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Universal Electronics Incorporated Benefits Summary - The Benefits of Joining our Team
We provide a comprehensive benefits program designed to make employees' lives better. We offer a wide range of benefits with built-in flexibility. Employees can tailor their benefits selections to their lifestyles and the needs of their families and themselves. Our benefit programs are as follows:
- Savings and Investment 401 (k) Plan - Security for tomorrow
Employees may contribute from 1% to 15% of total pay on a pre-tax basis through payroll deduction. Universal matches 50% in the form of Stock (i.e., $.50 match for every $1.00 contributed). 100% vesting occurs when the employees reaches five years of service. Regular full-time employees are eligible after completing 1000 of service.
- Flexible Spending Account
We sponsor an employee benefit program known as the Universal Electronics, Inc. Flexible Spending Plan. Options include two benefit programs - a Health Care Account and a Dependent Care Account. The program allows employees to use pre-tax dollars to pay for them by entering into a salary reduction arrangement. This plan helps because the benefits an employee elects are non-taxable.
- Medical
Universal offers two (2) options for medical benefits through CIGNA. Employees' options are a HMO and a PPO plan. The HMO plan is offered as a no cost plan to employees and children.
- Prescription Drugs
Employees' prescription coverage is provided through CIGNA and based on a listing of preferred drugs that are approved by the FDA.
- Dental
The dental plan is offered as a no cost plan to employees and dependents. This plan offers reimbursement upon services received by a CIGNA network dentist. If an employee receives services by a non-network dentist, services are reimbursed at a lower percentage. Eligibility occurs after thirty days for full-time salaried employees working a minimum of 35 hours a week or after 120 days for full-time hourly employees working a minimum of 35 hours a week.
- Life Insurance and AD&D
This is paid coverage (no cost) available upon date of hire, provided through Jefferson Pilot Financial and is based on employee earnings.
- Patent Incentive Plan
Employees are encouraged to submit patent ideas using Universal's guidelines and standardized forms. Employees whose patent ideas are accepted for further development are eligible for incentive payments described in our policy statement.
- Vacation
Universal offers eighty hours of paid vacation to newly hired employees and accrued hours increases after five, and ten years of service.
- Holidays
Regular full-time employees are eligible for 10 paid holidays per year.
- Sick Leave Policy
Regular full-time employees are eligible for five days (40 hours) allotted per calendar year for sick leave.
- Tuition Reimbursement
Regular full-time employees are eligible for tuition reimbursement if they have been employed by Universal for three consecutive months. Reimbursement expenses include the major portion of tuition plus the full cost of books, lab fees and instructor-specified supplies. The maximum amount of reimbursement for which an employee is eligible in a 12-month period is $4,000 for undergraduate level courses and skill-improvement courses and $5,500 for graduate-level courses.
- Other services include but are not limited to:
Incentive & Bonus programs based on eligibility; Employee Assistance Program; Direct Deposit; Short & Long Term Disability; and Leave of Absence.
This is a summary of benefits and is not intended to cover every detail. Complete details are in the legal plan documents, insurance contracts, policies, and other legal documents that govern plan operation and administration. If there should ever be any difference between the summary and the provisions of the legal documents, the documents, contracts, and policies would govern. Universal Electronics Incorporated reserves the right to change the programs in any way in the future, for any reason, at company discretion.
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