WDLT Employee Handbook

EMPLOYEE BENEFITS

Policy Scope

The Employee Benefits policy outlines the various benefit programs available to

eligible employees, detailing eligibility requirements, enrollment procedures, and

general information about each benefit offering.

Policy and Policy Definitions

401(k) Plan: A retirement savings plan sponsored by an employer that allows

employees to save and invest a portion of their paycheck before taxes are taken

out.

Deductions (Benefits): Amounts withheld from an employee's pay to cover

their share of benefit premiums or contributions (e.g., health insurance, 401k).

Dependent: An individual (e.g., spouse, child) who is eligible for coverage

under an employee's benefit plan, as defined by the plan's terms and applicable

laws.

Eligibility: The criteria an employee must meet to qualify for specific benefit

programs, typically based on employment status (full-time, part-time) and/or

length of service.

Enrollment Period: A designated timeframe during which eligible employees

can elect or change their benefit selections (e.g., annual open enrollment, new

hire enrollment).

Health Savings Account (HSA): A tax-advantaged savings account that can be

used for qualified medical expenses. HSAs are available to individuals who are

enrolled in a High Deductible Health Plan (HDHP) and meet other IRS

eligibility requirements.

Paycom: The designated human resources and payroll software system used for

managing employee data, timekeeping, and benefits administration.

Qualifying Life Event (QLE): A change in an employee's personal situation

(e.g., marriage, birth of a child, loss of other coverage) that allows for special

enrollment or changes outside of the standard enrollment period.

Roth 401(k): A type of retirement account where contributions are made with

after-tax dollars, and qualified distributions in retirement are tax-free.

Voluntary Insurance: Optional insurance coverages that employees can choose

to purchase, with premiums typically paid 100% by the employee through

payroll deductions.

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