Benefits...
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Employee Benefits at the William L Bonnell Company
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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 the Aluminum Extrusion Division in the U.S. 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 the Aluminum Extrusion Division.
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- 401(k) Savings Plan. Employees are eligible to enroll in this defined benefit plan as of
the first of any month following date of hire. Employees may generally contribute up to 75% of their base
pay on a pre-tax basis and may choose from a variety of investment funds, each with a different investment
objective and strategy. Tredegar contributes $1.00 for each $1.00 that the employee contributes, limited
to the first 5% of base pay contributed each pay period. The match is invested in Tredegar Common Stock.
Employees are 100% vested in the company contribution immediately.
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- Medical 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 Company's plans are
administered by Anthem Blue Cross/Blue Shield (BC/BS).
- BC/BS PPO Plan. If an employee elects coverage, he/she can enroll in the Blue Cross/Blue
Shield PPO Plan. The BC/BS PPO Plan gives employees the choice of receiving care from participating
or non-participating providers. The BlueCard PPO network is accessible across America and even worldwide.
The plan includes a three-tier prescription drug plan.
- Comprehensive High Deductible Health Plan. Employees also have the option of enrolling
in the Comprehensive High Deductible Plan Option (the "CHDP" option). This option offers smaller premiums
and a larger annual deductible. Once an employee has met their annual deductible, the CHDP pays 80% of all
eligible medical expenses.
By enrolling in this option employees can also elect to contribute to a Health Savings Account
(HSA). This interest earning investment account can be used to fund medical and non-medical expenses.
The company pays a substantial part of the monthly medical premiums. The employee's share of
premiums can be paid on a pre-tax or after-tax basis.
- Dental/Vision 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 employee can elect dental
benefits only or dental and vision benefits. The premiums are fully paid by the employee, and they can
be deducted on a pre-tax or after-tax basis.
- Healthcare Flexible Spending Account. Employees can contribute up to $3,000 annually on
a pre-tax basis. This money can then be used to pay for unreimbursed healthcare expenses.
- Cancer Insurance. Employees and their eligible dependents can enroll in this benefit,
which is underwritten by AFLAC. Premiums are fully paid by the employee and can be deducted on a pre-tax
or after-tax basis.
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- Basic Life Insurance. The Company provides basic life insurance equal to two times
an employee's base salary.
- Optional Life Insurance. Employees have the option to purchase additional life
insurance in increments equal to 1, 2 or 3 times their base salary. The premiums are based upon
the level of benefit and the employee's age.
- Optional Accidental Death and Dismemberment Insurance. Generally, an employee may
elect coverage amounts ranging from $10,000 to $500,000. An option is provided that also allows an
employee to enroll dependents in this plan.
- Dependent Life Insurance. Employees may purchase limited amounts of life insurance
for their spouse and children. There are three levels of coverage: $5,000, $10,000, and
$20,000.
- 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 10 times the
employee's pay, limited by a $500,000 maximum benefit payment.
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- Short-term Disability. Salaried employees become eligible for short-term disability
benefits when they start work. 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
52 weeks of disability pay; the first 26 are weeks paid at 100% and the remaining 26 weeks are paid at 50%.
Benefits are paid for both occupational and non-occupational illnesses or injuries.
- Long-term Disability. Salaried employees are automatically enrolled on the first of
the month following 12 consecutive months of employment. The monthly benefit is 60% of an employee's
pre-disability base pay, offset by certain other sources of income.
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- Vacation. Bonnell's vacation benefit provides employees time off with pay.
The amount of vacation earned depends on length of service: two weeks of vacation after one year,
three weeks after six years and four weeks after eleven years of service.
- Holidays. Salaried employees celebrate 10 company-paid holidays per year. These
include some floating or personal choice holidays (the number may vary depending on location) that
can be used to observe a significant event.
- Long Term Care Insurance. Employees can enroll in this voluntary benefit which
provides coverage for long-term care expenses incurred for their spouse, parent(s), or parent(s)-in-law
or themselves in a setting such as a nursing home, community based health care, or adult day health
care.
- Flexible Spending Account- Dependent Care. Employees can contribute up to $5,000
annually on a pre-tax basis. This money can then be used to pay for unreimbursed dependent care
expenses.
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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 institutions up to $2,500 per year.
- Section 529 College Savings Plan. This plan helps make saving for a child's higher
education easier through payroll deduction. The plan allows employees to save today to meet the rising
costs of higher education tomorrow for their children, grandchildren or even themselves.
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- Direct Deposit. All employees are eligible to have their paychecks 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.
The William L Bonnell Company is an Equal Opportunity Employer (EOE).
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