Benefits at Harris Associates L.P.
We offer an exceptional
benefits package that includes medical, dental, life, disability,
and long term care insurance. In addition, employees can take
advantage of paid vacations, holidays, a profit sharing plan, and
tuition assistance. You can enroll in our insurance programs on your
first day of work.
Medical Coverage
Our medical plan PPO provides coverage for healthcare expenses which result
from illness or injury. For in-network services, the annual deductible is $200 per person per year
up to a maximum of $600 per family. You are reimbursed for 90% or 70% of
most eligible expenses depending upon whether you seek treatment from a
PPO provider or from a non-network provider.
Harris Associates pays the full cost of your medical and dental insurance.
You will contribute from $40 to $60 per month on a pre-tax basis if you
choose to enroll your eligible dependents.
Dental Insurance
The plan covers 100% of eligible expenses, without a deductible, for oral
examinations and cleaning once every six months. Other covered services
and supplies require a $50 deductible per person each year. Depending upon
the type of service, you will be reimbursed for 80% or 50% of eligible expenses.
Life Insurance
Life insurance benefits are equal to two times your annual salary with a
maximum benefit of $450,000 without evidence of good health, or a maximum of
$500,000 with evidence of insurability. You will also
receive an equal amount of Accidental Death
and Dismemberment Insurance. Harris Associates pays the full cost of both
of these plans.
Disability Benefits
Employees earn one sick day per month to a maximum of 8 per year. If you
are disabled and have used all of your earned sick days, you may be eligible
for both short-term and long-term disability benefits. These income protection
plans are provided at no cost to you.
Vacation
As a new employee, you will earn 1.167 days of paid vacation for each month
you work. You will earn vacation at a higher rate on your five- and ten-year
anniversary dates.
Holidays and Personal Time
Employees generally receive 9 paid holidays and two personal days each
calendar year. If you are hired before July 1, you may use two personal
days during your first calendar year of employment. If you are hired after
July 1 and before November 1, you may use one personal day.
Profit Sharing
Our plan is designed to assist you in providing for your financial
security after retirement. If you are hired on or before June 30,
you will be eligible to receive a contribution on December 31 of the
current year. If you are hired after June 30, you will be eligible
to receive a contribution on December 31 of the following year. The
amount of the profit sharing contribution made by Harris Associates
is directly related to the firm's profits and to your
compensation.
401(K)
You may make 401(K) contributions at a rate between 1% and 50% of your
compensation up to the statutory annual maximum amount. A contribution equal
to 3% of eligible compensation (this includes base pay, bonus, overtime, and
if any, cash holiday gifts) will be made to all eligible
employees regardless of whether s/he makes 401(k) contributions –
this is referred to as a “safe harbor” plan. All full-time and
part-time employees are eligible to participate. Plan entry dates
are January 1 and July 1 of each calendar year.
Educational Programs
We offer a number of ways through which you can further your education and
financial training. After you have completed six months of service, our
educational assistance program covers 90% of the tuition for job-related
courses or programs. Costs of continuing education and exams which are common
to the securities industry and help you to do your job more effectively
are also paid by the firm.
Long-Term Care Insurance
The firm provides a basic plan of coverage in the event you require full-time
nursing home care. As an employee, you may also purchase additional coverage
for you or for your family at group rates.
Spending Accounts
You may elect to put a portion of your salary into special accounts which
permit you to pay for healthcare, dependent day care, public transportation,
and parking expenses with pre-tax dollars. Individuals who are employed
on December 31 receive a contribution from the firm that can be used for
healthcare and/or dependent care expenses during the following calendar
year.
Benefits Bank
Individuals who are employed on December 31 receive a contribution from
the firm that can be used during the following calendar year to pay for
weight loss plans, smoking cessation programs, health club memberships,
or long-term care premiums.
Backup Child Care
The firm offers backup childcare through a program managed by
Bright Horizons. Each family may use this benefit up to
20 days per child, per calendar year. Employees pay a small daily co-pay each time
the benefit is used: $20 for one child, $30 for two children, and $40 for
three or more children.
