Citi Benefits Handbook
Definition of Benefits Eligible Pay
If You Are Enrolling as a New Hire or Newly Eligible Employee
Your benefits eligible pay at the time you are hired (if after June 30, 2016) is equal to your annual base salary. If you are to be paid commissions only, your benefits eligible pay is calculated differently and is based either on a default amount or an amount established as appropriate for your position. Ask your HR representative for details.
For future years, your benefits eligible pay will be based on a formula that includes your actual base pay plus commissions, performance-based bonuses, and annual incentive bonus. Your benefits eligible pay for subsequent years will be determined under the Plan rules for annual enrollment as noted below. Note: Your benefits eligible pay does not necessarily equal the amount reported as salaries and wages on your Form W-2 Wage and Tax Statement.
For New Hires in the Institutional Clients Group
Any guaranteed bonus will be considered in the calculation of your benefits eligible pay for benefits purposes.
For Financial Advisors
In your first year of employment, your compensation is considered to be $60,000. If you earned more than $60,000 at a previous employer in the prior year and want your insurance coverage to represent your prior earnings, you must provide a copy of your previous year's Form W-2 Wage and Tax Statement to your HR representative within 30 days of your hire date.
If you decide to provide a copy of the form, your Basic Life and Basic AD&D insurance amount, if applicable, will be set at the higher amount shown on the form. (Basic Life and Basic AD&D is available only to those employees whose benefits eligible pay is less than $200,000.) Your contributions for medical coverage, GUL coverage, and LTD coverage and contributions will also be based on the higher amount.
Your decision to have your benefits eligible pay set at $60,000 or based on your Form W-2 Wage and Tax Statement amount is irrevocable.
The list of items that constitute benefits eligible pay under the Plan is exclusive and shall not include any extraordinary payments, including, but not limited to, those related to settlements or forgivable loans or any other amounts unless specifically set forth in the plan document or in an agreement or statement of policy approved or authorized by the Senior Human Resources Officer of Citigroup Inc. or his or her delegate.
If You Are Enrolling During the Annual Enrollment Period
If you are enrolling during the annual enrollment period for coverage effective January 1, 2017, your benefits eligible pay for purposes of benefits enrollment is made up of the following:
1. Annual base pay as of June 30, 2016;
2. Commissions paid from January 1-December 31 in the year prior to enrollment to capture an entire year of commissions paid; commissions paid from January 1-December 31, 2015, will be used for the 2017 annual enrollment calculation;
3. Cash bonuses (other than the cash portion of any annual discretionary incentive/retention award package) paid in the period January 1-December 31 in the year prior to enrollment; cash bonuses paid in the period January 1-December 31, 2015, excluding the cash portion of the annual discretionary incentive award/retention package dated January 2015, will be used for the 2017 annual enrollment calculations;
4. Annual discretionary incentive/retention award package dated in the year of enrollment includes, as applicable, cash bonus, Capital Accumulation Program (CAP) Award, and Deferred Cash Award. Annual discretionary incentive/retention award packages dated January/February 2016 will be used for the 2017 annual enrollment calculation;
5. Guaranteed bonus effective in current year 2016; and
6. Short-Term Disability benefits paid from January 1- December 31, 2015, for employees paid commissions only.