Presentation is loading. Please wait.

Presentation is loading. Please wait.

VERIZON BUSINESS 2009 TOTAL REWARDS OVERVIEW 12-18-08 HR Business Integration – Annie Verzi.

Similar presentations


Presentation on theme: "VERIZON BUSINESS 2009 TOTAL REWARDS OVERVIEW 12-18-08 HR Business Integration – Annie Verzi."— Presentation transcript:

1 VERIZON BUSINESS 2009 TOTAL REWARDS OVERVIEW HR Business Integration – Annie Verzi

2 For Internal Use Only 2 STANDARD DISCLAIMER THE INFORMATION CONTAINED HEREIN IS ONLY FOR INFORMATION AND DISCUSSION PURPOSES. BENEFITS DESCRIBED ARE SUBJECT TO THE APPLICABLE PLANS, POLICIES AND PRACTICES, AND ANY DISCREPANCY BETWEEN THIS PRESENTATION AND THE ACTUAL PLANS, POLICIES AND PRACTICES WILL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THOSE PLANS, POLICIES AND PRACTICES. THE COMPANY RETAINS THE SOLE DISCRETION TO AMEND ITS PLANS, POLICIES AND PRACTICES AT ANY TIME WITH OR WITHOUT NOTICE.

3 For Internal Use Only 3 TOTAL REWARDS FOR YOUR CAREER AT VZB THE VERIZON BUSINESS TOTAL REWARDS PLAN INCLUDES: –COMPENSATION –SAVINGS PLAN –TIME-OFF –ADDITIONAL EMPLOYEE PROGRAMS –HEALTH AND WELL-BEING BENEFITS –INCOME PROTECTION BENEFITS The phrase “Total Rewards” describes our overall investment made for each employee

4 COMPENSATION

5 For Internal Use Only 5 CAREER BANDS Jobs assigned to Bands with similar scope and complexity Bands accommodate varying levels of skills and responsibilities Employees have greater opportunity to broaden skills and abilities Career advancement/salary increase within Band is possible BANDBAND DESCRIPTION 8 OVERTIME ELIGIBLE PROFESSIONAL 7 PROFESSIONAL / INTERMEDIATE / ADVANCED INDIVIDUAL CONTRIBUTOR / TEAM LEAD 6 MANAGER / SENIOR INDIVIDUAL CONTRIBUTOR 5 FUNCTIONAL DIRECTOR 4 VICE PRESIDENT

6 For Internal Use Only 6 PAY FOR PERFORMANCE BASE PAY –Growth through development opportunities –Annual Merit process (eligible for the 2010 merit program based on 2009 performance) SHORT TERM INCENTIVES (STI) –Potential cash rewards beyond base pay –Pro-rated for transitioning employees (10/12 th for 2009 performance paid in 2010) BANDSTI TARGET 620% 710% 87%

7 For Internal Use Only 7 VZB EMPLOYEES ARE PAID CURRENT HOW AND WHEN YOU ARE PAID: –EMPLOYEES ARE PAID BASE SALARY ON A CURRENT BASIS »Paid for the work performed over the previous week and the current week »Premium Pay is paid one pay period in arrears –EMPLOYEES ARE PAID ON A BI-WEEKLY BASIS »26 Pay Periods per calendar year » First two Pay Periods – “live check”

8 For Internal Use Only 8 RECOGNIZE EMPLOYEES OVATION PROGRAM –Recognition for “above and beyond” performance –Awarded points are redeemable for online merchandise or gift cards

9 SAVINGS PLAN

10 For Internal Use Only 10 VZB SAVINGS PLAN 401(k) SAVINGS PLAN PROVISIONS –Eligible to contribute upon hire –Contribute from 1% to 25% of your eligible compensation »limited to 16% for employees whose annual salary is $105,000 or more –$49,000/year maximum (Pre-tax, After-tax, Roth 401(k) and Company Match) –Additional $5,500 catch-up for employees 50 or older in 2009 –Contributions are matched dollar-for-dollar up to 6% »3-year vesting requirement is waived per contract agreement –Potential for up to 3% additional Discretionary Company Match »Match is 50% in Verizon stock and 50% in cash »Match may be diversified after 3 year vesting or age 50

