How are your benefits?

[MarkBarbieri]

Companies hate to cut salaries, but in tough economic times, they often peel away at benefits to lower labor costs. How are your companies benefits and how have they been changing lately?

 

[MarkBarbieri]

The benefits that I can think of at my company include:

PTO - Combined sick and vacation time. It's age based. I'm in my mid 40s and I get 6 weeks of PTO per year with the ability to carry over 3 weeks. I'll get 7 weeks when I turn 47.

401K - We have a 401K with a dollar for dollar match up to 6%. The 401K is with Fidelity and it includes a pretty broad set of funds. You can pick a regular 401K or a Roth 401K.

Pension - We have a defined benefit pension plan that vests after 3 years and allows you to retire at 55. I'm eligible for retiree medical, but I think they've phased that out for new hires.

Health - We have an on-site doctor and nurse that does GP stuff. We have a choice of several health insurance plans including a couple of PPOs and HMOs. I pay $140/month to cover my family with my plan. They also offer an HSA with a $500 contribution. They also offer the typical flex account for medical and child care expenses. The also offer dental and vision plans.

Insurance - The company provides basic life and disability insurance with the ability to purcahse more.

Schedule - We can work a normal 5 day work week or a 9/80 (4 nine hour days and 1 eight hour day one week and then 4 nine hour days and Friday off the following week). We have flexible hours with some people starting as early as 6:00 AM and others starting as late as 9:00 AM.

We have a subsidized cafeteria in our building. It's actually pretty good with a wood fire pizza oven and lots of healthy food choices. We also have an awesome on-site fitness center with great machines and a really helpful staff. I don't work out in the fitness center, but I use the showers when I ride my bicylce to work. They also have a matching gift program for charitable giving.

There are some other random benefits that I've never used - adoption assistance, credit union, education assistance (they reimburse you for college classes), travel assistance, scholarships for dependents, access to Rosetta Stone, and some mental healthy counselling.

All in all, I'm really happy with the benefits. If the energy crisis continues, I'm sure that we'll have to cut back on some of them. Still, I'm extremely thankful for what I have today.

 

[JARNJ3]

My company forced us into a consumer health driven plan - ie - it costs us (the consumer) more money.

My deductible was raised to $1500 - and I must pay full price for prescriptions until the deductible is met. Then prescriptions will be treated the same as doctor visits 80/20.

I have a health savings account, whereby I can save up to $2500 a year. They company gives me $500 to put in this account.

The bottom line is that I shouldn't be sick in January or February - as there is not enough savings to pay for the medical and pharmaceutical costs.

The problem with this is - its prorated throughout the year. Currently I have $300 in this account; however, I have already had 4 prescriptions refilled that cost $330 in January - and seen the doctor twice for a sinus infection. I have to pay out of pocket until enough $$ accumulates. A positive note though, is that this money carries over to the next year.

They allow us to put money in a flexible spending account for dental and vision. The caveat with this account is that you must use it or lose it in the calendar year. I only put $1000 here playing it safe, only to discover that I will need a lot of dental work this year.

The type of plan I am describing is great for younger, healthier people. I have enough ailments to always meet my deductible - sometimes even meet my out of pocket max.

This increase in health costs - plus the lack of a raise this year is hitting me in the pocketbook. Small bonuses are being given out - but only to those who have an "exceeds" rating (this is usually me, and I hope that it is still the case this year).

Our off shore counterparts are getting a raise this year, as the competition is very tough over there and they will walk if they aren't rewarded. We, in the US, are stuck with unemployment being so high.

I also am contemplating not going to the doctor to save money - which could hurt my overall health in the long term.

As for PTO - I only get 4 weeks sick and vacation time combined. We all work when we're sick, so as to use as much time for vacation. Next year, I'll get an extra week, if I make it to 5 years seniority.

I still believe they are matching the 401k contribution - I haven't read anything that they'll stop it.

I choose to purchase in the stock plan (buying shares at 15% discount) as I feel its the only way to make money from them. Of course, the stock has been killed in the recent years by a scandal we are recovering from. Fortunately Wall Street is happy with the measures and last year's layoffs - it is climbing back up.

I haven't had the need for the other random benefits you have described.

