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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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If you terminate participation in a SAS Health Care Plan because your employment with the Employer ends, and you are rehired within 31 days, your pre-termination benefit elections and consent to participate in the Premium Conversion plan will be automatically reinstated.

See the section entitled “Continuation of Benefits (COBRA)” for coverage continuation options.

FLEXIBLE SPENDING ACCOUNT PLAN

The Flexible Spending Account (FSA) Plan allows you to pay for certain health care and dependent care expenses with pre-tax dollars. Pre-tax dollars are those amounts deducted from your gross pay before federal and state (in those states where this provision will apply) taxes are subtracted.

The FSA Plan offers two benefits: A Health Care Flexible Spending Account (“Health Care FSA”) for reimbursement of out-of-pocket Eligible Medical Expenses for you and your eligible dependent(s), and a Dependent Care Flexible Spending Account (“Dependent Care FSA”) for reimbursement of Eligible Dependent Care Expenses. The Health Care FSA and the Dependent Care FSA are two separate accounts. You cannot use your Health Care FSA contributions to reimburse yourself for dependent care expenses and you cannot use your Dependent Care FSA contributions to reimburse yourself for health care expenses, even if you have excess contributions in one account and a shortage in the other.

When you enroll in the FSA Plan, you specify the amount of health care reimbursement and/or dependent care reimbursement you wish to pay for with pre-tax dollars for the Plan Year.

Participation in both the Health Care FSA and the Dependent Care FSA is completely voluntary and you may choose to participate in one or both programs, if eligible, or not to participate in either program. If you choose to enroll in an FSA, you authorize SAS to deduct a specific amount of pretax dollars from your paycheck in equal increments for each pay period during the calendar year.

The amount deducted from your pay, otherwise known as your "contribution," is automatically credited to your Health Care FSA and/or Dependent Care FSA.

Once enrolled, your contributions cannot be changed or cancelled 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.” You should choose your FSA amounts carefully because any amount that is not used to reimburse Eligible Medical Expenses (for the Health Care FSA) or Eligible Dependent Care Expenses (for the Dependent Care FSA) incurred during the year will be forfeited, with the exception of the allowable $500 rollover for the Health Care FSA, as described in the Health Care FSA section of this SPD.

ELIGIBLITY REQUIREMENTS

Full-time and part-time employees are eligible to participate in the Health Care FSA beginning on their date of hire. Full-time employees are eligible to participate in the Dependent Care FSA beginning on their date of hire. Part-time employees are NOT eligible to participate in the Dependent Care FSA.

You are considered to be 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 have been classified by the Employer as a parttime employee and 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.

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 Seasonal, substitute, temporary or temporary agency employees.

If you are absent from work due to an unexcused, non-health related absence, as determined by SAS, when your participation would otherwise take effect, you will not be eligible to participate in this Plan until you are actively at work.

ENROLLMENT

The FSA 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 the FSA 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. Rehired employees will be treated the same as any other newly hired employees and are eligible to participate in the FSA Plan as of their date of hire, as described above.

To elect to participate during your initial election period, you must complete the form provided by the Plan Administrator in the manner specified.

Participation in the FSA 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. As a general rule, if you fail to make an election during the initial election period, you will not be enrolled in the FSA Plan and you will not have another chance to enroll until the following Plan Year (i.e., until the following January 1).





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 the Health Care FSA or Dependent Care FSA 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 Benefit 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.

The elections you make during the annual open enrollment period will become effective the first day of the next Plan Year. The election will remain in effect for the entire Plan Year (i.e., until December

31) and generally cannot be changed or cancelled during the Plan Year unless you experience certain qualifying events. If you fail to make an election during the annual open enrollment period, you will not be enrolled in the FSA Plan for the upcoming Plan Year and generally will not have another chance to enroll until the following Plan Year.

Employees must submit a new election during the annual open enrollment period prior to the beginning of each Plan Year in order to participate in the FSA Plan for the next Plan Year.

Unlike the Premium Conversion Plan, elections under the FSA Plan do not roll over from year to year.

