Smith & Loveless Full-Time Employee Benefits
Working at Smith & Loveless offers the benefit of working for a company with a friendly office environment, is environmentally friendly and one that can offer you advancement opportunities. Additionally, we offer these key benefits.
401(K) 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 may make an annual discretionary Profit Sharing Contribution to non-bargaining unit employees 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 may distribute a percentage of its profits back to its non-bargaining unit employees through a discretionary Profit Sharing Bonus during the month of December. Amount of Profit Sharing Bonus is dependent 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 Year’s Day, President’s Day, 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. Vacation is earned and accrued on the service anniversary each year, but may be taken after January 1st.
Personal/Sick Days
Covers illnesses of less than 2 days and short periods of time off from work to handle personal matters that cannot be handled outside of business hours. Six days (48 hours) per calendar year. Effective the first of the month after 31 days of continuous employment.
Short-term Disability
Salary continuation for illness, injury, hospitalization, or surgery lasting more than 2 days. Maximum number of benefit days and pay level is determined by length of service with the company. Effective the first of the month after 4 months of continuous employment.
Long-term Disability
Pays 66 2/3% of base salary after being off for 180 days. Effective after one year of employment.
Life Insurance
One times annual salary rounded up to next higher thousand. Benefit subject to age reduction schedule.
Maximum $175,000. Effective the first of the month after 4 months of continuous employment.
Additional Life Insurance
An additional one times annual salary rounded up to the next higher thousand. Maximum $175,000. Amount employee pays is based on monthly salary, age, and formula. Effective the first of the month after 4 months of continuous employment.
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. Effective the first of the month after 4 months of continuous employment.
Accidental Death & Dismemberment
Basic benefit $20,000. Eligible the first of the month after four months of continuous employement - not anytime thereafter - must wait until next enrollment if not enrolled when eligible.
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. Amount employee pays is based on age and formula. Effective the first of the month after 4 months of continuous employment or anytime thereafter.
Health Insurance
Two plans available to choose from:
HMO
Has a $20/40 co-pay for doctor/specialist visits and a co-pay for prescriptions. Mail order prescription service is also available. See packet for more information. Employee contributions are based on monthly salary, which plan is chosen, and a formula. Effective the first of the month after 4 months of continuous employment.
PPO
Has an in-network $450 deductible per person with a maximum of $1,100 deductible per family. After the deductible is met, the employee then pays either 15% or 30% of the bill depending on whether the patient uses the in network or out of network providers. See handbook for more information. The prescriptions are through WMS which the employee pays a co-pay. Mail order prescription service is also available. Note: prescriptions do not go toward the medical deductible. Employee contributions are based on monthly salary, which plan is chosen, and a formula. Effective the first of the month after 4 months of continuous employment.
Note: Spouses with medical insurance available through another employer are not eligible or may have a surcharge for S&L medical coverage.
Dental Insurance
Has a $50 deductible with $1,000 limit. Preventative maintenance is covered at 100% twice a year for reasonable and customary charges. See book for coverage on other services. Employee contributions are a flat rate depending on which plan is chosen. Effective the first of the month after one year of employment.
Flexible Spending Plan
Participation may be selected for pre-tax treatment of employee insurance contributions, dependent care expenses, and/or unreimbursed medical expenses. Plan limits may vary annually. Effective the first of the month after 31 days of continuous employment.