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2013 Benefits. Disclaimer This document is intended to be a high-level overview. The terms and conditions of the benefits described are determined solely.

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Presentation on theme: "2013 Benefits. Disclaimer This document is intended to be a high-level overview. The terms and conditions of the benefits described are determined solely."— Presentation transcript:

1 2013 Benefits

2 Disclaimer This document is intended to be a high-level overview. The terms and conditions of the benefits described are determined solely by the summary plan descriptions (SPDs) or plan documents and summaries of material modifications of the Dresser-Rand Company Welfare Plan, Pension Plan for Employees of Dresser-Rand Company and the Dresser-Rand Company Retirement Savings Plan. In the event of any inconsistent provisions, the language of the plan documents applies. As in the past, the Company reserves to itself, pursuant to its sole and exclusive discretion, the right to change, amend or terminate this Plan according to the terms of the applicable plan documents and subject to any collective bargaining agreements. Benefits described herein may not automatically apply to employees at all locations or employees covered under a labor agreement. Plan is subject to nondiscrimination rules that may reduce or limit the tax advantages of the plan for certain employees. 2

3 2013 Benefits Enrollment Dresser-Rand Benefits Enrollment Enrollment will be on-line Benefits website: Can review benefits information on website Can access online enrollment system by selecting: 3

4 Overview Dresser-Rand Health & Welfare Benefits Health Medical/Prescription Wellness Dental Vision Health Savings Account (HSA) Flexible Spending Accounts (FSAs) Employee Assistance Program (EAP) Income Protection Basic Life and AD&D Optional Life Voluntary AD&D Business Travel Benefits Voluntary Group Legal Disability Pension Plan 401(k) 4

5 Eligibility Health & Income Protection Full-time employees working over 35 hours per week AND Part-time employees working over 20 hours per week are eligible for all benefits 5

6 Eligible Dependents Who can you cover? Your legal spouse Your dependent children (biological, adopted or step-children) until the end of the month they attain age 26 (marital, student or employment status does not apply) Your children age 26 or older who are certified by BlueCross to be disabled due to mental or physical disability and who are dependent on you for financial support (the disability must be certified prior to age 26) NOTE: If both you and your spouse work for Dresser-Rand, the plan does not allow “double coverage”. Only one of you may choose coverage for your eligible children. And if you choose an enrollment category that covers your spouse, your spouse will not be eligible to also choose duplicate coverage under any Company-sponsored Plan or program. 6

7 Medical Benefit Choices Medical Options MedicalPlus - A Consumer Directed Health Plan with a Preferred Provider network PPO – Preferred Provider Option 7

8 MedicalPlus MedicalPlus utilizes a PPO network of providers Choice of physicians and hospitals BlueCross BlueShield offers the largest PPO network in the United States Higher level of benefits using BCBS network providers No claim forms to file when using network providers Lower claim costs through negotiated network Prescription Coverage through Caremark Health Savings Account contribution 8

9 MedicalPlus In-Network Benefits $2,500 Individual or $5,000 Family Deductible (combined medical and prescription claims) –10% Coinsurance (Plan pays 90%) –After the purchase of two 30-day refills for any maintenance medication at retail pharmacies, all future refills for those prescriptions must be filled through the Caremark mail order service or through a CVS/Retail Pharmacy Annual Out-of-Pocket Maximum (including deductible) –$3,000 individual or $6,000 family Wellness Benefits and Well Baby Benefits (100% coverage, deductible does not apply, no maximum) 9

10 MedicalPlus Out-of-Network Benefits $3,000 Individual or $6,000 Family Deductible (combined medical and prescription claims) –30% Coinsurance Medical (Plan pays 70%) –35% Coinsurance Rx (Plan pays 65%) Annual Out-of-Pocket Maximum (including deductible) –$5,000 individual or $10,000 family No Wellness Benefits “Reasonable & Customary” applies 10

11 MedicalPlus Health Savings Account Health Savings Account (HSA) Tax-free spending account for qualified medical/ prescription drug, dental, vision, health club membership (with a doctor’s certification), and exercise equipment (with a doctor’s certification) Access funds using a debit card or checkbook Gives you more control of money spent on health care Dresser-Rand will contribute to every participant’s HSA (FSA if Medicare eligible) Employees can make additional tax-advantaged HSA contributions through payroll deduction (Up to IRS Limits) Over-the-counter medication is not reimbursable unless there is a doctor’s prescription for it Contributions are not “use-it or lose-it”! 11

