5.1 General Midwest Fastener Corp. offers benefits for all eligible employees. Benefits may be added or deleted from the benefits package, and the Company reserves the right to make such changes. Eligibility begins the first day of the month following 30 days of employment. This Handbook does not contain the complete terms and/or conditions of any of the Company's current benefit plans. It is intended only to provide general explanations. For information regarding employee benefits and services, employees should contact the human resource department. 5.2 Group Health Insurance Midwest Fastener Corp. offers a group health plan for eligible employees. The Company's group health insurance plans are available to eligible employees and their dependents. These plans also include prescription drug coverage. For more information, refer to the Company's benefits booklet for complete details and benefits. Health Insurance • New employees are eligible for insurance benefits the first of the month after 30 days. • Existing eligible employees can
5.3 Supplementary Insurance Midwest Fastener Corp. offers a supplementary insurance plan for eligible employees. For more information, refer to the Company's benefits booklet for complete details and benefits. Supplimental Insurance • Midwest Fastener Corp. provides the option of participating in supplemental insurance for its employees. Employees do not have to participate in health insurance coverage to purchase supplemental insurance. • New employees must complete the waiting period. • Existing eligible employees can begin coverage only during open enrollment periods. • Information on insurance choices and costs will be provided in advance of the enrollment period. 5.4 401(k) Plan Midwest Fastener Corp. offers a 401(k) voluntary pre-tax salary reduction 401(k) plan for regular full-time and regular part-time employees who are 20 years of age or older. Qualified employees will be automatically enrolled in the “elective deferrals” option on a quarterly basis. Employees electing to decline the 401(k) program must decline directly through Vanguard. Midwest Fastener Corp. contributes up to a 4% match for all vested employees.
begin coverage only during open enrollment periods.
• Information on cost will be provided in advance of the enrollment period.
A vested employee is an individual who has worked at Midwest Fastener Corp. for a minimum of three years.
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800-444-7313 •
800-388-9798 •
fastenerconnection.com
MWF LC#250401
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