Foster Farms Benefits Enrollment Guide 2022 - Medical, Dental, 401(k), PTO

Foster Farms Benefits Enrollment 2022

Foster Farms is one of the largest poultry companies in the West Coast of the United States. Headquartered in Livingston, California, it has over 12,000 employees across multiple states. The company offers a comprehensive benefits package to promote health and wellbeing of its workforce.

Medical Insurance

Foster Farms provides employees and their families access to medical insurance. They partner with major insurance providers like UnitedHealthcare, Kaiser Permanente, and Blue Shield to offer multiple plan options. Employees can choose between high-deductible and low-deductible plans based on their budget and healthcare needs. The plans cover doctor visits, hospitalization, lab tests, prescription drugs and more. Many plans also include dental, vision and life insurance.

Health Savings Account

Employees enrolled in a high-deductible health plan can open a Health Savings Account (HSA). This is a tax-advantaged account that allows setting aside pre-tax dollars to pay for medical expenses. Foster Farms contributes a certain amount annually to the HSA. Employees can make additional contributions through payroll deduction up to the yearly maximum limit. The balance rolls over and grows tax-free when unused.

Flexible Spending Account

Alongside the HSA, Foster Farms provides a Flexible Spending Account (FSA). This lets employees contribute pre-tax money to pay for healthcare costs not covered by insurance, such as co-pays, dental fees, glasses, etc. For 2022, the contribution limit is $2,850. The FSA helps reduce taxable income and lower healthcare expenses.

Employee Assistance Program

Recognizing that mental health is important, Foster Farms offers an Employee Assistance Program (EAP). This provides all employees and family members with free and confidential access to counseling, financial and legal assistance. The EAP connects individuals with experienced counselors, attorneys, and financial advisors for support during difficult times.

Wellness Program

Foster Farms invests in employee wellbeing through various health and wellness initiatives. Their program includes annual biometric screenings, health risk assessments, onsite flu-shots, fitness challenges, nutritional counseling, smoking cessation plans and health education workshops. Participating in the wellness program helps employees adopt healthier lifestyles and reduce insurance premiums.

Retirement Savings Plan

Employees can save for retirement and enjoy tax benefits through Foster Farms' 401(k) plan. New hires are auto-enrolled at a 6% contribution rate with an opt-out option. The company provides a generous matching contribution of up to 4% of pay. The 401(k) offers diverse investment choices allowing customized strategies based on age and risk tolerance. It is an important benefit that helps build retirement corpus through long-term savings.

Stock Purchase Plan

Foster Farms offers employees a convenient way to purchase company stock through payroll deductions. Participants can invest 1-10% of earnings and buy stock on a quarterly basis at a 5% discount on market price. The stock purchase plan aims to create a sense of ownership among employees and allows them to share in the company's success.

Paid Time Off

The company provides a paid time off (PTO) program that combines vacation, sick time and personal days into one bank. Eligible employees start earning PTO right away and can carry over unused time year after year. The accrual rate increases with service tenure. PTO ensures employees can take time away from work to relax, deal with illness, attend appointments or manage personal responsibilities.

Parental Leave

Foster Farms offers paid parental leave to employees welcoming a new child. Birth mothers can take off 6-8 weeks of fully paid leave. Spouses and adoptive parents also receive 2 weeks paid leave. This crucial benefit allows new parents to bond with their baby and adjust to life changes.

Bereavement Leave

Employees can take paid bereavement leave in the event of losing an immediate family member. This time off allows grieving and making arrangements without worrying about work. Foster Farms provides up to 3 days leave for immediate family and 1 day for extended family.

Jury Duty Leave

Employees called for jury duty are given paid time off for the duration of service. Foster Farms does not require using PTO if summoned to jury duty. Employees receive regular pay minus any compensation from the court.

Tuition Reimbursement

Foster Farms encourages skill development and growth by offering tuition reimbursement. After one year of employment, employees can claim up to $5,250 annually towards cost of approved courses. Online, vocational, undergraduate and graduate programs across diverse fields are eligible. Lifelong learning is facilitated through this benefit.

Referral Bonus

Employees can earn extra cash by referring someone they know for open roles at the company. If the referral gets hired and completes 90 days, the employee receives a bonus payment. The referral program incentivizes staff to help recruit talent from within their network.

Service Awards

Long-serving employees are recognized on milestone anniversaries such as 5, 10, 15, 20+ years of employment. Foster Farms shows appreciation through customized gifts, award ceremonies and announcements. Service awards boost engagement and morale.

Discounts

Foster Farms offers special discounts exclusively for employees. These include savings on cell phone plans, travel, electronics, entertainment, insurance products, hotels, cars, gift cards and more through various tie-ups. The perks stretch paychecks further and promote financial wellness.

Benefits Enrollment Process

Foster Farms has an annual open enrollment period usually in October-November for the upcoming plan year effective January 1. All eligible employees are required to go through the enrollment process to select or make changes to their benefits.

Who Is Eligible?

Most full-time regular employees working 30+ hours per week are eligible for Foster Farms benefits. Eligibility begins on the first of the month after 30 days of employment. Part-time, temporary, seasonal staff may have limited eligibility.

Enrollment Period

During the enrollment window, employees can:

Select health insurance plan
Enroll or re-enroll in FSAs
Add or remove dependents
Change life insurance coverage
Modify 401(k) contributions
Participate in stock purchase plan

How to Enroll

Foster Farms offers multiple options to enroll:

Online through the employee portal
Over the phone with a benefits counselor
In-person sessions at the workplace
Filling and submitting paper forms

Step-by-step resources guide employees through the enrollment process. The HR team is available to answer any questions.

Coverage Effective Date

Newly elected coverage becomes active on January 1. For new hires joining mid-year, benefits kick in after the waiting period. Any changes made during open enrollment like adding dependents also take effect from January.

Making Changes

Outside of open enrollment, employees can only modify benefits within 30 days of a qualifying event like marriage, divorce, birth, adoption etc. Timely paperwork and proof of event is required for mid-year changes.

Declining Coverage

Employees may choose to opt out of company benefits by providing proof of other coverage. Declining medical insurance may make staff ineligible for health-related programs like health coaching and biometric screenings.

Cost of Benefits

Foster Farms shares the cost of many benefits like health insurance, FSAs, 401(k), stock purchase with employees. Deductions are made each pay period to collect the employee portion of premiums. Costs depend on plan selections and coverage tier.