2013 EMPLOYEE BENEFIT SUMMARY
Full-time Employees (32 – 40 hours per week)
This is a general summary of benefits available to PacificSource employees. PacificSource provides competitive wages
and benefits to ensure the well-being of employees and their dependents. Benefits may change periodically to reflect new
opportunities and needs of both the company and our employees.
MEDICAL INSURANCE (includes medical, pharmacy and vision coverage)
PacificSource pays for employee only coverage at no premium cost to the employee. Domestic Partner
Details:
Coverage (non gender specific) is also available. Further details regarding domestic partner coverage,
including rates and payroll tax implications, will be provided if applicable.
Eligibility: Regular employees working 20 hours or more are eligible beginning the first of the month following the
employee’s start date.
Annual
$500 Individual
Out-of-Pocket $2,000 Individual
Office Copay:
$25
Plan
Specifics: Deductible: $1,500 Family
Max:
$4,000 Family
Premiums for dependents on the medical insurance are based on the employee’s salary and can be determined using the
table below:
Election
Employee Pre-Tax Contribution by Annual Salary
Per Pay Premium – Medical
(deducted 24 times per year)
Employee
$35,000
or Less
$35,001 $50,000
$50,001 $75,000
$75,001 $100,000
$100,001 and
above
$0
$0
$0
$0
$0
$12.50
$22.50
$32.50
$42.50
$52.50
Employee/Spouse or Domestic
Partner *
$17.50
$27.50
$37.50
$47.50
$57.50
Family
$22.50
$32.50
$42.50
$52.50
$62.50
Employee/Child(ren)
* Note: Domestic partner premiums are not eligible for pre-tax deduction and the employee is taxed on the employer paid premium
The premiums listed above are per paycheck amounts, which mean they will be deducted 24 times per year and will be
deducted pre-tax. Employee contribution will be based on the employee’s base annual salary (not including overtime,
quarterly bonuses, PTO cash-out, etc.). The annual salary includes commissions, if applicable. Please note that, if your
salary changes within the calendar year, resulting in a change in wage band, the new applicable deductions will be
effective on the next payroll date.
DENTAL INSURANCE
PacificSource pays for employee and dependent coverage at no premium cost to the employee. Domestic
Details:
Partner Coverage (non gender specific) is also available. Further details regarding domestic partner
coverage, including rates and payroll tax implications, will be provided if applicable.
Eligibility: Regular employees working 20 hours or more are eligible beginning the first of the month following the
employee’s start date.
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401(k) PLAN
PacificSource provides a 401(k) Plan to assist you in meeting your retirement needs. PacificSource
Details:
contributes 50 cents for each $1.00 the employee contributes on the first 6% of eligible compensation that
employees contribute to the plan. Your contributions and the company match are 100% vested from the
date of participation. In 2013, PacificSource will also make a non-matching contribution of 3% to your
401(k) plan.
Eligibility: Regular employees working 32 hours or more per week are able to participate in the 401(k) and receive the
company match beginning the second pay period of employment. Part-time and casual employees are
able to enter the plan the first day of the payroll period upon attainment of age 21, and the completion of
one year of service in which at least 1,000 hours are worked.
EMPLOYEE INCENTIVE PROGRAM
PacificSource funds an Employee Incentive Program in order to attract and retain the best employees,
Details:
reward efforts, and create a sense of ownership and teamwork. Based on a variety of company-wide
performance measures, employees can earn quarterly bonus paychecks. The target bonus is 5% of
qualified quarterly earnings. Payout of the bonus is not guaranteed and is based on actual performance
against the target measures.
Eligibility: Regular employees working 20 hours or more per week are eligible to participate and must be employed
both on the first work day of the quarter and on the day of the payout, and not be eligible for any other
incentive compensation. Payout occurs on the first payroll of the second month after the end of the
quarter.
LIFE INSURANCE / ACCIDENTAL DEATH & DISMEMBERMENT
PacificSource pays for term life insurance at no cost to the employee. Coverage amount is 2 times the
Details:
annual salary to a maximum of $400,000. PacificSource also provides a $2,000 life policy for dependents
and domestic partners. If death is due to accident there is an additional benefit paid out.
Eligibility: Regular employees working 32 hours or more per week are eligible and coverage begins the first day of the
calendar month following three consecutive months of employment.
ADDITIONAL LIFE INSURANCE
PacificSource provides an additional term life insurance policy. The maximum available during initial
Details:
open enrollment without undergoing medical underwriting is up to $100,000 for employees and $10,000 for
spouse/domestic partner. The maximum available with medical underwriting approval is $500,000 for
employees and $300,000 for spouse/domestic partner. Dependent child(ren) insurance is available at
$2,000, $5,000, or $10,000. Premiums are paid by the employee.
