The Australia guide apply to Expatriate Commuters and Expatriate Resident Commuters with a home address in Australia.
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.
Qualifying Family Status Change
You must notify the Transocean Benefits Center within 60 days of a qualifying status change. Documentation of change will be required when adding dependent (i.e. birth certificate, marriage document, etc.)
Click here for help in notifying Transocean of a qualifying status change.
How to Enroll
Enrolling for your benefits is easy. There are two ways to enroll:
- Online at YourTransoceanBenefits.com or via single sign-on from Workday by selecting the Benefits App and clicking “Login to My Benefits Account”
- By phone at 1 855 RIG 5005 (U.S. callers) or +1 646 259 0401 (Outside the U.S.)
You must complete and return the Medibank Membership Application Form prior to being covered. 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.
If you want to participate in the International Retirement Savings Plan, login to www.planviewer.fidelity.co.uk once you receive your Login credentials from Fidelity in the U.K.
If you want to make your contribution election before you receive your login information in the mail, you can contact Fidelity Customer Service by phone two weeks after your hire date. Customer Service will assist you with re-setting your login information and can take your contribution election.
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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.
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 Coverage5
Dental
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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.
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Life Insurance
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Transocean offers life insurance coverage for you and your eligible dependents through New York Life. 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 $1,000, up to a maximum of $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 $1,000, up to a maximum of $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
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 New York Life, 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, rounded up to the next $1,000, up to a maximum of $750,000.
The amount of your coverage reduces to 65% at age 65 and to 50% at age 70.
*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 (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’ll receive up to 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.
Enroll/Making Changes to Your Account
If you want to participate in the International Retirement Savings Plan login to www.planviewer.fidelity.co.uk once you receive your Login credentials from Fidelity in the U.K.
If you want to make your contribution election before you receive your login information in the mail, you can contact Fidelity Customer Service by phone two weeks after your hire date. Customer Service will assist you with re-setting your login information and can take your contribution election. 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 Your Account
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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:
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.
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 |
|
| Medibank Medical and Dental Plan | |
|
1300 763 422 Monday through Friday 8:30 a.m. to 6:30 p.m. AEST |
|
| Fidelity U.K.: International Retirement Savings Plan | |
|
Within the U.K.: |
|
Medibank
Fidelity PlanViewer
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About this guide
This guide provides highlights of the Transocean, Inc. benefit programs for Australian Expatriate Commuter employees. It is not an official plan document. The guide is a general summary of certain terms and conditions of the health and welfare benefits and is for information purposes only. If there are any discrepancies or conflicts between this guide and the terms of the official plan documents and any underlying insurance contracts, as applicable, the official plan documents and insurance contracts, as applicable, will control. Nothing in this document creates an employment contract between Transocean Inc. and any employees. Transocean Inc. reserves the right to amend, change or terminate the plans or any underlying contract, at any time and without notice, at its sole discretion, according to the terms of the applicable plan.
Annual Enrollment
Around the 4th quarter of each year you will be given an opportunity to change your coverage, to be effective the first of the coming year. Coverage cannot be changed outside of this time period, unless you experience a qualifying family status change during the year (e.g. marriage, divorce, birth or adoption of a child, change in spouse's eligibility for medical coverage, etc.).
If you do not enroll, you will default into your most recently elected coverage.
New Hire Enrollment
The elections you make as a new hire become effective on your hire date and remain in effect through the end of that year.
If you don't enroll:
- You will have Basic Life Insurance, Basic Accidental Death & Dismemberment (AD&D) Insurance, Short-Term Disability, and Long-Term Disability.
- You will not have any Voluntary Life Insurance or Voluntary AD&D Insurance.
- You will receive the company, service based contribution to the International Retirement Savings Plan. However, you must elect to contribute to the plan in order to take advantage of the company matching contributions. You can enroll in this plan at any time.
- You will not take advantage of the Transocean International Retirement Savings Plan company contribution. You must contribute to the plan in order to receive the match. You can enroll in this plan at any time.
Qualifying Family Status Change
You can notify Transocean of a Qualifying Family Status Change online at YourTransoceanBenefits.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. After you have added a new dependent, you will receive information from the Dependent Verification team about how to provide the required documentation.Transferring Employee Enrollment
A transfer is defined as a change that affects your employee status and/or causes you to lose coverage due to a move. Your official transfer date is the date in which you change your home address.
The elections you make at enrollment will be effective on your transfer date and remain in effect through the end of that year.
If you don't enroll:
- You will have Basic Life Insurance, Basic Accidental Death & Dismemberment (AD&D) Insurance, Short-Term Disability, and Long-Term Disability.
- You will not have Medical and Dental coverage, Voluntary Life Insurance or Voluntary AD&D Insurance.
- You will receive the company, service based contribution to the International Retirement Savings Plan. However, you must elect to contribute to the plan in order to take advantage of the company matching contributions. You can enroll in this plan at any time.
- You will not take advantage of the Transocean International Retirement Savings Plan company contribution. You must contribute to the plan in order to receive the match. You can enroll in this plan at any time.
Why do we need to ensure only eligible dependents are covered?
As a self-insured medical plan, Transocean is responsible for paying the claims submitted by members in the plan, including covered dependents. That’s right; Transocean pays the claims submitted by each of us as members in the plan. For example, if you go to the doctor and your statement says, “Insurance paid $200,” that is $200 paid by Transocean to the cost of your medical care.
