THE ISP HOURLY EMPLOYEE BENEFITS, CALVERT CITY, KENTUCKY
THE ISP WELFARE BENEFITS PLAN, SUMMARY PLAN DESCRIPTION, APPENDIX C
1/8/2023 01/8/2027
The providers for the union medical, prescription drug, dental and vision programs will be consistent with the providers for the company medical, prescription drug, dental and vision programs contingent that the provider maintains the existing plan design for the union report.
If the company maintains Anthem BC/BS & Express Scripts for the company medical and prescription drug program(s), the union agrees that the provider for the union medical and prescription drug programs will follow the company national account provider for Anthem BC/BS & Express Scripts during any benefit year that the company retains Anthem BC/BS & Express Scripts coverage for its other company medical and prescription drug program(s).
If the company does not retain Anthem BC/BS & Express Scripts medical and prescription drug coverage for its other company medical and prescription drug program(s), and the disruption analysis is greater than two percent, it will retain the current BC/BS provider for the union medical and Express Scripts for the prescription drug plan.
The company will provide the union the disruption report as soon as possible prior to the next benefit year for implementation.
APPENDIX C
THE ISP HOURLY EMPLOYEE BENEFITS CALVERTY CITY, KENTUCKY 1/8/2023 1/8/2027
MEDICAL PROGRAM
The Company shall make available to non-retired employees and their eligible dependents group medical coverage and benefits through a commercially available plan.
ISP offers a Medical Program. The program generally pays a percentage of most covered charges for the available options after you pay any applicable copays, coinsurance and deductibles. For in-network services, once you have satisfied the annual out of pocket maximum, the Program pays 100% of covered charges at the insurer negotiated discounted fee. For out of network covered expense, once you have satisfied the annual out of pocket maximum, the Program pays 100% of the reasonable and customary charge. Your medial plan options are:
MEDICAL PLAN OPTIONS AND EMPLOYEE CONTRIBUTIONS:
80% PPO with FSA (RX included) The maximum employee contribution increase will be capped at 20% over the previous plan year contributions.
Calvert City Union 80% HDHP with H.S.A. (Rx included)
Plan Year 2023: Contribution cost will be the same as for 2022 For plan years 2023 2027 Employees will pay a contribution cost share for this medical option of 21%
Delta Dental 80%: Plan Years 2023 - 2027: employees will be 36% premium. For remaining plan years of the duration of contract: The maximum employee contribution increase for Dental will be capped at 20% over the previous plan year contributions
Delta Dental 100%: Plan Years 2023 - 2027: employees will pay 40% of premium.
For remaining plan years of the duration of contract: The maximum employee contribution increase for Dental will be capped at 20% over the previous plan year contributions
For Plan Year 2023: Option 1: BC/BS 80% PPO Effective 1/1/23: Option 1: 80% PPO
For additional information about plan benefits, call BC/BS Member Services at (800) 858-4948.
PLAN PROVISION IN NETWORK OUT OF NETWORK Deductible None for preventative care All Out-Patient Services $200 Individual $400 Family $2,500 per Individual $5,000 per Family Coinsurance 80% 50% Out-of-Pocket Maximum $2,500 $5,000 $7,500 per Individual $15,000 per Family Lifetime Maximum Unlimited Unlimited COPAYMENTS IN NETWORK OUT OF NETWORK Office Visits 80% after Deductible 50% after Deductible Urgent Care 80% after Deductible 50% after Deductible Emergency Room $150 Co-pay per visit then 80% $150 per visit then 50% ALL Inpatient Hospital Services* $350 per admission then 80% 50% after Deductible* SERVICES IN NETWORK OUT OF NETWORK Allergy 80% after Deductible 50% after Deductible Durable Medical Equipment 80% after Deductible 50% after Deductible Emergency Care Emergency Room Copayments waived if admitted Urgent Care Ambulance $150 per visit then 80%
80% after Deductible
80% $150 per visit then 50%
50% after Deductible
50% Home Health Care 40 Visits per calendar year 80% after Deductible 50% after Deductible Hospice 80% 50% after Deductible ALL Inpatient Hospitalization* $350 Co-Pay per Admission then 80% 50% after Deductible Lab and X-Ray Services Out Patient Lab and X-Ray Services In Patient 80% after Deductible
80% after $350 Hospital Co- Pay 50% after Deductible Maternity Care Prenatal office visits Inpatient Hospital Delivery* 80% after Deductible $350 Co-Pay per Admission then 80% 50% after Deductible 50% after Deductible Preventive Services
Annual Wellness exams (Adult Care) Annual Wellness exams Child care (up to age 19) Immunizations (without exam, up to age 19) Mammography Colonoscopy 100% No Deductible
100% No Deductible
100% No Deductible
100% No Deductible 100% No Deductible Not Covered
Not Covered
Not Covered
50% after Deductible 50% after Deductible Rehabilitation Inpatient Therapy* Outpatient Therapy (physical & chiropractic/spinal manipulation) Limit of 30 visits per condition per calendar year Outpatient Therapy (speech or occupational) Limit of 30 visits per condition per calendar year Outpatient Therapy (pulmonary & cardiac) Limit of 30 visits per condition per calendar year
$350 Co-pay per Admission then 80% 80% after Deductible
80% after Deductible
80% after Deductible
50% after Deductible
50% after Deductible
50% after Deductible
50% after Deductible Skilled Nursing Facilities 60 days per calendar year $350 Co-Pay per Admission then 80% 50% after Deductible Surgery Inpatient* Outpatient $350 Co-Pay per Admission then 80% 80% after Deductible 50% after Deductible* Organ Transplant* - When URN is used, $10,000 travel/lodging benefit. $350 Co-Pay per Admission then 80% Not Covered Mental Health & Substance Abuse Inpatient Out Patient
80% after $350 Hospital Co- Pay 80% after Deductible
50% after Deductible
50% after Deductible *Insurer must be notified prior to inpatient admission. Without notification, a $500 penalty per occurrence is applied.
