Benefits Transition Letter and Frequently Asked Questions

Benefits Transition Letter and Frequently Asked Questions
Effective April 1, 2015, you and your eligible family members will transition to competitive, flexible benefit
programs sponsored by the Lubrizol Corporation. Below is a list of available plans:
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Medical/Prescription Drug
Dental
Vision
Basic Life Insurance
Supplemental Life Insurance
Short Term Disability
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Long Term Disability
Long Term Care
Health Care Flexible Spending Account
Dependent Care Flexible Spending Account
Vacation Buy/Sell
The Lubrizol Corporation Employees’ Profit Sharing
and Savings Plan (the Savings Plan)
Although your benefits will be effective April 1, your actual program elections will be made after this date due to
enrollment processing requirements. There will be a time lag between when you elect your benefits and when
your information will arrive at the carriers. Healthcare, life and disability programs will be elected through the
ADP enrollment system (www.lubrizolbenefits.com). Other programs such as the Lubrizol Savings Plan,
Supplemental Life, and Long Term Care will be handled through separate enrollment mechanisms.
We want to assure you that during this benefit enrollment transition period if you have a medical emergency
or other special medical situation (such as a scheduled surgery or other inpatient care) Lubrizol’s Corporate
Benefits Department will do everything we can to make sure your coverage needs are met. If you have
questions about these special types of situations please email us at [email protected].
We ask that for less impactful financial situations such as doctor visits or routine prescriptions, you handle them
through direct payment and submit your claims for reimbursement after you complete enrollment and receive
your medical/Rx ID cards. Another option, if medically appropriate, is to delay scheduled care until after you
complete enrollment and your information is sent to the carriers. This can take up to two weeks and can be
verified by contacting the carriers. Carrier contact information can be found in The Essential Guide to Your 2015
Benefits included in this mailing.
We will coordinate the crediting of your incurred medical expenses from the current plan year against your new
Lubrizol medical program election. This may take several months to complete. The crediting of current expenses
will apply to your 2015 Lubrizol medical/Rx deductibles and out-of-pocket maximums. The process will be
handled directly between your former medical carrier and UnitedHealthcare. Until this process is complete, your
expenses will apply to the deductible under the Lubrizol plans.
Enclosed are additional questions and answers regarding Lubrizol’s payroll and benefits. Please review it for
answers to your questions and further instructions. If you have other benefit questions, feel free to send them
to [email protected].
We look forward to providing you with a great benefit program and excellent customer service.
Sincerely,
Thomas J. Tercek
Director – Global Benefits
Joyce D. Erxleben
Director – Payroll and Retirement Administration
U.S. Payroll and Benefits Questions & Answers
Please Note: These questions & answers are written with a benefit and payroll
transition of April 1, 2015 in mind. Please remember this as you review the document.
Payroll
Will there be changes to how and when I receive my pay?
You will transition to ADP’s payroll processing system effective April 1, 2015. Your last Weatherford pay will
be on March 31, 2015 and your first payroll deposit from Lubrizol will be on Friday April 10, 2015. You will
continue to receive your pay on a biweekly basis (every two weeks) on Fridays.
What forms am I required to complete in order to properly transition to Lubrizol’s payroll system?
The forms included in the Payroll Forms Packet in this mailing must be completed and submitted by March
20, 2015. The forms to be completed are the Authorization for Direct Deposit, U.S. Tax Determination
Form, Federal W-4 Form, and the applicable state tax withholding form.
When must these forms be completed?
All employees must complete and submit their forms by March 20, 2015 in order to meet Lubrizol’s payroll
processing deadlines. Failure to complete and return forms by the deadline will result in your tax status
defaulting to single and zero for federal tax withholding and the work state defaults will be used for state
tax withholding.
How should I submit the completed forms?
Return forms to your designated Weatherford Representative (supervisor, manager, etc.).
If you are at a remote site and do not have a contact to turn in your paperwork to, please follow one of the
three submission options below:
1. Email completed forms to [email protected];
2. Fax completed forms to (440) 347-1667; or
3. Mail completed forms to:
The Lubrizol Corporation
Payroll, Mail Drop #492A
29400 Lakeland Boulevard
Wickliffe, OH 44092
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U.S. Payroll and Benefits Questions & Answers
Benefits
When do we transition to Lubrizol benefit programs?
Effective April 1, 2015, U.S. employees will transition to Lubrizol benefits.
Where can I learn more about the various benefit plans offered by Lubrizol?
