Benefits

Benefits

FAVER offers an attractive benefits package to our employees. We offer Medical (HMO and Dual Choice PPO), Dental, Vision and Life plans. Medical coverage begins on the 1st day of employment, whereas the Dental, Vision and Life Coverage begins on the 1st of the month following the date of hire. Your contribution towards coverage, if any, is deducted from your paycheck each pay period.

Employees who work 20+ hours per week are eligible for our benefit plans; refer to the table below for rates.

Employees may review the Plan Summaries via https://workforcenow.adp.com  > Benefits > Plan Details. For detailed information on health benefits coverage and eligibility, contact FAVER Human Resources.

Medical, Vision, & Dental Plan Costs

Effective April 1, 2019, the biweekly pre-tax health insurance premiums for employee and dependent coverage is deducted at the following rates at the cost to the employee:

Coverage
Medical:
Dual Choice Plan
Medical:
HMO Plan
Dental
Vision
Employee Only $32.34 $0 $0 $0
Spouse Only $258.28 $256.28 $15.06 $2.60
Children Only $295.08 $224.33 $12.71 $2.51
Family Only $553.31 $480.57 $31.49 $5.20

Effective April 1, 2019, the biweekly pre-tax health insurance premiums for Part-Time employee coverage is deducted at the following rates:

Part-Time Employee Coverage
Medical:
Dual Choice Plan
Medical:
HMO Plan
Dental
Vision
20 Hours/ Week $139.14 $106.80 $7.72 $1.33
22 Hours/ Week $128.46 $96.12 $6.95 $1.20
24 Hours/ Week $117.78 $85.44 $6.18 $1.07
26 Hours/ Week $107.10 $74.76 $5.40 $0.93
28 Hours/ Week $96.42 $64.08 $4.63 $0.80

Medical Plans

Our Medical plans are provided by Kaiser Permanente (KP). We offer an HMO and a Dual Choice PPO plan.

HMO: You may choose to see a KP doctor at a Kaiser healthcare facility, or a Kaiser affiliate located within his/her own private practice. There is an annual deductible for this plan. Refer to the plan summary for details. Please visit the Kaiser Permanente Physician Directory to search for doctors covered under this tier of the plan.

Dual Choice PPO:
You may choose to see a KP doctor at a Kaiser healthcare facility (or a Kaiser affiliate located within his/her own private practice), or you may choose to see a Network Provider. There is an annual deductible for this plan. Refer to the plan summary for details. Please visit the Kaiser Permanente Physician Directory and/or https://dualchoiceppo.vitalschoice.com/ to search for physicians covered under the Dual Choice PPO plan.

Dental Plan

Our group Dental insurance plan is provided by United Concordia (UCCI). The Dental Provider Directory for dentists covered under this plan can be accessed at  http://www.unitedconcordia.com. Be sure to confirm your provider’s participation in UCCI’s network prior to receiving services. Refer to the plan summary for details.

Vision Plan

Our group Vision insurance plan is provided by Superior Vision. The Vision Provider Directory for ophthalmologists and optometrists covered under this plan can be accessed at http://www.superiorvision.com. Be sure to confirm your provider’s participation in Superior’s network prior to receiving services. Refer to the plan summary for details.

Life Plans

Our group Life plans are provided by The Standard. Eligible employees are automatically enrolled into the Basic/AD&D Life plans with policies in the amount of $25,000. This is at no cost to the employee. Voluntary (or supplemental) Life plans are also available for employees and their dependents; the voluntary coverage is portable. Contact FAVER Human Resources for rates or other details.

Supplemental Benefits

AFLAC offers benefit-eligible FAVER employees the option to enroll in the Accident, Critical Illness, Hospital Indemnity, Short-Term Disability, and Flexible Spending Account (FSA) plans. Contact FAVER Human Resources for plan materials and rates.

403(b) Wealth Accumulation/Retirement Plan

A 403(b) plan (tax-sheltered tax annuity or TSA) is a retirement benefit that allows eligible employees to defer a portion of gross pay into individual accounts. In general, the deferred salary is generally not subject to federal or state taxes until it is distributed; however, deferrals into the Roth 403(b) account is taxed at the time of contribution (tax-free at time of qualified distribution). Nationwide is the record-keeper for account access and maintenance.

Eligibility
Employees who work 20 hours or more per week are eligible to contribute into the FAVER 403(b) plan.

About the 403(b) Plan
After 1 year of employment, FAVER will begin matching employee contributions.  The match is $1 (employee) for $1 (FAVER) for the first 3% of contribution and $1 (employee) for $0.50 (FAVER) for the next 2% contribution. The maximum match of 4% will be made for employees contributing 5% or more.

There is no minimum contribution. However, there are maximum amounts that you can contribute. For 2019, you are able to contribute:

  • Up to $19,000.
  • If you are age 50 or older at any time during 2019, you may contribute an additional $6,000 for a total maximum of $25,000.

 FAVER Human Resources provides support to current and former employees participating in the plan.

For financial guidance, contact:
Martin Bel, CFA Senior Investment Consultant
CBIZ Retirement Plan Services
Office: 407.949.5602
E-mail: mbel@cbiz.com

You are solely responsible for making the decisions regarding the investment of your 403(b) account. It is your responsibility to initiate and complete any procedure required by the investment carrier to enroll in or maintain an investment option. It is intended that the plan constitute a plan described in Section 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA) and that the fiduciaries of the plan, including FAVER, shall be relieved of liability for any losses which are the direct and necessary result of investment instructions given by you or your beneficiary. Accordingly, you are encouraged to consult an investment or financial adviser before making investment decisions.