For Plan Year 2023: Option 2: BC/BS 80% HDHP Effective 1/1/23: Option 2: 80% HDHP
For additional information about plan benefits, call BC/BS Member Services at (800) 858-4948 PLAN PROVISION IN NETWORK OUT OF NETWORK Deductible Deductibles shall minimally reflect the amount under IRS government requirements to qualify as a high deductible plan for each plan year and may be adjusted from time to time. $1500 per Individual $3000per Family $2,500 per Individual $5,000 per Family Coinsurance 80% 60% Out-of-Pocket Maximum $3,000 $6,000 $6,000 per Individual $12,000 per Family Lifetime Maximum Unlimited Unlimited COPAYMENTS IN NETWORK OUT OF NETWORK Office Visits 80% after Deductible 60% after Deductible Urgent Care 80% after Deductible 60% after Deductible Emergency Room 80% after Deductible 60% after Deductible ALL Inpatient Hospital Services* 80% after Deductible 60% after Deductible SERVICES IN NETWORK OUT OF NETWORK Allergy 80% after Deductible 60% after Deductible Durable Medial Equipment 80% after Deductible 60% after Deductible Emergency Care Emergency Room Copayment waived if admitted Urgent Care Ambulance
80% after Deductible
80% after Deductible 80% after Deductible
60% after Deductible
60% after Deductible 60% after Deductible Home Health Care 40 visits per calendar year 80% after Deductible 60% after Deductible Hospice 80% after Deductible 60% after Deductible ALL Inpatient Hospitalization* 80% after Deductible 60% after Deductible* Lab and X-Ray Services Out Patient 80% after Deductible 60% after Deductible
Lab and X-Ray Services In Patient Maternity Care Prenatal office visits Inpatient Hospital Delivery*
80% after Deductible 80% after Deductible
60% after Deductible 60% after Deductible Preventive Services Annual Wellness exams (Adult Care) Annual Wellness exams Child Care (up to age 19) Immunizations (without exam, up to age 19) Mammography Colonoscopy
100% no Deductible
100% no Deductible
100% no Deductible
100% no Deductible 100% no Deductible
100% no Deductible
100% no Deductible
100% no Deductible
100% no Deductible 100% no Deductible Rehabilitation Inpatient Therapy* Outpatient Therapy (physical & chiropractic/spinal manipulation) Limit of 30 visits per condition per calendar year Outpatient Therapy (speech or occupational) Limit of 30 visits per condition per calendar year Outpatient Therapy (pulmonary & cardiac) Limit of 30 visits per condition per calendar year
80% after Deductible 80% after Deductible
80% after Deductible
80% after Deductible
60% after Deductible* 60% after Deductible
60% after Deductible
60% after Deductible Skilled Nursing Facilities 60 days per calendar year. 80% after Deductible 60% after Deductible Surgery Inpatient* Outpatient 80% after Deductible 80% after Deductible 60% after Deductible 60% after Deductible Organ Transplant* - When URN is used, $10,000 travel/lodging benefit 80% after Deductible Not Covered
Mental Health & Substance Abuse Inpatient Outpatient
80% after Deductible 80% after Deductible
60% after Deductible 60% after Deductible Prescription Drugs Generic Preferred Brand
Prescription Drugs Preventive Generic Preferred Brand
80% after Deductible 80% after Deductible 80% after Deductible
80% after Deductible 80% after Deductible 80% after Deductible
Not Covered
Not Covered
*Insurer must be notified prior to inpatient admission. Without notification, a $500 penalty per occurrence is applied.
If a covered employee or family member is out of the network area and needs emergency treatment for a life threatening condition, the provider charges will be treated as being in network.