12 MedicalPlus Health Savings Account 2013 Dresser-Rand Annual Contribution* Employee Only$1,000 Employee + 1$1,500 Family$2,000 *Company contributions deposited up front; prorated based on portion of calendar year remaining. 12

13 MedicalPlus Health Savings Account 2013 Optional Employee Contributions Employee OnlyUp to an additional $2,250 ($3,250 if 55 Years Old by ) Employee + 1Up to an additional $4,950 ($5,950 if 55 Years Old by ) FamilyUp to an additional $4,450 ($5,450 if 55 Years Old by ) 13

14 MedicalPlus Health Savings Account Further HSA information: Account must be activated – watch your mail for information from ACS/Mellon Monthly fee of $2.25 for accounts with balances under $3,000 (fee taken from account) Electronic statements are encouraged - $0.75 monthly fee for paper statements Once you have accumulated a balance of $1,500 or more, you can transfer excess balance into one of the Dreyfus mutual fund investment options You can visit for more information 14

15 PPO BlueCross BlueShield of Illinois PPO utilizes same network as MedicalPlus Choice of physicians and hospitals BlueCross BlueShield offers the largest PPO network in the United States Higher level of benefits using BCBS network providers No claim forms to file when using network providers Lower claim costs through negotiated network Prescription Coverage through Caremark No HSA Contribution 15

16 PPO BlueCross BlueShield of Illinois In-Network Benefits $300 Individual or $700 Family Deductible 20% Coinsurance (Plan pays 80%) Annual Out-of-Pocket Maximum (including deductible) –$2,000 individual or $4,000 family Wellness Benefits and Well Baby Benefits (100% coverage, deductible does not apply, no maximum) 16

17 PPO BlueCross BlueShield of Illinois Out-of-Network Benefits $600 Individual or $1,400 Family Deductible 40% Coinsurance (Plan pays 60%) Annual Out-of-Pocket Maximum –$4,000 individual or $8,000 family (excluding out of network drugs) No Wellness Benefits “Reasonable & Customary” applies 17

18 PPO – Prescriptions Caremark In-Network Benefits No Deductible Retail Benefit (up to a 30-day supply) –$10 co-payment for Generic Prescriptions –35% Coinsurance for Brand Prescriptions (Plan pays 65%) –Per prescription maximum cost of $150 –After the purchase of two 30-day refills for any maintenance medication at retail pharmacies, all future refills for those prescriptions must be filled through the Caremark mail order service Mail Order Benefit (up to a 90-day supply) –$20 co-payment for Generic Prescriptions –25% Coinsurance for Brand Prescriptions (Plan pays 75%) –Per prescription maximum cost of $ day supply of maintenance medication may also be purchased at a local CVS/Retail Pharmacy at the same Coinsurance as the Mail Order Annual Out-of-Pocket Limit $1,250 individual or $2,500 family 18

19 PPO – Prescriptions Caremark Out-of-Network Benefits You pay the full, undiscounted cost at the pharmacy and must submit a paper claim form You are eligible for up to 65% reimbursement No prescription drug out-of-pocket maximum 19

20 Medical Employee Contributions 2013 Monthly Employee Contributions MedicalPlus Employee Only$ Employee + 1$ Family$ PPO Employee Only$ Employee + 1$ Family$ Complete the online Health Assessment and your 2013 medical coverage contribution will be reduced by $10.50 per month beginning the first of the month after your questionnaire is processed. PART-TIME EMPLOYEES: If you are a part-time employee scheduled to work at least 20 hours but less than 35 hours per week you are eligible for medical coverage at 150% of the monthly contribution rates stated here for full-time employees. 20

21 21 Well onTarget 24/7 Nurseline Special Beginnings Blue Care Advisors Case Management Wellness Program Blue Care Connection

22 22 Well onTarget Liveon Member Wellness Portal Onmytime Self-directed Courses Health and Wellness Library Tools and Trackers Onmyway Health Assessment (HA) –Questions to help you learn more about you and your health –Life Points Program Wellness Program Blue Care Connection Completely voluntary and confidential

23 Wellness Program Blue Care Connection Fitness Program –No long-term contract required –Membership is month to month –Monthly fees are $25 per member per month –More than 8,000 participating gyms –Earn bonus Life Points for joining 23

