Bill & Melinda Gates Foundation

12/1/08 – 11/30/09U.S. Benefit Plan Summary

Eligibility –Employees regularly scheduled to work more than 20 hours per week are eligible for benefits. Some benefits are pro-rated for part-time employees.

Coverage Begins –Most benefits are effective on date of employment with the exception of the Retirement Plan and Life Cycle Account, which allow participation the first of the quarter following date of employment.

Employer Contributions – The foundation pays 100% of monthly premiums for medical, dental, vision, and the employee assistance plan for employees, spouse or domestic partner, and dependent children to age 19 (age 25 if they meet requirements). The foundation also pays 100% of monthly premiums for life, disability, and travel assistance for eligible employees.

Medical – Eligible employees in Seattle have their choice of enrolling in one of two medical plans. ECO eligible employees must enroll in the Regence plan.

A few benefit examples(when using a Preferred Provider) are:

Regence BlueShield PPO / Group Health
Options POS
Annual Deductible / None / None
Annual Out-of-Pocket Limit / $2,500 per person $7,500 per family / $2,000 per person $4,000 per family
Office visits & Preventive Care / $10 copay / $15 copay
Inpatient Hospital Services / Paid at 100% / Paid at 100%
Prescription (retail 30 day supply) / $10 copay / $10 or $20 copay
(varies by drug)

Benefits may be reduced or eliminated when not using a Preferred Provider.

Dental – Washington Dental Service/Delta Dental is our dental insurance carrier. You receive the highest level of benefits when using a Preferred Provider. Annual plan deductible is $50 per person. Annual benefit maximum is $2,000 per person.

A few benefit examples (when using a Preferred Provider) are:

Diagnostic & Preventive Care – paid at 100%

Basic Services – paid at 90% after deductible

Major Services – paid at 50% after deductible

Orthodontic Services – paid at 50% up to $2,000 lifetime maximum

Benefits maybe reduced when not using a Preferred Provider.

Vision – Vision Service Plan is our vision insurance carrier. You receive the highest level of benefits when using a VSP provider. When using a VSP provider there is a $20 copay for a vision exam. Frames, lenses, and contacts are covered

up to the plan allowance minus any applicable copays. Onevision exam is allowed every 12 months and hardware (frames OR contacts) once every 24 months.

Life and Accident – Unum is our insurance carrier for life and accidental death & dismemberment coverage. Eligible employees are provided coverage equal to two times their annual salary, up to $1,200,000 (life insurance above $750,000 requires proof of good health).

Disability – Unum is our disability insurance carrier.

The short-term disability plan benefit is 70% of weekly earnings up to $2,500

The long-term disability plan benefit is 67% of monthly earnings up to $15,000(disability benefit payments may be reduced by other sources of income)

Flexible Spending Accounts – Healthcare and Dependent Care reimbursement accounts allow you to save money by setting aside pre-tax dollars for use in paying eligible (IRS regulated) expenses.

  • Healthcare Account - eligible healthcare expenses (up to $3,000) include insurance plan deductibles, copays, coinsurance, and allowable over-the-counter expenses for your and your dependents.
  • Dependent Care Account - eligible dependent care expenses (up to $5,000) include child care costs for dependents through age 12.

Retirement Plan – Employees whom receive W-2 income are eligible to participate in the retirement plan the first of the quarter following date of employment.

401(k) Plan – You can defer on a pre-tax basis up to 100% of your compensation (reduced by required payroll taxes) into the plan. However, pre-tax contributions may not exceed the annual 2009 IRS limitations of $16,500 (with an additional “catch-up” amount of $5,500 for participants age 50 and over). Once you determine your investment funds for your contributions, they will be subject to the performance of the investment funds.

Money Purchase Plan – This is a defined contribution retirement plan and is fully funded by the foundation. The foundation’s annual contribution to the Money Purchase Plan is 15% of eligible employee compensation subject to IRS limitations.

Passport Unlimited– This benefit is a web-based, card driven employee discount program offering discounts on an array of dining experiences, family-friendly destinations, oil changes, purchasing a home computer and more!

Life Cycle Account – This benefit supports employees in managing their work and personal life, recognizing and providing financial support for an employee’s needs and interests outside of work. Employees are eligible the first of the quarter following date of employment. Benefit is pro-rated based on date of employment and full or part time status. The maximum annual benefit is $1,500 and is taxable when funds are received.

Employee Assistance Plan–This benefit is designed to help employees cope with life challenges. Registered nurses and/or trained counselors are available by phone 24 hours a day for assistance with issues including illness, minor injury, wellness and nutrition questions, depression, stress, grief, marital and parenting concerns, alcohol and substance abuse, and conflicts. Legal counsel, financial services, child care and elder care referral services are also available.

Employee Matching Gifts –This benefit is designed to give assistance to accredited education, community and cultural organizations, and to provide an incentive for employees to make regular contributions to eligible organizations. The foundation will match employee contributions at a rate of three dollars for every one dollar contributed, up to an annual maximum of $30,000 (i.e., employee contributions up to a maximum of $10,000 per year).

Transportation–Seattle employees are eligible to receive a bus or ferry pass or vanpool/rideshare reimbursement subsidized up to $115 per month by the foundation. Any amount above the allowance is handled through payroll deductions. Parking is provided to Seattle employees at no cost.

Qualified transportation expenses incurred by DC employees are eligible for assistance up to a maximum of $115 per month.

Back-Up Care–This benefit is designed to provide support to families by providing safe, nurturing (center or in-home) backup child care and adult/elder care when your regular arrangements are not available. Employees pay a copay each time services are provided.

Childcare Priority Access–This benefit provides employees with priority placement on waiting lists for full-time or part-time daycare spaces at Bright Horizons centers in the greater Seattle and Washington D.C. areas.

Travel Assistance–This benefit is provided by International SOS for employees

traveling for business outside of their home country. Services include emergency

medical, lost document advice and assistance, emergency translation and interpreter

services, and more.

Time-Off Benefits – Employees regularly scheduled to work 40 hours per week will receive full time-off benefits. Employees regularly scheduled to work at least 20 hours per week but less than 40 hours per week are eligible for prorated vacation, paid holidays, and sick leave based on hours worked. Accrual for time-off plans begins the first pay period after date of employment.

Holidays – 10 standard holidays are observed each year: New Year’s Day, Martin Luther King Jr. Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, day after Thanksgiving, Christmas Eve, Christmas Day, and New Year’s Eve Day.

Floating Holidays - Employees receive 3 annual floating days (prorated based on date of employment) that do not carry over into the following calendar year.

Vacation hours accrue at a rate equivalent to 15 days (3 weeks) per year through 5 years of service. At the beginning of the 6th year of service, vacation hours increase to 20 days (4 weeks) per year. A vacation balance of twice the annual rate may be accumulated.

Sick hours accrue at a rate equivalent to 12 days per year up to a maximum of 24 days.

(Please note that this guide is a summary of benefits. Please refer to your Summary Plan Description (SPD) for a complete description of the benefit provisions. In the event of a discrepancy between this summary and the SPD, the SPD will govern the plan.) December 2008