Summary of Employee Benefits
Medical and Dental Insuranace
The Company provides the employee with a choice from a variety of medical and dental plans. In addition to the basic medical and dental coverage, prescription drug coverage is also included. Depending on the plan, the Company pays up to 100% of the premium for single coverage and up to 50% of the premium for two-party and family coverage. When an employee selects a plan where there is a portion of the premium not covered by the Company, he/she is responsible for that premium and it is paid by wage deduction.
Health Reserve Account (HRA)
The Company makes contributions to a Health Reserve Account for employees. Funds in an HRA may be used by the employee to pay for eligible health care expenses approved by the IRS. The amount of HRA contributions made by the Company varies depending on the medical plan selected and whether it is single, two-party, or family coverage. A portion of unspent funds in an HRA at the end of a year rolls-over.
Group Life Insurance
Employees are eligible for Company paid life insurance after 3 months of employment and working 30 or more hours per week. The Company pays 100% of the premiums for basic coverage. The amount of Company paid insurance coverage varies depending on an employee's annual compensation. Employees may purchase additional amounts of voluntary coverage at their own expense at group rates. The voluntary coverage may be subject to underwriting criteria of the insurance provider.
401(k) Plan
The Company provides a combined 401(k) and Profit Sharing Plan. Employees are eligible to join after six (6) months of service and must also meet the eligibility requirements of 1000 hours worked and age of 18 years. Employees determine how their account funds are invested by selecting from the various investment options available through the Plan.
Personel Time Off (PTO)
Full-time employees and part-time employees working more than 20 hours per week accrue hours of 'personal time off.' PTO accumulates with each pay period and may be used by an employee to be paid for any approved time off work (e.g., vacation, sick, holidays or personal business).
Flexible Spending Plan
The Company provides employees with a choice between their cash salary and non-taxable benefits. 'Pretax' dollars are used to pay selected insurance premiums, some commuting transportation costs, dependent care expenses and medical expenses. Full-time employees and part-time employees working more than 20 hours per week are able to participate after eligibility periods specific to each plan.
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This is not a summary plan description of any benefit plan. It is an informal description of the highlights of the above programs. In the case of any conflict between this highlights summary and plan documents, the plan documents govern. The Company reserves the right to change the benefits offered to employees at any time without notice. Changes may include modifying any part of individual benefits, including but not limited to eligibility criteria or benefits levels, withdrawing benefits and/or offering additional benefits.
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