Eligibility
Full time employees that are working 30 hours per week are eligible for Medical, Life, AD&D, Long and Short Term Disability, and Long Term Care benefits which are effective the first of the month following the date of hire. Part-time employees are eligible to participate in the 401(k) Program.
Life
Eligible employees are enrolled in one times the salary to $225,000 of life and accidental death insurance. Coverage is provided by UNUM and premiums are paid by Freestone.
Long Term Disability
Eligible employees are enrolled in UNUM company- paid long term disability coverage. The benefit is 60% of your basic monthly earnings to a maximum monthly benefit of $10,000.
Travel Assistance Program
Should you become ill or injured or need legal assistance when traveling for business or pleasure more than 100 miles from home UNUM’s Travel Assistance is available 24 hours a day through UNUM.
Employee Assistance Services
A confidential offering through HealthAdvocate, this service provides support to help you address life’s challenges such as stress, family issues, and substance/chemical abuse.
Benefits Coverage Premiums
Full time employees that are working 30 hours per week are eligible for Medical, Life, AD&D, Long and Short Term Disability, and Long Term Care benefits which are effective the first of the month following the date of hire. Part-time employees are eligible to participate in the 401(k) Program.
Benefit Coverage
Portion of Employee Monthly premium covered
Employee
90%
Employee, Spouse & Child(ren)*
50%
Employee, Spouse & Child(ren)*
50%
*Dependents are eligible for benefits until the age of 26.
Cigna Medical and VSP Vision
Medical insurance coverage is provided through CIGNA. The medical plan is an Open Access Option with a wide network of providers and comprehensive medical coverage. Open Access allows covered participants to go to a specialist without getting a referral from a Primary Care Physician. In addition, we are offering a High Deducible version of the above with Freestone contributing $1,000 for individual and $1,800 employee plus spouse and/or dependents into the HSA. Vision is offered via VSP with basic annual exams covered and portion of hardware.
Metlife Dental Coverage
Metlife provides dental benefits up to $5,000 per member per year and a $1,500 orthodontia benefit per member per lifetime. You may see the dentist of your choice or use the Metlife network of providers for greater savings.
Long Term Care
Eligible employees are enrolled in UNUM company paid long term care insurance with a buy up provision for additional coverage at employees’ expense. Employees, dependents and family members are all eligible for our same low group rates that will include simplified medical underwriting not available on the individual market.
Section 125 Health and Day Care FSA
The Health Care Flexible Spending Account Arrangement (FSA) enables eligible employees to set aside pre-tax dollars out of their paycheck to pay eligible health care expenses. The Day Care Flexible Spending Arrangement (FSA) allows the employee to pay for work related day care costs with tax-free dollars. In addition, the Premium Conversion benefit allows the employee portion of the insurance premiums to be deducted from their pay check pre-tax and then paid to the carriers.
401(k)
Freestone offers a 401 (k) program to all employees. Pretax and/ Roth elections may be made or changed on Spectrums website whenever desired. Freestone matches 50% up to $8,000. Additionally, profit sharing contributions may be made at the discretion of management. All employer contributions are subject to a vesting schedule available in the SPD.
Section 132 Transportation Reimbursement Plan
The plan allows for eligible employees to set aside pre- tax dollars to pay for work related travel and parking costs. This can save employee between 20-40% depending on your tax bracket.
Vacation
Eligible employees begin accruing vacation on their start date. All full-time employees accrue
PTO as follows:
Lengths of Service
Hours earned
pay per month
Vacation per year
0 – 2 yrs
11.2
17 days
3 – 5 yrs
14.66
22 days
6+ yrs
18
27 days
Employees are allowed to carry over a total of 7 earned but unused days of PTO to the following year.
Holidays
New Year’s Day
Martin Luther King Jr. Day
President’s Day
Good Friday
Memorial Day
Juneteenth
Independence Day
Labor Day
Christmas Day
Note: This summary is prepared as a brief overview of the benefits made available by Freestone and its employee. This summary is not a binding contract and should only be reviewed as an explanation.