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U.S. Benefits - 2008

Flexible Benefits

Recognizing that our people represent diverse backgrounds and have unique personal needs, Monsanto offers a Flexible Benefits program. "Flex" allows you to tailor a benefits package based on your needs. Monsanto provides basic choices for you each year. You select the package that best fits your needs for the coming year. If your personal situation changes during the year, you'll be able to change your Flex elections next year. That's one of the advantages of Flex: flexibility!

Medical

Medical protection is considered to be one of the most valuable benefits. If you or a covered dependent suffers an illness or injury, the Monsanto Medical Plan can take care of a large part of the cost of getting well.

At some Monsanto locations, you can choose between the Monsanto Medical Plan and a Health Maintenance Organization (HMO). You can elect to cover yourself only or you can elect coverage for yourself and eligible family members or an eligible domestic partner. You can also decline coverage. Your coverage will be effective on your first day at work.

Three Levels of Benefits

If you elect the Monsanto Medical Plan, you'll have three choices with different levels of benefits —high, middle, low. Most Monsanto locations have Managed Care/Network benefits — so that within each choice, you will have the option of using Network healthcare providers ("in-Network") and getting enhanced benefits or using non-Network providers ("out-of-Network"). For in-Network benefits, once the in-Network individual or family annual deductible and office visit co-pay are paid, most expenses are covered at 90% under the high and middle options and at 80% under the low option. Once the amount you have paid as in-Network deductible and co-payment expense exceeds the in-Network out-of-pocket maximums, the plan pays 100% of your covered expenses after any per visit co-pay for the remainder of the year.

For out-of-Network benefits, after you meet the individual or family annual deductible, the plan generally pays 70% of your covered expenses. Once the amount you have paid as out-of-Network deductible and co-payment expense exceeds the out-of-pocket maximums, the plan pays 100% of your covered expenses for the remainder of the year. This chart highlights some of these in-Network and out-of-Network differences.

Each covered individual can receive up to $1.5 million in lifetime benefit payments.

Prescription Drug Card Plan

This plan covers expenses for drugs and medicines prescribed by a doctor and dispensed by a licensed pharmacist. Your co-pay at participating pharmacies is 20% for generic or preferred brand name drugs (up to a maximum limit of $25 for generic prescriptions and $50 for preferred brand name prescriptions) or 40% for non-preferred brand name prescriptions for a maximum 34-day supply. However, if you or your physician chooses a brand name drug when a generic is available, your co-pay will be the generic co-pay plus the difference in cost between the brand name drug and the generic drug. A mail order feature is also available. Benefits are the same regardless of the Monsanto Medical Plan option you elect.

Medical Coverage Cost

How much depends on the coverage level you elect and whom you elect to cover — but your personal contributions are a small share of the total cost of medical protection provided by Monsanto. Your contributions will be deducted from your paycheck as soon as administratively possible after you enroll. However, your medical coverage will be effective on your first day at work.

Dental

Two Levels of Benefits

The Dental Plan is designed to help pay the expenses of dental care for you and your covered dependents. Two levels of dental benefits are offered, or you may decline coverage. You can elect to cover yourself only or you can elect coverage for yourself and eligible family members or an eligible domestic partner. Your cost depends on the option you elect and whom you elect to cover.

The high option pays a percentage of reasonable and customary (R&C) expenses — 100% diagnostic / preventive, 80% after a $50 deductible for more complex procedures. The low option pays a lower percentage of R&C expenses — 80% for diagnostic/preventive procedures/65% for more complex procedures — with the same $50 deductible for more complex procedures.

Diagnostic/preventive procedures include oral exams, x-rays, cleaning and scaling of teeth, and simple extractions.

Examples of more complex procedures include root canals, crowns, bridges, non-precious metal fillings and dental surgery. Orthodontia services (braces) are covered under both options for children through age 18, and only when medically necessary, for adults.

Under the high option, a covered individual can receive benefits up to $2,000 each year. The low option provides up to $1,500 each year. There is a separate orthodontia lifetime maximum of $1,650 per covered individual under the high option — $1,250 per covered individual under the low option.

Delta Dental Networks

If your dentist participates in the "DeltaPreferred" Network through Delta Dental, you'll save money because you'll receive services at a reduced rate (and any percentage co-pays will therefore be lower). Any deductibles are waived.

If your dentist participates in the "DeltaPremier" Network through Delta Dental, your dentist has agreed to waive any charge over Delta Dental's reasonable and customary limits.

Vision

Vision Plan

The Vision Plan is paid for entirely by you through EyeMed Vision Care. You can also decline coverage. If you elect to participate, you can either use an EyeMed Vision Care provider - and receive in-Network benefits - or you can go outside the Network and be reimbursed according to a payment schedule. After paying a small co-pay, you are covered for an annual vision examination, eyeglass lenses and frames once per calendar year, or corrective vision contact lenses in lieu of frames and lenses once per calendar year. You may select frames within the frame allowance and pay only the co-pay for the lenses, or you may select from more expensive frames and pay the amount over the frame allowance plus the co-pay for the lenses.