11 For Internal Use Only 11 VZB SAVINGS PLAN CONTINUED PLAN ADMINISTRATOR –Plan administered by Fidelity Investments –Rollover of current balance and loans permitted INVESTMENT OPTIONS –Numerous investment options –Change may be made to your contribution amount and investment allocation at any time ACCESS TO YOUR FUNDS –Borrow up to 50% of the value of vested account balance –Loans repaid through payroll deductions –Minimum loan $1,000 and maximum loan $50,000 –Two loan maximum at one time

12 TIME-OFF

13 For Internal Use Only 13 TIME OFF SUMMARY 2009 PAID TIME OFF 2008 UNPAID TIME OFF Family Medical Leave Personal Leave Holidays 7 days Personal 7 days Sick 8 days Vacation 2-5 weeks Short- Term Disability Up to 26 weeks Long- Term Disability varies Jury Duty varies Bereavement up to 3 days Military up to 36 months

14 For Internal Use Only 14 CALENDAR YEARWEEKS PER YEAR 40-HOUR WORKWEEK 0 – 2 years up to 2 3 – 9 years 3 10 – 24 years 4 25th year and beyond 5 PAID TIME OFF VACATION –Full time employees earn vacation based on years of service –The higher vacation-earning rate becomes effective the month you begin your 3rd, 10th or 25th year of service –On January 1st of each year, you are advanced the vacation time you would earn during the calendar year –Ability to carry over up to 80 hours of vacation time each year with an 80-hour accrual maximum

15 For Internal Use Only 15 PAID TIME OFF CONTINUED HOLIDAYS –New Year’s Day - Labor Day - Christmas Day –Memorial Day - Thanksgiving Day –Independence Day - Day after Thanksgiving PERSONAL DAYS –7 days per year –Pro- rated for transitioning employees –Can be taken in half-day increments –Non-exempt may take in hourly increments –No carryover SICK DAYS –8 days per year –Pro-rated for transitioning employees –For personal illness or injury, immediate family member illness or injury, or medical/dental appointments for you or your immediate family member –Can be taken in half-day increments –Non-exempt may take in hourly increments –No carryover

16 For Internal Use Only 16 PAID TIME OFF CONTINUED SHORT TERM DISABILITY (STD) –Company-paid –90-day waiting period for new hires –Two weeks paid at 100% for each year of service with the VzB –Remaining weeks are paid at 60%, up to 26- week maximum –Plan pays benefits retroactive to first day of approved illness/injury –Benefit payout is taxed –Disability management by MetLife

17 For Internal Use Only 17 PAID TIME OFF CONTINUED MILITARY –Difference between regular pay and military pay for duration of leave –Up to 36 cumulative months –Must provide supporting documentation BEREAVEMENT –3 days for immediate family member –1 day for close relative –1 additional day if travel or extenuating circumstances warrant –Management/HR may request supporting documentation JURY DUTY –Paid time off is available if summoned for jury duty –Must provide summons WORKER’S COMPENSATION –Compensable occupational-related injury or illness –Notify management of any injury/illness you believe to be work- related

18 For Internal Use Only 18 UNPAID TIME OFF POLICIES FAMILY MEDICAL LEAVE –Up to 12 weeks of unpaid leave is available during any 12-month period: »to care for your child after birth, adoption or foster care placement; »to care for your spouse, child, or parent with a serious health condition, or for your own serious health condition; or »when your spouse, child, or parent is called to or on active military service –Up to 26 weeks of unpaid leave in a single 12-month period is available to care for your spouse, child, or parent recovering from an illness or injury suffered while on active military duty PERSONAL LEAVE –Up to 26 weeks unpaid leave is available during any 12-month period if you: »are in good standing and employed with company for at least 90 days; and »are required to be absent from work for a valid personal reason not covered by any other time off policy PERSONAL LEAVE - MEDICAL –Up to 26 weeks unpaid leave is available during any 12-month period if you: »do not qualify for FMLA and are unable to perform the essential functions of your job due to a medical condition recognized as a disability under ADA WITNESS DUTY –Unpaid time off available if summoned to appear in court as a witness

19 ADDITIONAL EMPLOYEE PROGRAMS

20 For Internal Use Only 20 COMPANY PAID PROGRAMS EMPLOYEE ASSISTANCE PROGRAM –Confidential 24/7 service in the areas of family & care giving, health & wellness and daily living –Available to you and all the members of your household TUITION ASSISTANCE –Up to $8,000 per calendar year for full-time employees –Up to $4,000 per calendar year for part-time employees ADOPTION ASSISTANCE –Maximum benefit of $10,000 for full-time employees –Up to $5,000 benefit for part-time employees working 20 or more hours per week

