CARBO
RELOCATION POLICY SUMMARY
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MISCELLANEOUS RELOCATION
ALLOWANCE
(taxable and not grossed up)
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One
month’s salary ($10,000 maximum)
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HOME SALE OF PRIMARY RESIDENCE
(if sold through ARSI, non-taxable)
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The Home Sale
Program is a Guaranteed Buyout though CARBO’s Relocation
Service Partner, All Relocation Services (ARSI). The Realtor sales
commission (not to exceed customary rate) and all normal
seller’s closing costs, not to include recurring costs are
paid by CARBO.
If home is appraised at a value below the employee’s
original purchase price, the difference will be taxable to the
employee.
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HOME SELLING INCENTIVE
(taxable, not grossed up)
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If employee
sells the home within 90 days, a 2% incentive will be
paid
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LEASE CANCELLATION
(taxable and grossed up)
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Lease breakage
of up to 2 months for unavoidable lease cancellation
penalties.
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HOME FINDING TRIP
EMPLOYEE AND SPOUSE
(taxable and grossed up)
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One trip, not
to exceed 3 days. Travel, car rental, lodging, and meal
expenses will be covered.
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TEMPORARY LIVING
(taxable and grossed up)
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Up to
90 days. Reimbursement for reasonable meals for the employee
and family. Lodging $3,000 maximum per month for employee and
family. Up to 30 days rental car reimbursement.
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RETURN TRIP
(taxable and grossed up)
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In the event
the employee relocates before member(s) of his/her household,
transportation for return trips home will be allowed every
15 days while in temporary living. Not to exceed 6
trips.
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HOME PURCHASE
(taxable and grossed up, except
origination fee and discount point)
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For employees
who are homeowners at the time the relocation is initiated,
reimbursement of loan origination fee (1 pt.), and all normal and
customary buyer closing costs, not to include recurring costs.
General home inspection, not to exceed $500.
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RENTAL ASSISTANCE
(taxable and grossed up)
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One rental
tour, which includes visiting rental sites, community highlights,
schools, and providing community/civic information.
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SHIPMENT OF HOUSEHOLD GOODS
(non-taxable)
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Full packing,
full unpacking, and transporting of furniture and personal
property. If move is more than 500 miles, up to 2 vehicles may be
shipped. Reasonable and customary crating. Third Party Services for
appliance disconnect and hook-up. Shipment of household goods to be
insured by Third Party Insurance.
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STORAGE OF HOUSEHOLD GOODS
(1 ST
30 days are non-taxable;
31 st
day-60 th day
taxable and grossed-up)
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Storage of
household goods for 60 days.
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FINAL MOVE
(1 st
$.24/mile, tolls, parking, last
night of lodging
at old location while goods in transit, and
lodging while in transit are non-taxable and not grossed
up)
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Reasonable
expenses for meals incurred by employee and family while en route
to new location. The most direct route must be taken. Mileage will
be reimbursed at the IRS rate, currently $.55/mile.
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CARBO has
contracted with a professional relocation service company, All
Relocation Services (ARSI), to administer its relocation policy.
Once you are authorized to receive relocation benefits, CARBO will
initiate your relocation through ARSI. ___ with ARSI will be your primary contact
throughout your relocation, and will contact you to review your
relocation benefits as outlined in the CARBO policy.
Do not make
any relocation-related commitments (including any real estate
commitments for your home sale or home purchase) before speaking
with your ARSI Relocation Consultant .
Failure to
comply with the relocation program outlined in this policy may
result in reduced benefits and possible exclusion from the
program.
The contact
information for your relocation consultant is:
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Congratulations
on your new assignment! CARBO wants to assist you in making a
smooth transition to your new location by providing professional
assistance with your move. Benefits of the program are based on
eligibility and may include:
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EXPENSE ADMINISTRATION
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Expense Administration
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Page
7
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Miscellaneous Relocation Expense
Allowance
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Page
7
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ORIGIN
SERVICES
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Marketing Assistance
Program
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Page
8
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Independent Sale
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Page
10
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Home Sale Incentive
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Page
10
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Lease Cancellation
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Page
10
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DESTINATION SERVICES
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House Finding Trip
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Page
10
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Temporary Living
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Page
11
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Return Trips
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Page
11
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Home Purchase
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Page
11
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Rental Assistance
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Page
12
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FINAL
MOVE BENEFITS
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Transportation of Household
Goods
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Page
12
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Storage
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Page
13
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Final Move Expenses
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Page
13
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TAX
GROSS-UP
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Page
13
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AGREEMENT FOR REPAYMENT OF RELOCATION
EXPENSES
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Page
15
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Benefits
provided under this policy are for all employees transferring as a
result of the headquarter move to Houston. In general, the
provisions of the relocation program apply to full-time current
employees who, at the request of management, are relocated
domestically. Full-time, experienced new hires will be handled on a
case-by-case basis. Employee requested relocations are not eligible
for this program.
IRS regulations
require you to work (or expect you to work) in the new location for
at least 39 weeks to be eligible to deduct qualified relocation
expenses. Exception: if CARBO moves you again or you are laid off,
you still qualify for the deduction. In addition, the IRS requires
the distance from your old home to your new work place must be a
minimum of 50 miles further than the distance from your old home to
your old work place.