Eligibility: Regular employees working 32 hours or more per week are eligible and coverage begins the first day of the
month following three consecutive months of employment.
LONG TERM DISABILITY INSURANCE
PacificSource pays for long-term disability insurance at no cost to employees. In the event of a covered
Details:
disability, an employee would receive 66 2/3% of the first $20,000 of eligible monthly earnings. Payments
begin after the 90 day waiting period has been satisfied.
Eligibility: Regular employees working 32 hours or more per week are eligible and coverage begins the first day of the
calendar month following three consecutive months of employment.
FLEXIBLE SPENDING ACCOUNT (FSA)
PacificSource provides an FSA plan to allow employees to pay for certain health-related and dependent
Details:
care expenses with pre-tax dollars, resulting in increased take-home pay.
Eligibility: Regular employees working 20 hours or more per week are eligible and coverage begins the first of the
month following 30 days of employment.
HOLIDAYS AND PERSONAL DAY
PacificSource provides seven paid holidays and one personal day, prorated for regular employees
Details:
working fewer than 40 hours per week.
Eligibility: Regular employees working 20 hours or more per week are eligible from the date of hire. Employees hired
after October 1 of a year do not receive the Personal Day until the start of the following year.
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PAID TIME OFF (PTO) – includes sick, vacation, and personal leave
PacificSource provides a PTO leave plan that covers vacation, sick, and personal time for employees.
Details:
Initial accrual rate for regular employees is 7.69% (approximately 20 days per year). Hours accrue to a
maximum of 250 hours. Once PTO balance reaches 250 hours, excess accrual goes toward Extended
Illness Bank (EIB) hours. The accrual rate increases on the anniversary of the 4 th year (to approximately 25
days), and the 9th year (to approximately 30 days).
Eligibility: Regular employees working 20 hours or more per week begin accruing PTO from the date of hire.
EXTENDED ILLNESS BANK (EIB)
PacificSource provides paid time for periods of absence due to illness or injury of the employee or, in
Details:
qualifying circumstances, certain family members. EIB is calculated and accrued based on hours worked
and accrues at a rate of 4.62% per hour (approximately 12 days per year). Hours accrue to a maximum of
360 hours.
Eligibility: Regular employees working 20 hours or more per week begin accruing EIB from the date of hire.
LONG TERM CARE INSURANCE
PacificSource provides long-term care insurance for the employee, qualifying family members, and
Details:
domestic partners. Premiums are paid by the employee.
Eligibility: Regular employees working 20 hours or more per week are eligible and coverage begins the first of the
month following 90 days of continuous employment.
SHORT-TERM DISABILITY INSURANCE
PacificSource provides short-term disability insurance options to help provide income replacement if you
Details:
are unable to work due to qualified disability and your income drops below 80% of the regular amount.
Premiums are paid by the employee.
Eligibility: Regular employees working 20 hours or more per week are eligible and coverage begins the first of the
month following 30 days of employment.
SUPPLEMENTAL INSURANCE OPTIONS
PacificSource provides supplemental insurance options to employees for themselves, spouses,
Details:
dependents, and same sex domestic partners. Premiums are paid by the employee.
Eligibility: Regular employees working 20 hours or more per week are eligible and coverage begins the first of the
month following 30 days of employment.
EMPLOYEE ASSISTANCE PROGRAM (EAP)
PacificSource pays for confidential professional counseling for employees, their dependents, and
Details:
members of their immediate household. In addition to counseling, the EAP provides financial, legal, and
additional services, including a free will prep kit.
Eligibility: Employees are eligible beginning on the first day of employment.
TUITION REIMBURSEMENT
Details:
PacificSource encourages employees to pursue formal education in an effort to enhance knowledge and
skills, thus improving potential for future opportunities within the organization. If accepted into the Tuition
Assistance Program, PacificSource provides up to $4,500 per year toward tuition and academic fees.
The tuition reimbursement program is prorated for regular employees working fewer than 40 hours per
week.
Eligibility: Regular employees working 20 hours or more per week are eligible after one year of employment.
FITNESS CENTER
Details:
Fitness centers are available in Springfield and Bend office locations at no cost to employees. The facilities
are open Monday through Friday between the hours of 6:30 a.m. and 8:00 p.m.
Eligibility: Employees are eligible beginning on the first day of employment.
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