Hourly Employee benefits
As of 1-1-2006
HEALTH CARE
A variety of medical and dental options are available to cover the majority of your health care needs and to provide you and your eligible dependents with coverage for extraordinary expenses.
- When Coverage Begins
- Newly Hired or Rehired Employees
Coverage for you and your eligible dependents begins on the first day of the month following 30 days of employment. - Recalled Employees
Coverage for you and your eligible dependents begins on the first day of the month following your date of re-employment. - Annual Enrollment
If you are enrolled in one of the medical/dental plans NASSCO offers, you may change to one of the other medical/dental plans during the annual enrollment period, which is two weeks in November each year. Once you change your medical or dental plan or both to another medical/dental plan, your new coverage becomes effective the following January. - New Dependents
To have coverage from the time you acquire a new dependent, you must enroll him or her within 31 days following the date you acquire the new dependent. Coverage becomes effective on the date of the qualifying event. If you fail to enroll the dependent during the 31-day period, you may enroll them during annual enrollment (November), in which case coverage becomes effective the following January. - Health Plans Currently Available
Currently, NASSCO offers its hourly employees the following health plans: - Kaiser Medical Plans
- PacificCare Medical Plan
- Empire (Blue Cross Blue Shield)
- SIMNSA Medical Plan
- DeltaCare PMI Base Dental Plan
- Delta Dental Buy-up Plan
- Liberty Dental Plans – Base or Buy-up Plan
INCOME PROTECTION & SURVIVOR BENEFITS
- Life Insurance
- Basic life insurance is $25,000
- Accidental Death and Dismemberment
- Coverage is for an additional $25,000
- Temporary Disability Insurance (TDI)
- Short-term disability benefits of $125 per week for non-industrial illness or injury.
- Benefits start on the 8th day of a non-industrial illness or injury or 1st day of hospitalization.
- Benefits paid for a maximum of 39 weeks.
- California State Disability Insurance (SDI)
- Benefits start on the 8th day of a non-industrial illness or injury.
- Benefits paid for a maximum of 1 year.
FINANCIAL PROGRAMS
- 401(k)
- You can enroll in the Plan at anytime following your hire date.
- Eligible participants can defer from 1 to 15% (level of contribution percentage may be subject to Internal Revenue Service limitations) on a pre-tax basis.
- 8 fund choices:
- Fixed Income
- Bond Index
- Balanced
- S&P 500 Index
- Small Cap Index
- General Dynamics Stock Fund
- Large Cap Growth Fund
- Large Cap Value Fund
- Pension Plan
- Upon retirement the NASSCO Pension Plan, paid entirely by company contributions, provides eligible participants monthly income for the rest of their life. Participants vest in this benefit after only 5 years of service. Currently, the following benefit options are available:
- Guaranteed Period Payments: 3 years
- 50% Joint and Survivor
- 100% Joint and Survivor
- Early Retirement – age 55 with 10 or more years of service.
- Disability Retirement – totally disabled with at least 10 years of service and receiving Social Security Disability benefits
- Normal Retirement age is 62
- Flexible Benefit Plan (Section 125 Plan)
- Employees can use pre-tax dollars for:
- Group Insurance Premiums
- Unreimbursed Medical Expenses
- Dependent Care Costs
The above is intended to represent a summary of NASSCO benefits. Should there be conflict between this information and that appearing in plan documents or summary plan descriptions, provisions in the plans will apply. NASSCO may alter or discontinue these benefits at any time, with or without notice.
