2019 Australia Benefits Guide

The Australia guide apply to Expatriate Commuters and Expatriate Resident Commuters with a home address in Australia.

About this guide 

The Australia guide applies to Expatriate Commuters and Expatriate Resident Commuters with a home address in Australia.

At Transocean, we are proud to have the most committed, passionate and capable team in our industry. Your Transocean benefits help you and your family unlock your potential in so many ways. They give you the ability to stay healthy, protect your income if you become disabled, help you prepare for retirement, and much more.

This Benefits Guide was designed to help you learn about your options. Take a few minutes to walk through your choices before you enroll. That way, you can make the most of Transocean's benefits package.

Your benefits are just one way Transocean rewards your hard work, dedication, and commitment. Thank you for your ongoing dedication to Transocean.

Getting Started

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It is very important to review this Guide and follow the enrollment instructions carefully. You will only be eligible to enroll again for health and welfare benefits when first eligible, during the Benefits Annual Enrollment period, or if you experience a qualifying family status change.

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Enrollment Periods

Annually you will be given an opportunity to review your coverage. There are also different times you may change coverage throughout the year: as a new hire, as a transferred employee, or if you experience a qualifying family status change. Each period has different deadlines and rules. Please take time to review the type of enrollment period that most applies to you.

Annual Enrollment 

New Hire Enrollment 

Transferring Employee Enrollment 

Qualifying Family Status Change

You must notify the Transocean Benefits Center within 60 days of a qualifying status change. You can do this online at Your​Transocean​Benefits.com by logging into your account and processing a Life Event. If you have a question, you can click "contact us" or call the Benefits Center at 1 855 RIG 5005 or +1 646 259 0401, 7 a.m. to 7 p.m. Central Standard Time. Please refer to the Summary Plan Descriptions (SPDs) of each plan on Rig Central for a complete list of qualifying events.

How to Enroll

To enroll online, visit YourTransoceanBenefits.com. You must complete and return the Medibank Membership Application Form prior to being in cover. This form will be mailed to your home address within a week of hire and may also be downloaded by logging into your account at YourTransoceanBenefits.com.

Remember, if you want to make voluntary contributions to the International Retirement Savings Plan, you need to login to www.planviewer.fidelity.co.uk once you receive your User Name and PIN from Fidelity U.K.

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Who is Eligible

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For Healthcare, Dental, Voluntary Life Insurance and Voluntary Accidental Death & Dismemberment coverage, you can cover:

  • Yourself
  • Your spouse
  • Your children

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Adding Dependents to Coverage

Transocean will verify eligibility for all dependents added to coverage. You will be required to provide documentation showing proof of relationship for any dependent added to coverage to ensure they meet eligibility requirements. Learn More

In addition to your spouse, Transocean allows coverage for your dependent children, including:

  • Biological children
  • Stepchildren who reside with you
  • Children under legal guardianship and
  • Adopted children

Dependent children can be covered as follows:

  • Medical and Dental until age 21
  • Medical and Dental from age 21 until age 25 as long as they are a student and remain single; carrier approval.
  • Life insurance, until age 26. Disabled children may be covered beyond age 26.

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Healthcare Plan

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Your medical and dental benefits, provided through Medibank Australia, help you protect your good health. It covers a variety of medical services, including doctors’ and surgeons’ fees, lab testing, hospital charges, preventive care and some vision services.

Medical Plan Coverage 

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Dental

Transocean makes it easy to keep your teeth healthy. With the Healthcare Plan, provided through Medibank Australia, your eligible preventive and basic dental care is included as part of your medical coverage.

Dental Plan Coverage 

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Life Insurance

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Transocean offers life insurance coverage for you and your eligible dependents through Cigna. You are automatically enrolled for Basic Life Insurance coverage. You will need to enroll for any Voluntary Life coverage you want to purchase for yourself and/or your dependents.

Electing coverage over $250,000  may require you to provide Evidence of Insurability.

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Basic Life Insurance

Basic Life Insurance provides coverage equal to two times your annual base salary rounded up to the next higher $1,000, up to $750,000.

Transocean pays the full cost of this benefit and you are automatically enrolled for this coverage.

Voluntary Life Insurance

You can supplement your Company-paid Basic Life Insurance coverage through Voluntary Life Insurance. You can purchase coverage of one to five times your annual base salary, rounded up to the next higher $1,000, up to $750,000.

Your combined Basic and Voluntary coverage may not exceed $1,250,000.

Dependent Life Insurance

If you buy Voluntary Life Insurance for yourself, you can buy Life Insurance for your family as well.

You can buy Voluntary Spouse Insurance of $10,000, $25,000, $50,000, $75,000 or $100,000. Your spouse’s coverage cannot be more than 50% of your Voluntary Life Insurance.

You can buy Child Life Insurance of $5,000, $10,000, or $20,000. The coverage you select applies to all your eligible children.

*All amounts indicated are in USD.

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Accidental Death and Dismemberment

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It is not pleasant to consider, but everyone should be prepared for worst-case scenarios. Accidental Death and Dismemberment (AD&D) Insurance gives you one more way to protect your finances when you need them most.

Available through Cigna, AD&D pays a benefit if you lose your life or are injured in an accident. These benefits are paid in addition to Life Insurance benefits.

