Preferred Provider Organization (PPO) insurance plan coverage provides employees and their dependents the choice of access to network or out-of-network physicians and health service providers. The medical plan also includes prescription drug benefits with I.D. card to access any number of pharmacies nationally.
Employees may choose the (a) Network Access Plan insurance plan coverage. Employees and their dependents are free to go to any dentist they choose with services provided at contracted rates. However, if an out-of-network provider is utilized fees for services will be based on usual and customary fees. (b) Value Dental Plan coverage with enhanced benefits and lower out of pocket cost for utilzing an in-network provider. Premiums for both plans are company-paid.
Vision insurance plan coverage provides employees and their dependents discounted fees by utilizing Preferred Providers. Employees may utilize out-of-network providers with greater out-of-pocket cost. Employee premiums may be deducted pre-tax.
Flexible Spending Accounts (FSA)
Medical FSA – allows employees to withhold pre-tax dollars on a plan year basis for qualified out of pocket medical expenses. Dependent Care FSA – allows employees to withhold pre-tax dollars on a plan year basis for qualified dependent care expenses for their eligible dependents. FSA limits are set annually by the IRS. Visa Debit cards are provided.
Employees are provided with life insurance coverage equal to one times annual base salary. Premiums are company-paid. Additional coverage can be purchased for employee and dependents.
Accidental Death & Dismemberment
Employees are provided AD&D coverage equal to one times annual base salary. Premium is company-paid. Additional coverage can be purchased for employee and dependents.
Business Travel Accident Insurance
Employees receive five times their annual salary in coverage for losses due to an accident (death, dismemberment or total disability) while traveling on company business. Premiums are company-paid.
Salary Continuation Plan
Employees are provided income replacement coverage under the International Shipholding Corporation’s Salary Continuation Plan for instances of Short Term Disability. If an employee becomes disabled, he or she may remain on the company’s payroll at full pay for up to 26 weeks (based on length of employment). After 26 weeks of disability, the employee may apply for International Shipholding’s Long Term Disability Plan.
Long Term Disability Insurance
Employees are provided additional income replacement under the LTD insurance plan. This coverage provides partial income replacement if the employee is unable to return to work after 181 days of disability. The premiums for this coverage are company-paid.
International Shipholding Corporation provides two weeks (10 days) of vacation time following one year of employment, and three weeks (15 days) of vacation time following five years of employment.
The defined benefit plan is fully funded by International Shipholding Corporation. New employees become eligible to participate in the plan after completing 1000 hours, and become fully vested in this plan after 3 years of service. This retirement plan permits a number of benefit payment options upon retirement and/or separation.
Tax Deferred Savings Plan
An employee is eligible to participate in the Tax Deferred Savings Plan on the first of the month following date of hire. Employees may defer up to 75% (up to limits under IRS code) of their base salary into the plan. The company matches 50% of the employee’s contribution up to a maximum limit.
Educational Reimbursement Program
Full-time employees with greater than one year of continuous service may apply for this benefit. The benefit is payable for coursework completed to obtain a degree in job related field, professional certification or test preparation coursework.
Employee Referral Bonus Program
Full-time employees are eligible to receive an Employee Referral Bonus when they “refer” a qualified individual for an open position and the referral is hired as a regular full-time employee by International Shipholding.
The Company reserves the right to amend the benefits described above. Possible amendments may include, but are not limited to, change of insurance carrier, amount of benefit, and amount of contribution toward the cost of insurance and/or pension.