BB&T Benefits Overview Guide · PDF fileBENEFITS OVERVIEW GUIDE ... Compensation and Payroll...
Transcript of BB&T Benefits Overview Guide · PDF fileBENEFITS OVERVIEW GUIDE ... Compensation and Payroll...
Welcome to BB&T
On behalf of the BB&T Human Systems Division, welcome to BB&T. This guide was designed
to provide you with a preview of the BB&T Vacation and Holiday policies, the Sick Pay Policy,
Flexible Benefits Plan, Retirement Plans and training opportunities. Our goal is to make your
transition to BB&T as successful as possible.
A Strong Heritage
BB&T began as a small eastern North Carolina bank in 1872, and no bank in North Carolina has
had its doors open longer. Based in Winston-Salem, N.C., the company operates over 2,200
financial centers in 15 states and Washington, D.C., and offers a full range of consumer and
commercial banking, securities brokerage, asset management, mortgage and insurance products
and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client
satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich
Associates and others.
Mission Statement
Our mission is to make the world a better place to live by:
Helping our CLIENTS achieve economic success and financial security;
Creating a place where our ASSOCIATES can learn, grow and be fulfilled in their work;
Making the COMMUNITIES in which we work better places to be; and thereby:
Optimizing the long-term return to our SHAREHOLDERS , while providing a safe and
sound investment.
BENEFITS OVERVIEW GUIDE
The BB&T Philosophy .................................................................................................................... 2
Compensation and Payroll ............................................................................................................... 3
Career Development and Associate Support ................................................................................... 3
Work/Life Benefits .......................................................................................................................... 5
Flexible Benefits .............................................................................................................................. 6
Wellness Programs .......................................................................................................................... 9
Retirement Programs ..................................................................................................................... 10
INSIDE
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The BB&T Philosophy
At BB&T, it's about Excellence. It's about the best people creating and building a world-class
organization in an ever-changing world. The foundation and motivation behind this commitment
to Excellence is found in "Our Philosophy."
At BB&T, we are convinced our success is directly linked to our values and mission. We have
accomplished important things because we value an individual, personal relationship with our
clients and our associates. This means interacting with trust, integrity, responsibility, creativity
and a commitment to Excellence. Hard work, supported by our values, will continue to produce
the results we have enjoyed for 145 years: success for our clients, rewarding careers for our
associates, growth in our communities and economic and long-term returns for our shareholders.
Some of the concepts that describe BB&T:
Client-driven; our clients are our partners.
Quality-oriented; quality must be built into the process.
Efficient; "Waste not, want not."
Growing both our business and our people; grow or die.
Continuous improvement; fundamental commitment to innovation.
Objective decision making; fact-based and rational.
Management's Commitment to Our Associates
COMPENSATE associates fairly in relation to internal equity and market-
comparable pay practices (performance-based compensation).
Provide a comprehensive and market-competitive BENEFIT program.
Create a place where associates can LEARN and GROW .
TRAIN associates so they are competent to do the work asked of them.
EVALUATE and RECO GNIZE performance objectively, fairly and consistently
based on the individual's contribution to the accomplishment of our mission and
adherence to our values.
Treat each associate as an INDIVIDUAL with dignity and respect.
BB&T's Service Culture / the Perfect Client Experience
B&T prides itself in having offered high quality client service. We recognize that our clients and
their relationships with us have created the very foundation of our success. Our continued success
is dependent upon "re-earning" each client's loyalty on a daily basis.
Accordingly, we must commit to one of our key corporate objectives, "Execute on the Perfect
Client Experience," with every client interaction. Creating client service that is different and more
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valuable begins with you. Your values, attitude, passion, loyalty and commitment to helping our
clients achieve economic success and financial security is the difference!
Compensation and Payroll
Your Total Compensation
At BB&T, your Total Compensation extends well beyond your cash compensation. BB&T
provides paid vacation, approximately 75% of your Medical Program premiums, basic Term Life
Insurance and Disability Insurance. Additionally, BB&T provides Sick Pay, the BB&T
Corporation 401(k) Savings Plan, the BB&T Corporation Pension Plan, opportunities for
professional growth and development, banking benefits and much more.
