IVC – Enriching Your Health

Benefits

This Benefit Summary is designed to provide an overview of the many Health & Welfare, Retirement, Paid Time Off, and Work/Life benefits that are provided to IVC employees. More information is provided during new hire orientation.

Health & Welfare Benefits

All regular employees who regularly work at least 30 hours per week are eligible to receive Health & Welfare Benefits, including Medical, Dental, Vision, Life, and Disability Insurance, as well as utilization of the Employee Assistance Program. Prescription drugs are covered under both medical plans. Generic, brand name and non-preferred drugs are available, with an additional cost attached to the use of brand name, and non-preferred drugs. Eligibility begins on the first of the month following 30 days of employment.

Section 125

The company offers to its employees a Premium Payment Plan or Section 125, which allows employees to pay for insurance with a portion of pay before Federal Income and Social Security taxes are withheld. This plan helps employees keep more of their money earned by lowering the amount of taxes paid.

Flexible Spending Account (FSA)

A health care Flexible Spending Account reimburses employees for eligible out of pocket health care expenses such as medical co-payments, coinsurance, deductibles, prescriptions, some over the counter medicines and certain dental, hearing and vision costs.

Dependent Care Reimbursement Program

A dependent care Flexible Spending Account allows you to save money, on a pre-tax basis, to pay for your dependent child care up to the amount set by the IRS every tax year.

Life and AD&D Insurance

Group Term Life Insurance. IVC provides Term Life Insurance at no cost to employees. The amount of coverage equals 2x employees’ annual base salary, up to a maximum of $600,000. There is also the option to limit coverage to $50,000, since the cost of company-provided life insurance (above $50,000 of coverage) is considered imputed income and employees will be taxed on this portion of the cost.

Supplemental Life and AD&D Insurance. Supplemental life insurance benefits are also available for employees and their eligible dependents. Employees may purchase up to $250,000, not to exceed employee amount in increments of $5000 for a spouse (a minimum of $5000), and $10,000 for each eligible child from birth to age 19 (or 25 if a full time student). One premium amount covers all children, not just one child. The dependents amount of coverage cannot exceed the employees amount of coverage.

Disability

The states of New Jersey, New York and California require all employees to be covered by Temporary Disability Benefits (TDB) Laws, therefore requiring employers to deduct tax dollars from employees pay. The TDB are related to sickness or illness of employees only. Employees in each of these states will be subject to the limitations covered under these states programs.

Long-Term Disability. Provided to employees at no cost, this benefit pays a portion of employee’s base salary should they become disabled for more than 6 months. This benefit equates to 60% of base pay, up to $10,000 per month.

Business Travel Accident Insurance

For employees who travel on Company business, IVC offers accident insurance if you are injured or die while traveling on Company business.

Product Purchase Program

This program was established for employees to provide easy access to our products at a discounted price.

Employee Assistance Program (EAP)

IVC recognizes that personal problems can have an impact on an employee’s effectiveness at work. The Company provides an EAP, which makes professional counseling services available to you and your dependents. The EAP provides confidential assistance and qualified counseling for marital and family problems, alcohol and drug dependency, financial and credit concerns, legal issues, tax issues, and other situational life problems.

401(k) Retirement Plan

All eligible full time employees may elect to participate in the 401(k) Plan shortly after their date of hire. Employees who participate in the 401(k) plan are eligible for a company match of up to 50% of eligible earnings at a maximum of 6%. Participants may contribute a set dollar amount or percentage of base pay on a pre-tax basis, subject to federal and state limits.

Vacation

All full time employees are eligible for 2 weeks vacation at the start of employment. Vacation is accrued on a bi-weekly basis and employees can begin taking time after 6 months of continuous service. The accrual schedule is adjusted in accordance to policy and is based on years of service.

Paid Holidays

IVC offers 10 paid holidays or 80 hours per calendar year to all regular, full-time employees. Covered holidays include: New Year’s Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Day after Thanksgiving Day, Christmas Eve Day, Christmas Day, plus one floating holiday set by senior management each year.

Educational Assistance

To encourage employees to continue their education and career advancement, IVC has established an Educational Assistance program in the form of tuition reimbursement. After completion of one year of continuous service, tuition reimbursement of up to $5,000 per fiscal year may be available upon successful completion of eligible coursework.

 


IVC is an equal opportunity employer. AA/EEO/M/F/D/V
All employees work authorization will be verified through EVerify.