The eligibility and enrollment rules for the U

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Retiree Health Care SPD Effective January 1, 2012 credits. Your eligibility, if any, for a subsidy was determined under the terms of the Mercantile Bancorporation Inc. Health Care Plan. Special Transition Rule for West Employees Retiring in 2002 A special transition rule applied to West employees who retired in 2002. If you were a West employee who retired in 2002, you were given the opportunity to pick between the former Fixed Subsidy of the U.S. Bank Retiree Health Care Program (if you satisfied the additional requirement that your age and Years of Service totaled at least 65) and the new retiree health care credits. After retirement, you either received the former Fixed Subsidy or the new credits; but not both. If you were eligible and chose the Fixed Subsidy, it applied only until you are age 65 and, after age 65, there would be no further subsidy. Note that to be eligible for the Fixed Subsidy, in addition to satisfying the rules to participate in the Program generally (see the “Eligibility and Enrollment” section in this SPD), your age and Years of Service must have totaled at least 65. If you elected the Fixed Subsidy, waived coverage, or did not return your enrollment form by the enrollment deadline, you forfeited any retiree health care credits you might otherwise have accumulated as of your retirement. Additionally, if you retired under the Fixed Subsidy structure, you were eligible to elect COBRA for 18 months and then enroll in retiree health care coverage, or to enroll yourself or a dependent after loss of other coverage, if when you and/or the dependent initially declined coverage under the Fixed Subsidy, you declined it because of the other coverage. If, alternatively, you were eligible and enrolled yourself and any eligible dependents in the health care credits option at retirement, you forfeited your opportunity to enroll yourself and any eligible dependents in the Fixed Subsidy option. All other features of the U.S. Bank Retiree Health Care Program will apply to your coverage. Special Transition Rule for Mercantile Employees Retiring in 2002 • If you were a Mercantile employee and retired in 2002, your eligibility, if any, for a subsidy was determined under the terms of the Mercantile Bancorporation Inc. Health Care Plan. No Mercantile employees who retired in 2002 were eligible for or received retiree health care credits. Otherwise, the terms of the Program would apply to Mercantile employees retiring in 2002. • For Mercantile Employees who retired on and after January 1, 2003, the subsidy under the terms of the Mercantile Bancorporation Inc. Health Care Plan was no longer available. Mercantile Employees who retired on and after January 1, 2003 were eligible for retiree health care credits if they satisfied the age and Years of Service requirements described in this SPD. Special Rules for Retirees Who Terminate and Receive Severance Some employees may terminate, receive severance pay and then be eligible to enroll in the Retiree Health Care Program after severance ends. In such cases, the Program’s terms at the time of termination from U.S. Bank and commencement of severance will determine your eligibility, if any, for retiree health care. Former employees receiving severance pay will also not accumulate any retiree health care credits (either the special one-time transition credit or any additional credits) under the Program during the severance period, even if they are accruing vesting service for purposes of the U.S. Bank Pension Plan. 124
Retiree Health Care SPD Effective January 1, 2012 Here are some examples of how these rules apply: Harold, age 57, was a West employee who terminated in June 2001 and received severance pay until February 2002. At the time of his termination, he was eligible for coverage under the West U.S. Bank Retiree Health Care Program. If he elects coverage under the Program after his severance ends, he will be treated as if he had retired and enrolled in 2001. He will be eligible for the former West Fixed Subsidy only. He will not be eligible for any transition credits under the new Program, nor will he have a choice between the Fixed Subsidy and credits. Joan, age 59 with 12 Years of Service as of January 1, 2002, is a West employee who terminates in June 2002 and receives severance pay until February 2003. Joan received a transition credit of three years of credits (based on her Years of Service) in January 2002. At the conclusion of her severance, she will be treated as if she had retired in 2002 and will have a choice between the Fixed Subsidy and the retiree health care credits under the special one-time transition rule for West retirees. She will not, however, receive any additional credits for 2002. 125
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