Agenda Packets - 1999/06/28 - Laserfiche WebLink

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EMPLOYEE BENEFITS Eligibility for Benefits All full-time employees are eligible to enroll for benefits at the time of hire. However, eligibility and full participation are subject to the plan requirements of the specific benefit plan and by restrictions detailed in other parts of this policy. The specific terms and conditions of each benefit plan shall control and nothing in this manual shall supersede any such plan nor grant anything greater than or different than what is provided. in each such plan. Typically, there will be no interruption of benefits for a full-time employee who transfers from another YMCA, except that the amount of benefits offered to full-time employees of this YMCA may differ. For the purpose of determining benefits (when years of service are the basis for awarding the benefits) full-time employment in any YMCA is to be counted. Descriptive Materials Descriptive materials, related to benefits, are provided to employees upon hire or whenever a change in coverage occurs. Benefits may be modified or, terminated at the discretion of the YMCA. Social Security All employees are covered by the FICA (Social Security). The employee's contributions are deducted from each paycheck. The YMCA contributes toward the employee's social security at the applicable wage base as established by federal law. Retirement Fund The YMCA participates in the National YMCA Retirement Fund for the benefit of all eligible employees. The .YMCA pays the entire cost (an amount equal to 12% of the individual employee salary) of each eligible employee to participate in the Retirement Fund. It is a condition of employment that all employees will be enrolled in the Retirement Plan after they have satisfied the three enrollment eligibility requirements: 1. One year of employment with the YMCA. 2. 1,000 hours of employment within that year. if the employee does not complete 1,000 hours of employment in the first year, the employee will be enrolled after completing 1,000 hours of employment in the next or any following anniversary year of employment. 3. Attainment of age 21 by the end of that year. After 5 years of participation in the Retirement Fund, the employee becomes fully vested. On a voluntary basis, all employees who are enrolled in the Retirement'Fund shall be eligible to participate in its tax-deferred annuity plan on either an - 12 -