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 their benefit elections via https://workforcenow.adp.com > Myself > Benefits > Enrollments. For detailed information on benefits coverage, plans and eligibility, contact FAVER Human Resources.
Medical, Vision, & Dental Plan Costs
Effective April 1, 2024, 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 PPO Plan | Medical: HMO Plan | Dental | Vision |
|---|---|---|---|---|
| Employee Only | $49.73 | $0 | $0 | $0 |
| Employee & Spouse | $505.62 | $394.22 | $15.52 | $2.71 |
| Employee & Child/ren | $446.83 | $345.06 | $13.09 | $2.61 |
| Employee, Spouse & Child/ren | $900.83 | $739.21 | $32.44 | $5.40 |
Effective April 1, 2024, 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 | $214.02 | $164.28 | $7.95 | $1.39 |
| 22 Hours/ Week | $197.59 | $147.86 | $7.16 | $1.25 |
| 24 Hours/ Week | $181.16 | $131.43 | $6.36 | $1.11 |
| 26 Hours/ Week | $164.73 | $115.00 | $5.57 | $0.97 |
| 28 Hours/ Week | $148.30 | $98.57 | $4.77 | $0.83 |
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). Voya is the record-keeper for account access and maintenance, and CBIZ is the third-party administrator for financial guidance and compliance oversight.
Eligibility
Employees who work more than 1,000 hours per year are eligible to contribute into the FAVER 403(b) plan. Part- and Full-Time employees working 20 or more hours per week are immediately eligible to participate.
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 2023, you are able to contribute:
- Up to $22,500.
- If you are age 50 or older at any time during 2023, you may contribute an additional $7,500 for a total maximum of $30,000.
FAVER Human Resources provides support to current and former employees participating in the plan.
For financial guidance regarding the selection of investments, the amount of money to invest in your options, or questions about your plan and savings strategy, contact:
CBIZ Retirement Plan Services
E-mail: [email protected]create new email
Toll-Free: 877-323-3867
Retirement & Investment Solutions | Investment Advisory, Consulting & Compliance (cbiz.com)
To enroll or opt out, view account statements, to change your contributions or fund allocations, request a rollover transfer, distribution or withdrawal, visit:
Voya Retirement
https://VoyaRetirement.voya.com
Toll-Free: 800-584-6001