2009 EMPLOYEE BENEFIT SUMMARY
(Full Time – Regular Hourly Employment)
PAID HOLIDAYS (9, eligibility 60 days service)
- New Year’s Day
- Day After New Year’s
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving Day
- Day After Thanksgiving
- Christmas Eve
- Christmas Day
VACATION
- One week paid vacation after one-year service
- Two weeks paid vacation after two years service
- Three weeks paid vacation after ten years service
- Four weeks paid vacation after fifteen years service
PERSONAL TIME OFF (PTO) BENEFITS
- 48 hours paid time off maximum per year (after 90-days)
- 100% of hourly wage paid first day; all absences excused (points accumulated for all absences)
- 100% of the unused PTO benefit paid as a bonus before December 15
HEALTH INSURANCE PROGRAM (at optional cost)
Preferred Health Systems Medical Insurance
$10/$20 Doctor Visit Co-Pay
- HMO – per pay period
- Family plan + dental = 112.26
- Single plan + dental = 35.80
$10/$30 Prescription Drug Card
- PPO – per pay period
- Family plan + dental = 103.58
- Single plan + dental = 33.05
Guardian Dental coverage
- Included with Health Insurance but available separately) with 100% paid on preventive dental work
- 80% paid for basic work and 50% paid on major work ($50 deductible for two persons in the family).
- Separate cost is $11.68 / check for family plan, $3.92 / check for single coverage.
- Enrollment begins the 1st of the month following 30 days of employment.
OTHER INSURANCE PROGRAMS (eligibility first of the month following employment)
- Short Term and Long Term Disability Benefits paid by the company (11 weeks of Short Term and up to age 65 for Long Term Disability Benefits).
- Base Life Insurance policy ($10,000 benefit) paid by the company; additional life insurance available at group rates.
401(k) PLAN (eligibility 6 months service)
- Employees may contribute between 2% and 60% of their pre-tax dollars to a pre-determined annual maximum. Bunting Magnetics Co. will contribute $0.25 on the employee’s behalf for every $1.00 the employee defers up to 6% of annual compensation. Vesting schedule: 20% vesting at 2 yrs., 20% vesting per year thereafter, 100% vesting at 6 yrs. of service.
OTHER EMPLOYEE PROGRAMS
- FLEX-PLAN Medical Program allows you to pay, with pre-tax dollars, for medical/dental/child care/ dependent care expenses that are not be reimbursable. Flex-Direct card and 5-day turnaround provides for quick reimbursement. Eligibility same as medical and dental insurance.
- Tuition Reimbursement Program for college credit courses and vocational education courses applicable to your vocation.
- Employee Tool Purchase Plan allows you to pay a maximum of $80.00 per check for tools you purchase through the company for use on your job. Eligibility 60 days service.
- 50% Paid for prescription safety glasses. Eligibility 60 days service.
WALTER F. BUNTING and JUNE A. BUNTING SCHOLARSHIPS
- Scholarship competition for employee’s college-age children, both for university and vocational training.
Note: Benefits may change at any time without prior written notice
