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Benefits Retirement Income & Savings Plan 401(k) – All employees who are at least 18 years of age are eligible to participate immediately upon hire. Employees save from 1% to 75% of compensation (pre-tax or after-tax dollars) and includes company match of 50% of the first 6% of employee contribution.
Stock Purchase Plan - All employees are eligible to participate in the Plan as long as they have completed 90 days of service prior to a quarterly entry date. Employees elect an after-tax deduction amount and up to $25,000 in stock can be purchased during a calendar year. The purchase price each quarter will be 85% of the average fair market value of the stock during the quarter, except that the price cannot be less than 85% of the lesser of the fair market value at the beginning or end of the quarter.
Group Health - Coverage includes a choice of two traditional PPO options and one High Deductible Health Plan. All plans are comprehensive major medical plans that includes, but is not limited to, hospital costs, surgery, doctors' services, prescriptions, and supplies (excluding nutritional supplements), diagnostic procedures as needed, and many other features. All plans offer unlimited wellness benefits. All full-time employees are eligible after successfully completing 60 days and part-time employees are eligible after completing six months as long as they are scheduled for 30 hours/week.
Group Life – Company paid plan which provides term life insurance equal to two (2) times an employee's annual base salary; maximum benefit of $150,000. All officers and full-time employees are eligible after successfully completing 60 days; part-time employees are not eligible.
Accidental Death and Dismemberment – Company paid has double indemnity. All officers and full-time employees are eligible after successfully completing 60 days; part-time employees are not eligible.
Dependent Life Insurance – Voluntary insurance for your spouse and unmarried children, adopted children and stepchildren living in your home. Spouses may be insured until they reach 70 years of age. Children may be insured from live birth through age 19; full-time students registered at an accredited educational institution are insured through age 23. Schedule of benefits is as follows: spouse is $10,000, each child older than 14 days is $5,000, and each child from live birth to 14 days is $1,000. The cost for this coverage, regardless of the number of dependents, is $1.30 per pay period. All officers and full-time employees are eligible after successfully completing 60 days; part-time employees are not eligible.
Long Term Disability – Company paid plan covers 60% of base salary to maximum of $10,000 per month and is integrated with Social Security. The minimum liability is $100 or 10% of the benefit payable prior to any benefit reduction, whichever is greater. Benefits begin after an employee has been disabled for 90 days in a 180 day period. All officers and full-time employees are eligible after successfully completing 60 days; part-time employees are not eligible.
Voluntary Life and Accidental Death and Dismemberment Insurance - All officers and full-time employees are eligible after successfully completing 60 days; part-time employees who are scheduled 30 or more hours are eligible after six months of employment.
1. Employee Coverage - The employee may elect coverage in $10,000 increments up to a maximum of five times their salary or $250,000, whichever is less. AD&D coverage is equal to the life amount elected. Benefits decrease at ages 65, 70 and 75 and terminate at age 80. Coverage may be ported or converted at termination of employment as long as the coverage has been held for one year.
2. Spouse Coverage – The employee must elect coverage on self in order to elect spouse coverage. Coverage may be in elected in $5,000 increments. Minimum coverage is $5,000 and maximum coverage is $50,000 or half of the employee coverage, whichever is less. Benefits reduce at the employee’s age 65 and terminate at the employee’s age 70.
3. Dependent Coverage - The employee must elect coverage of self in order to elect dependent coverage. Coverage is equal to $250 for children aged 14 days to six months and $10,000 for children aged six months to 19 years (or 23 if a full-time student).
Dental Insurance - The dental plan provides two routine examinations every 12 months. Preventive services are covered 100% with no deductible; basic services are covered 80% with a $50 per person or $150 family deductible; and, major care services are covered 50% also applicable to the deductibles. You may use any provider; there are out-of-network benefits included in this plan. There are specific treatment limitations regarding frequency of treatments. All officers and full-time employees are eligible after successfully completing 60 days of continuous service; part-time employees are eligible after successfully completing six months as long as they work or are scheduled for 30 hours/week.
Vision Insurance - There is no deductible. The plan covers one annual eye examination and contact lenses every 12 months or one pair of eyeglass lenses every 12 months and frames every 24 months. A discount on laser vision surgery is also available. You must use a provider within the VSP network to obtain lower out-of-pocket expenses. If you choose an out-of-network provider, you may turn in your claims for reimbursement. All officers and full-time employees are eligible after successfully completing 60 days; part-time employees are eligible after successfully completing six months as long as they work or are scheduled for 30 hours/week.
