The Plan gives you the opportunity to accumulate savings for retirement at the same time that you reduce your taxable wage base.
You are eligible to enroll in this plan if you are 18 years old and you are a part- or full-time Sigma-Tau Pharmaceuticals, Inc. employee. You may elect to contribute between 1% and 60% of your eligible pay on a pretax basis, up to the annual IRS dollar limit. Sigma-Tau will contribute 3% of your eligible compensation, regardless of your own participation. You are always vested 100% in your contributions to the 401(k) Plan, as well as in any earnings.
Life Insurance and Disability Benefits
Protect your loved ones with this group of benefits: Group Basic Life and Accidental Death and Dismemberment (AD&D), Supplemental Term Life Insurance, and short- and long-term disability.
Sigma-Tau offers peace of mind and important financial protection for your family in the event of your death. As an employee, you automatically receive basic life of two times your base annual earnings (BAE) plus an average of your bonus, and Accidental Death and Dismemberment (AD&D) coverage of two times your BAE plus an average of your bonus to plan maximum. This coverage is completely paid by the company.
Additional coverage is available by enrolling in the Supplemental Life Insurance. You may elect coverage for yourself only or elect the Family Protection Plan that, in addition to your coverage, also pays a percentage of your election for each of your dependents.
The company carries short-term disability (STD) benefits. STD benefits begin on day 5 of sickness or disability. Eligibility for STD is determined by the insurance carrier. Once the insurance company approves the STD claim, Sigma-Tau will be notified and the company will pay benefits at 100% for the first 30 days of STD. Should the employee not be able to return to work after thirty (30) consecutive calendar days, the benefit will be 60% of base salary up to a maximum monthly benefit of $15,000.
The LTD eligibility begins after ninety (90) consecutive days of STD upon approval from the insurance carrier. The plan pays 60% of base salary up to a maximum benefit of $15,000 per month.
Note: This synopsis is designed to provide only a brief overview of benefits available to eligible employees of Sigma-Tau. The operations and administration of all plans are governed by official Sigma-Tau plan documents. All plans are administered under the terms and conditions of the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, and in conformity with all other pertinent state and federal laws and regulations. Sigma-Tau reserves the right to terminate or change any benefit plan at any time.
Medical Flexible Spending Account
Employees may contribute up to $2,500 of pretax payroll dollars to a medical flexible spending account. The medical flexible spending account allows participating employees to be reimbursed with pretax dollars for certain out-of-pocket medical expenses not covered by insurance.
Dependent Care Flexible Spending Account
Employees may contribute up to $5,000 of pretax payroll dollars to a dependent care flexible spending account. The dependent care flexible spending account allows participating employees to be reimbursed with pretax dollars for certain expenses for care of dependent children under age 13, or for a spouse or dependent who is physically or mentally incapable of caring for himself or herself.
Personal Time Off (PTO)
PTO is accrued on a semi-monthly basis. This means that for each month of service you complete, you will receive a specific number of PTO days based on your level and years of service.