Flexible Spending Accounts (FSAS)
We offer three types of FSAs. You determine how much to contribute to each account. Your contributions are deducted from your paycheck on a before-tax basis (subject to IRS). FSAs and the HSA are administered by PayFlex.
USE IT OR LOSE IT
You have until December 31, of the current plan year, to use your FSA funds. Make sure to plan your contributions carefully because you’ll lose any unused funds. Flexible Spending Accounts (FSAs) allow you to set aside money on a pre-tax basis to pay eligible health care and dependent day care expenses. You must choose a contribution amount during the enrollment period to participate in an FSA; the amount you contributed last year doesn’t automatically carry over.
ANNUAL CONTRIBUTION: UP TO $3,050 EACH YEAR
You may use funds to pay medical and dental plan deductibles, copayments and coinsurance; prescription drugs; vision care expenses, including contacts; orthodontics; medical equipment; and more.
ANNUAL CONTRIBUTION: UP TO $3,050 EACH YEAR
The IRS doesn’t allow individuals with HSAs to also have a general-purpose Health Care FSA. If you’re enrolled in the Sony Consumer Choice Plan, Sony Pictures offers a Limited Purpose Health Care FSA. You can use it to pay only dental and vision expenses until you meet your medical plan’s deductible. Once you do, you can use this FSA for qualified medical expenses, too.
ANNUAL CONTRIBUTION: UP TO $5,000 EACH YEAR
If you pay for dependent care, you may enroll in the Dependent Care FSA to pay qualified dependent day care and elder care expenses.
Highly compensated employees will be limited to $2,800 annual contribution.
Long-Term Disability (LTD)
Eligible employees are automatically enrolled in basic coverage. It pays 60% of your monthly base pay up to $400,000, for a maximum benefit of $20,000 (after 180 days of disability). You’re taxed on the premium Sony Pictures pays for you; however, the LTD benefit, should you ever need it, won’t be taxed.
You may buy optional coverage, which increases the amount you’d receive to 70% of your monthly base pay.
The combined (company-paid and optional coverage) maximum benefit is $20,000. Optional LTD premium is taxed.
Financial health is just as important as physical health. We all have concerns about how loved ones would get by if something happened to us. Sony Pictures offers eligible employees the opportunity to replace concern with solid financial planning to protect your loved ones.
Life insurance provides your beneficiary with a benefit in the event of your death.
Accidental Death and Dismemberment (AD&D) insurance provides an additional benefit if you suffer a serious injury in an accident, or in the event of your death.
Sony Pictures provides many types of leaves of absence that allow you to take time off when you need it. Some of these leaves are required by federal and state law. Other leaves, such as a Personal Leave, are offered at the discretion of Sony Pictures.
For information about all the types of leave Sony Pictures offers, please see the Leave of Absence policies in the Employee Handbook.
Contact Sony Pictures Leave Administration at 1-800-530-6506 to report a leave. Please contact 888-256-4094 or www.matrixabsence.com to report a leave of absence.
Sony Pictures provides eligible employees with basic life1 and AD&D insurance of 1x annual base salary up to a maximum of $1 million at no cost to you. Coverage is provided by Securian Financial.
1 At age 65, supplemental employee life and supplemental AD&D coverage decreases to 65% of the amount in effect before age 65.
You may buy additional life and AD&D insurance coverage beyond the basic benefit.
• Employee – 1-5x annual base salary up to a maximum of $1 million. Age reductions apply
• Spouse/partner2 – $10,000, $25,000, $50,000, $100,000 or $250,000
• Child – $10,000 or $20,000
Supplemental AD&D insurance coverage:
• Employee – 1-8x annual base salary up to a maximum of $1.5 million.
• Family – Spouse/partner, up to a maximum of $750,000; child maximum of $100,000:
-- Spouse/partner (with children): 40%3
-- Spouse/partner (no children): 50%3
-- Each child (with spouse/partner): 10%3
-- Each child (no spouse/partner): 25%3
2 If your spouse/partner/child is eligible for coverage as an employee, they cannot be covered as a dependent. A child may be covered by only one parent if both parents are Sony Pictures employees. Children are eligible from live birth to age 26.
3 Supplemental spouse/partner and child AD&D coverage is a percentage of the employee’s supplemental AD&D amount.
Choosing who will receive your survivor benefits for life insurance, AD&D and 401(k) is an important decision. You’re required to name your beneficiaries when you enroll. After your first enrollment, you should periodically review your beneficiary elections to make sure their information is up to date. You may change beneficiaries at any time.
Sony Pictures provides all employees with Business Travel Accident (BTA) insurance when you travel on company business at least 100 miles away from your home. In the event of your death, the plan pays your beneficiary 3x your annual base salary to a maximum benefit of $1 million. It also provides coverage if you’re injured in a covered accident.
Everyone strives for a comfortable retirement. The Sony USA 401(k) Plan is the ideal way for eligible employees to achieve retirement dreams by investing money now so you can enjoy the benefits later. The plan offers several great features, including:
• The opportunity to save a significant portion of your income — up to 50% of your eligible pay pre-tax, after-tax and/or Roth dollars (combined), up to the annual IRS limits. You may make a carryover election, which allows you to make after-tax contributions after you reach the IRS pre-tax limit. You can also elect to automatically increase your contributions each year.
• Free money – Sony Pictures will immediately match 100% of the first 3% of your eligible pay, then 50% of the next 3% you contribute. Pre-tax, after-tax and Roth dollars are eligible for match; however catch-up contributions are not.
• The opportunity to make catch-up contributions. If you’re 50 or older in 2023, you may make catch-up contributions of up to $7,500.
• For information about the funds, go to www.rps.troweprice.com or call 1-877-SONY-SAVE (1-877-766-9728). If you don’t select an investment option or are auto-enrolled.
• You can change your contribution percentage, automatic increases or investment elections at any time. You also may designate or update your beneficiary at any time.
SPE offers voluntary benefit plans, provided by Aetna: An accident plan and a hospital indemnity plan. Because the plans are “voluntary,” you pay 100% of the premiums with after-tax dollars. And because the premiums are deducted after-tax, any benefits the plans pay to you are tax-free. You may enroll yourself and your covered dependents during Open Enrollment; you must keep the plan for the entire year unless you have a qualifying change in status. For more information, visit https://www.myaetnasupplemental.com or call 1-888-772-9682.
These plans don’t count as minimum essential coverage under the Affordable Care Act. They supplement health insurance but are not a substitute for major medical coverage.
Accidents are just that — accidents. You can’t plan for them. But, you can protect yourself financially as much as possible. This plan will pay you benefits if you’re hurt in an accident and:
- Have to visit the emergency room or urgent care.
- Require follow-up visits, physical therapy, etc.
- Are hospitalized (hospital-stay limit is 365 days) BONUS! The plan also pays $75 when you get preventive care and screenings.
When you’re in the hospital, you can’t work, so wouldn’t it be nice to get “paid” for your hospital stay? The plan pays benefits for admission and a daily benefit for a covered hospital stay when you have a planned or unplanned hospital stay for an illness, injury, surgery or having a baby. You can use the benefits to help pay out-of-pocket medical costs or personal expenses. If you’re hospitalized for rehabilitation and observation, mental health conditions including substance use disorders, and for many other reasons, this plan will pay you benefits, giving you extra cash when you need it most. BONUS! The plan also pays $75 when you get preventive care and screenings.