Austin Mutual provides the following benefits to all of its full-time employees
(those regularly scheduled to work 30 hours or more per week). Austin Mutual also
provides these benefits to its part-time employees (those who work at least 20 hours
but less than 30 hours per week). Seasonal or temporary employees are not eligible.
VACATION PLAN
SICK LEAVE PLAN
HEALTH PLAN
DENTAL PLAN
FLEXIBLE SPENDING ACCOUNT
LIFE and ACCIDENTAL DEATH/DISMEMBERMENT INSURANCE
401(k) SAVINGS PLAN
PENSION RETIREMENT PLAN
LIBERTY MUTUAL
LONG-TERM DISABILITY PLAN
HOLIDAYS
TRAVEL ALLOWANCE
EDUCATIONAL ASSISTANCE
AFLAC PLANS
529(c) COLLEGE SAVINGS PLAN
DISCOUNTED BUS PASSES
BONUS PLAN
VACATION PLAN
The vacation plan has been established to provide periodic periods of rest and relaxation
for employees away from work. After completing 60 days of consecutive employment,
new employees will be able to use vacation time of up to 40 hours for an hourly
employee and 80 hours for a salaried employee. The vacation time is to be used during
the first year of employment. At the completion of one year of service or in the
event of termination of employment, any remaining unused time does not vest and
will be forfeited. At the completion of each year of service with the Company (at
anniversary date), employees will receive a lump sum vacation accrual amount according
to the years of service schedule listed below. The schedule is based on a 40 hour
work week. Accrual amounts for individuals working less than 40 hours per week would
be pro-rated. Vacation schedule is as follows:
|
Length of Service |
Annual Accrual |
Maximum Accrual |
|
1 - 5 years |
80 hours |
160 hours |
|
6 - 11 years |
120 hours |
240 hours |
|
12 - 13 years |
128 hours |
256 hours |
|
14 - 15 years |
136 hours |
272 hours |
|
16 - 17 years |
144 hours |
288 hours |
|
18 - 19 years |
152 hours |
304 hours |
|
20 - 24 years |
160 hours |
320 hours |
|
25 & over years |
200 hours |
400 hours |
Accrued vacation time will be forfeited if not used within two years after the date
it has been credited. Unused credited vacation days will be paid at termination
unless an employee is discharged for an infraction of Company rules. It is each
employees responsibility to monitor respective accrual information.
SICK LEAVE PLAN
Sick leave is available for an employee to use for personal illness/injury for themselves
or an immediate family member. Bereavement and medical appointments also qualify
for sick leave use. After 60 days of continuous employment, a new employee is eligible
to use up to 32 hours sick leave during their first year of employment. Beginning
on their second year of employment, the will earn 4 hours sick leave per month.
Any hours not used during the first year of employment will be carried forward.
Unlimited sick leave accrual. Employees can use sick leave for a personal illness/injury
or for an immediate family member. Sick leave does not vest for payment purposes
upon termination of employment.
HEALTH PLAN
Health insurance is a voluntary plan and is available to employees after 60 days
of continuous employment. There are two plan selections available PPO (Preferred
Provider Option) and CMM (Comprehensive Major Medical). Each plan provides a prescription
drug program and a mail order prescription drug program. The employee is responsible
for paying one-third the cost of the plan and Austin Mutual pays two-thirds
of the cost of the plan. Open enrollment is available with this plan.
DENTAL PLAN
Dental insurance is a voluntary plan and is available to employees after 60 days
of continuous employment. Coverage is available via a Preferred Provider or Non-Network
Providers. The employee is responsible for paying one-third of the cost of the
plan and Austin Mutual pays two-thirds of the cost of the plan. There is no open
enrollment with this plan.
FLEXIBLE SPENDING ACCOUNT
This is a voluntary pre-tax payroll deduction plan available to employees after
30 days of employment. Flex applies to employees cost of health and dental premium;
unreimbursed medical; dependent care; and transportation. Austin Mutual pays
the administration fee for this plan.
LIFE and ACCIDENTAL DEATH/DISMEMBERMENT INSURANCE
Life and AD&D insurance is available after one year of employment. The plan
is a term life insurance policy and the amount of coverage is two times an employees
base salary, subject to a limitation of $400,000. Austin Mutual pays 100% of the
premium for this plan.
401(k) SAVINGS PLAN (Defined Contribution Plan)
After 30 days of employment, new employees are eligible to voluntarily contribute
anywhere from 1 to 50% of their salary into this plan. After one year of service,
Austin Mutual will provide a match of 35 cents for every dollar the employee contributes
up to a 10% contribution. Employees can self-direct their investment elections.
There is a graduating vesting schedule for this plan beginning at two years and
full vestment upon six years of employment.
PENSION RETIREMENT PLAN (Defined Benefit Plan)
An employee is eligible for this plan after one year of service. This plan allows
for benefits upon retirement. The formula used to figure your earned benefit is
1.5% of an employees monthly pay multiplied by the employees benefit service in
excess of 1 year. Austin Mutual fully funds this plan. Early or late retirement
options are available. After eligibility, there is a graduating vesting schedule
for this plan beginning at three years and full vestment upon seven years of employment.
LIBERTY MUTUAL
This plan allows employees to purchase individual discounted auto and homeowner
insurance coverage and is available to employees after one year of employment. This
is a voluntary plan and the employee pays all premiums for their policies.
LONG-TERM DISABILITY PLAN
This plan provides income benefit to employees in the event they are unable to work
due to illness or injury. The employee is eligible for this coverage after two years
of continuous employment. Austin Mutual pays the full cost of this plan.
HOLIDAYS
We observe eight paid holidays which include one floating holiday to be used at
the employees convenience. There is no waiting period to be eligible for holidays.
Holidays observed are:
New Years Day
Memorial Day
Independence Day
Labor Day
Thanksgiving Day
Day after Thanksgiving
Christmas Day
Floating Day (The floating holiday must have prior management approval.)
TRAVEL ALLOWANCE
All full time and part time employees who work a minimum of 1000 hours per year
will be eligible for a travel allowance. (Except Company officers, field staff and
employees who have parking provided). An employee qualifies after completing one
complete calendar month and must re-qualify each succeeding month. The Company will
provide eligible employees with a $20 travel allowance on their payroll check in
the month following qualification. Excessive absenteeism (more than two days a month)
or tardiness will prevent an employee from qualifying for the travel allowance.
EDUCATIONAL ASSISTANCE
This plan is available to employees who are continuing their education. The course
must be pre-approved and related to the employees position held. Reimbursement
is made for books and tuition subject to successful completion of the course.
AFLAC PLANS
A variety of plans are available through AFLAC. Plans include short-term disability;
cancer coverage; additional hospitalization; supplemental life insurance for employee,
spouse and children; long-term care, etc. These are voluntary plan and is available
to employees after completing 30 days of continuous employment.
529(c) COLLEGE SAVINGS PLAN
This plan allows after-tax dollars to be put into a savings plan to be used for
college education expenses for family members.
DISCOUNTED BUS/LIGHTRAIL
PASSES
For employees who use mass transit systems, discounted pass tickets are available
for purchase.
BONUS PLAN
Subject to Board of Directors approval and based on Company profitability, a bonus
plan is available to employees. The amount is pro-rated for those individuals who
start during the year.