21 For Internal Use Only 21 Confidential hours a day days a year Available to you and all the members of your household EMPLOYEE ASSISTANCE PROGRAM (EAP) FAMILY AND CARE GIVING –Adoption –Child Care –Parenting –Senior Care HEALTH AND WELLNESS –Living healthy –Personal Assessments –Interactive Tools DAILY LIVING –Consumer information –Travel and recreation –Financial & Legal Assistance –Up to 5 face-to-face sessions –Crisis intervention

22 For Internal Use Only 22 TUITION ASSISTANCE PROGRAM Full-time employees eligible for up to $8,000 annually Part-time employees working greater than 20 hours per week are eligible for up to $4,000 annually Eligible on your transition date Traditional Degrees (Director approval) Accredited professional certifications (VP approval) Reimbursement for books and lab fees count toward maximum Minimum grade of “C” or equivalent Completion of online application required Payroll tax will be applied to amounts exceeding IRS limit of $5,250

23 For Internal Use Only 23 ADOPTION ASSISTANCE PROGRAM Full-time employees eligible for up to $10,000 per adoption Part-time employees working 20 or more hours per week are eligible for up to $5,000 per adoption Eligible on your transition date An adopted child must be: –Under 18 years of age –18 or older and physically or mentally incapable of caring for himself or herself Eligible expenses include, but are not limited to: –Legal fees and/or Court costs –Temporary child care expenses prior to placement in the employee’s home –Necessary medical expenses relating to the child being adopted –Fees to licensed agencies that provide adoption –Medical expenses for the biological mother related to the birth of the child –Transportation and travel expenses for anyone connected with the adoption Tax consequences pertaining to eligible adoption assistance reimbursement are the exclusive responsibility of the employee

24 For Internal Use Only 24 TRAINING & DEVELOPMENT OPPORTUNITIES GENERAL TRANING Soft-skills Work-skills LINE OF BUSINESS TRAINING Sales Product Technical Other MANAGEMENT Managers and above DEVELOPMENT Various activities Mentoring, job-shadowing, seminars, etc Check with your manager Available online

25 For Internal Use Only 25 OTHER AUTO & HOME INSURANCE PROGRAM –Access to discounted Auto and Home Insurance –Choice of three insurance carriers »Travelers »Liberty Mutual »MetLife Auto & Home® –Pay premiums through payroll deduction, EFT (Electronic Funds Transfer), or direct bill –Enroll at any time

26 For Internal Use Only 26 EMPLOYEE DISCOUNT PROGRAMS AUTO & HOME INSURANCE EDUCATION ELECTRONICS EVENTS HEALTH & FITNESS HOSPITALITY PERSONAL FINANCE RESIDENCE RETAIL TELECOMMUNICATIONS VEHICLE DISCOUNTS

27 HEALTH & WELL-BEING BENEFITS

28 For Internal Use Only 28 BENEFITS SUMMARY MedicalPharmacyDentalVision Life Insurance Disability Income Protection Employee Assistance Health Management Programs Health Care Reimbursement Account Dependent Care Reimbursement Account Health is important to you and Verizon Business, which is why we offer some of the best benefit options in the industry.

29 For Internal Use Only 29 BENEFITS INFORMATION HEALTH & WELL-BEING –MEDICAL –PRESCRIPTION DRUG –DENTAL –VISION INCOME PROTECTION –BASIC LIFE AND AD&D INSURANCE –SUPPLEMENTAL LIFE INSURANCE –VOLUNTARY AD&D INSURANCE –LONG-TERM DISABILITY INSURANCE –REIMBURSEMENT ACCOUNTS

30 For Internal Use Only 30 MEDICAL PLAN OPTIONS PPO PLUS MEDICAL PLAN –Lowest pay period deduction –Highest deductible BASIC MEDICAL PLAN –Low pay period deduction –Higher out-of-pocket cost for care HIGH MEDICAL PLAN –Higher pay period deduction –Lower-out of pocket cost for care OUT-OF-AREA MEDICAL PLAN –Indemnity plan available only to employees who live outside United Healthcare's service area NO COVERAGE