Detailed information regarding Lubrizol’s benefit offerings can be found on Lubrizol’s benefits website
located at http://benefits.lubrizol.com/LZOS.html.
How can I enroll in Lubrizol’s benefit offerings?
Enrollment in the following programs can be done online at www.LubrizolBenefits.com or by calling the
Lubrizol Benefits Center at 1-866-889-7948 beginning April 9, 2015: medical/Rx, dental, vision, health and
dependent flexible spending accounts, life insurance and disability.
Important: To make your benefit elections, you will need your new employee identification number
included in this packet.
When can I enroll in benefits?
You will be able to enroll in benefits online at www.LubrizolBenefits.com or by calling the Lubrizol Benefits
Center at 1-866-889-7948 beginning April 9, 2015. You will receive an enrollment worksheet sent via USPS
sent to your home address on file as of February, 2015, but it is not necessary to wait for the worksheet to
make your elections. To enroll, you will need your new employee identification number included in this
packet.
What if I change my mind during my enrollment period after making elections? Can I still make
changes?
You can only make changes to your elections until midnight of the day you make your initial election. For
example, if you make your elections on Monday, April 20 at 4:00 p.m., you can only make changes until
midnight that night.
How much time do I have to enroll for benefits?
You must make your benefit elections within 30 days of your benefits effective date (April 30, 2015). Your
benefits effective date is April 1, 2015.
What happens if I do not enroll for benefits by April 30, 2015?
If you do not make elections by April 30, 2015, you will not be eligible to enroll in benefits until the 2016
Annual Enrollment period, with benefits effective January 1, 2016.
When will I receive my ID cards?
It can take anywhere from two to three weeks after enrollment to receive your physical ID cards from the
carriers. Approximately eight business days after making your elections, you can go to the carrier websites
and print temporary ID cards.
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U.S. Payroll and Benefits Questions & Answers
What IRS maximums will I need to keep in mind for my flexible spending accounts (Health Care Account
and Dependent Care Account)?
The 2015 IRS maximums for contributions are: $2,500 for the Healthcare Spending Account and $5,000 for
the Dependent Care Account. You are responsible for managing to these limits. You will need to take into
account:
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Your contributions to date to your current flexible spending account(s), and
Your planned contributions to Lubrizol’s flexible spending account(s)
What IRS maximums will I need to keep in mind for my Health Savings Account (HSA)?
The 2015 IRS maximums for contributions are: $3,300 for individual coverage and $6,550 for 2-person or
family coverage. You are responsible for managing to these limits. You will need to take into account:
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Your own contributions to date to your current HSA
Your planned contributions to Lubrizol’s HSA
Lubrizol’s prorated contribution to your HSA (Single – $675, 2-Person – $1,125, and Family –
$1,575)
Can I roll over the funds in my current HSA to my new Lubrizol HSA?
Yes. Once your Optum Bank account is open, a rollover form can be found on the Optum Bank website. You
will still need to keep in mind the IRS maximums when planning for 2015.
After transitioning to Lubrizol sponsored medical benefits, will I be credited for any expenses
incurred and already applied to my medical/Rx deductible and out-of-pocket maximum under my
current medical/Rx plan?
Yes. After transition, we will coordinate the crediting of your incurred medical/Rx expenses from the
current plan year against your new Lubrizol medical/Rx program election. This process may take several
months. The crediting of current expenses will apply to your 2015 Lubrizol medical/Rx deductibles and outof-pocket maximum amounts. The process will be handled directly between your current carrier and
UnitedHealthcare. We anticipate no direct employee involvement. Because this will take time, if you or a
family member incur medical expenses you may be subject to the entire deductible until the information
from your current Weatherford medical plan is loaded into the UnitedHealthcare and Caremark systems. If
the medical/Rx deductible and out-of-pocket maximum is over-applied, UnitedHealthcare will make
adjustments to future claims. If the over-applied deductible and out-of-pocket maximum is a result of an Rx
claim, Caremark will provide a refund to the member.
What is the Family Member Affidavit form included in this packet?
This form is required to be completed for all employees covering any eligible family members on any
Lubrizol benefits (medical/Rx, dental and/or vision). The form must be completed and returned by June 1,
2015. Submission instructions are located on the form. The Family Member Affidavit does not need to be
returned if you are waiving all coverage options (medical/Rx, dental and vision) or electing only single
coverage.
