{"id":40653,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/supplemental-executive-choice-program-home-depot-inc.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"supplemental-executive-choice-program-home-depot-inc","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/supplemental-executive-choice-program-home-depot-inc.html","title":{"rendered":"Supplemental Executive Choice Program &#8211; Home Depot Inc."},"content":{"rendered":"<pre>                     SUPPLEMENTAL EXECUTIVE CHOICE PROGRAM\n\n                                 THE HOME DEPOT\n\n                           EFFECTIVE JANUARY 1, 1999\n\n\n\nSUMMARY\n\nEach calendar year every officer receives a supplemental benefit allowance\nunder the Supplemental Executive Choice Program (SECP). This allowance may be\nused to purchase additional disability or life insurance benefits, or to\nreimburse themselves for financial services or for health care expenses not\ncovered under Home Depot's standard health care plans.\n\n\nELIGIBILITY\n\nTo be eligible for SECP, an employee must be an officer of the Company. The\nofficer must elect coverage from the options available through SECP.\n\n\nENROLLMENT\n\nChoices for enrollment will be available immediately upon eligibility and\/or\nduring annual enrollment in the fall of each year.\n\n\nMAXIMUM ANNUAL BENEFIT\n\nThe maximum benefits payable during a calendar year for all options combined is\n$15,000 for senior officers and $10,000 for all other officers.\n\n\nOPTIONS AVAILABLE\n\n-    SUPPLEMENTAL LONG TERM DISABILITY (LTD) INSURANCE (SDIP) - additional LTD\n     insurance designed to replace a greater percentage of the value of the\n     officers total compensation.\n\n-    SUPPLEMENTAL LIFE INSURANCE (SLI) - Variable Universal Life Insurance for\n     up to three times base salary plus bonus minus the $300,000 already\n     provided by The Home Depot, up to a specified maximum.\n\n\n\n\n-     FINANCIAL PLANNING &amp; COUNSELING SERVICES - reimbursement for financial\n      planning and counseling services up to a specified amount which varies by\n      year.\n\n-     EXECUTIVE MEDICAL REIMBURSEMENT ACCOUNT (EMRA) - reimbursement for most\n      medical and dental expenses not covered under the standard medical and\n      dental plans for self and family up to a maximum of the SECP benefits\n      allowance. Expenses must qualify under applicable IRS regulations.\n\n\nTAXES\n\nThe dollars one elects to spend for SDIP, SLI, Financial Planning &amp; Counseling\nServices and EMRA under SECP will be taxable in the year in which the benefits\nare paid. This amount will be reported on the W-2 for that same year.\nApplicable taxes include Federal and State income taxes, and FICA if the\nemployee's pay falls below the FICA salary limit.\n\n\nADDITIONAL REIMBURSEMENT\n\nIn March of each year, while the SECP remains in effect, the Company will make\nan additional payment to help cover the taxes incurred for benefits paid in the\nprevious year. This additional payment will be taxable income and will be\nreported on the W-2 in the year in which it is paid.\n\n\nTERMINATION OF COVERAGE\n\nCoverage will terminate on the earliest of the following dates. In some\ninstances, portability of coverage may be applicable.\n\n1.       An employee terminates employment with Home Depot.\n\n2.       At the end of an approved leave of absence, unless the employee\n         returns to full-time employment with the Company.\n\n3.       The employee is no longer an officer of the Company.\n\n4.       The Company elects to discontinue the Supplemental Executive Choice \n         Program.\n\n5.       Coverage under the EMRA option only will terminate when coverage under\n         the Company's Group Health Plan terminates, either due to voluntary\n         action on the part of the employee, or because the Company cancels the\n         Group Health Plan.\n\n\n\n\n\n6.       Coverages under SDIP, SLI and Financial Planning &amp; Counseling Services\n         will terminate when the plan(s) is canceled either individually or\n         collectively due to voluntary action on the part of the employee or at\n         the discretion of the Company.\n\nERISA\n\nSECP is a cash bonus plan. It is not funded, nor does it come under provisions\nof the Federal Employee Retirement Income Security Act (ERISA).\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7786],"corporate_contracts_industries":[9493],"corporate_contracts_types":[9540,9539],"class_list":["post-40653","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-home-depot-inc","corporate_contracts_industries-retail__building","corporate_contracts_types-compensation__benefits","corporate_contracts_types-compensation"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40653"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40653"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40653"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}