U.S. Alumni

Effective Jan. 1, 2017, the Devon Energy Corporation Premium Reimbursement Plan was renamed the Devon Energy Corporation Pre-65 Retiree Medical Plan. A new Devon-insured group plan is now being offered to provide eligible retirees a choice of two arrangements. Please see below for highlights of each arrangement.

Eligible retirees who choose Arrangement 1 will enroll in a medical insurance plan through Mercer Marketplace, a private benefits exchange. Mercer offers a variety of plan options and provides personal assistance to help you choose ideal coverage based on your location, budget, and individual medical needs/preferences. Upon obtaining a plan through Mercer Marketplace and completing all participation requirements, Devon will establish an unfunded health reimbursement account (HRA) in your name to allow the company to reimburse 80 percent of your monthly premium up to a maximum monthly reimbursement amount (MMRA).

Below are highlights of the two arrangements:

Arrangement 1: Individual Pre-65 Plan with Premium Reimbursement

• Individual or family plan offered by a third party insurance company.
• You choose the available plan structure that best fits your needs.
• Administered (including enrollment) by Mercer Marketplace; if a plan is not available for your zip code through Mercer, Devon will reimburse for plans purchased on the federal or state exchange.
• You will receive reimbursement of up to 80% of your monthly premium, this is called the “MMRA”.

Arrangement 2: Group Plan with Premium Offset

• Devon-insured group health coverage.
• High-deductible Health Plan, HSA compatible, utilizing a large PPO network.
• Administered by BlueCross BlueShield of Illinois (BCBS) with enrollment through their affiliate Blue Directions.
• Devon subsidizes this arrangement through an offset of the applicable monthly premium using the same MMRA available for Arrangement 1.

Eligibility

Devon Employee:

• Terminated employment at age 55 or older* with 10+ years of continuous service.
• Must have been covered by the active employee medical plan at time of termination.
• Cannot be eligible for Medicare due to age or disability.

Spouse:

• Must be the legal spouse of a former Devon employee who terminated employment at age 55 or older with 10+ years of continuous service.
• Must have been covered by the active employee medical plan on the Devon employee's employment termination date.
• Cannot be eligible for Medicare due to age or disability.

Dependent Children:

• Coverage for dependent children is governed by the terms of the policy or policies for which you enroll. Dependent children do not generate a reimbursement from Devon.

Monthly Maximum Reimbursement Amount (MMRA)
The MMRA is determined by the retiree participant's years of continuous service and age at employment termination. The MMRA for an eligible spouse is determined by the retiree participant's years of continuous service and the spouse's age on the retiree participant's employment termination date.

Under Arrangement 1, Devon will reimburse 80 percent of your monthly premium for a health insurance plan obtained through Mercer Marketplace up to a maximum Monthly Reimbursement Amount (MMRA).

Under Arrangement 2, Devon subsidizes this arrangement through an offset of the applicable monthly premium using the same MMRA available for Arrangement 1.

Devon has no plans to change the MMRA in the future, but reserves the right to increase, decrease or terminate the MMRA at any time.

Health Reimbursement Account (HRA) - Arrangement 1 only
Once you obtain a health plan through Mercer Marketplace and complete the remaining requirements to participate in the plan, Devon will establish an unfunded, tax-advantaged HRA for you. Please review the following important details about this account.

Account:

• One account owned by the Retiree Participant until death. At death, eligible surviving spouse becomes owner.
  
• Requests for reimbursement must be signed by the Retiree Participant or surviving spouse.
  
• Devon will reimburse your HRA with MMRA funds as reimbursement requests are received.

Covered Expenses:

• Up to 80% of premiums for a health insurance plan obtained through Mercer Marketplace (excludes dental and vision).

Rollover Rules:

• None. Your HRA is a notional account with no specific funds set aside on your behalf to create a balance in the account. There is no funding until reimbursement.

Reimbursement Requests:

• Reimbursement requests for covered expenses incurred in a calendar year must be submitted on or before March 31 of the following year.

Questions
For questions about the Devon Pre-65 Retiree Medical Plan, contact HRConnect at hrconnect@dvn.com or (855) 810-3555.