Transocean provides you with Company-paid Basic AD&D coverage. You can supplement this coverage with additional Voluntary AD&D or Family AD&D coverage.

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Basic AD&D Insurance*

Transocean pays 100% of your Basic AD&D Insurance benefit. Your benefit is equal to two times your annual base salary (up to $750,000).

The coverage limit will begin to reduce at age 65.

*All amounts indicated are in USD.

Voluntary AD&D Insurance

You can buy additional AD&D Insurance for you and your family. You can choose between one and five times your annual base salary.

Learn More 

Who is your beneficiary?

Make sure your loved ones are protected. Be sure to keep your beneficiary information up-to-date and accurate. You can do this as part of the online enrollment process.

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Short-Term Disability

Short-Term Disability (STD)

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If you are unable to work due to a non-work-related illness or injury, Short-Term Disability (STD) replaces a portion of your base salary.

STD pays you a percentage of your monthly base salary as follows:

  • 80% for the first six weeks
  • 66 2/3% for up to 20 additional weeks

Benefits begin after a seven-day elimination period. Transocean pays the full cost of STD benefits and you are automatically eligible after 180 days on the job.

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Long-Term Disability (LTD)

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If you are unable to work for more than 26 weeks due to a non-work-related illness or injury, and you are approved by the carrier, Long-Term Disability (LTD) coverage, administered by Cigna International, pays a portion of your eligible base salary. You will receive 60% of your monthly base salary, up to a maximum monthly benefit of $15,000 USD. LTD benefits continue for the length of your disability, but generally not beyond your 65th birthday. Your benefits can continue after age 65 if you go on LTD after age 60.

Transocean pays the full cost of LTD and you are enrolled after 180 days on the job.

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Retirement

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The International Retirement Savings Plan can help you have a great retirement.

Your Plan Explained 

Enroll/Making Changes to Your Account

If you have a Transocean sponsored email, Fidelity U.K. will send your personal user name and password automatically via email. If you do not have a Transocean email, your login details will be mailed to your Home Address. Once you have your login credentials, you can enroll or change the amount you contribute at any time by logging on to www.planviewer.fidelity.co.uk or by contacting Fidelity. See the "Contacts" section for phone numbers and hours.

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Eligibility

You can participate in the Plan if you are a full-time or part-time regular employee of the Company, classified as a non-U.S. citizen, and paid on one of the Company's U.S. dollar payrolls not subject to US taxes.

You cannot participate if you are a citizen or permanent resident of the U.S., a non-U.S. citizen residing and/or working in the U.S., an employee paid on a non-U.S. payroll, an employee classified as an Expatriate Commuter with a home address in the United Kingdom, an employee classified as a Regional Resident, Regional Commuter or Regional Resident Commuter employee, or eligible to participate in another Company-provided retirement plan.

Be sure to designate a beneficiary online at www.planviewer.fidelity.co.uk

Plan Administration

The International Retirement Savings Plan is administered by FIL Pensions Management ("Fidelity U.K."). The Company's contributions and your voluntary employee contributions (if any) are invested in funds managed by Fidelity U.K.

Building Your Account

You can save up to 50% of your eligible compensation. Transocean matches 200% of the first 6% of eligible compensation you contribute to the Plan. Don't leave money on the table. Be sure to get the most out of your company contribution by contributing at least 6%!

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Investing for Retirement

Investing Your Account

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Your Investment Choices 

You have many options when it comes to investing your retirement accounts. Visit the Fidelity U.K. website to research your investment options and make your investment choices in the International Retirement Savings Plan. You can also call Fidelity U.K.

If you do not designate an investment election, your account will be automatically invested into the Transocean Lifestyle Strategy. After you have joined the Plan and received your new joiner details from Fidelity U.K., you can change your investment choice by logging into www.planviewer.fidelity.co.uk or by phoning Fidelity U.K.

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Withdrawing Your Account

See Your Plan Explained for withdrawal eligibility details.

Upon Leaving Transocean or Becoming
Ineligible to Participate

The money you put into the Plan is always yours to keep. When you leave the Company, or move to an employment status making you ineligible for the plan, you can take 100% of your balance.

While You Are Still Actively Participating in the Plan

You may only withdraw your contributions once every twelve months, if you meet certain "hardship provisions," including paying for:

Learn more about hardship provisions 

To Meet a Tax Liability

In addition to the hardship withdrawal, as long as you are an active employee, you can take one withdrawal every calendar year of your remaining balance to assist in meeting your individual tax burden.

Learn more about withdrawing to meet a tax liability 

If You Become Ineligible

If you become ineligible to participate in the plan, but remain an active employee, you will be treated as a Leaver from the plan. You will be eligible to take a full Leaver withdrawal as well as eligible to take a partial withdrawal to settle a tax liability.

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Contact list

Benefits Enrollment

1 855 RIG 5005

+1 646 259 0401

7 a.m. to 7 p.m. Central Standard Time

YourTransoceanBenefits.com

Medibank Medical and Dental Plan

1300 763 422

Monday through Friday

8:30 a.m. to 6:30 p.m. AEST

medibankplatinum@medibank.com.au

Fidelity U.K.: International Retirement Savings Plan

Within the U.K.:
08457 234235
Outside the U.K.:
+44 1737 838585
Monday to Friday, 8 am – 6 pm GMT

www.planviewer.fidelity.co.uk

service.center@fil.com

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