EMPLOYEE BENEFITS OVERVIEW AND EXPLANATION

Transcription

1 EMPLOYEE BENEFITS OVERVIEW AND EXPLANATION Computer Transition Services, Inc. (CTSI) offers a wide range of employee benefits. Benefits eligibility is dependent upon a variety of factors, such as length of service and employee classification. This benefit overview and explanation is to give you basic information on what is available as an employee of CTSI. You will be provided access to the CTSI Employee Handbook and various Plan Documents which provide the details and complete guidelines of all benefits available to you as an employee. Those documents will always override any information in this summary document. The following is a brief listing of available benefits for eligible employees: Health/Medical Program Life Insurance & Accidental Death and Dismemberment Dental Insurance Vision Insurance Cafeteria Plan with Optional Insurance Cancer Policies Hospital Intensive Care Protection Accident/Disability Insurance Policy Flexible Spending Plans (Pre-Tax Advantage) Unreimbursed Medical Expenses Dependent Care Expenses 401K Savings Plan Fitness Reimbursement Plan Personal Finance Management Training Referral Program Paid Time Off Vacation Holidays Sick Leave Benefits Bereavement Leave Jury Duty Leave Career Enhancement Training Other areas where expense may be involved and is covered by CTSI are business travel expenses, membership dues, licensure assistance, and personal automobile mileage in use for company business. More information on employee benefits: Most benefits require a 60 days waiting period from initial date of regular full-time employment before becoming effective. Please refer to the CTSI Employee Handbook for details on eligibility requirements. Page 1 Benefit Plan Year 7/1/2018 through 6/30/2019

2 Medical Insurance: CTSI pays for eligible employee-only coverage. Employee s dependents may be added, at employee s expense. Out-of-network benefits are NOT available under this plan with the exception of Emergency Room visits (they are always treated as In-Network benefits). A 4-Tier Prescription Drug Program is included. This health plan is subject to change, annually, at renewal. Open enrollment period is the month of June. See the Summary Plan Description for more detail. Individual Covered Premium Cost Per Month effective 7/1/2018 Employee Only spouse Only dependent children Both spouse and children Paid by CTSI $ (optional, paid by employee - $ per pay period) $ (optional, paid by employee - $ per pay period) $1, (optional, paid by employee - $ per pay period) Dental Insurance: CTSI pays for eligible employee-only coverage. Employee s dependents may be added, at employee s expense. In-network or out-of-network service providers determine benefits paid. This plan is subject to change, annually, at renewal. Open enrollment period is the month of June. See the Summary Plan Description for more detail. Individual Covered Premium Cost Per Month effective 7/1/2018 Employee Only spouse Only dependent children Both spouse and children Paid by CTSI $61.76 (optional, paid by employee - $30.88 per pay period) $61.76 (optional, paid by employee - $30.88 per pay period) $61.76 (optional, paid by employee - $30.88 per pay period) Vision Insurance: CTSI pays for eligible employee-only coverage. Employee s dependents may be added, at employee s expense. In-network or out-of-network service providers determine benefits paid. This plan is subject to change, annually, at renewal. Open enrollment period is the month of June. See the Summary Plan Description for more detail. Individual Covered Premium Cost Per Month effective 7/1/2018 Employee Only spouse Only dependent children Both spouse and children Paid by CTSI $6.86 (optional, paid by employee - $3.43 per pay period) $6.40 (optional, paid by employee - $3.20 per pay period) $14.82 (optional, paid by employee - $7.41 per pay period) Life Insurance & Accidental Death and Dismemberment: The eligible employee is offered $15,000 life insurance coverage, which is provided by CTSI, at no cost to the employee. Page 2 Benefit Plan Year 7/1/2018 through 6/30/2019

