FAQs

401(k)
May I take a loan or withdrawal from the Smiths Group Incentive Savings Plan-401(k)?
Loans and withdrawals are permitted in the plan under certain conditions. Refer to Smiths Group Incentive Savings Plan- Summary Plan Description for more information.
What does “vesting” mean for the 401(k)?
Vesting is a term used to describe the portion of your account balance that you are entitled to under the 401(k) Plan rules. You are always 100% vested in your contributions to the Plan as well as any earnings from your contributions. If you are actively employed by Smiths Group as of February 15, 2022, company matching and core contributions (ERC), if applicable, as well as the earnings on those contributions will follow a 2-year graded vesting schedule.
  • After your first year of service, 50% of the company contributions and associated earnings in your 401(k) are yours.
  • After your second year of service, 100% of the company contributions and associated earnings in your 401(k) are yours.
  • If you have 2 or more years of service by February 15, 2022, you are 100% vested in your 401(k).
  • Employees with 3 or more years of service with Smiths Group are already 100% vested in company contributions and will experience no change. If you leave the Company prior to being fully vested, all unvested monies will be forfeited.
What investment options are available in the Smiths Group 401(k) Plan?
When it comes to investing, we know people have different goals, timetables and tolerance for risk. This is why we offer a number of investment options from which you can choose. Go to www.401k.com or call the Fidelity Retirement Benefits Line at 1-800-835-5095 for investment decision-making strategies and tools, and details about all of your options.
ERC
What is the Employer Retirement Contribution (ERC)?
If you are eligible for this benefit, the Employer Retirement Contribution (ERC) is equal to a percentage of your eligible pay. This contribution, which is based on your attained age as of January 1 of each year, is contributed each pay period to your 401(k) and is fully funded by Smiths Group. Effective February 15, 2022 these contributions and their earnings vest 50% after one year of service, and 100% after two years of service. If you participate in the 401(k) Plan, the ERC will be invested in the same funds as your elective and Company matching contributions. If you do not contribute to your 401(k) Plan, you may still choose from the investment options available within the 401(k) Plan for the ERC. However, if you do not make an investment election, your ERC will default to the appropriate Retirement Fund investment option based on the year of your birth. Effective 1/1/2024 this benefit is frozen to new hires and rehires. 
If I am eligible for the Employer Retirement Contribution (ERC), do I need to enroll in the 401(k) Plan to receive it?
You do not need to enroll in the 401(k) Plan to receive the ERC, but if you do not contribute to your 401(k), each pay period you miss the matching contribution from Smiths Group. Unless you are part of a legacy agreement, the Company will match 50% on the first 6% of your pre-tax contributions (to the IRS limit).  There is no "true-up" with the 401(k) Plan. Effective 1/1/2024 this benefit is frozen to new hires and rehires. 
Medical
What is the difference between preventive care and diagnostic care?
Preventive care includes certain immunizations (e.g., flu shot)and screenings (e.g., mammogram) for prevention and early detection of conditions or diseases. If a medical condition is diagnosed or considered probable, even during a preventive exam, any follow up visits or treatment will be considered diagnostic. When you visit your doctor for a check-up, always be sure to confirm whether the visit and services you receive are considered preventive or diagnostic. Visit Anthem Preventive Care Plans and Guidelines
What medical services are subject to my deductible?
In general, all medical services—with the exception of  in-network covered preventive care services (HSA & PPO) and prescription drugs (PPO plan)—are subject to your deductible. Once the deductible is met, medical services will be subject to coinsurance. Medical services may include hospital, surgical, diagnostic, mental health and prescription medications. 2022-2023 Benefits Guide
What medical services are covered at 100%, not subject to my deductible?
Covered preventive care services received by an In-Network provider are covered at 100% regardless of whether you have met your deductible. Learn more about preventive care.
Will I be protected if I experience a catastrophic illness or injury?
Yes. Once you reach the Out-of-Pocket Maximum, the plan will pay for all eligible medical expenses for the remainder of the plan year. Remember, although you may have reached your Out-of-Pocket Maximum, Out-of-Network providers can still send you bills for charges that are not covered by the plan. To reduce your costs, you should try and receive care from in-network providers to the extent possible. Please read this new law to help protect you from surprise billings.
How does my deductible work?
You must meet your annual deductible before the plan begins to pay a percentage of your claims(coinsurance). Certain services, such as in-network covered preventive care, will be paid at 100% regardless of whether you have met your deductible. Take a look at the 2023-2023 Benefits Guide for more details.
Savings and Spending Accounts
I am approaching retirement. What do I need to know about having an HSA and enrolling in Medicare?
When you enroll in Medicare, you may continue to use your HSA balance for eligible health care expenses. However, once enrolled in Medicare (Parts A and/or B), you will no longer be eligible to contribute to your HSA and Smiths Group will not make contributions to your HSA either. For information regarding Medicare take at look at these sites: Medicare.gov: the official U.S. government site for Medicare | Medicare ​​​​​Working past 65 | Medicare HSA_and_Medicare.pdf (optum.com)
May I use my Health Savings Account (HSA) or Healthcare Flexible Spending Account (FSA) to pay for my medical insurance?
The eligible expenses are the same for the Health Savings Account (HSA) and Flexible Savings Account (FSA). See IRS publication 502 for a complete list of eligible expenses.
Can I stop, start, or change my HSA contribution amount during the year? Does the FSA have the same rules?
For your HSA, you can generally stop, start or change your contributions at any time by calling the Smiths Group Benefits Center at 866-330-6555. For an FSA, you may only make changes during Open Enrollment or if you experience a life event during the year. Our Flexible Spending Administrator is Health Equity
Will I incur a penalty if I withdraw HSA funds for ineligible healthcare expenses?
If you are under age 65, and you are audited, you may incur a penalty in addition to income tax that is payable. If you are interested in what the IRS considers eligible healthcare expenses click the following link- IRS Publication 502
Is my full annual contribution to my Health Savings Account (HSA) available on the first day of the plan year (i.e., August 1) the same way it would be in the Health Care FSA?
No. You can use your HSA balance as funds are deposited, like a checking account. However, if you do not have enough funds to cover your health care expense, you may pay out of your pocket and reimburse yourself once your HSA funds have accumulated.
How do I know whether I should participate in a Dependent Care FSA or apply for a federal tax credit, or both?
You may want to compare your tax savings using the Dependent Care Flexible Spending Account versus the federal tax credit for child/dependent care expenses. Consult a tax advisor to see whether, given your tax situation, it is advisable to use the FSA, the federal tax credit, or a combination of the two.
What is an eligible expense for a Flexible Spending Account (FSA)?
Find out what is an eligible expense and what isn't with a FSA here: www.irs.gov/publications/p502 (health care expenses) and www.irs.gov/publications/p503 (dependent care expenses).
Vision
What do I do when I see a vision care provider?
If you visit an in-network provider, simply present your vision ID card and pay the applicable co-pay. Your vision benefit will automatically be calculated. If you go to an out-of-network provider, you will be responsible for paying the provider in full at the time of service and then filing a reimbursement claim.   EyeMed Vision Care will reimburse you directly up to the allowed amount. Claim forms are available from EyeMed at www.eyemed.com. You can also contact them directly at 1-866-723-0514. Note, you will receive an ID card when you initially enroll. You will not receive a new ID card each year.