Page 32 - Post Handbook Update 7-18-23

CHAPTER 6: ASSOCIATE BENEFITS
401(K) RETIREMENT PLAN
To help associates make the most of their retirement, the University provides a 401(k) retirement group plan which allows eligible associates to make contributions toward their retirement through automatic payroll deduction. Eligible associates may begin participating in the plan on the first day of the month following the associate’s date of hire. Thereafter associates may stop deductions or enroll/re-enroll at any time. At Post’s annual discretion, a University match may be approved as applicable to those participating associates who have completed at least one (1) year of employment.
Post’s discretionary match as of the publication of this Handbook is dollar-for-dollar up to 4% of the wages contributed by the benefits-eligible associate.
Under the plan, eligible associates may select to invest in a diverse mix of low to high risk funds based on their personal preference. Post does not guarantee investment return rates nor does it provide financial investment recommendations to its associates. We encourage eligible associates to work with a financial planner to help determine the best choice of investments to align with their retirement goals.
Post’s 401(k) Plan is governed by certain IRS regulations that apply to maximum contributions, hardship withdrawals, tax penalties, loans, etc.
MEDICAL, DENTAL AND VISION HEALTH INSURANCES
The University is proud to offer high quality group medical, dental and vision insurance benefits for its regular full-time associates and their eligible dependents. In general, eligible associates may begin participating in these plans on the first day of the month following their date of hire. Coverage will cease as of the last day of
the month during which the associate’s employment is terminated for any reason.
As part of its commitment to provide associates high quality care on an affordable basis, Post makes a substantial contribution towards participating associates’ insurance costs as shown on eligible associates’ Total Compensation Statements. Participating associates contribute toward the costs of these plans through automatic payroll deduction. Post’s cost sharing contribution rates may change at Post’s discretion
based on various business related considerations.
HEALTH SAVINGS & FLEXIBLE SPENDING ACCOUNTS
The University offers both a Health Savings Account and Flexible Spending Account to allow associates enrolled in the medical plan the opportunity to save for certain medical and dependent care expenses on a pre-tax basis through convenient payroll deductions. Enrollment in Post’s Health Savings Account is available to those associates enrolled in the medical plan. However, enrollment in the Flexible Spending Account is not contingent upon participation in Post’s medical plan.
Eligible associates may begin participating in either account on the first of the month following their date of hire.
LIFE & ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE
Post University’s concern for the well-being of its associates and their families’ is a key determinant in
the design of its benefits package. For example, the University provides life and accidental death and dismemberment insurance coverage to regular full-time associates, at no cost to eligible associates. In general, coverage for eligible associates begins on the first day
of the month following their date of hire. The basic life insurance benefit is equal to one (1) times the associate’s annual base salary, rounded up to the next $1,000.
To be sure their benefit’s records are updated, eligible associates should periodically confirm that their legal beneficiary designations shown in ADP Workforce Now are correct on the ADP portal.
Eligible associates may elect additional life insurance protection for themselves, their spouse or their dependents. Such additional voluntary coverage is available and fully paid by the associate through payroll deduction at group discounted rates. The Associate Experience team can help explain enrollment requirements.
The amount of the accidental death and dismemberment benefit is based on the type and severity of the loss.
If an eligible associate did not elect to enroll in “buy-up” Life and Accidental Death & Dismemberment Insurance when first eligible (as a new hire or newly eligible after
a qualifying event), but would like to do so later, the associate will need to complete an Evidence of Insurability (“EOI”) form with the associate’s enrollment application. Regardless of the amount of “buy-up” insurance
POST UNIVERSITY ASSOCIATE ROADMAP HANDBOOK
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