EMPLOYEE BENEFITS
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS
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Additional Benefits<br />
Pre-Tax Spending Accounts (Flexible Spending<br />
Accounts) Accounts are offered for Medical and<br />
Dependant Care expenses.<br />
Pre-Tax Insurance Additional options are offered for<br />
Cancer and Accident coverage.<br />
Employee Assistance Program (EAP) – Employees<br />
and families have free access to the services of AETNA’s<br />
nationwide Employee Assistance Program Network.<br />
Pre-Paid Legal – Employees may elect individual<br />
coverage through Pre-Paid Legal with the convenience of<br />
payroll deduction of the monthly premiums.<br />
Credit Union Membership – McElroy employees are<br />
eligible for membership in the Tulsa Federal Employees<br />
Credit Union. Savings Account Deposits can be made<br />
through payroll deduction.<br />
Direct Deposit of Payroll – McElroy pays through<br />
direct deposit into the bank or credit union account of<br />
the employees choice.<br />
Mid First Company Club – Mid First Bank offers all<br />
McElroy employee’s their Company Club account,<br />
including free checking.<br />
Chase E-funds Direct – Employees who are unable to<br />
secure a checking account are offered an E-funds<br />
account through Chase bank allowing them the<br />
convenience of a debit card without a checking account.<br />
Education Reimbursement – McElroy reimburses<br />
Education Expenses up to $5,000 per year.<br />
Coming in 2006! On-site Employee Work-out Facility<br />
Most people seek employment to secure<br />
income and benefits for themselves and<br />
their families. McElroy is proud of the<br />
compensation system and benefits<br />
package we offer to our employees.<br />
McElroy shares its profits with<br />
employees in many ways:<br />
• Monthly Gain Sharing<br />
• Annual 401(k) Match<br />
• Annual Profit Share contribution to 401(k)<br />
• Annual Profit Sharing Check<br />
McElroy offers the following benefits:<br />
• Health Insurance<br />
• Life Insurance<br />
• Disability—Long & Short Term<br />
• 401(k) Retirement Plan<br />
• Pre-Tax Insurance<br />
• Direct Deposit of Payroll<br />
• Prepaid Legal<br />
• Paid Vacation & Holidays<br />
• Paid Sick/Personal Time<br />
• Education Reimbursement<br />
833 N. Fulton Ave. • Tulsa, OK 74115<br />
www.mcelroy.com<br />
Employee Assistance Program – McElroy provides its<br />
employees and all members of their household with free<br />
access to the services of AETNA’s nation wide Employee<br />
Assistance Program Network.<br />
Credit Union Membership – McElroy employees are<br />
eligible for membership in the Tulsa Federal Employees<br />
Credit Union.<br />
Direct Deposit of Payroll - McElroy pays through direct<br />
deposit. Employees may have their payroll deposited into<br />
the bank or credit union account of their choice.<br />
<strong>EMPLOYEE</strong> <strong>BENEFITS</strong><br />
Mid First Company Club – Mid First Bank offers all<br />
McElroy employees their Company Club account,<br />
including free checking.<br />
Chase E-funds Direct – Employees who are unable to<br />
secure a checking account are offered an E-funds account<br />
through Chase bank allowing them the convenience of a<br />
debit card without a checking account.<br />
Pre-Paid Legal – Employees may elect individual coverage<br />
through Pre-Paid Legal with the convenience of payroll<br />
deduction of the monthly premiums.<br />
This material is for informational purposes only and is neither an offer<br />
of coverage nor advice. It contains only a partial, general description<br />
of plan benefits or programs and does not constitute a contract.<br />
Consult plan documents to determine governing contractual provisions,<br />
including procedures, exclusions, limitations, qualifications, eligibility<br />
in regard in the afore mentioned plans and offerings.
