EMPLOYMENT - BENEFITS
Wall Residences offers the following benefits package to full‐time employees:
Wall Residences is an employee owned company that offers a positive work environment and a competitive benefits package designed to promote health and financial security for you and your family. Included a company-sponsored health and dental plan, Health Savings Account (HSA’s), group and voluntary life insurance, short and long-term disability coverage, accident, critical illness, a 401(k) plan, an ESOP, an Employee Assistance Program (EAP), education assistance, and wireless phone discounts. Employees are also provided with paid time off and holiday schedules.
Health Insurance – The Company currently offers three Health Care Plans from which to choose. (1) Optima Vantage (POS 1000 / 25 / 30%) or (2) Optima Vantage (POS 500 /20/ 20%). Both plans require the employee to contribute toward the premium. The third Plan is Optima Vantage (POS Equity 3000 100% HSA), a High Deductible Health Care Plan with a Health Savings Account (HSA), in which the company will contribute for Employee only coverage for those who qualify and elect this plan. Employee only coverage is 100% Company paid. Dependent coverage is available in the three plans and requires the employee to contribute toward the premium.
Health Savings Account – By enrolling in an H.S.A compatible medical plan option (Equity), you will have access to investing up to the IRS limit into a health savings account managed by HealthEquity ($3,450 single/ $6,850 family). You may do this through selecting the 125 plan with contributions made on a Pre-Tax Basis. Wall Residences will get you started by funding up to $1,227.12 per benefit year per employee (prorated monthly at $102.26).
Section 125 – Allows Medical, Dental, Vision, and H.S.A. contributions eligible for payment pre-tax through salary reduction. You will be automatically enrolled, however, please contact HR if you wish to waive this benefit.
Dental Insurance – The Company offers a Dental plan through Lincoln Financial. and the employee is required to make a 50% contribution toward the premium for employee only coverage. The Plan provides 100% coverage for preventative services, 80% coverage for restorative services, and 50% coverage for major dental services. The Plan also has a small annual deductible of $50.00 (3x family max) which is applied first toward restorative and major dental services. The maximum annual benefit provided in a calendar year is $1,250.00 with a Dependent coverage is also available and requires employee contribution toward the premium for that extra coverage as well.
Group Life Insurance – The Company provides Group Term Life insurance coverage through the Colonial Life in the amount of $50,000 at no cost to the employee. It also contains coverage for employees who suffer an Accidental Death or Dismemberment.
Short Term Disability Insurance – The Company provides Short Term Disability insurance at no cost to the employee. This coverage is provided through Lincoln Financial Insurance Company and provides a benefit equal to 60% of your covered wages (to a weekly maximum of $750.00) for a maximum of 13 weeks. If you have an illness that prevents you from performing your duties, there is a 8-day elimination period before benefits become payable. If your disability is the result of an accident, then benefits become payable day one.
Long Term Disability Insurance - The Company also provides Long Term Disability insurance at no cost to the employee. The coverage is provided through Lincoln Financial Insurance Company and provides a benefit equal to 60% of your monthly earnings up to a maximum of $6,000.00; Benefits under this Plan become payable following 90-days (immediately following Short Term).
Voluntary Supplemental Life Insurance – Allows the employee to elect additional life insurance coverage for themselves, an eligible spouse, and dependents. This program provides a Guarantee Issue of up to $100, 000 for employees, $25,000 for spousal coverage, and $10,000 for Dependent coverage. This coverage is fully paid by the employee and can be converted to an individual policy, in the event you leave the Company.
Voluntary Critical Illness - Allows the employee to elect additional critical illness coverage for themselves, an eligible spouse, and dependents in increments of $10,000 up to $250,000 ($150,000 Guaranteed if enrolling at initial offer/no future open enrollment). Spouses, up to age 70, can elect up to 50% of your elected amount with guaranteed issue of $30,000. Dependent children can enroll with $10,000.
Critical Illness &Accident Coverage - Allows the employee to elect additional options for you and your family to protect yourself from unaffordable events such as an accident or a life-threatening illness. Coverage varies by selections.
Benefit Eligibility Period - Employees become eligible for benefits the 1st of the month following 60 days of employment.
Employee Assistance Plan (EAP) - The Company provides an employee assistance plan Work Life Matters that can offer support with Education, Dependent Care, Legal and Financial Advice, Working Smarter, Lifestyle & Fitness Management. This service is strictly confidential that allows their employees (and their eligible dependents) to talk with professional counselors on a variety of topics that are affecting their well-being. This benefit is provided at no cost to the employee.
Paid Time Off – The Company realizes the need for employees to take time away from work from time to time. Our policy for Paid Time Off (PTO) is that sick time, vacation time, and personal time are all included into one category. Regular full-time employees who work 40 hours a week accrue PTO at a rate of 8 hours per month the first year of employment. That accrual rate increases to 10 hours per month after your first service anniversary with Wall. It again increases to 12 hours per month after your second anniversary. For employees who work between 32 to 39 hours per week, they will accrue at a proportionally reduced amount.
Paid Holidays – The total number of paid holidays given from Wall Residences depends on your position. Each fall, the next year’s holidays are determined, and a schedule is distributed to all employees. These recognized holidays are in addition to the Paid Time Off benefits described above.
Pay Days- All employees are paid on the 15th of the month and the end of each month. Direct deposit of your earnings is available.
Employee Stock Ownership Plan – Wall Residences employees are included as owners of the agency after one year of employment, provided they have completed at least 1000 hours of service in each year, and are at least age 21. 100% vesting in the plan occurs after six years of full employment. This benefit can be substantial if the company is successful in a given year and is intended as an additional resource for retirement. Employees are not required to contribute to this Plan.
401(k) Retirement & Profit Sharing – The Company sponsors a 401(k) Savings Plan whereby an employee may contribute a portion of their salary into the Plan as a supplement to their retirement. You must be at least age 21 and have six months of employment before becoming eligible to participate in the Plan. If you decide to participate, the Company provides a matching contribution equal to 100% on the first four percent of your deferral (example: if you defer 2% of your salary, the Company will match your 2% contribution. If you defer 7% of your salary, the Company Matching Contribution will only be to the maximum of 4% of your salary.) Participants are responsible for the investment of their contributions and our Plan has several investment options from which to choose. Newly eligible participants may enter the Plan on the first day of the calendar month coincident with or next following the time they meet the criteria of 6 months of employment during which 1000 hours of service were also completed.
This is provided as a summary of benefits and does not contain all the provisions of the current plans being offered (including limitations and exclusions). Should anything in this document and the official Plan documents differ in any way, then the provisions in the official Plan documents will prevail.
Wall Residences is an EEO/Disability Employer/Drug free Workplace