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The following is an outline
of the PensionSmart, Inc. benefits package effective January
1, 2002.
401 (k) Plan
Key features include:
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Contribute up to $11,000 to
the plan through automatic payroll deductions on
a before-tax basis
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PensionSmart will match your
salary reduction contributions up to 4% of your compensation
for the calendar year
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Invest contributions and
company-match at your discretion
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A 25%, 50%, 100% 3-year
vesting schedule on company contributions
Vacation, Sick Time and Holidays (Paid Time Off)
Vacation time and sick time are combined and designated as
Paid Time Off. At the time of hire, employees receive a
prorated share of 20 days of paid time off. After that, PTO is
allotted annually at the first of the calendar year, according
to the following schedule:
· During years 1-3, employees receive a 20-day PTO allotment.
· During years 4 and beyond, employees receive a 25-day PTO
allotment.
PTO is granted for use during a specific calendar year and
does not accrue over time. One half of an annual allotment may
be carried over for use during the first six months of the
calendar year following the grant, provided that the employee
has manager approval. The maximum PTO balance is 30 days
during the first three years of employment and 38 days after
three years of employment.
Employees enjoy 11 company-paid holidays per year, including
New Year's Day, Martin Luther King Jr.'s Birthday, Presidents'
Day, Memorial Day, Independence Day, Labor Day, Thanksgiving
Day and the following Friday, Christmas Day, one
company-designated floating holiday, and one personal floating
holiday.
Medical, Dental and Other Benefits
Medical Plan
Medical Insurance is a company paid benefit. Private
Healthcare Systems (PHCS) is the nation's leading network
management company. PHCS offers provider networks, medical
management and behavioral health services to employers through
a group of commercial insurance carriers
Vision Plan
Receive discounts of 20% to 67% on frames, lenses, contact
lenses, and accessories from participating Pearle Vision,
Sears, JCPenney, and private eyewear centers. One routine eye
exam per year under the preventive care benefit.
Disability Insurance
PensionSmart's disability plans offer income replacement to
provide financial protection for you and your family if you
can't work over a temporary period of time because of illness,
pregnancy, or injury. PensionSmart provides basic short-term
and long-term disability coverage at no cost to you.
Life and Accident Insurance
* All benefits subject to
eligibility, conditions and plan rules.
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