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 - Fidelty 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
    • Work a minimum 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 1 st 6% of employee contribution after 1 st full quarter of employment– weekly deposit
  • Quarterly enrollment dates
  • 100% vested at all time
  • Rollovers from Qualified plans allowed
  • Hardship Withdrawal
  • Loan availability

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 BuyUp Plan – Medica

  • Core Plan : Innetwork Deductible $500/$1000, $20.00 office co pay, 80/20 Coinsurance in network, Out of Pocket $1500, $3000, MinuteClinics / Target Convenience Care Centers
  • BuyUp Plan : In network Deductible $200/$400, $15.00 office co pay, 90/10 Coinsurance in network, Out of Pocket $1000/$2000, MinuteClinics / 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
  • 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

  • $300.00 per week for first full 5 years of employment
  • $400.00 per week starting at 6 years of employment

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. Paid out twice a year
  • May be used to reimburse yourself for IRS approved medical expenses on a tax-free basis.

Day Care Reimbursement Account

  • Allowed to contribute $5000.00 per year
  • Paid out monthly upon receipt of payments to daycare provider

Paid Time Off (Vacation & Holiday Program)

  • Allowed up to 250 hours carry over per year
  • Paid Time Off accrual


Years
of Service*


Hours of PTO per 40 hours of work

Maximum Days accumulated per year at 2000 Hours worked

 

 

 

0 to 2

2.440

15.25

3 to 5

3.716

23.23

6 to 9

3.896

24.35

10 to 20

4.936

30.85

Over 20

5.940

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

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 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
  • Dell Computer Discounts
  • Imagination Books Sales
  • Summer Picnics

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