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. via email.
You can also contact Fidelity Customer Service by phone two weeks after your hire date to make your contribution election. Once you make your election, it will take 1 to 2 paychecks for your deductions to reflect on your paycheck, based on the payroll deadline, which is typically mid-month.
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. dollar 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%!
Investing Your Account
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.
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:
- 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
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.
- 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.
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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