The benefits in this guide apply to Expatriate Commuters or Expatriate Resident Commuters with a home address in Brazil.
The benefits in this guide apply to Expatriate Commuters or Expatriate Resident Commuters with a home address in Brazil.
At Transocean, we are proud to have the most committed, passionate and capable team in our industry. Your Transocean benefits help you and your family unlock your potential in so many ways. They give you the ability to stay healthy, protect your income if you become disabled, help you prepare for retirement, and much more.
This Benefits Guide was designed to help you learn about your options. Take a few minutes to walk through your choices before you enroll. That way, you can make the most of Transocean's benefits package.
Your benefits are just one way Transocean rewards your hard work, dedication, and commitment. Thank you for your ongoing dedication to Transocean.
Getting Started
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It is very important to review this Guide and follow the enrollment instructions carefully. You will not be eligible to enroll again for health and welfare benefits until the next Benefits Annual Enrollment period, unless you experience a qualifying family status change.
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Enrollment Periods
Annually you will be given an opportunity to review your coverage. There are also different times you may change coverage throughout the year: as a new hire, as a transferred employee, or if you experience a qualifying family status change. Each period has different deadlines and rules. Please take time to review the type of enrollment period that most applies to you.
Qualifying Family Status Change
You must notify the Transocean Benefits Center within 60 days of a qualifying status change. Documentation of change will be required when adding dependent (i.e. birth certificate, marriage document, etc.)
Click here for help in notifying Transocean of a qualifying status change.
How to Enroll
Enrolling for your benefits is easy. There are two ways to enroll:
- Online at YourTransoceanBenefits.com or via single sign-on from Workday by selecting the Benefits App and clicking “Login to My Benefits Account”
-
By phone at +1 646 259 0401
International Retirement Savings Plan
If you want to participate in the International Retirement Savings Plan, login to www.planviewer.fidelity.co.uk once you receive your Login credentials from Fidelity in the U.K. via email.
You can also contact Fidelity Customer Service by phone two weeks after your hire date to make your contribution election. Once you make your election, it will take 1 to 2 paychecks for your deductions to reflect on your paycheck, based on the payroll deadline, which is typically mid-month.
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Who is Eligible
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For Healthcare, Dental, Voluntary Life Insurance, and Voluntary Accidental Death & Dismemberment coverage, you can cover:
- Yourself
- Your spouse
- Your children
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Adding Dependents to Coverage
If you are adding a dependent to your coverage for the first time you must do it within 60 days of your dependent becoming eligible for coverage. Thereafter, you may only add or remove dependents when you experience a life event such as birth, marriage or divorce.
In addition to your spouse, Transocean allows coverage for your dependent children, including:
- Biological children
- Stepchildren who reside with you
- Children under legal guardianship and
- Adopted children
Dependent children must be under age 26. Disabled children may be covered beyond age 26.
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Healthcare Plan
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Your medical and dental benefits help you protect your good health. Medical and dental claims are administered by Bradesco, a specialist in providing healthcare benefits to Brazilian citizens.
Bradesco Healthcare Plan covers a variety of medical services, including doctors’ and surgeons’ fees, lab testing, hospital charges, preventive care and some vision services.
Transocean pays the full cost of health coverage for both you and your eligible dependents.
Bradesco Medical Benefits5
Dental
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Available through Bradesco, the International Dental Plan covers most necessary dental care, up to Plan limits. Payment levels are the same worldwide and you can visit any licensed provider when your teeth need some tender loving care.
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Everybody needs some extra help from time to time. That is why Transocean offers the Employee Assistance Program through PAE. If you are in the medical plan, the Employee Assistance Program is included as part of your medical coverage.
Transocean pays the entire cost. You get the help you need. What could be better?
- 24-hour-a-day support
- Completely confidential
- Covered at no cost to you for employees and their covered dependents
You can receive help with a wide range of personal, health and professional issues. Find support and resources on topics such as:
- Emotional Issues: anxiety, grief over loss of a loved one or help with substance use issues.
- Family Issues: child and elderly care and adoption guidance
- Social Benefits: government, community and other resources
- Legal Guidance: various legal procedures (does not include labor counseling)
- Financial Guidance: debt management
- Pension and Retirement: various procedures related to pension and retirement
Learn more about the Employee Assistance Program.
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Life Insurance
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Transocean offers life insurance coverage for you and your eligible dependents through New York Life. You are automatically enrolled for Basic Life Insurance coverage. You will need to enroll for any Voluntary Life coverage you want to purchase for yourself and/or your dependents.
Electing coverage over $250,000 may require you to provide Evidence of Insurability.
