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Employee Benefits
PURVIS offers a variety of benefits to our full and part-time employees:
MEDICAL: United Healthcare's Choice 096 is offered to our employees and their families. UHC offers in-network and out-of-network coverage.
The prescription drug plan is a three-tiered co-payment structure: generic ($7), brand name ($30) and formulary ($50). Employees who may take medication for an extended period may order their medications through a mail order program. Employees can also save on prescriptions costs through a mail order with www.medco.com.
Dependent children are covered through 31 December of the year in which they turn 19 years of age, and full-time students through 31 December of the year in which they reach age 25. Coverage for eligible persons and their dependents begins the first day of the month following date of hire. The open enrollment period and renewal date for this plan is September.
DENTAL: Delta Dental of Rhode Island (Delta USA) is offered to our full and part-time employees and their families. Delta Dental covers 100% of in-network plan allowance and 80% of out-of-network plan allowance. Dependent children are covered through 31 December of the year in which they turn 19 years of age, and full-time students through 31 December of the year in which they reach age 23. Coverage for eligible persons and their dependents begins the first day of the month following date of hire. The open enrollment period and renewal date for this plan is September.
FLEXIBLE SPENDING ACCOUNT: An FSA is offered through ADP. Employees can defer a minimum of $100 or a maximum of $1,200 to pay for non-reimbursed medical expenses, such as deductibles, co-insurance payments, dental, vision or hearing expenses, etc. Employees can also defer $5,000 per year to cover dependent care expenses.
GROUP LIFE & ACCIDENTAL DEATH & DISMEMBERMENT (AD&D) INSURANCE: A group term life plan with Unimerica Life. Policy face value is 2X annual salary. PURVIS Systems shares equally the total monthly cost of $0.29 per thousand of face value. Coverage for eligible persons is the first day of the month following date of hire. The renewal date for this plan is September.
LONG TERM CARE: A group long term care policy through UNUMProvident is offered to our employees. This policy has a monthly facility benefit of $2,000 month for a 3-year benefit duration. Employees can increase their benefits and purchase plans for their spouse and extended family members (children and siblings over 18 years of age, parents, parent in-laws, grandparents, and grand parent in-laws, up to age 80).
TRAVEL INSURANCE: PURVIS Systems carries a travel insurance policy of $100,000.
VACATION LEAVE: Vacation leave begins to accrue upon completion of the first full calendar month of employment, and is accrued at a monthly rate of 1/12th of annual vacation earnings. Full-time employees earn 80 hours per year during the first 5 years of service; 120 hours per year for the 6th through 12th years of service; 160 hours for the 13th through 20th years; 200 hours for the 21st through 29th years; and 240 hours beginning the 30th year of service. Full-time employees, age 55 and above, accrue 120 hours for the first 12 years of service. Part-time employees earn one-half of eligible hours. At the end of each corporate fiscal year, employees who have accumulated more than 560 hours of leave are reimbursed 100 percent of the excess leave at the employee's hourly rate.
Accrued vacation leave is reimbursed at 100% upon termination of employment.
SICK/PERSONAL LEAVE: Sick/personal leave begins to accrue upon completion of the first full calendar month of employment, and is accrued at a monthly rate of 1/12th of annual sick/personal earnings. Full-time employees accrue 56 hours per year, and part-time employees accrue 28 hours per year. At the end of each corporate fiscal year, employees who have accumulated more than 34 days (272 hours) of leave are reimbursed 50 percent of the excess leave at the employee's hourly rate.
Accrued sick/personal leave is reimbursed at 30% upon termination of employment.
HOLIDAYS: Employees receive nine paid holidays during the calendar year.
EDUCATIONAL ASSISTANCE: PURVIS Systems will reimburse fees and tuition costs (not in general textbooks or materials) to full-time employees for college level approved courses - $1,250 for each of two contiguous semesters. Ceiling reimbursement in any one academic year - $2,500. Grade B or better required. PASS if only PASS/FAIL grades are given. Ph.D. thesis limited to a maximum of 2 semesters of thesis course. Non-college level courses - $400 per year.
401K PLAN: A 401K plan is available to employees after one year of service and who worked for 1,000 hours or more in that 12-month period. Principal Financial Group is the investment manager for our 401K plan. Currently an employee can choose between 21 funds to invest. Contributions may begin during the open enrollment quarters, which are February, May, August and November. Employees must be at least 21 years of age.
PROFIT SHARING PENSION PLAN: PURVIS Systems may provide tax-exempt contributions under an IRS approved plan to individual accounts for eligible employees. Principal Financial Group is the investment manager for our Profit Sharing plan. Currently an employee can choose between 21 funds to invest. Full vesting after 6 years of service.
EMPLOYEE STOCK OWNERSHIP PLAN: The ESOP is a retirement plan and the assets of the ESOP are invested in company stock. Just like your account balances in our 401(k)/Profit Sharing plans, your ESOP account balance will remain invested until you retire or leave the company. Full vesting after 6 years of service.
DIRECT DEPOSIT: Employees have the option of having their paycheck deposited directly to up to three separate accounts - two checking and one savings.
VOLUNTARY BENEFITS: The following voluntary benefits are available to the employee at their full cost. Although PURVIS does not contribute to the costs of these plans, the premiums can be paid through payroll deductions.
- UNUM LONG TERM DISABILITY INSURANCE: A voluntary plan with UNUM Insurance Company. The plan offers 60% of basic monthly earnings to a maximum of $8,000. The employee pays the entire monthly cost through semi-monthly payroll deductions.
- UNUM VOLUNTARY LIFE & AD&D INSURANCE: The employee may purchase additional voluntary term life and AD&D insurance through UNUM Insurance Company for the employee, their spouse and/or their children. The rates are separated in 5-year age bands, based on tobacco and non-tobacco use. The employee pays the entire monthly cost through semi-monthly payroll deductions.
- COLONIAL SUPPLEMENTAL INSURANCE - A voluntary plan with Colonial Supplemental offers the following products to employee, spouse and children:
- Universal Life Insurance - Enables the employee to tailor coverage for individual needs and helps provide financial security for the employee and family members.
- Accident Coverage - Helps offset the unexpected medical expenses, such as emergency room fees, deductibles and co-payments that can result from accidental injury.
- Cancer Insurance - Helps offset the out-of-pocket medical and indirect, non-medical expenses related to cancer that most medical plans don't cover. This coverage also provides benefits for specified cancer screening tests.
- Short Term Disability Insurance Coverage (excluding available for spouse) - Provides monthly benefits to replace a portion of income if unable to work due to a covered disability. Payable in addition to other benefits, including RI TDI and New York State Disability.
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