COBRA (which stands for the Consolidated Omnibus Budget Reconciliation Act of 1985) may allow you to temporarily extend health care benefits in the event you leave the company or otherwise lose coverage. COBRA applies to medical, dental, vision, EAP benefits and, in some circumstances, the medical flexible spending account. You pay the cost of COBRA, and coverage can last up to 18 or 36 months depending on the qualifying event that caused you to lose coverage. The 18-month coverage can be extended to 29 months due to a disability. If you are eligible for COBRA benefits, you will receive complete details and cost information in the mail.

Below are the details on qualifying for COBRA coverage through Devon.

COBRA Coverage

Coverage Up to 18 Months
Qualifying Event:

• Your employment ends
  
• A reduction in your hours worked causes loss of coverage

Coverage Up to 29 Months
Qualifying Event:

• If you or anyone in your family is disabled and you notify the plan administrator within 60 days of disability determination and before the end of the original 18-month period, you and your dependents may be entitled to receive up to an additional 11 months of coverage.

Coverage Up to 36 Months
Qualifying Event:

• You divorce or legally separate
• You become entitled to Medicare (For this purpose, “entitled” means the effective date of enrollment in either Medicare Part A or B, whichever occurs earlier. It does not mean eligibility to enroll)
• Your child is no longer eligible for dependent coverage
• You die

Be Advised: Removing a dependent from coverage during an open enrollment period is not a qualifying event and that dependent would not be eligible to receive COBRA.

Other Coverage Options

Other health care benefits that may be available at a lower cost based on loss of coverage include:

• If you are married and your spouse’s employer offers coverage, he/she can enroll you and any other eligible dependents.
• If you are under age 26, a parent can add you to his/her employer plan. Your dependents would not be eligible for coverage on a parent’s plan.
• You can choose a plan from the government healthcare exchange at www.healthcare.gov

Health Savings Account (HSA)

If you were enrolled in the PPO+ medical plan with an HSA while you were employed at Devon, then this account and all of the money currently in it is still yours to use. Your current health care coverage will determine what you can and cannot do with your HSA funds.

Enrolled in Medicare
Once you enroll in Medicare, you are no longer eligible to contribute to an HSA. Here is what you can do with your HSA funds:

• Continue investing for future growth
• Pay for qualified medical expenses (see IRS Publication 502)
• Pay for Medicare premiums if you are 65 or older (does not apply to Medicare supplemental policies)
• Pay for long-term care insurance premiums (subject limits outlined in the instructions for Schedule A of IRS Form 1040)
• Rollover or transfer HSA assets to another HSA account (at Fidelity or another entity)

If you are disabled or age 65 or older, you can take HSA distributions for non-qualified medical expenses without incurring the additional 20 percent tax. However, these distributions will be subject to income tax.

Enrolled in an Eligible HDHP
Whether or not you are continuing to work (for yourself or another employer) after leaving Devon, if you are enrolled in an eligible high deductible health plan (HDHP) you can:

• Continue making contributions up to the annual maximum (see IRS Publication 969)
• Continue investing for future growth
• Pay for qualified medical expenses (see IRS Publication 502)
• Rollover or transfer HSA assets to another HSA account (at Fidelity or another entity)

Enrolled in an Ineligible Health Plan
Again, whether or not you continue working after leaving Devon, if you enroll in a health plan that does not meet the deductible requirements for an HSA, you can:

• Continue investing for future growth
• Pay for qualified medical expenses (see IRS Publication 502)
• Rollover or transfer HSA assets to another HSA account (at Fidelity or another entity)

HSA Administrator
Fidelity Investments
(800) 890-4015

Medical Flexible Spending Account (FSA)

If you were enrolled in an FSA when you left Devon, you have until March 31 of the following year to submit your claims for eligible expenses incurred up to your last day of work. You cannot submit claims for expenses incurred after your employment ended. Any FSA funds remaining after the reimbursement period ends will be forfeited.

Life and AD&D Insurance

Basic and voluntary insurance coverages stopped on your last day of work. However, you have the option to convert your life insurance coverage to an individual policy within 30 days of your last day of work. Prudential offers two conversion options:

Life Conversion
The Life Conversion is a whole life policy with a guaranteed cash value and a guaranteed death benefit for the lifetime of the insured. It is the more costly option, but is a viable alternative if you do not meet the requirements for the Portability option and may have difficulty securing life insurance elsewhere.

Portability
The Portability option is a term life policy with no cash value. You may only elect the Portability option if you had optional life insurance. You are not eligible for this option if you are retiring or disabled.