Cafeteria Plan – We provide an employee cafeteria plan that allows employees to contribute to their health, dental and vision insurance on a pre-tax basis. The plan also establishes two spending accounts:
1. Health Care Flexible Spending Account - may be used to reimburse yourself for medical expenses that are not covered by any insurance plan. Deductions from payroll are done on a pre-tax basis. All officers, full-time and part-time (working a minimum of 30 hours per week) employees are eligible after successfully completing 60 days of employment.
2. Dependent Care Spending Account - expenses related to providing child, elder or dependent care may be done on a pre-tax basis. All officers, full-time and part-time (working a minimum of 30 hours per week) employees are eligible after successfully completing 60 days of employment.
Officer Vacation – 1ST Year - Officers are eligible for vacation immediately upon hire. In the first year of employment, all officers will be eligible for vacation as follows:
Employees must use 5 of their vacation days consecutively at least once each year. Remaining vacation days can be used in ½ day increments.
Non-Officer Vacation – 1st Year - In the first year of employment, all full-time and part-time employees will be eligible for vacation after three months of continuous service. Following is the vacation accrual chart for full-time employees who work a regular full-time work schedule of 35 hours a week. Vacation time for part-time employees who work at least 20 hours a week will be prorated based on the average hours worked.
Employees must use 5 of their vacation days consecutively at least once each year. Remaining vacation days can be used in ½ day increments.
Officer and Non-Officer Vacation for Subsequent Years of Employment on January 1
Sick Leave - Employees are eligible for sick leave after the completion of three (3) months of continuous service. Full-Time Exempt Staff - During the first year of employment, full-time, exempt employees begin accruing one (1) day per month for each month of the remaining calendar year not to exceed eight (8) days. During each subsequent year of service on January 1, exempt employees will be credited with eight (8) days of sick leave.
Full-Time Non-Exempt Employees - During the first year of employment, full-time, non-exempt employees begin accruing eight (8) hours per month for each month of the calendar year not to exceed sixty-four (64) hours. During each subsequent year of service on January 1, full-time non-exempt employees will be credited with sixty-four (64) hours of sick leave.
Part-time employees who regularly work more than 20 hours a week have their sick leave accrual prorated based on average hours worked.
Bank Holidays – Generally all bank Holidays coincide with the schedule followed by the Federal Reserve Bank. New Year’s Day, Martin Luther King Jr. Day, Presidents Day, Memorial Day, Independence Day, Labor Day, Veterans Day Thanksgiving Day, Christmas Day. When a holiday falls on a Saturday, the company closes on Saturday. When the holiday falls on Sunday, the company closes on Monday. Officers, full-time employees and part-time employees who work at least 20 hours per week are eligible for this paid time off upon hire. Bereavement Time - Time allowed is ten days for spouse, child or stepchild who is either living with you or attending school, five days for mother or father, and three days for mother-in-law, father-in-law, stepparent, grandparent, stepchild, brother, sister, stepbrother or stepsister or any other relative that is living in the employee's household at the time of death. One day is allowed to attend funeral of any other relative. An additional 2 days bereavement is provided when travel to the funeral is greater than 200 miles one way. Officers, full-time employees and part-time employees who work at least 20 hours per week are eligible for this paid benefit. Referrals – All employees are eligible for a multitude of referral plans and are encouraged to refer current or potential customers to other partners within the First Merchants team.
529 College Savings Plan – All full-time and part-time employees are eligible on their date of hire to open a college savings plan. Deductions are after tax and are withheld from payroll and direct deposited to the employee’s individual account with the CollegeAdvantage Plan. Employees can start, stop, increase or decrease their payroll deductions at any time. Monthly statements will be prepared and mailed directly to the employee from Putnam Investments. For additional information on the 529 plan, the investment portfolio options or the enrollment or change forms, contact Human Resources. Checking Account – Employees are expected to open a First Preferred checking account. As an employee, all minimum balance requirements waived. Payroll is deposited into either this or another First Merchants checking or a savings account. Upon termination or retirement, all normal service charges are applicable. Employees desiring other checking account products will be subject to normal fees and charges. Educational Assistance - Undergraduate or graduate courses taken at an accredited vocational college, business college, university or institution are eligible for 75% tuition and 50% book reimbursement provided the employee receives a grade of C or better. Full-time employees are eligible once they complete six months of continuous employment and have been performing successfully. The degree or certification must be related to their current or potential position within the Company. Employee must also be in an active status at the time reimbursement requests are submitted to be eligible for reimbursement. Travelers and Cashiers Checks and PMOs - These are exempt from regular fee charges for employees. Safe Deposit Boxes - A 5" x 5" safe deposit box is provided at no charge to all employees. Service Award – All employees are provided a gold lapel pin set with one diamond following their fifth anniversary; additional diamonds are added each five year anniversary through the 25 anniversary. Employees are also provided with a choice of several tangible gifts in recognition of each five year anniversary beginning with their fifth anniversary.
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