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BENEFIT SUMMARY FOR
2006
Following is a summary of
C.L. Frates and Company employee benefits for 2006, effective January 1,
2006.
Insurance
New hires eligible
after 30 days; preexisting condition clauses may apply
Health, Medical and Prescription Drugs- 01/01/2006 –
12/31/2006
C. L. Frates and Company Self-Insured Health Plan
PPO
Managed Care Health Plan (Refer to plan benefit schedule)
Oklahoma Network is PPO Oklahoma; elsewhere CCN.
Option A
In-Network: $1,250 single; $2,500 family –
annual deductible
Out-of-Network: $2,500 single; $5,000 family – annual deductible
After deductible, you pay 20% in network, 40% out of network
Maximum out of pocket in-network $5,000 single, $10,000 family
Maximum out of pocket out-of-network $10,000 single, $20,000 family
Option B
In-Network:
$2,500 single; $5,000 family – annual deductible
Out-of-Network: $5,000 single; $10,000
family – annual deductible
Other Coverage: After deductible, you pay
20% in network, 40% out of
network
Maximum out of pocket in-network
$5,000 single, $10,000 family
Maximum out of pocket out-of-network
$10,000 single, $20,000 family
Prescription drug benefits are accessed
through Script Care discount
network.
This is a “Qualified High
Deductible Health Plan” offering corresponding Health Savings Account (HSA)
options with discretionary company contributions. HSAs are an exciting
new method for managing health care costs now and over the long term.
(See “Cafeteria Plan” under voluntary benefits for details.)
Premiums for this benefit are company paid at 100%.
Dental – 01/01/2006 – 12/31/2006
C. L. Frates Self-Insured Dental Plan
$50 / person annual
deductible; $150 / family annual maximum deductible
100% covered – diagnostic / preventive services
80% covered – basic procedures
50% covered – major procedures
$1000 maximum / year / person
Premiums for this benefit are company paid at 100%.
Life / AD&D – 01/01/2006 – 12/31/2006
Hartford
$25,000 Life
Insurance and $25,000 AD&D provided by Company.
Premiums for this benefit are company paid at 100%.
Short Term Disability – 01/01/2006 – 12/31/2006
C. L. Frates
Self-Funded Plan
Graduated benefits
during first three years of service, full benefits thereafter.
Costs for this benefit are company paid at 100%.
Long Term Disability – 01/01/2006 – 12/31/2006
Hartford
60% of basic
monthly earnings to maximum benefit of $8,000 / month after 90 days of
qualified disability.
Premiums for this benefit are company paid at 100%.
Employee Assistance Plan – 01/01/2006 – 12/31/2006
Alliance Work
Partners (AWP)
Direct access to private counseling
services is available to employees and those who reside in their
household. Six sessions per individual, per event, per year are available
without charge. Access to limited legal services is also provided.
Premiums for this benefit are company paid at 100%.
Paid Leave Benefits
Bank of Days:
Year of
hire, prorated leave to end of calendar year
1 through 5
years (full calendar years) of service – 20 days leave
6 through 14
years of service – 25 days leave
15 or more
years of service – 30 days leave
Leave time
is made available and is to be used on a calendar year basis. A 5 day
carryover of unused leave to the next calendar year is allowed.
Holidays
The company observes the
following annual holidays:
New Year’s Day
Memorial Day
Independence
Day
Labor Day
Thanksgiving
and the Friday following
Christmas
Day
Floating
Holiday – to be designated annually
Tuition Reimbursement – 01/01/2006 –
12/31/2006
Available for
approved courses that benefit your position and professional development
with the company, according to policy guidelines. Designation Currency
training also available in most professional disciplines.
Optional
Benefits, which may be selected. Payment for these benefits will be by
payroll deduction.
Retirement Savings and Thrift Plan – 01/01/2006 – 12/31/2006
ING
Employees may
enroll and initiate participation at time of hire, or on any subsequent
calendar quarter thereafter. Current participants may make contribution
changes at the beginning of any calendar quarter: January 1, April 1, July
1, and October 1. Employees may contribute $15,000 in 2006; those 50
years of age and over may contribute $20,000. Ample and varied fund
selections offered.
Employer Matching
Contribution is 100% of the first 1% through 6%, of the Employee
Contribution. This is a discretionary contribution on behalf of the
Company.
Voluntary Supplemental Term Life – 01/01/2006 – 12/31/2006
Hartford Life Insurance Company
Additional
term life insurance is available at time of hire. Limited “guarantee
issue” amounts are available during the first 30 days of employment.
During annual open enrollment, elections become subject to the carrier’s
evidence of insurability guidelines. Employee maximum is 5 X salary up to
$300,000; Spouse Coverage and Child Rider also available.
AD&D Supplemental Coverage – 01/01/2006 – 12/31/2006
Unum Provident Life Insurance Company
Coverage may
be elected for employee only or family in amounts with various limits up
to $350,000. Enrollment forms for additional AD&D coverage are available.
Cafeteria Plan – 01/01/2006 – 12/31/2006
Cafeteria Plan
voluntary elections are made at time of hire and annually thereafter.
Cafeteria plan voluntary benefits are paid for as payroll deductions on a
“before tax” basis. Cafeteria plan options include:
Health Savings Accounts (HSA)
An
employee-owned savings account funded with tax-free dollars to use for
current health care expenses, or to retain for future needs and uses. When
used for allowable out-of-pocket health, dental and vision expenses,
withdrawals, including investment earnings, are tax free. Combined
Employee and Employer discretionary annual contributions are allowed up to
annual qualified Health Plan deductible amounts.
Option A –
Single –
Limit of $1,250
Family – Limit of $2,500
Option B
–
Single –
Limit of $2,500
Family –
Limit of $5,000
HSA Catch-up Contribution
Maximum of
$700 per year for 2006
Flexible Spending Accounts
Annual pre-tax amounts you elect to set
aside from compensation to fund an account for eligible out-of-pocket
medical, dental, vision expenses incurred within the calendar year. Any
amounts remaining unused at end of plan year are forfeited.
Medical/Dental/Vision Expense Reimbursement FSA
Available to employees who are not eligible
for an HSA
Limit of $4,800 per year
Dental /
Vision Expense Reimbursement
FSA
Same as
above, except plan excludes medical expenses in order to meet HSA
qualification guidelines.
Available to
employees who are enrolled in an HSA
Limit of $4,800 per year
Dependent Care FSA
Annual
pre-tax reimbursement of qualified dependent care costs incurred during
the plan year. Forfeiture rules apply.
Maximum this
plan year - $5,000
(If married
and filing taxes separately, $2,500 is maximum.)
Premium Conversion – 01/01/2006 – 12/31/2006
Allstate / American Heritage / Primary Vision Care Services
Cancer Various benefit levels and
limits
Heart-Stroke
Various benefit levels and limits
Vision Participating Oklahoma
Optometrists;
corrective vision care benefits
NOTE: If
enrolling in premium conversion, request enrollment materials and forms.
C.L.
Frates and Company
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