Kennedy and Coe, LLC provides a comprehensive benefit package, listed below, that is very competitive:
Health Insurance
Kennedy and Coe, LLC pays all full-time employee premium costs for the primary plan and a percentage of part-time employee premium costs. The firm offers three different insurance plans, primary, premium and premium plus with the deductibles and premium costs varying. Employees may select additional coverage for family members at their own expense. Included in the health insurance are:
- preventive dental care
- corrective eyewear
- prescriptions
Cafeteria Plan
All employees working more than 1248 hours annually may elect to have a portion of their earnings placed into an account which is not taxable for federal, state or social security taxes. The money in this account may then be used for:
- Kennedy and Coe sponsored health insurance premiums for additional family member coverage
- Medical/dental/prescription expenses not covered by insurance
- Dependent care expenses
- Supplemental dental insurance premiums
- Certain supplemental insurances as allowed by IRS regulation and/or the firm
Life/Accidental Death and Dismemberment Insurance
Group life insurance is provided by the firm, after six months of employment, to all staff working a minimum of 910 hours per year. Coverage is three times the employee's annual salary. A spouse is covered at 25 percent of employee coverage, up to $20,000. Dependent children, age 6 months to 19 years (age 25 if full-time students) are covered at $5,000 and children 0 to 6 months of age are covered at $1,000.
Long Term Disability Insurance
Long-term disability insurance is provided for all staff working 1248 hours or more annually. Kennedy and Coe, LLC pays the premium for replacement income of 66 2/3 percent of monthly compensation, up to $6,000 per month.
Supplemental Insurances
Employees who work 910 hours or more annually, may elect to participate in cancer, short term disability, long term care, accident, intensive care or supplemental dental insurance offered through AFLAC. These insurances are not sponsored by Kennedy and Coe, but employees may pay for premiums for these insurances through automatic payroll deduction.
401k and Profit Sharing
Kennedy and Coe offers a 401k plan to all employees who are at least 18 years old and who have completed one year of service during which they worked a minimum of 1,000 hours. This plan allows the employee to make monthly contributions, which reduce taxable income.
The firm may make profit sharing plan contributions to all employees who are at least 18 years old, have completed two years of service in which they have worked a minimum of 1,000 hours during each year. The firm's contributions are discretionary, but the firm has historically contributed 7 percent of the employee's annual compensation. Employees are 100 percent vested in their firm contribution.
Entry dates into either plan are January 1, April 1, July 1, and October 1.
Supplemental Pension Account Plan
Kennedy and Coe, LLC, will make a contribution to the pension plan of all employees who are at least 18 years old and have completed two years of service in which they have worked a minimum of 1,000 hours each year. The contribution will be 1.2 percent of the employee's annual compensation. Earnings on the account balance will be guaranteed based on the 5-year treasury rate in November of each year, plus 25 basis points, with capped earnings of 5.5 percent. Employees are 100 percent vested in their firm contribution.
Entry dates into the plan are January 1, April 1, July 1 and October 1.
Professional Examination and Registration Fees
Employees are allowed time off, not to exceed four sittings, for the actual day(s) to sit for any part or the entire CPA exam. It also allows time off for traveling to and from the site of the exam and will reimburse mileage to and from the exam, not to exceed four sittings. The firm will pay a $3,000 bonus to staff, who work 1,248 or more hours annually, upon passing all parts of the CPA exam. The firm will pay a $3,000 bonus to entry-level associates, who have passed all four parts of the CPA exam at any time during the 12-month period prior to date of employment and who are scheduled to work 1,248 or more hours annually. Payment will be made after actual employment begins and upon presentation of documentation of passing scores. The firm will also pay for the cost of the ethics exam.
Review or Study Guide Allowance
Eligible employees may request, with approval, a one-time allowance of up to $400 towards the purchase of or enrollment in a review or study guide to obtain a professional designation or certification, excluding the
CPA certification.
Professional Dues, Certifications and Permit Fees
Professional dues, certifications and permit fees, are paid by the firm, based on the annual number of hours worked by the employee as follows:
| 1820 or more hours per year |
100% |
| 1560 to 1819 hours per year |
80% |
| 1248 to 1559 hours per year |
70% |
| 1247 or less hours per year |
0% |
Overnight Travel Rewards
In addition to normal firm reimbursable expenses, employees who travel on firm business and are away from home for more than 25 nights per year are compensated monetarily or with additional paid time off. Amount of compensation or paid time off depends on the total number of nights spent away from home.
Holiday Leave
All employees, full time, non-traditional, temporary and seasonal, will be paid for Firm recognized holidays, only if they are normally scheduled to work the day of the holiday. The seven holidays recognized by the firm are: New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, day after Thanksgiving, Christmas.
Paid Leave Pool
Full time and non-traditional employees who work 910 or more hours during an employment or flex contract year, will earn paid leave, which will accumulate in a pool of days for each employee to be used for absences, including personal or family illness, vacation, bereavement or other personal reasons, during a calendar year. Days are earned on a per hour of employment basis and earned based on the following schedule, with an annual cap as listed:
First year of employment - .048351 hours per hour of employment, maximum accumulation of 11 days per calendar year.
Second year of employment - .074725 hours per hour of employment, maximum accumulation of 17 days per calendar year.
After two years of employment - .096703 hours per hour of employment, maximum accumulation of 22 days per calendar year.
Compressed Work Week
Employees may request to work on a compressed work week schedule for more than one week or on a regular basis. A minimum of 40 hours must be worked per week, but these hours are worked in a compressed week. Supervisory approval is needed to work under this arrangement.
Flex Time
Employees may request to flex their normal work hours within a day. An example would be working from 9:00 AM to 6:00 PM or 7:00 AM to 4:00 PM, etc. This work schedule also must have supervisory approval.
Flexible Work Arrangement
With approval of their supervisor, a flexible work arrangement would allow for employees to work various arrangements depending on workloads, such as taking some months off or working various numbers of hours per week, etc.
