Employees and dependents receive medical and dental insurance effective the first day of the month following hire. II-VI Marlow pays all employee coverage and approximately 60 percent of dependent medical coverage. Employees pay dependent coverage and make payment by pre-tax payroll deduction. II-VI Marlow provides a PPO for health insurance.
II-VI Marlow provides each employee with term life insurance at two times base annual earnings. II-VI Marlow bears the full cost of this coverage effective on an employee's one month anniversary. Employees may also choose to purchase voluntary term life insurance for themselves and their dependents. The insurance cost varies by age and is paid through payroll deduction.
Short- And Long-Term Disability
II-VI Marlow provides each employee with both short- and long-term disability coverage. II-VI Marlow bears the full cost of this coverage. Short-term disability is self-insured by the company and runs for 12 weeks. Long-term disability coverage provides income reimbursement at 66.67 percent of base annual earnings.
Worker's Compensation Insurance
II-VI Marlow provides all employees with worker's compensation coverage and bears the full cost of this insurance. This insurance provides medical coverage and income reimbursement at 70-75 percent of base annual earnings.
COBRA Insurance/Continuation Of Health Plan Coverage
II-VI Marlow provides all employees and their families the opportunity for temporary extension of health coverage at group rates in certain instances where coverage under the company's group plan would otherwise end.
Tuition assistance is available for all employees upon employment. Employees must be enrolled in an accredited university or vocational school taking courses to further their career with the company. II-VI Marlow tuition assistance policy reimburses for tuition and fees based on UT-Dallas rates. Reimbursement is made for books up to $75 per course.
401(k) Plan/Profit Sharing
II-VI Marlow a division of II-VI Incorporated, provides a 401(k) program where you can contribute pre-tax dollars into a savings account for retirement. After one year of employment, the 401(k) Matching Plan begins. The company matching contribution is 50% of your salary contribution percentage up to 8% of pay that you contribute into this plan through salary deferral. (Employee contributes 8% = 4% company match.) The 401(k) matching contribution follows a graduated vesting schedule, where after six years of employment, the employee is 100% vested. An employee is eligible immediately to contribute to the 401(k) plan.
Section 125 Flexible Benefit Plan
The flexible benefit plan provides a way to set aside money through payroll deduction to cover health care expenses not paid for by II-VI Marlow insurance plan. Dependent day care expenses and dependent health insurance premiums may also be set aside through this plan. All monies set aside are done so on a pre-tax basis.
The company offers ten (10) paid holidays per year.
New employees will be given vacation days to be used during the current fiscal year contingent on their hire date. Up to 10 days of vacation can be accrued during an employee's first year of employment to be taken in the following fiscal year. After five years of employment, employees earn 15 days per fiscal year and after 15 years of employment, 20 days per year.
Non-exempt employees receive three personal days per year. These days are provided at the beginning of the calendar year and may be taken in increments of one hour. Any unused hours will be paid to the employee in first quarter of the following calendar year.