Benefits

Benefits

Employee Stock Ownership Plan (ESOP)

Description
  • Qualified retirement plan
  • Greatland makes discretionary contributions to the ESOP annually which are allocated to individual employee accounts based on eligible gross salary
  • Subject to a six year vesting schedule, of which ownership of the account balance transfers on a percentage basis from the ESOP or the individual account holder
Eligibility/Eligibility Date
  • All employment classifications
  • 1st day of the next month following 12 months of continuous service and a minimum of 1,000 hours worked in those months
Employee Contribution
  • 100% employer paid

Profit Sharing

Description
  • A discretionary bonus based on the success of the company as a whole for the fiscal year (Oct 1st – September 30th)
  • Profit share bonuses are generally paid in December
Eligibility/Eligibility Date
  • All regular employment classifications
  • Achievement of 180 days of continuous, active service and active employment on September 30th or the last business day of the company’s fiscal year
Employee Contribution
  • 100% employer paid

401(k) Plan

Description
  • Pretax and post-tax savings through convenient payroll deduction
  • Loans available
  • Partner with Chesme Capital Management for investment advisement
  • Employee may enroll, suspend and make changes to contributions at any time
Eligibility/Eligibility Date
  • All Regular, limited-term and Intern employment classifications
  • Age 18 and older
  • 1st of the month following 30 days of continuous active service
Employee Contribution
  • No minimum contribution required
  • Maximum of 100% of salary up to annual IRS deferral limit
  • Make up contributions permitted for employees age 50 and over

Medical Plan

Description
  • PPO with HDHP (High Deductible Health Plan) which qualifies for use of a health savings account (HSA)
  • Two coverage levels: Single or Family
  • No referrals needed to see a specialist
  • Mail order prescription options available
  • Preventative/wellness services covered 100%
  • $100 Vision Exam benefit per person, per year
  • $100 Vision Hardware benefit per person, per year
Eligibility/Eligibility Date
  • All regular employment classifications
  • Spouse and dependent child(ren) of eligible employee
  • 1st of the month following 30 days of employment
Employee Contribution
  • Employees enrolled in the Medical Plan pay a premium through payroll contribution

Health Savings Account

Description
  • Tax-favored account used in conjunction with a HDHP
  • Allows you to contribute funds on a pre-tax basis which you can use to pay for eligible medical expenses
  • Partner with HSA Bank for easy online access
  • Greatland makes quarterly contributions to each eligible employees account
  • Employee can make pre-tax contributions through payroll deductions
  • Employee may enroll, suspend and make changes to contributions on a monthly basis
  • Funds can be rolled over into subsequent years – no ‘use-it-or-lose-it’ philosophy
Eligibility/Eligibility Date
  • You are eligible for an HSA if:
    • You are covered by a HDHP; AND
    • You are NOT enrolled in Medicare; AND
    • You are NOT considered a dependent on someone else’s tax return; AND
    • You are NOT covered by any other health plan that is not HSA-compatible
  • 1st of the month following 30 days of employment and upon enrolling in the PPO with HDHP
Employee Contribution
  • Maximum contribution is set by the IRS annually
  • Participants 55 and older can contribute a catch-up amount of $1,000 year

Dental Plan

Description
  • Three coverage levels: Single, Employee +1 and Family
  • Preventative services, including two cleanings per year are covered 100%
  • Basic services are covered 80% after deductible
  • Special services are covered 50% after deductible
  • Orthodontics are covered 50% after deductible
Eligibility/Eligibility Date
  • All regular employment classifications
  • Spouse and dependent child(ren) of eligible employee
  • 1st of the month following 30 days of employment
Employee Contribution
  • Employees enrolled in the Dental Plan pay a premium through payroll contribution

Health Care and Dependent Care Flexible Spending Accounts

Description
  • Enables employees to pay for dependent care and health care expenses with pretax dollars
  • Employees not eligible for use of the HSA may use the traditional FLEX to pay for qualified medical, vision and/or dental expenses
  • Limited FLEX can be used if you are enrolled in HSA and provides funds only for vision, dental and/or orthodontic expenses
  • Dependent Care FLEX can be used for dependent care expenses
Eligibility/Eligibility Date
  • All regular employment classifications
  • 1st of the month following 30 days of employment
  • Plan year is January 1st – December 31st
Employee Contribution
  • Maximum of $2500 for both the traditional and Limited FLEX options
  • Maximum of $5000 for Dependent Care FLEX

Vacation

Description
  • For year in which employee is hired - prorated based on number of payroll cycles left in the calendar year
  • Based on the number of years of service following work anniversary date
Eligibility/Eligibility Date
  • Full-time employment classifications
  • Prorated for part-time employees
Employee Contribution
  • 100% employer paid

Holidays

Description
  • Six company designated holidays per calendar year
  • One employee designated holiday per calendar year
Eligibility/Eligibility Date
  • All regular employment classifications
Employee Contribution
  • 100% employer paid

Disability Income Continuation

Description
  • Short-term disability benefits provide 70% of weekly earnings for a maximum of 13 weeks if an eligible employee experiences a qualifying disability
  • Short term disability benefits begin on the 1st day of surgery or hospitalization, or on the 7th day of sickness
  • Long-term disability benefits provide 60% of monthly wages (to a maximum of $6,000) if an eligible employee experiences a qualifying disability of 90 days or greater
Eligibility/Eligibility Date
  • Full-time employees
Employee Contribution
  • 100% employer paid

Life and AD&D Insurance

Description
  • Full-time employees are covered by a term life and AD&D policy in the amount of two (2) times annual salary rounded to the next thousand, up to a $300,000 maximum.
  • Part-time employees are covered by a $10,000 term life and AD&D policy
Eligibility/Eligibility Date
  • All regular employment classifications
Employee Contribution
  • 100% employer paid
  • Additional term life and AD&D insurance is available for voluntary purchase.

Adoption Assistance

Description
  • Provides financial assistance up to $8,000 towards expenses associated with adoption
Eligibility/Eligibility Date
  • All regular employment classifications
Employee Contribution
  • 100% employer paid

Education Assistance

Description
  • Employees may seek assistance for college degree coursework, professional certifications and designations and/or seminars
  • Reimbursement for college degree coursework is determined by final grad earned
Eligibility/Eligibility Date
  • All regular employment classifications
  • 1st of the month following 30 days of employment
Employee Contribution
  • Employee pays up front and can request reimbursement for eligible expenses
  • Eligible expenses over annual limits are the responsibility of the employee

Employee Assistance Program (EAP)

Description
  • Confidential counseling to help employees deal with a wide range of problems
Eligibility/Eligibility Date
  • All regular employment classifications
  • 1st day of employment
  • Also available to family members residing in the same household
Employee Contribution
  • 100% employer paid

Service Awards

Description
  • An expression of appreciation for years of service and dedication
  • Awarded annually at our November Employee Meeting
Eligibility/Eligibility Date
  • All regular employment classifications
Employee Contribution
  • 100% employer paid

Referral Bonus

Description
  • Employees are encouraged to refer those whom they feel would be a good addition to our company
  • Referring employee receives installment awards following the referred employee working 30 days, six months and one year of employment in a full-time or part-time classification
  • Referring employee receives installment awards following the referred employee working 30 days of employment and completion of term of employment in a limited term or Intern classification
Eligibility/Eligibility Date
  • All regular, limited-term and Intern employment classifications
  • 1st day of employment
Employee Contribution
  • 100% employer paid