Benefits of Employment<br />
Paid Vacation – 2 weeks of vacation through 6<br />
years, 3 weeks of vacation through 16 years, 4 weeks<br />
of vacation thereafter.<br />
Paid Sick/Personal Time – 40 hours of paid time<br />
each year to use when illness or personal circumstance<br />
cause time away from work.<br />
Paid Holidays - 9 paid holidays; New Years Day,<br />
Good Friday, Memorial Day, Independence Day,<br />
Labor Day, Thanksgiving Day, Friday following<br />
Thanksgiving Day, Christmas Eve, and Christmas Day.<br />
Life Insurance – $10,000 in coverage is paid for by<br />
the Company. Employees may purchase additional life<br />
insurance coverage for themselves and their family<br />
members.<br />
Disability Insurance – McElroy offers two optional<br />
Disability Insurance policies.<br />
1. The “Short Term” Disability Plan covers employees<br />
who become disabled due to a non-work-related<br />
circumstance and pays a weekly benefit for up to<br />
the 26th week of disability.<br />
2. The “Long Term” Disability Plan covers employees<br />
who are disabled for 27 or more weeks, the plan<br />
pays a monthly benefit beginning with the 27th week<br />
of disability and may continue until retirement age.<br />
Health Insurance – McElroy offers an AETNA PPO<br />
plan with very competitive monthly premiums<br />
(available on a pre-tax basis):<br />
Employee Only<br />
$70/month<br />
Employee plus Child/Children $110/month<br />
Employee plus Spouse $140/month<br />
Employee plus Family $190/month<br />
• The plan offers a large nationwide network of<br />
providers, 100% coverage of preventative care<br />
• 80/20 coverage of medical expenses after the<br />
plan year deductible is met<br />
• Rx co-pays are provided after the plan year<br />
deductible is met<br />
Health Savings Account (HSA) – McElroy’s<br />
Health Insurance Plan includes an HSA for each<br />
participant. Our insurance is a high deductible plan,<br />
to offset this expense each covered employee is<br />
provided with an HSA to which they may make pre-tax<br />
contributions.<br />
• The money is fully accessible to the employee<br />
with a debit card<br />
• The account balance is fully transportable if the<br />
employee should ever leave McElroy<br />
Gain Sharing through Incentive Units<br />
• All salaried employees participate in the gain<br />
sharing plan from hire. All salaried employees have<br />
a base monthly pay rate of $1975, the balance of<br />
their monthly compensation is paid in Incentive<br />
Units. Incentive Unit (IU) Value = $1.00 per<br />
$100,000 of monthly shipments (goods only -<br />
excluding freight and taxes).<br />
Example: A salaried employee earning $2,500 per<br />
month (30K annually) would earn $1975 per month<br />
plus earnings on 18 IUs. Shipment values for each<br />
month’s shipments are paid in IUs on the following<br />
month’s payroll. In months where the Company’s<br />
shipments meet or exceed baseline sales<br />
expectations, the employee’s earnings will exceed<br />
those he/she would have had at the original<br />
$2,500 monthly salary.<br />
• All hourly employees participate in the gain sharing<br />
plan after 6 months of employment. The employee<br />
elects his/her level of participation (the minimum<br />
participation level is 5%). Hourly employees<br />
exchange a percentage of hourly earnings for a<br />
share in the Company’s monthly shipment dollars.<br />
Incentive Unit (IU) Value = $1.00 per $100,000.00<br />
of monthly shipments.<br />
Example: An employee earning $8.91 per hour,<br />
selecting the minimum participation level of 5%<br />
would earn $8.485 per hour plus earnings on 4 IUs.<br />
Shipment values for each month’s shipments are paid<br />
in IUs on the following month’s payrolls. In months<br />
where the Company’s shipments meet or exceed<br />
baseline sales expectations, the employees’ earnings<br />
will exceed those he/she would have had at the<br />
original $8.91 rate of pay.<br />
As McElroy’s shipment levels increase over time, so<br />
does each employee’s earning potential. The employee<br />
hired at a salary of 30K in the year 2000 would be<br />
earning 32K at the end of 2005 solely as a result of<br />
increased shipment levels.<br />
Annual 401(k) Match – Administered by Bank of<br />
Oklahoma, McElroy provides its employees an<br />
opportunity to save for retirement and offers to match<br />
the employees’ contribution. In 2004 McElroy matched<br />
100% of employee contributions at a rate of 38%.<br />
Annual Profit Share Contribution to 401(k) –<br />
McElroy also makes a profit share contribution to<br />
employee 401(k) accounts in an amount equal to 3% of<br />
the employee’s regular and overtime earnings.<br />
Annual Profit Sharing Check – McElroy shares its<br />
profits with eligible employees each November.