ACTUAL 2023 Monthly EMPLOYEE MEDICAL/Rx CONTRIBUTIONS
80% PPO (Including Rx) 2023 Monthly Contributions Employee Employee + 1 Child Employee + Spouse Employee + Children Family $242.87 $364.31 $485.74 $607.18 $728.62 80% HDHP (including Rx) 2023 Monthly Contributions Employee Employee + 1 Child Employee + Spouse Employee + Children Family $101.91 $152.87 $203.82 $254.78 $305.73
PRESCRIPTION DRUGS ISP offers employees a Prescription Drug Program. You must be enrolled in the Medical Program to receive prescription drug coverage under the Prescription Drug Program.
Prescription Drug Program Prescription Drug Retail Pharmacy Program Mail Order Program** Generic Copay* $10.00 per 30 day supply 90 day supply $45.00 $10.00 per 90 day supply
Plan pays 100% of remainder Plan pays 100% of remainder
Performance RX $35.00 per 30 day supply 90 day supply $105.00 $70 per 90 day supply
Plan pays 100% of remainder Plan pays 100% of remainder
Brand Name $50 per 30 day supply 90 day supply $150 $100.00 per 90 day supply
Plan pays 100% of remainder Plan pays 100% of remainder Specialty Rx $70 per 30 day supply 90 day supply $120.00 $120 per 90 day supply
Plan pays 100% of remainder Plan pays 100% of remainder
*Generics First Program: You are encouraged to use the generic equivalent when available. If you or your doctor requests the Brand Name Drug when a Generic Substitute is available, you will pay the higher Brand Name copay at the retail pharmacy or through the mail order program.
**Mail Order is Voluntary: You may fill your maintenance drugs (medications you take for longer than 30 days) through the Mail Order Program.
Clinical Coverage Management: You less expensive PPIs & SSRIs Try one or more specified drugs that are less expensive to treat ulcers/GERD and depression.
Appendix C Modifications Rx (prescription) Utilization Management Effective January 1, 2020, Union employees will be covered by the Rx (prescription) Utilization Management program described Negotiations Benefits Company 12/3/2018 and summarized below.
PROGRAM ABOUT Step Therapy Promotes the safe and effective use of a less expensive, yet clinically effective, therapeutic alternative medication. Prior Authorization Promotes the safe and effective use of medications per their FDA approved uses. Drug Quantity Management Manages drug costs by aligning the dispensed quantity of medication with the FDA-approved dosage guidelines.
This program will apply to all Union employees in the Calvert City Union HD Plan. This program will also be included in the 80% PPO plan.
Mental Health & Substance Abuse ISP offers an Employee Assistance Program (EAP) and a Mental Health and Substance Abuse Program. The EAP Program provides for 8 general sessions at no cost to the member. Call the Mental Health and Substance Abuse toll free number, 1-800-522-6330 for assistance with Mental Health and Substance Abuse benefits (see the applicable Summary Plan Description for complete program details).
DENTAL
ISP offers two dental options under the Dental Program. The cost of you is based on the amount of the deductible and the out-of-pocket limit. You options are:
Dental Program Summary Covered Expenses Options 1 80% Option 2 100% Deductible $50 Individual/$100 Family $50 Individual/$100 Family Coinsurance 80% Preventive & Diagnostic 100% Preventive & Diagnostic Deductible does not apply
80% Minor Restorative 80% Minor Restorative
50% Major Restorative 50% Major Restorative
50% Orthodontia 50% Orthodontia Annual Benefit Maximum $1,500 per covered person $1,500 per covered person Orthodontia Lifetime Maximum $2,000 per covered person $2,000 per covered person
The employee 2023monthly costs for the two Dental Program options are as follows:
Dental 80% PPO 2023 Monthly Contributions Employee Employee + 1 Child Employee + Spouse Employee + Children Family $9.60 $13.91 $17.95 $23.32 $27.24
Dental 100% PPO 2023 Monthly Contributions Employee Employee + 1 Child Employee + Spouse Employee + Children Family $11.91 $17.98 $23.56 $29.95 $35.64
Vision
ISP offers a Vision Program. The program covers services for exams, frames, lenses, and contacts. The Vision Program is fully insured through the insurer and is a 100% employee paid benefit. The insurer determines and sets the annual premiums.
Vision Program Summary Covered Services In-Network Out of Network* Eye Exam (every 12 months) $15 Copay Up to $50 reimbursement Lenses (every 12 months)
Single $25 Copay Up to $50 reimbursement Bifocal $25 Copay Up to $75 reimbursement Trifocal $25 Copay Up to $100 reimbursement Frames (every 24 months) $120 allowance, plus 20% off any out of pocket expense over $120. Up to $70 reimbursement Contacts (every 12 months) $105 allowance. Either contact lenses or regular lenses, not both in the same 12 month period. Up to $105 reimbursement
The employee 2023 monthly costs for the Vision Program are as follows:
Vision (Premiums set by VSP) 2023 Monthly Contributions Employee Employee + 1 Child Employee + Spouse Employee + Children Family $8.35 $11.85 $11.85 $21.14 $21.14
For remaining plan years of the duration of the contract will be determined by the insurer.
