Travelers is Committed to Providing Military-Friendly Compensation and Benefits to Active Reservists

Travelers prides itself on providing military-friendly compensation and benefits to employees who are called to active military service. These policies include:

Upon Deployment and During Leave

  • An employee on military leave continues to receive benefits elected before the leave began.
  • The company supplements the employee’s military pay for the duration of the military leave.
  • An employee on military leave continues to be eligible for pay increases and cash awards.
  • An employee who is called to active duty is placed on an authorized leave of absence for up to five years, which can be extended for up to one year if the employee’s military service is involuntarily extended.
  • Employees can continue to contribute to the 401(k) plan and are eligible for the company match. In addition, employees called to active military service for more than 30 days are eligible to make a withdrawal from their 401(k) account if needed.
  • Pension cash balance pay credits continue during military leave, using the employee’s pay in effect before the leave (taking into account any pay increases or other pensionable earnings the employee received for the time the employee was on leave). 

Upon Returning to Work

  • An employee returning from a military leave can make up missed contributions to the 401(k) plan up to the maximum 401(k) contributions permitted under tax law. The make-up contributions are eligible for the company match.

If an Employee is Unable to Return to Work

The company’s benefit plans have recently been enhanced to provide additional benefits for employees who are unable to return to work due to death or disability that occurs during qualified military service.

  • An employee who is unable to return to work is unable to make up missed contributions to the 401(k) plan and is unable to receive the company match. In this circumstance, an employee is deemed to have made make-up contributions to the 401(k) plan at the average rate in effect before the leave. The company makes its matching contribution as if the deemed contributions were actually made.
  • An employee who dies in active military service will automatically become 100 percent vested in the company’s 401(k) and pension plans.

Benefits payable from the plans are determined under the terms of the plan documents. If there are any discrepancies between the information in this article and the plan document, the plan documents will control. The plans cannot be amended by unofficial communications.

Travelers reserves the right to amend or terminate the plans at any time.

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