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Health/Prescription, Dental and Vision Insurance Plans, which are described on Emergent’s benefits website.
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Employee Assistance Program (EAP) is available to you and your family members. The EAP provides professional and confidential assistance in identifying problems and concerns, and developing a plan to deal with them. The services provided through this employee benefit are at no cost to you.
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Eleven Paid Holidays per year: New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, Day after Thanksgiving, Christmas Eve, Christmas Day, New Year’s Eve and two (2) additional Diversity Days to be granted.
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Paid Time Off (PTO) The PTO bank is to be used for all vacation, sick days, and personal time off in excess of the paid Holidays listed above.
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Short-Term and Long-Term Weekly Indemnity (disability), equal to approximately 66 2/3% and 60% of salary respectively.
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A 401(k) Plan which allows you to direct pre-tax income into an investment vehicle of your choice. The IRS contribution limit for regular pre-tax contributions is $16,500 for 2010. Emergent may contribute up to a maximum of 3% of your total compensation when you contribute a minimum of 6% of your annual compensation.
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Health Care and Dependent Care Flexible Spending Accounts give you the flexibility to reduce your taxable cash compensation in order to obtain nontaxable medical expense reimbursement benefits and dependent care benefits.
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A Tuition Reimbursement program provides financial assistance to full-time employees who are taking college courses in pursuit of a college degree.
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Parking/Public Transportation Subsidy: Emergent will retain your current program.
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Benefits: Your existing Trubion medical, dental, vision benefits and employee premium rates will remain in effect through January 31, 2011. Open enrollment for Emergent’s benefits program will occur in December 2010 and will become effective on February 1, 2011. You will have a choice between two Preferred Provider Organization (PPO) plans provided by CareFirst BlueCross BlueShield. The 2011 employee bi-weekly medical and dental/vision premiums are:
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Two Person
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Family
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Value Advantage
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$ | X | $ | X | $ | X | ||||||
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Premier Plus
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$ | X | $ | X | $ | X | ||||||
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Dental/Vision
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$ | X | $ | X | $ | X | ||||||
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Payroll Timing: Emergent pays its employees every two weeks instead of twice per month, resulting in 26 paychecks per year instead of 24. You will receive your first paycheck by direct deposit using Emergent’s pay cycle on November 12, 2010. You will note the following changes on that paycheck:
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The gross payment amount will change from «Gross_Payment_From» to «Gross_Payment_To» to reflect the change to a 26-pay-per-year schedule. All applicable payroll taxes will be adjusted accordingly.
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Deduction amounts for medical, dental, vision and voluntary programs will change to be based on 26 pay periods rather than 24.
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Sick and vacation accruals will change to be based on 26 pay periods rather than 24.
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401(k) Enrollment: As part of this transaction Trubion’s 401(k) plan will be terminated as of October 27, 2010. You will be eligible to enroll in Emergent’s 401K plan as of November 1 (with deductions taken from the paycheck you receive on November 12). Enrollment in Emergent’s 401K plan will be done online and you will receive instructions at a later date. Because of the termination of Trubion’s 401(k), your October 29 paycheck will include deferrals on compensation earned through October 27.
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Paid Time Off (PTO): Emergent provides employees with an allotment of PTO days to be used for vacation and sick leave. As of January 1, 2011, you will accrue PTO under Emergent’s PTO system. Based on your service and our current policy, you will be granted «PTO_Hours» hours of PTO on January 1, 2011. This PTO will accrue over the 26 pay periods in 2011. Therefore, if you terminate employment, you will receive payment for unused, accrued PTO, rather than the entire grant. Our PTO policy is currently being reviewed and our current grant levels may change.
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Any unused vacation time up to 80 hours from the Trubion plan will be carried into 2011. This leave will be added to the Emergent PTO grant discussed above. At the end of 2011, you will become subject to Emergent’s PTO carryover policy which allows the transfer of up to 80 hours to the Catastrophic Bank (CAT bank). Once the CAT bank is filled with 80 hours, you will be compensated for up to 80 unused PTO hours. Any other unused accrued PTO hours will be forfeited.
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Sabbatical Leave: Emergent does not offer sabbatical leave and this program will be cancelled.
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Performance Management Process: Your 2010 performance management, bonus and merit increase will follow Trubion’s normal year-end process. These amounts will be determined and communicated in December. Bonus payments and any merit increases will be reflected in the first or second pay period of 2011. Merit increases will be retroactive to January 1. Emergent’s performance management process will be used for the 2011 performance year.
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Drug Screening: Drug screening will be held on site in November.
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Background Check: Emergent will be conducting a limited background check to confirm social security number, criminal background and Fraud and Abuse Control Information System (FACIS).
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Compliance Training: Emergent is strongly committed to the highest standards of ethical conduct and corporate governance. These standards are consistent with our corporate culture and adherence to them is critical to earning and maintaining the trust of our customers, employees and shareholders. In support of our commitment to these standards of ethical conduct, Emergent has a comprehensive, corporate-wide, web-based Compliance Training program designed to educate all employees about their compliance responsibilities. The training program will be delivered through Corpedia, Inc.’s e-Learning courses.
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