What types of benefits do other companies offer?
DeniseR
22 Posts
[font size="1" color="#FF0000"]LAST EDITED ON 10-05-01 AT 07:40AM (CST)[/font][p]Hello Everyone. I was hoping I could get some assistance. I am the benefits manager for my company and my main responsibility is to improve my company's benefit plan. Can anyone out there tell me what benefits (health, 401K, FSA etc) that you offer and the details on it? Deductible amounts, 401K matching that your company offers, incentives you offer etc. thanks. It would help me a lot because I want to make sure that I am competitive with what we are offering. thanks for all of your help! By the way, we are a direct sales company of lasers and sensors for factory automation with 200 employees. We have 27 sales office nationwide with our corporate offices in NJ.
Denise Robinson
Denise Robinson
Comments
If you include some general business info (type/size/location/etc), there may be some folks willing to network. Being competitive is often industry specific.
Any help you can offer would be great!
Denise Robinson
medical (PPO, 20 co-pay, 500 deduct, 70/30);
dental (50 deduct, 1500 max);
employees pay $35/month plus all of dependent coverage;
Section 125;
20k life/ad&d and additional life/ad&d;
401(k) with 4% company match paid into account monthly;
1 week vacation after 1 year progressing to 4 weeks after 15 years;
and 7 paid holidays.
That's all of it -- which doesn't sound like much, but my average longevity is 3.5 years, with almost half over 5 years. The company is 14 years old, so we must be doing something right.
Our benefits: 12 sick days per year; 3 weeks vacation to start (4 weeks for 3 to 19 years & 5 weeks for 20 years); 9 holidays; 401-K with 1-1/2% base contribution and up to 3% match contribution; LTD & Life insurance (twice annual salary benefit); health plan 80/20 with 250/per person deductible ($1250 annual out-of pocket(includes prescription plan); 125 plan; supplemental insurance plans; education assistance; sick leave bank; anniversary recognition ($25 - $200/per year)
Hopes this helps.
We offer two benefits newsletters (one is for non-profits), both of which include a "Survey Says" section every month reporting the type of information you are asking about. Also on the Benefits News page are links to benefits reports, including one called "Employer Checkup: How to Choose & Manage Employee Health Benefits."
Here's a link directly to the Benefits News page:
[url]http://www.hrhero.com/benefitsnews.shtml[/url]
Christy Reeder
Website Managing Editor
[url]www.HRhero.com[/url]
Health -- Co. pays 100% of premium for employee coverage in a basic PPO (annual deductible, $20 office visit copay, $35 for name-brand Rx, includes dental and vision). Employee can pay $25/mo. for a better PPO. Family coverage is about $300/mo.
401(k) -- For the first 6% employees contribute, Co. matches 25 cents on the dollar.
Life, short-term disability, and long-term disability insurance -- there's a group policy, but employees must pay 100% of premiums.
Leave -- three weeks per year (vacation and sick leave combined). 3-1/2 weeks after five years, four weeks after 10 years.
James Sokolowski
Senior Editor
M. Lee Smith Publishers
We offer 2 health plans HMO & PPO. Company pays 75% of single coverage and employee pays the rest plus dependents.
Employer pays $20,000 life insurance
401k - employer matches 25% of the first 6%.
We give 5 sick a year & can accumulate to a max of 30 days
Vacation - 1wk/1 yr; 2wks/2 yrs; 3 wks/ 7yrs
We also offer additional life, STD, pre-paid legal & cancer at the employees expense.
And we also offer an educational assistance program.
PTO - 24 days (breaks down to 7 holidays, 7 personal/sick, 10 vacation). We add 5 days after 5 years service and another 5 days after 10 years service. We also do not require a new employee to actually accrue or work a minimum days before paid leave is granted. As long as they carry the full-time status, they are eligible to take PTO. We also offer 2 days PTO as an incentive for recommending a new hire. The new hire must work for a minimum of 6 months before the time is actually earned, however once again, we do not make the employee wait until the time is actually earned, they can shecdule that time immediately. All PTO rates are understood to be re-prorated for termination prior to 12/31 of any year.
Insurance - major medical insurance is provided for the employee (80/20, prescrption plan, no dental, no vision), dependent coverage is at the employee's expense, averaing about $200/month (except rates will be jumping up 27% in the coming months). Life insurance for employee $15,000, spouse $5,000 and childrend $2,500 included. Other insurance plans available at the employee expense, dental, term-life, ST disability, cancer and accident/illness.
Medical Reimbursement - we give a $500 annual "expense account" for employee out-of-pocket medical expenses. Most people use it for vision and dental and their deductible. They must provide proof of paid receipts.
401(k)/profit sharing: we match their 401(k) contributions at at 50% rate up to a maximum of 3% and we also provide a profit sharing contribution that is no less than 3%.
Those are the biggies, there are a few others that have to do with professional courtesy with the local hospitals.
- Health Insurance $500 ded. 80/20 coverage 100% preventive care. The employer pays 97% for single coverage and 58% for family coverage.
- Dental insurance is paid 100% for employee coverage, employees can choose to pay the premium for spouse, children or family coverage. 100% preventive care coverage, $25 deductible per year 50% coverage on all other work, $1,000 lifetime coverage on orthodontics.
- Life insurance - Employer pays 100% for $25,000 or $40,000 policy depending upon employees monthly wage.
- Dependent Life - Employees can choose to carrying $2,000 dependent life insurance policy. They pay full premium ($.70/month).
- LTD: employee pays $4.42 per month employer pay the remaining premium. 66% of gross income after 60 day waiting period.
- Holidays: 9 paid holidays (2 are personal days)
- Vacation time: 2 weeks, after 5 years 3 weeks, after 10 years 4 weeks.
- Sick time earn one day per month upto 60 days. When at 60 days if we do not use any sick time in a quarter we earn an additional 8 hours of vacation for that quarter -- potential to earn 4 extra vacation days per year.
- Defined benefit pension plan 100% funded by the employer.
- 403b
- Free single membership to our Health and Recreation facility
- Health and dependent care flexible spending accounts.
- Weekly 15-minute massage benefit.
We are a manufacturing company in TN with 92 employees. We offer HMO and POS Medical options with employee only contribution rate of $15 for Single coverage and $200 for family. We offer 10,000 for Life, with Supplemental Life available. Our dental plan is voluntary and we have about 50% participation. 401K is a match of .50 on a dollar up to 4%. We have vacation time of 1 week after one year. 2 weeks after 3 years and 3 weeks after 9 years of employment. No sick time
Our entire benefit package consists of:
Medical 70/30
Dental 70/30
Company paid Short Term Disability (60 Percent)
Life insurance 10,000 Team Members pay 12 cents a month (Team Member only)
Voluntary Life (family included), Long Term Disability, and Vision
2 weeks of vacation accrued after 1 year
3 weeks of vacation after 3 years
2 sick days per year
401K plan eligible after 1 year or 1,000 hours worked
401K fully vested after 5 years
matching contribution up to 6%
6 holidays off a year
100% paid tuition reimbursement if A average (books not included)
80% paid tuition reimbursement if B average (books not included)
Annual Holiday Event(Team Member,spouse or guest)
Holiday Bonus
Annual Awards Event(Employee only)
$150.00 worth of free product a month
Do you think this package is fair? if so, please let me know. If not, please state why it isn't and what packages do you offer. Keep in mind we are 8 years old, have 65 employees, and we are the corporate office of a network marketing company for nutritional, skin and home care products. We want to make our Team Members happy, but we all know that is impossible. So, if you have suggestions on what areas we can improve please feel free.
Thank you for all your time,
Aida~