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Basic Life Insurance
Basic Life Insurance provides coverage equal to two times your annual base salary rounded up to the next $1,000, up to a maximum of $750,000.
Transocean pays the full cost of this benefit and you are automatically enrolled for this coverage.
Voluntary Life Insurance
You can supplement your Company-paid Basic Life Insurance coverage through Voluntary Life Insurance. You can purchase coverage of one to five times your annual base salary, rounded up to the next $1,000, up to a maximum of $750,000.
Your combined Basic and Voluntary coverage may not exceed $1,250,000.
Dependent Life Insurance
If you buy Voluntary Life Insurance for yourself, you can buy Life Insurance for your family as well.
You can buy Voluntary Spouse Insurance of $10,000, $25,000, $50,000, $75,000 or $100,000. Your spouse’s coverage cannot be more than 50% of your Voluntary Life Insurance.
You can buy Child Life Insurance of $5,000, $10,000, or $20,000. The coverage you select applies to all your eligible children.
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Accidental Death and Dismemberment
It is not pleasant to consider, but everyone should be prepared for worst-case scenarios. Accidental Death and Dismemberment (AD&D) Insurance gives you one more way to protect your finances when you need them most.
Available through New York Life, AD&D pays a benefit if you lose your life or are injured in an accident. These benefits are paid in addition to Life Insurance benefits.
Transocean provides you with Company-paid Basic AD&D coverage. You can supplement this coverage with additional Voluntary AD&D or Family AD&D coverage.
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Basic AD&D Insurance
Transocean pays 100% of your Basic AD&D Insurance benefit. Your benefit is equal to two times your annual base salary, rounded up to the next $1,000, up to a maximum of $750,000.
The amount of your coverage reduces to 65% at age 65 and to 50% at age 70.
Voluntary AD&D Insurance
You can buy additional AD&D Insurance for you and your family. You can choose between one and five times your annual base salary.
Learn More
Who is your beneficiary?
Make sure your loved ones are protected. Be sure to keep your beneficiary information up-to-date and accurate. You can do this as part of the online enrollment process.
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Short-Term Disability (STD)
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If you are unable to work due to a non-work-related illness or injury, Short-Term Disability (STD) replaces a portion of your base salary.
STD pays you a percentage of your monthly base salary as follows:
- 80% for the first six weeks
- 66 2/3% for up to 20 additional weeks
Benefits begin after a seven-day elimination period. Transocean pays the full cost of STD benefits and you are automatically eligible after 180 days on the job.
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Long-Term Disability (LTD)
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If you are unable to work for more than 26 weeks due to a non-work-related illness or injury, and you are approved by the carrier, Long-Term Disability (LTD) coverage, administered by Cigna International, pays a portion of your eligible base salary. You’ll receive up to 60% of your monthly base salary, up to a maximum monthly benefit of $15,000 USD. LTD benefits continue for the length of your disability, but generally not beyond your 65th birthday. Your benefits can continue after age 65 if you go on LTD after age 60.
Transocean pays the full cost of LTD and you are enrolled after 180 days on the job.
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Retirement
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The International Retirement Savings Plan can help you have a great retirement.
Enroll/Making Changes to Your Account
If you want to participate in the International Retirement Savings Plan, login to www.planviewer.fidelity.co.uk once you receive your login credentials from Fidelity in the U.K. via email.
You can also contact Fidelity Customer Service by phone two weeks after your hire date to make your contribution election. Once you make your election, it will take 1 to 2 paychecks for your deductions to reflect on your paycheck, based on the payroll deadline, which is typically mid-month.
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Eligibility
You can participate in the Plan if you are a full-time or part-time regular employee of the Company, classified as a non-U.S. citizen, and paid on one of the Company's U.S. dollar payrolls not subject to US taxes.
You cannot participate if you are a citizen or permanent resident of the U.S., a non-U.S. citizen residing and/or working in the U.S., an employee paid on a non-U.S. payroll, an employee classified as an Expatriate Commuter with a home address in the United Kingdom, an employee classified as a Regional Resident, Regional Commuter or Regional Resident Commuter employee, or eligible to participate in another Company-provided retirement plan.
Be sure to designate a beneficiary online at www.planviewer.fidelity.co.uk
Plan Administration
The International Retirement Savings Plan is administered by FIL Pensions Management ("Fidelity U.K."). The Company's contributions and your voluntary employee contributions (if any) are invested in funds managed by Fidelity U.K.
Building Your Account
You can save up to 50% of your eligible compensation. Transocean matches 200% of the first 6% of eligible compensation you contribute to the Plan. Don't leave money on the table. Be sure to get the most out of your company contribution by contributing at least 6%!
