Transamerica offers a range of benefits and programs to meet the needs of our diverse work force. A summary of our benefit plans appears below.
WELFARE AND RETIREMENT BENEFITS
Few things are more important than protecting your health and the health of your family. The Company offers a Health Savings Account (HSA) Program that focuses on high quality health care services, healthy lifestyles, effective use of health care services and management of health care costs. The Health Savings Account Program combines a tax-advantaged savings account with traditional health coverage. The HSA Program covers 100 percent of the in-network cost for preventive care benefits.
The Dental Plan provides coverage for preventive services at 100 percent, restorative and endodontic services at 80 percent, and high cost restoration and prosthetics at 50 percent. Coverage includes using any qualified dentist; however, the plan pays a higher level of benefits when you use dentists in the network.
The Vision Plan provides benefits toward the costs of an annual eye exam, lenses and frames or contacts. You may use any qualified vision care provider; however, the plan pays a higher level of benefits when you use participating vision care professionals.
Health Care and Dependent Care Flexible Spending Accounts
The Health Care Flexible Spending Account and Dependent Care Flexible Spending Account allow you to pay for health care and dependent day care expenses that are not paid by other benefit plans. You set aside before tax dollars from your pay. As you incur eligible expenses, you claim tax-free reimbursements from your account to pay the expenses.
Employee Life Insurance
The Company provides coverage equal to your basic annual earnings at no cost to you. You may purchase 1, 2, 3, or 4 times your basic annual earnings, up to an additional $1,000,000.
Dependent Life Insurance
Dependent life insurance is an optional benefit you may purchase to provide life insurance coverage for your spouse and dependent children.
Accidental Death and Dismemberment (AD&D) Insurance
AD&D is an optional benefit you may purchase to provide coverage for loss of life, limb, sight, speech, hearing, or for paralysis as a result of a covered accident.
Short-Term Disability (STD) Program
The Company provides a STD program for qualifying non-occupational injuries and illnesses if eligible. It provides a percentage of basic earnings for a period of time based on length of service with the Company.
Long-Term Disability (LTD) Plan
The Company provides a benefit of 50 percent of basic monthly earnings at no cost to you. This plan provides benefits for qualifying disabilities that last more than 180 days. For an additional premium, you may elect an additional 10 percent of optional coverage, for a total benefit of 60 percent of basic monthly earnings.
The Employee Assistance Plan (EAP) provides confidential counseling services at no cost to employees. EAP services provide support, referral, or professional assistance with various family, marital, work, alcohol, drug, emotional, legal or financial issues.
Carebridge Life Management and Work-Life Assistance educational services and resources are available to you and your family members at no charge. Carebridge services support you in successfully managing issues related to relocation, childcare, eldercare, college planning, parenting and adoption. Carebridge Services also provide guidance on health and wellness, time management, and financial and retirement planning.
Funded entirely by the Company at no cost to you, the Pension Plan provides retirement income based on your years of service, final average earnings and age at retirement.
The Plan includes a Cash Balance formula which provides employees with a retirement benefit that grows steadily over the course of oneâ€™s career. Each year, the Company credits employees with a Pay Credit based on a percentage of eligible earnings. The credit adds to your Cash Balance account. Additionally, the Cash Balance account earns an Interest Credit based on your account value as of December 31 of the prior year. The combination of each yearâ€™s Pay Credit and Interest Credit make up your Cash Balance account.
You are eligible after six months of employment as long as you are scheduled to work 20 hours per week. After three years of eligible service, you are 100% vested.
401(k) Profit Sharing Plan
The 401(k) Plan allows you to save up to 25 percent of your eligible earnings on a pre-tax or Roth after-tax basis, subject to certain limits. The company matches 100 percent of the first three percent you contribute. You have a choice of 17 investment funds, including a Schwab self-directed Personal Choice Retirement Account with additional mutual funds and other investment vehicles.