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Company

Careers: Benefits

Spectrolab Employee benefits at Spectrolab, Inc., a Boeing Company. From health care coverage to retirement, Spectrolab gives you a wide range of employee benefits to help you plan for today and tomorrow. Included are benefit options that let you design a set of benefits that are just right for you.

 

The cost of your benefits depends on the coverage level you decide best fits your family's needs, your base salary and your age.

To find out more, click on any highlighted item that interests you.

Paid time off: vacation, sick leave, and holidays

 

 

SUMMARY OF SALARIED EMPLOYEE BENEFITS

This summary of Spectrolab employee benefits is offered for general information only. It is not intended to nor does it confer any rights to continued or future employment. This summary provides an explanation of the major features of the Spectrolab employee benefits; it is not intended to contain a complete description of the official benefit Plan and cannot modify or affect the Plans in any way. The Plans are administered and governed at all times by the official Plan documents. If any conflict should arise between the contents of this summary and the Plan documents, or if any point is not covered in this summary, the terms of the Plan documents will govern in all cases. The Company reserves the right to amend, suspend, or terminate the Plans in whole or in part at any time and for any reason.

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MEDICAL COVERAGE

You are offered a choice of medical plans where you can select the type of coverage best suited to your needs. You have a choice of either the Traditional Medical Plan or a number of Health Maintenance Organizations (HMO), if available in your area.

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DENTAL COVERAGE

You have a choice of one of the two DMO Dental Plan options or a prepaid dental organization, if available in your area.

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VISION CARE

Vision Care is included in all medical options, including HMOs.

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FLEXIBLE SPENDING ACCOUNTS

You have the opportunity to contribute pretax dollars into a Flexible Spending Account (FSA) for health care expenses not covered by other benefit plans and for eligible dependent daycare expenses.

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THRIFT AND SAVINGS PLAN

You have the opportunity to invest a portion of your salary on a pretax or an after-tax basis. Pretax contributions are limited by the Tax Reform Act of 1986.

 

You are eligible the first day of the full month following your date of hire, or the first pay period after rehire.

 

Investment may be up to 20% of your salary, bonus, and results sharing payment. Each employee selects the funds in which contributions and the employer-matching contribution are invested. Vesting (ownership) of company contributions is two full plan years after plan year of contribution. You are 100% vested after five years of credited service.

 

Accounts are processed daily. Transactions such as fund transfers, loans, and withdrawals are effective as of the end of the business day.

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RETIREMENT BENEFITS

Spectrolab helps employees plan for their future by offering a comprehensive retirement benefit program to supplement Social Security benefits and personal savings. The elements of Boeing's retirement benefits vary based on hire date.

Most newly hired nonunion employees are offered a retirement savings plan that provides an automatic company contribution (regardless of whether the employee contributes). Additionally, as employees contribute to the plan, Boeing matches a percentage of employees' contributions each pay period to help grow their savings. Employees are 100% vested in their own contributions and company contributions at all times. The plan offers a variety of investment options, which include lifecycle funds (diversified, pre-mixed funds based on the employee's expected retirement date), index funds and actively managed funds.

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OTHER INSURANCE HIGHLIGHTS:

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Education Reimbursement:

Reimbursement is provided for job-related courses or courses approved for individual development in areas related to company operations.

Management Education Programs: Various courses and workshops are available to all levels of management.

Vocational and Skill Development: Courses are available to develop the skills necessary to perform specific jobs.

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OTHER PERSONNEL SERVICES

CREDIT UNION:

Spectrolab employees and their families have access to a wide range of financial services through 25 offices of the Kinecta Credit Union and the Financial Partners Credit Union. Members can transact business day or night with no-fee checking accounts, ATM cards and electronic banking services. With Spectrolab's Direct Deposit Payroll, paychecks can be deposited automatically to a Credit Union account. Over 80% of all employees use the Credit Union to build their savings and retirement programs. More than 20 different kinds of loans and credit are available. Savings are insured to $100,000 by NCUA, an agency of the Federal Government.

 

GM VEHICLE PURCHASE PROGRAMS

(Only for active employees prior to October 6, 2000): You and your eligible family members are eligible to receive special discounts on new and used GM cars and light duty trucks. This privilage has been extended and will be effective through 12/31/08. A maximum of four new and two used vehicles may be purchased each year.

 

OTHER SERVICES:

"Give Once" (GO) Club, Savings Bond Deductions and Blood Bank.

 

EMPLOYEES' ASSOCIATION:

Discount tickets on theater, sports events, merchandise, and recreational activities such as Disneyland or Magic Mountain are available through the Southern California Recreation Connection (Happenings).

 

SERVICE TIME ADJUSTMENT:

A self identifying internet application at https://service-time.web.boeing.com has been set up for employees who have previous service time with either or both Boeing or BSS companies which is not currently recognized in their service date. The service time adjustment will give credit for service pin eligibility and vacation time. The web site also has a questions and answer section for further information.

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