Miklos Systems, Inc., an Employee-Owned company, provides the following benefits to all our full-time employees:
MSI believes those who contribute their energies to the company should benefit directly from its success. All MSI employees are eligible to participate in the ESOP. Out "employee ownership plan" is designed to:
The ESOP creates a direct link between company interests and employee interests. To support our employee owners making the right decisions, MSI practices "open books management". This practice is used to inform and educate our employees about the company's financial status, the impact of their performance, and our future plans. Our consensus-seeking culture encourages open discussions of questions and issues facing our employees and the company. Our management team is always available to our employees if they need assistance with any issue.
All MSI employees are eligible to participate in the ESOP. This allows everyone to share in any
growth in the value of our company, to gain a beneficial interest in the stock of our company, and
to acccumulate funds for retirement.
All of this is done at no direct cost to the employees.
Each year our employee owners receive shares of MSI stock in their ESOP account, based on their compensation and length of company service. The benefit each employee ultimately receives from the ESOP depends both on the company's success and on each employee's length of employment with MSI. Our four year vesting schedule is designed to reward long-term company employment.
We note that our plan is a tax qualified benefit plan and any growth in its value is tax-deferred until retirement.
Health Benefits include Medical, Dental and Vision insurance. Coverage is effective the 1st of the month following your date of hire.
MSI offers two medical plans through Kaiser Permanente - the Kaiser Flex-Choice and the Kaiser HMO. Both plans allow full use of all Kaiser medical facilities with minimal, out-of-pocket costs. The Flex-Choice plan allows he use of any PHCS Network or "out-of-network" physicians, with approximately 70%-90% of the "usual, customary, and reasonable (UCR)" costs covered, after meeting the initial deductible. MSI's Health Plan is "guaranteed-issue" with no pre-existing condition requirements. MSI pays 95% of employee coverage and 80% of additional family coverage for the Kaiser HMO plan. There are additional employee costs for the Kaiser Flex-Choice Plan.
MSI provides a dental care plan through Principal Insurance. This plan allows employees the choice of using any service providers inside or outside their network. Routine, preventative procedures such as x-rays, check-ups, and fluoride treatments are provided at little to no cost. After the initial deductible is paid, the plan also covers other dental care services, at varying percentages of cost depending on the procedure and whether employees use the preferred dental care providers or not. At this time, the plan does not cover any orthodontia work. MSI pays the full cost of employee coverage and 40% of additional family coverage.
MSI provides vision care coverage through Group Services Division. This plan allows employees the choice of using any service providers inside or outside the EyeMed Vision Care network. Coverage includes regular exams once every 12 months, contacts or eyeglass lenses once every 12 months, and frames once every 24 months. Covered costs of these services vary depending on whether employees use EyeMed Vision Care providers or not. This benefit does not cover any diagnostic exams or medical procedures for vision treatment. MSI pays the full cost of employee coverage, and 40% of additional family coverage.
MSI provides Principal’s Life Insurance coverage, which includes life insurance, accidental death and dismemberment, short-term disability and long-term disability. Life insurance provides $50,000 coverage. Accidental Death and Dismemberment provides up to $50,000 coverage. Short-term disability pays 60 percent of the employee’s weekly earnings, with a maximum of $1,500 weekly for 13 weeks. Long-term disability pays approximately two-thirds of the employee‘s monthly earnings, with a maximum of $7,000 per month. MSI’s policy is unique among small companies in that the benefits cover your “own occupation”, are indexed for inflation, and can continue until age 65. MSI pays the full cost of employee coverage for this plan.
MSI offers additional insurance options that are at the employee's cost. The first is Voluntary Life Insurance with Principal. This product offers additional amounts for employees, spouse and children. The second is supplemental insurance with Aflac. The employee has a choice of Supplemental Disability, Accident Plan, Hospital Plan, Cancer Plan, and Critical Care and Recovery.
MSI provides Flexible Spending Accounts (FSA) managed by Hirsch Financial Services. FSAs allow participants to set aside pre-tax money for medical, dependent care, transportation, and parking expenses. The IRS has authorized flexible spending accounts to provide a convenient, tax-advantaged mechanism to pay for the non-reimbursed portion of these expenses.The plan also allows the employee contribution towards medical, dental, and vision to be deducted on a pre-tax basis.
MSI has a 401(k) program. Voluntary contributions, between 1 and 100 percent of your salary may be deferred into the 401(k) program on a pre-tax basis, up to the IRS statutory limits, annually. Employees may choose any number of our approximately 125 mutual fund investment options to invest their deferral amounts in. MSI's 401(k) Plan is managed by John Hancock. MSI determines the amount of the company match each year. This match is made in company stock once a year, after the year-end company valuation is completed. It is anticipated that the company match for 2013 will be up to the first 2% of annual gross pay contributed by an employee.
New full-time employees accrue vacation leave at the rate of 8.75 hours per month (105 hours annually), in their first year at MSI. The accrual rate increases by an additional 5 hours every year with MSI, up to a maximum of 200 hours annually. Employees can accumulate vacation leave up to a maximum of one and a half times their annual accrual rate. Vacation balances are capped at a maximum of 300 hours.
Each employee receives 64 hours of sick leave each calendar year. Sick leave can be accumulated up to a maximum of 900 hours, but is not paid out when an employee separates from MSI.Additional leave for bereavement, jury duty, National Guard, or Reserves duty is available as necessary.
Full-time employees receive ten holidays each year. MSI's modified holiday schedule includes six "fixed" holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas. In addition, employees have four "floating" holidays available to them.
MSI believes that on-going education is essential to remaining competitive in the current market. To support this, MSI allocates $3,000 every year to each full time employee for education purposes such as tuition reimbursement, technical training, and professional development. Since each person knows best which skills are necessary for his or her current or next possible position, use of the training funds is guided by the employee. Please contact Human Resources for more information.
An employee retention bonus of $1,500 will be paid every three years, based on your anniversary date, to each regular full- or part-time employee who is eligible for benefits. Just as the ESOP rewards long-term loyalty to MSI, we've structured this benefit to reward staying with the Company in the nearterm.
MSI believes that the internet is both a productive tool for work and sharing, and an educational and communications tool. As such, MSI provides a monthly $50 broadband connectivity allowance for every employee.
MSI provides employees with access to an Employee Assistance Program (EAP). EAP services are easily accessible, confidential, and available 24 hours a day at no cost to the employee. This program provides professional support services designed to help people cope with a variety of personal and career-related issues on a short-term basis. MSI pays the full cost of the employee and dependent coverage for the EAP program.
MSI values a sense of community. With our teams at different sites throughout the greater DC area, this can be a hard thing to attain. That is why MSI provides various team building activities at no cost to the employee, including: regularly scheduled lunches where the CEO will go over the recent business news and upcoming events, each year there is a holiday party, and throughout the year there are more events like a putt-putt golf day and company picnics.
All programs are subject to change. Specific Program Policy supersedes this summary. Benefits are effective October 1, 2012.
MSI offers competitive benefits including the following: