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Employee Benefits
First-Class
Benefits for First-Class Employees!
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In addition to unique
career
opportunities, Cole Taylor Bank provides
employees with comprehensive insurance and
retirement benefits that suit your personal
and family needs.
Flexible Benefits Plan
- Eligibility
All employees who work a minimum of 20
hours per week are eligible for benefits.
- Benefit
Coverage
for all health and welfare flexible benefit
plans begins after 30 days of employment.
- Flexible Spending
Accounts
Cole Taylor offers health care, dependent
care, transportation and parking spending
accounts which allow you to set aside
a portion of your pre-tax income to reimburse
yourself for eligible expenses.
- Click
to view our benefit choices Booklet.
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Name: ColeTaylor Password:
Benefits)
Medical, Dental and Vision
Insurance
- Medical
Cole Taylor Bank provides an excellent
medical benefits program that includes
PPO and HMO options through Blue Cross/Blue
Shield. Coverage varies and is extensive.
- Dental
Excellent
dental insurance coverage includes PPO
and DHMO options. These options provide
coverage for preventive dental maintenance.
- Vision Care
Vision care coverage is provided and includes
in-network and out-of-network benefits
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Life Insurance
- Basic Life Insurance,
Accidental Death and Dismemberment Insurance
Various coverage options are available
for all policies.
- Dependent Life Insurance
This insurance can be purchased for an
eligible spouse and children.
Disability
Insurance
Cole Taylor Bank provides both short-term
and long-term disability. Disability ensures
that you receive a percentage of your salary
if you become disabled.
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Retirement
Plans
Cole Taylor Bank offers a 401(k) and Profit
Sharing Plan. In order to participate in
both plans, an employee must be at least
18 years of age and have completed 30 days
of service (as the Plan documents define).
Note: Temporary employees are not eligible
for retirement plans.
- 401(k)
Employees
can contribute up to 75% of eligible compensation
into the plan. The company provides a
401(k) match equal to 100% for the first
4% of compensation contributed. Employees
are always 100% vested in their own contibution.
Employees are 100% vested in employer
match after two years of service (i.e.
when an employee works a minimum of 1,000
hours in that year). Plan participation
begins after completing 30 days of service.
Catch up contributions are available to
participants age 50 or more.
- Profit Sharing and
Employee Stock Option Plan (ESOP)
An
annual discretionary cash company contribution
may be made to the Profit Sharing Plan.
In order to receive the PS annual contribution,
an employee has to be an "Active"
employee as of December 31st and have
completed a minimum of 1,000 hours for
that year. Plan participation begins after
completing 30 days of service. Participants
earn 20% vesting each year they complete
a minimum of 1,000 hours.
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Additional Benefits
Look to Cole Taylor Bank
for a variety of benefits to help you balance your
work and personal life.
- Paid Time Off/Sick Time
- Employee Assistance Program
A confidential counseling and referral service
to help an employee or family member find solutions
to personal problems.
The policies and benefits
summarized herein are not conditions of employment
and are subject to change with or without notice.
If there is a difference between this summary and
those plans governed by legal plan documents, then
the plan documents govern.
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