FLEXIBLE SPENDING ACCOUNTS The Flexible Spending Account Program allows you to contribute part of your salary to either the Health Care Flexible Spending Account and/or the Dependent Care Flexible Account on a pre- s will be reimbursed under the Health Care or Dependent Care Accounts on a tax-free basis.
Because the Flexible Spending Accounts are employee benefits involving tax-free dollars, the government places restrictions on them: You must spend everything you set aside each Plan year or forfeit the balance of you accounts. Your money cannot be transferred between two accounts. You cannot stop or change contributions during the Plan Year unless you have a Qualified Family Status Change.
Flexible Spending Account Program Summary Program Health Care Account Dependent Care Account FSA Program shall reflect the amount under IRS government requirements for each plan year and may be adjusted from time to time. Up to $3050 for calendar year 2023. Up to $5,000 per calendar year, if you file your taxes as married, filing jointly or head of household, otherwise, $2,500 Eligible Expenses* Expenses for you, your spouse and/or any dependents you list on your federal income tax return that could be deducted on your tax return that have not been reimbursed by other coverage. Expenses to care for your dependents under age 13 or a disabled adult that allow you to work. Special Notes You cannot deduct reimbursed expenses on your federal income tax return. You cannot use reimbursed expenses for Earned Income Credit, which may be more advantageous if family income is below $25,000.
LIFE INSURANCE & ACCIDENTAL DEATH AND DISMEMBERMENT
ISP offers the Life Insurance and Accidental Death and Dismemberment Program.
Group-Term Life Insurance Coverage Options
Basic Coverage 1x Base Pay Supplemental Coverage 1x to 4x Base Pay Coverage Level*
Employee Contribution (includes AD&D) Employee Paid Basic coverage of one times your annual base pay to maximum $1.5M
(amounts under $500,000, no EOI required)
$.126/$1,000 of annual base pay One to four times your annual base pay to maximum 1.5M
(amounts under $500,000, no EOI required)
$1.5M is combined maximum with Employee Paid Basic coverage and Supplemental
Your premium schedule will be provided to you at the time of enrollment. Coverage Combined maximum $1,500,000 $1,500,000
Payments at your death will be made to your named beneficiary in a lump sum or if you so elect, in installments. Requests for amounts of benefits other than those which you are entitled in accordance with this schedule cannot be accepted.
Dependent Group Term Insurance
Spouse Group-Term Life Insurance is also available. Dependent Life Insurance is available for children in the amount of $7,500 each for each child. You pay the full cost of these benefits.
Spouse Group Term Life Coverage
Basic Coverage Coverage/Maximum Benefit 1X to 3X to Maximum $100,000 (employee paid)
Spouse Group Term Life Insurance premiums will be supplied to you at the time of open enrollment.
Child Group Term Life Insurance Coverage
Child 14 days or younger Child 15 days to six months Child older than six months Coverage Not available $100 per child $7,500 per child
Child Group Term Life Insurance is available for children in the amount of $7,500 each at the employee cost of $11.16 per year for each child.
A one-time open enrollment for Group Term Life Insurance (no evidence of insurability for amounts under $500,000) will be offered for the 2008 plan year (effective 4/1/08) only.
Term Life Insurance. There is no AD&D coverage for Dependent Group Term Life Insurance.
Accidental Death and Dismemberment
The Accidental Death and Dismemberment is an amount equal to the amounts for which the employee is insured under the Basic and/or the Supplemental Employee Group-Term Life Insurance coverage. For this purpose only, those amounts will be the amounts as determined above, except that if your Basic and/or Supplemental Employee Group-Term Life Insurance coverage is reduced by any amount paid under the Option to Accelerate Payment of Death Benefits, that reduction will not apply to this coverage.
Changes in Amounts of Life Insurance
If at a later date your rate of compensation changes or the insurance carrier increases the premium, your benefits and contributions will be changes to conform with the schedule without any action on your part. Insurance premiums can change every January 1.
a. Effective date of insurance increase on the effective date of the increase in your rate of compensation. b. Effective date of insurance reduction on the effective date of the reduction in your rate of compensation. If you are not actively at work on the date such change is to be made, the change will not become effective until the day you return to active work.
