What you need to know
BAE Systems is committed to offering benefits that address the diverse needs of our people and their families. As your life changes, your benefits can change with you to meet your evolving needs.
Keep in mind that you cannot make changes to your benefits during the year unless you experience a qualified life event, such as getting married or welcoming a child to your family.
Enhancements to VSP EasyOption vision plan
The VSP EasyOptions plan allowance for eyeglass frames is increasing to $250, and the allowance for contact lenses is increasing to $200.
Savings account contribution limits
Flexible Spending Accounts (FSAs)
Health Care and Dependent Care FSAs can help you stretch your benefit dollars each year. While you don’t have to be enrolled in our BAE Systems benefit plans to participate, you must actively choose to contribute each year during Annual Enrollment to take advantage of these pretax plans. And, if your spouse also has an FSA with their employer, be sure your combined contributions don’t exceed the annual IRS limits.
- Contribute up to $3,050 in a Health Care Flexible Spending Account in 2024. Plan carefully, because FSAs are use-it-or-lose-it accounts, and restrictions may apply depending on your medical plan. You must incur your eligible FSA expenses by December 31, 2024, and you will have until April 30, 2025, to submit your 2024 claims for reimbursement.
- Contribute up to $5,000 to a Dependent Care FSA ($2,500 if your spouse or domestic partner contributes to one as well). Be thoughtful about the dependent care you and your family will need next year, and if it makes sense for your family consider contributing to this pretax, use-it-or-lose-it FSA in 2024. To comply with annual IRS testing requirements, BAE Systems sets lower contribution limits for higher-paid employees.
Remember, FSA contributions do not carry over and must be elected during Annual Enrollment each year if you want to participate.
Voluntary supplemental benefits
Your medical plan insurance is your primary source for comprehensive coverage for the care you need to stay healthy or to treat an injury or illness. But, when you’re sick or injured, you may also need help with other expenses, like child care, groceries, everyday household bills, or even the associated costs of travel for medical treatments. That's where voluntary supplemental benefits can step in.
These voluntary benefits can offer an added layer of financial protection for unplanned accidents and illnesses. Since you pay 100% of the cost of these supplemental benefits on an after-tax basis, benefit payments are not treated as taxable income. In addition, there are no in-network restrictions.
For 2024, we are offering three supplemental coverage options that can be paired with your medical plan (whether that is a BAE Systems medical plan or coverage under a spouse or partner’s plan). Visit the Voluntary Supplemental benefits page for details.
Keep your beneficiaries up to date
Many of our benefit plans offer a payout to your loved ones in the event of your death. But you must have your beneficiary details on file in order for the benefits to be distributed according to your wishes.
Life insurance: On BenefitsNavigator, select the Health & Insurance menu entry at the top, and a Health & Insurance Summary page will load. Under the Take Action menu, click on Manage Beneficiaries to view your Beneficiary Summary, and use the buttons to update your beneficiaries.
401(k) Savings Plan: With the transition of our plan to Empower, access our MyRetirement website, where you can update your beneficiaries, adjust your 401(k) contribution rate, and review your investment strategy.
You can update your beneficiary information at any time. Be sure to keep your beneficiaries up to date, particularly if you experience a significant life event such as a divorce, birth of a child, or death of a loved one. It only takes a few minutes to get peace of mind that your wishes will be followed if the unthinkable happens.
Questions?
Questions about your medical, dental or vision plans, life insurance, or FSA details? During Benefit Center business hours, chat with a benefits representative while on BenefitsNavigator (click on the “Chat” link in the website footer under “Get in Touch”), or call the BAE Systems Benefit Center at 1 888 900 4223, 8 a.m. – 8 p.m. Eastern time, Monday through Friday.
Questions about your 401(k) Savings Plan? Call the BAE Systems Retirement Center at 1 800 622 5533. Representatives are available Monday through Friday from 8 a.m. – 10 p.m. ET and Saturdays from 9 a.m. – 5:30 p.m. ET.
Si usted necesita información en español, por favor llame a la Benefit Center a 1 888 900 4223.
Important!
For those whose benefits are governed by a Collective Bargaining Agreement (CBA): As provided by your CBA, certain benefits may differ from those described on this website, so some benefits and provisions described above may not apply to you.