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.