synthetic_policies/employee_benefits_guide.md

HR-POL-004: Employee Benefits Guide

Effective Date: 2025-01-01 Revision: 1.1 Owner: Human Resources

1. Introduction

This guide provides an overview of the comprehensive benefits package available to eligible employees at Innovate Inc. We are proud to offer a competitive benefits program to support the health, well-being, and financial security of our employees and their families.

2. Eligibility and Enrollment

• Eligibility: All full-time employees are eligible for benefits starting on the first day of the month following their date of hire. Part-time employees who work 30 hours or more per week are also eligible.
• Enrollment Period: New hires have 30 days from their start date to enroll in benefits. Existing employees can make changes during the annual Open Enrollment period in November.
• Qualifying Life Events: Changes can also be made mid-year following a qualifying life event (e.g., marriage, birth of a child).

3. Health and Wellness

3.1. Medical Insurance

We offer three medical plan options through Cigna to meet the diverse needs of our employees:

• PPO Plan: Offers the most flexibility with in- and out-of-network coverage and no need for referrals. This plan has a higher monthly premium but lower deductibles.
• HMO Plan: A lower-cost option that requires you to use in-network providers and select a Primary Care Physician (PCP) for referrals to specialists.
• HDHP with HSA: A high-deductible health plan that gives you more control over your healthcare spending. It is paired with a Health Savings Account (HSA), to which the company contributes $500 annually for individuals and $1,000 for families.

3.2. Dental and Vision Insurance

• Dental: Our PPO dental plan is provided by Delta Dental and covers preventive, basic, and major services.
• Vision: Our vision plan is provided by VSP and includes coverage for eye exams, glasses, and contact lenses.

3.3. Wellness Program

• Gym Membership: Employees are eligible for a $50 monthly stipend for gym memberships or fitness classes.
• Mental Health Support: We provide access to an Employee Assistance Program (EAP) offering confidential counseling and resources.

4. Retirement and Financial Security

4.1. 401(k) Plan

Our 401(k) retirement savings plan is administered by Fidelity.

• Company Match: Innovate Inc. matches 100% of your contributions up to the first 4% of your base salary.
• Vesting: You are always 100% vested in your own contributions. The company matching contributions vest over a 3-year period (33% after year 1, 66% after year 2, and 100% after year 3).
• Investment Options: A wide range of investment funds are available to suit your financial goals.

4.2. Life and Disability Insurance

• Life Insurance: The company provides basic life insurance coverage of 1x your annual salary at no cost to you.
• Disability Insurance: We offer both short-term and long-term disability insurance to protect your income if you are unable to work due to illness or injury.

5. Education and Development

5.1. Tuition Reimbursement

Full-time employees are eligible for up to $5,250 per year in tuition reimbursement for approved, job-related courses. See the Professional Development Policy (HR-POL-009) for details on the approval process.

6. Related Policies

• Professional Development Policy (HR-POL-009)
• Employee Handbook (HR-POL-001)

7. Revision History

• v1.1 (2025-10-12): Added details on eligibility, enrollment, and insurance plans.
• v1.0 (2025-01-01): Initial version.