Page 76 - Police Federal Credit Union

401(k) RETIREMENT PROGRAM

Police FCU sponsors a comprehensive 401(k) program. All employees, upon completing their six-
month anniversary may be eligible to receive an employer profit sharing contribution; such
discretionary contributions are to be determined by the employer.

Employees are encouraged to plan for their future, and in doing so, Police FCU will make a matching

contribution equal to 50% of your salary deferrals not to exceed 6% of your compensation toward your
Police FCU 401(k) plan. To the extent of the information provided here conflicts with the full plan
document, the full plan document will control. Employees should refer to the Summary Plan
Description for official language.

WORKERS’ COMPENSATION

Police FCU is committed to providing a safe working environment. Workers’ Compensation Insurance
is carried to cover injuries to employees while on duty. Injuries on the job must be reported

immediately to the employee’s Supervisor for the purpose of making a formal claim. The Supervisor
will send all written documentation to Human Resources for filing the report to the insurance
company.

During Workers’ Compensation leave, employees may use all accrued sick and vacation leave as a
supplement to workers’ compensation payments, but not such that their pay exceeds their regular
rate of pay.

UNEMPLOYMENT COMPENSATION

Designed to provide laid-off workers with weekly income during short periods of unemployment,
unemployment insurance programs are funded by state (SUTA) and federal (FUTA) taxes paid by
employers. The Unemployment Insurance (UI) program pays benefits to workers who have lost their
job through no fault of their own and meet the program’s eligibility requirements. If you have become

unemployed, you may file a claim with your state’s Unemployment Commission.
CONSOLIDATED OMNIBUS BUDGET RECONCILIATION

ACT (COBRA)

By federal law, an employee who terminates employment at Police FCU and is currently enrolled in
the Credit Union’s health, dental, and vision programs may continue such benefits for a certain

specified time in accordance with COBRA law. When a COBRA qualifying event occurs, appropriate
notification will be sent to the employee and/or family member’s home address on file. For the latest
information concerning COBRA guidelines and eligibility status contact the Human Resources
Department.

POLICE FEDERAL CREDIT UNION EMPLOYEE MANUAL - APRIL 2017 76 | PAGE