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«Summary Plan Description SAS Institute Inc. Premium Conversion and Flexible Spending Account Plan Full-Time and Part-Time Employees of SAS and ...»

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Human Resources

Benefits

Summary Plan Description

SAS Institute Inc.

Premium Conversion and

Flexible Spending Account Plan

Full-Time and Part-Time Employees of SAS

and Eligible Affiliated Employers

Premium Conversion, Health Care Flexible Spending Account and

Dependent Care Flexible Spending Account

Effective January 1, 2015

INTRODUCTION

This booklet is a Summary Plan Description (“SPD”) of the SAS Institute Inc. Premium Conversion and Flexible Spending Account Plan (“Plan”). The SPD describes the basic features of the Plan, its rules of eligibility and coverage, and how it operates, as of January 1, 2015.

SAS Institute Inc. (“SAS”) intends for the Plan to meet the requirements of a cafeteria plan under Section 125 of the Internal Revenue Code (the “Code”), an accident and health plan under Section 105 of the Code, and a dependent care reimbursement plan under Section 129 of the Code.

The Plan is sponsored by SAS for the benefit of eligible full-time employees and part-time employees of SAS and its subsidiaries and affiliates which adopt the Plan (collectively, the “Employer”). The Plan, as described in this SPD, applies only to such eligible full-time and part-time employees as described herein.

The rules and operation of this Plan are described in this SPD as clearly as possible with minimal use of the technical terms appearing in the legal documents. However, the Plan Document remains the final authority and, in the event of conflict with this SPD, shall govern in all cases. You may request from the Plan Administrator a copy of the Plan Document.

SAS has the right to amend, modify, discontinue or terminate this Plan for all or a portion of its employees at any time, for any reason, and without the approval, consent or acceptance of any Participant or any other person, organization or entity. This SPD does not create a contract or a guarantee of employment.

i

TABLE OF CONTENTS

PREMIUM CONVERSION PLAN

ELIGIBILITY

ENROLLMENT

Initial Election Period

Annual Open Enrollment Period

COST OF COVERAGE

TERMINATION OF PARTICIPATION

FLEXIBLE SPENDING ACCOUNT PLAN

ELIGIBLITY REQUIREMENTS

ENROLLMENT

Initial Election Period

Annual Open Enrollment Period

TERMINATION OF PARTICIPATION

FORFEITURES

HEALTH CARE FLEXIBLE SPENDING ACCOUNT

MAXIMUM ANNUAL CONTRIBUTION

ELIGIBLE MEDICAL EXPENSES

INELIGIBLE MEDICAL EXPENSES

HEALTH CARE FLEXIBLE SPENDING ACCOUNT CLAIMS FILING

WHERE TO FILE CLAIMS

CLAIMS RUN-OUT PERIOD

PROCESSING OF CLAIMS

CONTINUATION OF COVERAGE (COBRA)

ii When Coverage May Be Continued

Type of Continuation Coverage

Notice Requirements

Election Procedures

Cost

Keep Your Plan Informed of Address Changes

If You Have Questions

HIPAA PRIVACY

DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT

MAXIMUM ANNUAL CONTRIBUTION AND SPECIAL LIMITS

QUALIFYING DEPENDENT CARE EXPENSES

QUALIFIED DEPENDENT CARE PROVIDER

EXAMPLE OF NON-QUALIFYING EXPENSES

DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT CLAIMS FILING

WHERE TO FILE CLAIMS

CLAIMS RUN-OUT PERIOD

PROCESSING OF CLAIMS

DEPENDENT CARE SPENDING ACCOUNT AND DEPENDENT CARE TAX CREDIT.26

EMPLOYER PROVIDED/SUBSIDIZED DEPENDENT CARE

MID-YEAR BENEFIT ELECTION CHANGES

CHANGE IN STATUS

SPECIAL ENROLLMENT EVENTS

CHANGE IN COST OR COVERAGE

CERTAIN JUDGEMENTS, ORDERS OR DECREES

–  –  –

PARTICIPATION DURING A LEAVE OF ABSENCE

APPEAL PROCEDURES

APPEALING DENIED CLAIMS

PROTECTIONS UNDER ERISA

RECEIVE INFORMATION ABOUT THE PLAN AND ITS BENEFITS

CONTINUE HEALTH CARE PLAN COVERAGE

PRUDENT ACTIONS BY PLAN FIDUCIARIES

ENFORCE YOUR RIGHTS

ASSISTANCE WITH QUESTIONS

PLAN AMENDMENT AND TERMINATION

NONDISCRIMINATORY INTENT

–  –  –

PARTICPATING Integrated Decisions and Systems, Inc.; SAS Federal SUBSIDIARIES: LLC; and Vision Systems & Technology, Inc.

SUMMARY

The Plan consists of two components: one component, referred to as the “Premium Conversion Plan,” allows eligible employees to pay certain premiums for coverage under the SAS Institute Inc.

Medical Plan, the SAS Institute Inc. Dental Plan, and the SAS Institute Inc. Vision Plan (the “SAS Health Care Plans”) on a pre-tax basis; and one component, referred to as the “Flexible Spending Account (FSA) Plan,” allows eligible employees to elect to contribute amounts on a pre-tax basis to the Health Care Flexible Spending Account and/or the Dependent Care Flexible Spending Account. The Health Care Flexible Spending Account and the Dependent Care Flexible Spending Account allow Participants to receive reimbursement for qualifying medical and/or dependent care expenses. This Plan does not govern the operation of any benefit options other than the Premium Conversion Plan, the Health Care Flexible Spending Account and the Dependent Care Flexible Spending Account. The benefits provided by the SAS Health Care Plans are outlined in more detail in the separate Summary Plan Description for each plan and are not explained in this Summary.





