These benefits are available to you,
your spouse and eligible dependent
children under the age of 19 (coverage
can be extended to age 25 for dependent
children rolled in school full-time)
and are not subject to preexisting
condition limitations. Coverage
begins on the first month following
your first day of employment.
CIGNA
Health Maintenance Organization (HMO)
/Exclusive Provider Organization
(EPO): For purposes of
receiving care, an EPO functions
just like an HMO: you agree to receive
all your medical care through the
EPO or HMO's network. Neither covers
care received outside the network
(other than emergency medical treatment).
CIGNA EPO: Receive
Care
- you coordinate care
with PCP
- No coverage for
out-of-network care
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CIGNA
Point Of Service Plan (POS):
With POs coverage option, you decide
the level of benefit you will receive
from the plan at the "point-of-service"
-- or when you receive care. You
can receive care from a doctor, hospital,
or other provider that is part of
the POs network, or from any provider
outside the POs network. You pay
less for treatment when you use the
network, but you are never "locked
in" to network providers.
When
you enroll in the POs, you choose
a Primary Care Physician (PCP) to
provide or coordinate all your in-network
care. If you PCP does not coordinate
your care, then you get out-of-network
benefits and you will pay more for
your care.
CIGNA
POs: You Choose:
IN-NETWORK
- you coordinate with
PCP
- you pay less
OUT-OF-NETWORK
- you choose providers
- you pay more
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CIGNA
Preferred ProviderOrganization (PPO):
The PPO is in many ways quite similar
to the POs coverage option:
- You pay only a co-payment for office
visits with preferred providers.
- You can move in and out of the
network for treatment and still receive
benefits.
But
there are also some important differences
between the PPO and POs:
- You don't choose a PCP under the
PPO coverage option.
- You must pay an annual deductible
before the PPO begins paying benefits
for treatment other than in-network
routine office visits and prescription
drugs.
CIGNA
PPO: You Choose:
IN-NETWORK
- you use network providers
- you pay less
OUT-OF-NETWORK
- you use providers outside
the network
- you pay more
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Out-of-Area
Plan:
If there is no EPO, HMO, POs,
or PPO coverage option available
in your home zip code, you can select
the Out-of-Area Plan. This plan is
a traditional indemnity plan that
allows you to receive care from any
provider you choose. Once you have
paid the annual deductible, the Out-of-Area
Plan begins to share the cost of
care with you. Generally, the plan
pays 80% of the usual, customary,
and reasonable cost for services,
and you will be responsible for paying
the rest of the cost.
Champus/Tricare
Supplement: You are eligible
to enroll for special supplemental
medical coverage option if you are:
- Entitled to CHAMPUS/TRICARE coverage
- Under age 65, and
- Entitled to retired, retainer,
or equivalent pay.
If you enroll for this supplemental
coverage, you may enroll as dependents
your spouse under age 65 and your
unmarried dependent children under
age 21 (23 if a full-time student).
It is your responsibility to determine
if you are eligible for this coverage.
No
Coverage: If you wish,
you may choose no medical coverage.
Because BAE SYSTEMS believes every
employee should have medical coverage,
the company strongly recommends that
you choose no coverage only
when you have medical benefits from
another source.
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DENTAL
PLAN OPTIONS:
The
following dental plan benefits are
available in Colorado Springs to
you, your spouse, and eligible dependent
children under the age of 19 (coverage
can be extended to age 25 for dependent
children enrolled in school full-time).
Coverage begins on the first month
following your first day of employment.
Delta
Preferred (DPPO): Under
the Delta Preferred coverage option,
you can choose to use network dentists
or see any dentist you wish. There
are two types of network dentists:
Delta Preferred dentists, who provide
the biggest discounts, and Delta
Premier dentist, who also provide
discounted fees. In addition to fee
discounts, network dentists also
handle claim processing for you.
If you see Delta dentists you will
generally pay less, since these dentists
have agreed to provide services at
a discount. You can also see a dentist
that is not part of the Delta network,
but you will pay more out of your
pocket and need to file claims, and
your benefits will be based on the
usual, customary, and reasonable
charge.
DELTA
DPPO: You Choose:
DeltaPreferred Dentist
- you receive biggest discounts
- you pay less
DeltaPremier
Dentist
- you receive discounts
Non-Delta Dentist
- You use providers outside
the network
- You pay more
No
Coverage: You may elect
no coverage.
