PURPOSE / SCOPE:
ICOM seeks to provide a competitive benefits package by offering a variety of health plans and a retirement plans for its employees.
POLICY AND PROCEDURE:
ICOM reserves the right to modify health and retirement plans at any time and for any reason within any limitations set forth by federal or state regulation.
Full-time employees become eligible for ICOM’s group health plans the first day of the month following their hire date. Employees become eligible for ICOM’s 401k retirement plan the first day of the month following one month of employment. Below is a brief summary of ICOM’s offerings, details of each plan can be found in the Office of Human Resources.
Group Health Plans
- Medical Coverage: ICOM offers two medical insurance plan options for its full-time employees and eligible dependents. ICOM pays the majority of the employee’s premium and a significant portion of the dependent premium. Employees who opt-out of medical coverage are not offered compensation in return. See the Benefits Summary for more details.
- Dental and Vision Coverage: ICOM provides dental and vision coverage for its employees and their eligible dependents. ICOM pays 100% of the employee premium and the employee pays the premiums for their dependents.
- Life Insurance: ICOM provides life insurance of 1x annual salary up to $100,000 of coverage. Employees may purchase additional coverage (voluntary life) for themselves and eligible dependents.
Short- and Long-Term Disability: ICOM provides both short- and long-term disability benefits for its full-time employees, providing 60% coverage. The transition from short- to long-term disability is intended to be “seamless” to employees. Such benefits integrate with ICOM’s MTO, FTO, PTO and FMLA policies.
ICOM offers employees the opportunity to invest in a 401k retirement plan. The plan offers both pre-tax and Roth deferral options and a broad selection of investment funds. ICOM offers a 100% match, up to the first 4% of eligible earnings. See the Summary Plan Description for more detailed information.
PRIMARY POLICY OWNER:
VP of Human Resources & Organizational Development