Group Insurance
Venture Construction Company offers Hospitalization insurance, Dental insurance, Long-Term Disability insurance (LTD) and Short-Term Disability insurance (STD).
401K - Originated 2/1/89
As a participant, you may elect to defer up to the current amount of your compensation allowed by the IRS each year instead of receiving that amount in cash. The total yearly deferrals may increase each year for cost of living changes as set by the IRS.
Profit Sharing
The Profit Sharing Plan year is based on the fiscal year - January 1 through December 31. There are two (2) entry dates - January 1 and July 1.
To be eligible, an employee must have worked a minimum of one (1) year. If his/her year falls after an entry date, he/she cannot enter the plan until the next entry date.
Flexible Benefit Plan
The company provides a Flexible Benefit Plan where you are allowed to designate certain optional benefit expenses to be reduced from your salary and save the social security and federal income tax on the cost of benefits.
The benefits eligible for inclusion in the plans are:
- Medical Insurance
- Life Insurance and other Insurance Coverage
- Child Care Expenses
- Unreimbursed Medical Expenses
Medical Reimbursement
Venture Construction Company will reimburse for medical expenses incurred by you, your spouse or dependents.
The following is a synopsis of the original document:
- You must have worked 501 hours per year consecutively for three (3) years to be eligible. Your entry into the plan would be January 1 of the next year. However, to be reimbursed you must work 1,000 hours per each year of eligibility.
- Expenses covered are:
- Dental and medical care such as eye glasses and eye examinations, and physical examinations.
- Premiums on accident, health and hospitalization disability income and surgical and medical insurance --- except Venture Construction hospitalization, disability (LTD) and (STD) premiums - if paid with after tax dollars.
- Reimbursement per family is $1,000 within the fiscal year - January 1 through December 31.
- Unreimbursed Medical Expenses
Holidays
- New Year's Day
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving
- Christmas
Vacation
Varies based on employment position.
Bonuses
Venture Construction Company has historically paid bonuses each year between December 1 and December 15. The amount of each bonus will be totally dependent upon two things:
- The degree of prosperity the company has enjoyed;
- Personal performance and accomplishments.
Salary Increases
Venture Construction salary increases will usually take place in April. No salary increases are automatic. New employees may have more frequent salary reviews during the initial months of employment depending on experience.
