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| Plan Participation | Employee's Contribution | MITRE's Contribution |
|---|---|---|
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Required Matched Contribution |
2% of base salary up to SSWB 4.7% of base salary over SSWB |
7.5% of base salary up to SSWB 10.5% of base salary over SSWB Eligible for contributions six months after hire date. |
|
Voluntary Matched Contribution |
1 to 10% of base salary up to SSWB 1 to 6% of base salary over SSWB (Up to limit set by law) |
1/3 matching of any Employee Level 2 contribution (Immediately eligible) |
|
Voluntary Unmatched Contribution |
(Up to limit set by law) | 2005 Social Security Wage Base (SSWB) = $90,000 |
| Employee voluntary contributions (Level 2 plus Level 3 combined) are limited to $14K ($18K if age 50+) in 2005. These limits are scheduled to increase each year by $1,000 ($2,000 respectively) through 2006. | ||
MITRE is committed to helping employees
achieve retirement security by offering investment seminars,
on-site counseling appointments with investment representatives,
tools to project retirement income and an annual retirement planning
guide.
What is the Social Security Wage Base? The Social Security Wage
Base (SSWB) is set by the government each year. In 2005, employers
must withhold Social Security taxes at a rate of 6.2% on each
employees' first $90,000 of compensation. MITRE makes an equal
matching contribution. Compensation above the $90,000 limit is
not subject to Social Security taxes. Medicare taxes are also
withheld at a rate of 1.45% on all wages.
Health Insurance
MITRE offers various subsidized health care plans to help protect
you from high medical costs and the financial burden when you
or your family needs health care. You may choose to participate
in a nationwide Point-of-Service (POS) plan, several Health Maintenance
Organizations (HMO), or a Supplement Plan that is available to
qualified retired military personnel. MITRE also offers a Global
Health Plan for overseas employees that provide open access to
health care while residing outside of the United States as well
as coverage when periodically returning to the United States.
All of our health plans offer comprehensive care-including coverage
for hospitalization, surgery, routine office visits, prescription
drugs (retail and mail order), mental/health substance abuse
care, and chiropractic services. What differs among the plans
is how you pay for your care and your access to doctors and hospitals
depending upon your location.
Dental
MITRE offers a subsidized dental plan that covers the reasonable
and customary charges for a wide range of dental treatments at
either 100% (preventive) with no deductible or 80% (basic, major
and orthodontia). The plan allows you to choose any dentist you
want for dental care. Members can also take advantage of discounted
rates when they use dentists who are part of the nationwide network
of MetLife, our dental administrator. The plan pays up to $1,500
per plan year per member with a lifetime maximum benefit of $2,000
for orthodontic services.
Vision
The MITRE Vision Care plan provides comprehensive coverage for
services such as eye exams, frames, and lenses following a defined
schedule of benefits. You are also eligible for discounts on
laser vision corrective surgery. The plan is administered by
Vision Services Plan (VSP) which offers a nationwide network
of more than 22,000 providers. When you receive vision care services
from a VSP network provider, you are covered at the maximum benefit
amount. You also have the choice of using an out-of-network provider
but will receive a reduced reimbursement.
Life, Accidental Death & Dismemberment
and Business Travel Accident
The MITRE Corporation Life Insurance Program helps provide financial
security and protection for you and your family.
Basic Term Life and Accidental Death and Dismemberment (AD&D)
insurance coverage equal to one times annual base salary (up
to $1 million) is provided automatically at no cost to the employee.
You may purchase Supplemental Life and AD&D coverage at group
rates equal to one to five times your base annual salary (up
to $1 million).
The Dependent Life Plan provides three options to cover your
eligible spouse and dependent children for group term life insurance.
The cost of this coverage is a flat rate, regardless of the number
of covered dependents.
Business Travel Accident Insurance is a company-paid plan that
provides accidental death and dismemberment coverage of up to
$250,000 for injuries caused by a covered accident when traveling
on company business
Medical Leave (Short-Term Disability)
MITRE's Medical Leave is a company-paid benefit that accommodates
a documented disability that extends for more than three days
(or 24 work hours) for benefits-eligible employees. Medical Leave
may be used for an acute illness or injury, or for a chronic
condition that results in intermittent absences. The Plan can
provide income protection for up to 180 days, subject to meeting
documentation requirements. Benefits are based on years of service,
beginning at 100% paid and then at a reduced rate.
Long-Term Disability
Employees may elect long-term disability
coverage to provide income replacement for a non-work related
illness or injury that exceeds 180 days. The plan provides for
a benefit equal to 60% of base monthly salary. This is an employee-paid
plan with deductions made on an after-tax basis. As an additional
benefit, if you are enrolled in the MITRE Retirement Program,
a contribution in the amount of 9.5% will be made on your behalf
into your Retirement Program account.
Paid Time Off Bank
MITRE provides a Paid Time Off Bank (PTOB) for eligible employees
to attend to personal needs that require time away from work.
These personal needs may include vacation, short-term illness,
and personal business. Employees accrue up to 23 days annually
in their PTOB until the attainment of 10 years at which time
they are eligible to accrue 28 days. Employees can cash out hours
annually or donate hours to a leave-sharing program
Holidays
MITRE recognizes eight official holidays each year: New Year's
Day, Martin Luther King, Jr. Day, Memorial Day, Independence
Day, Labor Day, Veterans Day, Thanksgiving Day, and Christmas
Day.
