Citi Benefits Handbook
Definition of Benefits Eligible Pay
Enrolling During the Annual Enrollment Period
If you are enrolling during the Annual Enrollment period for coverage effective January 1, 2020, your benefits eligible pay for purposes of benefits enrollment is made up of the following:
1. Annual base pay of current year as of June 30, 2019;
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, 2018, will be used for the 2020 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, 2018, excluding the cash portion of the annual discretionary incentive award/retention package dated January 2018, will be used for the 2020 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 2019 will be used for the 2020 Annual Enrollment calculation; and
5. Short-Term Disability (STD) benefits paid from January 1 – December 31, 2018, for employees paid commissions only.
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, 2019) 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 above.
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 ("Form W-2").
For Financial Advisors
In your first year of employment, your benefits eligible pay 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 to HR within 30 days of your hire date. To submit your prior year Form W-2, e-mail it to firstname.lastname@example.org using the subject line "Benefits Eligible Pay Update – FA W2 - Your GEID." If you submit the prior year's Form W-2, for purposes of benefits, your benefits eligible pay will include the amount in Box 1 from your Form W-2 plus all before-tax contributions, including, but not limited to, amounts for adoption assistance, health insurance premiums, health spending accounts, health savings account and 401(k) plan contributions to determine the amount of your benefits eligible pay.
If you decide to provide a copy of the Form W-2, your Basic Life and Basic Accidental Death & Dismemberment (AD&D) insurance amounts, if applicable, will be set at the higher amounts shown on the Form W-2. (Basic Life and Basic AD&D are available only to those employees whose benefits eligible pay is less than $200,000.) Your contributions for medical coverage, Group Universal Life (GUL) amount and Long-Term Disability (LTD) benefits 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 Become Disabled
In the event that you go out on a disability, your benefits eligible pay will be recalculated for annual enrollment after you return from the disability leave, if your leave extends beyond the benefits eligible pay calculation period for purposes of annual enrollment for the 2021 plan year or beyond. Your benefits eligible pay will not change while you are out on a disability leave.