This is a short recap
of employee benefits to cover new employee frequently
asked questions. Our Employee Handbook covers
benefits in more detail.
HEALTH
CARE
Available the first of the next month after 60 days
of employment
NO COST TO EMPLOYEE
| Add Dependents: |
Per Month |
| Add
Children Only |
$134 |
| Add
Spouse Only |
$134 |
| Family
Rate |
$255 |
Medical
Insurance: Corporate Benefit Services Of America
(CBSA)
Deductible is $500
per person/$1000 per family. Co-payment is 50% of
next $2000, then 100% coverage.
Prescription card allows for purchase
of medications at $5 for generic or $10 for brand name.
Two Additional
Benefits:
1. Adult annual
physical - pays $250 annually - no deductible.
2. Accident - pays $500 - no deductible --
emergency room or doctor expenses.
Dental Insurance:
See any dentist - no
approvals necessary. Dental claims are filed with CBSA
and paid per the following schedule:
| 100% of the first $100. |
| 70% of the 2nd $100. |
| 50%
thereafter until maximum payback of $1000 per covered person
per year. |
Cafeteria
Plan
Any premium employees
pay for dependent coverage reduces taxable wages...no
social security tax nor federal withholding required
on health premiums.
A medical reimbursement plan is also
available to further reduce your taxes. Money
that is paid into this savings account is paid back
to you as you incur medical expenses that are not covered by medical insurance.
Examples are eye glasses, deductibles, employee portion
of medical prescriptions, hearing aids, and other health
equipment that is prescribed by medical doctors.
Maximum per year is $2000. It must be used for
medical purposes and unused portions cannot be
refunded.
A third way to save is qualifying
dependent care expenses. Maximum per year is $5000.
401(K) Pension Plan
Employees may enroll after a waiting period of 60 days at the
next enrollment date . Enrollment dates are the first of January,
April, July, and October.
L&H will match one-half
of employees' 401(k) contribution to a maximum of 4%.
Employees may contribute from 2% to 15% and decide which funds to
invest in. Daily valuations may be accessed by an 800 number or our
provider's website. Employees may change which funds their money goes into on a daily basis.
Loans are also available. A
maximum of 1/2 of employee's vested account balance and a $1000
minimum. Loans are paid back by payroll deduction and
the interest goes into the employee's account.
Employee contribution's plus the gain
(or loss) are 100% vested. L&H matching funds are
earned on a vesting schedule of 20% per year. After 5
years an employee's account balance is 100% vested.
Vacation
And Other Paid Days
Everyone's
Anniversary Date Is January 1
First year hired: Earn 4 hrs of vacation for each
full month worked to a maximum of 40 hrs available to
be used the following year.
Second Year: 40 hrs. Third Year: 80 hrs. Seventh Year:
120 hrs.
Vacation hours DO
NOT accumulate. Any unused hours will be paid at year end.
Holidays
- New Years Day
- Memorial Day
- July 4th
- Labor Day
- Thanksgiving
- Christmas
Personal Days
Six each year to employees hired before the end of
the current year to be used next year. Personal days accrue in
the first year of hire.
Personal Days not
used are paid on the check before Christmas.
Sick Days
Five per year to employees hired before the end of
the current year to be used next year. Sick days are
not available until an employee has missed five days,
then they qualify.
Sick Days
accumulate at the rate of 5 per year to a maximum of
25 days.
