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Vacation Pay W-2 hourly employees earn 40 hours vacation pay for 1,500 hours worked within the calendar year. Once earned, the vacation pay will be paid out at the current rate of pay and will be included on the next paycheck. This benefit does not apply to W-2 employees who are part of a special client pay-rolling arrangement. Hours related to this benefit begin accruing on January 1, 2008.
Holiday Pay W-2 hourly employees are eligible for holiday pay. To receive holiday pay, employees must have accumulated 1,000 hours within the previous 12 months, must be on a project, and must work 24 hours the week of the holiday and 24 hours the week following the holiday. Qualifying employees will receive 8 hours pay for the major holidays listed below, whether or not the employee works that day.
The pay will be added to your time sheet that covers the week that follows the holiday and will be paid out at the current rate of pay. This benefit does not apply to W-2 employees who are part of a special client pay-rolling arrangement.
2008 Holiday Schedule Tuesday, January 1, 2008 - New Years Day Monday, May 26, 2008 - Memorial Day Friday, July 4th, 2008- Independence Day Monday, September 1, 2008 Labor Day Thursday, November 27, 2008 Thanksgiving Thursday, December 25, 2008 Christmas
401(k) Plan The 361 Services 401(k) plan is available to active W-2 employees who have completed 1,000 hours of service within the past 12 months. Upon meeting the eligibility requirements, you may begin participating in the plan on January 1 or July 1. You are permitted to defer a percentage of your compensation from 1% to 92% on a pre-tax basis. The IRS contribution limit for 2008 is $15,500. If you are age 50 or older, you may contribute up to $20,500. 361 Services will make a safe-harbor contribution equal to 100% of employee contributions up to 3% of compensation plus 50% of your contribution between 3% and 5% of compensation.
Eligibility For purposes of calculating eligibility for Vacation Pay, Holiday Pay and 401(k) participation, overtime hours are not included.
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| 361 Services Inc• 1675 Larimer Street, Suite 715 • Denver, CO, 80202 303.339.5890 phone 303.339.5894 fax |
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