ELECTIVE & COMPANY-PAID

EMPLOYEE BENEFITS

Apache Hose & Belting offers an attractive and generous array of benefits to its qualified full-time employees.  A brief summary of year 2008 benefits follows:

·       Medical Insurance – Employees may enroll in employee, employee plus one or family coverage Wellmark Health Plan of IA (BCBS) insurance.  Apache assumes a majority of the premium cost.

·       Dental Insurance – Employees may enroll in employee, employee plus one or family coverage Delta Dental of IA insurance.  Again Apache assumes a majority of premium cost. 

·       Employee Stock Ownership Plan – As an employee-owned company, employees share in company growth and profits.  Once minimum age, service and hour requirements are met, Apache makes contributions of stock and/or cash investments to an employee’s account in profitable years.  A six-year service vestment (ownership) schedule is used.

·       401(k) Savings Plan – Employees may contribute a portion of their pre-tax wages for retirement in our 401(k) plan handled by Principal Financial Group.  Apache matches 0.25% for every 1% an employee contributes up to 1% matched by the Company.

·       Core Life Insurance – Employees have life insurance coverage equivalent to one times annual gross base earnings through Mutual of Omaha.

·       Supplemental Life Insurance – Employees may apply for optional life insurance on themselves, spouses or dependents for a reasonable cost with Assurant Insurance Company

·       Short Term Disability – As a company-provided benefit, employees who are absent more than 7 days due to a non-work related accident or sickness may receive 70% of weekly wages following a submitted claim form approved by Assurant.

·       Long Term Disability – Apache pays Assurant to provide LTD benefits in the event an accident or sickness disables an employee beyond the short-term disability benefit duration.

·       Accidental Death & Dismemberment – This company-paid income replacement insurance is handled by Mutual of Omaha.

·       Flexible Spending Accounts – Employees may elect to participate in pre-tax medical expense and/or dependent care reimbursement accounts administered by Wellmark Health Plan of IA once they have completed at least one year of service.

·       Voluntary Accident Insurance – Employees have the option to enroll in group accident insurance through Continental Advantage which provides a cash benefit to cover some unexpected costs related to medical emergencies.

·       Voluntary Vision Insurance – Employees may enroll in a materials-only vision plan through Avesis.

Many more employee benefits including Paid Time Off (PTO), paid holidays and leaves, tuition reimbursement, employee assistance program, etc. are explained to new hires during orientation.  For further details, employees are provided Summary Plan Descriptions to consult.

Pay and benefit plans may change periodically at the discretion of Apache Hose & Belting Company, Inc.