One way Schneider Electric supports your flexibility is in the wide range of benefits we provide. We also give you flexibility in how you pay for some of those benefits. Schneider Electric provides you $500 in Benefit Bucks to apply to some of your benefit costs when you enroll. That’s money from the Company to use on benefits so you can free up some of your money for your other needs.
For 2023, you can use your Benefit Bucks toward:
- Vision insurance
- Supplemental Life Insurance
- Supplemental AD&D Insurance
- Health Care FSA contribution
- Dependent (Day) Care FSA contribution
- HSA contribution
- Short-term disability (STD) Buy-up
- Long-term disability (LTD) Buy-up
- Spouse Life Insurance
- Child Life Insurance
- Legal services plan
- PTO Purchase Program*
- Life Planning Account contribution
* If you do not use your purchased PTO (including PTO purchased from allocated Benefit Bucks) by the date communicated in December, you will be refunded for your purchased PTO by your final paycheck in December.
Not sure how to use your
Benefit Bucks gives you more ways to help cover your costs, but it’s up to you to take advantage. Enhance your benefits by using the Company’s money to:
- Enroll in benefits you might not have otherwise considered like the legal services plan.
- Pay for benefits you were already enrolled in, such as vision insurance.
- Put money into your Life Planning Account to reimburse yourself for things like auto, homeowners, renters and pet insurance, student loan repayments and sustainability products.
- Put a little extra money in your HSA or FSA.
Using Benefit Bucks to pay for some of your benefits frees up your own money to spend how you want. You might choose to use your extra money to put more in your 401(k), contribute toward a future Recharge Break, take advantage of offers through the Schneider Electric discount portal… so many possibilities! That’s the thing about choice, it puts you in charge.
In future years we hope to give you more choices on how you can use your Company-provided Benefit Bucks.
Learn More: Go to Rewards@Schneider.
- You cannot use Benefit Bucks for medical, dental, Recharge Break or any other benefits not listed above.
- Benefit Bucks you use for the Life Planning Account, Supplemental Life, Supplemental AD&D, Spouse or Child Life Insurance, or the legal services plan will be taxed because you pay for these benefits with after-tax dollars.
- Benefit Bucks are used to pay for your selected benefits per pay period (if paid semi-monthly, you’ll have $20.84* to use each pay period; if paid weekly, you’ll have $9.62*).
- Keep in mind for the Life Planning Account, HSA or Dependent (Day) Care FSA, those dollars are only available for use as they are deposited into your account. Health Care FSA Benefit Bucks are available January 1.
- If you do not use all of your Benefit Bucks, any unused portion will be forfeited.
- For new hires, Benefit Bucks will be prorated based on how many pay periods remain in the year following your hire date.
* This amount could be reduced based on the taxability of the elected benefit.