I will say this - when the economy improves in the future, I will contemplate looking for another position - as I do not care for this benefit package. Until then, I am stuck.

 

[breezy1077]

Our company's benefits STINK right now. They used to be good - now they aren't.

Oh, and it costs roughly $1,700 for this crippy medical/dental/life/vision package. We recently dropped it.


ETA: ya know, I've had my suspicions that the company is actually making money off our premiums - are they allowed to do that? I mean how can a plan with a company cost that much? Usually it's cheaper to take co. benefits - but we can get much better coverage for a LOT less just on our own. So, any thoughts - are they profiting off our portion?

 

[chris1gill]

Our's are insanely good... we've had to take advantage of the health plan quite a lot over the last six months..... about the only thing not completely covered under our health plan is plastic surgery, we even have a second plan that covers experimental procedures. 401K matching to 7% still in play, vacation/sick still on the rise, all in all, excellent in every respect.

 

[Forevryoung]

Hmmmm what benefits?

I pay my own $408 a month for medial insurance (individual plan, no choice)

I get 2 weeks "paid vacation" a year with lots of "mandatory time off" (I can't work when the public schools are off)

Thankfully I have a job that I enjoy most days and with my fingers crossed in Sept I will have benefits, be making a salary, and not working these silly hours!

 

[chicagodisneyfan]

Medical dental and vision for next to nothing.

Profitsharing each year - only 3.5% of salary for 2008, but it is better than nothing.

Dollar for dollar match on 401k up to 8%.

LTD, STD and all the assorted life insurance.


All of the above are mandated in the union contract - and cannot easily be changed by the company (company made a profit in 2008).

 

[Cool-Beans]

We have a family business, so I get to sleep with the boss, do almost no work there these days AND spend all the profits.

I waited a long time for this job.

 

[Kath2003]

I'm English, and I teach. So I have great benefits:

- 13 weeks vacation per year

- Technically only contracted 8.30am-3.30pm Monday to Friday with an hour for lunch in the middle. The work requires far more than that, but there's the flexibility to work at home outside of those hours.

- Healthcare - fully covered by the NHS regardless of employment

- Sick pay - currently 25 paid days plus 100 unpaid (you get statutory sick pay from the government for unpaid days); rising to 100 paid + 100 unpaid within 5 years.

- Lunch - school dinners are $3/day for a full meal (e.g. slice of lasange + carrots and broccoli + bread roll)

- Pension - I pay 6% of my wage before tax, the employer matches this with a further 14% of my salary; plus state pension regardless of employment.

- Maternity leave - I don't need this but should I wish to I get 6 weeks full pay, 3 months' half pay + $150/week from the government, 21 weeks at $150/week and 13 weeks unpaid - so my job would be secure for a year (this is again a legal requirement in the UK)

Other benefits:
- the students are great
- I get to travel free on educational visits - this year I've already been to Disneyland Paris and I will be going to Germany next month.

 

[Pakey]

Our company's benefits STINK right now. They used to be good - now they aren't.

Oh, and it costs roughly $1,700 for this crippy medical/dental/life/vision package. We recently dropped it.


ETA: ya know, I've had my suspicions that the company is actually making money off our premiums - are they allowed to do that? I mean how can a plan with a company cost that much? Usually it's cheaper to take co. benefits - but we can get much better coverage for a LOT less just on our own. So, any thoughts - are they profiting off our portion?

No,they cannot make a profit and you'd be surprised what group benefits cost. Currently, our family plan cost per employee of medical, scripts, dental, vision is about $2700 per employee. Rates are based per provider but then within a company/group, there is an experience rating and the more benefits that are used by employees within your group, the higher the rates go. Last year, because I have cancer and had huge bills on our company's group plan, the premiums for each employee increased 22% this year mainly because of my medical bills from last year. Since HEPA laws make information like this confidential, you cannot know what other employee's claims are and what that does to your group's premiums.

