Employee Benefits
The Magazine Group, Inc. (TMG) has a comprehensive benefits package. The following is a brief summary of benefits offered by TMG as of March 2008. TMG is committed to providing its employees with the most up-to-date and competitive benefits possible.
Group Health Insurance
TMG employees are currently offered CareFirst BlueCross Blue Shield Health Insurance (Blue Preferred), a referral-free health plan. We have two health options that fit your lifestyle and health with additional premiums for family coverage paid for by the employee. Our health plan includes eye care and a great prescription drug plan.
TMG employees are currently offered dental coverage through MetLife. The cost of individual dental coverage is covered by TMG. The employee pays for any additional premiums for family coverage.
Flexible Benefit Plan
One of TMG's most popular benefits is the Section 125 Plan often referred to as a “Cafeteria Plan.” This plan allows for pretax deductions from employee payroll to cover the cost of TMG-sponsored health plan coverage premiums for family members of employees, out-of-pocket medical expenses and dependent care expenses. The Internal Revenue Service limits dependent care expenses to $5,000 annually.
Pretax Travel Benefit
As a result of the high costs of commuting to work in the Washington, DC area, TMG has put in place a pretax benefit. "SmartBenefits" (Metro rail passes) is a Web-based program that allows employers to load the dollar value of your Metrochek commuter benefits electronically onto your SmarTrip cards — or $215 per month for general parking at two lots convenient to our offices at 1707 L Street, NW can be deducted pretax from your payroll check. Parking passes are delivered to your office on the first day of every month.
Life/AD&D Insurance
TMG offers life insurance through Company Standard Insurance. Each employee is covered with a maximum coverage of $50,000 per employee in its benefits package. The cost of this insurance is covered by TMG. Employees may elect additional life insurance coverage at their own expense through the voluntary life insurance program.
Long-Term Disability Insurance
TMG includes long-term disability insurance in its benefits package through Company Standard Insurance. There is a 90-day disability waiting period before coverage begins. The monthly benefit under this policy is equal to 60% of Covered Monthly Earnings with maximums as defined by the policy.
Vacation and Sick Leave
TMG offers a standard vacation and sick leave package that includes two weeks of vacation for new employees increasing to three weeks for employees with tenure in excess of five years. Employees are eligible for sick leave at the rate of five days per year, prorated in accordance with each completed month of employment.
Voluntary Benefits—Short Term Disability
TMG offers voluntary participation in a short-term disability policy. This benefit is completely optional and the employee is responsible for payment of premiums. This policy covers you after 14 days of disability. Premium pricing is based on the amount of coverage you elect to purchase. This policy is made available with the intention of supplementing the long-term disability coverage provided to you by TMG.
Voluntary Benefits—Additional Life Insurance
TMG offers voluntary participation in a group life insurance program. You may choose to purchase additional life insurance for you, your spouse or your dependents. This benefit is completely optional and the employee is responsible for payment on premiums.
For a complete brochure on benefits, contact Ms. Erni Bridges.
