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Employee Benefits
 

Progressive Benefits Package

MagnaCom is a high-tech company with a modern, progressive benefits program. MagnaCom benefits include unique features such as immediate vesting in company matched 401(k) contributions, and immediate enrollment in our Company Employee Stock Ownership Plan (ESOP). The MagnaCom benefits program is designed to share the growth of the company with the employees from the beginning.

Retirement Investment Plan

MagnaCom provides 401(k) matching, employee stock, and discretionary profit sharing contributions to employee retirement accounts. Employees are immediately vested in all 401(k) company matched funds. Employees are incrementally vested over a 5 year period in company profit sharing contributions and the employee stock ownership plan.

Employee Bonuses

Based Upon Employee Technical and Business Achievements

401(k) and Roth 401(k) Plans
Employee Payroll Deferral: Contribute pre-tax dollars up to the IRS maximum with immediate vesting. Employees also have the option to defer after-tax dollars through a Roth 401(k) option.

Company Matching: 100% match on first 4% deferred (Employee Immediately vested in Employer Matching Contributions)

Profit Sharing and ESOP
Employees also share in a profit sharing program. This is a discretionary company contribution to our employees 401(k) accounts that has averaged 3%.

Vesting in this contribution is over a 5 year period.

Employees are enrolled upon employment to the Employee Stock Ownership Plan (ESOP).

The company contribution has averaged 5% of compensation.

Holiday, Vacation, and Sick Leave
Credited Service Years
Annual Vacation
        0 to 5 Years              2 Weeks
        6 to 10 Years              3 Weeks
        Over 10 Years              4 Weeks

MagnaCom provides 9 paid holidays per year. MagnaCom also has a sick leave annual accrual rate of 1 week per year.

Insurance Benefits and Costs
Health Insurance
Blue Cross Blue Shield PMD Plan (Medical & Dental)
Family Coverage: $29/Biweekly Pay Period Deduction
Single Coverage: $15/Biweekly Pay Period Deduction

Life Insurance
Company-paid benefit - Life Insurance Amount is Two Times Earnings (maximum $300,000).

Short/Long Term Disability Insurance
Company-paid benefit - Provides 60% of Salary (maximum $1,500/week and $6,000/month).

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