Benefits

Mate Precision Tooling feels that the benefits package offered to its employees is a meaningful part of their employment. Below is a summary of the many benefits Mate extends to its full-time employees. This information represents an overview of the benefits program and is not intended to be all-inclusive, or to be used as a summary plan description.

Mate Precision Tooling Employees Retirement Savings Account - Fidelity Investments

  • Mate will contribute between 0 – 15% of annual gross wages to your profit sharing account yearly, based on company profitability
  • Eligibility Requirements:
    • One year of employment
    • Service Hours of 1000 hours per year
  • Vesting is 100% after 6 years of credited service
  • Plan entry dates are July 1 and Jan 1 of each year.

Voluntary 401k Contributions

  • May voluntarily elect to contribute 1- 75% of gross wages to 401k plan to maximum allowed
  • Mate Match of 50% of the 1st  6% of employee contribution after 1st  full  month of employment
  •  Monthly enrollment dates
  • 100% vested at all time
  • Rollovers from Qualified plans allowed
  • Hardship Withdrawal
  • Loan availability
  • Roth Contributions

All funds for the Profit Sharing and 401k plans are invested funds administered by Fidelity Investments and are self-directed by the employee. There are a wide range of funds available dependent on the risk and rate of return desired.

Medical Insurance

Medical Plan: Choice of Core Plan or Buy Up Plan – Medica

  • Core Plan : In network Deductible $600/$1200, $20.00 office co pay, 80/20 Coinsurance in network, Out of Pocket $2000, $4000, Minute Clinics / Target Convenience Care Centers
  • Buy Up Plan : In network Deductible $300/$600, $20.00 office co pay, 90/10 Coinsurance in network, Out of Pocket $1500/$3000, Minute Clinics / Target Convenience Care Centers

Both plans include 100% for preventive care at in network providers for annual physicals, eye exams, mammograms/pap smears, well baby, immunizations & allergy shots. Use of out of network providers will result in increased deductibles, Out of Pocket costs & no coverage for physicals or eye exams.

  • Prescriptions: $10.00 generic, $25.00 brand formulary, $50.00 Brand Non Formulary, Mail in prescription service – (90 day) price is twice regular prescription rate.

Dental Insurance - Delta Dental

  • In service coverage provides discounts -Visit dentist of your choice
  • Single - $1.00 or Family $2.00 per week premium
  • Preventive Treatment - 80% (No deductible)
  • Basic Major Treatment - 80% after deductible
  • Calendar year Maximum $1000
  • Orthodontia – 50% up to $500 Lifetime Maximum
  • Deductible $50.00 per person per year

Disability (Short Term)
Short Term –

  • Benefits equal to 60% your assigned base wage rate.
  • Waiver of the 7 day waiting period if you are disabled and hospitalized for in- patient care due to illness

Life Insurance Policy

  • Mate provides $10,000 life insurance. No employee contribution
  • Coverage is provided by Sun Life

Accidental Death & Dismemberment Insurance

  • Mate provides $10,000 coverage - No employee contribution
  • Coverage is provided by Sun Life

Supplemental Life Insurance

  • Employee, spouse and dependent coverage available on a voluntary basis at group rates – employee paid

Medical Reimbursement Account

  • Allowed to contribute a maximum of $5000.00 per year.  Optum Health Financial Services is our provider. 
  • May be used to reimburse yourself for IRS approved medical expenses on a tax-free

Day Care Reimbursement Account

  • Allowed to contribute a maximum of $5000.00 per year.  Optum Health Financial Is our provider.
  • Can be paid out as often as weekly.

Paid Time Off (Vacation & Holiday Program)

  • Allowed up to 280 hours carry over per year
  • Paid Time Off accrual

Years
of Service*

1780 Hrs
Accrual Limit

Total PTO
Accrual

 

 

 

0 - 1

2.742

15.25

2 - 4

3.461

23.23

4 - 9

4.176

24.35

9 - 20

4.917

30.85

20+

6.675

37.13

Mate Tuition Reimbursement Program

Courses that are directly related to your present position or individual courses or a degree program that will prepare you for a promotion with Mate Precision Tooling – 100% reimbursement for tuition & books to a maximum of $5,250 per year.

Part time employees are eligible for approved courses that are considered job related coursework.

Misc. Benefits and Perks
  • Air conditioned shop
  • Clean shop work environment
  • Free annual hearing test
  • Free flu shot immunization
  • Employee Appreciation Cook Outs
  • M Club Employee Recognition Program
  • Winter Employee Party
  • Thanksgiving Turkey Gift
  • Donut & Fruit Days & Free coffee
  • Jury Duty Pay
  • Funeral Pay
  • Computer Loans
  • Weight Watchers Classes
  • No Tobacco Classes
  • New Employee Gifts
  • Employee Assistance Program
  • Fishing contest
  • Anoka Hennepin Credit Union Membership
  • Retirement Luncheons
  • Casual dress code
  • $300 interest free loan
  • Scholarship program
  • Quarterly personal financial planning meetings
  • Group Financial meetings
  • New baby gift program
  • Monthly Communication Meetings
  • Semi annual All Company Meetings
  • Consignment Tickets / Special Rates at Participating Merchants
  • Summer Picnics
  • On site Vendor lunches

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