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Employment Benefits

Employment Benefits

PTFS offers a comprehensive and industry-competitive array of benefits to meet the different needs of our diverse workforce. Additionally, the firm offers a generous 401(k) plan with an attractive match, and with its training and education reimbursement program, fosters a culture of learning to enhance the professional development of its employees. Our recognition and rewards are aggressive and are geared towards affirming the achievements and performance of outstanding employees.

When you join PTFS, you will access flexible health benefits to meet your needs, experience professional satisfaction through challenging work as a member of a high energy and committed team, and the recognition and rewards for your contributions!

Below is a brief summary of the benefits provided/available to eligable employees. Please refer to the plan documents for detailed information.

Basic Life / AD&D

This employer-paid benefit provides 1x annual earnings (up to a maximum benefit of $200,000) of term life insurance. Coverage is effective on the first day of the month following hire date. This coverage is provided at no cost to you.

Short Term Disability

This mandatory benefit provides 60% of weekly income (up to a maximum weekly benefit of $1,500) following a 7 day waiting period. Coverage begins on the first day of the month following hire date. Benefit cost is determined by salary, PTFS contributes 50% of the premium.

Long Term Disability

This mandatory benefit provides 60% of monthly income (up to a maximum monthly benefit of $6,000) in the event of a qualifying disability, and coverage begins on the first day of the month following hire date. Benefit cost is determined by salary, PTFS contributes 50% of the premium.

Voluntary Life Insurance

This optional benefit allows employees to purchase additional life insurance on themselves and family members. Employees may elect an amount in $10,000 increments up to $500,000. Spousal coverage is available @ 50% of the employees benefit up to $250,000 and Child(ren) coverage is available @ 10% of the employees benefit up to $10,000. Coverage is available the first day of the month following hire date. This benefit is available at the expense of the employee.

Medical Insurance

Medical coverage is provided by CIGNA. Eligible Employees have the option of two Plans, the Platinum Plan and Gold Plan. Both PPO plans utilize the CIGNA national network of participating providers. Benefits include a $20 copay for office visits (including Urgent Care) and a $50 copay for emergency room visits. Prescription drug coverage is as follows:  $15/Tier 1, $35/Tier 2 and $60/Tier 3. Please note the Gold Plan requires all care be received by participating providers. Coverage is available the first day of the month following hire date. PTFS contributes 85% of the single premium and 75% of employee/child(ren), employee/spouse and family premiums for the GOLD plan.

Dental Insurance

Benefits are provided by CIGNA. Services are subject to a $50 deductible per person (waived for preventive services). When using participating CIGNA dental providers, preventive and basic services are covered 100% and major services 60%. Benefits are available out of network as well with 100% coverage for preventive services, 80% for basic services and 50% for major services. The annual maximum benefit is $2,000 per individual. Orthodontia is available for eligible dependent children @ 50% to a maximum lifetime benefit of $1,500. Coverage is available the first day of the month following hire date. PTFS contributes 50% of the single premium.

Vision Insurance

Benefits are available through CIGNA. When using participating CIGNA Vision providers, routine eye exams are covered in full once every 12 months. Lenses (including single, Bifocal, Trifocal and Lenticular) are also covered in full. Once every 12 months. There is a $100 frame allowance once every 24 months. The plan also provides a limited reimbursement for serviced rendered from outside the network. This benefit is available at the expense of the employee.

Flexible Spending Account

Employees may participate in our Flexible Spending Account (FSA) in which they can set aside "pre-tax" dollars for unreimbursed medical expenses, dependent care costs, parking and transit expenses. This IRS approved plan allows employees to significantly lower their taxable salary base (up to $2000/yr for medical care, $5,000/yr for dependent care, $250/month for parking and $130/month for transit expenses) and thereby lower their federal and state tax liabilities. Employees should be conservative in the amounts they contribute to their medical expense and dependent care expense accounts since any funds remaining in the account at the end of the plan year cannot be returned. Coverage is available the first day of the month following hire date. Reminder - Over the Counter Medications require a prescription from your physician to be eligible under the Medical Expense Reimbursement Account.

AFLAC

PTFS is pleased to provide  a selection of  voluntary AFLAC products for our employees to choose from. Plans include the Accident Plan, Cancer Plan, Hospital Protection Plan and Critical Care & Recovery Plan and new this year, Supplemental Dental. Coverage is available throughout the plan year. This benefit is available at the expense of the employee.

Legal Shield and Identity Theft Shield

New this year is the opportunity for employees to enroll in the LegalShield and Identity Theft Shield plans. LegalShield provides top attorneys in your area  to help with legal advice, contract/document review, letters and calls on your behalf, traffic related issues as well as 24/7 emergency assistance. Enrollment includes a free Will with annual updates. Identity Theft protection is also available and includes credit reports, credit scores and analysis as well as Identity Restoration Services. Coverage is available throughout the plan year. This benefit is available at the expense of the employee.

401(k) Retirement Plan

All employees are eligible to join the plan upon completing 320 hours within the first three months after hire; thereafter they may join the plan at the next entry date which is the first day of the month following eligibility (exclusions include: leased, reclassified, non-resident aliens). Effective September 1, 2008, all eligible employees will be required to join the plan with an automatic deferral of 2%, or they may opt out by signing a waiver. PTFS makes a discretionary annual match which enables your savings to grow. PTFS matches employee contributions at a rate of $.50 of every dollar up to a maximum employee contribution of 6% of salary.

Paid Time Off (PTO)

PTFS offers a general bank of paid time off rather than designated leave as vacation, sick or personal. Paid time off accrues beginning with the employee’s first pay period. The accrual rate is 5 hours per pay period (15 days per year) from hire through the first year. Employees earn an additional day each year through the fourth year. At the fourth year, they earn 20 days. Employees earn an additional day each year from the fourth through the 9 year, at which time PTO is capped at 25 days. Paid time off may be accrued and “rolled over” from one year to the next. Maximum accruals and rollover depend on years of service. Unused PTO will not be paid for departing employees who leave within one year. Please see the Employee Handbook for an exact schedule of accrual rates and roll over limits.

Employee Assistance Program

PTFS will provide confidential and voluntary assistance to all eligible employees and their dependents who may be faced with financial concerns, legal issues, alcohol or drug problems, marital problems, illness of a family member, emotional worries, child care problems, etc. This Employee Assistance Program, (EAP) is provided at no cost to the employee.

Holidays

PTFS provides up to ten paid Federal Government Holidays, when the holiday occurs on a customary work day (see handbook for list).

Education and Training

PTFS provides a maximum of $2,000 per year tuition reimbursement for approved courses and also pays for attendance at approved job-related seminars and workshops.

529 Plans

PTFS employees may establish tax deferred 529 Plans to help save for college tuition and expenses. PTFS pays the account set up fee. Employees save after tax money that grows tax deferred. If employee is a resident of Virginia, contributions may be eligible for state tax income tax deduction as well.

Credit Union Membership

PTFS employees may join Signal Federal Credit Union and take advantage of the benefits of credit union membership (typically lower fees than banks, lower loan and credit card rates, higher savings interest rates, vehicle buying service, and free on-line bill paying).

This is a summary of certain features of your Employee Benefits Plan prepared by Blue Kamen Benefits and PTFS. It is a partial, general description of benefits and is not meant as a contract or any part of one. For a complete description of benefits available to you, including procedures, exclusions, and limitations, please refer to the official plan documents. In the event of any difference between this summary and the official plan documents, the plan documents prevail.