ISB currently offers the following benefit package to eligible full-time, regular employees working at least 30 hours per week. Coverage on the health and welfare benefits begins on the first of the month following hire.
ISB provides employees a comprehensive medical insurance plan through Premera Blue Cross. The PPO (Preferred Provider Organization) plan offers participants access to a wide range of practitioners/specialists. Participants can choose between the Heritage Prime network and the Heritage Plus network (buy-up network which includes Providence/Swedish providers). ISB also offers a HDHP (high deductible health plan) paired with a Heath Savings Account (HSA). ISB contributes $700/individual or $1,400/family into the employee’s HSA each year (prorated depending on enrollment date) and the employee can contribute tax-free to the IRS annual limit.
ISB’s dental plan provides coverage for preventive, basic and major restorative work through Delta Dental of Washington. At preferred dentists, there is no annual deductible. If you use preferred dentists, there is no annual deductible. Covered benefits are paid at 100% on preventive, 90% on basic, and 60% on major restorative work, based on usual and customary charges. There is a buy-up plan for orthodontic coverage.
ISB provides vision coverage through Vision Service Plan (VSP). The plan provides for an annual exam ($25 deductible) and lens replacement. A benefit of up to $130 every 24 months is available towards the purchase of eyeglass frames. For an additional $50 deductible, participants can receive a year supply of contact lenses.
ISB offers a generous retirement plan with a variety of investment options. Currently, ISB matches up to 5% of the participant’s base salary. After one year of service, ISB also provides a 3% employer contribution. Employer contributions vest at an employee’s third anniversary.
Paid Time Off
Paid time off consists of vacation, sick leave and holidays. Vacation tiers are based upon on job title and years of service. Generally, new employees begin earning two weeks of vacation per year, and may earn up to four weeks per year with seniority. Employees may maintain a balance of one year of accrued vacation. At termination, employees may be eligible for a payout of that vacation balance. Employees receive 12 sick days per calendar year to a maximum balance of 30 days. ISB currently provides 15 paid holidays per year, 14 are ISB observed and 1 is a “floating holiday” chosen by the employee.
Flexible Spending Plan
ISB employees may elect to participate in our Flexible Benefit Plan (also known as a Section 125 Plan). This plan enables employees to pay for out-of-pocket health care and/or dependent care expenses with pre-tax dollars. Employees may contribute $2850 annually to the health care account and $5000 (per family) to the dependent care account.
Life and Accidental Death and Dismemberment Insurance
ISB provides an employer-paid term life insurance policy for all eligible employees. The benefit is equal to the employee’s annualized salary to a maximum of $350,000. The policy has provisions for accidental death and includes an accelerated death benefit. Employees may purchase additional life insurance for themselves, spouses and children at their own expense. There is also an employer-paid AD&D benefit with employee-paid options available.
Disability insurance provides income protection in the case of illness or injury. Short-term disability benefits begin on the 15th day of injury, illness or maternity and are payable for up to 11 weeks. Benefits are paid up to 60% of the claimant’s weekly income up to $2,500/week. Eligibility for long-term disability benefits would begin after a 90-day disability period. The benefit may pay up to a 60% salary continuance up to a monthly maximum of $12,500 in the event of total disability.
Employee Assistance Program
The Wellspring Group Employee Assistance Program (EAP) is a confidential and professional assessment, counseling and referral service. The EAP can assist participants and their families in identifying and solving problems that may be affecting their quality of life or job performance.
ISB provides employees with an ORCA card, which provides access to transportation options such as buses, Sound Transit, vanpool subsidies, etc.