Benefits
Employees are eligible for the following benefits:
Summary of Benefits
Medical/Dental/Vision
Comprehensive group health insurance plans that include medical, chiropractic, dental, and vision will be available to employees and their eligible dependents, effective first of the month following their hire dates. The Company pays the majority of this cost.
For medical coverage, employees may elect from Aetna’s Managed Choice PPO $15 Copay Plan or the HMO $10 Copay ($20 specialty) Plan – which offer choice, flexibility, and value. Employees may go to an Aetna primary care doctor (HMO); or go directly to any physician in the Aetna Network – no referral needed (PPO – 90%/10%) or go to a doctor who is not contracted with Aetna (70%/30%). Employees can choose the physician and coverage that works best for them.
Dental coverage is through MetLife and the plan design includes a nationwide in-network dental provider group (PDP) or out-of-network option (go to any dentist). Orthodontia coverage is also available (for children only).
The vision plan is through Vision Service Plan (VSP). The VSP plan allows for one eye examination every 12 months, new lenses and frames every 12 months.
Life and Accidental Death & Dismemberment
Somaxon provides employees (at no cost) with coverage at two times the annual salary to a maximum of $500,000. If coverage amount exceeds the guarantee issue amount of $300,000, evidence of insurability is required.
Short-Term Disability
Somaxon provides employees (at no cost) with coverage at 60% of earnings to a maximum weekly benefit of $2,308. There is a seven day waiting period before benefits begin.
Long-Term Disability
Somaxon provides employees (at no cost) with coverage at 60% of earnings to a maximum monthly benefit of $15,000. An employee must be disabled for at least 90 days before benefits begin.
Long-Term Care
Somaxon provides employees (at no cost) with coverage for long-term care which includes monthly nursing facility benefit of $3,000 (facility benefit duration – 3 years) or home care level of 50% of facility benefit (which equals 6 years). The lifetime maximum is $108,000 for each employee. Employees have the option to buy-up the monthly facility benefit amounts and the duration at negotiated group rates for Somaxon.
Flexible Benefits Plan
Flexible Spending Accounts allow employees to make before-tax payments for health care and/or dependent care expenses, as well as premium savings which allow employees to pay for the employer-provided health insurance premiums with tax-free dollars. Annual benefit limits for the health care reimbursement account is $3,000 and for the dependent care reimbursement account is $5,000 (or $2,500 if married, filing separately).
Employee Assistance Program (EAP)
Somaxon provides employees and their eligible household members (at no cost) a program designed to help address and manage issues and concerns that may arise in life. This confidential resource helps individuals through such issues as difficulties in relationships, emotional/psychological issues, stress and anxiety with work or family, alcohol and drug abuse, grief, legal and financial services, personal and life improvement, depression, childcare/eldercare, and work life services. The EAP is staffed by behavioral care professionals and is available 24 hours a day, 7 days a week.
401(k) Plan
Employees may enter the Plan as an active member at any time, with no waiting period. An employee may defer a percentage of their salary up to the statutory limit to the 401(k) Plan. Employees may stop making salary deferral contributions at any time and may change their salary deferral amount up to four times per year. Employees are 100% vested in their contributions. The Plan offers a variety of investment options, as well as rollover contributions and a loan provision.
If employees are 50 years old or older during the plan year and have met the annual IRS deferral limit, they may contribute a catch-up deferral.
Educational Assistance Program
Where outside educational studies will enhance an employee's job performance or career potential within the Company, financial assistance may be provided. Educational assistance applies only to job-specific coursework. Maximum reimbursement shall be $2,500 per calendar year.
Continuing Education Program
For full-time employees of the Company whose position requires that they maintain a certification or license, Somaxon will pay for reasonable continuing education costs.
Vacation/Paid Holidays
Somaxon recognizes the importance of employees’ need to balance work and family life. The Company provides for paid time off (PTO) for use as vacation, sick leave, family illness, and other personal matters. Employees have a number of paid holidays.
Current Positions
Recruiters Policy
This summary is qualified by reference to the terms and conditions of the actual plans and programs described above. |