The claims submitted and paid by Transocean are a direct contributor to the amount you pay for insurance premiums. The more claims experienced and paid by the company, the larger future annual premiums will be. As a plan sponsor, Transocean is responsible for ensuring claims are paid appropriately (utilizing UHC) and only eligible claims expenses for eligible dependents are paid, to ensure costs for all plan participants are managed.
| Item or service | Waiting Periods | Better Health 90 | |
|---|---|---|---|
| % back at all recognised extra providers | 90% back (up to annual limits)** |
||
| Optical items | 100% back on eligible items (up to annual limits), includes frames, prescription lenses and contact lenses | 6 months | $300 |
| Podiatry | Includes specified orthotics | 2 months | $700 |
| Chiropractic & Osteopathy | 2 months | ||
| Physiotherapy | 2 months | $700 | |
| Prescription pharmaceuticals* | Includes most prescribed items not subsidised by the government (non-PBS items). Benefits are paid after a set charge has been deducted. | 2 months | $1,000 |
| Natural therapies | Consultations for Remedial Massage/Myotherapy, Acupuncture, Chinese Medicine and Exercise Physiology | 2 months | |
| Diatetics | 2 months | ||
| Ante-natal & Post-natal services | 2 months | ||
| Speech therapy | 2 months | ||
| Clinical psychology | Consultations only | 2 months | |
| Occupational therapy | 2 months | ||
| Remedial massage | 2 months | $400 | |
| Blood glucose monitors and blood pressure monitors^ | 24 months | $600 | |
| Eye therapy | 2 months | ||
| Hearing aids^ | 36 months | ||
| Breathing appliances^ | Includes peak flow meters, nebulisers and spacing devices | 12 months | |
| Health appliances and external prostheses^ | e.g. insulin delivery pens | 2 months | |
| Health screening services | Where no Medicare benefit is payable | 2 months | See Hospital cover |
| Home nursing | 2 months | See Hospital cover | |
*It's important to note that we don't pay benefits for oral contraceptives or for pharmaceuticals prescribed for cosmetic purposes. For more information on our Fund rules and polices, please see the Member Guide at medibank.com.au or call 1300 763 422 for a copy. This Extras product must be purchased in combination with an eligible hospital product.
^Benefit replacement periods apply. Please refer to the Member Guide at medibank.com.au.
**Amounts shown are in AUD
| Item or service | Waiting Periods | Better Health 90 | |
|---|---|---|---|
| % back at all recognised extra providers | 90% back (up to annual limits)* |
||
| General dental | Includes preventative treatment, dental examinations and scale and clean | 2 months | $1,900 |
| Surgical procedures (such as wisdom tooth extraction) | 12 months | ||
| Major dental | Includes endodontics (e.g. root canal), periodontics (e.g. treatment of gum disease), crowns^, dentures^, bridges^, and major restorative services and oral applicances for sleep apnoea. | 12 months | |
| Orthodontics | e.g. braces | 12 months | |
^Benefit replacement periods apply. Please refer to the Member Guide at medibank.com.au
*Amounts shown are in AUD
Guaranteed Issue Coverage and Evidence of Insurability
The Guaranteed Issue (GI) amounts are:
- Up to $250,000 of Voluntary Life coverage for you
- Up to $50,000 of Dependent Life coverage for your spouse
- Up to $20,000 of Dependent Life coverage for each of your dependent children
During annual enrollment, you may enroll or increase your coverage by one times your annual base salary, up to $250,000 without providing Evidence of Insurability. In addition you can enroll or increase your spouse life insurance by one increment up to $50,000 without providing Evidence of Insurability.
If you wish to buy more coverage than the Guaranteed Issue limit, you must provide Evidence of Insurability to the insurance carrier. If you select Voluntary or Dependent Life coverage that requires EOI, the insurance carrier will ask for additional information after enrollment. New York Life will approve or deny your request for excess coverage based on this information.
While your request for extra coverage is being processed by New York Life, you will be covered for the maximum GI amount for which you are eligible. If your request for excess coverage is approved by New York Life, your coverage will become effective on the first of the month following the date of approval.
Voluntary AD&D Insurance*
You can elect to cover yourself alone or add your family to your coverage. Here's how Voluntary AD&D works:
| Your Coverage | Your Spouse's Coverage | Each Dependent Child's Coverage |
|---|---|---|
|
One to five times annual base salary, rounded up to the next $1,000, up to a maximum of $750,000. Your combined Basic plus Voluntary AD&D cannot exceed $1,250,000. |
60% of your coverage amount if no children are insured. 50% of your coverage amount if children are insured. Maximum spouse coverage is $300,000. |
10% of your coverage amount if your spouse is insured. 15% of your coverage amount if your spouse is not insured. Maximum coverage for each child is $25,000. |
*All amounts indicated are in USD.
Your Contributions
You can save up to 50% of your eligible base pay.
Company Match
Transocean matches 100% of the first 6% you contribute. Don't leave money on the table. Be sure to get the most of your company contribution by contributing at least 6% of your eligible base pay.
Hardship Provisions include paying for:
- Unreimbursed medical expenses for you, your spouse or your children
- Tuition, related educational fees, room and board for post-secondary education for you, your spouse or your children
- Purchase of your principal residence
- Prevention of mortgage foreclosure or eviction from your principal residence
- Funeral/burial expenses for your parents, spouse or children
- Repair of unforeseen damage to your principal residence not covered by insurance
In-Service Tax Liability Withdrawal
- The in-service Tax Liability Withdrawal is available to current Transocean employees who have a balance in the TIRSP. Once you are no longer employed by Transocean, only the plan rules for Leavers will apply to any withdrawal request; and
- The new In-Service Tax Liability Withdrawal is separate from the Hardship Withdrawal. If the need arises and you meet the criteria for each in-service withdrawal type, you could potentially take a withdrawal of both types in the same calendar year.
