Benefits/Financial: Full-time employees working 40 hours per week are offered a 401(k) plan with employer match, as well as a defined-benefit plan. Employees age 50 and over can make catch-up contributions to their 401(k) plan and may also choose to invest in LifePath funds that provide a diversified exposure to stocks, bonds and cash for those employees who have a specific date in mind. Over time the funds are automatically re-allocated based on age or proximity to retirement.
Staff members, staff from the financial services firm that administers the retirement plan and external financial planning experts provide financial information and training to employees.
Short-term and long-term leaves of absence without pay are offered to allow for caregiving.
Full- and part-time employees are offered flu shots, health screenings, health risk appraisals, health club discounts, physical activity and weight-loss programs, stress management training, health fairs, mental health counseling, and education on diabetes, nutrition and fitness.
Benefits/Alternative Work Arrangements: Compressed work schedules and telecommuting are offered to full-time employees and flextime is offered to part-time employees working 20 or more hours per week. Full-time employees are eligible to move to part-time work on a permanent or temporary basis.
Opportunities for Retirees: LCEC has 146 retirees and an individual directly responsible for retiree relations. The company stays connected to its retirees by communicating regularly, inviting them to organization events, providing ongoing access to retirement planning workshops and information, and formally acknowledging them upon retirement. Retirees are offered work opportunities such as temporary work assignments, consulting or contract work, and full- and part-time work.
Age of Workforce: Fifty-one percent of LCEC employees are age 50 and over. The average tenure of those employees is 17.1 years.
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