|
|
|
|
|
|
|
|
Vacation, Personal Leave, Holiday Leave, Sick Leave. Leave time accrues at the rate of one (1) hour for every eight (8) hours of actual work time and will be shown on the monthly payroll summaries. Known as SHV time (since it includes all sick, holiday and leave time), it may be claimed on your monthly time reports and will be paid as part of the regular payroll. Accrual starts with the first hour of work. While each employee is expected to take at least one week of vacation each year, the other hours may be accrued until he/she leaves the company. At that time all remaining leave hours will be cashed out.
Retirement Plan. Software North LLC contributes an amount equal to 15% (the legal maximum) of each employee's gross salary to a SEP-IRA. Contributions start with the first payroll and include all work for SN. Each employee directs the investment of his own account and is responsible for all gains or losses. Money accumulates in each account before federal taxes. Any withdrawals from the account are subject to federal taxes plus penalties under the same rules that apply to IRAs. Upon leaving SN the account converts to a regular IRA.
Medical Plan. Software North LLC purchases medical insurance for each employee. This plan has a $1000 annual deductible, and then covers 80% up to a maximum out-of-pocket of $3000/calendar year, after which it covers 100%. In addition, the Company reimburses 50% of your deductible up to $500/calendar year. Some routine expenses such as the annual physical count toward fulfilling the deductible. Coverage for spouse and children are available via payroll deduction.
Life Insurance. Software North LLC purchases a $50,000 life insurance policy on each employee.
Mandatory Items. The following benefits are mandated by federal or Alaska State law, but are included here to complete the benefit list:
|
|
In addition to the 6.2% on the first $84,800 deducted from your gross salary, the company pays an equal amount to raise the total to 12.4% for Social Security. |
|
|
|
|
In addition to the 1.45% deducted from your gross salary, the company pays an equal amount to raise the total to 2.9%. |
|
|
|
|
The company pays 0.8% of the first $7,000 of your salary each year for this federal backup to the state unemployment insurance funds. |
|
|
|
|
In addition to the 0.50% on the first $26,000 deducted from your gross salary, the company pays an additional 2.69% to raise the total to 3.91% for the State of Alaska's unemployment insurance fund. |
|
|
|
|
The company buys workmen's compensation insurance for all employees. |
(Rates apply to 2002 only.)
|
|
