Summary of Employee Benefits
Plan
Eligibility
Employee Cost
Benefits Summary
Medical Benefits Plan
Active Full-time employees working an average of 30 hours or more per week.
Effective on first day of month after date of hire.
Premium is shared 50% each by PMC and employee.
Premium can be paid on a pre-tax basis.
Deductibles - $500 per person per plan year; $1500 per family per plan year. Out-of-Pocket limits - $1,500 per person per plan year; $4,500 per family per plan year.
Network Physicians - $35 Copay for office visit; No deductible. Pays 80% for hospital or outpatient allowable charges after deductible; Physician files claims.
Non-Network Physicians - Pays 60% for allowable charges after deductible. Physician may or may not file claims.
Network Hospitals - $500 deductible; Pays 80% for allowable charges after deductible. Hospital files claims.
Non-Network Hospital - $750 deductible; Pays 60% for allowable charges after deductible. Hospital may or may not file claims.
Pharmacy Card - Generic $10; Brand $30 0r 20% whichever is greater(up to a 30 day supply). Mail order service is available (90 day supply). Generic $20; Brand $60.
Dental Benefits Plan
Active Full-time employees working an average of 30 hours or more per week.
Effective on first day of month after 90 days of service.
Premium is paid 100% by PMC for employee; Dependent coverage is shared 50% each by PMC and employee.
Premium can be paid on a pre-tax basis.
Deductibles - $50 per person per plan year; $150 per family per plan year.
$1,000 maximum benefit per person per year.
100% coverage on Preventive Expenses, such as checkups. No deductible (2 visits per person per plan year).
Basic Services - Pays 80% for allowable charges after deductible.
Orthodontic Services - $1,000 lifetime benefit; No deductible; Pays 60% for allowable charges.
Life Insurance
Active Full-time employees working an average of 30 hours or more per week.
Effective on first day of month after 90 days of service.
Premium is paid 100% by PMC for employee.
Benefit equals two times the employee's annual base earnings rounded up to the next highest $1,000 with a maximum coverage of $350,000.
In the event of an accidental death, an additional two times the employee's annual base earnings is payable not to exceed $350,000.
Accidental Death & Dismemberment (AD&D) benefits are included at no additional charge.
Long-Term Disability Insurance
Active Full-time employees working an average of 30 hours or more per week.
Effective on first day of month after 90 days of service.
Premium is shared 50% each by PMC and employee.
Coverage helps to offset loss of income after 60 continuous days of disability due to injury or illness. When approved, benefits are eligible from the 61st day of disability.
Benefit is based on 60% of employee's monthly earnings not to exceed a maximum benefit of $5,000 monthly.
Accident Insurance
Active Full-time employees working an average of 30 hours or more per week.
Effective on first day of month after 90 days of service.
Premium is paid 100% by employee.
Coverage for employees and eligible dependents. Provides 24 hour, 365 days a year protection against any type of accident occurring on or off the job.
Benefits are also payable for covering dismemberment, loss of use of limb, sight, speech or hearing.
Benefit is based on face value selected by employee.
Cancer and/or ICU Supplementary Insurance
Active Full-time employees working an average of 30 hours or more per week.
Effective upon completion of 90 days of service.
Premium is paid 100% by employee.
Supplemental Insurance for catastrophic health needs provided at group rates through AFLAC.
Provides cancer and/or intensive care coverage at a premium level that is comfortable to the employee.
Supplementary Life Insurance (Whole Life)
Active Full-time employees working an average of 30 hours or more per week.
Effective upon completion of 90 days of service.
Premium is paid 100% by employee.
Whole Life Insurance benefits offered to employees and/or dependents.
Builds cash value while maintaining a face value that is selected by the employee.
Cafeteria Plan
Active Full-time employees working an average of 30 hours or more per week.
Employee elects to have eligible employee deductions paid on a pre-tax basis.
Available under Section 125 of the IRS code. Allows eligible employees to direct part of their taxable income to a non-taxable status.
This Plan allows employees to contribute pre-tax earnings to pay premiums for the following insurance plans:
•Medical Insurance •Dental Insurance •Cancer/ICU Insurance
By using pre-tax income to pay these benefits, the employee will not pay social security, federal or state income taxes on these amounts.
Credit Union
Active Full-time employees working an average of 30 hours or more per week.
Effective upon completion of 90 days of service.
Membership is $1 plus a minimum $25 savings deposit.
Membership in Construction Equipment Federal Credit Union (CEFCU) is available to employees and dependents.
CEFCU offers full service banking and is ranked among the top 15 credit unions in the United States.
Family Fund
Active Full-time employees working an average of 30 hours or more per week.
Effective on first day of month after 90 days of service.
Employee pays $1.60 per month; PMC matches contribution and pays $1.60 per month.
This fund assists participating employees with special needs, supplement maternity expenses, assists during long-term disability, as well as assisting with other hardships.
Managed by a Chairperson and Committee that is elected each year by participating employees.
401(k) Savings and Investment Plan
Active Full-time employees working an average of 30 hours or more per week, at least 21 years of age, and satisfying 1,000 hours of service.
Eligible to participate on either January 1, or July 1, after completing one year of service.
Employee pays a percentage of gross pay on a pre-tax basis.
Employees may contribute on a pre-tax basis from 1% to 15% in any calendar year.
PMC will match a minimum of $.25 for every $1.00 contributed, up to the point where the employees' contributions are equal to 3% of their gross pay.
Employees currently have thirteen funds to direct the investment of their 401(k) accounts.
100% vested in PMC's contributions upon completion of 1,000 hours of service for five Plan years. However, employees are always 100% vested in their contributions to the Plan and the investment earnings on them.
This Plan provides an excellent source of retirement income.