As of January 1, 2008
Healthcare coverage is provided through United Healthcare.
The plan allows the freedom to choose any physician, hospital,
or medical service provider or to utilize the network of service
providers at the time medical treatment is needed and for
as long as medically necessary.
If United Healthcare physicians, hospitals
and/or other medical services are used, there is no claim
form, and reimbursement is at 90% after copayment charges
for office visits and emergency room visits. Other charges
are subject to a $250 deductible.
If "non-network" physicians,
hospitals and/or other medical services are used, a medical
claim form must be submitted to obtain benefits, which are
subject to annual deductibles of $1,000 and employee's coinsurance
cost of 30%.
The plan offers prescription drug coverage
with copayments ranging from $10 to $40 for a 30 day supply
based on the class of drug. There is also a mail order option
that allows you to receive a 90 day supply with copays of
$25 to $100.
Also included in the plan is a vision care
benefit, which is in addition to the Foundation vision care
plan listed below, and an employee assistance program that
provides confidential counseling and referral services for
many personal situations.
Vision care coverage is provided through Avesis Vision Care.
Employee and eligible dependents can receive an eye examination
($10 co-pay) and standard lenses ($25 co-pay) annually and
frames at a discount every two years. Other services and
out of network benefits are also available.
Coverage is provided by Met Life. The plan allows
the freedom to choose any dentist or to use a network dentist.
In either case the plan benefits are the same. There is a
$50 per person deductible (3 deductibles per family) for
basic and major services and a $1,500 annual maximum benefit
per person for all but orthodontia services, which have a
separate $2,000 lifetime maximum benefit.
Orthodontia services cover children up
to 19 years old at 50% with no deductible.
Preventive services such as cleanings,
x-rays, examinations, fluoride treatment for children, and
emergencies are covered at 100% with no deductible.
Basic services such as lab tests, root
canals, periodontics, fillings (other than gold or porcelain),
extractions, and other oral surgery and anesthesia are covered
at 80% after the deductible.
Major services such as gold or porcelain
fillings and crowns and installation of crowns and bridgework
are covered at 50% after the deductible.
Coverage is provided by Met Life. Employer pays full cost.
Plan provides:
1. Life insurance on employee equal to
twice annual salary (maximum $500,000).
2. Accidental death and dismemberment insurance on employee
equal to twice annual salary (maximum $500,000).
3. Long-term disability income insurance on employee equal
to 2/3 monthly salary beginning the 4th month of disability
(maximum $13,000 monthly, until age 65).
Supplemental Insurance Plans for
Employee and Dependents
Optional with employee paying full premium.
Supplemental (AD&D) plan through INA.
Supplemental
Longterm Care Plan.
Plans through Colonial Life:
• Cancer
• Accident
• Critical Illness
• Term Life
• Universal Life
Educational benefits for employees who desire to obtain a
high school diploma or GED, a college degree, or vocational
or skills training are provided through our education assistance
program. 100% of the cost of tuition, fees, and books (up
to $900 for each full semester or trimester and $450 for
each summer session) for pre-approved courses is reimbursed
upon satisfactory completion.
Employees of the Southwest Foundation, their dependents, and
other family members may open accounts at the Southwest Research
Center Federal Credit Union. It provides financial services
including savings accounts, loans, checking accounts, PULSE
automatic teller access nationwide, and MasterCard service
at low interest rates and no annual fees.
As members of the staff at Southwest Foundation, employees
and their dependents are eligible to participate in all activities
of the Research Recreation Association. Activities include
intramural sports, hobby clubs, fitness center, low-cost social
functions, and community involvement.
Employees will be paid by direct deposit to their financial institution(s).
Holidays
Our traditional nine holidays each year include:
• New Year's Day
• Friday of Fiesta week
• Memorial Day
• Independence Day
• Labor Day
• Thanksgiving (2 days)
• Christmas Eve or day after Christmas
• Christmas Day
Vacation
Prorated during first calendar year of employment and thereafter
earned based on the following schedule:
• 2 weeks per year during first 3 years
• 3 weeks per year during 4th-15th years
• 4 weeks per year during 16th plus years
1/26 of annual vacation
accrual will be earned each pay period.
Used to provide compensation when employee has non-job-related
illness or injury or when a bona fide emergency occurs necessitating
employee's absence from work:
• 1 day earned each month
• No maximum accumulation
1/26 of annual accrual will be earned each pay period.
Employees can elect to pay their medical and dental premiums
on a pretax, tax exempt basis. Employees may also elect
to set aside additional money on a tax exempt basis to pay
out of pocket medical, dental and vision expenses, and dependent
care expenses. Maximum contribution of $150 per paycheck
for healthcare and $5,000 per year for dependent care.
SOUTHWEST FOUNDATION FOR BIOMEDICAL RESEARCH AMENDED RETIREMENT
PLAN AND TRUST
A "defined contribution plan" available to all eligible
employees immediately upon employment.
Southwest Foundation contributes an amount
equal to 7% of the employee's gross pay each payday. The Foundation's
contribution increases to 8% after 5 years of service and
9% after 10 years.
Foundation contributions are used to purchase
annuities from the Teachers Insurance and Annuity Association
and/or College Retirement Equities Fund (TIAA-CREF).
Foundation contributions and earnings will be 100% vested
after 3 years of eligible service.
ANNUITY CONTRACT PURCHASE PLAN
(Supplemental Retirement Annuity)
An optional plan through which voluntary contributions are
used to purchase fully vested tax-deferred annuities. Available
to all employees immediately upon employment.
Plan contributions can be a fixed dollar
amount or a percentage and are limited only by the amount
of salary that can be tax-deferred under IRS regulations.
Tax-deferred annuities may be purchased
from any insurance company whose tax-deferred annuities meet
IRS requirements and who will accept contributions on a biweekly
payroll basis.
Southwest Foundation makes no contributions
to the Annuity Contract Purchase Plan.
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