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Employee Benefits

Employee Benefits

Newly hired or newly eligible employees must enroll within 31 days of their hire date.

MEDICAL BENEFIT

Full-time employees and their eligible dependents have two options for medical coverage – a traditional PPO
Plan and the Consumer Choice Plan with a Health
Savings Account.

All BWXT plans allow you to see any doctor you choose. However, your out-of-pocket expense will be lower when you use in-network providers. Both medical coverage options include prescription drug coverage.

DENTAL BENEFIT

Full‑time employees can select Dental Basic or Dental Plus coverage for themselves and their eligible dependents. Each dental option covers 100% of preventive and diagnostic care expenses with no deductible, up to Plan limits. Orthodontic care is covered only under the Dental Plus option for children up to age 19.

VISION BENEFIT

Vision insurance is available for full‑time employees and their eligible dependents. The coverage includes in‑network and out‑of-network benefits and covers an eye exam and one pair of glasses or contacts every 12 months.

LIFE INSURANCE

Basic Life

The company provides $50,000 of Basic Life Insurance at no cost to employees. Having Basic Life Insurance allows employees access to a secure online service to prepare
a will.

Supplemental Life

The employee may also purchase Supplemental Life Insurance coverage on themselves, their spouse and their eligible children.
The cost of coverage for employees is based on the employee’s age. The cost of coverage for dependents is based on the amount of coverage selected.

Life Events

Most qualifying life events – such as, marriage, divorce, death or dependent child turns 26 – during the year, require that you make benefit election changes within 31 days following the event.
An employee is able to add a new child – newborn, adopted child or placement for adoption – to their coverage if the child is added within 60 days of the life event. The employee must add a new child even if they already have “Employee + children” or “family” coverage.

For more information on qualifying life events, refer to the Summary Plan Descriptions for the coverage you wish to change.
If you do not make a change to your benefits within the required days after experiencing a qualifying life event, you will have to wait until the next annual enrollment period to make changes.

SPENDING ACCOUNTS

Flexible Spending Accounts allow you to set aside pre‑tax dollars to pay for eligible health care and dependent daycare expenses incurred during the year.

PERSONAL ACCIDENT INSURANCE

Personal Accident Insurance pays a benefit in the event of death or catastrophic loss due to an accidental injury. The company offers this benefit to full‑time employees as well as their spouse and dependent children. The benefits provided under the program are payable in addition to any other insurance that may be in effect at the time of the accident.

BUSINESS TRAVEL ACCIDENT INSURANCE

The company provides travel accident insurance in the event of business travel death. The levels of coverage are dependent on salary levels.

RETIREMENT – THRIFT PLAN

For U.S. salaried employees, the company provides a very competitive defined contribution plan. The company will make a service‑based company contribution to your account, equal to a percentage of your eligible earnings. Three years of company service is required for 100% vesting in this portion of the plan. This contribution will increase with your length of service, as follows:

Years of Service Contribution
Up to 5 years 3%
5 years up to 10 years 4%
10 years up to 15 years 5%
15 years up to 20 years 6%
20 years up to 25 years 7%
25 years or more of service 8%

In addition to the service‑based company contribution, employees are eligible to contribute a portion of their salary into the 401(k) portion of the Plan upon hire. New employees who do not make their own election are automatically enrolled into the Plan with a 6% pre‑tax contribution. If a participant is deferring less than 15% of their salary, the One Step program increases deferrals by 1% annually until you reach 15%. Contributions may be made pre‑tax 401(k), post‑tax 401(a) and Roth 401(k) or in any combination thereof. Employees may direct their contributions into various investment funds. If you contribute to the Thrift Plan, the company will match 50% up to the first 6% of your contribution. After three years of company service you will be 100% vested in the company match contribution as well as service‑based contribution.

Note: If you are considered a highly compensated employee under Internal Revenue Service guidelines, the percentage you can contribute will be lower.

VACATION

Years of Company Service Hours of Vacation
Less than 6 years 80 hours*
6 but less than 15 years 120 hours
15 or more years 160 hours
* A newly hired employee’s vacation time will be prorated based on the hire date during the first calendar year.

HOLIDAYS

Regular full‑time employees enjoy paid holidays established at site level. Holidays are announced annually.

ALTERNATIVE WORK SCHEDULE

Based on location, full‑time employees can opt to work either the traditional 40‑hour workweek or a 9/80 compressed work schedule, where available. The 9/80 schedule allows employees to work nine hours every Monday through Thursday, eight hours on one Friday, and have the day off on the alternate Friday.

FLEX‑TIME (some locations)

Certain locations offer salaried employees a flex‑time system designed to provide more flexibility in meeting personal schedule needs and commitments. Core hours have been established with flexible start and quit times.

EDUCATION REFUND PLAN

The company will reimburse 100% of tuition and certain fees for approved courses successfully completed in conjunction with full‑time employment. An annual reimbursement limit applies, and a minimum grade point average must be maintained.

PERKS@WORK

Through Perks@Work, the company offers exclusive discounts on products and services – everything from auto and home insurance, computers and electronics to tickets for live events – in an easy‑to-use website.

Visit www.beneplace.com/bwxt for more information.