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L
ONG
T
ERM
D
ISABILITY
(LTD)
V
OLUNTARY
L
ONG
T
ERM
C
ARE
(
PREMIUM
PAID BY EMPLOYEE
)
Available for employee, spouse, parent, grandparent, in-laws; cost borne by employee.
401(
K
) P
LAN
Your long term disability benefits provide you with a source of income in the event
that you are not able to work due to an accident, illness or injury. The LTD benefit
equals 60% of your monthly base earnings to a maximum benefit of $15,000 per
month after a 90-day waiting period. This benefit is fully employer paid.
W
AGE
C
ONTINUATION
P
LAN
Effective one year after date of employment, Firm may pay 60% of compensation for up to 90-days in
lieu of short-term disability. Every occurrence is to be submitted to the Executive Committee for
approval. There are restrictions. If an employee is under a physician’s care and hospitalized or
ordered to stay at home for a period of time, the employee must first use all sick leave and “banked”
sick leave before requesting use of the firm’s Wage Continuation Plan. A woman is deemed
“disabled” for a maximum of six weeks for maternity leave, unless a physician certifies additional time
is required.
All employees working a minimum of 1,000 hours per year are eligible as of the first
enrollment date (January 1 or July 1) following six months of employment; and may
defer a maximum of IRS limit (to include over age 50 catch-up). Effective eligibility
enrollment date, firm contributes 3% of compensation. Employees are 100% vested
for safe harbor firm contributions. Vesting of excess discretionary contributions (if any) are
vested as follows: (as it applies to additional discretionary Firm contributions) 20% - 2
years; 40% - 3 years; 60% - 4 years; 80% - 5 years; 100% - 6 years.
P A G E 6
B E N E F I T S P L A N O V E R V I E W
S
ICK
L
EAVE
Firm provides staff members with five days of sick leave per year on January 1 (prorated for
new hires). Unused sick leave goes into a “bank” at the end of each year and may
accumulate to a maximum of 50 days. Unused sick leave is not paid upon termination of
employment. Excess sick days are deducted from annual leave or taken without pay.
A
NNUAL
L
EAVE
Firm provides staff members with Annual Leave. Annual leave is accrued per pay period; unused leave may
carry over into the next year to a maximum of 30 days. Accumulated leave in excess of 30 days at the end of
the year will be paid at current hourly rate. If annual leave balance is negative at the end of the year, overage
is deducted at current hourly rate. Annual leave balance at termination of employment is paid at the current
hourly rate. Annual leave is earned per pay period as follows:
35 hr/wk:
40 hr/wk:
2.92 hrs first 3 years
3.334 hrs first 3 years
4.38 hrs next 3 years
5.000 hrs next 3 years
5.84 hrs thereafter
6.667 hrs thereafter