Benefits Summaries
Benefits are a key part of Evraz Claymont Steel (“ECS”) compensation, and are provided to employees regularly scheduled to work at least 32 hours per week. ECS pays the major part of the cost of health care insurance, and maintains most other benefit plans at no cost to employees. On average, ECS spends 40% for benefits on top of wages - or, stated another way, for every dollar in wages, the Company pays an additional 40 cents for benefits.
1. Health Care Insurance
For Medical Insurance, new employees have a choice between:
- PPO Plan - A Preferred Provider Organization that offers a network of physicians and hospitals to choose from. Your payroll deduction (using pre-tax money) for this plan and the ODS dental plan is: $52/mo employee only; $108 employee plus spouse or employee plus child(ren); $160 for family. Vision care and prescription drugs are included in this Plan.
- Health Savings Account/High Deductible Health Plan - Provides flexibility for employees who seek to control their health care costs and save money for medical expenses during retirement. There is no payroll deduction. Dental care, vision care and prescription drugs are offered with this Plan.
Dental Insurance
- ODS Plan - This plan pays 100% for eligible Preventive Care (i.e. routine exams, etc.); 85% for Basic (e.g., fillings) and 60% for Major restorative care (e.g., crowns); and 50% up to $2,000 for orthodontia.
Insurance is effective the first of the month following date of hire. With proof of other insurance, you may waive medical and medical/dental insurance and receive up to $250/mo. in cash.
Medical and Dental Plan Comparison - PDF.
2. Life Insurance
The Company provides life insurance coverage and AD&D coverage for you equal to 2 times annual base pay, up to $500,000 coverage. Effective the first day of work. Additional amounts may be purchased at group rates without a medical questionnaire during the initial enrollment period (guarantee issue).
3. Sick Days & Short Term Disability
You are eligible for up to 6 paid sick days a year. After 1 year of service, if an employee must be absent due to illness or injury, up to 26 weeks at 66 2/3% of wages is available.
4. Long Term Disability
After 1 year of service, plan provides 60% of base salary if a disability lasts longer than 6 months. In cases of total disability, the plan may pay until you are eligible to draw retirement benefits.
5. Retirement Program
401(k) Plan - Employees are automatically enrolled with a 4% deferral unless they opt out. The Company matches your 4% with an additional 4%, for a total of 8%. You may contribute up to $16,500 in 2010 on a pre-tax basis. Employees age 50 and over may defer up to an additional $5,500 under a “catch-up” program. (There is no Company match on the “catch-up” program.) You direct the investment of your savings and can choose from 14 investment options; you initially are placed in a managed retirement trust fund. There is no monthly participant fee to you - the Company pays that cost.
Retirement Account - You receive a year-end contribution from the Company of 2% of your pay, and are vested for this benefit after 3 years of service. As with the 401(k) Plan, you direct the investment of your account, choosing from the same investment options as the 401(k) Plan. (Effective for new employees hired after 10/1/08; employees hired before then participate in a Pension Plan.
6. Vacation
Paid vacation can first be taken in the calendar year following the year of hire and is a pro-rata portion of 2 weeks, depending on how long employed during the first year. Thereafter, 2 weeks are available at the first of each year. You move to 3 weeks per year in the year in which your 6th anniversary occurs, and to 4 weeks the year in which your 15th anniversary occurs.
7. Holidays
10 paid holidays per year.
8. Educational Assistance
ECS encourages you to seek additional training and education. After one year, you are eligible for reimbursement of up to 100% of tuition, fees and books for classes taken at accredited schools and colleges, provided that management has agreed that such study will help you in your present position, or in some other position at ECS which you might hold in the future.
9. Employee Assistance Program
You and/or family members in need of personal counseling or assistance can take advantage of this Program. It is administered by an outside professional firm. Up to 5 counseling sessions per incident are available at no cost to you. All services provided are treated confidentially and the identity of clients is not revealed to ECS.
10. Flexible Spending Accounts
These accounts let you use pre-tax money to pay for family medical, dental, and vision expenses not covered by insurance, e.g., deductibles and co-payments, up to $5,000 per year. They can also be used for child/eldercare expenses up to $5,000 per year.
11. Long Term Care Insurance
This is custodial care for people who are unable to perform activities of daily living. You are able to purchase the insurance at group rates and at hire are automatically eligible regardless of your health history.
This is a summary only. For more complete information, please refer to the Summary Plan Descriptions.