Payroll Guidelines
Associates are paid semi-monthly, generally on the fifteenth and last business day of the month.
If the pay date falls on a weekend, associates are paid on the Friday before the weekend. Regular
pay for salaried associates is paid through the current pay date. Hourly associates are paid based
on the weeks included in the pay period. Associates receive their pay by deposit to an account
they have designated.
Career Development and Associate Support
BB&T University
BB&T has a strong commitment to the education and development of its associates, and that
commitment is executed daily through the BB&T University. The BB&T University curriculum
encompasses a broad range of educational opportunities offered to BB&T associates, as well as
the Leadership Development Program and the BB&T Banking School. The curriculum includes
over 150 classes, workshops, labs and e-learning sessions. Learning opportunities offered to
associates include:
• Business Loan Decision Strategy • BB Platform Fundamentals
• Consultative UCA Cash Flow Analysis • BB Platform Advanced Operations
• Prospecting by Phone for Business Clients • Advanced Teleconsulting
• Managing Change • Teller Advanced Concepts
• Managing Interpersonal Relationships • Teller Fundamentals
• Presentation and Communication Skills • BB Platform Advanced Sales
• Leading Diversity @ BB&T • Phone24 New Hire
• Foundations of Leadership at BB&T • Branch Information New Hire
• Quality Philosophy • Lending for BBs
• Creativity and Innovation • Private New Hire
• Retail Academy • BB&T Wealth Lending
• Business Academy • Sales Leadership Excellence for BB&T Wealth
• Mortgage Lending New Hire Fundamentals
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At BB&T, we believe that knowledge, properly applied, is a key to our continued success in the
financial services industry. Today, associates are expected to perform skills that apply directly to
their job functions, practice skills that enhance their performance and keep up with constantly
changing technology. The BB&T University is committed to helping associates achieve success
in their jobs. In fact, training associates so they are competent to perform the work asked of them
is one of our key obligations to our associates at BB&T.
Education Assistance
BB&T encourages associates to grow and develop, personally and professionally, through the
systematic and planned use of formal educational activities, both within and outside the
Company. Outside educational activities can take at least two different general forms, both of
which may be supported by BB&T. These two forms are: (1) formal degree programs
(undergraduate and graduate) and (2) company-required or continuing education.
It is the policy of the Company to provide high-performance and high-potential associates
assistance in pursuing degree programs that (a) give the associate better knowledge, skills and
abilities to perform his or her current job, or (b) prepare the associate for planned growth to
assume a position of higher responsibility. Management approval must be received prior to taking
a course to be considered for reimbursement.
Banking Benefits
BB&T associates are eligible to receive benefits from all banking areas, including personal
checking, savings, mortgage, lending, insurance and investments.
Retail Deposits
As an associate, you are eligible to receive an interest bearing Elite Gold checking account which
comes with a free Bright Banking and Regular Savings or Money Rate Savings account with no
maintenance fees and no minimum balance requirements. Associates with children who are
students also receive a free Student Account.
Related Deposit Services
Free personalized wallet-style, duplicate or top-stub checks in any design;
Four no-fee non-BB&T ATM transactions per statement cycle;
Free Mobile Banking and Mobile Check Deposit;
$40 annual discount on any size Safe Deposit Box (subject to availability);
Bonus Rates on select CDs and IRAs;
No-penalty CD withdrawals;
Discount on The Plus Package and Identity Protection;
Preferential Rate on Constant Credit;
No-fee official checks and money orders;
No-fee Automatic Transfers; and
Additional benefits and Wealth Advisory services for more complex financial needs.
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Work/Life Benefits
Eligibility
Any associate regularly scheduled to work at least 20 hours per week is eligible to participate in
the benefit plans at BB&T. A benefits-eligible associate may become a participant in the plans on
his or her first day of employment. If you meet these guidelines, you will be eligible to participate
in the plans.
Holidays
BB&T generally follows the schedule of 10 annual holidays set by the Federal Reserve although
certain subsidiaries follow a separate holiday schedule. In the event that a paid holiday falls on a
Saturday, BB&T will grant a floating holiday to be taken in the same calendar year in which the
holiday falls and at a time approved by the associate's manager. If a holiday falls on a Sunday,
BB&T will recognize the holiday on the following Monday.
