| 1.0
Absence Pay
All full-time
employees are eligible to accrue absence time and
receive Absence Pay for selected holidays, vacation,
sick leave, or personal days. Absence time will accrue
to each employee at the rate of 0.1 hours of absence
time for each hour of work up to a maximum of 2,080
hours of work during each fiscal (calendar) year.
This absence time accrual rate will increase to 0.125
for employees with more than 4 years of service, and
0.15 for employees with more than 8 years of service.
Employees may use their accrued absence time interchangeably
for holidays, vacation, personal leave, or sick leave.
Part-time employees are also eligible with absence
time accrued each year based on the total hours worked.
Employees are encouraged to fully use their annual
accrued absence time. However, employees may carry
forward unused absence time, and all accrued/unused
absence time will be paid to the employee upon termination.
Absence
time is accrued hourly for each hour worked up to
40 hours per week, according to the following schedule:
Years of
Employment Accrual Rate Maximum Accrued hours per
year
0 – 4 years 0.1 hours / hours worked 208 hours
4 – 8 years 0.125 hours / hours worked 260 hours
8 years or more 0.15 hours / hours worked 312 hours
1.1 Jury Duty
THE COMPANY recognizes each employee’s civil
duty to serve on a jury when called and will pay
up to 5 days regular pay to this end. Following
the 5th day, employees may use accrued absence time
to cover additional time needed. \Employee must
provide the Human Resources department a copy of
the jury duty summon and record of time spent for
jury duty. Only jury duty hours spent during a normal
shift schedule will be paid. Employees must return
to their scheduled shift upon completing their duty
hours for the day.
1.2 Bereavement Leave
All regular full-time and part-time employees are
eligible for paid bereavement leave up to three
(3) consecutive work days because of a death in
immediate family or domestic partner’s immediate
family. Immediate family includes current spouse,
mother, stepmother, father, stepfather, sister,
brother, child, stepchild, current mother-in-law,
current father-in-law, grandparents and grandchildren.
Additional time off with pay may be approved by
the President as circumstances warrant.
2.0 Insurance Plans
All
full-time employees working more than 30 hours per
week are eligible, subject to qualifying for underwriting,
for an Insurance Plan that includes health insurance,
dental insurance, life insurance, and long-term disability
insurance.
2.1 Health Insurance
Under the Group Health Insurance Plan, all full-time
employees (those who work more than 30 hours per
week) are covered, subject to qualifying for underwriting
on the first day of the month following employment.
The Company pays for the major part of this benefit
premium through payroll deductions. Employees also
can purchase increased benefits voluntarily through
payroll deductions, although coverage may be extended
under COBRA at the employee’s expense. We
offer Aetna (HMO, PPO, HDHP), and Kaiser (HMO).
If the employee has other health insurance, such
as a spouse's policy, then the employee may decline
the Company's coverage by providing evidence of
the other insurance coverage to the Company and
execute a waiver of group medical coverage.
2.2 Vision
Under the VSP vision plan, all full-time employees
(those who work more than 30 hours per week) are
covered, subject to filing the appropriate enrollment
forms on the first day of the month following employment.
The Company pays for the major part of this benefit
premium through payroll deductions. Employees also
can purchase increased benefits voluntarily through
payroll deductions. The vision plan terminates the
1st of the month following employment termination.
2.3 Dental Insurance
Under the dental insurance plan, all full-time employees
(those who work more than 30 hours per week) are
covered, subject to filing the appropriate enrollment
forms on the first day of the month following employment.
The Company pays for the major part of this benefit
premium through payroll deductions. Employees also
can purchase increased benefits voluntarily through
payroll deductions. The Group Health Plan terminates
the 1st of the month following employment termination.
We offer Aetna (DMO & PPO dental coverage).
If
the employee has other dental insurance, such as
a spouse's policy, then the employee may decline
the Company's coverage by providing evidence of
the other insurance coverage to the Company and
execute a waiver of group dental coverage.
2.4
Life Insurance
Company paid life insurance is provided up to a
maximum of $50,000 at Company expense. The employee
may elect to increase the basic life insurance by
opting to purchase additional (supplemental) coverage
at the employee’s expense. Life insurance
coverage will go into effect on the first day of
the month following 30 days of employment.