24 24 Nurse Line Provides immediate telephone access to registered nurses for health care information, advice and medical guidance for you and your family. Available 24/7 Answer your questions about symptoms and health-related topics Help you decide how and where to get the care you need Help you determine what questions to ask your doctor before an appointment. Not a substitute for your regular physician, health care specialist or routine preventive exams. In the event of a medical emergency, seek immediate medical attention from the nearest emergency facility or call 911. Completely voluntary and confidential Wellness Program Blue Care Connection

25 25 Health Assessment Online questionnaire that evaluates your health and gives you a detailed, confidential report with action steps to help you improve your health. Receive a $10.50 discount on monthly medical contributions if you complete the online Health Risk Assessment. Your discounted rate will begin the first of the month after your questionnaire is processed. You will need to enter your personal biometric data –Blood pressure –Cholesterol and blood glucose levels –Body mass index Completely voluntary and confidential Wellness Program Blue Care Connection

26 26 Special Beginnings Offers support for expectant mothers Helps you understand the active role you can take to give your baby the greatest chance of being born strong and healthy by providing: –Support & education –Pregnancy risk factor identification –Personal contact from program staff The first step is to call Special Beginnings at Completely voluntary and confidential Wellness Program BCBS Illinois

27 Dental BlueCross BlueShield Illinois Deductible Preventive ServicesNone Basic, Major & Orthodontic$25 individual/$75 family Coinsurance Preventive Services100% Basic Services 80% Major Services 50% Orthodontic Services 50% Maximum Coverage Dentistry$1,200 per person annual Orthodontics*$1,200 lifetime maximum Preventive Services DO NOT count toward annual maximum * Note: Orthodontic coverage provided for eligible dependent children up to age 19 27

28 Dental BlueCross BlueShield Illinois Preventive Services Oral examinations Routine scaling and polishing Routine bitewing x-rays Fluoride treatments (children through age 18) Sealants (children through age 15) Basic Services Fillings and Extractions Stainless steel crowns Relining of dentures Repair of crowns, bridges, and removable dentures Major and Restorative Services Inlays, onlays, and crowns (other than temporary crowns or stainless steel) Full mouth rehabilitation Preventive Services DO NOT count toward annual maximum 28

29 Dental Employee Contributions 2013 Monthly Employee Contributions Employee Only$17.70 Employee + 1$36.15 Family$

30 Vision VSP Voluntary Vision Program Benefits provided by Vision Service Plan (VSP) – Largest vision care provider in the US with over 50 years experience Plan provides vision benefits each year –2 pairs of frames and lenses; or –1 pair of frames and lenses and contacts lenses Provider network include Costco and Eye Masters 30

31 Vision VSP Voluntary Vision Program In-Network Benefits $10 co-payment for vision exams $150 allowance for eyeglass frames $10 co-payment for eyeglass lenses Progressive & photochromic lenses & tints covered in full $150 allowance for daily wear contact lenses 31

32 Vision VSP Voluntary Vision Program Out-of-Network Benefits Up to $45 for vision exams Up to $70 for eyeglass frames Up to $30 for single vision eyeglass lenses Up to $50 for lined bifocal eyeglass lenses Up to $65 for lined trifocal eyeglass lenses Up to $100 for lenticular eyeglass lenses Up to $105 for daily wear contact lenses 32

33 Vision Employee Contributions 2013 Monthly Employee Contributions Employee Only$15.27 Employee + 1$30.54 Family$

34 Maintenance of Benefits If you or your dependents are covered under more than one medical or dental plan –Plans work together to coordinate benefits BCBS will maintain the level of benefit based on the plan you choose –The allowable expense is limited to the amount the BCBS plan would have paid if there were no other medical or dental benefit coverage in effect This is called Maintenance of Benefits 34

35 Flexible Spending Accounts (FSA ) Full Use Healthcare Flexible Spending Account (for PPO Enrollees) Limited Use Healthcare Flexible Spending Account – dental & vision expenses only (for MedicalPlus Enrollees) Dependent Care Flexible Spending Account – daycare expenses only 35 Important Reminder: These are “USE IT or LOSE IT” plans

36 Full Use Healthcare FSA (PPO Participants) Use tax-free contributions to pay for medically necessary, non- covered medical, prescription drug, dental and vision care expenses: –All healthcare deductibles and coinsurance amounts –Eyeglasses, contact lenses –Health club membership (with a doctor’s note) –Exercise equipment (with a doctor’s note) You may contribute from $100 to $2,500 per year Debit card to access account Paper claims will be required for claims not submitted using debit card or the online claims submission process Cannot be used with an HSA 36 Important Reminders: This is a “USE IT or LOSE IT” plan Over-the-counter medicine must have a doctor’s prescription in order to qualify for reimbursement.