Life Insurance Benefits During Total and Permanent Disability (PTD)
Benefits will be payable at one (1) times annual base pay, excluding AD&D under Total and Permanent Disability if: 1. You are Totally and Permanently Disabled while you are a Covered Employee; and 2. You are less than age 60 when your Total and Permanent Disability starts; and 3. For the entire year before your Total and Permanent Disability began, you were continuously insured under either: This Coverage; or This Coverage and any rider or group contract replaced by this Coverage.
You are Totally and Permanently Disabled when: 1. You are not working at any job for wage or profit; and 2. Due to sickness, injury or both, you are not able to perform for wage or profit, the material and substantial duties of any job for which you are reasonably fitted by your education, training or experience; and 3. Your disability is such that condition (2) of this definition will be met for the rest of your lifetime; or 4. You have suffered loss of: The sight of both eyes, totally and permanently; The use of both hands; The use of both feet; or The use of one hand and one foot.
You must give the insurer written proof that you are Totally and Permanently Disabled before payments start. Proof must be given within one year after you cease to be a Covered Employee due to the fact that a premium payment is not made. To continue payments, you must give the insurer written proof of continued Total and Permanent Disability at these times: 1. Once each year that your Total and Permanent Disability continues; and 2. At such other times as the insurer requires. But this (2) applies only for two (2) years after the insurer receives the first proof of Total and Permanent Disability.
Your Disability Benefit Amount at the start of your Total Disability is payable in 60 monthly installments. The Disability Benefit Amount will be based on one (1) times annual base pay. Monthly payments are computed at the rate of $18.00 per $1,000 of the Disability Benefit Amount unless this would result in a monthly payment of less than $50.00. In that case, the
payments will be reduced in number and increased in amount so as to give, on the basis of interest at the effective rate of 3 ½ % per annum, the greatest number of payments which are not less than $50.00 each. The first monthly payment is due on the later of: 1. Three months after the insurer receives the proof of Total and Permanent Disability. 2. Six months after Total Disability began.
The other payments are due on the corresponding day of each month thereafter.
Employees are responsible for paying for one (1) times annual base pay on the Total and Permanent Disability at a rate of $.126 per $1,000 of annual base pay. If your death occurs while you are actively at work (not out on a PTD leave), your Basic Life Insurance amount will also be based on one (1) times your annual base pay.
Extended Death Benefit During Long Term Disability (Waiver of Premium)
If you meet the conditions below, your death benefit protection (your current Supplemental Group-Term Life Insurance Amount of one (1) times to four (4) times annual base pay, excluding AD&D) may be extended while you are Totally Disabled.
The conditions referred to above are: You become Totally Disabled while you are a Covered Employee. You are less than age 60 when your Total Disability starts.
1. You are not working at any job for wage or profit; and 2. Due to Sickness, Injury or both, you are not able to perform for wage or profit, the material and substantial duties of any job for which you are reasonably fit by your education, training or experience.
Your extension protection ends if and when: 1. Your Total Disability ends; or 2. Your death benefit protection has been extended for 30 months (24 months plus the 6 month elimination period); or 3. You fail to furnish any required proof that your Total Disability continues; or 4. You fail to submit to a medical exam by doctors named by the insurer when and as often as requires. After two (2) full years of this protection, the insurer will not require an exam more than once a year.
For Retired Employees
The following arrangement has been made for employees retired by ISP provided the employees have been insured under the ISP Group Term Life Insurance Plan for a period of five years or more on the date such retirement commences.
During your first year of retirement the full amount of your life insurance protection can be continued. A single contribution of $1.80 per $1,000 will be the total cost to you for this insurance. On the first anniversary date of your retirement, your Group Term Life Insurance will be discontinued and $3,500 of Death Benefit will be provided under the terms of the ISP Death Benefit Plan for Retired Employees.
If, at retirement, you elect not to make the above contribution, your insurance will be $3,500.
Accidental Death and Dismemberment insurance will be canceled at the time you retire.
Effective January 1, 2016, during your first year of retirement the full amount of your life insurance protection can be continued. A single contribution of $1.80 per $1,000 will be the total cost to your for the insurance. On the first anniversary date of your retirement, your Group Term Life Insurance will be discontinued and $5,000 of Death Benefit will be provided under the terms of the ISP Death Benefit Plan for Retired Employees.
If, at retirement, you elect not to make the above contribution, your insurance will be $5,000.
Accidental Death and Dismemberment insurance will be canceled at the time you retire.
Long Term Disability Long Term Disability
The Company provides a Long Term Disability (LTD) Insurance Program.
There are three LTD Program choices which differ only in the level of pay they replace. Your choices include:
Long Term Disability Options LTD Program Option Benefit Provided Minimum Monthly
Maximum Monthly Benefit 50% Coverage
Employee Contribution - $.40/$100 of annual base pay 50% of base monthly pay after 180 day waiting period on STD. $100 $12,500 60% Coverage
Employee Contribution - $.68/$100 of annual base pay 60% of monthly pay after 180 day waiting period on STD. $100 $12,500
67% Coverage
Employee Contribution - $.82/$100 of annual base pay 67% of base monthly pay after 180 day waiting period on STD. $100 $12,500
*The Minimum Monthly Benefit is the amount paid by the LTD Program if other sources of income, such as Social these benefits equal or exceed your total LTD benefit.