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VISION
PLAN:
Value
2003 introduces a new vision coverage
option, administered by Superior
Vision.
The plan offers benefits for vision
exams, corrective lenses, frames,
and ophthalmologic surgery such as
radial keratotomy (RK), photo refractive
keratotomy (PRK), LASIK, and blepharoplasty
(eyelids). Some in-network benefits
require you to pay a co-payment,
while others are in the form of discounted
fees.
No
Coverage: You may elect
no coverage.
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LIFE
INSURANCE COVERAGE:
Basic
Employee Life: BAE
SYSTEMS pays the full cost of two
times your annual base pay, rounded
up to the next $1,000, with amaximum
benefit of $1 million. This plan
pays benefits to your beneficiary(ies)
if you die.
Basic
Emloyee AD&D Insurance:
BAE
SYSTEMS pays the full cost of two
times your annual base pay with a
maximum benefit of $1 million, at
no cost to you.
Optional
Employee Life Insurance:
In conjunction with the company-provided
life insurance, you can select additional
coverage from 1 times to 6 times
your annual base pay (maximum coverage
amount $1,000,000). You may elect
no additional coverage in this category.
Optional AD&D
Insurance: In
addition to the company provided
AD&D insurance optional coverage
is available of 1 to 6 times annual
base pay, to a maximum of $1 million.
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Spouse
and Dependent AD&D Insurance:
Value 2003 has an all-new program
to allow you to purchase life and
AD&D insurance for your spouse
and eligible dependent children.
Business
Travel Accident Plan:
BAE Systems pays the full cost of
six times your annual base pay. This
plan pays benefits if you die or
are injured as the result of an accident
while traveling on company business.
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LONG
TERM DISABILITY INSURANCE:
If
your disability lasts beyond 180
days, you may be eligible to replace
part of your income with benefits
under the Long-term Disability Plan.
This valuable and vital coverage
option replaces part of your income,
depending on the coverage level you
choose, if you become totally disabled.
Benefits are generally payable until
age 65 (depending on your age when
disability begins), as long as you
remain disable under the terms of
the plan.
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LONG
TERM CARE:
This
coverage is available to employees,
their spouse, parents, parents-in-law
and grandparents andis offered by
Metropolitan Life. Benefits
become payable when theperson covered
is unable to perform two of six activities
of daily livingand pays a daily benefit
determined by the location of care.
You can elect no coverage in this
category.
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REIMBURSEMENT
ACCOUNTS:
Health
Care Flexible Spending Account:
The Health Care Flexible Spending
Account helps you save on out-of-pocket
health care expenses -- including
your share of expenses from the medical,
dental, or vision plans in Value
2003. With this account, you set
aside money through pretax payroll
deductions to help pay eligible health
care expenses. When you incur an
expense, you are reimbursed from
your account, and that reimbursement
is tax-free to you. You can contribute
up to $5,000 each year to a a Health
Care Flexible Spending Account.
Dependent
Care Flexible Spending Account: The
Dependent Care Flexible Spending
Account operates in much the same
way as the Health Care Flexible Spending
Account. You can contribute up to
$5,000 each year to this account
to pay for child and other dependent
care so that you -- or your spouse
if you are married -- can work, look
for work, or go to school full-time.
You can use the account to pay for
the care of any eligible dependent
you claim on your tax return.
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EMPLOYEE
STOCK APPRECIATION RIGHTS (SAR)
Realizing that
equity ownership in the company is
very important and noting the distinct
contributions of our U.S. businesses,
BAE Systems has developed plans uniquely
design for eligible American workforce
to share in the company's success.
A SAR is very similar to a stock
option but is the vehicle to use
when the company's stock is traded
on anexchange outside of the U.S.
To take advantage
of this benefit, you need not contribute
any money or make any elections.
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EMPLOYEE PROFIT SHARE PLAN
The BAE
Systems Board of Directors reviews the
company's performance each year to decide
how much money (if any) can be shared
with employees through Profit Share Program.
All eligible employees who take part in
the U.S. Profit Share Program will be
allocated the same share of money in mid-April.
This profit share money is in addition
to your normal pay.
