Multiplex Benefit Summary-Updated November 2008
Multiplex Benefit Summary Effective 1 March 2008
This summary provides a general overview of Company benefits. The information contained in this summary is subject to change and is not meant to be an official plan document.
BENEFITS
Regular full time employees are eligible for Multiplex' Flexible Benefits Plan. New employees are covered on the first of the month following 90 days of employment.
Flexible Benefits enables each employee to select the appropriate benefits that best suits his/her needs. Employees may cover themselves and their spouse (or domestic partner), as well as the employee's children. The components of the Flexible Benefits Plan include:
Medical Coverage
Dental Coverage
Vision Coverage
Additional Group Life and AD&D Insurance
Dependent Life Insurance
Flexible Spending Accounts--Health and Dependent Care
MEDICAL COVERAGE
Multiplex offers two medical PPO (Preferred Provider Options) plans. These options include a High PPO and a Low PPO. Both plans offer in and out of network capabilities as well as preventive medical coverage and mail order prescription drugs are available through both these options.
DENTAL COVERAGE
Multiplex also offers two dental plans, one type is a DMO and the dental plan is structured as an HMO type plan. The PPO plan allows for in and out of network coverage as well as 1 exam/cleaning every 4 months and covers 80% for basic and 50% for major restorative services up to a maximum charge of $1,000 per year (all charges are subject to reasonable and customary guidelines). The DMO plan has negotiated discounts for the claims along with no annual maximum.
VISION COVERAGE
Multiplex provides a Vision Care Plan to employees. Employees and dependents are eligible for eye exams each year, spectacles/contact lenses each year, and frames every two years.
ADDITIONAL GROUP LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT
Multiplex provides a Basic Life and AD&D benefit of 1x the employee's base salary. In addition, the employee has the option of electing additional life and AD&D up to $300,000. Certain levels of life insurance may require evidence of insurability.
FLEXIBLE SPENDING ACCOUNTS--HEALTH CARE AND DEPENDENT CARE
The spending account options available through Multiplex' Flexible Spending Accounts allows the employee to pay for certain health care or dependent care expenses with tax-free dollars.
RETIREMENT PLANS
Regular Status employees who complete 3 full months of employment and are at least 21 years of age may participate the first of the month following 90 days of employment in any of the following three plans:
Traditional 401(k)*
Roth 401(k)
Roth IRA
The traditional 401(k) plan is the only retirement option that is pre-taxed. The other two plans are post taxed.
The benefits of these plans are as follows:
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Employee pre-tax contributions, subject to the annual dollar limit set by the IRS and percentages set by the Plan Document.
Growth potential through an 8-tiered investment structure to suit every type of investor.
Employees can contribute up to 100% of their pay through the plan.
Several features are available to give the employee more control and timely information regarding his/her retirement account. The employee can access account balances daily and make exchanges via the telephone or internet. Enrolled employees will also receive quarterly account balance statements.
CREDIT UNION
All employees are eligible to join the credit union. They are committed to service and to helping members achieve their financial goals now and in the future. Some of the services they provide are:
Surcharge free ATM's
24/7 Account Access
Checking and Savings accounts
Loans for every need
Real Estate Services
Auto Resource Center
Financial Planning and Investment Services
DISABILITY INCOME
Employees who work at least 20 base weeks and earn at least $143 per week are eligible for Short Term Disability Income should he/she become disabled.
Short Term Disability will pay the employee 66^2/3 of their base salary to a maximum of $524 per week prior to taxes.
EMPLOYEE ASSISTANCE PROGRAM(EAP)
Multiplex offers an employee assistance program through a contracted service. This program offers employees and their family members’ free, confidential counseling for a variety of reasons such as depression, substance abuse, and family matters.
LEGAL CLUB
This is a nationwide discount legal referral service that provides free and discounted legal and financial care. Membership includes you, your spouse, your children, and any dependents that may be living with you.
HOLIDAYS
For full time employees, the company offers a total of 7 holidays per year.
PAID TIME OFF (PTO)
PTO is provided to eligible employees to meet their needs for vacation, brief illness or injury, personal business, or any other type of paid time off excluding holidays and jury duty.
Employees either accrue 21 (.808/day accrued per payroll) or 26 (1 day accrued per payroll) total PTO days per calendar year.
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