A one time open enrollment for Long Term disability (no evidence of insurability) will be offered for the 2008 plan year (effective 4/1/08) only.
Changes in Amounts of Long Term Disability
If at a later date your rate of compensation changes or the insurance carrier increase the premium, your benefits and contribution will be changed to conform with the schedule without any action on your part. Insurance premiums can change every January 1.
Other Benefit Coverage while on LTD
Effective January 8, 2019 employees who have satisfied the 180 day elimination period and have been approved for Long Term Disability (LTD) benefits may be able to continue their current active benefit plans and pay the applicable active hourly contributions (medical, prescription, dental and vision) for themselves and their eligible dependents. Benefit coverage may continue until the employee on LTD is no longer totally disabled or upon the expiration of eighteen (18) months, whichever occurs first. Upon the expiration of eighteen (18) months, COBRA continuation coverage will be offered.
Any employees on LTD that becomes Medicare eligible must sign up for Medicare. Medicare will become the primary insurance. Any insurance purchased from the Company will become secondary.
appropriate Medicare premiums accordingly.
ISP 401(k) Plan
Upon eligibility you can contribute from 1% to 30% of your pay on a pre-tax basis and from 1% to 10% on an after tax basis.
For each Plan Year, ISP will match 66 and two thirds up to the first 6% of your pretax contributions you make in a calendar year not to exceed 4% of your gross compensation, subject to the applicable legal limits.
Effective April, 1, 2011, employees who have exhausted the 180 day elimination period and have been approved for Long Term Disability (LTD) benefits by the insurer will no longer receive the Company Annual Contribution in their ISP 401(k) account.
RETIREE MEDICAL
401(K) Contribution
For employees under age 55 (as of 12/31/92), the Company will contribute on a pre tax basis ) Plan an annual amount (paid monthly) for employees to use to purchase medical coverage at retirement. The employee does not have to be contributing to the 401(k) Plan to receive this payment. The annual amount is in accordance with the following schedule contributions.
Age Company Annual Contribution Less than 30 $50 30 39 $100 40 49 $250 50 59 $500 More than 60 $750
Retiree Medical Prior to February 1, 1993
Employees who retired prior to February 1, 1993 and were under the age 65 and their spouses under age 65 were allowed to continue their medical insurance until they reach age 65 by paying the following premium:
Employee and spouse under age 65 - $55.50/month
Individual employee or spouse under age 65 - $27.75/month
(Dental Insurance is not included.)
Retiree Medical Cost Subsidy
Employees who reach the age of 59, 60 and 61 and retire will be provided with a one time payment of thirty five hundred dollars ($3,500.00) grossed up.
Employees are 55 or over and have 10 years of service as of 12/31/92 were given the opportunity to choose either a subsidy (direct payment) from ISP up to $1,000 per year (based on the plan you are in) to help pay for Medicare supplement insurance (AARP Plans) or choose the 401(k) annual contribution. This subsidy is transferable
Should the employee elect to retire early, this subsidy applies to the current medical insurance based on 100% of COBRA (pseudo) premiums. This benefit applied for employees who reach age 55 and had 10 years of service between 12/31/92 and 12/6/95.
Effective 12/7/95, the subsidy (direct payment) will be $2,000 for single coverage and $2,500 for employee plus one (+1) or family coverage.
Effective 10/1/98, the subsidy for employees who are single and reach the age of 65 will be reduced to $1,000. For married employees who have a younger spouse, the subsidy will remain reduced to $1,600.
401(k) employees who retire before age 65 may purchase for their spouses and themselves insurance at COBRA (pseudo) Company blended rates until age 65. Employees at age 65 and their spouses will be able to purchase an AARP plan.
In either case, as long as the employee is covered by a qualified (Company sponsored) medical plan and moves directly into retirement, they may purchase insurance for themselves or their spouses with a no pre existing conditions clause.
Retiree Medical Effective April 1, 2008 to January 7, 2011
Eligibility
Age 61 to the applicable Social Security Legal Retirement Age.
Employees who are age 61 or turn age 61 during the term of this agreement, and their eligible dependents will be eligible for retiree medical coverage under the terms negotiated until the employee reached his/her Social Security Legal Retirement Age. This program provides for the employee to have access to medical PPO 100%, PPO 80% or PPO 85% options, prescription, dental (100% or 80% option) and vision for this period of time.