Vacation
The following table outlines the amount of vacation for regular associates who are scheduled to
work 40 hours per week and have completed the indicated years of service on or before June 30
in any given year. As indicated, vacation days are based on years of service and official title.
REGULAR ASSOCIATES – (40 HOURS PER WEEK)
Years of Service Less than 5 5 or Banking
Officer/AVP 6 7 8 9
10-24/VP/SVP or
above 25+
Number of Days 10 15 16 17 18 19 20 25
Associates who are scheduled for at least 20 hours, but less than 40 hours, per week receive
prorated vacation days based on scheduled hours. Associates who are working on a temporary
basis or who are scheduled to work less than 20 hours per week are not eligible for vacation. At
BB&T, all associates scheduled to work at least 20 hours per week are required to take at least
five consecutive workdays of vacation per year.
Sick Pay Policy
The Sick Pay Policy is designed to provide salary continuation to eligible associates who are
absent from work. This policy is intended to protect associates from loss of income due to short-
term illness or an accident.
This policy provides up to 10 Sick Days per calendar year that are intended to be used for
personal illness/injury or to care for a family member.
Additionally, if you go on a Leave of Absence, a period in which you are absent from work for
more than 10 consecutive business days, you may be eligible for up to 30 Sick Leave of Absence
Days.
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Employee Assistance Program
BB&T offers Employee Assistance Program (EAP) services to help associates meet a variety of
life's challenges. The EAP is administered through MHN and available to all regular associates
without having to enroll. You and anyone who resides with you as a member of your household
can use the program. Your dependents can utilize the EAP even if they are not covered under the
Medical Program.
Services include:
Clinical counseling; Legal services;
Daily living services; Online member services;
Childcare assistance; Identity theft recovery services; and
Eldercare assistance; Work and life services.
Business Travel Accident Insurance
BB&T provides insurance for associates that may pay a benefit if they are injured in an accident
while traveling on company business. The policy may pay up to $250,000 ($500,000 for Senior
Vice Presidents and above) for injuries received.
Voluntary Benefits
BB&T offers all benefits-eligible associates the opportunity to purchase Critical Illness Coverage
and/or Group Accident Insurance. You will be provided an opportunity to enroll in the Critical
Illness Coverage and/or Group Accident Insurance during your benefits enrollment.
Flexible Benefits
BB&T has developed a benefits plan that allows associates to design a personal benefits package
to fit their needs. The concept that drives the BB&T Flexible Benefits Plan is Partnership. We
work hard to provide associates with a variety of benefits from which they can choose. In turn,
associates assume the responsibility for their choices. All programs under the Flexible Benefits
Plan are separate and independent of each other.
The Flexible Benefits Plan offers the following programs:
Health Care (Medical, Dental and Vision);
Flexible Spending Accounts [Health Care, Limited Use Health Care, Dependent Care and
Transportation (Mass Transit and Parking)];
Disability Insurance;
Term Life Insurance;
Dependent Life Insurance; and
Accidental Death and Dismemberment Insurance.
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Eligibility and Coverage Levels
Any regular associate (not a temporary or contract associate) scheduled to work at least 20 hours
per week is eligible to participate in the BB&T Flexible Benefits Plan on the first day of
employment. Under the BB&T Flexible Benefits Plan, the Medical, Dental and Vision Programs
offer the following coverage levels:
Employee Only;
Employee and Spouse;
Employee and Child(ren); and
Family.
Associates may cover children through the end of the month in which they reach age 26,
providing the children meet all other eligibility requirements.
BB&T’s Contributions and Pre-Tax Savings
BB&T contributes a major portion toward the cost of associate Medical Insurance, Term Life
Insurance and Disability Insurance coverage. In addition to the Company contributions,
associates receive an added benefit by having premiums (except for Dependent Life and
Disability coverage) deducted before taxes are applied to their earnings.
