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Company Benefits - Salaried Exempt Employees
Vacation and Paid Holidays BACK TO THE TOP Vacation time off with pay is provided to you based upon the following schedules: Hired September-December 1 week Hired January-August 2 weeks 1-5 years 2 weeks 6-17 years 3 weeks 18 and up 4 weeks The eligibility date for measuring continuous service for vacation is June 1. The vacation year runs from June 1 of each year through May 31 of the following calendar year. Vacation is not actually earned until 6 months of service, but some may be taken prior to 6 months if requested 30 days in advance and approved by Supervisor. Any employee leaving the Company prior to completing 6 months of service will not receive any remaining vacation pay. Holidays The Company observes the following holidays: New Year's Eve New Years Good Friday Memorial Day July 4th Labor Day Thanksgiving Friday after Thanksgiving Christmas Eve Christmas Day Tuition Reimbursement BACK TO THE TOP Employees will be 100% reimbursed for the cost of registration fees and tuition for approved courses of study, which will increase their competence in their present jobs or will prepare them for future related assignments. Reimbursement will be given for approved courses at approved technical institutes, trade schools, correspondence schools, and accredited colleges and universities, providing employee receives grade of "C" or better. Retirement Plans BACK TO THE TOP A retirement plan is offered to Employees that meet the eligibility requirements below. Employees can elect to participate in the 401(k) Plan and the Pension Plan participation is automatic. Eligibility Requirements For The Plan. You are eligible to participate in this Plan if you are expected to work at least 1,000 hours in a year. Vesting Requirements For The Plan The 401(k) Plan: You are always 100% vested in your own deposits to the Plan. The Company contribution will be 100% vested once you have completed 5 years of service. The Pension Plan: You are 100% vested in your pension benefit once you have completed 5 years of service. Retiring Under The Plans The 401(k) Plan: The normal retirement age is 65. The Pension Plan: The normal retirement age is when you reach your Social Security retirement age. If vested, you may receive a reduced Pension benefit at age 55. The normal form of payment is a life annuity for single participants and a spouse's joint and 50% survivor annuity for married participants. Various optional forms of payment are available. General Information On The Plans. The 401(k) Plan: Before-Tax deposits are made through payroll deduction. Participants can elect to deposit up to 20% of their pay. The Plan provides for a 40% Company Matching Contribution up to 5% of base pay. Withdrawals are allowed in accordance with Plan guidelines. The Pension Plan: The Pension Plan is a defined benefit plan, which means your benefit is figured according to a specific formula. The formula takes into consideration your average monthly earnings, credited service, and the Social Security wage base. Health Care Coverage BACK TO THE TOP Under this plan you are provided medical, dental and prescription coverage. Coverage begins on your first day of employment. Medical
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Life Insurance Plan BACK TO THE TOP This plan is at no cost to you and coverage begins on your first day of employment. Your life insurance benefit is 2x your annual base salary. Accidental Death & Dismemberment Coverage This plan is at no cost to you and coverage begins on your first day of employment. This coverage provides an additional benefit of 2x your annual base salary in the event you die as the result of an accident. A benefit is also payable, if you lose a limb; sight; speech; hearing or become disabled while traveling on Company business. Voluntary Accidental Death & Dismemberment Coverage You can purchase additional accidental death & dismemberment coverage for yourself and coverage for your family. If elected, participation can begin on your first day of employment. Business Travel Accident Coverage This plan is at no cost to you and coverage begins on your first day of employment. A benefit is provided to your beneficiary in the event of your death due to an accident while traveling on Company business. Short Term Disability Coverage This plan is provided at no cost to you and coverage begins on your first day of employment. Disability income payments are made in accordance with the following schedule. For the first 6 months of disability, you will receive 100% of your salary offset by any disability social security payments. After the first 6 months of disability, the Long Term Disability program, combined with Social Security will replace 60% of your salary. After the first 6 months until recovery, the Long-Term Disability program, combined with Social Security, will replace 60% of your salary. If disabled to normal retirement age, a normal pension benefit with full service credit for all years coverage under the Long Term Disability program will be available to you. Flexible Spending Accounts BACK TO THE TOP This is a tax-favored program that allows you to pay for specific out-of-pocket expenses with before-tax money. There are 2 accounts that you can elect to participate in as of your first day of employment.
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