The BPMI health care benefits are designed to protect you and your family from the high cost of illness and injury and to help you stay healthy with preventive care benefits. Employees can choose the Preferred Provider Plan (PPO), High Deductible Health Plan (HDHP), Health Maintenance Organization Plan (HMO) which is for NY employees only, or no coverage. Health Savings Accounts are available to those who enroll in the HDHP. All plans cover the same range of benefits including: hospital, surgical, maternity, x-ray, doctor fees, lab exams, prescription drugs, mental health care, and substance abuse treatment. Employees are required to pay a portion of the premium.
There are two dental plans to choose from (basic and enhanced). In and out-of-network coverage is available under both plans. Benefits are paid at a higher level if an in-network provider is used. Both options cover the same range of benefits including: oral exam, x-rays, fillings, root canals, crowns, and some orthodontia benefits for eligible dependent children. The enhanced plan provides higher coverage, however requires a higher employee contribution. Employees are required to pay a portion of the premium.
Vision care covers exam and glasses or contacts for adults and children. Benefits are paid at a higher level if a participating provider is used. Employees are required to pay a portion of the premium.
Wellness Rewards Program
This plan helps employees develop healthier habits and provides them with the tools and resources necessary to enhance wellness. Cash and bonus dollar awards are available upon completion. This plan is available to those enrolled in a medical plan.
401(k) Savings Program
This program provides a convenient way to save for the future through payroll deductions. The company contribution is $.50 for every $1 of the first 8% of your base compensation that you save in the plan. You begin to receive the company portion upon enrollment, and there is immediate vesting of the company match. You have the option to save from 2% to 25% of your compensation, on a pre-tax and/or after-tax basis, and to invest in a number of diversified investment options.
Capital Accumulation Plan
The Capital Accumulation Plan (CAP) is another attractive retirement plan in addition to the 401(k) Savings Program. There are no employee contributions required. The company contributes 3% to 6% of your base salary into this plan depending on your years of service. You must wait three years to have a permanent right to this money. You will have the choice of investing in a number of diversified investment options.
Tuition and Training
Tuition reimbursement is available after satisfactory course completion for approved courses and degree programs that are typically in your work discipline. Coverage is also available for outside courses that will improve an employee's ability to do their work, such as computer and technical training.
Employees are provided group life insurance at one times their basic annual earnings with a minimum of $50,000. Coverage is also available for accidental death and dismemberment and while traveling on company business.
The disability plans provide financial protection by paying a portion of your income for up to six months if you are unable to work because of sickness or injury that is not job-related. You must pay for any coverage beyond six months under the company's long-term disability program.
Paid Time Off
Paid Time off is provided for vacation, holidays, and sickness. One hundred twenty (120) hours of vacation time is available during the first year of hire.
9/80 Alternative Work Schedule
To help employees better balance work and personal life demands, a 9/80 Alternative Work Schedule option is available. This is a compressed work schedule where 80 hours are worked over 9 days in a 2-week period. Employees on 9/80 will be scheduled to work eight 9-hour days, one 8-hour day, and have one day off in a 2-week period.
Flexible Spending Accounts
Employees are permitted to pay out-of-pocket health and dependent care expenses on a pre-tax basis. The savings in taxes can be 15-30%.
Other Valuable Benefits
- Voluntary life and disability insurance plans
- Employee assistance program
- Flu shots
- Service and recognition awards
- Health fair
- Free parking
- Gift matching for educational institution
This is a brief overview of the current benefits offered to full-time BPMI employees. This information is not intended to replace or augment the official documents of the BPMI Benefits Program. If there is a conflict between this summary and the legal plan document, the plan document will determine the benefit.