BB&T Medical Program
Each BB&T associate has two medical coverage options, as well as the option to elect no
coverage. BB&T offers two Preferred Provider Organization (PPO) options — the Select Option
and the Consumer Option with a Health Savings Account. These options are managed by
BlueCross BlueShield of North Carolina and provide nationwide health care coverage. The
primary differences between the medical options include the annual deductible, the percentage of
reasonable and customary expenses paid after the deductible has been satisfied, prescription drug
benefits, the maximum amount paid out-of-pocket for the year and premiums. Both options
provide in-network and out-of-network coverage.
The Select Option offers a prescription drug benefit for co-payments through local pharmacies
and a mail order service. With the Consumer Option, the cost of prescription drugs is applied to
the deductible until the deductible has been met. Once the deductible has been satisfied, the
Consumer Option will pay 80% of the cost of prescription drugs.
BB&T Dental Program
The BB&T Dental Program provides coverage through Ameritas for routine care, basic and major
services and orthodontia for children up to age 19.
BB&T Vision Program
The BB&T Vision Program provides discounted coverage through VSP network doctors and
affiliate providers, as well as the flexibility to see out-of-network providers.
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Flexible Spending Accounts
BB&T offers five Flexible Spending Accounts (FSA), which are all separate and independent of
each other: the Health Care FSA, Limited Use Health Care FSA, Dependent Care FSA and
Transportation Spending Accounts (Mass Transit and Parking). These accounts allow participants
to set aside money on a pre-tax basis to be used to reimburse the costs of out-of-pocket health
care expenses, dependent care expenses, mass transit transportation expenses (transit pass and
commuter highway expenses) and parking expenses (for payment to parking vendor with whom
you have directly contracted). Using this benefit is a great way to receive a “discount” on
qualified expenses not paid by any of the other benefit plans. The amount of the discount is equal
to the associate’s income tax rate. Associates may elect to contribute up to $2,600 per year in the
Health Care FSA and Limited Use Health Care FSA, $5,000 per year in the Dependent Care FSA,
$255 per month in the Mass Transit TSA and $255 per month in the Parking TSA.
Term Life Insurance Program
Each benefits-eligible associate receives two times his or her Benefits Annual Rate1 in basic Term
Life Insurance coverage. BB&T pays for this basic coverage in full. Associates can choose an
additional one to six times coverage in supplemental Term Life Insurance.
1Benefits Annual Rate is used to calculate Term Life Insurance and Disability Insurance coverage amounts.
Benefits Annual Rate is defined as the associate’s September 30 base pay annualized, plus any incentives,
bonuses, overtime and commissions received from October 1 through September 30.
Dependent Life Insurance Program
Associates may elect coverage for their spouse and/or dependent children. The associate’s
dependent children are eligible from birth until the end of the month in which they reach age 26.
All dependent coverage is paid on an after-tax basis. The associate is the beneficiary for all
Dependent Life Insurance.
Associates may elect coverage for their spouse in $10,000 increments up to $200,000. In addition,
associates may select from coverage levels of $7,500, $10,000 or $15,000 for dependent children.
Disability Insurance Program
The Disability Insurance Program provides protection for associates who become disabled and
unable to work due to non-work related illness or disability. Associates have two disability
coverage options. Option 1 is the 50% Disability Option, which is provided to associates at no
cost. Option 2 is the 60% Disability Option, which requires the associate to contribute a small
percentage of the premium (based upon the associate’s Benefits Annual Rate). The benefit is not
subject to taxes or other withholdings since premium payments are made with after-tax dollars.
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Accidental Death and Dismemberment Program
Associates have the option of purchasing Accidental Death and Dismemberment Insurance,
which provides additional coverage. The death benefit is paid directly to the designated
beneficiary(ies) if the associate dies as the result of an accident. A percentage of the total benefit
amount is paid to the associate if he or she suffers certain dismembering injuries, such as the loss
of an arm, leg, hand, foot or sight.
Benefits Enrollment
Associates will have the opportunity to enroll in BB&T’s Flexible Benefits during their
designated enrollment period through Workday, BB&T’s human capital management system.
Benefits-eligible associates will have no lapse in coverage from the time their current coverage
ends and the BB&T coverage begins, provided they enroll during their enrollment period.