37 Limited Use Healthcare FSA For HSA Participants Limited Use FSA coordinated with HSA Use tax-free contributions to pay for non-covered health (dental and vision) expenses: –Dental and vision deductibles, coinsurance amounts and other expenses –NO medical/prescription drug expenses covered by the Plan are allowed (must use your HSA) You may contribute from $100 to $2,500 per year Debit card to access account Paper claims will be required for claims not submitted using debit card or the online claims submission process 37 Important Reminder: This is a “USE IT or LOSE IT” plan

38 Dependent Care FSA Use tax-free contributions to pay for day care expenses for: –Children (up to age 13) –Elderly parents Not for your dependent’s non-covered healthcare! If married, both you and your spouse must work outside the home You may contribute from $100 to $5,000 per year* You can elect direct deposit for your reimbursements * Employees classified as Highly Compensated will be limited to $4,000 per year. 38 Important Reminder: This is a “USE IT or LOSE IT” plan

39 Employee Assistance Program Company-provided benefit Free confidential counseling for employees & dependents Depression and anxiety*Stress* Relationships*Work/life balance* Addictions and abuse*Financial services Legal consultationGrief and loss* * Up to 8 company-paid sessions, per issue, per year, per family member 39

40 Employee Assistance Program Company-provided benefit Free confidential counseling for employees & dependents Depression and anxiety*Stress* Relationships*Work/life balance* Addictions and abuse*Financial services Legal consultationGrief and loss* * Up to 8 company-paid sessions, per issue, per year, per family member 40

41 Life Benefits Dresser-Rand provides employees with: –$50,000 of Basic Life Insurance –$50,000 of Basic AD&D Employees can purchase additional: –Optional Life Insurance for self & dependents –Voluntary AD&D Insurance for self & dependents 41

42 Optional Life Insurance Employee Employee Optional Life –$25,000 increments, up to $500,000 –Evidence of Insurability (EOI) required for amounts elected over $250,000 –EOI required for increases after initial election 42

43 Optional Life Insurance Dependents Spouse Life –$25,000 increments, up to $250,000 or 50% of employee amount, (combined Basic and Optional) whichever is less –Employee must elect Optional Life in order to elect Spouse Life –Evidence of Insurability (EOI) required for amounts elected over $25,000 Child(ren) Life –If elected, each child will have $10,000 of Life Insurance –Employee must elect Optional Life in order to elect Child Life –$1.30 per month 43

44 Optional Life Insurance Rates Employee and Spouse Rates are Based on –Age –Tobacco or Non-Tobacco use status Tobacco products include cigarettes, pipes, cigars, snuff and chewing tobacco –Rate sheet will be included in enrollment packets and are available on the Dresser-Rand benefits website: (www.dresser-rand.com/benefits)www.dresser-rand.com/benefits 44

45 Employee & Spouse Optional Life Monthly rate per $1,000 of coverage AgeNon-Tobacco UserTobacco User <25$0.051$ $0.068$ $0.086$ $0.094$ $0.111$ $0.162$ $0.249$ $0.471$ $0.720$ $1.389$ $2.255$ $3.661$

46 Voluntary AD&D Insurance Employee or Family Can elect Employee or Family coverage Employee –$25,000 increments, up to $500,000 Family (Benefit based on Family members) –Spouse only 60% of employee coverage –Child(ren) only Each child, 15% of employee coverage –Spouse and Child(ren) Spouse, 50% of employee coverage Each child, 10% of employee coverage 46

47 Voluntary AD&D Insurance Employee or Family Monthly Employee Contribution –Employee only$.025 per $1,000 of coverage –Family$.040 per $1,000 of coverage 47

48 Legal Benefits Voluntary Access to a network of over 10,000 attorneys Services include: –Document Preparation –Family Law –Real Estate Matters –Wills and Estate Planning –Traffic Matters Employee cost = $15.75 per month 48