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Investing Your Account
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You have many options when it comes to investing your retirement accounts. Visit the Fidelity U.K. website to research your investment options and make your investment choices in the International Retirement Savings Plan. You can also call Fidelity U.K.
If you do not designate an investment election, your account will be automatically invested into the Transocean Lifestyle Strategy. After you have joined the Plan and received your new joiner details from Fidelity U.K., you can change your investment choice by logging into www.planviewer.fidelity.co.uk or by phoning Fidelity U.K.
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Withdrawing Your Account
See Your Plan Explained for withdrawal eligibility details.
Upon Leaving Transocean or Becoming
Ineligible to Participate
The money you put into the Plan is always yours to keep. When you leave the Company, or move to an employment status making you ineligible for the plan, you can take 100% of your balance.
While You Are Still Actively Participating in the Plan
You may only withdraw your contributions once every twelve months, if you meet certain "hardship provisions," including paying for:
To Meet a Tax Liability
In addition to the hardship withdrawal, as long as you are an active employee, you can take one withdrawal every calendar year of your remaining balance to assist in meeting your individual tax burden.
If You Become Ineligible
If you become ineligible to participate in the plan, but remain an active employee, you will be treated as a Leaver from the plan. You will be eligible to take a full Leaver withdrawal as well as eligible to take a partial withdrawal to settle a tax liability.
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Fidelity PlanViewer
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Contact list
| Benefits Enrollment | |
|---|---|
|
1 855 RIG 5005 +1 646 259 0401 7 a.m. to 7 p.m. Central Standard Time |
|
| Bradesco: Medical and Dental | |
|
www.bradescosaude.com.br |
|
| Fidelity U.K.: International Retirement Savings Plan | |
|
Within the U.K.: Outside the U.K.: Monday to Friday, 8 am – 6 pm GMT |
|
| Employee Assistance Program | |
|
0800 718 7815 |
www.portalviverbem.com.br |
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About this guide
This guide provides highlights of the Transocean, Inc. benefit programs for Brazilian Expatriate Commuter employees. It is not an official plan document. The guide is a general summary of certain terms and conditions of the health and welfare benefits and is for information purposes only. If there are any discrepancies or conflicts between this guide and the terms of the official plan documents and any underlying insurance contracts, as applicable, the official plan documents and insurance contracts, as applicable, will control. Nothing in this document creates an employment contract between Transocean Inc. and any employees. Transocean Inc. reserves the right to amend, change or terminate the plans or any underlying contract, at any time and without notice, at its sole discretion, according to the terms of the applicable plan.
Annual Enrollment
Around the 4th quarter of each year you will be given an opportunity to change your coverage, to be effective the first of the coming year.
If you did not enroll, you will default to the same coverage you elected in the previous year.
New Hire Enrollment
The elections you make as a new hire become effective on your hire date and remain in effect through the end of that year.
If you don't enroll:
- You will have Healthcare (Employee Only coverage), Dental (Employee Only coverage), Basic Life Insurance, Basic Accidental Death & Dismemberment (AD&D) Insurance, Short-Term Disability, and Long-Term Disability.
- You will not have any Voluntary Life Insurance or Voluntary AD&D Insurance.
- You will receive the company, service based contribution to the International Retirement Savings Plan. However, you must elect to contribute to the plan in order to take advantage of the company matching contributions. You can enroll in this plan at any time.
- You will not take advantage of the Transocean International Retirement Savings Plan company contribution. You must contribute to the plan in order to receive the match. You can enroll in this plan at any time.
Qualifying Family Status Change
You can notify Transocean of a Qualifying Family Status Change online at YourTransoceanBenefits.com. You will need to log into your account and select “Life Changes” at the top of the page. Then, select the type of qualifying status change you are making (i.e., marriage, birth of a child, etc.). If the change you are making is not listed, select “Other Life Changes” and follow the prompts to process your change. If you have a question, you can click "contact us" or call the Benefits Center at 1 855 RIG 5005 or +1 646 259 0401, 7 a.m. to 7 p.m. Central Standard Time. Please refer to the Summary Plan Descriptions (SPDs) of each plan on Rig Central for a complete list of qualifying events. After you have added a new dependent, you will receive information from the Dependent Verification team about how to provide the required documentation.
Transferring Employee Enrollment
A transfer is defined as a change that affects your employee status and/or causes you to lose coverage due to a move. Your official transfer date is the date in which you change your home address.
The elections you make at enrollment will be effective on your transfer date and remain in effect through the end of that year.
If you don't enroll
- AND you had Transocean coverage before you transferred, you will be enrolled for Healthcare, Dental, Voluntary Life Insurance, and Voluntary Accidental Death & Dismemberment (AD&D) Insurance at the same coverage level that you had before you transferred.