 

[barkley]

my former government employer offers about the same basic benefits now that it offered before i retired-

from day one 3 weeks of vacation per year (increases over time up to i think 7 max)

all federal holidays off paid

3 days per year floating time off (can be taken in hourly increments or full days)

12 days per sick leave.

now if you were in a "managment" classification like me you got another 50 hours per year of vacation and you could cash out up to one third of your vacation accruals per year (you could accrue up to 3 times your annual accruals before you hit use it or lose it so as a manager you could cash out an entire year's vacation annualy).

everybody could buy into one of three health/dental plans (no vision ).

no matching contributions to any kind to any kind of special retirement funds. reguar pension plan was a minimum age of 50 with 5 years of service to retire (2.5% at 50) and you could retain health/dental at active employee rate.



NOW.................they have not "hired" anyone in ages-they hire temps and contract employees that they provide no benefits to, and they've changed the retirement system such that you can retire at 50 with 5 years but unless you have at least 15 years of service you can't keep your medical/dental-and there are talks of totaly eliminating medical/dental for future retirees. they have recently layed off long term permanant staff, they are cutting the existing staff's wages by 7.5% AND instituting mandatory unpaid furloughs-and whereas they used to be pretty flexible with leaves of absence in the event of illness/exhaustion of fmla these are almost unheard of now. the reason for this is-as in my case i became sick but it was'nt clear that i was totaly disabled for several months after i exhausted my fmla-but because i had a leave i could retain my health coverage at employee rates so i retained my employee status and when the doctor said i had t retire i was able to do so with lifetime medical benefits. in not approving leaves of absence employees are in effect put into a position where for their health they have to resign-if they resign then the only coverage they can keep is through cobra (to the tune of over a couple thousand dollars per month for a family). the majority of disabled employees can't afford this so the let the coverage drop thus making them ineligible for ANY medical benefits even if they subsequently retire in less than a month or two

 

[aprilgail2]

Nothing much has changed where i work- we pay nothing into our medical, dental or optical, everything is company paid. We have a copany paid pension which allows us to retire at 50 as long as you have 20 years of srevice. We can opt ot have 457 or 401K plans if we choose as an "extra". oh and we get company paid life insurance

As far as other benefits I get 5 weeks vacation time, 6 personal days and 12 sick days per year which we can bank- when we retire if we have any sick time left the company buys them back at 50 percent so if you save about 250 of your days you can get a nice check for about 30,000+ when you retire (minus taxes of course!). We get 12 paid holidays- if we work them we get paid double time and a half.

 

[ntsammy5]

All in all, I'm really happy with the benefits. .

My company's benefits are very similar except for the working hours, but we can work from home 1-2 days a week. Our vacation is a little different too - after 25 years I get 33 days (includes sick time) - 401K matching is 6% for first 4% of employee contribution. I have a defined benefit plan that is pretty good, but new hires after 1999 don't get that anymore. We also were just paid a bonus for 2008 - much less that in past years, but I work for a bank, so anything is a plus. We're a very, very large international bank and have taken NO Tarp money nor have we taken anything from other governments either.

My wife works for the county and gets health benefits for free - they're very, very good - they also give her $800 in a company paid health spending account to spend on deductibles, dental, etc. She also has a defined benefit retirement plan but no matching on 401K. I am also retired military, so I get prescriptions from a mail order place, for a ridiculously low price. $3, $9 or $22 depending on the formulary for a 90 day supply.

I consider myself very, very, very lucky. My benefits are extraordinarily generous.

 

[arminnie]

Medical - they changed from a copay ($15) to paying 70% of the bill.

A 90 day prescription that cost $7 two years ago is now $140!!!!

401K matching used to be 4:1 - I know incredible. They cut that in half.

 

[disneyjunkie]

I have great benefits. I teach kindergarten in a city funded day care.

PTO-
3 personal days
12 sick days
30 vacation days - we can bank up to 60. Anything over 60 is rolled over to sick time.
11 paid holidays

Medical
free family coverage (no copay)
Dental - free family coverage as long as we use approved dentist (the list is huge)
Prescription program- the cost varies. $5.00-$20.00
Free eye exams, glasses or contacts every 24 months (family coverage) Our medical coverage also includes eye care.
Maternity leave
Prescriptions- the cost varies I have paid $5.00-$20.00

Tuition reimbursement - $2000.00 per year
401K
Life insurance

These benefits are the same for all classroom staff.- teachers, assistants and aides. Our aides only work 4 hours a day.

After five years of employment teachers can take a 6 month sabbatical.