49 Disability Benefits Short-Term Disability (pay continuation) Long-Term Disability 49

50 Short-Term Disability (Pay Continuation) Dresser-Rand provides you with replacement income if you are determined to be disabled for a non work-related injury or illness. –12 weeks at 100% of base pay (40 hrs / wk) –14 weeks at 60% of base pay (40 hrs / wk) 50

51 Long-Term Disability If you remain totally disabled after the STD period expires (26 weeks), you may be eligible for coverage in the LTD program Employees eligible to continue fringe benefits for 36 months at current active rate LTD Benefit includes: –A monthly basic benefit equal to 40% of your Dresser- Rand base earnings 51

52 Long-Term Disability Buy-up Options You can purchase Voluntary LTD coverage for a total monthly benefit of: –50% (10% optional buy-up), or –60% (20% optional buy-up) of your base earnings 52

53 Long-Term Disability Buy-up Options Monthly Employee Contributions 50% (10% Buy-up) option$.125 per $100 of benefit 60% (20% Buy-up) option$.303 per $100 of benefit 53

54 Enrollment Enroll at from any computer with Internet accesswww.dresser-rand.com/benefits 54

55 55 Vacation & Holidays Vacation levels are based on years of service with Dresser-Rand Dresser-Rand provides 11 holidays each year (includes a “roving” holiday) ServiceVacation Level 0 – 9 years15 days 10 – 24 years20 days 25 or more years25 days

56 56 Pension Plan Type of Plan This Plan is a “Defined Benefit” plan under the Employee Retirement Income Security Act of 1974 (ERISA) The plan is based on a formula that provides a benefit for years of service The cost of this Plan is paid entirely by the Company

57 57 Pension Plan Normal Retirement –Continued employment until age 65, you will receive a Normal Retirement benefit –The current dollar factor per year of service is $34.25 –Retirees are not entitled to increases that become effective after their retirement date Example of Normal Retirement –Participant who is age 65 with 10 years of service –Full unreduced benefit –10 years x $34.25 = $ a month

58 58 Pension Plan Vested Retirement –If you leave the Company after having earned 5 years of Vesting Service, you are entitled to a benefit on the last day of the month after the month you reach age 65 –You may begin receiving benefits as early as age 55 if you have completed 15 years of service. Your benefit will be reduced by early retirement factors

59 59 Pension Plan Sources of Information If you have any questions regarding your plan benefits please contact the following Retirement Team Members: Darlene Pfeiffer – Pension Analyst (716) Michele Benjamin – Pension Analyst (716) –

60 60 401(k) Eligibility As a bargaining unit employee of Dresser-Rand, you are eligible to participate in the Dresser-Rand Company Retirement 401(k) Plan, as soon as administratively practicable following your hire or rehire date Benefits Available Under the Plan The Plan allows you to tax deferred a portion of your eligible compensation A Catch-Up feature, for those age 50 or greater by year end, allows you to save additional amounts Loans and In-Service Withdrawals are available on a limited basis Plan Recordkeeper - Fidelity For general assistance or enrollment contact Fidelity Retirement Service Center ( ) or visit 401k.com

61 61 401(k) Your Savings Elective Deferrals and IRS Annual Limits You may elect to defer between 1% and 75% of eligible pay into the Plan. However, you may not exceed the applicable annual IRS limits below: The 2013 Elective Deferral limit is $17,500 The 2013 Catch-Up Deferral limit is $5,500 (Catch-Up Deferrals are only available to Participants age 50 or older) Vesting Schedule for Elective Deferrals You are always 100% vested in your contributions and their earnings.

62 401(k) Fidelity can assist you if you want to: Enroll in the Plan Change Your Investment Election Change Your Paycheck Deferral Election Request a Loan Request an In-Service Withdrawal, and Loan Address Changes Roll Over Another Plan’s Balance into this Plan 62

63 401(k) Enrollment is easy… Within 10 days of your hire date with Dresser-Rand you will receive a packet mailed to your home from Fidelity with instructions to enroll in the Plan. After you receive the enrollment packet, you can enroll via the internet or by telephone. If you have not received your enrollment packet 10 days after your start date, please contact Michele Benjamin at

64 401(k) For more information: Fidelity Retirement Service Center Fidelity Web Access401k.com Retirement Benefits Department Plan Administrator: Phone: Michele Benjamin

65 Questions If you have any questions, contact your local Human Resources Representative. 65


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