Benefits-Retirement-Leave
Information Concerning Options Retirement (403B) Plan and Annual Leave Time
What is Options' retirement plan?
How does Options' benefit time (paid time off/annual leave) work?
Options employees who work 20 or more hours/week are eligible to participate in a 403(b) plan. That's the non-profit world's equivalent of a 401(k). Employee contributions - up to IRS limits - are made through payroll deduction on a pre-tax basis. An employer match of 6% (up from 4%) will go into place July 1, 2006. The vendor for the plan will be VALIC, with local representative, Danny Sawyer, and his associates.
Options has a paid time off/annual leave plan that includes holiday observances, vacation time, personal time, and sick time all in one "bucket". Full-time employees with up to five (5) years of service to Options or JCMH are eligible for 36 paid days off (288 hours). The benefit time accrues at the rate of 24 hours per month (288 hours/12 months). Accruals are pro-rated proportionally for employees who work 20 or more hours per week. Employees who work less than 20 hours per week are not eligible for paid time off.
People with more than 5 years of service - up to 10 years are eligible for 42 paid days off (336 hours). The benefit time accrues at the rate of 28 hours per month (336/12 hours/12 months). Those with more than 10 years of service are eligible for 48 paid days off (384 hours). The benefit time accrues at the rate of 32 hours per month (384 hours/12 months).
The paid leave bank has a cap at 200 hours; when an employee's accrued, unused annual leave balance reaches 200 hours, no more hours accrue until the balance is reduced. The accrual can be reinstated by taking scheduled time off, designating some accrual to the Illness Disability Leave Bank (IDLB), or by donating hours to a co-worker in need.
Options permits cash-out of up to 5 days (40 hours) of accrued, unused paid time off at separation from service. The idea is to have a work-life balance; paid time off is designed to be used regularly on a scheduled basis, with a little for unforeseen illness and emergencies.