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INTRODUCTION TO FLEXIBLE BENEFIT PLAN
CRRA's flexible benefit plan allows its employees to select
benefits that meet their needs.
HEALTH INSURANCE
CRRA offers two employee contributory health plans to its Connecticut employees and their dependents and one contributory health plan to its out-of-state employees. Our carrier is ConnectiCare of Connecticut. Currently, CRRA offers ConnectiCare's POS Open Access Plan (Base Plan), a buy-up plan POS Open Access 15-25 Plan and the out-of-state plan, PPO.
DENTAL INSURANCE
CRRA provides dental insurance through The Standard Dental Program, which includes an Orthodontic option.
OTHER INSURANCE
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Life Insurance
CRRA provides two times an employee's annual salary in group-term
life insurance coverage. The Standard Insurance Company is our current carrier.
·
Optional Life Insurance
CRRA offers the option of increasing employee life insurance coverage through a Voluntary Life Policy not to exceed $300,000. At their option, employees can purchase through payroll deduction
additional group term life coverage for their
spouse and/or their children. The Standard Insurance Company
is our current carrier.
·
Accidental Death & Dismemberment Insurance
CRRA provides coverage of two times an employee's annual salary.
The
Standard Insurance Company is our current carrier.
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Disability Insurance
CRRA provides short-term disability coverage of 66 2/3 percent of weekly salary, up to a maximum of $1,000 per week (elimination period of first day injury/eighth day illness). The maximum duration of this benefit is 26 weeks. CRRA also provides long-term disability coverage of 70 percent of weekly salary, up to a maximum of $6,000 per month. The maximum duration of this benefit is 26 weeks. The Standard Insurance Company is CRRA's current carrier.
RETIREMENT
CRRA's retirement benefit consists of a 401(k) (defined
contribution) plan. Upon eligibility (six months of service,
attainment of age 18) an account is established for each
employee. CRRA will contribute to the plan on an employee's
behalf an amount equal to 5 percent of compensation, regardless of
the employee's contribution amount. In addition, CRRA will make a
dollar-for-dollar matching contribution of up to 5 percent of an
employee's compensation that is contributed. In other words, any
contribution that an employee makes between 1 percent and 5
percent is fully matched. The plan provides for employee
contributions of up to 15 percent. Fidelity is our current
Trustee and UBS Financial Services is our current investment management and education services provider.
LEAVE TIME
CRRA currently provides the following leave benefits:
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Vacation
Accrual of three weeks per year, with additional days for each year of
service up to 15 years (maximum of 20 days earned). Vacation leave
may be accumulated and carried over from year to year with a maximum
of 30 days. Vesting occurs upon successful completion of the
probationary period.
·
Personal
Eight days per year. Personal leave is provided to employees at
the beginning of each calendar year. It cannot be carried over from
year to year. At the conclusion of each calendar year, remaining
balances are paid out to the employee.
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Compensatory
(Salaried Employees Only, Non-Executive) On a bi-weekly basis, all hours over 80 are reimbursed at the rate of 1 hour of compensatory time for each hour that is worked. Employees that are elibigle for compensatory time are allowed to accure up to one week's work of hours (currently 37.5) at any one time. Compensatory hours are not carried over from year to year and are forfeited at the conclusion of the calendar year.
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Holiday
Twelve paid holidays per year (11 scheduled; one "floating", used
at the President's discretion).
OTHER BENEFITS
CRRA also provides: vision plan, tuition reimbursement, training, professional affiliation membership fee reimbursements, free parking, bus pass reimbursement and other similar benefits to its employees.
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