Concepts NREC Employee Benefits
Concepts NREC is pleased to provide a highly competitive and progressive benefits program for all full-time employees. We believe in the value of a strong benefits package for all staff members and strive to provide a program of benefits which will attract and retain the best individuals available, both nationally and regionally. Concepts NREC is an EOE (equal opportunity employer) and fully supportive of hiring veterans.
Vacation accrual starts from the first day of employment. After one year, a new full-time employee has accrued, and is eligible for, two weeks of vacation per year. After five years, employees are eligible for three weeks per year. After 15 years, employees are eligible for four weeks per year. With supervisory approval a new employee may take vacation as soon as it is accrued. No more than one full year's worth of accrued vacation time (two, three or four weeks) may be carried over from one year to the next without special advance approval. A Vacation Buy Plan is available during Open Enrollment every year to acquire additional vacation time above normal earned time.
Eleven paid holiday days are provided each year: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving and the day after Thanksgiving, Christmas, and four floating holidays. Holidays are subject to change. A list of dates which will be considered holidays during the year is published in December of the previous year and also appears on the vacation schedule sheet. During the first year of employment, new hires receive floating holidays on a per quarter basis: four if hired during the first quarter, three if hired during the second quarter, etc...
There is no set number (limitation) of sick days on an annual basis. Concepts NREC's policy is to encourage employees who are sick to absent themselves from work until they are better. However, any employee who accumulates 32 hours of undocumented sick time in a calendar year must provide evidence (documentation) for additional sick time over and above the 32 hours, in order to be paid for the time absent from work. This company policy encourages employees to be responsible about illnesses, including timely treatments, without restricting the availability of sick time. Illnesses of an extended nature are covered under the company's short-term and long- term disability coverage.
Health, Dental and Life Insurance
Comprehensive health insurance, through MVP, is available to employees and their dependents under a Preferred Provider Organization (PPO) system of in-network, and out-of-network, providers. Single, two-person and family levels of coverage are available. The health and dental insurance administrator is Partners Benefits Group and Delta Dental respectively. Life insurance equal to one times annual salary (minimum $50,000 coverage) and Accidental Death and Dismemberment Insurance are provided at the company's expense. And additional voluntary term life insurance can be purchased through Sun Life as well as universal life coverage, cancer, disability, and accident insurance through Colonial Life.
Flexible Spending Account (FSA)
Concepts NREC makes available to employees a plan whereby the employee can set aside (via payroll deduction) pre-tax money which can then be used to reimburse the employee for payments for uncovered medical expenses, such as deductibles, co-payments and dental or eye care expenses, or dependent care expenses. A maximum of $2,500 can be set aside for medical cost reimbursement, and proof of payment is required for reimbursement. There is a six-month waiting period for new employees before they can enroll into the medical portion of the plan. The plan may also be used for dependent care expenses with a maximum of $5,000/year set aside for this purpose. There is no waiting period for the dependent care portion of the FSA.
Short-Term Disability (STD)
If an employee is out for an extended illness (not job related), such as pneumonia, heart attack, etc., the employee will receive partial compensation for a period of up to 180 days. The employee would first be required use his/her accrued vacation. After that time, the company will pay the employee at the rate of 66 2/3% of the employee's base salary. STD premiums are fully company paid.
Long-Term Disability (LTD)
On the 181st day of an extended illness, the LTD insurance, currently through Sun Life, will pick up if the employee is not fully recovered and is accepted for coverage. Coverage is 66 2/3% of the employee's base salary. The premium for LTD is fully company-paid.
Worker's Compensation Insurance
As required by law, Concepts NREC carries appropriate worker's compensation insurance for job-related injuries or accidents. Worker's Compensation coverage is fully company-paid.
Employee Assistance Program
Concepts NREC provides an Employee Assistance Program (EAP), through Sun Life, whereby employees have access to mental health care providers and other professionals in times of personal or professional stress. Assistance for a wide variety of needs can be accessed through this program, including telephone, online, and face-to-face counseling.
401(k) (Retirement) Plan
With the exception of interns (students), coop, union or sabbatical academics, and lease employees, once eligible, new employees are automatically enrolled in the 401(k) Plan at a 5% contribution rate. Unless after receiving proper notice you elect otherwise, the employee contribution will automatically begin approximately 30 days after receiving the notification letter from the 401(k) investment company. Subject to government annual limits, employees may contribute up to 60% of gross income to the plan. The employee presently has more than a dozen fund choices from which to choose, plus online and 800# up-to-date account information is available.
Employee Owned (ESOP)
Effective January 1, 2012, Concepts NREC became an Employee Stock Ownership Plan company. See HR for details on the plan which also has a six-year vesting schedule.
Employees are strongly encouraged to pursue educational opportunities that will enable them to perform their jobs more effectively. Concepts NREC reimburses educational costs, within minimal guidelines, at all educational levels, including degree programs. Supervisors are encouraged to search out and recommend opportunities for employees to improve or grow. These opportunities, if recommended by a supervisor and approved, are paid for directly by the company at 100%. In addition, the company provides internal training opportunities for staff members at both special staff training sessions and Concepts NREC courses. Finally, membership in professional organizations is encouraged with the company paying for memberships, with limited restrictions.
Moving expenses are paid on a case-by-case basis for employees who are moving in order to take a position with the company. HR reviews moving cost quotations and may set limitations on total funding or specific items being moved, however the basic philosophy is for Concepts NREC to pay all normal moving expenses for the employee who moves within 30 miles of their working location. In addition, in unusual circumstances where the company has created additional expenses by requiring an individual to move into the area ahead of schedule, the company will contribute towards the cost of temporary housing, storage, and other living expenses until such time an employee and his/her family are settled in the area (generally limited to two months). Some moving reimbursements are considered taxable income for the employee, so check with the finance office and your tax advisor for tax implications.
Employee Referral Program
Employees who refer candidates to Human Resources for employment are eligible for a $1,000 to $3,000 bonus. This bonus is payable if the referred candidate is hired by the company and remains employed for a minimum of 90 days.
Staff members are eligible for numerous staff awards through a nomination process. Awards are in the form of cash and certificates and recognize varying degrees of achievement including extraordinary effort, patents, academic degrees, authoring and presenting professional papers, creating company Webinars, and winning or leading special contracts/projects.
For questions, please contact us.