Benefits

Synopsis of Employee Benefits

Group Insurance

Group medical insurance is offered through Cigna for all employees who meet the eligibility requirements. Employees become eligible on the first of the month after completing one month of employment. The Company pays the majority of cost of employee coverage and a significant portion of dependent coverage. Employees pay a portion of the insurance premium pre-tax through payroll deduction.

Group short-term and long-term disability insurance, term life insurance and accidental death and dismemberment insurance are offered through Sun Life Financial to all employees who meet the eligibility requirements. Employees become eligible on the first of the month after completing one month of employment. The Company pays 100% of the premium for disability, term life and accidental death and dismemberment insurance.

Voluntary group dental insurance is offered through Assurant Employee Benefits to all employees who meet the eligibility requirements. Employees become eligible on the first of the month after completing one month of employment. Employees pay 100% of the dental insurance premium pre-tax through payroll deduction.

Voluntary group supplemental life insurance is offered through Sun Life Financial to all employees who meet the eligibility requirements. Employees become eligible on the first of the month after completing one month of employment. Employees pay 100% of the supplemental life insurance premium through payroll deduction.

401(k) Plan

A 401(k) Savings Plan is offered to all employees who meet the eligibility requirements. Employees become eligible to participate on the first of the month after completing six months of employment. The Company matches 100% up to an employee's 2% contribution, plus 50% of the next 4% of an employee's contribution. Fidelity Investments provides administrative services which are paid by the Company.

Educational Program

An Educational Program is offered which pays for approved courses for the maintenance of professional designations and/or seminars and training programs suggested by a supervisor.

Holidays

Holidays paid by the Company are New Year's Day, Memorial Day, Fourth of July, Labor Day, Thanksgiving, the day after Thanksgiving and Christmas Day.

Paid Time Off (PTO)

All full-time and part-time employees begin accruing PTO immediately upon hire. New employees are eligible to begin using accrued PTO after completing a three-month introductory period. PTO is earned on the basis of hours worked and length of employment. Earned rates are calculated according to anniversary date as follows:

  • 0-4 years of employment = 12.5 hours per month
  • 5-9 years of employment = 15.625 hours per month
  • 10-15 years of employment = 18.75 hours per month
  • 16+ years of employment = 21.875 hours per month

Employees may carryover to the following year up to a maximum of 60 days. Eligible employees are paid for earned but unused PTO upon termination up to a maximum of 60 days.

As of 01-01-2015