Smith & Loveless Inc.'s 2007
Benefits
Our benefits package makes a
career with Smith & Loveless an
attractive opportunity.
Company-Paid Benefits - Full Time
Non-Bargaining Unit Employment
You will find a general summary of Smith
& Loveless Year 2007 Benefits for
Full-Time Non-Bargaining Unit Employees. The
Smith & Loveless Human Resources
Department can provide you with a complete
summary, including effective dates. The
information contained herein is for
informational purposes only and is not
intended to nor does it create an offer or
promise of employment or an employment
contract. Smith & Loveless employees are
employees at will. The benefits noted above
may be changed, modified or eliminated from
time to time at the sole discretion of Smith
& Loveless, Inc.
401(K) Profit Sharing Plan New
employees are eligible to join on the first
day of the quarter after 31 days of
employment. Employees direct how their funds
are invested, choosing between more than a
dozen mutual funds. Employees can access
their accounts via the internet to make
investment changes and monitor their
progress.
401(K) Profit Sharing Match The
Company makes an annual Profit Sharing
Contribution based on the profitability of
the Company in the previous year. The
Company Contribution is 100% vested after
the employee has been with the company for
one year.
Profit Sharing Bonus As a
privately held corporation, Smith &
Loveless distributes a percentage of its
profits back to its non-bargaining unit
employees through a Profit Sharing Bonus
during the month of December. Amount of
Profit Sharing Bonus dependant upon the
profitability of the business unit the
employee works for during the previous
fiscal year.
Holidays Ten paid holidays per
year. Holidays observed: New Years Day,
Washingtons Birthday, Good Friday,
Memorial Day, Independence Day, Labor Day,
Thanksgiving, Day after Thanksgiving,
Christmas Eve, and Christmas Day. Effective
immediately.
Vacation Two weeks of vacation
after one year of employment, three weeks
after five years, and four weeks after
fifteen years.
Personal/Sick Days Covers
illnesses of less than 2 days and short
periods of time off from work to handle
personal matters. Six days per calendar
year. The number of days allowed for a new
employee is determined by the starting date
of the employee.
Salary Continuation Allows for
pay to continue while off if sick or injured
for more than 2 days or if having outpatient
surgery performed. Maximum number of days
allowed is determined by length of service
with the company.
Long-Term Disability Pays 66 2/3%
of base salary after being off for 180 days.
Life Insurance One times annual
salary rounded up to next higher thousand.
Maximum $175,000.
Accidental Death & Dismemberment
Basic benefit $20,000.
Employee-Paid Benefits - Full Time
Non-Bargaining Unit Employment
Health Insurance Two plans to
choose from:
Coventry HMO has a $10 co-pay for
doctor visits and $5/$15/$45 co-pay for
prescriptions. Mail order prescription
service is also available. See packet for more
information. Amount the employee pays is
based on monthly salary, which plan is
chosen, and a formula.
EPOCH PPO has a $375 deductible
per person with a maximum of a $900
deductible per family. After the deductible
is met, the employee then pays either 15% or
30% of the bill depending on if the patient
uses the HealthNet or CCN PPO Network or
not. See handbook for more information. The
prescriptions are through WMS which the
employee pays $8/$15 co-pay. Mail order
prescription service is also available. Note:
prescriptions do not go toward the medical
deductible. Amount employee pays is based on
monthly salary, which plan is chosen, and a
formula.
Additional Life Insurance An
additional one times annual salary rounded
up to the next higher thousand. Maximum
$175,000. Effective the first of the month
after 31 days of employment or any time
thereafter in which the employee chooses
additional life. A statement of health must
be completed if this insurance is chosen any
time after the enrollment date. Amount
employee pays is based on monthly salary,
age, and formula.
Dependent Life Insurance Life
insurance in the amount of $5,000 on spouse
and $5,000 on dependent children over 6
months old. The cost to the employee is
$2.00 per month total.
Optional AD&D An additional
amount of AD&D may be elected in $10,000
increments up to $500,000. Subject to a cap
of 10 times annual salary for amounts over
$250,000. Effective the first of the month after
31 days of employment or any time thereafter
in which the employee chooses optional
AD&D.
Dental Insurance has a $50
deductible with $1000 limit. Preventative
maintenance is covered 100% twice a year for
reasonable and customary charges. See book
for coverage on other services. Amount the
employee pays is no extra charge as long as
a medical plan has been chosen.
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