Employees’ Benefit Program Clause Samples

Employees’ Benefit Program. Your Benefits Program consists of plans that provide you financial security and policies that provide you paid time-off away from work. Health and welfare plans include healthcare, accident and sickness (A&S) insurance, basic life insurance, supplemental life insurance, vision care, and business travel accident insurance. Retirement plans include pensions and 401(k). All of these plans require you to be a full-time employee. All of the health and welfare plans require you to complete 360 work-hours of your probationary period (not to exceed 90 days*) from date of hire before you can participate. For the IAM National Pension Fund, that eligibility period is 60 calendar days from date of hire. The 401(k) plan does not have a service requirement for eligibility. BIW pays the full cost of your pensions, A&S insurance, basic life insurance and business travel accident insurance, and pays most of the cost of your healthcare. BIW also matches a portion of your contributions to your 401(k) account. These plans are ERISA plans and their terms and conditions are governed by plan documents and/or insurance contracts, all of which are available through the BIW Benefits Department. Therefore, the language contained in this Agreement for these plans is intended to represent only highlights of the plans. A summary plan description for each of these plans, which will give you further information in addition to these highlights, is available to you. *For clarification purposes only and to comply with PPACA requirements In addition to the ERISA plans above, BIW sponsors a wellness program and will continue to offer a program where you can obtain insurance for personal property. Policies that provide you paid time-off away from work include compensated time-off, bereavement, jury/military/witness pay, and holidays. Additionally, LS6 sponsors a dental plan, a long-term disability plan, and an A&S plan which supplements the A&S that BIW sponsors for you. Each of these plans requires you to make contributions if you choose to participate in them. The language contained in this Agreement is limited to the terms and conditions that BIW and LS6 have agreed to so that if you elect to participate in them, your contributions to these plans will be deducted from your paycheck. To the extent permitted by law, your contributions for the dental plan will be deducted from your paycheck on a pre-tax basis. Your contributions for the supplemental A&S and long-term disability will be deducte...