We are pleased to announce the following changes that will be made to our benefit plans effective January 1, 2016:
- 401(k) Plan:
- The employer match is changing from 50% up to 8% (current match) to 100% up to 4%.
- This means that you can now receive the full employer match by contributing 4% of your earnings, instead of 8%.
- In addition, all employees will be immediately 100% vested in employer matching contributions.
- The employer match is changing from 50% up to 8% (current match) to 100% up to 4%.
To better support our employees with families, the company is adding the following:
- Maternity Benefit:
- For new mothers, the first week of Short Term Disability (i.e., the waiting period) will now be paid at 100% of salary. Previously, during the waiting period, new mothers had to use sick leave, annual leave or leave without pay.
- Paternity Leave:
- New fathers will now be eligible for five days of paid leave at 100% of salary, following the birth or adoption of a child.
- Family and Medical Leave Act (FMLA) policy:
- If both spouses work for the Company, each spouse is now eligible to take up to 12 weeks of unpaid FMLA leave (previously allowed to take a total of 12 weeks combined) for birth or adoption.