You must contact Prudential directly at 877-889-2070 to convert your policy.

Long-term Disability

If you left Devon due to disability and have met the eligibility qualifications for long-term disability benefits, your maximum period of payment (as long as you continue to meet the terms outlined in the plan documents) is:

*Your normal retirement age is your retirement age under the Social Security Act where retirement age depends on your year of birth.

For questions about long-term disability benefits, please contact Prudential at 800-842-1718.

Wellness

The Well and the Doc
Oklahoma City employees who are retiring from Devon and meet the eligibility requirement can join and use The Well and also receive medical services as an Alumni Member. Review the Retiree Member Terms of Usage and the Retiree Terms and Conditions and Release and Waiver of Liability for complete details for Well use. Contact the Doc directly to schedule appointments.

The Defined Benefit Plan (Pension Plan) was replaced on October 1, 2007 with the Company Retirement Contribution (CRC) to the 401(k) plan (Incentive Savings Plan). Unless you elected to remain a participant and have an active benefit or you elected to freeze your benefit on December 31, 2007 and receive the Company Retirement Contribution (CRC), you are not eligible for this plan. Eligible participants in the plan have a frozen benefit as of 12/31/2020. This means the benefit earned through this date is preserved and can be utilized when you leave the company.

• Normal retirement age is 65
• Early retirement benefits may be available if you retire after earning 10 years vesting service and are at least 55 years old
• You can elect to start receiving your benefit following employment termination if you’ve not reached your normal or early retirement age
• The Pension Plan can pay you a monthly benefit for life or a single lump sum (choice must be made at employment termination)
• If you are married, the plan may also provide a benefit to your spouse should you die before or after you start receiving your pension benefit

If you have questions regarding your pension, please contact the Retirement Service Center at retirement@dvn.com or (888) 338-6676.

If you had a balance in the Devon 401(k) incentive plan when you left the company, you are entitled to receive a distribution of the full value of your vested plan account, including all of your pre-tax, Roth, matching, company retirement, and rollover contributions, plus the earnings (or minus the losses) on each.

• If your total account balance was $1,000 or less, it was automatically paid to you in a single lump sum payment or paid in the form of a direct rollover at your election. An automatic distribution to you was made if you did not request a direct rollover.
• If your total account balance was between $1,000 and $5,000, it was paid to you in a single lump-sum payment or paid in the form of a direct rollover at your election. If you do not make an election, your account was automatically rolled over to an IRA established for you in your name, and the balance is no longer part of the plan.
• If your total account balance was more than $5,000, you had the option to:
  • Take a total distribution as a lump sum
  • Receive your account balance in equal installments for any period less than the life expectancy of you and your beneficiaries
  • Have your account directly rolled over into another eligible retirement plan
  • Leave the balance in the plan (If at any point you choose to remove your balance from the plan, you cannot rejoin the plan unless you return to Devon as an active employee and meet all eligibility requirements

Campus Recruiting
Devon seeks out the best and the brightest for our internship program each year. We welcome Devon alumni with university insights or resources who would like to help us in that effort to email campusrecruiting@dvn.com.

Jobs
If you are interested in returning to work for Devon, you can either submit your application for a posted position that interests you, or Devon retirees can email retireejobs@dvn.com to inform our talent acquisition team of your desired area of interest and/or work arrangement.

In the Community
Community service and volunteerism are at the heart of Devon's corporate values. Devon is committed to being a good neighbor and applauds the volunteer efforts of our employees and alumni in the communities where we live and operate. Devon has built long-standing relationships with the United Way and with local food banks and pantries in these areas. If you would like to volunteer with your local United Way or food bank/pantry, use the links below to find opportunities in your area.

United Way
Volunteer in Oklahoma City
Find Your United Way

Food Bank
Regional Food Bank of Oklahoma
Find Your Local Food Bank

ESCCO (Executive Service Corps of Central Oklahoma)
Founded in 1995 by visionary leaders who decided a business brain trust existed in Central Oklahoma throughout the corporate, civic and academic worlds and that, if tapped, could greatly serve the nonprofit community. ESCCO volunteer consultants deliver professional management consulting services to nonprofit organizations. Visit www.escco-online.org to learn more about ESCCO and how you may be able to help.

Devon Community Relations
Devon alumni interested in participating in a Devon-sponsored volunteer event should email Community.Relations@dvn.com.