EMPLOYEE
BENEFITS

A career at Salem Five comes with valuable benefits ...

At Salem Five, we believe in rewarding our employees with a comprehensive benefits package that meets – or exceeds – their personal and family needs.  Read about our comprehensive medical, dental, and vision plans, tax-advantaged flexible spending accounts, health savings account, retirement program, as well as our life and disability coverage and more.

Health Coverage and Related Information

• Medical coverage. Salem Five offers eligible employees a choice of comprehensive coverage options through Aetna Insurance.  Eligible employees can choose to enroll in one of three Managed Choice Point of Service Medical Plans. (One is a qualified High Deductible Plan).  Under Aetna, employees do not need to select a PCP or obtain referrals for services.  All medical plans provide for a wide range of eligible expenses incurred for medical services, including preventive care, hospitalizations, doctor visits, surgery and emergency care.  The bank subsidizes 80% or 75% of the premiums for full-time employees depending upon the plan selected, and 60% or 55% for eligible part-time employees depending upon the plan selected.
• Prescription drug coverage. Medical coverage through Aetna includes a prescription drug plan.  There are two ways employees can purchase prescriptions – through a retail pharmacy or through the mail-order program.
• Dental coverage. Salem Five’s dental plan helps eligible employees pay for a variety of dental services (including preventative, basic, major restorative, and orthodontic treatment) performed by a licensed dentist.  The dental plan offered through Aetna Insurance is a passive PPO plan, which enables employees to take advantage of negotiated rates with select dentists, and also have access to providers outside of the selected network.  The bank subsidizes 50% of the premium for all eligible employees.
• Vision coverage. Salem Five’s vision plan through Aetna Insurance provides coverage to eligible employees for eye exams, savings on glasses and contacts as well as discounts on additional pairs of glasses, non-prescription sunglasses, laser vision correction and more.  Employees are responsible for 100% of the premium.
• Aetna Member Website. Aetna’s secure member website is available 24 hours a day, seven days a week. Registered subscribers can check the status of a claim, see who is covered on their plan, view Claim Explanation of Benefits statements for processed claims, locate network doctors and hospitals, request member ID cards, compare in- and out- of-network health care costs, contact Member Services and more. Aetna’s member website also offers expert information on staying healthy, treating illness and working with health care professionals.
• Aetna Teladoc Service (855) 835-2362. Teladoc allows employees and their families to resolve many medical issues through the convenience of phone and online video consultations. Members can speak to a U.S. Board certified doctor over the phone or by online video 24 hours a day, 7 days a week. Teladoc doctors can diagnose and even prescribe medication, if necessary, for many conditions including allergies, cold and flu symptoms, ear infection, behavioral health and more.
• Dedicated Aetna Concierge Customer Service (855) 333-6864. The Aetna concierge representatives dedicated to Salem Five let employees and their family know they’re not on their own. From explaining coverage to locating a specialist that is right for the employee, or assisting them with the Aetna consumer tools, Aetna’s concierge offers the education and resources to help employees make better- informed health care decisions.
• Health and Dependent Care Flexible Spending Accounts. Contributing to either the Health or Dependent Care Flexible Spending Account, through Sentinel Benefits, allows employees to set aside money on a pretax basis to reimburse themselves for certain eligible health and dependent care expenses (as defined by the IRS), thereby reducing taxable income.  The Health FSA guidelines includes a rollover provision that allows employees to roll over unused money (up to the yearly IRS limits) into the next plan year.  Employees are responsible for 100% of the premium.
• Health Savings Account (HSA). When you are enrolled in a Qualified High Deductible Plan and meet the eligibility requirements, the IRS allows you to open and contribute to an HSA Account. An HSA is a tax-sheltered bank account that you own to pay for current or future eligible health care expenses for you and/or your eligible dependents. The HSA is yours to keep, even if you change jobs or medical plans. Salem Five will make a contribution on your behalf based upon your date of hire and medical insurance coverage level.
• Domestic Partner Coverage. The availability of medical benefits coverage for domestic partners and their children is an extension of the company’s efforts to maximize the effectiveness and value of the benefits program. All regular full-time and part-time employees who work 20 or more hours per week are eligible to enroll for domestic partner benefits in accordance with the policy guidelines.

Disability and Life Insurance Coverage

• Disability coverage. Salem Five’s disability plans through Mutual of Omaha provides eligible employees with protection for earnings should they become disabled as defined by the Plan(s).  Full-time eligible employees regularly scheduled to work 40 hours per week, are automatically covered under the Short-term (STD) and Long-Term Disability (LTD) Plans the first of the month following three months of employment at no cost to the employee.

  • The STD Benefit:  Upon approval of the insurance company, insured for 60% of salary after 7 calendar days for an accident or illness.  Employees will be covered up to 13 weeks of certified disability.  In some instances, the insurance may begin immediately as defined in the Summary Plan Description. 

    The LTD Benefit:  Upon approval of the insurance company, insured for 60% of salary after 90 days of disability.  Provides income protection after STD coverage has ended. 

    Eligible employees may elect to participate in the Supplemental Accidental Death and Disability Insurance (AD&D), Spouse and or Child (AD&D) programs, each of which is employee-paid.
    