TERMINATION OF PARTICIPATION

Your participation in the FSA Plan will end on the earliest of the following:

 The last day of the month in which you cease to be employed by the Employer.

 The last day of the month on which you cease to be actively at work with the Employer (unless you are on an approved Leave of Absence, in which case your participation may continue as described below in the section entitled “Participation During a Leave of Absence”).

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 If employed by an affiliate or a subsidiary that participates in the Plan, the date such entity terminates participation in the Plan.

 Each December 31, unless you re-enroll for the next Plan Year, or  The date you fail to pay a required salary contribution that is due under the FSA Plan.

You may submit FSA Plan claims incurred prior to your termination of participation through the end of the three month claims run out period (January 1 – March 31) following the end of the Plan Year in which you terminate participation.

If you terminate employment, you may have the opportunity for a temporary extension of coverage under the Health Care FSA Plan (called “Continuation Coverage”). For information on continuing your contributions to the Health Care FSA following termination, please refer to the section entitled “Continuation of Coverage (COBRA).” If you terminate employment but are rehired within 31 days, your elections under the FSA Plan that were in effect prior to your termination will be automatically reinstated. If you cease to be classified as a full-time employee but are rehired or reinstated as a full-time employee within 31 days, your Dependent Care FSA Plan elections that were in effect prior to your change in classification will be automatically reinstated.

FORFEITURES

If you do not use all the money in your FSA Plan account(s) during a Plan Year, you will not be able to use it in the next Plan Year, with the exception of the right to use up to $500 in your Health Care FSA in the following Plan Year, as more fully described in the Health Care Flexible Spending Account section. The IRS requires that you forfeit any other unused balance. Therefore, the amount of money you contribute should not exceed the amount of expenses you and your family expect to incur. You should monitor your actual health care and dependent care expenses during the year to avoid losing the benefit of your contributions.

You may submit FSA Plan claims incurred prior to your termination of participation through the end of the three month claims run out period (January 1 – March 31) following the end of the Plan Year in which you terminate participation.

If both you and your spouse are employees of SAS and one spouse becomes ineligible to continue to participate in the FSA Plan because of a change in employment status, the Health Care and/or Dependent Care FSAs cannot be transferred to the other employee.

HEALTH CARE FLEXIBLE SPENDING ACCOUNT

The Health Care FSA enables you to pay, on a pre-tax basis, certain health care expenses incurred by yourself, your spouse, and your dependents, that are not covered by your group medical insurance.

Under the Health Care FSA:

 Your “spouse” is the person to whom you are legally married, as recognized under state law and the Internal Revenue Code. A domestic partner is not considered your “spouse” for purposes of the Plan.

 Your “dependents” are your children under age 26 and any other individuals whom you could claim as dependents on your federal income tax return (which is determined under Section 152 of the Internal Revenue Code).

You can claim medical expenses incurred by you and your eligible dependent(s), even if the dependent(s) are not covered under a SAS Health Care Plan, provided the expenses are not claimed under another plan. You may not be reimbursed for the expenses of your domestic partner (same or opposite sex) unless he or she also qualifies as your tax dependent.

MAXIMUM ANNUAL CONTRIBUTION AND ROLLOVER LIMIT

When you enroll in the Health Care FSA, you specify the amount of health care reimbursement you wish to pay for with pre-tax dollars for the Plan Year. Each pay period, your wages will be reduced by an amount equal to a pro-rata share of the annual amount you elect.

The maximum contribution which you can make each year to your Health Care FSA is $2,550. This amount shall be automatically adjusted to reflect an increase or decrease in the maximum permissible amount announced by the Internal Revenue Service for any future Plan Year.

Effective January 1, 2014, you may carry over to the following Plan Year up to $500 in your Health Care FSA remaining unreimbursed at the end of the period for submitting eligible expenses (March 31). The amount carried over may be used only to pay or reimburse Medical Expenses incurred during the plan year to which the amount is carried over.

You should choose your Health Care FSA amount carefully because any amount over $500 that is not used to reimburse Eligible Medical Expenses incurred during the Plan Year will be forfeited.

ELIGIBLE MEDICAL EXPENSES



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