Page 9 - 2015 First Busey Enrollment Guide
P. 9
First Busey Corporation
Benefit Compensation Definition
Beneit Compensation is deined as your total compensation. Your
compensation includes regular wages, overtime, bonuses, commissions,
incentives and any salary deferrals you make to a 401(k) plan, a Section
457 plan, or a Section 125 cafeteria plan. It does not include stock
options, non-qualiied deferred compensation payouts, and moving
expenses.
Your Beneit Compensation is updated using the prior calendar year
earnings as deined above.
Not here the entire previous year?
If you were hired after January 1, 2014, your beneit compensation is
calculated one of the following ways
X If you have a base wage, your beneit compensation will be your
current base wage annualized
X If you are a commissioned associate, your beneit compensation
will be your total earnings paid over the previous 12 months
(annualized if you haven’t been employed a full 12 months)
Busey will be moving from an April 1 plan year to a January 1 plan year. Since the plan year will be
shorter, deductibles will also be pro-rated as follows
POS 1000 plan: $1,500 deductible becomes a $1,350 deductible
POS 2600 CDHP: $2,600 deductible stays a $2,600 deductible *
POS 5000 CDHP: $5,000 deductible becomes a $4,500 deductible
* To stay in compliance with IRS guidelines for CDHP plans, the 2600 CDHP deductible cannot be reduced.
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Benefit Compensation Definition
Beneit Compensation is deined as your total compensation. Your
compensation includes regular wages, overtime, bonuses, commissions,
incentives and any salary deferrals you make to a 401(k) plan, a Section
457 plan, or a Section 125 cafeteria plan. It does not include stock
options, non-qualiied deferred compensation payouts, and moving
expenses.
Your Beneit Compensation is updated using the prior calendar year
earnings as deined above.
Not here the entire previous year?
If you were hired after January 1, 2014, your beneit compensation is
calculated one of the following ways
X If you have a base wage, your beneit compensation will be your
current base wage annualized
X If you are a commissioned associate, your beneit compensation
will be your total earnings paid over the previous 12 months
(annualized if you haven’t been employed a full 12 months)
Busey will be moving from an April 1 plan year to a January 1 plan year. Since the plan year will be
shorter, deductibles will also be pro-rated as follows
POS 1000 plan: $1,500 deductible becomes a $1,350 deductible
POS 2600 CDHP: $2,600 deductible stays a $2,600 deductible *
POS 5000 CDHP: $5,000 deductible becomes a $4,500 deductible
* To stay in compliance with IRS guidelines for CDHP plans, the 2600 CDHP deductible cannot be reduced.
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