Civic Time
MITRE encourages employees to take an active interest in civic
and community affairs. To support employees' community involvement,
MITRE grants paid time off of up to 40 hours per calendar year
to employees whose civic commitments require absence during the
workday.
Sabbatical Leave
After seven years of service, regular full time and part-time
employees are eligible to take up to 8 weeks off to pursue personal
or developmental interests. While sabbatical leave is unpaid,
employees can use their Paid Time Off Bank to provide income
during this time.
Tuition Reimbursement Programs
Three programs are offered through the Educational Assistance
Office: the Basic Educational Assistance Program (BEAP),
which reimburses tuition, applicable fees and books to support
a planned academic objective in line with MITRE's work needs;
the Accelerated Graduate Degree Program (AGDP), which
allows employees to pursue an advanced degree at an accelerated
rate by providing time off for studies; and covers tuition, books
and applicable fees in full and the Advanced Degree Award
Program, through which qualifying employees receive a bonus
for completion of their degree.
The MITRE Institute
The MITRE Institute serves as the Corporate center for education,
training, and development. The Institute's primary goal is to
increase MITRE's effectiveness by providing employees with opportunities
to enhance their capabilities, knowledge, skills, and performance.
The Institute offers diversified learning experiences, abundant
intellectual stimulation, and opportunities for personal development
to assist the Corporation in attracting and retaining personnel
of the highest caliber and to link individual development to
the achievement of Corporate goals and objectives.
Flexible Work Arrangement Program
MITRE supports the flexibility in work schedule or location to
help employees navigate their personal and family priorities.
The Flexible Work Arrangement Program allows for flextime, variable
work schedules, home-based work/telecommuting, part-time employment
and job sharing. The use of flexible work hours is subject to
the needs of the company and its customers.
Adoption Assistance
MITRE's Adoption Assistance Program is a family benefit providing
financial assistance to employees who adopt a child under the
age of 18 or of any age if the individual is physically or mentally
incapable of caring for himself or herself. The program reduces
the financial burden placed on employees by reimbursing up to
$2,500 per child for qualified adoption-related expenses.
Family/Work/Life Consultation and Referral
Services
MITRE has contracted with Guidance Resources to provide confidential
consultation, practical information and referral services to
help you establish a work-life balance all under one roof. They
provide services in areas such as child and elder care, college
planning, adoption and parenting, legal and financial issues,
as well as assistance with other stressful personal and family
issues.
Health & Wellness Programs
The Health Services Department promotes health and wellness by
offering a wide range of services to support employees in functioning
at optimal levels of health and productivity. These programs
and services are not meant to replace the relationship between
an employee and his or her physician, but are designed to assist
them in achieving, enhancing, and maintaining a healthy lifestyle.
Some of our locations maintain on-site fitness centers, locker
rooms, and outdoor recreation areas. Occupational and non-occupational
injury assessment and treatment, health screening, flu and tetanus
clinics, prenatal programs, educational lectures, reference materials,
health fairs, ergonomic evaluations, lactation programs, massage
therapy, chiropractic care and physical therapy are also offered
on-site at some locations.
Reward and Recognition Programs
As a leader in information technology and systems engineering,
MITRE relies on the expertise and dedication of our employees
to provide the type of service and solutions our customers require.
MITRE acknowledges the outstanding efforts of our employees through
a broad array of awards that formally recognize the valuable
contributions made by specific individuals and project teams.
These awards range from recognition of notable contributions,
innovations, and inventions to the completion of academic degrees,
successful employee referrals, and years of service to the company.
Flexible Spending Accounts
MITRE has two flexible spending accounts where you can elect
to defer pre-tax dollars to be used for reimbursement of eligible
expenses. One of the flexible spending accounts is for various
health care related expenses (e.g., uninsured medical, vision,
hearing and dental) and the other is for dependent care. The
amount you can set aside for the health care expense account
and the dependent care assistance account may be between $100-$5,000.
Legal Plan
The MITRE Legal Plan allows you to receive legal advice from
a participating or non-participating Plan attorney for a wide
range of legal matters. When using a Plan attorney, you will
receive a greater discount. Employees pay the full cost of this
voluntary benefit on an after-tax basis through payroll deduction.
Benefits include court appearances, document review and preparation,
debt collection defense, wills, family matters and real estate
matters.
Long-Term Care
MITRE offers Long-Term Care Insurance, which helps to provide
you with financial assistance in covering the expenses associated
with nursing home care, home health, hospice and other long-term
care services. You can elect coverage for yourself and/or other
family members and can continue this program should you leave
the company for any reason.
Auto and Homeowner's Insurance
Employees can purchase homeowner, renter, automobile and other
property insurance through payroll deductions at group rates
with no service or interest charges.
Pet Insurance
Employees can cover dogs, cats, birds, rabbits, ferrets, reptiles
and other exotic pets for medical problems and conditions relating
to accidents, illnesses and injuries.
Emergency Back-Up Child Care
New in 2005, the Emergency Back-Up Child Care Program offers
employees with children three months to 12 years of age, child
care for snow days, teacher days, school vacation or when temporarily
without regular child care. Employees pay full cost of this voluntary
benefit.
Credit Union Services
Over the years, Milestone Federal Credit Union (MFCU) has made
it possible for thousands of MITRE employees to own homes, save
for retirement, buy cars, boats, motorcycles and much more at
dynamic rates. Employees of the MITRE Corporation are eligible
to become members of MFCU.