Benefits...
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Employee Benefits at Bon L Canada
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The Aluminum Extrusion Division of Tredegar Corporation offers a comprehensive and competitive benefit package that is designed to meet the needs of a changing, diverse workforce. Some of these benefits are provided at no cost to employees. Other benefits are optional, and employees may choose to purchase them. Several of the programs provide employees with choices in the level of coverage.
Below is a brief summary of certain Tredegar benefit programs offered to regular, full-time salaried employees of Bon L Canada. Eligibility for some programs may require employment with Tredegar or a subsidiary for a certain period of time. Benefits generally fall into one of the following categories.
Want more information? Here is a brief summary of certain Tredegar benefit programs offered to regular, full-time salaried employees of Bon L Canada.
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- Defined Benefit Pension Plan. Employees become participants in the defined
benefit plan on the January 1 coincident with or next following date of
hire. Enrollment is automatic and the Company pays the full cost of the
plan. Generally, an employee must work two (2) years (minimum of 700 hours
per year) to receive a benefit at retirement. The benefit formula used
to determine the actual retirement benefit is based upon an employee's
benefit service and final average pay.
- Group Registered Retirement Savings Plan (RRSP). Effective the first of
the month following employment, regular full-time employees may contribute
up to a maximum of 6% of pay, on either a pre-tax or after-tax basis, to
the Group RRSP (subject to certain government limits) or ESP (taxable employee
savings plan). Tredegar contributes $0.50 for each $1.00 that the employee
contributes, limited to the first 6% of pay contributed each pay period.
The match is invested in Tredegar Common Stock. Employees are always 100%
vested in their contributions and become fully vested in the Company match
after 2 years. Contributions and investment elections can be changed monthly,
while RRSP fund balances may be transferred four times per year.
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- Extended Health Care Benefits. Employees and their eligible dependents can enroll as of the first of the month coincident with or next following their date of hire. The plan includes a prescription drug plan and vision benefit. The Company pays 100% of the monthly premium.
- Dental Benefits. Employees and their eligible dependents can enroll as
of the first of the month coincident with or next following their date
of hire. Based on current dental fees, the plan pays for 80% of covered
benefits. The Company pays 100% of the premiums.
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- Basic Life Insurance. The Company provides basic life insurance equal to two times an employee's annual base pay.
- Optional Life Insurance. Employees have the option to purchase additional life insurance in amounts ranging from $10,000 to $250,000. The premiums are based upon the amount selected and the employee's age.
- Optional Accidental Death and Dismemberment Insurance. Employees have the option to purchase additional life insurance in units of $10,000 to a maximum of $250,000. An option is provided that also allows an employee to enroll dependents in this plan.
- Dependent Life Insurance. Employees may purchase dependent life insurance coverage for their spouse in $10,000 increments up to a maximum of $250,000. Employees may purchase coverage for $5,000 of coverage per each eligible child.
- Travel Accident Insurance. This insurance is provided by the Company to cover employees who are traveling on company business. The maximum benefit can be up to 5 times the employee's pay, limited by a $500,000 maximum benefit payment.
- Seat Belt Insurance. Designed to encourage employees and dependents to always "buckle up," the Company provides $10,000 life insurance.
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- Short-term Disability. Salaried employees become eligible for short-term
disability benefits on the first day of the month coincident with or next
following their date of hire. The amount of the benefit and the length
of time it is paid are determined by the employee's length of service.
For example, after 11 years of service, an employee is eligible for 26
weeks of disability pay paid at 100% of pay. Benefits are paid for non-occupational
illnesses or injuries.
- Long-term Disability. Employees are automatically enrolled on the first
day of the month coincident with or next following their date of hire.
Following the later of six (6) months of continuous total disability or
the expiration of the Short Term Disability benefits, a totally disabled
employee will receive up to 66 2/3% of his/her base pay offset by certain
other sources of income. The maximum monthly benefit is $10,000 offset
by certain other sources of income.
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- Vacation. Bon L's vacation benefit provides employees with paid time off. The amount
of vacation earned depends on length of service: two weeks of vacation
after one year, three weeks after six years, four weeks after ten years,
and five weeks after 20 plus years of service.
- Holidays. Salaried employees celebrate 12 company-paid holidays per year.
These include some floating or personal choice holidays that can be used
to observe a significant event.
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- Educational Reimbursement (Professional Development). The Company supports
and encourages employees to pursue further education through its program.
The program reimburses 100% for the cost of tuition and registration for
job-related courses subject to certain eligibility criteria.
- Matching Gifts to Higher Education. Through this program, the Company matches
employee contributions to eligible educational institutions up to $2,500
per year.
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- Direct Deposit. All employees' paychecks are directly deposited into their checking and/or savings account(s).
- Stock Purchase Plan. Employees are eligible to purchase Tredegar Common Stock through the convenience of payroll deductions. Deductions of up to $1,000 per month can be made and dividends can be automatically reinvested.
- Service Anniversary Awards. To recognize service and commitment to the Company, employees receive a choice of awards from a variety of gifts on every 5th year anniversary.
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The benefits described here apply only to eligible employees and are governed
by official plan documents, not this overview. Any or all of these benefits
may be changed, eliminated or replaced in accordance with the terms of
the specific benefit plan. If this summary differs from the plan document,
the plan document governs.
Bon L Canada is an Equal Opportunity Employer (EOE).
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