Retiree Premiums
prescription, dental and vision benefit costs will remain the same as the active hourly benefit costs on the year they retire.
dependents will be covered at the applicable retiree cost share (medical 35% of the total active hourly cost, prescription, dental and vision same as active hourly benefit costs) until the retiree would have been eligible for Medicare.
Retiree Medical Effective January 9, 2011
Effective January 9, 2011, Retiree Medical will no longer be offered to employees hired on or after January 9, 2011. Retiree Medical will no longer be an offering to new hires for the duration of the new contract.
Eligibility
Employees hired prior to January 9, 2011, who are age 61 or turn age 61, and their eligible dependents will be eligible for retiree medical coverage under the terms negotiated until the employee reaches age 65. Their spouse will remain eligible for retiree medical until he/she reaches age 65. This program provides for the employee, and any eligible dependents, to have access to the Medical 80% PPO, prescription drug, dental (100% and 80% PPOs) and vision coverage.
Retiree Premiums Age 61 up to 65: Effective April 1, 2011 to December 31, 2019
hourly co plan designs can change each calendar year along with any negotiated annual changes for the active hourly. A 10% cap will apply on medical contribution increase year over year and a 7% cap will apply on prescription and dental contribution increases year over year. Vision will be determined by insurance carrier.
the curren retiree premiums and plan designs can change each calendar year along with any negotiated annual changes for the active hourly. A 16% cap will apply on medical contribution increases year over year and a 15% cap will apply on prescription and dental contributions increases year over year. Vision will be determined by insurance carrier.
their surviving eligible dependents will be covered at the applicable retiree cost share as follows:
Medical, prescription and dental cost share will be 35% of the current total active hourly cost. The vision cost share will be 100% retiree paid. The eligible dependent premiums and plan designs can change each calendar year along with any negotiated annual changes for the active hourly. A 10% cap will apply on medical contribution increases year over year and a 7% cap will
apply on prescription and dental contribution increases year over year. Vision will be determined by insurance carrier.
Effective January 1, 2016 medical, prescription and dental cost share will be 35% of the current total active hourly cost. The vision cost share will be 100% retiree paid. The eligible dependents premiums and plan designs can change each calendar year along with any negotiated annual changes for the active hourly. A 16% cap will apply on medical contribution increases year over year and a 15% cap will apply on prescription and dental contribution increases year over year. Vision will be determined by insurance carrier.
Retiree Medical Effective January 8, 2019
If applicable, Retirees must sign up for MEDICARE Part A & B when first eligible as the Retiree medical program is secondary to MEDICARE (per hISP Summary Plan Description).
Employee must be age 61 to 64 to be eligible for Retiree Medical and must satisfy all eligibility provisions as cited in current contract language for retiree medical.
Individuals approved for Long Term Disability are not eligible for Retiree Medical, unless they satisfy the Retiree Medical eligibility criteria.
Retiree Medical does not apply to any active or inactive employee under the age of 61.
Retiree Plans and Premiums (contributions) Age 61 and up to 65: Effective January 1, 2020
Effective January 1, 2020, Retiree medical, prescription and dental plan designs and contributions will be the same as the current active hourly plan/designs and contributions.
Reset baseline retiree under age 65 pseudo rates to equal active hourly employee rates.
Require flat % contributions for Retiree cost share as follows: 35% for Medical/RX and 65% for Dental 100% option and 45% for Dental 80% option.
Pension
I.A.M Pension Plan
ISP shall contribute to the I.A.M. National Pension Fund, National Pension Plan, the terms which are set forth in a separate document, for each hour/day or portion thereof for which employees in all job classifications covered by this agreement are entitled to receive pay under this agreement as follows:
The Pension for 2023-2026 will be:
Effective 1/8/2023 $3.20 per hour
The Employer shall continue contributions based on a forty (40) hour work week while an employee is off work due to paid vacations or paid holidays.
Paid holidays, paid vacation, jury duty, funeral leave, those periods limited to 26 weeks for any disability during which an employee received payment under Accident and Health Benefits or Union and the Company, excused time for the conduct of official union business (up to 60 days per year) and Long-Term Disability.
Company Pension Plan Defined Benefits
Retirement Plan for Hourly Paid Employees of ISP, the terms of which are set forth in a separate document, were frozen for all hourly employees under age 55 effective December 10, 1992. However, their credited service stops effective January 31, 1993. Their retirement program will include the Company matching contributions to the ISP 401(k) Plan under the terms of that plan which are set forth in a separate document. All affected employees will be vested in their pension and will receive benefits when eligible.
Eligible employees who previously elected the defined benefit pension will have their pension multiplier frozen at $33.50.
Credited Service
This refers to the period of continuous service for an employee covered under the Plan for each year of service. An employee will be credited for each 133 hours worked during a Plan Year, but in no case can be Credited Service exceed Continuous Service in that Plan Year.
