Page 61 - PUI Handbook 8-21

termination of employment, a reduction in the number of hours of
employment, death of covered employee, divorce or legal separation,
a dependent child ceases to be dependent, eligibility or the covered
employee for Medicare, or an employer’s bankruptcy.

SIMPLE IRA Retirement Program
The Company provides employees with a retirement benefit
using a SIMPLE IRA. The SIMPLE IRA provides employees the
opportunity to reduce their taxable income by making contributions to
save for retirement. The contributions are tax deferred. The amount
an employee can contribute to their SIMPLE IRA depends on IRS
Rules and Regulations and may change from year to year. The
Company will match an employee’s contributions up to 3% per pay
period.
To be eligible to participate in the Company retirement program, the
employee must be employed 90 days and have earned at least $5000 in
compensation.

The IRS assesses penalties and taxes if the funds are accessed within
the first two years of establishment and/or prior to age 59 ½. Precision
Underground’s enrollment period is January of each year. Changes to
an employee’s contribution election will only be allowed two times a
year in June and January.

End of Year Bonus Program
Precision Underground is pleased to offer a bonus program. The
purpose of this bonus program is to:

• Demonstrate the Company’s commitment to its mission
• Foster the development of pay for performance culture.
• Recognize and reward employees for exemplary safety and
service to our customers and clients.

The Bonus Program is based on the concept that incentives are another
way to reward and recognize employees for providing quality service
and a safe environment. We value achieving a safe work environment
while providing quality service to our customers. Employees play a
significant role in achieving these objectives.

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