In addition to competitive salaries, TransCor offers outstanding benefits to our employees throughout the country, including health and dental insurance, 401(k), life insurance and disability. TransCor also uses direct deposit for payroll checks.
Enrollment in TransCor’s health insurance plan helps protect employees and their covered family members against the rising cost of medical care. Medical benefits are provided through Blue Cross Blue Shield. TransCor offers two options for employees to choose from. While both are PPO plans with the flexibility of being able to go to any provider that accepts BCBS without referrals; Option 1 is a co-payment-based plan and Option 2 is a traditional PPO. TransCor also offers a dental and vision plan to its employees with two levels of coverage from which an employee may choose. Employee premiums for health and dental/vision coverage are deducted on a pre-tax basis. All benefit options offer employees the flexibility to choose a plan and tier of coverage that works best for them.
Disability Income Insurance
TransCor offers a voluntary disability income insurance program that provides 50% of an employee’s income in the event of a non-work related disability. The plan is a combined short-term and long-term disability program. Benefits begin after 7 days of disability for either accident or illness. Employee premiums for this benefit are deducted after taxes. As a result, any disability benefits received from the program are income tax free to the employee. The cost for disability coverage is based upon the employee’s age and income.
TransCor provides income security through a group term life insurance program to all eligible employees at no cost. Accidental death and dismemberment (AD&D) coverage is provided to employees enrolled in a company sponsored health plan. Additionally, dependent life insurance is provided for family members of those TransCor employees covered by dependent health insurance.
Employee Assistance Program (EAP)
This program provides employees and their families with access to a licensed counselor that can provide three personal counseling sessions at no cost. The counselors will be available to help with alcohol/drug abuse, crisis management, parenting problems, financial concerns, family problems, work difficulties, marital concerns, emotional issues and other personal issues. The program also includes a 24- hour hotline for employees and their families who are in need of assistance. The hotline will be able to refer employees and their families to a counselor. The utilization of this program is entirely voluntary and is completely confidential.
TransCor provides retirement benefits for its employees through its 401(k) Savings and Retirement Plan. Employees who are at least 18 years old and who have completed 12 consecutive months and 1,000 hours or more of service with TransCor are eligible to participate in the company's 401(k) Plan. Upon eligibility, employees may contribute, on a pre-tax basis, up to 20% of their gross bi-weekly pay into the Plan. TransCor will match an employee's contributions, dollar for dollar, up to 5% of the employee's eligible compensation. Matching contributions are made following the end of each Plan year. To be eligible for the employer matching contribution each year an employee must make salary deferral contributions into the Plan during the year, be employed on the last day of the year (December 31), and be paid for 1,000 hours or more during the year.
Participants are always 100% vested in the fair market value of any employee contributions made into the Plan. Employer contributions are subject to the Plan's vesting schedule, which is based on years of service with the company. Employees become 20% vested in the fair market value of any employer contributions after 2 years of service with CCA; 40% vested after 3 years; 80% vested after 4 years; and 100% vested after 5 years of service. The Plan also provides for 100% vesting upon attainment of the Plan's retirement age of 62, permanent disability or death.
All contributions into the Plan are participant-directed and may be divided among various investment options that provide differing levels of risk. Along with quarterly account statements, the Plan provides participants with daily access to their account information via a toll-free telephone number and also via the Internet. Plan loans are also available for those participants who meet the loan provision requirements. The Plan's Summary Plan Description is available in the office of the Human Resources Manager.