Benefits
MWEC - Benefit Summary for 2020
In order to be eligible for MWEC benefits you must work a minimum of 1,000 hours in a one year period.
Benefits that you may immediately participate in:
- MWEC Blue Cross-Blue Shield health, dental and vision plans.
- Vacation accrual
- Sick day accrual
- Life insurance
- Disability insurance
Benefits that you are eligible for with the first paycheck after your 1 year anniversary.
- Participation in our 401K program
- Participation in our NRECA Retirement and Security Program (pension) program
- The eligibility date is one year from your official starting date.
Benefit Summary
401k
- This benefit starts with the first paycheck after your 1 year anniversary.
- For employees hired BEFORE July 1, 2008 -MWEC pays a 2% base contribution to your 401k regardless if you contribute or not.
- For employees hired AFTER July 1, 2008 - MWEC pays an 8% base contribution to your 401k regardless if you contribute or not.
- MWEC will match up to a 2% contribution by an employee to their 401k.
R&S
- This benefit starts with the first paycheck after your 1 year anniversary.
- MWEC pays 100% of the premium for the NRECA Retirement and Security Program.
- Employee is eligible for full retirement benefits after 31 years of employment or age 62 whichever comes first.
- Retirement Calculation is as follows:
- (Average salary from highest 5 years out of your last 10 years of employment) X (years of employment) X (retirement factor which is .01) = Yearly Retirement Benefit
Blue Cross/Blue Shield
- This benefit starts immediately.
- MWEC offers the Blue Cross/Blue Shield Select Choice 100 Plan or Blue Cross/Blue Shield Blue Saver 100 2800.
- Includes Medical, Dental and Vision plans.
- MWEC pays 90% of the premium; Employee responsible for 10%.
- For 2020 - MWEC will put the difference in 90% of the premium between the Select Choice 100 Plan and the Blue Saver 100 2800 Plan into a Health Savings Account for employees who choose the Blue Saver 100 2800 Plan.
|
Select Choice 100 |
Blue Saver 100 2800 |
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Cost = Vision+Dental+Medical |
Total Monthly Premium |
Employee Monthly Cost |
Total Monthly Premium |
Employee Monthly Cost |
MWEC HSA Contribution Yearly |
Family Plan |
$1,803.31 |
$180.33 |
$1,571.85 |
$157.19 |
$2,499.77 |
Single + Dependents |
$1,269.07 |
$126.91 |
$1,112.31 |
$111.23 |
$1,693.01 |
Single |
$695.10 |
$69.51 |
$605.98 |
$60.60 |
$962.50 |
Life Insurance
- This benefit starts immediately.
- MWEC pays premium on Life Insurance policy valued at 3 times the employee’s annual salary.
- Employee can purchase additional Life Insurance through NRECA up to 5 times their annual salary.
- MWEC pays half the premium on a $25,000 policy for the employee’s spouse.
- MWEC pays half the premium on a $10,000 policy for all employee children.
- MWEC pays full premium on a 1 X salary Accidental Death and Dismemberment policy.
Disability Insurance
- This benefit starts immediately.
- MWEC pays full premium on Short Term Disability which starts after 1 week of illness and goes to 13 weeks. Pay is up to $300 per week.
- MWEC pays half the premium on Long Term Disability which starts after 13 weeks, pays 2/3 of employee’s salary.
Vacation Pay
- This benefit starts immediately.
- MWEC offers paid vacation
- Employees may accumulate up to 40 days/320 hours of vacation time.
- Vacation is accrued as follows:
0 – 5 years |
8 hours/month |
6 - 10 years |
10 hours/month |
11- 15 years |
12 hours/month |
16 -19 years |
14 hours/month |
20 years & Over |
16 hours/month |
- Any employee who carries over 40 days/320 hours of vacation, and has 20 or more years of service, will be required to take 5 consecutive days off within 6 months.
Sick Pay
- This benefit starts immediately.
- MWEC offers paid sick leave.
- Leave is accumulated at 8 hours per month up to a maximum of 1,440 hours.
- MWEC will pay $500 per year for sick leave forfeited after the 1,440 hour maximum is reached.
Holiday Pay
- This benefit starts immediately.
- MWEC has the following paid holidays:
New Years Day |
Veterans Day |
Good Friday |
Thanksgiving Day |
Memorial Day |
Christmas Day |
Independence Day |
Employees Birthday |
Labor Day |
1 Floating Holiday |
Note: The MWEC benefit package is subject to change at any time.