Benefits
PENSION:
1. Eligible employees are those who are anticipated to work 1000 hours or more each year, have attained age 21.2. The employer will contribute 3% of your compensation up. Employees will contribute 3% of compensation on a pre-tax basis.
3. Vesting is based on all years of employment with the employer. The vested interest will be 10% after 2 years of service, 30% after 3 years of service, 50% after 4 years, 75% after 5 years and 100% after 6 years of service. An employee is 100% vested at age 62 regardless of years of service.
4. If a participant terminates employment prior to retirement and the vested employer account is under $5,000 the vested amount will be paid to the employee. If the funds from the employer contributions exceed $5,000, the funds will be left on deposit, to be paid at retirement..
LIFE INSURANCE:
1. Eligible employees are those who average 87 hours/month and have completed 30 days of service.2. Life insurance is 2x their annual salary rounded to the next $100 up to $250,000.
3. Hospital pays 100% of premium for all eligible employees
LONG TERM DISABLITY:
1. Eligible employees are those who average 130 hours/month and have completed 30 days of service.2. Insured for 60% of gross monthly salary.
3. Hospital pays 100% of premium for all eligible employees.
DEPENDENT LIFE INSURANCE:
1. Eligible employees are those who average 87 hours/month and have completed 30 days of service.2. Eligible dependents include: Spouse - $5,000; Children - $1,000 / 7 days but less than 6 months;
Children - $5,000 / 6 months to age 21 (25 if a full-time student)).
3. Hospital pays 100% of premium for all eligible employees.
Greenwood County Hospital Health Insurance Plan-Self Insured:
1. Eligible employees are those who average 87 hours per month.2. Coverage begins on the first of the month following 30 days from employment date.
3. Bi-weekly premium is taken out before taxes.
4. No pre-existing conditions.
DELTA DENTAL COVERAGE
Preventive Dental - No deductible - 100% Payment. Oral examination & dental x-rays.Primary & Major Dental - $25/$50 deductible - 50% payment. Fillings (except gold), simple extractions; repair of dentures; oral surgery; inlays & crowns (not part of a bridge), dentures, full or partial and bridges.
COLONIAL LIFE & ACCIDENT INSURANCE COMPANY:
1. Eligible employee are those who average 87 hours per month.2. Premiums vary depending on the type of insurance and coverage amount selected.
3. Colonial will visit the hospital once per year to sign up new and existing employees. The time and date will be posted.
4. Colonial offers Disability Coverage, Accident Coverage, Hospital Income Coverage, Cancer Coverage, Critical Illness Coverage, Intensive Care Coverage, Universal Life Insurance, and Term Life Insurance.
5. Bi-weekly premium can be taken out before or after taxes.
457 DEFERRED COMPENSATION PLAN (DCP):
1. All employees are eligible immediately following employment.2. Employees can make monthly deposits of a set dollar amount.
3. Compensation deferred into the plan, as well as any earnings, is not subject to federal and state income tax until distributed. This means a Section 457 Plan will allow your retirement savings to grow while reducing your federal and state income tax - a special tax advantage.
MEDICAL AND DEPENDENT CARE REIMBURSEMENT - PLAN 125:
1. New employees can sign up on the first of the month following their employment date. All other employees, the sign up date is September of each year.2. These are individual accounts used by employees for their own personal, unique needs. The Health Care and Dependent Care Accounts provide a way for an employee to pay for certain unreimbursed health care and dependent care expenses with tax-free dollars. Employees save money because their contributions are made before taxes are deducted. Employees contribute
before-tax dollars directly from their pay to either or both spending accounts. Then they can use the money in these accounts to pay for eligible expenses.
3. Employees must present evidence of expense before payment is made.
4. At the end of the plan year, as required by the IRS for plans of this type, the employee forfeits any before-tax dollars left in either of the accounts.