31 For Internal Use Only 31 HEALTH MANAGEMENT PROGRAMS VERIZON HEALTHZONE –online health portal that allows you to identify your health risks, improve your lifestyle, manage your health through condition-specific assessments and keep track of your healthy living goals NurseLine SM * –dedicated nurses are available telephonically to members with specific health questions. Members receive advice and guidance for their health care. HEALTHY WEIGHT PROGRAM* –work with an online health coach, learn about nutrition and fitness, build a customized weight loss plan, learn how to maintain a healthy weight, and access a variety of online health tools HEALTHY BACK PROGRAM* –an online program with telephonic counseling that targets individuals whose back pain becomes a recurring or long-term issue HEALTH PREGNANCY PROGRAM* –provides expectant mothers with health education and information before and after delivery CANCER RESOURCE SERVICE* –available for any kind of cancer diagnosis, with an emphasis on getting accurate diagnoses and appropriate health care OTHER HEALTH MANAGEMENT PROGRAMS* –provide one-on-one help to deal with other chronic health conditions such as diabetes, coronary artery disease, congestive heart failure and asthma. *available only to United Healthcare medical plan participants

32 For Internal Use Only 32 PERSCRIPTION DRUG PROGRAM Offered to medical plan participants –Network Participating Pharmacies (intended for 30-day prescription/refill) –Home Delivery Services (intended for 90 day prescription/refill) –Administered by Medco

33 For Internal Use Only 33 DENTAL PLAN OPTIONS DENTAL DMO –Must use Aetna’s network of DMO Dentists –Must designate a Primary Care Dentist –No charge for most preventative services –Other dental services are a set-fee, plus an office visit co-payment –No deductibles or claim forms –Limited network DENTAL PPO –Use network or non-network Dentists –Receive a higher level of coverage when using a network Dentist OUT-OF-AREA DENTAL PLAN –Indemnity plan available only to employees outside the network service area NO COVERAGE

34 For Internal Use Only 34 VISION PLAN OPTIONS VISION PLAN –Administered by Vision Service Plan (VSP) –Covers annual eye examination –Benefit available for lenses and frame or contact lenses –Discounted rates for laser surgery NO COVERAGE

35 For Internal Use Only 35 REIMBURSEMENT ACCOUNT OPTIONS HEALTH CARE REIMBURSEMENT ACCOUNT (HCRA) –Set aside pre-tax dollars for eligible healthcare expenses not covered by your plan benefits –Reimburses expenses for you or your IRS-qualified dependents, even if not covered under the Verizon Business benefit plans –Contribute $100 to $5,000 per year tax-free DEPENDENT CARE REIMBURSEMENT ACCOUNT (DCRA) –Set aside pre-tax dollars for child or adult care expenses –Contribute $100 to $5,000 a year tax-free PAYFLEX MASTERCARD –Use debit card nationwide wherever MasterCard is accepted to avoid paying out-of-pocket

36 For Internal Use Only 36 LIFE INSURANCE AND AD&D COVERAGE BASIC LIFE & AD&D – COMPANY PAID –Automatic coverage – no elections required –One times your Annual Benefit Compensation (ABC) (ABC = base pay plus STI awards or commissions, if eligible) SUPPLEMENTAL LIFE & VOLUNTARY AD&D – EMPLOYEE PAID –SUPPLEMENTAL LIFE: »Employee: Up to 8 times your Annual Benefits Compensation »Spouse/SGDP: available in $25,000 increments, maximum $300,000 »Child: available in $5,000 increments, maximum $25,000 –VOLUNTARY AD&D: »Employee: Up to 10 times your Annual Benefits Compensation »Spouse/SGDP: 50% or 100% of employee amount, maximum $500,000 »Child: 10% of employee amount, maximum $75,000

37 For Internal Use Only 37 LONG-TERM DISABILITY COVERAGE OPTIONS EMPLOYEE PAID BENEFIT FOR FULL-TIME AND PART-TIME EMPLOYEES WORKING 20 OR MORE HOURS PER WEEK –50% of your weekly basic earnings –66-2/3% of your weekly basic earnings –No Coverage PROVIDES INCOME PROTECTION IF YOU ARE DISABLED FOR AN EXTEDED PERIOD OF TIME –Benefit begins the 27th week of disability –Deductions taken after-tax –Benefit payout is not taxed –Pre-existing condition exclusions apply to New Hires and those currently without coverage, does not apply for Oakridge transitioning employees

38 For Internal Use Only 38 VZB HUMAN RESOURCES SUPPORT QUESTIONS?

39 THANK YOU! We look forward to working with you and supporting you in the future as a member of the Verizon Business Team!


Download ppt "VERIZON BUSINESS 2009 TOTAL REWARDS OVERVIEW 12-18-08 HR Business Integration – Annie Verzi."

Similar presentations


Ads by Google