Benefits
Summary
Promega offers team members an attractive, comprehensive benefit program.
All team members working at least 30 hours per week are eligible for health insurance as of the first of the month following their date of hire.
Medical
Blue Shield HMO plan
Blue Shield HSA Plan
2 Blue Shield PPO plans
Kaiser HMO plan
Kaiser HSA Plan
Dental
Delta Dental PPO plan
Vision
Vision Service Plan (VSP)
Life/AD&D/Disability
Genworth
Life Insurance & AD&D: 1 x salary (max $200,000)
Long term disability: effective on the 91st day of disability at 60%
(Short term disability is covered through State Disability Insurance)
Employee Contribution
All team members enrolling in health insurance are required to pay a portion of the total premium, which is dependent on the medical plan and coverage level that is selected.
The Promega 401(K) Savings and Retirement plan allows team members to contribute 1% to 90% of their eligible compensation (not to exceed IRS annual limits) through payroll deductions into this IRS qualified savings and retirement plan. All eligible contributions are deducted pre-tax from the team members’ paychecks.
Eligibility
All team members are eligible to participate in the 401(K) plan immediately upon hire.
Employer Matching Contribution
Contributions toward the plan of up to 3% of a participant’s compensation will be matched by the Company.
Vesting
Team members maintain 100% vesting in their own 401(K) contributions, rollover contributions, and interest and earnings on those dollars. There is a 3 year vesting period for the matching contributions made by the Company. Employer matching contribution is vested as follows:
1 year of service; 33%
2 years of service; 67%
3 years of service; 100%
Investments
There is a diverse list of investment options to choose from.
All regular team members are eligible for paid vacation time as of their hire date. Team members who work less than 40 hours per week will accrue on a prorated basis. Team members must work at least 20 hours per week to be eligible for vacation accrual. Maximum accrual is 240 hours. The below table indicates the accrual schedule for full-time team members.
Years of Service |
Accrual Rate Per Pay Period |
Accrual Vacation Per Year |
Maximum Accrual
(2x annual accrual) |
< 5 years |
4.62 hours |
15 days (120 hours) |
30 days (240 hours) |
5 years to < 7 years |
5.39 hours |
17.5 days (140 hours) |
35 days (240 hours) |
7 years to < 20 years |
6.16 hours |
20 days (160 hours) |
40 days (240 hours) |
> 20 years |
7.70 hours |
25 days (200 hours) |
50 days (240 hours) |
Employees will be paid earned but unused vacation days upon termination.
All regular team members are eligible for paid sick time as of their hire date. Full-time team members will earn sick days at a rate of 2.46 each pay period, up to a maximum of eight (8) days each year. Team members will not be paid for any unused sick days, however, unused sick days may be carried over into the following year. The total accrual of sick days may not exceed 30 days (240 hours). Part-time regular team members accrue sick time on a pro-rated basis. Team members will not be paid for earned but unused sick days upon termination.
Promega normally observes seven (8) holidays during the year.
New Year’s Day
President’s Day
Memorial Day
Fourth of July
Labor Day
Thanksgiving
Friday following Thanksgiving
Christmas Day
New Year’s Eve
Each year, the Company is closed between Christmas and New Year’s Day.
When one of the above holidays falls on a Saturday, it normally will be observed on the preceding Friday; if one falls on Sunday it normally will be observed on the following Monday. Holidays cannot be carried over to the next year.
Floating Holiday
On (1) floating holiday is issued each year to be used at team member’s discretion. Eight (8) hours are issued to full-time team members, and a prorated number of hours is issued to part-time team members. The floating holiday must be used by December 31 each year, and will not roll over to the following year.
Promega encourages team members to broaden their education and will assist financially with qualified educational expenses. Team members need to be working at least 30 hours per week to be eligible for this benefit.
The Company offers a $1,000 referral bonus for referring a candidate that fills a regular full time or part time position.
Team members are paid on a bi-weekly payroll schedule, receiving paychecks on every other Friday.
Promega is an “at will employer”. Just as the employee is free to terminate the employment relationship with Promega at any time, Promega also reserves the right to terminate the employment relationship with the employee at any time and for any or no reason. This means that the employment relationship is at-will since it may be terminated at the will of either the employee or Promega. Employment and compensation may be terminated or modified with or without cause and with or without notice by you or by Promega. Terms and conditions of employment with Promega (except for the at-will nature of the employment relationship) may be terminated or modified at the sole discretion of Promega with or without cause and with or without notice. There is no agreement, express or implied, written or verbal, between the employee and Promega for any specific period of employment, for continuing or long-term employment, or for guaranteed terms and conditions of employment.
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