PREMIUM CONVERSION PLAN

The Premium Conversion Plan provides eligible employees with the ability to pay premiums for coverage under the SAS Health Care Plans on a pre-tax basis.

ELIGIBILITY

You are an “eligible employee” and are eligible to participate in the Premium Conversion Plan if you are classified as a full-time employee or part-time employee of the Employer or a participating subsidiary and you are enrolled or automatically enrolled in a SAS Health Care Plan.

You are a full-time employee if you are regularly scheduled to work at least 35 hours per week.

You are a part-time employee if you are regularly scheduled to work at least 20 but less than 35 hours per week. However, the following classes of individuals are not considered to be full-time or

part-time employees:

 Employees who are not actively at work. The term “actively at work” means the active expenditure of time and energy in the service of the Employer. A full-time or part-time employee shall be deemed actively at work on each day of a regular paid vacation, paid company holiday or other regular non-working day if the employee was actively at work on the preceding scheduled work day.

–  –  –

 Seasonal, substitute, temporary or temporary agency employees.

To the extent permitted under the SAS Health Care Plans, if you are enrolled as a participant, you may also enroll your eligible dependents.

NOTE: The law does not allow an eligible employee to pay the cost of coverage under the SAS Health Care Plans for a domestic partner or the child of such an individual (or any other individual) on a pre-tax basis, unless the individual qualifies as the eligible employee’s dependent under federal tax law.

ENROLLMENT

The Plan has two regular enrollment periods: (1) The initial election period and (2) the annual open enrollment period.

Initial Election Period If you wish to participate in a SAS Health Care Plan when you first become eligible, you must enroll during your initial election period. Your initial election period begins on the day you are hired and ends 60 days thereafter.

To elect to participate during your initial election period, you must complete the form provided by the Plan Administrator in the manner specified. An eligible employee who enrolls in a SAS Health Care Plan and who is required to contribute to the cost of such coverage is automatically enrolled in the Premium Conversion Plan and is deemed to have elected to pay for the cost of such coverage on a pre-tax basis, generally as of the first day of the eligible employee’s date of participation in the applicable SAS Health Care Plan.

Participation in the Premium Conversion Plan is effective on your date of hire and will end on December 31 of each year and elections generally cannot be changed or cancelled during the Plan Year unless you experience certain qualifying events.

Annual Open Enrollment Period The Plan operates on a calendar year cycle (January 1 to December 31), referred to as the “Plan Year.” Before the beginning of each Plan Year, the Plan Administrator holds open enrollment.

During open enrollment, you may change your elections for the upcoming Plan Year, or elect to enroll in a SAS Health Care Plan for the first time. This is the Plan’s “annual open enrollment period,” and each year it will be set and announced in advance by the SAS Benefits Department.

To participate during the annual open enrollment period, you must enroll through an online benefits self-service enrollment, within the designated annual open enrollment period. If you are unable to complete your enrollment online, you may contact the Benefits Department during the open enrollment period for a paper form.

If you do not actively make changes to your benefit elections during the annual open enrollment period, your benefit elections under the applicable SAS Health Care Plans and the pretax premium portion of the Premium Conversion Plan will carry over automatically into the new Plan Year, unless you are notified that re-enrollment is required. Your elections for the Working Spouse/Domestic Partner Premium Waiver and for the Health Care Flexible Spending Account and Dependent Care Flexible Spending Account will not automatically carry over into the next plan year; you must actively re-enroll each year if you wish to continue participation.

The benefits you elect (or are deemed to have elected) to pay on a pre-tax basis during the initial enrollment period or annual open enrollment period will remain in effect for the entire Plan Year unless you experience an event that qualifies you to make an election change. For more information about these qualifying events, see the section entitled “Mid-Year Benefit Election Changes.”

COST OF COVERAGE

You are required to pay a portion of the cost of coverage for yourself and any Dependent(s) that you enroll in a SAS Health Care Plan. The monthly cost of coverage (“health premium”) is communicated when you first enroll via your new hire benefits packet and during each annual open enrollment period. The current health premiums can also be found online under the SAS Benefits Department website at http://sww.sas.com/hrweb/Benefits.jsp.

The Premium Conversion Plan allows eligible employees to pay health premiums on a pre-tax basis. This means the amounts are deducted from gross pay before federal and state (in those states where this provision will apply) taxes are subtracted. When you enroll in (or are automatically enrolled in) a SAS Health Care Plan, you are making an election to participate and to pay your health premiums under the rules of this Plan. This Plan lets you pay your share of the health premiums with pre-tax dollars.

The cost of coverage for any individual who does not qualify as your dependent under federal tax law, which may include a domestic partner (same or opposite sex), or the child of such individual, must be paid on an after-tax basis.

Because the health premium is deducted from your wages on a pre-tax basis under the Premium Conversion Plan, this may mean you will be paying less Social Security tax, which could reduce your Social Security benefits when you begin to receive such benefits.

TERMINATION OF PARTICIPATION

Your participation in the Premium Conversion Plan shall terminate on the earliest of the following

dates:

–  –  –

 The date on which you fail to make a required contribution under the Plan.

 The date on which you commit fraud against the Plan, as determined by the Plan Administrator.

 The date the Premium Conversion Plan is terminated.



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