2023 options for health care and more - The Vanguard Group

[Pages:32]Crew Member Benefits 2023

Crew Member Benefits

2023 options for health care and more

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Crew Member Benefits 2023

A message from CEO Tim Buckley

Fellow crew member: Welcome to Vanguard. We are glad to have you join our crew. Since our start in 1975, Vanguard has compiled an enviable record of accomplishments in a fast-changing, competitive business. Without a doubt, we owe our continued success to our talented and hardworking crew members.

We represent diverse backgrounds, areas of expertise, and opinions. We also share a commitment to serve our clients with focus, care, and integrity. Thank you for joining us in our important mission of giving investors their best chance for investing success. As a company, Vanguard understands how important it is to acknowledge our crew's skill and effort by offering competitive and compelling rewards. To that end, I believe our Total Rewards package of compensation, benefits, and work-life programs is an exceptional one. Getting the most out of Vanguard's Total Rewards program of medical, retirement, and other benefits requires your involvement, starting with this booklet. It contains the information you'll need to elect your benefits, as well as details about the many benefit options available to you. Please use it to tailor a benefits package that best meets your needs. I hope you'll take full advantage of our outstanding lineup of services. I further hope you'll enjoy a long and rewarding career at Vanguard.

Sincerely,

Tim Buckley Chairman and Chief Executive Officer

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Crew Member Benefits 2023

More than just health coverage

Total Rewards offers comprehensive benefits, plus the tools and programs to help you make the most of them.

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Matching contribution up to 4%

Retirement plan contribution equal to 10%

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Two HSA-qualified medical plan options with a Health Savings Account (HSA)* or Non-HSA plan* Standard Dental or Enhanced Dental* Vision* Health care FSA*

Base salary Bonus Partnership

Time off and work-life balance

Compensation

Health care plans Education assistance

Paid time off (PTO) Purchased PTO Parental leave Paid family care leave Personal leave Court duty leave Bereavement Short-term disability Long-term disability* Adoption/Surrogacy benefits

Academic Assistance Plan Student Loan Repayment Assistance Program

Your Total Rewards

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CrewCare health clinic ShipShape fitness center Flu shots and other vaccines

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Basic life/AD&D*

Dependent care FSA*

Supplemental life/AD&D*

Spousal life*

Child life*

Business travel accident insurance

Metlife Legal Services*

*Can be elected upon hire. If you are a crew member employed by Just Invest Systems, Inc, please reference your employment offer letter for details on your time off programs.

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Crew Member Benefits 2023

Welcome to Vanguard

As you prepare for your career here, you'll be taking in a lot of information and making many decisions. Some of these decisions involve selecting your benefits, and we understand this can be a challenge. Vanguard has made a significant investment in our crew by offering a benefits package that supports you at every stage of your life and career and also helps balance the demands of work and home. We'd like to make it as easy as possible for you to choose the right benefits for your life. This booklet provides an overview of Vanguard's benefit offerings. For more detailed information, refer to the following documents:

? The Benefit Plan Summary Plan Description (SPD) provides full details on Vanguard's extensive benefits package.

? The Summary of Benefits and Coverage (SBC) can help you understand our health plans and compare them with other individual coverage or employer plans available through your spouse or domestic partner, helping you to choose the best plan for you and your family.

? The Vanguard Retirement and Savings Plan (RSP) Summary Plan Description provides specific information on saving for retirement.

If you would like a printed copy of these documents, free of charge, contact Crew CentralTM at 844-VG1-CREW (844-841-2739).

Explore your benefits

Read about the Benefit Plan. Review the included worksheets and prepare for the online enrollment process. ? Benefit Plan enrollment worksheet: Track your benefit elections. ? Dependent information worksheet: Collect information like Social Security numbers (SSN) and birth

dates for all your eligible dependents--this is required for their medical coverage. ? Vanguard life and travel insurance beneficiary information worksheet: You need the SSN(s) for the

beneficiary(ies) you wish to designate for this automatic coverage. Make copies of dependent eligibility documentation. Read about Vanguard's Retirement and Savings Plan (RSP). Vanguard offers automatic enrollment in the RSP. If you have a balance from an IRA or qualified retirement plan, including 401(a), 401(k), 403(b)(7), or a governmental 457(b) plan with a previous employer, you can roll it over to your RSP account.

When you attend orientation, you'll learn more about all of the great benefit programs available to you. Benefits representatives will also be available to answer any questions you may have and help you make your elections.

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Crew Member Benefits 2023

Vanguard's Benefit Plan

You must enroll within 30 days after your date of hire--you'll be given the opportunity to elect coverage at orientation. Coverage begins on your first day of active employment; other than during Open Enrollment, you cannot change your benefits unless you experience a life event for a permitted election change (marriage, birth of a child, etc.).

Dependent eligibility

You can choose health benefits for yourself and your eligible dependents, as follows: ? Your legally married spouse. ? Your eligible domestic partner. ? Any child under age 26,* including:

- A natural child, legally adopted child (including a child whom you are legally obligated to support in anticipation of adoption, even if the adoption is not yet final), foster child, or stepchild, or the child of an eligible domestic partner.