1) paid holidays; (2) paid vacation; (3) jury duty; (4) funeral leave; (5) those periods limited to 26 weeks for any disability during which an employee received payment und time spent in formal contract labor negotiations between the Union and the Company; (7) excused time for the conduct of official union business up to 60 days per year and (8) Long Term Disability.
Normal Retirement Date
The first day of the month coinciding with or next following your 61st birthday will be your normal retirement date.
If you continue employment past your normal retirement date, upon actual retirement you will receive your retirement benefit calculated for the total year of Credited Service.
Disability Retirement
If you sustain a total and permanent disability, either occupational or nonoccupational, you providing you have: a. Completed 5 years of continuous service; b. Not previously elected Early Retirement; and c. Are entitled to receive disability benefits under the Social Security Act.
Early Retirement
If you are between the age 55 and 61 (or you are disabled to the extent that you cannot be gainfully employed by the Company), you may retire before age 61, based on your credited service to such early retirement date. The benefit payable will be computed as shown under third (1/3) of one percent (1%) for each month by
Surviving Spouse Benefits
If you die prior to your normal retirement date, but after you have vested rights, your spouse will receive a lifetime pension in an amount equal to that which would have been payable on the first of the month following your death had you elected a Qualified Joint and Survivor Annuity. The pension will be payable when the deceased would have reached age 55. This benefit would be continued and divided equally among any minor children should your spouse die prior to their eighteenth birthday or marriage, whichever occurs first.
In the event there is no surviving spouse, the benefit, as indicated above, will be divided equally among any minor children and paid to them until their eighteenth birthday, marriage, or death, whichever occurs first.
Normal Form of Payment
Under the Employee Retirement Income Security Act of 1974, the normal form of retirement benefit paid to a married retiree is in the form of 100% Joint and Survivor Annuity. This form of benefit provides you with a reduced retirement benefit for as long as you live. On your death, if your spouse survives you, your spouse will receive that same monthly pension for life. However, you do have the option to elect another form of retirement in its place as indicated below. Single retires, of course, must take another form of retirement benefit.
Life Annuity
Under the Life Annuity you will receive your pension for as long as you live.
Contingent Annuitant Options
You may continue benefits to your spouse, children or anyone you so specify, close to you, by electing the Contingent Annuitant Option. This option gives you a reduced income for life, and provides for the continuance of all or part of it to your Contingent Annuitant if you die after your retirement benefits have commenced. The amount of payment that you and your Contingent Annuitant will receive is governed by an actuarial reduction which depends on the age of your contingent Annuitant and the percentage of this income you wish to have continued. Once this actuarial reduction has been determined say 24% under the Retirement Plan for Hourly Paid Employees of ISP, only one half (1/2) of this reduction would be applied to your benefit in this case 12%. This option may be elected at any time prior to normal, early or disability retirement date.
Years Certain and Continuous Option
Under the Years Certain and Continuous Option you receive a somewhat reduced retirement benefit for life, but if you should die before you have received payments for a certain period of 5, 10, 15, or 20 years according to your election your beneficiary would receive the same payments that you were receiving for the balance of the certain period at which time payments would cease. This option may be elected at any time prior to normal, early, or disability retirement date.
Level Income Option
The Plan also offers a Level Income Option if you elect to retire before you are entitled to receive Social Security benefits. Under this option, payments under the Plan are increased until the time Social Security benefits are expected to begin, and reduced thereafter, so that the total income from both sources will be approximately the same during your entire period of retirement.
Social Security Benefits
Your Retirement Plan for Hourly Paid Employees of ISP retirement income is entirely in addition to any benefits you receive from Social Security.
Formal Plan Text
This booklet is not a contract but solely intended to give you a short description of the main provisions of your Retirement Plan. If any conflict should arise between the description in this booklet and the Plan or the Trust Agreement, the terms of the Plan or Trust Agreement will, of course, govern in all cases. Copies of these official documents may be inspected upon request to your local Human Resources Manager.
OTHER BENEFIT INFORMATION
The following information is detailed in the ISP Summary Plan Description (SPD) under the Participation and Administration Information section of the SPD. The SPD is available at your local Human Resources office and on the ISP Intranet Human Resources website.
1. Eligibility 2. Enrollment 3. Coordination of Benefits 4. Subrogation and Reimbursement 5. How Long Coverage Continues Termination 6. COBRA Continuation Coverage 7. HIPPA Privacy 8. Plan Administration for all Programs and Claims Review Procedures for the Medical Program 9. Plan Administration and Claims Review Procedures for the Prescription, Dental Vision, EAP and Mental Health/Substance Abuse and Health Care Flexible Spending Account Programs 10. Plan Administration and Claims Review Procedures for the Disability and GroupTerm Life Insurance Programs 11. Hyatt Legal Plan 12. Other Claim Review Procedures 13. Plan Information 14. Other Information