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Benefits Survey Information
CSR believes our employees, salary and hourly, deserve the very best healthy insurance that we can afford; therefore CSR is exploring providing High Deductable health insurance in conjunction with a Health Savings Account (HSA) for all employees not having other group coverage.
Last year, CSR was required by our health insurance carrier to cease offering health insurance to our WD and CBA employees due to lack of participation. Insurance carriers require companies offering group insurance to have at least 75% participation from eligible employees. Eligible employees for CSR are full time (greater than 32 hours/week) employees who do not have other group coverage (Tri-Care, Medicare, etc.). In order to ensure we meet the 75% participation rate, all employees not having other group coverage will participate in this health plan.
CSR is negotiating with two insurance companies to provide the health coverage. The health coverage will come under the CSR cafeteria plan and as such the premium will be pre-tax. We expect our group rate will be compatible with large company rates and will be better than anything the individual employee could negotiate with the insurance companies.
In addition to health benefits, CSR will offer dental, vision, long term disability, short term disability, as well as specialty insurances (cancer, long term care, etc.). All of these benefits are optional, i.e., the employee chooses to participate.
In the past, CSR has allowed employees to receive H&W benefits as salary in lieu of benefits; however, both CSR and the employee are taxed when H&W is used to augment salary. Once our benefit plan is in place, H&W funds will be used solely for benefits. Wherever possible, H&W funds usage will be for pretax benefits (must be within our cafeteria plan). All H&W funds not used for benefit insurance (including the HSA) will be contributed to the CSR 401K Retirement Plan. The employee has complete control of his 401K contributions and is immediately fully vested.
CSR welcomes comments from our employees. We need to know if there are benefits not mentioned which you would like to see included.