2014 Benefits & Open Enrollment
Featuring new & improved benefit offerings for US Staff
NEW 2014 Benefit Enhancements & Offerings
We are pleased to announce that Capco passed the savings on to you by offering the following upgrades and service enhancements in 2014:
- NO employee contribution increase for ANY benefits in 2014 in spite of the impact from Health Care Reform Act. Capco covers up to $16,000 in premium health care costs per employee, reflecting a significant investment in the health and wellbeing of the Capco community.
- 401(k) increase in employer match contribution and accelerated vesting schedule
- Expanded gym discount program - up to $50 subsidy/reimbursement per month (vs. $20 under current plan) and one-time enrollment fee reimbursement up to $39
- Adoption Assistance Reimbursement - $10K max per child
- Enriched medical plan coverage - co-pays now apply towards deductible
- New high deductible medical plan
- Health Savings Account (HSA)
- Nationwide back-up dependent care - facilities & in-home care
- Pet insurance
401(k) Vesting and Matching Contribution Enhancements
We would like to provide our rationale for the 401(k) enhancements:
- In 2013, Capco was focused on your immediate health & wellness, encouraging all employees to take a 2-week vacation and earn a $1000 bonus in doing so. We saw significant usage of this innovative bonus incentive, which greatly reduced vacation balances, thereby increasing the bonus pool for 2013. Capco is now in a position to redirect our focus to a longer term benefit for our staff by eliminating this bonus in 2014 and introducing a more aggressive 401(k) plan.
- In 2014, Capco is focused on the wellbeing of your future. Investing in your future early in your career ensures a greater return in your retirement years. We have taken a competitive approach against industry standards by improving our 401(k) contribution and vesting schedule effective January 1, 2014. All current employees employed with Capco as of January 1st will be grandfathered into the new increased company match and accelerated vesting schedule as outlined below.
New Employer Match (effective January 1, 2014):
- 50% of employee contribution capped up to 6% of eligible pay
New Vesting Schedule (effective January 1, 2014):
- Less than 1 year of service = 0% vesting
- 1 year, less than 2 years = 34%
- 2 years less than 3 years = 67%
- 3 or more years = 100%
2014 Open Enrollment will be held November 13-22.
- No need to take action at Open Enrollment for Medical, Dental, Vision and Life Insurance, unless you will be adding/removing/changing plans and/or dependents in 2014. Otherwise, your coverage will remain the same, with the exception of Flexible Spending Accounts (FSA) for Medical, Dependent Care, Parking and Transit. You will need to enroll again for this benefit for 2014 as this will not carry forward into the new year.
- NEW Flexible Spending Account (FSA) provider - We are transitioning FSA providers from CieloStar to CBIZ to provide better service and consistency to employees. As noted above, you must enroll again for this benefit in 2014.
- NEW FSA LIMITS: $130/month for Transit and $250/month for Parking.
- See Employee and Employer cost of benefits on the attached rate sheet.
- See below schedule of Open Enrollment webinars via GoToTraining with our Benefits Administration team.
Open Enrollment Webinars
- Wednesday, November 13, 4:00 EST
- Thursday, November 14, 2:30 EST
- Friday, November 15, 9:00 AM EST
- Monday, November 18, 2:00 PM EST
Please click the Registration link below to register for the date and time that works best for you. After registering, you will receive a confirmation email containing information about joining the training.