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Original Date: 09/20/2004
Revision Date: 01/18/2007
Best Practice : Employee Benefits Program
Forest City Gear’s Employee Benefits Program provides a high level of benefits, which maintains employee moral and retention.
Forest City Gear’s (FCG’s) Employee Benefits Program provides a comprehensive benefit plan that has ensured employee morale and retention. The Program is dynamic and evolving and includes Health, Dental, and Eye Care, Flexible Spending Account, Vacation, Holidays, Bonus Holidays, Paid Personal Leave (PPL), Flex Time, Profit Sharing, 401k, Tuition Reimbursement, Bereavement Leave, Jury Duty Leave, Workers Compensation Insurance, Short Term Disability, Life Insurance, company tee-shirts, purified drinking water, and coffee.
The Health, Dental, and Eye Care portions of the Benefits Program offer employees and their families the peace of mind in having a comprehensive health plan that provides the financial security in the event of illness. The employee contributes10% of the cost of the plan. FCG contributes 100% of the cost of the employees’ retirement plan and also contributes a Profit Sharing bonus as the company’s financial vitality allows. In the past, these bonuses ranged from 5% to 15% of the employees’ annual wages. In addition, FCG’s 401k plan matches employee contributions at $0.50 for each dollar of employee contribution up to 6% of gross wages. A company-wide shutdown occurs between the Christmas and New Years Holidays. Employees with more than three years of service earn one paid day of Bonus Holiday. At the end of six years of service, the employee is paid for the four days of the shutdown. With FCG’s unique PPL benefit, employees accrue a maximum of 80 hours for illness, personal business, or relaxation. The accrual rate is three quarters of an hour per 40-hour work week, one hour for a 45-our work week, and employees can earn additional paid time off over and above their normal vacation time.
FCG’s comprehensive Employee Benefits Program helps the company maintain nearly 100% employee retention, which keeps the cost of new hires and training to a minimum.
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