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| 8-K - 8-K - Vectrus, Inc. | vectrus8-kitem502newneocom.htm |
Benefits at a Glance for Management Benefitted Employees
Here’s a quick review of the total benefits provided to you as a Management
Benefitted employee of Vectrus.
BENEFIT . . . WHAT IT PROVIDES . . .
Vectrus 401(k) Plan Income for retirement
Medical Plans Domestic and International Plans
Dental Plan Domestic and International Plans
Vision Plan Domestic and International Plans
Flexible Spending Account Plan (FSA) Option to pay for certain predictable health care or
dependent care expenses with pre-tax dollars
Short Term Disability Plan Company paid disability income continuation for up
to 25 weeks
Long Term Disability Plan Voluntary disability plan to provide income
continuation beyond 26 weeks
Life Insurance Plan Life Insurance equal to one times your annual base
pay
Voluntary Life and Accident Insurance Plan Additional Life and Accident insurance for you and
your family
Everyone’s Assistance Program This benefit provides an array of services for you
and your immediate family to support your day to
day life
Business Travel Accident Plan Additional accident insurance for you when you
travel for the Company
Other Voluntary Plans Domestic employees are offered Other Voluntary
plans:
Allstate Cancer and Specified Diseases, Colonial
Accident and Colonial Hospital Confinement
Paid Time Off (PTO) Time off with pay to use for personal, sick or
vacation
Holiday 12 paid Holidays per year
Following is a closer look at each of the plans. . .
Your Benefits (Closer Up)
Each of Vectrus benefit plans serves
a unique purpose-whether it’s to provide
comprehensive health care coverage, income
for retirement, or simply time off with pay...
Investment and Savings Plan - 401(k)
These are some of the highlights:
• You can contribute up to 70% (subject to IRS limitations) of your base pay to the
plan - on a pre-tax and/or Roth post tax basis. Another option within the plan will
allow you to contribute up to 25% of your base pay in an after-tax source. If you
are at least age 50, you can also elect to make catch-up contributions in
accordance with IRS guidelines.
• Vectrus offers a competitive match under the 401(k) plan.
• You direct your contributions and Company contributions made on your behalf to
one or more of the Prudential investment options.
• You are immediately 100% vested in the Company monies.
• You can change your own contribution amounts, reallocate your account
balances, borrow from your account, or make withdrawals from your account
while working for Vectrus.
• The Plan accepts rollovers of account balances from another employer’s
qualified pension or savings plan.
Medical Plans
These are some highlights:
Domestic:
• Employees are offered three medical plans through Cigna, High PPO, Low PPO
and the High Deductible Health Plan with a Health Savings Account option.
International:
• Employees are offered three medical plans through Cigna Global. OAP
Management Plan, OAP Catastrophic Plan and the Short Term Abroad Plan
(employee coverage only). Vectrus does require all international employees to
elect one of the Vectrus medical plans.
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• Both Domestic and International employees share a portion of the cost of
coverage with Vectrus. Domestic contributions are deducted from your paycheck
on a pre-tax basis.
Dental Plan
These are some highlights:
Domestic:
• Employees are offered a comprehensive dental plan through Delta Dental of
Colorado
International:
• Employees are offered a comprehensive dental plan through Aetna Global. The
plan provides coverage for the employee working internationally and dependent
coverage regardless if they are with the employee or staying in the United States.
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• Both Domestic and International employees share a portion of the cost of
coverage with Vectrus. Domestic contributions are deducted from your paycheck
on a pre-tax basis.
Vision Plan
These are some highlights:
Domestic:
• EyeMed provides two plans of coverage for eye exams, frames, lenses and
contact lenses are covered, plus there is a discount for laser surgery.
International:
• Cigna Global medical plan provides vision coverage within the medical plan so
the coverage is automatic when you elect your medical plan.
Flexible Spending Account Plan (FSA)
These are some highlights:
• The FSA affords you the opportunity to use tax-free dollars to pay for many health
care and dependent care expenses.
• Health Care annual limit is $2,550 with Dependent Care annual limit at $5,000 for
2015
• The Health Care Spending Account lets you use money you have set aside to pay
for health care expenses for you and your eligible dependents that aren’t paid for by
other health plans.