2.5 Supplemental Life Insurance
Employees have the option of purchasing additional
life insurance in increments of 1x, 2x or 3x their
earnings to a maximum of $500,000. The rates are
based on the participant's age. Supplemental life
is a voluntary benefit, 100% paid by participant.
Supplemental Life coverage elections over $50,000
require an Evidence of Insurability form.
In addition to Supplemental Life Insurance, Employees
have the option of purchasing Dependent Life Insurance.
Spouse coverage is up to 50% of the employee amounts,
child coverage may be purchased in $2,500 increments
up to $10,000. This is also a voluntary benefit
paid 100% by participant.
2.6 Short & Long Term Disability
Short term disability benefits are 60% of your weekly
pre-disability earnings to a maximum benefit of
$1,155 per week, minus other income paid to you
because of your disability. Benefits begin on the
later of 60 days after the date the disability occurs
due to an injury or sickness. Maximum period of
payment is 17 weeks.
Long
term disability benefits are 60% of monthly pre-disability
earnings to a maximum benefit of $5,000 per month.
Benefits begin on the later of 180 days after the
date disability occurs or the date your insured group
short term disability ends.
3.0
Flexible Spending Accounts
The company offers two types of Flexible Savings Accounts.
You can specify the amount of pre-tax salary, from
a minimum annual election amount of $100 to a maximum
of $4,000 for Health Care expenses and $5,000 for
Dependent Day Care expenses, which you would like
to set aside in your FSA through payroll deductions.
4.0 Employee Assistance Plan (EAP)
Another benefit that is provided to all Employees
is the Employee Assistance Program (EAP) through Aetna
Behavioral Health. This is a company paid benefit
that offers completely confidential assistance available
24 hours a day, 365 days a year. Access is available
to all household members for up to 3 free face-to-face
consultations per type of service, per person, per
year (1 800 854-1446).
5.0
Retirement 40l(k) Plan
Employees are eligible to participate in the Company’s
401(k) plan on the first day of the month following
6 months of employment. Contributions are subject
to annual IRS limitations (currently $16,500 for 2009
plus an additional $5,500 for participants age 50
and older). The company currently makes a matching
contribution of 50% of the employee’s contribution,
up to a maximum of 5% of salary. The employee may
select from 35 mutual funds offered by Fidelity Investments.
Matching contributions vest in annual installments
over three years. The company pays an overall administration
fee. Each participant account has $30/year ($7.50
quarterly) fee for the plan’s self service online
benefits.
6.0 Incentive Compensation
Plans
6.0.1
Equity Appreciation Rights (EARs) Plan
This
Plan offers the opportunity to earn equity in the
Company by employees who contribute to the growth
in value of Company over next 5-7 years. There are
three tier EAR plans which are tied to growth in
the value of Company based on EBITDA (Earnings Before
Interest Taxes Depreciation and Amortization-a key
performance measurement parameter for future incentive
compensation system plans).
- Tier
1: 10% of Company ownership for growth in 2009
EBITDA and awarded to key performers after close
of 2009.
- Tier
2: 10% of Company ownership for growth in Company
value over next 5 years awarded to key performers
over 5 years.
- Tier
3: 5% of Company ownership for exceptional growth
in Company value
over next 5-7 years awarded to key performers
prior to future liquidity
event in 5-7 years.
6.0.2
Cash Bonus Plan
Employees
are eligible for cash bonuses, including spot bonuses
for special accomplishments and end of year cash
bonuses. Bonuses are based on the overall performance
of the employee during the year, compared to other
employees, based on quantitative and qualitative
criteria established annually by the Company. The
annual bonus pool depends upon the Company's financial
performance each year with a targeted goal of attaining
a bonus pool equal to ten percent of the annual
payroll.
7.0 Government Mandated Insurance
Coverage
The Company contributes for the employee's benefit
to government-mandated insurance coverage including
Social Security, Workers' Compensation, State Disability
insurance and Unemployment insurance.
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