Ricos Employee Benefits

Ricos Employee Benefits

A Guide To Your Employee Benefits


Each employee is an integral part of the Liberto Family of Companies. We offer health, dental, life, and retirement programs, and much more so that each employee will not only take better care of themselves, but also provide a healthy lifestyle for their family members. New hires are eligible first of the month, following 60 days of continuous full time employment.

We offer a Flexible Benefit Cafeteria Plan that gives you the flexibility of picking different benefits that you might need or want for yourself and family. Most of the benefits on the Cafeteria Plan are tax-deferred. This means that you do not pay social security or income tax on these benefits. This is automatically figured for you on your paycheck.

A brief outline of our benefits program follows:

Health Insurance
High Deductible Health Plan: This plan has a deductible of $6,350 for individuals and $12,700 for families per year. Preventive care is covered at no cost. Co-pays accumulate toward the deductible. With the use of an in-network provider, the company will reimburse your deductible up to $4,400 for individuals and $8,800 for families.

Health Reimbursement Arrangement:
Liberto will reimburse each eligible employee and any covered dependent(s) enrolled in the Humana HSA-Eligible health plan a maximum of $4,400 per covered participant or up to $8,800 per family for out-of-pocket deductible expenses.

Dental Insurance
A fully insured dental plan with 100% preventive services. Basic and major services will be covered at 80% and 50% respectively, after a $50 per person calendar year deductible. There is a calendar year maximum benefit of $1,500 per year.

Life Insurance
Liberto pays 100% of the cost of 1 times Annual Salary of AD&D coverage upon eligibility. The Cafeteria Plan offers optional term insurance for you, spouse, and children. There are varying amounts up to $100,000 available to you and this plan is age-rated.

Short-Term Disability:
The premium amount is calculated according to salary and Liberto pays 100% of this premium. Benefits are paid at 60% of your salary the 1st day accident and 8th day sickness.

Long-Term Disability:
This is designed to pay after the short-term disability benefit has expired. The requirements are the same as above and pays 60% of your salary. The company pays 100% of this premium.

Flexible Spending Account
This plan is designed to allow you to tax defer monies for medical expenses i.e. coinsurance, dental expenses, hearing aids, preexisting conditions, special tests, etc.

Dependent Care Reimbursement
This can be deducted pre-tax each month. The amount of the pre-tax deduction is reimbursed to you each month, provided that you first submit dependent care bills equal in amount to your payroll deduction.

Other Benefits

Paid Time Off (PTO)Full-time employees accrue PTO hours upon date of hire; however, cannot use available hours until he or she has successfully completed the Introductory Period, unless permission has been granted in advance. After that point, full-time employees will accrue PTO hours each pay period. PTO is calculated on a calendar year basis. Full-time employees are eligible to carryover up to 40 hours of PTO per year into the following calendar year.

The Company recognizes seven paid holidays per year. Regular, full-time employees are eligible for holiday pay after completion of 60 days of service. The following are recognized holidays:

• New Year’s Day
• Memorial Day
• Independence Day
• Labor Day
• Thanksgiving Day
• Friday after Thanksgiving Day
• Christmas Day

Floating Holiday
Birthday: The Company wants to recognize your birthday in the form of a floating holiday, 8 hours per year.

Christmas Savings
Each November, the Company sets up a Christmas Savings Program at an 8% interest upon completion of the full year. This is a great way for employees to save for emergencies and of course Christmas gifts.

Christmas Seniority Bonus
In the spirit of Christmas, each December a Christmas Seniority Bonus is awarded to all employees.

In the spirit of Thanksgiving, a turkey or a gift card is given to all employees.

You are eligible to join the plan if you are at least age 18 and have completed 6 months of service with the company. Once you meet the eligibility requirements, you may enter the plan on the next quarterly date.

Employee Salary Deferral Contributions
You may choose to contribute up to 100% of your gross pay each pay period up to the IRS maximum. Your taxable income is reduced by the amount you contribute through salary deferral. This lets you reduce your current income taxes.

Employer Contributions
The Company will match employees’ contributions based on the following schedule: 100% match on the first 3% of employee deferrals plus 50% match on the next 2% of employee deferrals.