- AND you did not have Transocean coverage before you transferred; you will be enrolled for Healthcare, Dental, Voluntary Life Insurance, and Voluntary AD&D Insurance at the Employee Only coverage level.
- You will have Basic Life Insurance, Basic AD&D Insurance, Short-Term Disability and Long-Term Disability.
- You will receive the company, service-based contribution to the International Retirement and Savings Plan. However, you must elect to contribute to the plan in order to take advantage of the company matching contributions. You can enroll in this plan at any time.
- You will not take advantage of the Transocean International Retirement Savings Plan company contribution. You must contribute to the plan in order to receive the match. You can enroll in this plan at any time.
| Bradesco Healthcare Plan | |
|---|---|
| Medical Benefits | |
| Accommodation | None |
| Annual Out-of-Pocket Maximum | None |
| Lifetime Maximum | None |
|
Preventive Care
|
Plan pays 100% of fees |
|
Inpatient Services
|
Plan pays for 100% of fees |
|
Medical and Nervous
|
Play pays for 100% of fees |
|
Other Covered Services
Temporomandibular Joint (TMJ) Dysfunction (Inpatient surgery only) |
Plan pays 100% of fees |
|
Excluded Services
|
Not covered |
| Bradesco Healthcare Plan | |
|---|---|
| Dental Benefits | |
| Annual Deductible | None |
| Annual Dental Maximum | None when using detail network |
| Preventive Care | Plan pays 100% of fees |
| Basic Care | Plan pays 100% of fees |
| Major Care | Plan pays 100% of fees (only when ambulatory) |
| Orthodontic Care | Not covered (but discounts available when using the dental network) |
| Coverage Continuation Benefits | |
| In the event of the principal insured's death | Coverage for his/her dependents will continue for up to two years |
Guaranteed Issue Coverage and Evidence of Insurability
The Guaranteed Issue (GI) amounts are:
- Up to $250,000 of Voluntary Life coverage for you
- Up to $50,000 of Dependent Life coverage for your spouse
- Up to $20,000 of Dependent Life coverage for each of your dependent children
During annual enrollment, you may enroll or increase your coverage by one times your annual base salary, up to $250,000 without providing Evidence of Insurability. In addition you can enroll or increase your spouse life insurance by one increment up to $50,000 without providing Evidence of Insurability.
If you wish to buy more coverage than the Guaranteed Issue limit, you must provide Evidence of Insurability to the insurance carrier. If you select Voluntary or Dependent Life coverage that requires EOI, the insurance carrier will ask for additional information after enrollment. New York Life will approve or deny your request for excess coverage based on this information.
While your request for extra coverage is being processed by New York Life, you will be covered for the maximum GI amount for which you are eligible. If your request for excess coverage is approved by New York Life, your coverage will become effective on the first of the month following the date of approval.
Voluntary AD&D Insurance
You can elect to cover yourself alone or add your family to your coverage. Here's how Voluntary AD&D works:
| Your Coverage | Your Spouse's Coverage | Each Dependent Child's Coverage |
|---|---|---|
|
One to five times annual base salary, rounded up to the next $1,000, up to a maximum of $750,000. Your combined Basic plus Voluntary AD&D cannot exceed $1,250,000. |
60% of your coverage amount if no children are insured. 50% of your coverage amount if children are insured. Maximum spouse coverage is $300,000. |
10% of your coverage amount if your spouse is insured. 15% of your coverage amount if your spouse is not insured. Maximum coverage for each child is $25,000. |
Your Contributions
You can save up to 50% of your eligible base pay.
Company Match
Transocean matches 100% of the first 6% you contribute. Don't leave money on the table. Be sure to get the most of your company contribution by contributing at least 6% of your eligible base pay.
Hardship Provisions include paying for:
- Unreimbursed medical expenses for you, your spouse or your children
- Tuition, related educational fees, room and board for post-secondary education for you, your spouse or your children
- Purchase of your principal residence
- Prevention of mortgage foreclosure or eviction from your principal residence
- Funeral/burial expenses for your parents, spouse or children
- Repair of unforeseen damage to your principal residence not covered by insurance
In-Service Tax Liability Withdrawal
- The in-service Tax Liability Withdrawal is available to current Transocean employees who have a balance in the TIRSP. Once you are no longer employed by Transocean, only the plan rules for Leavers will apply to any withdrawal request; and
- The new In-Service Tax Liability Withdrawal is separate from the Hardship Withdrawal. If the need arises and you meet the criteria for each in-service withdrawal type, you could potentially take a withdrawal of both types in the same calendar year.