3 Optional Coverage through AFLAC: Various other coverages are available for purchase by regular full-time employees and can include employee dependents. CTSI coordinates with AFLAC so that employees can purchase AFLAC coverages via payroll deduction. Please contact CTSI s AFLAC representative for pricing and for a full list of options available. All prices subject to change annually at renewal. Examples of the coverages available from AFLAC are: Cancer: Policies are available at three levels of coverage. This insurance policy will provide benefits that help meet expenses normally not covered by medical plans. Hospital Intensive Care Protection: Designed to provide funds to help cover the extra expenses associated with a stay in intensive care. It pays you directly unless assigned. Accident/Disability Insurance: This plan provides flexible protection should you become injured as a result of an accident such as disability income. Plan includes accidental death and dismemberment coverage. Flexible Spending Plans (Pre-Tax Advantage): The Flexible Spending Account enables you to redirect a portion of your salary (as an employee contribution) into two specific types of funds. Redirecting part of your salary into a Flexible Spending Account(s) means that your taxable income will be calculated after the elected amounts for the respective expenses are taken from your salary, thus reducing federal taxes. Unreimbursed Medical Expenses: Although the health care program will pay a portion of many of your health-related expenses, you will still incur some medical, dental or vision expenses. Qualified expenses that you pay out of pocket, such as deductibles, co-payments or expenses above reasonable and customary limits, can be reimbursed under this plan as they are incurred up to the fund limit you establish (maximum of $2, per program year). Dependent Care Expenses: This program allows you to obtain a reimbursement for qualified expenses you have incurred related to the care of children age 12 and under and/or elderly or incapacitated dependents (maximum of $5, per program year). Reimbursements will be made based on your fund balance at the time. Individuals need to estimate their expenses to determine how much they want to contribute to each of these programs. If you do not have enough expenses for reimbursement from either of the funds within the allotted period of time, then the funds are not returned. More details can be provided if you desire. Page 3 Benefit Plan Year 7/1/2018 through 6/30/2019

4 Section 125 Cafeteria Plan: Payroll deductions for the various coverages described previously are typically covered by CTSI s Section 125 Cafeteria Plan. This plan allows for the premiums for such coverage to be deducted from your payroll on a Pre-Tax basis. This in effect reduces your Federal Taxable Income and your reportable Social Security Wages. Unless notified in writing, your premiums will be processed under this plan. In addition, you will not be able to change your coverage outside of normal open enrollment periods unless you experience a qualifying event (i.e., marriage, divorce, birth of a child, death, etc.) Should you wish to have your premiums treated as Post-Tax, you will be able to change your coverage throughout the year without a qualifying event. You will need to complete a waiver of such Pre-Tax Benefits. All premium prices subject to change annually at renewal. 401(k) Savings Plan: You have the option to move (rollover) existing qualified retirement assets from a previous employer s qualified plan to CTSI s 401(k) plan after you have been employed for 60 days. After meeting the eligibility requirements you can save by designating payroll deductions to be contributed to your CTSI 401(k) plan account on a pretax basis. CTSI will match a portion of your 401(k) contributions at a rate of 1:1 for the first 3% and ½:1 from 3 to 5%. Your contributions and CTSI matching contributions cannot exceed a maximum dollar amount determined by the Internal Revenue Service each year. This is subject to change with plan amendments. CTSI s plan offers many advantages for building your retirement nest egg. As a participant, your funds will be placed in a retirement account where you can select one or more funds from a select list of portfolio investments. The Plan also has a Self Directed component where you can use your retirement savings to purchase thousands of selfdirected investments. If you do not make any designation for your retirement funds, they will be invested in a portfolio fund based on your anticipated retirement date. CTSI s 401(k) Plan is administered by ForUsAll. This is an internet based platform where you will have the right to change or update your retirement plan designations as you see fit. Generally, employees can begin participating in the plan after one year and 1,000 hours of service at CTSI. Once eligible to participate, you will be automatically enrolled at 6% with an annual increase of 1% per year thereafter (until you reach 15%). You MUST change your designations if you do not wish to contribute at this rate. You can decline to participate or change these default rates at any time by going online to the ForUsAll site. Please see CTSI Employee Handbook for more details on eligibility and participation in the Plan. In addition, the 401(k) Summary Plan Document provided by ForUsAll should always be the primary source of information about how CTSI s 401(k) Retirement Plan works. Page 4 Benefit Plan Year 7/1/2018 through 6/30/2019

