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Fairfax Financial ESOP Information
The purpose of the plan is to provide full time employees an opportunity to acquire Fairfax stock through a combination of employee and company contributions. There is no waiting period. Under the plan, eligible employees may purchase up to 10% of their basic annual salary or wages paid during each pay period.
Under the plan the company is required to make a matching contribution on behalf of each participant equal to 30% of the participant's monthly contribution, provided that the employee continues to be an employee of the company on the last day of the month for which the contribution is to be made. In addition, the Company is required to make an additional annual contribution on behalf of each participant equal to 20% of the aggregate amount of a participant's yearly contribution in any calendar year in which Fairfax achieves a return on equity of at least twenty percent (20%).
401k Retirement Information
There is no waiting period. Contributions are made on a pre-tax basis in whole percentages from 1% to 50% of your pay up to the legal maximum established by the IRS ($15,500). Highly compensated employees may contribute 1% to 20% of pay. The Company matching contribution is equal to 50% of each dollar you contribute up to 6% of pay. In addition, the Company will make a 3% basic contribution shortly after year-end to all eligible participants on the last day of the plan year.
Medical
Medical plans include vision and prescription coverage. A Preferred Provider Organization (PPO) and/or a Health Maintenance Organization (HMO) is available.
Dental
Three levels of dental coverage are offered: PPO Premiere, PPO Plus and PPO Basic.
Life Insurance
Life Insurance options include an automatic term life and AD&D policy for every associate and the option to purchase additional life insurance coverage for you and your dependents.
Disability Coverage
Depending on your length of service, salary continuation for short-term disabilities is offered. Long-term disability coverage is also available and will continue up to 60% of your salary, in part, for longer term illnesses or injuries.
Health and Dependent Care Spending Accounts
The Health and Dependent Care Spending Accounts allow you to lower your taxable income by making pre-tax contributions to one or both spending accounts and then submitting eligible expenses for reimbursement.
Educational Assistance
To support associate development, the company provides up to 100% reimbursement for approved educational expenses.
Matching Gifts Program
Donations that you make to qualified educational institutions will be matched to a maximum of $500.
Hyatt Legal Service
The company will offer employees the opportunity to participate in a legal service plan. Administered through Hyatt Legal Plans, the plan covers a wide range of legal services, including:
- Debt collection defense
- Civil law suit defense
- Review of personal legal documents
- Document preparation, including deeds, mortgages, notes and demand letters
- Legal work associated with buying, selling, or refinancing your home
- Negotiations with your landlord and tenant eviction defense
- Estate planning work (e.g., wills, living wills, Power of Attorney, living trusts
- Legal work associated with uncontested adoptions and uncontested guardianship arrangements
- Telephone and office consultation on other personal legal issues
Services are available to you, your spouse and your dependents.
Note: MFX reserves the right to change, substitute or eliminate any benefit program described in this section.
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