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ADDITIONAL
BENEFITS OUTSIDE OF VALUE 2003
PAID
TIME OFF(PTO):
The
PTO program provides employees with
the ability to manage their own time
off. Employees receive a monthly
accrual, based upon years of service
(refer to the table below) to be
used for vacation, sick and personal
time.
|
CRITERIA
|
MONTHLY
ACCRUAL
|
ANNUALIZED
HOURS
|
|
Salaried
- Less
than 5 years
|
10.00
hours
|
480
hours
|
|
5
years but less
than 15
|
13.33
hours
|
480
hours
|
|
15
or more
|
16.67
hours
|
480
hours
|
Each
fall you will be given the opportunity
to buy or sell PTO, certain eligibility
requirements do apply.
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HOLIDAYS:
10
Holidays per year at the Colorado
Springs work site (these can vary
from year to year).
|
HOLIDAYS
|
| News
Years Day |
| Memorial
Day |
| Fourth
of July |
| Labor
Day |
| Thanksgiving |
| 5
days between Christmas
and New Years Day |
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FLEX
TIME:
Flex
Time allows BAE SYSTEMS employees
more freedom in arranging their
schedules. You can plan your
workday to accommodate family
needs, conduct personal business,
avoid traffic, or for any reason
important to you. The
use of flex time is subject
to the needs of BAE SYSTEMS
and our customers. The
only requirements are that a
full-time employee must work
a schedule designated by the
local entity and arrive and
leave within specified periods.
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TELECOMMUTING:
You
can telecommute for a portion
or all of your work week if
your tasks meet the criteria.
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401(K)SAVINGS
PLAN:
You are eligible
to enroll in this 401(K) savings plan
on the first day of your employment.
- You
may invest up to20% of your
total base salary in the 401(K)
plan, up to the IRS maximumper
year (currently $11,000).
- BAE
SYSTEMS matches 50% of the first
8% of your annual base pay you
contribute.
- The
plan offers nine investment
funds. You may allocate
your contributions among the
following nine funds, in increments
of 1%. The BAE SYSTEMS
match will be invested according
to the allocation percentages
you select.
- Norwest
Stable Return Fund
(fixed income)
-
T. Rowe Price Spectrum
Income Fund (balanced)
-
Vanguard Wellington
Fund (balanced)
-
Vanguard Institutional
Index Portfolio (S&P
500 type)
-
Vanguard Windsor II
Fund (growth &
income)
-
Wells Fargo Growth
EquityFund (equity)
-
Fidelity Contrafund(equity)
-
Wells Fargo Small
CapOpportunities Fund
(small company)
-
Vanguard International
Growth Fund (International)
Rollovers can be acceptedfrom
another IRS qualified retirement,
profit sharing, or savings plan.
-
You become fully vested in company
contributions after completing
three years of continuous service
with BAE SYSTEMS. You
are always fully vested in your
own contributions.
-
Daily fund transfers are available.
You
will receive a personalized statement
quarterly summarizing your investment
elections and account balances.
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RETIREMENT
PLAN:
New employees age 40 and over
are immediately enrolled in
this plan. Employees under
age 40 are automatically enrolled
after one year of continuous
service. Prior service
of a rehired employee is counted
to satisfy the waiting period
for participation. Features
of the plan include:
- You
become vested in the plan after
five years of continuous service
with BAE SYSTEMS.
Basic benefit formula is: Years
of plan membership multiplied
by final average pay, multiplied
by the annual accrual factor
of 1.3333%. For example,
after 30 years of membership
the plan pays 40% of the final
average pay.
-
Early retirement is available
at age 55 with 10 years of service.
-
Normal retirement age is 65;
however, benefits continue to
be earned after that age.
-
Wide choice of retirement income
options:
Life
Annuity
Contingent Annuity
Level Income
5 or 10 Year Certain&
Life
BAE
SYSTEMS pays thefull cost of the
Retirement Plan.
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LEAVES
OF ABSENCE OUTSIDE THE PAID TIME OFF PROGRAM:
Short
-Term Disability: You
may be eligible to receive 67%
of your base salary if you are
unableto work due to total disability.
Benefits are payable on the
sixth consecutive work day of
disability. Short term
disability benefitsare integrated
with Disability Insurance or
Workers' Compensation insurance. Employees
contribute a percentage of salary
toward the premium for the short
term disability insurance up
to a maximum of approximately
$175 per year.
