Contribution
$500 / $750
$0
Deductible
$1,400 (you only)
$2,800 (you + more)
$600 (you only)
$1,200 (you + more)
(includes all medical and
prescription drug costs)
(does not include physician visit or
prescription drug copays/coinsurance)
$4,000 (you only)
$8,000 (you + more) 100% coverage
thereafter
$3,000 (you only)
$6,000 (you + more)
100% coverage thereafter
(Out-of-pocket max. includes all
participants medical and prescription
drug costs)
(does not include physician visit or
prescription drug copays/coinsurance
which are ongoing)
Out-of-pocket Costs Maximum
(includes deductible)
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Medical Option Highlights (Network)
Network Coverage
Consumer
Network
Preventive Medical Care
Physician Visits (non-preventive)
PPO
Networks are the same.
No deductible. Preventive Network services covered at 100%
(annual wellness exam, mammogram, colonoscopy, etc.)
20% after deductible
$25 copay (PCP);
$50 copay (specialist)
Outpatient Surgery
20% after deductible
Inpatient Hospitalization
20% after deductible
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Prescription Drug Benefits
Network Coverage
Consumer
PPO
Preventive Prescription Drugs
No deductible
No cost up to $1,500 / person / year;
thereafter 20% coinsurance up to the
annual out-of-pocket maximum
No special benefits for preventive
prescription drugs.
Non-Preventive Prescription Drugs
Pay the negotiated / discounted full cost
until you meet the deductible (combined
with medical expenses) ($1,200 /
$2,400)
After deductible, you pay 20%
coinsurance until you meet the out-ofpocket costs maximum (combined with
medical expenses) ($4,000/$8,000)
Thereafter, 100% paid by Company for
prescription drugs and medical services
Network Retail – up to 30 day
supply:
Generic: $10 copay
Brand Preferred: 40% coinsurance
($30 minimum and $125 maximum)
Brand Non-Preferred: 50%
coinsurance ($60 minimum and
$250 maximum)
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Home Delivery (Medco Pharmacy) –
up to a 90 day supply:
Generic: $20 copay
Brand Preferred: 40% coinsurance
($60 minimum and $250 maximum)
Brand Non-Preferred: 50%
coinsurance ($120 minimum and
$500 maximum)
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Welfare – Life Insurance
Life Insurance
Basic - One times annual pay; Company paid
Supplemental - Up to eight times annual pay; employee paid
Dependent – Spouse: $40,000 / $75,000; Child: $15,000 / $25,000;
employee paid
Occupational Accidental Death (OAD)
Benefit of $500,000 – company paid
Accidental Death and Dismemberment (AD&D)
Coverage of $20,000 to $1 million; employee paid
Family coverage available; employee paid
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Welfare – Disability
Short-Term Disability (STD)
52 weeks; Maximum benefit available with 10 years of service:
First 26 weeks at 100 percent pay
Next 26 weeks at 60 percent pay
Company paid
Long-Term Disability (LTD)
Basic benefit – 50 percent of pay; nontaxable
Enhanced benefit –60 percent of pay; nontaxable
Employee paid
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Wealth Accumulation: Phillips 66 Savings
Plan (P66SP)
The P66SP is one of the best and most convenient resources you have
for accumulating wealth and securing a comfortable retirement
The P66SP consists of two parts:
Thrift Feature
Success Share
Generally, you are immediately eligible if you are an employee on the
direct U.S. dollar payroll of a Phillips 66 company that has adopted the
plan
Eligible to participate immediately upon employment
100% vested immediately, including Company contributions
Loans and withdrawals available
Vanguard is the record keeper
You are immediately vested in all amounts contributed to your account.
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Wealth Accumulation: Phillips 66 Savings
Plan (P66SP)
Thrift Feature
Employee may contribute up to 75% of eligible pay
Eligible pay includes base salary and overtime
Before-tax, after-tax, Roth 401(k) or a combination
“Catch-Up” before-tax contributions allowed if age 50 or older
Withdrawals, exchanges and loans allowed
Company matches $1 for $1 up to 5.0% of eligible pay
You have a choice of funds to choose from for investing your contributions
Company matching contributions follow the employee’s contribution
investment election
New hires are automatically enrolled with a 3% before-tax contribution
Annual increase in your election of 1% until your contribution reaches 5%
You can increase, decrease or stop your deferral, annual increase election or
investments at any time
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Wealth Accumulation: Phillips 66 Savings
Plan (P66SP)
Success Share
As the name implies, it reflects your potential to share in the Company’s
success
Discretionary profit sharing contribution of 0% to 6% of eligible pay with
a target pay out of 2%
Semi-annual cast contributions invested according to your Thrift
contribution investment elections
You must have participated in the Thrift Feature for all or part of the
measurement period in order to receive a Success Share contribution
The contribution will be based only on your eligible pay for the time
period in which you actually made contributions to Thrift
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Wealth Accumulation: Phillips 66 Savings
Plan (P66SP)
Contact Vanguard to enroll or make changes
www.vanguard.com (Plan # 099066)
Call Vanguard at 800-523-1188
Access Vanguard through HR Express
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Wealth Accumulation: Phillips 66
Retirement Plan (P66RP)
Phillips 66 Cash Balance Account
Access Vanguard through HR Express
Pay credits recognize both age and service (one “point” per year of
service plus age equals total points)
Under 44 points: 6%
44 through 65 points: 7%
66 or more points: 9%
Bonus (VCIP) is part of eligible compensation used to calculate cash
balance pay credit
Interest credits based on 30 year Treasury rate
Cash Balance Account vests in 3 years
Company paid
Eligible month following hire date
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Time Off Policies – Vacation
May 2012
Years of Service
Eligible Days of
Vacation
Maximum Vacation
Limit
1-4
10
20
5-9
15
25
10 - 19
20
30
20 - 29
25
35
30 +
30
40
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Additional Time Off Policies
Holidays
Serious Illness in Family
Death in Family
Personal Leave/Sabbaticals
Flexible core working hours
19/30 work schedule
Part-time regular work schedules
Family and Medical Leave (FMLA)
Disability Leave
Military Leave
Community Service Leave
Excused Leave with Pay and Hardship Assistance
NOTE: Some policies may not be applicable to sites under a collective bargaining unit Agreement (CBA). Such sites
should consult their HRBP or CBA.
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Other Benefits and Programs
Flexible Spending Accounts (FSA)
Health Care Account (maximum of $2,500)
Dependent Care Account (maximum of $5,000)
Employee Assistance Plan (EAP) – ValueOptions
5 face-to-face visits per family member / problem / year
Company paid
Matching Gift Program for contributions to charitable organizations or schools
Employees are matched $1 for $1 up to $15,000 annually
Eligible recipients include 501(c)(3) charitable organizations
Educational Assistance / Tuition Refund
Assists in furthering higher education in fields of mutual interest to the employee and
Company
Pays 90% of tuition and mandatory enrollment fees up to annual maximums of
$8,500 for advanced degrees and $4,000 for all other formal education (subject to
applicable approvals)
Phillips 66 Severance Pay Plan
Up to 60 weeks of pay based on years of service, if eligible
May 2012 Education reimbursement up to $2,000
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Additional Support
For questions about plans, policies and programs:
Call Phillips 66 Benefits Center
800-965-4421 or 646-254-3467 (international callers)
8 a.m. - 6 p.m. Central time
Monday through Friday
Visit Your Benefits Resources (YBR) website through HR Express or at:
http://resources.hewitt.com/phillips66
Call Vanguard at 800-523-1188 or access through HR Express
Visit Phillips 66 public HR website at http://hr.phillips66.com
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