Insurance is effective for employees and their dependents on the first of the month following hire. Marlow Industries pays 85% of the cost for coverage. Employees are responsible for 15% of the premium through payroll deductions.
Marlow Industries provides PPO plans and a HSA for health insurance.
Dental insurance is effective for employees and their dependents on the first of the month following hire. The employee pays 100% of the cost for coverage.
Vision insurance is effective for employees and their dependents on the first of the month following hire. The employee pays 100% of the cost for coverage.
II-VI Marlow provides each employee with term life insurance in the amount of two time’s base annual earnings. Marlow bears the full cost of this coverage, which is effective on the first of the month following hire. Employees may also choose to purchase voluntary term life insurance for themselves and their dependents. Cost of this insurance is based on age and is paid for by payroll deduction.
Short & Long Term Disability
II-VI Marlow provides each employee with both short and long-term disability coverage. II-VI Marlow bears the full cost of this coverage.
Short-term disability pays up to twelve weeks at 60% of earnings for non-exempt and 100% of earnings for exempt.
Long-term disability coverage provides coverage at 60% of base annual earnings for both exempt and non-exempt.
Worker’s Compensation Insurance
II-VI Marlow provides all employees with worker’s compensation coverage and bears the full cost of this insurance.
II-VI Marlow provides all employees and their families the opportunity for temporary extension of health coverage at group rates in certain instances where coverage under the company’s group plan would otherwise end.
Tuition assistance is available for all employees upon employment. Employees must be enrolled in an accredited university or vocational school taking courses, which could help further their career with the company. II-VI Marlow’ tuition assistance policy reimburses for tuition and fees based on UT-Dallas rates. Reimbursement is made for books up to $75 per course.
II-VI Marlow, a subsidiary of II-VI Incorporated, provides a 401(k) program where you can contribute pre-tax dollars into a savings account for retirement. After one year of employment, the 401(k) Matching Plan begins. The company matching contribution is 50% of your salary contribution percentage up to 8% of pay that you contribute into this plan through salary deferral. (Employee contributes 8% = 4% company match.) The 401(k) matching contribution follows a graduated vesting schedule, where after six years of employment, the employee is 100% vested. An employee is eligible immediately to contribute to the 401(k) plan.
Profit Sharing Retirement Plan (PSRP)
II-VI Marlow provides employees with a Profit Sharing Retirement Plan program. This program contributes money directly into the employees retirement account based on the profitability of the company at the sole discretion of the Company’s Board of Directors. The contribution percentage fluctuates based on the annual plan and company performance. Employees must be employed on the first and the last day of the Plan year to be eligible to participate. Vesting is based on years of continuous service where after six years the employee is 100% vested.
Bonus Incentive Plan
The company has a companywide bonus incentive plan after completion of 6 months of employment. The bonus program is linked directly to the profitability of the company and is paid quarterly. The bonus percentage fluctuates based on the annual plan and company performance.
Section 125 Flexible Benefit Plan
The flexible benefit plan provides a way to set aside money through payroll deduction to cover health care expenses not paid for by II-VI Marlow’ insurance plan. Dependent care expenses and dependent health insurance premiums may also be set aside through this plan. All monies set aside are done so on a pre-tax basis.
Holidays / Personal Time Off (PTO)
The company offers ten (10) paid holidays per year. We close the plant for a holiday break beginning December 25 through January 1. The workdays during that period will be paid as a combination of holiday and PTO.
New employees will be given PTO to be used during the current fiscal year contingent on their hire date. After five years of employment, employees earn 20 days per fiscal year and after fifteen years of employment, 25 days per year.