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Workers'
Compensation Benefits:
Provides medical care, rehabilitation,and
compensation for lost wages
as the result of work incurred
injury,illness or death.
Employees are covered from the
first day of employment. If
the employee is injured on the
job, they are required to report
theincident to their supervisor
and obtain medical treatment
from the designated medical
office for their work location.
BAE SYSTEMS pays the fullcost
of this plan.
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Military
Service Leave:
Members of a reserve component
of the armed services who are
ordered to annual active duty
for training are eligible for
differential pay up to 10 days
per year.
Bereavement
Leave: Paid absence
up to a maximum of 5 workdays
is provided, if necessary, whenthere
is a death in the employee's
immediate family.
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TUITION
ASSISTANCE:
BAE
SYSTEMS will provide educational
assistance to employees for
graduate and undergraduate courses,providing
the courses are job related
and taken for credit or certification
at a fully accredited college
university.
BAE SYSTEMS will pay 100% of
the tuition and the cost of
textbooks up to a maximum of
$5,250 per year.
A passing grade,as established
by the college or university,
is required.
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MATCHING
GIFTS PROGRAM:
BAE
SYSTEMS will match personal
gifts of not less that $100
nor more than $5,000 actually
madein any calendar year to
eligible IRS 501(c)(3) educational,
cultural, youth and health organizations.
Full time active employees with
six monthsof continuous service
are eligible to participate
in this program.
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COMPUTER
(SOFTWARE AND HARDWARE) PURCHASE REIMBURSEMENT:
This
benefit was established to assist
BAE SYSTEMS employess in the
development and maintenance
of their computer skills through
familiarization with, and utilization
of, computer tools. To
aid in skill development BAE
SYSTEMS will reimburse the employees
for 10% of their cost for up
to $300 dollars per calendar
year.
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EMPLOYEE
ASSISTANCE PROGRAM (EAP):
BAE
SYSTEMS cares aboutemployee
well being. As part of
that concern, we have establishedan
EAP that provides confidential,
professional assistance when
personalproblems affect your
life and work. The program
offers information,consultation,
and counseling for employees
and their family members.
All services are provided by
the professional staff of National
Employee Assistance Services,Inc.
(which offers assistance from
anywhere in the United States). NEAS
staff members are experienced
professionals in psychology,
social work, and counseling.
All staff members are licensed
or certified,as appropriate,
in each state. They have
specialized training inpersonal
and family problems, alcohol
and drug abuse, and work-related
concerns. The company
pays the full cost of this program.
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HEARING
AID BENEFIT PLAN:
This
benefit covers you and your
eligible dependents at 100%
of the reasonable and customary
charge up to $400 per prescribed
hearing aid, limited to one
per ear ina three year period.
BAE SYSTEMS pays the full cost
of this program.
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EMPLOYEE
GROWTH OPPORTUNITIES:
At
BAE SYSTEMS you are encouraged
to develop a career path with
your supervisor. As part
of career plan, you will develop
a training plan, to plan for
and obtain the training you
need to perform and grow.
Training options can include
accredited schools, courses
led by professional training
facilities, BAE SYSTEMS corporate
education, BAE SYSTEMS sponsored
Computer Based Training (CBT),
and many other options.
If you have a knack for guiding
your fellow employees, we have
a Leadership Education & Development
(LEAD) Program to sharpen your
leadership skills.
BAE SYSTEMS' is built on the
engineering and scientific foundation
where innovation, creativity,
and discovery is always encouraged.
We continue to build on that
foundation by funding Initial
Research and Develop (IRAD)
projects. Many of IRAD
projects have turned into salable
products for BAE SYSTEMS.
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DIRECT
PAYROLL DEPOSIT:
Employees
may make direct payroll deposits
at any financial institution
of their choice that will accept
direct deposit.
VARIOUS
DISCOUNTS AT LOCAL BUSINESSES:
BAE
SYSTEMS has lined up employee
discounts at many of the business'
in Colorado and nationally. Some
of the discounts currently available:
- Disney
Magic Kingdom Card
- Dell
Computer
- Children's
World Learning Centers,
tuition
24
Hour Fitness, membership
