Because we're a new firm, we've only recently started to provide formal, written notices of our policies and procedures. As some of you know, Joe Drabnik and I are working on a booklet describing these policies. We hope to have it ready by January 1.
In the meantime, though, many of you have asked about the long-term salary continuance plan. An employee becomes eligible after completing two years of continuous employment with the company, provided the employee works at least an average of 30 hours a week.
Once you are eligible, you are automatically enrolled in the plan. The plan pays you monthly benefits if you become totally disabled. The payments start 90 days after the disability, and continue until age 65. Payments are 60% of your base monthly salary up to a maximum benefit of $3,000 a month. "Base monthly salary" means your monthly rate of earnings immediately prior to becoming disabled. It does not include overtime or bonuses. Benefits will be reduced by any income you are entitled to receive from Workers' Compensation, Social Security or any retirement plan sponsored by the company.
If you have any questions before we issue the policy booklet, please don't hesitate to call me.