Associates have access to a number of benefits resources to help them make their elections,
including BB&T’s EXCELLENCE Associate Handbook (EAH), which provides a summary of
employment-related policies and benefits (flexible benefits, work/life benefits and retirement
benefits). Associates can also visit BBTBenefits.com for information on all of the benefits
described in this document.
Wellness Programs
At BB&T, we encourage you to take a proactive approach to achieving and maintaining better
health. This begins with a personal understanding of your current health status and continues as
you work toward goals and utilize resources available to you. We help promote a proactive
approach to health care through the following:
LifeForce Program
RivalHealth Program
Case Management Program
Gap In Care Program
These programs are in place solely to help you remain an active participant in your own health
care management; they will not reduce the benefits you receive under the BB&T Flexible
Benefits Plan. BB&T contracts with outside providers for the programs and therefore does not
have access to any of your confidential health information. The Case Management and Gap In
Care Programs works in conjunction with the BB&T Medical Program. The LifeForce Program
and RivalHealth Program are optional.
By participating in these programs and working toward better health, you can help lower the
amount you pay for health care services each year. These incentives (which vary depending on
the program) can include premium reductions, health assessments and/or counseling at no cost to
you and prizes.
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Retirement Programs
The BB&T Corporation 401(k) Savings Plan
One of the most valuable benefits BB&T offers its associates is the BB&T Corporation 401(k)
Savings Plan. The following outlines some of the Plan features:
Regular associates are eligible to participate in the Plan on their first day of employment.
BB&T will match your contributions (other than catch-up contributions) on deferrals up
to the deferral limit of $18,000 using a formula based on the company in which you
work:
o CRC Insurance Services, Inc.: Match of 50%;
o McGriff, Seibels and Williams, Inc.: Match of 100% on the first 4% deferred;
and
o All others: Match of 100% on the first 6% deferred.
Please Note: You must contribute to the BB&T 401(k) Savings Plan to receive the
employer match.
Contributions are made pre-tax or after-tax.
Associates are immediately 100% vested in BB&T's matching contributions.
Associates can invest up to 50% of their compensation (contributions are subject to legal
restrictions).
Earnings on pre-tax contributions are tax-deferred until an associate withdraws their
money.
Earnings on after-tax contributions are tax-free if taken at age 59 ½ or later from an
account held for five or more years.
The Company stock portion of the BB&T 401(k) Savings Plan is designated as an ESOP
(Employee Stock Ownership Plan).
A self-directed brokerage account is available to allow participants the opportunity to
invest in a wider range of investment choices.
The Plan offers a variety of investment funds.
Investment advice and professional account management through ProNvest (an
independent registered investment advisory firm).
The BB&T Corporation Pension Plan
The BB&T Corporation Pension Plan is a defined benefit plan funded entirely by the Company.
Associates who are age 21 or older become participants in the Pension Plan after completing 12
consecutive months of service in which they have performed at least 1,000 hours of service
(generally, associates scheduled for 20 or more hours each week).
Participants are 100% vested after five years of service.
Participants can access their benefit as early as age 55 with 10 years of qualifying service.
Average compensation is calculated by taking the average of the five highest consecutive
years' Total Compensation in the participant's last 10 years worked, taking IRS limits into
consideration.
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Certain affiliates of BB&T Corporation (BB&T Securities, LLC; CRC Insurance Services,
Inc.; McGriff, Seibels and Williams, Inc.; AmRisc, LLC; BB&T Insurance Services of
California; Precept Insurance Solutions, LLC; Crump Life Insurance Services, Inc.; Hann
Financial Services Corp.; Boston Service Company and Swett & Crawford Group) do
not participate in the Pension Plan.
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Notes:
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This information is intended to provide an overview of
the BB&T policies, benefit plans and training programs.
This guide should not be construed as a contract. The
Company reserves the right to make changes in context
or application as it deems appropriate, and these changes
may be implemented even if they have not been
communicated or reprinted.
The complete details of the plans are contained in the
plan documents and insurance contracts. If a discrepancy
occurs, the actual plan documents will prevail.
REV. 12/07/2016