Nike Benefits Summary
Nike Benefits Suammary for Jan 2011
A Summary of Benefits Nike’s benefits program is designed to address some big issues in employee’s work lives: medical coverage, retirement, time off and others. Our benefits are a key part of total compensation at Nike and our benefits program is well ahead of those at many competitor companies. Moreover, our program provides strong value, with employee rates well below those of other companies. Here’s a summary of these great benefits. For more information, visit the Nike Benefits website on Zero: click “Human Resources”, then “Benefits”. Benefits Eligibility All full-time employees are eligible. You are a full-time employee if you work 30 or more hours per week. Part-time employees who are scheduled to work between 20 & 29.99 hours per week are eligible to enroll in medical, dental, and/or vision following their one-year anniversary. However, part-time employees do not receive subsidy toward the cost of their health benefits and therefore pay the full price of the benefit cost. Programs listed in this document that are available to part-time employees are marked with an asterisk (*). Medical Coverage 1. Basic Coverage Plan – This option allows you to obtain medical care from any eligible doctor or hospital. You meet a deductible each calendar year (the first $1,000 of covered medical expenses) and then the plan generally pays 80% of the rest of your eligible expenses. 2. Preferred Provider Plan – This plan gives you the flexibility to choose your provider (either in-network or out-of-network). Note: All medical plans include coverage for: – – – Prescription drugs Mental health/substance abuse 24 hour phone and internet accessto healthcare professionals (Nurseline) Dental Coverage 1. Preventive Plan – You receive coverage for preventive and some diagnostic care only. 2. Preventive Plus Plan – You receive broad coverage for many dental services. Vision Coverage 1. Vision Service Plan – Vision exams are paid in full once every calendar year. Glasses (frames and/or lenses) and Contact Lenses are also covered under the plan. Taking Time Off (PTO)* Paid Time Off – Time off accrues throughout the year. Maximum PTO accrual is limited to 1.5 times your annual accrual amount. Years of Employment 0-2 years 3-4 years 5-9 years 10-19 years 20+ years Annual 120 160 200 240 280 Full- Time Accrual hours (15 days) hours (20 days) hours (25 days) hours (30 days) hours (35 days) Annual Part- Time Accrual* 60 hours (7.5 days) 80 hours (10 days) 100 hours (12.5 days) 120 hours (15 days) 140 hours (17.5 days) *Employees scheduled to work 20-29.99 hours per week. Sabbaticals – 5 weeks off after 10 years of employment, and every 5 years thereafter. Paid Holidays – 10 per year and one Personal Floating Holiday. Note: To ensure adequate staff levels, some employees working in warehouse, retail, manufacturing and ongoing operations may have different eligibility for holiday pay, a different number of holidays, different holiday schedules and/or different holiday pay practices. Please see your Business HR Generalist for more details. Retirement Savings Plan 401(K) Before-Tax Account * Defer 1-50% of pay on a pre-tax basis. Match: 100% on the first 5% you contribute. – Match is invested in Nike Stock, but you can shift this match into any of the Plan’s core funds at any time. – Match is immediately 100% vested when contributed. Profit Sharing Retirement Plan* – Each year, Nike’s Board of Directors determines the contribution amount (if any) based on Nike’s annual financial performance. It is fully funded and invested by Nike. Employees are eligible after 1 year of employment. Life & Disability Coverage Short- term Disability – Nike pays the full cost of STD coverage. The amount of your STD benefit depends on your weekly earnings and the length of time you have worked for Nike. After 5 years with Nike the plan replaces 100% of income up to first $100,000 per year, and 60% between $100,000 and $500,000 per year. Long-term Disability – Nike pays the full cost of LTD coverage. The plan replaces 60% of income (up to $300,000 per year), regardless of your length of service. Employee Life Insurance – Automatic coverage worth half your annual salary, plus Nike subsidy provided to pay for additional 1.5 times your annual salary, for a total of 2 times your salary. May purchase up to 6 times salary at competitive rates. Accidental Death & Dismemberment Insurance (AD&D) – Nike subsidy provided to pay for up to 2 times annual salary. May purchase up to 6 times annual salary at competitive rates. Spouse/Permanent Partner Life Insurance – May purchase up to 2 times employee salary at competitive rates. Child Life Insurance – May purchase $10,000 worth of coverage for each child. Additional Benefits Plans Employee Stock Purchase Plan* – Contribute 1% to 10% of your pay through payroll deduction to buy Nike stock at a 15% discount off the fair market value. Open to employees who are scheduled to work 20 or more hours per week. Health Care Reimbursement Account* – You may set aside salary on a pre-tax basis to pay for certain out-of-pocket health care expenses. Family Care Reimbursement Account* – Set aside salary on a pre-tax basis to pay for dependent care expenses. Full-time employees with a household income of less than $60,000 are eligible for matching dollars - 20%, 25%, or 30% (depending on household income). Long Term Care Insurance* – Long Term Care Insurance helps to pay expenses that may occur when a person needs custodial care because they are unable to care for themselves due to accident, illness, or cognitive impairment. Nike offers Long Term Care Insurance as a voluntary benefit to employees and their adult family members. Scholarship Fund – About 35 scholarships awarded per year ranging from $500 to $5,000 for children of employees. Work / Life Balance Resources* – Free resource and referral services ranging from child and elder care to planning your budget or purchasing a home. Confidential services are provided through LifeCare. Employee Assistance Program (EAP)* – This program provides free, confidential information and counseling on family and personal issues, career counseling and other topics. Adoption Assistance – Up to $5,000 reimbursement for eligible adoption-related services; eligible after one year of employment. Tuition Assistance – Eligible expenses may be reimbursed up to $5,250 per employee per calendar year. MetPay* – Competitive rates for group insurance for home, auto, boat etc. MetLaw Group Legal* – Legal assistance at discount rates. Resources Employee Store and Discounts– Substantial Nike product/partner discounts available to Nike employees and their family members. Nike Employee Stores Nike online employee store (www.swoosh.com) Affiliate product discount programs offered by Cole Haan, Converse and Hurley 24 Hour Fitness membership discounts Employee discount programs with local, regional and national retailers/service providers Nike classifieds Employee Involvement Programs (volunteer match and charitable giving) World Campus Employees Campus Employee Store Bo Jackson & Lance Armstrong Fitness Centers Three on-site child care centers at Nike’s Beaverton World Campus: Joe Paterno and Vivian Stringer Child Development Centers, and Tykes – a drop-in childcare at the Bo Jackson Fitness Center Olympia Salon – On-site hair & nail salon with selected professional hair and nail care products for purchase. Blackberries & Stephanies – On-site sundry shops with convenient services like dry cleaning, shoe repair, photo developing, movie tickets, flowers, gift certificates, gifts, cards, stamps, and mail drop off. This is summary information only. Details can be found in the plan document. The information is current as for 2011and Nike reserves the right to modify its plan at any time. The compensation and benefits programs outlined in this document do not form the basis of an employment contract.