Benefits Information
Traditional pre-tax 401(k) & Roth 401(k)
Employees may contribute up to a combined 92% of eligible earnings on a pre-tax and/or post-tax basis. Employees are eligible after one year of service. Employees are automatically 100% vested in both their own contributions and the company’s matching contributions.
Thrift Plan
The Thrift Plan provides an additional after-tax savings opportunity. Most employees may contribute up to 6% of their pay on an after-tax basis to the plan.
Pension Plan
Ivy Funds offers a defined benefit pension plan. The costs to fund this plan are paid entirely by the company. Employees are enrolled in the plan after one year of service and are vested after five years of service.
Financial Planning
Ivy Funds provides comprehensive financial planning services free of charge to company employees and qualifying family members. A dedicated Financial Advisor is on staff to help employees plan for their financial futures.
Net Asset Value Purchase
Ivy Funds offers employees the opportunity to purchase shares of Ivy Funds at net asset value (NAV). Net asset value equals the price per share before a sales charge is added. This investment privilege is also extended to spouses, children, parents, and parents of spouses.
Life Insurance and Accidental Death & Dismemberment
Regular full-time employees are covered by a life insurance benefit of two times their annual salary. Additional coverage for the same amount is provided in the event of accidental death or dismemberment. The premium for this benefit is paid by Ivy Funds. Supplemental Group Term Insurance is also available for employees and their dependents.
Long Term Disability
Ivy Funds pays the premium for Long Term Disability coverage for eligible employees. The plan pays 60% of salary up to a maximum monthly benefit.
Long Term Care Insurance
Long-Term Care Insurance is designed to help individuals protect their retirement and preserve their independence should they ever need long-term care services. This voluntary benefit is individual and fully portable.
Education Assistance Program
Employees may be reimbursed 100% of the cost of tuition and fees for any approved undergraduate or graduate degree program that complements company business operations. There is an annual cap of $8,000.
It is important to remember that this is only a summary of benefits for full-time employees and does not contain the full provisions of the Plan Documents. In the event of a conflict between this summary and the Plan Documents, the Plan Documents will control.
Group Health Plan
Eligibility for the Group Health Plan begins on the first day of employment. The company offers two different benefit plan options for medical coverage. Each plan offers in-network and out-of-network benefits allowing for greater flexibility and personal responsibility in health-care choices.
Dental
Dental coverage is included as part of the Group Health Plan. The coverage offers comprehensive benefits including preventive and restorative services.
Prescription Coverage
Prescription coverage is also included as part of the Group Health Plan. Flexibility is key in the non-formulary plan with substantial generic incentives.
Vision Plan
The Vision Plan is a voluntary benefit. Employees can keep their eyes healthy and get great savings on glasses, contacts and laser vision correction.
Flexible Spending Account
This plan allows employees to set aside a portion of their salary on a pre-tax basis to cover unreimbursed medical expenses or to pay for dependent day care expenses. It can provide employees with significant tax savings.
Employee Assistance Program
Ivy Funds understands that significant changes can impact an employee’s life and cause problems that are stressful to handle. Consequently, Ivy Funds offers an Employee Assistance Program (EAP) which provides short-term, confidential, professional counseling and services to employees and their eligible dependents.
Fitness Center
A fitness center is provided on campus at a small charge to employees. The center includes lockers and showers, free weights, a treadmill, stationary bike, rowing machine and hoist.
Vacation
Ivy Fund’s generous vacation benefit allows eligible employees to receive 15 to 20 days of vacation per year.
Paid Holidays
Eligible employees receive pay for eleven holidays, including the Friday after Thanksgiving Day and a special Christmas floating holiday.
Paid Excused
Occasionally, justifiable absences may be granted with pay at the discretion of an employee’s supervisor. Employees may receive up to 3 paid excused days per year.
Minor Illness
When there are short-term absences due to personal or family illness or doctor and dental appointments for an employee or a family member, Minor Illness days may be used to pay for the absence. Employees may be permitted to use up to seven Minor Illness days per year.
Major Illness
The Major Illness policy provides income for up to 120 days if an eligible employee must be absent longer than three consecutive business days due to medical necessity documented by a treating physician.
Other Paid Time Off
Paid time off may also be granted for bereavement, jury duty and military obligations.
It is important to remember that this is only a summary of benefits for full-time employees and does not contain the full provisions of the Plan Documents. In the event of a conflict between this summary and the Plan Documents, the Plan Documents will control.