Fringe Benefits

1. Fringe Benefits Crystal Lake South Cooperative Education

2. Types of Insurance • Medical • Life • Dental • Vision

3. Medical Insurance • Premium Cost of Insurance Coverage • Deductible Employee’s Portion of Cost Ex. $300 annual Deductible for Hospitalization • Prescription Coverage Employee Pays Set Amount For Each Prescription Ex. $10.00 Co-Pay

4. Medical Insurance • HMO—Health Maintenance Organization • Pro’s • Least Expensive (No Co-Pay) • Choose Primary Doctor • Con’s • Primary doctor must approve any other doctor • Choice of doctors is very limited What is a Co-Pay? This is what you have to pay the doctor at the time of service/your appointment. • PPO—Preferred Provider Organization • Pro’s • Wider choice of Doctors • Co-Pay is less if you go to the doctor in your Network • Con • Program is more expensive

5. Medical Benefits • Flexible Spending Account • $ Deducted from Check Tax Deferred • Can be used for medical expenses not covered by insurance and childcare expenses • If you don’t use it by the end of the year, you lose it

6. Retirement Plans • Pension Plan • Provides lifetime payments to retiree • May be paid entirely by employer • May require employee contributions • Vested—amount of time required before you are guaranteed retirement benefits

7. Retirement Plans • 401k—For Profit Companies • Employee deposits money each paycheck • Money is tax-deferred—taken out before taxes • If you leave job you need to roll over (reinvest $) • Some employers match employee’s contribution • Money is invested in stocks, bonds, mutual funds • 403b—Non Profit Organizations • Same as 401k • Employer does not match contribution

8. Paid Time Off • Vacation Time –typically 2 weeks • Personal Days/Personal Business Days • Holidays • Sick Days

9. Life Insurance • Death Benefit • Beneficiary—Receives Policy Amount • Helps pay for funeral expenses • Support for family • Education of children • Invest for future expenses

10. Other Fringe Benefits • Stock Option • Opportunity to purchase stock • Shares of company stock given to employees • Profit Sharing • Employees share in company’s profits • Wellness Programs • Child Care • Savings/Discounts • Tuition Reimbursement • Social/Recreational Programs • Company Car

11. Employee AssistancePrograms (EAP) • Family Counseling • Substance Abuse Programs • Legal Services • Financial Services

12. Fringe Benefits • What fringe benefits does your employer offer? • Full Time Employees? • Part Time Employees? When you leave CLS. . . . What Benefits Will Be Important To You??????