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| Medical Plan |
Employees can choose to be covered under the Point of Service (POS) Plan or PPO Plan option. Both options offer in-network and out-of-network coverage and are insured through Blue Cross/ Blue Shield of Georgia. The plan covers physician office visits, inpatient and outpatient hospital services, prescription drugs, mental health, treatment for substance abuse, and other medically-necessary services. |
| Dental Plan |
PCI offers a comprehensive dental program that covers preventive and diagnostic care, corrective services, replacement services, and orthodontia. The maximum benefit per covered member per year is $1,500. The maximum lifetime orthodontia benefit is $1,500. Employees have the option of using an in-network or out-of-network dentists. |
| Vision |
Because eye care is an important part of general health, PCI offers a voluntary vision plan as part of its benefits package. This plan provides yearly eye exams, as well as lenses (every 12 months), and frames (every 24 months) for a small copayment of $15 per exam and $15 for glasses. |
| 401(k) Plan |
Employees can contribute 0% to 100% of pay on a pre-tax and/or after-tax basis to the 401(k) plan (subject to the annual IRS deferral limitations), beginning on the first day of the month following their date of hire. PCI provides a company match of 60% on the first 3% of pay that the employee contributes to the plan. In addition, PCI contributes 3% of pay for each eligible employee regardless of whether he or she contributes to the plan. Employees become eligible for company contributions on the first day of the month following the completion of twelve months of service. |
| Basic Life/ AD&D Coverage |
PCI provides all eligible employees with basic life insurance and accidental death and dismemberment insurance of two times annual pay (rounded up to the next $1,000). |
| Optional Life Insurance Plan |
In addition to basic life coverage, employees can elect optional life insurance coverage in increments ranging from one times to five times their annual pay. |
| Optional AD&D Insurance |
Employees can elect optional AD&D coverage in increments ranging from one times to five times their annual pay. Benefits are paid if the employee dies in an accident or suffers a bodily injury as a result of an accident. |
| Spouse and Dependent Life Coverage |
Employees can purchase life insurance coverage of $10,000, $25,000, $50,000, $75,000 or $100,000 on their spouse. Employees can also purchase $5,000, $10,000, or $15,000 in life insurance coverage on dependent children. |
| Universal Life Insurance Coverage |
Employees can purchase Universal Life Insurance coverage on themselves, their spouse, and dependents at low group rates and with the convenience of payroll deduction. Coverage is portable. |
| Business Travel Accident Coverage |
The Business Travel Accident Plan pays benefits of up to four times pay (with a $1 million maximum) if an employee dies or is seriously injured in an accident while traveling on authorized company business. |
| Long-term Disability Benefits |
The long-term disability plan provides income replacement of 60% of pay after six months of disability. |
| Short-term Disability Plan |
The Short-term Disability Plan provides employees with a benefit of 60% of pay if they are unable to work due to sickness or accident. Benefits are paid for the first six months of disability. |
| Critical Illness Plan |
The Critical Illness Plan is a voluntary benefit that helps protect employees and their families from the financial impact of a serious illness. It provides a lump-sum payment upon diagnosis of heart disease, stroke, major organ transplant, permanent paralysis, or end-stage renal disease. An optional cancer rider is available. Employees can purchase coverage for themselves, their spouses, and their dependent children. |
| Flexible Spending Accounts (FSA) |
The Flexible Spending Account Program allows employees to set aside pre-tax money for health care and dependent day care costs. The amounts contributed are exempt from federal income and Social Security taxes, and in most cases, state and local taxes. Employees can contribute up to $3,000 per year to the health care FSA and up to $5,000 per year to the Dependent Care FSA. |
| This document is intended to provide a brief description of the benefits provided by Precision Components International, Inc. For more extensive information about the programs, please refer to the official plan documents and Summary Plan Descriptions. In the event that there is any conflict between the information provided herein and the official plan documents (including the Summary Plan Descriptions), the Plan Documents will govern. The terms of PCI’s benefit programs are subject to change at any time upon an action by the PCI Pension Committee and Board of Directors. This document does not constitute an offer of employment or a written contract between the employee and PCI. |