Unit 5 CM
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Table of Contents Overview of Employee Benefits 1 Mandatory Benefits 2 Unemployment/Old Age, Survivor, and Disability 2 Health Insurance 2 Medicare, Workers’ Compensation, Family/Medical Leave 3 Discretionary Benefits 4 Retirement Savings Plan 4 Retirement Pension Plan 4 Tuition Assistance and Paid Time Off 5 |
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Discretionary Benefits continued…Tuition Assistance
Paid Time Off
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Discretionary Benefits
Competitive Pay Monthly income with competitive salary. Eligible members who are working overseas will receive allowance for rent, food subsistence, and cost of living allowance based on location. Pay increases will account for the annual cost of living increase, promotion opportunities, and seniority pay increase. Retirement Savings PlanOur retirement savings plan will offer a company match incentive. We will contribute $0.50 for every $1.00 of employees’ contribution up to 5% of salary pay for full-time employees. We will offer Roth 401(k) where employees’ contributions are taxed at individual’s income tax rate and upon retirement, employee withdrawals are not taxed. This allows members to contribute pre-tax dollars and contributions can be made simple through payroll deductions. Retirement Pension PlanOur pension plan guarantees eligible retirement benefits after five years of continuous service for full-time employees. Benefits begin immediately after retirement. The plan will pay 50-75% of the last 3 years’ average salary pay. Retirement pension plan will be capped at 75% with 30 years of service.
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Benefits Overview
Discretionary Benefits
Mandatory Benefits
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Mandatory BenefitsUnemployment InsuranceState-federal program for temporary monetary assistance to eligible employees that are unemployed through no fault of their own. An approximate expected benefit is 50% of full-time wage, up to a max amount of $275 per week. This temporary assistance is up to 26 weeks or until employment is found.Old Age, Survivor, and Disability InsuranceSocial Security Program that provides retirement income, survivor’s insurance, and disability insurance to eligible individuals. This program is a monthly income benefit due to retirement, disability or death. Benefits can be collected as early as age 62 with a gradual increase to age 67 in year 2022. Survivor benefits extends to unmarried dependents and spouse if the deceased worker was fully insured. Disability benefits are provided to all disabled workers and family members due to inability to perform work because of a chronic medical condition or to result in death.
Health Insurance Affordable health insurance that fulfills the mandatory health insurance coverage set in the Patient Protection and Affordable Care Act of 2010 (PPACA). Plan will consist of a health maintenance organization (HMO) for inpatient and outpatient care, services from physicians, and other health care professionals approved by the HMO. HMO will include prepaid services of various health care services rendered for eligible employees and coverage for dependents.
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Mandatory Benefits continued...MedicareOffered to US citizens age 65 or older for insurance coverage for hospitalization, convalescent care, and major doctor bills. Medicare consists of five separate features: Medicare Part A, Part B, Medigap, Medicare Part C, and Part D.
Workers’ Compensation This is a state-run insurance program to cover expenses incurred in employees’ work-related accidents. Coverage details can be found at www.floir.com.
Family and Medical Leave This is to provide eligible workers with job protection in the event of family or medical emergency. Employees are guaranteed return rights to their former position prior to taking family and medical leave. Eligible employees must have been employed for at least 12 months and have provided 1,250 hours of service prior to making a request for leave. Eligible employees are entitled to 12 unpaid work weeks of leave during any 12-month period for reasons covered under the Family and Medical Leave Act (FMLA).
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