PAYBACK
OF RELOCATION EXPENSES
If an employee
leaves the employ of CARBO by voluntary resignation, except for
medical reasons, or is terminated for gross misconduct, within one
year of relocating, he/she will be required to repay the relocation
costs incurred by the company pro rata to the proportion of the
one-year period remaining at the time of leaving. See Repayment
Agreement.
The policy for
relocation and moving expense reimbursement will be determined and
administered by the Human Resources Department. The Company’s
decisions regarding the application and interpretation of the
relocation policy are final. The Human Resources Department will
notify ARSI of all authorized relocations. The “Request for
Relocation” form must be signed and approved by the Vice
President of Human Resources before a written or verbal offer is
made to an employee. Once the offer has been made to the employee,
the hiring manager is responsible for notifying Human Resources of
his/her acceptance. The notification will begin the relocation
process.
IT IS THE
HIRING MANAGER’S RESPONSIBILITY TO INFORM THE EMPLOYEE NOT TO
LIST THEIR HOME FOR SALE PRIOR TO NOTIFICATION OF HUMAN RESOURCES
AND THEIR APPROVAL.
All relocation
expenses incurred by the employee must be submitted on a relocation
expense reimbursement form provided by All Relocation Service
Services.
CARBO has
partnered with All Relocation Services (ARSI) as its
Relocation Service Partner to administer and implement all parts of
its relocation program from initiation to completion. Once ARSI
receives proper, written authorization from Human
Resources,
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ARSI will begin
the initiation process for your relocation. A Relocation
Consultant will then contact you within one (1) business day
to review the approved benefits of your policy. The Relocation
Consultant will be your advocate, manage the relocation from start
to finish, and monitor the process to ensure consistent and
professional service delivery.
The Relocation
Consultant will send a relocation package with guidelines and basic
information about the relocation process. A list of contact names
and numbers, including the names and phone numbers for approved
national lenders will be included.
The package
will also contain information to help you with your move such as
tips for selling a home, tips for buying a home or tips for renting
a home.
Under
existing Federal and State Income Tax Regulations, certain
relocation expense reimbursements are designated as taxable income.
All relocation expenses should be submitted to the Relocation
Consultant before being approved by the employee’s
manager. ARSI will audit all expenditures to ensure compliance with
approved policy and inclusion of proper original
receipts . ARSI will process expense reimbursements within
three (3) business days of receipt.
MISCELLANEOUS RELOCATION EXPENSE
ALLOWANCE
A relocation
allowance equal to one month’s salary ($10,000 maximum) will
be provided to help with expenses not otherwise reimbursable under
the policy. For example:
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Storage over 60 days
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Carpet installation or
cleaning
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Cleaning residence
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New
window coverings
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Drapery alterations or
cleaning
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Chimney cleaning
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Burglar alarms
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Lawn care
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TV
antenna installation
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TV
adjusting
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Tuition fees lost
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Appliance installation
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Membership dues lost
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Advance entertainment
purchase
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Income tax preparation
assistance
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Movement of unauthorized
vehicles
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Perishable food or firewood left
behind
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Movement of domestic pets and farm
type animals
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Unusual hobbies
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Snow removal
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Piano tuning
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The
miscellaneous relocation allowance may be requested once your
relocation has been authorized. It applies to both homeowners and
renters. Only one allowance per household will be
issued.
The
miscellaneous allowance is considered a supplemental payment and is
subject to tax withholding. The allowance is not qualified for the
“tax gross up” calculation.
Marketing
Assistance Program
In order to
expedite the transfer, maximize relocation benefits, and reduce
overall costs to the employee and CARBO, ARSI’s home sale
assistance program should be utilized. The employee should not list
his/her home for sale until he/she has spoken to his/her Relocation
Consultant about Realtor options. Approved Realtors will be
required to work with ARSI and agree to an exclusion clause which
will be explained by the Relocation Consultant.
Through an
in-depth interview process, the Relocation Consultant will assist
in the selection of two qualified, experienced real estate
professionals, who will be asked to complete a thorough Broker
Market Analysis (BMA) of the employee’s home. If the
employee has a real estate agent that he/she would like to utilize,
who is experienced, knowledgeable of the local market, and familiar
with relocation procedures; he/she may be included in the BMA
selection process with the approval of your ARSI relocation
consultant.
The two
selected agents will meet with the employee to inspect his/her
home, talk with him/her about their qualifications and what they
would do to market the home effectively. They will then prepare a
Broker Marketing Analysis (BMA) report reflecting their
opinions of a suggested list price and the probable sale price of
the employee’s property within a 90 day marketing
period. The agent will then send a copy of the price analysis to
the Relocation Consultant for review.
The Relocation
Consultant will review the BMA reports and discuss them with the
employee, including suggested list prices. The employee will then
select one of the agents to list his/her home and ARSI will send
the listing agent instructions, with the required “Exclusion
Clause” to the selected Realtor. The Relocation Consultant
will monitor the performance of the agent throughout the marketing
period, keep the employee advised of changes in the market, and
help the employee assess his/her options if a change in strategy
seems indicated.
Some properties
are ineligible for CARBO’s relocation program including those
with structural defects of the roof, or foundation; well, or septic
systems that fail certification; zoning or easement disputes;
building code violations, toxic or hazardous materials or
substances (e.g., radon, asbestos, lead paint, composite board
siding or UFFI); synthetic stucco siding (EIFS) or co-op
apartments.
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All offers
received on the home during the
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