WaterOne has established a variety of full-time benefit programs. Benefits are effective the first of the month after date of hire unless otherwise stated. If there is any discrepancy between the language in this brochure and that in an individual benefit plan document, the benefit plan document language shall prevail.
FLEXIBLE BENEFIT PLAN (125D)
Employees may choose to participate in the Premium Savings Plan, the Health Care Reimbursement Account, and/or the Dependent Care Reimbursement Account. By participating in the Flexible Benefit Plan the employee’s net take-home pay increases by the amount of taxes the employee did not pay.
A paid vacation program for full-time employees is available at full salary. Employees are eligible to use vacation time upon accrual. Vacations may be carried over and accumulate to no more than two times the annual entitlement.
WaterOne provides paid sick leave to full-time employees at full pay. Ten days of paid sick leave, at base pay rate, are provided to new employees upon accrual.
WaterOne observes eight National Holidays annually. Full-time employees are eligible for holiday pay on their starting date. Holidays observed include New Year’s Day; Martin Luther King, Jr. Day; Memorial Day; Independence Day; Labor Day; Thanksgiving Day, the day following Thanksgiving; and Christmas Day. In addition, holiday hours may apply for Christmas Eve depending on the day of the week Christmas falls. Full-time employees are eligible for 16 hours of floating holiday.
All full-time employees are provided term life insurance. Under this program the employee would receive a benefit of 1½ times their annual earnings for Basic Life and the same for Accidental Death and Dismemberment coverage. WaterOne currently pays the cost to provide this benefit. Other term voluntary life insurance coverage’s are available for employees and their dependents. The full-time employee would pay the cost for these policies.
DEFERRED COMPENSATION PROGRAM
All full-time employees are eligible to enroll in this plan on the day of employment or anytime during the year. The plan is voluntary and allows an employee to defer a part of his/her salary while deferring taxes on that money until withdrawal.
By participating in the Deferred Compensation plan, employees will receive a targeted but discretionary 100% match on the first 2% of base wages they contribute, plus a targeted but discretionary 50% match on the next 5% of base wages they contribute. WaterOne's match is contributed through the 401(a) Defined Contribution Plan (Matching Contribution). A five-year vesting schedule applies to the match.
401(a) DEFINED CONTRIBUTION PLAN (Base Contribution)
WaterOne provides a targeted but discretionary base contribution of 4% deposited in the employee’s account annually for the prior year. The employee must have at least six months service and be employed on December 31st to be eligible. A five-year vesting schedule applies.
EMPLOYEE ASSISTANCE PROGRAM
Confidential, short-term counseling and other general services are available free of charge through the Employee Assistance Program (EAP). Cost for the EAP program is paid 100% by WaterOne.
WaterOne pays all of the cost of full-time employee coverage and 70% of the cost of dependent coverage. WaterOne’s PPO plan includes a prescription drug program.
VISION SERVICE PLAN
Periodic vision exams and other vision-related services are covered under the plan.
Direct deposit of pay is mandatory.
WaterOne pays all of the cost of full-time employee coverage and 50% of the cost of dependent coverage.
The Retirement Plan is funded by WaterOne and by the employees.
CASH BALANCE PLAN
There are eligibility and vesting requirements that must be met. Employees contribute 3% of base pay as a condition of employment and WaterOne provides annually both Pay Credits (3% to 6% depending on years of service) and Interest Credits (5.25%). Retirement income is a monthly annuity based upon the employee’s accumulated account balance at retirement.
LONG TERM DISABILITY
LTD insurance is paid 100% by WaterOne.
After 12 months of service, full-time employees can be reimbursed 75% of tuition, books, and approved fees up to $2500 per calendar year.
OTHER BENEFIT INFORMATION:
- Wellness Program: WaterOne’s Wellness Program includes several wellness activities, educational opportunities, and access to onsite fitness facilities. Participants in certain activities receive insurance premium credits.
- Tobacco-Free Workplace: WaterOne facilities, vehicles, and job sites are tobacco-free.
- Service Awards Program: After five years of employment and each five years thereafter, employees will be recognized with a WaterOne Service Award.