Page 50 - SPM Employee Handbook
P. 50

Employee Handbook
Schultes Precision Manufacturing, Inc.
Disability Insurance
SPM provides employees with disability income protection when employees miss work due to non-work related disabilities. The terms and conditions for the disability insurance program are outlined in the Summary Plan Description-SPM. Please contact Human Resources for a copy of the plan provisions and for any information you need about the benefit.
Life Insurance
SPM provides all regular full-time employees who have completed 60 days of employment with life insurance. You will be required to notify the benefits administrator of your intended beneficiary. Refer to the Summary Plan Description-SPM for details about the benefit.
Dental Insurance
All regular full-time employees who have completed 60 days of employment are eligible for the Company’s dental plan. Dental plan benefits are described in detail in the Summary Plan Description-SPM. Vision Care Insurance
All regular full-time employees who have completed 60 days of employment are eligible for the Company’s vision care plan. Vision care plan benefits are described in detail in the Summary Plan Description- SPM.
Accident Coverage Insurance
All regular full-time employees who have completed 60 days of employment are eligible for the Company’s accident coverage plan. Accident coverage plan benefits are described in detail in the Summary Plan Description-SPM.
Critical Illness Coverage Insurance
All regular full-time employees who have completed 60 days of employment are eligible for the Company’s critical illness coverage plan. Critical illness coverage plan benefits are described in detail in the Summary Plan Description-SPM.
401(k) Plan
All regular full-time employees who have completed at least 60 days of employment are eligible to participate in the Schultes
Precision Manufacturing, Inc. 401(k) plan. SPM provides matching funds:
Employer Match:
SPM may match a portion of the contributions you make to the plan.
Profit Sharing:
SPM has established a Profit Sharing plan. A Profit Sharing plan is a tax-qualified retirement plan in which your employer makes contributions on your behalf. The amount of the contribution is determined by an allocation formula that is generally based on participant earnings, while annual contributions are generally based on the company's profits. Contributions may be modified during times of business hardship. As with your insurance benefits, please refer to your Summary Plan Description- SPM provided by the benefits administrator for specifics. Should you have any other questions about pension or profit sharing rights, please consult with the benefits administrator. This benefit, as well as other benefits, may be canceled or changed at the discretion of the Company, unless otherwise required by law.
Continuing Education Policy and Tuition Assistance
We believe in the continuing education of our employees. If the Company sends you to a class or training program during normal working hours related to your employment and you are a nonexempt employee, you will be paid training pay for that time. If you are interested in attending an outside class and having the Company pay for your attendance, you are required to provide advance written notice indicating a description of the class, including the subject matter, length, and cost. Depending on the type of training, the Company may reimburse some or all of the fees, including materials expenses, meals, and transportation. If your supervisor approves of your attendance at a non-company- sponsored class, you will be reimbursed once you have attended and paid for the class
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