Benefit Summary - Frandsen Bank

Insurance & Savings Benefits

MEDICAL

Employees are offered the choice between a High Deductible Health Plan (HDHP) or a Copay plan option along with various networks to serve their needs.

Three different networks to choose from, including one covering Mayo Clinic
Ability to cover your family under different coverage level tiers
- Employee Only
- Employee + Spouse
- Employee Plus 1-3 Child(ren)
- Family (4+ children)
Rewards program with our health insurance with the ability to earn up to $220 in gift cards.
100% coverage on preventative care and certain preventative prescriptions

DENTAL

Employees can participate in our dental program even if they don’t enroll in the medical program.

Up to $1,500 per person towards eligible dental expenses
Thousands of dentists in network
Coverage for non-participating dentists
100% coverage on diagnostic and preventative services
80% coverage on Crowns, Fillings (silver or white), and root canal therapy

VISION

Frandsen’s vision plan is a materials-only plan offering discount and reimbursement on glasses and contacts at a low biweekly premium.

Up to $130 allowance towards the reimbursement of glasses with an additional 20% off balance over $130.
Up to $130 allowance for contact lenses with an additional 15% off balance over $130.
Exam with dilation covered at a $10 Copay (Exam covered 100% under medical insurance)
Members see an average of 72% average savings on eye exams and glasses.

LIFE INSURANCE

Frandsen offers a basic life insurance at no cost to the employee, this covers the employee as well as eligible dependents. Employee’s also have the opportunity to purchase additional voluntary coverage on themselves or dependents through payroll deductions.

Basic Employee Life covers the employee’s annual salary 2.5x up to $150,000 and includes an Accidental Death & Dismemberment benefit.
Basic Dependent Life covers spouses at $5,000 and dependent children under age 26 at $2,000.
Voluntary Employee Life can be purchased up to $500,000.
Voluntary Spousal Life can be purchased up to $250,000.
Voluntary Dependent Life offers a $5,000 policy or a $10,000 policy.
Rates are based off the Employee/Spouse’s age.

CUENTA DE AHORROS PARA LA SALUD

If enrolled in one of our High Deductible Health Plans (HDHP), employees have the opportunity to open up a health savings account (HSA) to pay for eligible health care expenses.

The HSA is yours to keep, the account follows you and the money does not expire.
Pre-tax benefit of up to $3,650 for self-only coverage, and $7,300 for family coverage.
There is an additional $1,000 “catch-up” if you are age 55 or older you can contribute.
Contributions can be changed at any time throughout the year.
Employees are given an HSA debit card to use to easily pay for eligible expenses.
Our vendor has an easy-to-use app for tracking receipts, claims, and reimbursements.

FLEXIBLE SPENDING ACCOUNTS

Employees can also set aside money on a pre-tax basis to help pay for eligible expenses including day care expenses, or medical/dental/vision expenses.

The dependent care FSA allows employees to set up to $5,000 aside pre-tax to pay for daycare expenses.
The Medical Flexible Spending account allows employees to set up to $2,850 aside in 2022 for medical, dental, or vision expenses.
- If you are contributing to an HSA, your FSA will become a ‘limited FSA’ that can only be used for dental or vision expenses
- In such cases, most use the FSA for their child’s braces, and/or for Lasik surgery
Flexible Spending Accounts are use-it or lose-it accounts. You must use the money in the account, it does not rollover.

Other Benefits

401(K) AND PROFIT SHARING

Employees can set aside money to save for their retirement on either a pre-tax or post-tax basis once they meet eligibility requirements. Frandsen also offers a Profit-Sharing plan alongside the 401(k).

Empower is our 401(k) vendor.
401(k) contributions can be changed at anytime throughout the year.
Employees do not need to contribute into the 401(k) in order to receive the Profit Sharing.
Profit-Sharing allows for an annual 3% non-discretionary (Safe Harbor Plan) employer-funded contribution to eligible employees.
- This contribution is based on your gross salary as long as you meet eligibility criteria.
There is also the ability to earn up to 7% additional discretionary portion of profit sharing.
- This portion is dependent on company performance and can vary year-to-year.

DISABILITY BENEFITS

Short- and Long-Term Disability benefits are automatically granted to benefit-eligible employees and are paid for by Frandsen.

Short Term Disability covers the employee’s weekly wages up to 60% for up to 12 weeks after the initial waiting period.
Certain Paid Time Off accruals can be used to supplement your income to get 100% of gross pay.
Long Term Disability covers the employee’s monthly wages up to 60% up to the Social Security Normal Retirement Age.

LEGAL ASSISTANCE SERVICES

Employees are offered a legal plan to assist in legal matters when in need.

Two different plan options are offered at a low monthly cost.
Large network of attorneys.
Low tier plan covers Identity Theft, Deeds, Mortgages, Foreclosures, Name Changes, Administrative Hearings, to name a few.
The High tier plan covers all of the above along with Tax Audit Representation, Refinancing, Juvenile Court Defenses, Pet Liabilities, Small Claims, Wills, Powers of Attorneys, and much more.

WORKSITE PRODUCTS

Frandsen offers the ability to pick up three different worksite products to help bridge the gap for various health matters.

Accident and Injury Coverage helps cover expenses in the event an accidental injury occurs.
Critical Illness Coverage offers financial protection in the event you are diagnosed with a critical illness like cancer.
Hospital Indemnity coverage provides financial protection in the event you were confined to a hospital.
There’s an additional Health Screening Benefit payment you can receive for showing you’ve done your annual health screening each year.
This benefit can also be taken with you.

EMPLOYEE ASSISTANCE PROGRAM

Employees have 24/7 access to confidential support and guidance for work-related or personal matters with our Employee Assistance Program.

Resources for work/life balance, substance abuse and other addictions, dependent and elder care resources, and so much more.
EAP will cover employees along with their eligible dependents.
Employees can get up to six face-to-face sessions with a counselor (per issue).
Easy-to-use online form to submit for help instead of waiting on the phone for someone.

Paid Time Off Accrual Rate
Years of Service	Days of Vacation Time Per Year
At Hire -1	Pro-rate based on a total of 12 days
2-5 Calendar Years	12
6-10 Calendar Years	15
11	16
12	17
13	18
14	19
15+ Calendar Years	20

Sick Time Accrual Rate
Scheduled Work Hours Per Week	Hours of Sick Time Per Year
40	40
35	35
30	30
25	25
20	20

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Frandsen Benefit Plans