    
• Life insurance. Salem Five offers life insurance coverage through Mutual of Omaha to help eligible employees plan for their survivors’ financial security at no cost to the employee. 
  
  Eligible employees may elect to participate in the Supplemental Life, Spouse Life, and or Child Life Insurance programs, each of which is employee-paid.
  
  
• Business Travel Accident Insurance. Salem Five automatically provides all employees (regardless of hours worked) with Business Travel Accident Insurance at no cost to the employee.
• Critical Illness and Accident Insurance. Eligible employees have access to voluntary critical illness and accident coverage through Unum.  Coverage can be personalized and paid for through payroll deductions.  Salem Five offers employees the opportunity to enroll in these programs once per year. More information regarding these benefits will be available during the next annual enrollment period. Employees are responsible for 100% of the premium.

Retirement Benefits

Our Retirement Program is designed to help employees achieve financial security for retirement. It provides employees with a meaningful way to save for retirement by offering the following:

• 401(k) contributions through convenient payroll deductions. Automatic Enrollment in the plan at 5% with an Opt-Out Option upon hire or when plan eligibility requirements (age 21) are met.
  

  Defer from 1% - 75% of eligible compensation on a pre-tax and/or Roth after-tax basis (subject to certain IRS limits).

• Company-matching contributions. Employees are eligible for a company match, annually in January, on compensation earned and deferrals made as defined in the Plan Description.
• Catch-up contributions.

  Employees 50 years of age or older, can make additional annual contributions on a pre-tax and/or Roth after-tax basis (subject to certain IRS limits).   There is no matching contribution provided on Catch-up contributions. 

  Additional Plan highlights include:

  • Professionally managed investment options
  • Rollovers accepted immediately
  • Employees are vested after 3 years
  • Employees are 100% vested in their own contributions
  • Employees may borrow against their own 401(k) account for specific reasons as defined in the plan
    
    
  Visit the Empower website at www.empowermyretirement.com for more information including investment guides and recent fund performance.

Benefits That Save You Money and Hassle

• Legal insurance. Available to eligible employees who are interested in purchasing coverage for preventative legal services, motor vehicle legal expenses, trial defense services, IRS audit services and legal litigation services.  Employees are responsible for 100% of the premium.
• Auto and homeowner’s insurance discount. Personal property insurance, including home and auto insurance, is available to eligible employees at discounted rates through Salem Five Insurance Services.
• Pre-tax commuter program. Pay for qualified mass transit expenses with pre-tax dollars! Allows employees to set aside money on a pretax basis for qualified commuting expenses (as defined by the IRS), thereby reducing taxable income.  Employees are responsible for 100% of the premium.

Taking Time Off at Salem Five

It’s good to take some time now and then to recharge your batteries or care for yourself and your family.

• Sick Days. Full-time and Part-time employees will accrue up to five (5) paid sick days per calendar year.
• Holidays. Salem Five recognizes eleven holidays; New Year’s Day, Martin Luther King Day, President’s Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Columbus Day, Veterans Days, Thanksgiving and Christmas. 
• Vacation and Personal Days. All full-time and part-time employees are eligible for paid vacation and personal time according to length of employment.

Healthy Mind, Healthy Body Programs

• Employee Assistance Program (EAP). The EAP is a free, confidential program that’s available 24 hours a day.  It’s designed to help employees and their eligible dependents manage a wide variety of personal issues ranging from career and family concerns to substance abuse.
• Salem Five Wellness Incentive. Recognizing the importance of fitness as part of a healthy lifestyle, Salem Five offers eligible employees an annual reimbursement of $75 towards a fitness center membership or a qualified fitness-related expense.
• Aetna Reimbursements. Aetna medical plan members are eligible to receive a $300 reimbursement per calendar year for qualified health clubs and certain group exercise classes. Aetna members are also eligible to receive a $300 reimbursement per calendar year for qualified alternative medicine service fees and $200 reimbursement per calendar year for qualified weight loss programs.
• Tuition Reimbursement Program. Under the Tuition Reimbursement Program, eligible employees with one year of service and their manager's approval may apply for reimbursement of 75% of certain costs associated with undergraduate or graduate courses at an accredited college or university that are work-related or part of a work-related degree or certification program.  Graduate course limit is 4 per calendar year.
• Learning and Development Program. One of Salem Five's most valued assets is its employees. We are committed to providing comprehensive training to ensure that our people have the right skills and knowledge at the right time.

Employee Referral Program

Salem Five employees continue to be the #1 referral of qualified candidates.  Special payments are rewarded for qualified employee referrals ranging from $750 to $3,000 depending on the position. 

Lifestyle Benefits

Working at a bank has actual banking perks, of course, as well as some fun benefits of being part of the Salem Five team.

• Free Salem Five Open Rewards Premier Account with unlimited ATM surcharge reimbursements
• Subsidized bank parking in Salem
• Annual family summer outing
• Annual holiday reception
• Thanksgiving turkey or gift card
• YMCA Corporate Discount

Please contact Bonnie Webber, VP - Benefits & Compensation Manager for any related questions.