• The Dependent Care Spending Account lets you use money you have set aside to
reimburse yourself for eligible dependent care expenses that are necessary in order
for you to work and, if you are married, for your spouse either to work or be a full-
time student, or if your spouse is totally disabled.
• Allowable expenses are defined by IRS regulations and, if you do not use the money
you have set aside for charges incurred in the plan year, you lose it. You must plan
carefully. (For example, you must use money set aside in 2015 for charges incurred
from January 1, 2015 – December 31, 2015.)
Short Term Disability Plan (STD)
These are some highlights:
• You receive a portion of your regular pay if you’re disabled by a sickness or
accident that is not covered by workers’ compensations benefits, offset by state
disability benefits, where applicable.
• The amount you receive depends on your years of service.
• Benefits can continue for a maximum of 25 weeks.
• Vectrus pays the full cost of coverage.
Long Term Disability Plan (LTD)
These are some highlights:
• LTD is an employee elective plan. LTD will generally pick up where Short Term
Disability benefits end (typically, after 26 weeks of disability) if elected.
• Benefits can continue for as long as you remain disabled under the terms of the
Plan up until you reach age 65.
• You pay the full cost of coverage through automatic payroll deductions.
• If you qualify, you receive up to 60% of your base pay (to a maximum benefit of
$9,000 per month), offset by any Social Security Disability benefits received by
you or your family on your behalf.
Life Insurance Plan
These are some highlights:
• Your coverage is equal to one times your annual base pay, rounded to the next higher
$1,000 if not already an even $1,000 multiple.
• Vectrus pays the full cost of coverage.
• Your coverage automatically includes AD&D (Accidental Death and Dismemberment)
coverage, also equal to one times your annual base pay to a maximum of $120,000.
Voluntary Life Insurance Plan
These are some highlights:
• Domestic and International employees are offered Voluntary Life Insurance plans that
allow for employee coverage as well as spouse and child(ren) coverage.
• You pay the full cost of coverage through automatic payroll deductions.
Voluntary Accident Insurance Plan
These are some highlights:
• The Plan is completely voluntary. It provides 24-hour, year-round coverage for you (or
your dependent) if you die or are severely injured* - whether or not you’re conducting
Vectrus business. *See plan document for War Risk Exclusions*
• In general, you can select coverage from amounts of $10,000 to $500,000 in multiples of
$10,000.
• You can also select coverage for your spouse and children.
• You pay the full cost of coverage through automatic payroll deductions.
Employee Assistance Program (EAP)
These are some highlights:
• Domestic and International employees have EAP coverage.
• Coverage is 24/7 for employees and household members and dependents that you
financially support.
• Face to Face visits with a counselor
• Day to Day support
o Relationship issues
o Debt Management
o Legal Concerns
o Behavioral problems
o Stress
o Grief
o Trauma
Business Travel Accident Plan
These are some highlights:
• Coverage is automatic. The Business Travel Accident Plan pays benefits to you (or your
beneficiary) if you die or are severely injured while on Vectrus business anywhere in the
world.
• Vectrus pays the full cost of this coverage.
Other Voluntary Plan – Domestic only
Allstate Cancer and Specified Diseases Insurance
• This plan is designed to help with unexpected expenses in the event the insured is
diagnosed with cancer or one of the specified diseases listed in the brochure. The plan
pays benefits directly to the insured and does not co-ordinate with the medical plan.
Colonial Accident Insurance
• This plan is designed to help with unexpected expenses related to accidents. The plan
pays benefits directly to the insured and does not co-ordinate with the medical plan.
Colonial Hospital Confinement Insurance
• This plan is designed to help with unexpected expenses should you be hospitalized,
outpatient surgery and other out of pocket medical expenses. The plan pays benefits
directly to the insured and does not co-ordinate with the medical plan.
Paid Time Off
Vectrus employees are entitled to an accrual of annual Paid Time Off, which is determined by
one’s years of employment with the Company.
Holidays
The Holiday schedule may vary by location. Management Benefitted employees recognize 12
paid holidays per year.
Important Note: As provided in all Vectrus benefit plans, the terms and conditions of the
plan documents will govern, and while Vectrus expects to continue the plan or plans
indefinitely, it reserves the right to change or discontinue the plan or plans at any time
for some or all participants.
01/01/2015