You can elect to cover yourself only or you can elect coverage for yourself and eligible family members or an eligible domestic partner.

Or... Discount Card Program

Individuals eligible for Flex who do not elect to participate in the Vision Plan are able to take advantage of EyeMed Vision Care's discount program, which offers immediate savings on all your eyecare needs. There is no Flex benefits election to make. The discount program is available through more than 10,000 participating providers at locations such as Pearle Vision, Sears, JCPenney, LensCrafters or Target. The Vision One discount card and brochure will be included in your Flex enrollment materials.

Disability

The Disability Income Plan protects you from severe financial hardship by continuing a portion of your base pay for an extended time. The plan is designed to supplement amounts you receive from other programs like Social Security and Workers' Compensation.

You receive immediate short-term disability benefits equal to 100% of your base pay if you are unable to perform, with or without reasonable accommodation, the essential duties of your job or any other Monsanto job for which you are, or may become, qualified based on training, education and experience.

Two Long-Term Choices

If you continue to be unable to work after six months, then the long-term disability choice you make under Flex will apply. Flex offers you two choices of long-term disability income protection: (1) 65% of base pay or (2) 65% of base pay plus a 4% annual adjustment. Both options provide the same percentage of pay replacement. However, under Option 2, there is an annual increase (like a cost of living adjustment) to your monthly benefit amount equal to 4%. This adjustment would be made for the first time during the 19th month from your last day worked and then made annually after that as long as benefits continue to be paid.

Depending on the nature of your disability, long-term benefits can extend for 18 months (following six months of short-term benefits) or to age 65.

Life Insurance

Employee Term Life Insurance

At Monsanto, your Life Insurance Plan provides financial security to you and your family during your active career. Monsanto provides for two times your yearly base pay at no cost to you. You can purchase additional coverage on your own.

You have up to seven life insurance choices — ranging from one times to six times your yearly base pay, or $50,000.

In addition, the plan provides Accidental Death and Dismemberment Insurance (for accidental death or loss of limb or sight as a result of an accident) and Travel Accident Insurance (for people required to travel on company business) — at no cost to you.

Supplemental Accidental Death and Dismemberment Insurance (SADDI)

The Supplemental Accidental Death and Dismemberment Insurance Plan is another form of insurance available to protect you and your family from the unexpected. This plan offers up to five coverage choices (up to $500,000, in $100,000 increments). It pays the full benefit amount if you die in an accident or part of that amount if you suffer certain losses in an accident (for example, loss of sight, hand, foot, speech, hearing).

You can also elect family coverage from among the dollar coverage amounts available to you. Then, your eligible family members are covered for a percentage of the benefit amount in the event of their death or the losses described above.

You can also decline coverage.

Spouse/Domestic Partner Term Life Insurance

This plan pays a benefit to you if an enrolled spouse or domestic partner dies from any cause. You have six choices of coverage — from $5,000 protection, up to $100,000 protection for your covered spouse or domestic partner.

You can also decline coverage.

Child(ren) Term Life Insurance

This plan pays a benefit to you if a covered child dies from any cause. You have six choices of coverage — from $2,500 protection for each child, up to $15,000 protection for each child.

You can also decline coverage.

Coverage under the Supplemental Accidental Death and Dismemberment Insurance Plan, the Spouse/Domestic Partner Term Life Insurance Plan and/or the Child(ren) Term Life Insurance Plan is paid entirely by you.

Reimbursement Accounts

There are two optional programs: Health Care and Day Care. The Health Care Reimbursement Account provides a tax-free method of reimbursing you for many out-of-pocket health care expenses not fully paid for or not covered by your Medical, Dental or Vision Plan choices. The Day Care Reimbursement Account provides tax-free reimbursement for expenses such as day care for a child or adult day care for a dependent adult.

You can deposit up to $5,000 per year in the Health Care Account and up to $5,000 per year in the Day Care Account ($2,500 per year if you are married and filing a separate income tax return).

You pay no federal income tax or Social Security tax on what you have deposited. When you have expenses, you pay the bill as you normally do, but then you submit a claim and are reimbursed with those untaxed dollars in your account. Through these programs, you're paying your bills with "tax-free" dollars!

Group Legal

This optional program provides you with telephone and office consultations for personal legal matters specifically covered by the plan with an attorney you choose from a national network of approximately 9,000 attorneys in all 50 states and U.S. territories.

This program is offered to Monsanto employees by Hyatt Legal Plans.

Cost is paid entirely by you. You can also decline coverage.