Summary of Employee Benefits

GID offers a competitive and comprehensive employee benefit package to eligible employees.  This summary of benefits highlights information about the benefits available.

Full time benefits eligible employees have up to 30 days from their date of hire to enroll in the company’s medical, dental, vision and group insurance plans.  All coverage is subject to a 30-day waiting period from the date of employment. Employees are eligible on the 1st of the month following the 30-day waiting period.

Medical Insurance

Medical coverage using the Blue Cross Blue Shield of Massachusetts network is provided through Blue Benefit Administrators. Our Pharmacy Benefit Administrator is RxBenefits. Employees have the option to choose between two PPO plans: Saver 100 with Health Savings Account and Saver 90 with Health Savings Account. For all plans, the company and the employees share in the premium cost. Employee premium contributions are made by payroll deduction on a pre-tax basis. Employees are eligible to enroll on the 1st of the month following the 30-day waiting period. Employees enrolled in our insurance are also eligible for an annual fitness/wellness benefit that reimburses up to $300 per year for qualified gym memberships, weight-loss programs and at home fitness programs.

Health Care Saving Account (HSA)

A Health Savings Account (HSA) is a tax-advantaged bank account offered in conjunction with a High Deductible Health Plan (HDHP).  Employees enrolled in the Saver 100 or Saver 90 may contribute to a HSA account.  If you enroll in either the Saver 90 or the Saver 100, the company will make a contribution to your HSA account. If you have previously contributed to a health care FSA at a previous employer in the same calendar year that you are joining GID’s plan, you are not eligible for an HSA unless there is no continuation with the prior health care FSA, including no access through COBRA or a grace period. It is your responsibility to determine eligibility for an HSA or notify HR of any eligibility issues.

Flexible Spending Accounts and Health Savings Accounts

GID offers all full-time employees an opportunity to participate in a tax savings program in which pre-tax dollars may be set aside through payroll deduction for qualified out-of-pocket health care and dependent care expenses.

  • Health Care Flexible Spending Account (available only to employees declining our medical coverage)

Pre-tax dollars can be set aside in a health care flexible spending account and used during the year to pay for qualified out-of-pocket health care expenses such as plan deductibles, co-payments, and expenses not covered by GID’s medical, dental and vision plans.  The maximum annual contribution is $2,850.

  • Dependent Care Flexible Spending Account (available to all employees)

This account can be established to pay various expenses for dependent care (including care for disabled or handicapped adult dependents). The account is solely for the purpose of allowing you to pay for, with pre-tax dollars, the dependent care that enables you to work.  The maximum annual contribution is $5,000 (or $2,500 if married filing separately).

  • Limited Purpose Flexible Spending Account (available only to employees enrolled in a HDHP plan)

Pre-tax dollars can be set aside in a limited purpose health care flexible spending account and used during the year to pay for qualified out of pocket dental and vision expenses. Limited Purpose FSAs cannot be used for medical expenses.  The maximum annual contribution is $2,850.

Dental Insurance

Dental coverage is provided by Delta Dental with a $1,500 annual maximum benefit per covered individual. The plan provides 100% coverage for diagnostic and preventative services. After meeting a deductible, the plan also pays 80% or 50% for restorative and other basic services. The company and employees share in the premium cost. Employee premium contributions are made by payroll deduction on a pre-tax basis.

Vision Insurance

GID offers fully insured voluntary vision care through VSP. This plan allows you to improve your health through a routine eye exam, while saving you money on your eye care purchases. Employee premium contributions are made by payroll deduction on a pre-tax basis.

Life Insurance

The Company pays the full cost of a life insurance benefit equal to 2 times annual base salary up to a total of $1,000,000 for all full-time employees. Employees may obtain additional voluntary life coverage equal to 1 times their annual base salary (up to $500,000) at their own expense.

Disability Insurance

The company pays the full cost of short-term and long-term disability for all full-time employees.

  • Short-term disability provides a weekly benefit of 66.67% of base salary up to $1,000 per week, subject to certain reductions, with a maximum payable period of 13 weeks.
  • Long-term disability is designed to provide monthly benefits if you become disabled and are prevented from working as a result of a covered accident or illness. The plan pays 60% of base salary, up to $15,000 per month, subject to a 90-day elimination period.

Savings and Retirement Plan – 401(k) and Roth

The plan is administered by Principal Financial. All employees will be automatically enrolled at 5% on the 1st of the month following the 30-day waiting period unless they decline enrollment or choose another percentage through Principal. This retirement savings plan gives employees a unique opportunity to save and invest pre-tax dollars in a 401(k) plan, or post-tax dollars in a Roth 401(k). GID will add $0.50 for each $1.00 you contribute to the Plan up to a maximum pre-tax contribution of 3% of your eligible earnings.

Paid Time Off (Vacation, Personal, Sick and Holidays)

  • Sick time: Employees accrue 6 paid sick days per year and may accumulate a maximum of 30 days. The company does not pay for unused sick time annually or upon termination.
  • Vacation time: Employees accrue vacation time per year based on their length of service.
    • 1-2 full years: 10 vacation days
    • 3-7 full years: 15 vacation days
    • 8-20 full years: 20 vacation days
    • 20+: 25 vacation days
  • Personal time: All employees receive 2 personal days per year. Employees hired after July 1 will receive 1 personal day for that year.
  • Holidays: GID observes 10 paid holidays per year. The holiday schedule is available on the Company Sharepoint.

Tuition Assistance

To encourage continuing education, GID provides a tuition assistance program to all full-time employees with at least one year of service. GID will reimburse 100% of the cost of eligible courses up to $2,500 per year for individual course work and up to $5,000 per year if you are enrolled in a degree program. Courses must be taken at accredited educational institutions and must be pre-approved by your supervisor, your regional vice president (if applicable) and the Human Resources department in Boston. Reimbursement is contingent on achieving a passing grade at the conclusion of the course. The tuition assistance policy and forms are available on the Company Sharepoint.

MBTA Passes

Employees can order transit passes directly through GID, and GID pays the cost up to $280.00/month toward train, bus, boat and commuter rail passes. Any amount over $280.00 is withheld by payroll deduction.

Commuter Benefit

Employees can elect to contribute up to $280/month pre-tax to a parking commuter account which can be used to pay for parking near your workplace or public transportation that you use to commute to your workplace.

Connectivity Stipend

All associates are provided with a connectivity stipend intended to cover the portion of your connectivity costs that is used for business purposes. The amount of the stipend is determined by your position.

Position Monthly Connectivity Stipend
Vice President & Above $50
Director/Divisional/AVP $30
Manager/WFH Corporate (includes Property Managers, Executive Assistants and Regional Coordinators) $20
Everybody else $10

 

Performance Evaluations/Salary Reviews

All employees receive annual performance evaluations that are part of an overall employee performance management system. The performance management system is designed to fairly and accurately assess the annual performance of each individual as well as chart education and development goals while identifying future leaders in the company. Salary reviews are coordinated with performance evaluations.

Employee Assistance Program (EAP)

GID offers an Employee Assistance Program to all associates and their immediate family members through Magellan at www.magellanascend.com or 1-800-523-5668.  The program offers online screening tools, self-assessments and personalized improvement plans to help you better understand and cope with your everyday- and not so everyday-concerns.  Participation is completely confidential.

 

The previous comments are intended to highlight the current employee benefits program of The General Investment & Development Companies and are not intended to serve as full and complete plan descriptions nor as contracts of insurance. GID continuously reviews its benefits to ensure that both employees and the Company are getting a fair return for the dollars and time expended.