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Benefits

What Benefits Can Saunders Construction Offer Me?

• Employer Paid Health Insurance
• Dental Insurance
• Vision Insurance
• Employee Assistance Program
• Section 125 Plan
• 401k Plan / Safe Harbor plan
• Profit Sharing Plan
• Paid Vacations, Holidays and Sick Leave
• Bonus Program
• Employer Paid Term Life Insurance
• Employer Paid Short Term Disability

• Employer Paid Long Term Disability

Health Insurance

The health insurance is a High Deductible Health Plan working in conjunction with a Health Savings Account (HSA). The company pays 100% of the insurance premiums for the employee and their dependents. The employee is responsible for the annual deductible.

Employees are encouraged to fund the amount of their annual deductible to their HSA through pre-taxed payroll deductions. Any unused funds can be used to offset future years’ medical costs or to build towards a medical retirement account with pre-tax dollars.

Dental & Vision Insurance

Dental and vision insurance premiums are shared expenses between the employee and the company with 80% of the premium paid by Saunders Construction, Inc.

Employee Assistance Program

An EAP is a solution-focused program for personal and professional issues. The EAP assists organizations in addressing productivity issues, helps employees identify and resolve personal concerns, and enables employers and employees to take a pro-active approach in managing wellness.

Section 125 Plan

This is an employer-sponsored benefit plan, which allows an employee to select from a list of available benefits, those benefits needed by the employee. This program means that current after-tax expenditures for items such as insurance premiums, dependent care costs, and some vision and dental expenses not covered by insurance, can now be paid for with pre-tax dollars. The bottom line is that employees may have increased take-home pay or more dollars available to purchase other benefits they may need.

Retirement

The Saunders Construction, Inc. Profit Sharing 401(k) Plan, while one plan, currently has three funding components. The first is a nondiscretionary match of 100% of your combined elective deferral to a maximum of 2%. The second method of funding is the nondiscretionary 3% “Safe Harbor” 401(k) contribution. The third funding component is a discretionary Profit Sharing contribution.

401(K)/Safe Harbor Plan

The eligibility period for the 401(k) employer contribution component is 6 months. That means following an employee’s 6-month anniversary, they will begin receiving a Safe Harbor contribution of three percent (3%) of their total compensation from the company and are eligible to begin contributing their wages into a retirement account and receive a matching contribution for the first two percent (2%) of their deferred compensation from the company. The 401(k) Plan also includes a Roth 401(k) feature. Under the Roth 401(k), employees can elect to contribute funds on a post-tax basis in addition to or instead of pre-tax elective deferrals under the traditional 401(k) plan.

Profit Sharing Plan

To be eligible for the discretionary Profit Sharing contribution, employees must have completed 2 years of service. The Company targets a 10% Profit Sharing contribution annually. Assuming employees have met the eligibility requirements (pro-rated for the portion of your first year of eligibility) and have deferred at least 2% of their wages, Saunders could contribute an amount equal to 15% of their wages annually into the Profit Sharing 401(k) Plan, with no vesting schedule associated with any of the contributions.

Vacation

Saunders Construction offers a generous paid time off program. Employees are eligible for 10 days of vacation during the first year of employment; 15 days of vacation annually in years 2–4; 20 days annually in years 5–9 and 26 days after 10 years.

Holiday

Saunders Construction offers six paid holidays throughout the year.

Sick

Employees are given six paid sick days each year.

Bonus Program

Contingent upon the profitability for the year and after consideration for the long-term viability of the company, a percentage of the profit may be made available to pay employees a merit bonus. 

Life Insurance, Short Term Disability Insurance, & Long Term Disability Insurance

Saunders Construction provides life insurance, STD, and LTD insurance on behalf of its employees. The life insurance will provide a lump-sum payment to the employee’s designated beneficiaries. Short-term disability coverage replaces a portion of lost income for a specified period of time for employees who are ill or have non-work-related injuries. The long-term disability insurance replaces a portion of the employee’s lost income after short-term disability coverage ends.

*All benefits listed above are for non-signatory, full-time personnel.

What Else Should I Know?

Other benefits include service awards, tuition assistance, a fitness program, work-out facility, racquetball court, casual Fridays, and summer hours.