- A child for whom you're required to provide medical coverage under a Qualified Medical Child Support Order.

? Any child who remains continuously mentally or physically disabled and is primarily dependent upon you for support.

*Coverage for dependent children will be extended to the end of the month of their 26th birthday.

If you'll be choosing benefits for a dependent, you must supply documentation to verify their eligibility. For more information, please review Dependent eligibility for the Benefit Plan.

To cover a domestic partner and/or their child(ren) under your benefits, a notarized Affidavit of Domestic Partnership is also required. Please review Domestic partner benefits for more information.

Crew married to crew

If you and your spouse are both crew members, you: ? Have the flexibility to elect your health benefits separately, or one of you may elect for the family. ? May contribute up to $3,050 each to a health care flexible spending account (FSA). ? May collectively contribute up to $5,000 total to a dependent day care FSA. ? Should elect a limited health care FSA if you or your spouse is enrolled in an HSA-qualified medical plan

and considering a health care FSA so that you and your spouse remain eligible to make and receive health savings account (HSA) contributions. ? Must both waive spousal life insurance since you are each eligible for your own life insurance coverage. ? Should waive dependent child life insurance if your spouse has already elected it, since only one may elect this benefit. ? Should waive the legal services plan if your spouse has already elected it, since only one may elect this benefit.

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Crew Member Benefits 2023

Dependent eligibility for Benefit Plan coverage

The following are the acceptable forms of documentation to verify dependent eligibility. Please submit copies, not originals.

Dependent Spouse

Required documentation

One of the following: ? First page of your latest federal income tax return with the dollar

amounts blacked out. ? Marriage contract or certificate from a church, synagogue, mosque,

or other religious institution.

Dependent children under age 26*

One of the following:

? First page of your latest federal income tax return with dollar amounts blacked out, if you are still claiming the child as a dependent. (Tax dependency is not a requirement for eligibility.)

? Birth certificate.

? Qualified Medical Child Support Order or legal guardianship papers.

? Adoption paperwork.

? Affidavit of Domestic Partnership, which includes a section for your domestic partner's child(ren).

Domestic partner

All of the following:

? Affidavit of Domestic Partnership.

? Proof of economic interdependency, such as a joint deed, mortgage, or lease and credit card agreement.

? Affidavit of Tax Dependency for Health Coverage (if your domestic partner is eligible for pre-tax coverage).

Contact Crew Central or visit Domestic partner benefits for more information.

*If the child is over age 26 and disabled, a physician's statement certifying that he or she is mentally or physically handicapped is required.

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Crew Member Benefits 2023

Need some help? SmartSelect can support you

SmartSelect can assist you in identifying which of the medical plans may be the best fit for you. This resource models your costs under each of the medical plan offerings, including what you will pay when you use care and in biweekly payroll contributions. SmartSelect also factors in Vanguard's HSA seed contribution toward your out-of-pocket costs for care.

Accessing SmartSelect

You'll be able to access SmartSelect at orientation when you complete your benefits enrollment. To model your costs, all you need to do is complete a short questionnaire on your expected care usage. Within minutes, SmartSelect will highlight the plan that is expected to cost you the least.

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Crew Member Benefits 2023

Medical benefits

With Vanguard's Benefit Plan, you can have the option of electing the medical plan that best suits your needs. We offer two HSA-qualified plans and a Non-HSA option. There are no restrictions for preexisting medical conditions, and you may waive coverage if you have medical benefits through another source. Both options include: ? Prescription coverage. ? 100% in-network coverage for the cost of preventive care services. ? Shared cost of nonpreventive expenses through coinsurance. ? 100% in-network coverage when you reach the plan's out-of-pocket maximums. ? The same extensive network of health care providers.

HSA-qualified medical plans

HSA-qualified medical plans have a deductible for nonpreventive medical and prescription expenses. After your deductible is met, you'll pay a portion of the expenses through coinsurance until you reach the out-of-pocket maximum. This plan also offers and account to help you offset your out-of-pocket costs. That account, referred to as a health savings account (HSA), receives in an contributions from Vanguard and can receive pre-tax contributions from you as well. As an enrollee HSA-qualified plan, your HSA is set up and automatically activated with HealthEquity. Vanguard provides a significant contribution to the HSA. Vanguard will provide a seed contribution of either $650 for individual enrollees or $1,300 for family enrollees shortly after your coverage is effective. Crew can earn additional contributions through Vanguard's 1.5x match contribution. With the match contribution*, Vanguard will contribute $1.50 on your behalf for every dollar that you contribute to the HSA, up to $1,920 for individual coverage and $3,870 for family coverage. Between Vanguard's seed and match contributions, crew can earn up to $2,570 as individual enrollees or $5,170 as family enrollees in 2023.

An HSA offers triple tax advantages--tax-free contributions, tax-free earnings, and tax-free distributions for qualified health care expenses. HSAs are a great way to save for current and future health care costs. Plus, the balance is yours for life; HSA funds can be used for health care expenses in retirement. To learn more about the financial advantages and flexibility that the HSA offer, visit the Health savings account page.

*In order to receive any match contributions, you must contribute to your HSA via pre-tax payroll contributions.

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