5 Paid Time Off: Eligible employees have the following paid time off benefits: Vacation: Provides opportunities for rest, relaxation, and personal leisure. Vacation is determined by service time. The following is a schedule of eligible vacation. The length of eligible service is calculated on the basis of a benefit year. This is the 12- month period that begins when the employee starts to earn vacation time. Vacation time accrues with each pay period. Vacation Earning Schedule Years of Service Vacation Days First Year 5 After One Year 10 After Five Years 15 After 10 Years 20 Holidays: The following eight (8) holidays are observed time off. Paid holidays are provided to eligible employees. Should a holiday fall on a Saturday then Friday will be observed, if the holiday falls on a Sunday then Monday will be observed. Days to be observed will be announced before time. New Year s Day (January 1) Memorial Day (last Monday in May) Independence Day (July 4) Labor Day (first Monday in September) Thanksgiving (fourth Thursday in November) Day after Thanksgiving Christmas Eve (December 24) Christmas (December 25) Sick Leave Benefits: Sick leave benefits are provided to all eligible employees for temporary absence due to illness or injury. Eligible employees accrue sick leave benefits each month at the rate of 6 days per year. Sick leave benefits are calculated on the basis of a benefit year, the 12-month period that begins when the employee starts to earn leave benefits. Eligible employees may use sick leave benefits for an illness or injury in their family as defined by the policy. Bereavement Leave: Up to five (5) days of paid bereavement leave will be provided to eligible employees in the event of death of an immediate family member as defined by the policy. Jury Duty: CTSI encourages employees to fulfill their civic responsibilities by serving jury duty when required. Up to 40 hours of paid jury duty leave over any eighteen-month (18) period may be requested. Page 5 Benefit Plan Year 7/1/2018 through 6/30/2019

6 Fitness Reimbursement Plan: CTSI will reimburse employees up to $ per calendar year of fitness facility membership expense. This amount can only be submitted once per calendar year for reimbursement. The reimbursement request should be submitted on an expense report in the same manner you would for business related expense reimbursement requests. Your receipt should show the name of the facility and a list of all members covered under the membership (of which you must be included). Without documentation of amounts per member, family coverage receipts will be treated as applicable evenly over the number of members listed. Personal Financial Management Training Benefit: In an effort to promote and encourage personal success and achievement of personal financial goals, CTSI will reimburse the regular full-time employee for their cost of the course fee for both the employee and the employee s spouse to attend a Dave Ramsey Financial Peace University course. The course can be attended locally or on-line. The reimbursement request should be submitted on an expense report in the same manner you would for business related expense reimbursement requests. Referral Program: In an effort to promote and encourage the growth of the quality of people we have and the service level we provide to our customers, CTSI wants to encourage you to share with others our history and our culture. If you know of someone that would be a good fit for us and can contribute to our success, we encourage you to reach out to them and let us know. Ask your supervisor or HR Representative for more details on how this program works. Training: The management of CTSI provides many opportunities for staff to participate in educational, training and staff development classes, conferences, seminars, etc. Training cost is budgeted yearly per employee to insure that each person receives the best possible training to provide them with the knowledge they need to perform their job responsibilities as well as keep certifications current. You should get with your immediate supervisor to discuss your training requirements and/or wishes. Page 6 Benefit Plan Year 7/1/2018 through 6/30/2019

7 Closing Statement We hope that this Employee Benefit Summary and Explanation has provided you enough information in reference to CTSI benefit opportunities. In addition to offering excellent and competitive benefits, CTSI provides a work atmosphere where people are valued as individuals and team members and treated with dignity, fairness and respect. Mission Statement Our mission is to improve the life and business success of clients by providing integrated solutions and professional services to meet their technological and organizational needs. Shared Values To assist us in focusing on our mission, we have established a set of shared values to provide guidance while completing our mission. 1. We must be sure that everything we do reflects exceptional levels of quality. 2. We must show high integrity in all relationships. 3. We must be involved in providing prompt, courteous, knowledgeable service to meet the needs of our clients. 4. We must foster a close relationship with our clients that will result in a better understanding of what they are experiencing. 5. We must encourage innovative, independent action, team spirit and personal growth in all employees. 6. Everything we promise, we do. Should you have questions, please let us know. Page 7 Benefit Plan Year 7/1/2018 through 6/30/2019