Am I now eligible to buy or sell vacation days? I did not see it as an option during my benefit enrollment.
You are not eligible to elect vacation buy or sell in 2015. Vacation buy or sell will appear as an option
during 2016 annual enrollment this fall to be effective January 1, 2016.
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U.S. Payroll and Benefits Questions & Answers
When will my benefit deductions begin to appear in my pay?
After you make your Lubrizol benefit elections, there will be a lag before your benefit deductions begin to
come out of your pay. This lag can be up to two weeks. There will be no catch up on missed benefit
deductions.
What is the Savings Plan?
The Savings Plan is Lubrizol’s 401(k) program.
Am I now eligible to participate in the Savings Plan?
Yes. As soon as administratively practicable after April 1, Voya, the plan administrator for the Savings Plan,
will send a password to your mailing address on record. We anticipate that this password will be mailed by
April 10. After you receive your password, you can access the Voya Participant website
(https://lzs401k.voyaplans.com/) to elect your contribution type, contribution levels, and/or investment
options.
Will I receive matching contributions under the Savings Plan?
Yes. Lubrizol makes matching contributions to your account $1 for $1 of your before-tax, after-tax and/or
Roth 401(k) contributions. Matching contributions are made up to the first 6% of your eligible
compensation.
How can I change my contribution level, allocation percentages or investment elections in the
Lubrizol Savings Plan?
Once enrolled, you can access the Voya Participant website at https://lzs401k.voyaplans.com or the
Information Line at 1-866-LZs-401k (1-866-597-4015) to change your contribution type, contribution levels,
investment options, and/or reallocate their balances on a daily basis. There may be penalty restrictions
regarding timing of asset moves for certain investment options.
What if I do not make an election regarding participation in the Savings Plan in the first 30 days of
employment?
You will be automatically enrolled in the Plan at a before-tax contribution rate of 3% and receive the 100%
match percentage on the 3% contribution. There is a 30-day period after you become eligible to participate
in the Plan during which you may change your before-tax contribution rate or elect not to contribute ("optout"). You may make these changes by visiting the Voya Participant website at
https://lzs401k.voyaplans.com or call the Information Line at 1-866-597-4015 once you receive your
password.
If you do not make a positive election or opt-out, your contributions will be automatically withheld from
your paycheck as soon as administratively practicable following the end of the 30-day period. Your beforetax contributions and company matching contributions will be invested in the appropriate SSgA Target
Retirement Fund. Once enrolled, you may choose to change your election percentage or stop contributing
at any time.
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U.S. Payroll and Benefits Questions & Answers
When will I be vested in the Savings Plan?
You will be 100% vested in your own contributions as well as company matching contributions immediately.
Will the balance of my Weatherford plan automatically rollover into the Savings Plan?
No. Your Weatherford plan will not automatically roll-over to the Savings Plan. If you wish to rollover the
balance of your Weatherford plan after March 31, 2015, you will need to work with the Weatherford plan
administrator to request a direct rollover to the Savings Plan. Please note that the Savings Plan does not
accept rollovers of Roth 401(k) or after-tax funds.
How do I designate a beneficiary for the Savings Plan?
Once enrolled, you can add your beneficiary online by logging into the Voya Participant website at
https://lzs401k.voyaplans.com. From the top menu, hover over “Personal Information” and click on
“Add/Edit Beneficiary” under “Beneficiary Information.”
What IRS limits will I need to keep in mind for the Savings Plan?
The 2015 IRS maximum for before-tax and Roth 401(k) contributions are $18,000. The 2015 IRS maximum
for both regular and Roth 401(k) catch-up contributions (for employees age 50 or older) is $6,000. You are
responsible for managing to these limits. You will need to take into account:
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Your own contributions to date to your current 401(k)
Your planned contributions to the Savings Plan
How do I designate a beneficiary for my basic life insurance and supplemental life?
For basic life insurance, complete the beneficiary form included in this packet and mail it to the Lubrizol
Benefits Center, PO Box 25187, Salt Lake City, UT 84125. If you misplace the form provided you will receive
another designation of beneficiary form with your election confirmation from ADP.
If you elect supplemental life insurance, you will designate your beneficiary through the plan website:
https://www.personal-plans.com/lubrizol/.
Whom can I contact if I have further questions regarding Lubrizol benefits?
For further questions regarding the health & welfare benefit offerings, email us at [email protected].
Visit the benefits website for more information http://benefits.lubrizol.com/LZOS.html.
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