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Benefits
We constantly refine and add to our already comprehensive benefits package to support our employees’ health, well being, rest and rejuvenation, and savings and financial protection. Some features that help make working at Commonwealth Anything but Common® include:
- Full coverage of the total cost for individual medical coverage
- Health and dental benefits for same-sex domestic partners living in states that do not recognize same-sex marriage
- Paid maternity and paternity leave
- Stock options available to all employees
- Vacation homes owned by our CEO available for private use by any employee on staff for at least three years
- Dry cleaning pick-up and delivery service (for a fee)
Medical
Commonwealth pays 100 percent of the HMO premium for individual coverage and 80 percent of the HMO premium for family coverage.
- Waltham staff members choose one of two BlueCross/BlueShield (BCBS) plans: an HMO or a POS.
- San Diego staff members choose one of two Health Net plans: an HMO or a PPO.
Dental
Commonwealth pays 50 percent of the premium for Delta Dental insurance.
Domestic partner benefits
Health and dental benefits are offered to same-sex domestic partners living in states that do not recognize same-sex marriage.
Holidays
Commonwealth provides ten paid holidays each year: the nine holidays observed by the New York Stock Exchange, plus one optional day.
Personal time off (PTO)
- In the first two years of employment, staff members accrue 16 days per year; the total number of days accrued increases with subsequent years of employment.
- At year-end, employees may carry over a maximum of five days into the next year or sell back unused days to the company—up to a maximum of ten days.
Bonus plan
All employees participate in an annual bonus program designed to reward and encourage the contributions of staff members to Commonwealth’s success. Three factors determine each year’s bonus amount: company profitability, individual performance, and individual salary.
401(k) retirement plan
- Qualified pretax deferrals are up to a maximum of $15,500 for the 2008 plan year.
- Assets are administered by Fidelity.
- Commonwealth matches $0.50 for every dollar an employee defers, up to 10 percent of base salary deferred.
Flexible spending accounts
Employees may elect to set aside funds on a pretax basis to pay for dependent care assistance, unreimbursed medical/dental expenses, commuting/transportation, and parking expenses related to commuting to work.
Maternity leave
For expecting and new mothers, Commonwealth pays for 12 weeks of leave at 66.67 percent of salary, to a maximum of $1,000 per week.
Paternity leave
For new fathers employed at Commonwealth for at least six months, Commonwealth provides one week of leave at full pay within 30 days of the child’s arrival.
Life insurance
- Commonwealth pays 100 percent of the premium.
- Coverage is provided through The Standard.
- The benefit equals two times the employee’s annual base salary, to a maximum of $300,000.
Voluntary life insurance
- Coverage is provided through The Standard.
- Employees can purchase up to an additional $500,000 for themselves and up to an additional $250,000 for spouses.
- Coverage is available for dependents.
Short-term disability coverage
- Commonwealth pays 100 percent of the premium.
- Benefits are paid at 66.67 percent of salary, commencing after eight consecutive workdays lost due to an accident or illness, up to a maximum of $1,000 per week for a maximum of 13 weeks.
Long-term disability coverage
- Commonwealth pays 100 percent of the premium.
- Coverage is provided through The Standard.
- Benefits are paid at 66.67 percent of salary, commencing after 90 days of an approved disability, up to a maximum of $5,000 per month for employees making under $75,000 annually, and up to a maximum of $10,000 per month for employees making over $75,000 annually.
Supplemental long-term disability
Available through MassMutual, this coverage is designed to replace a significantly higher portion of income.
Discounted auto and homeowner’s insurance
Exclusive group discounts are offered through Liberty Mutual; the company’s representative is on-site monthly.
Education assistance program
- Assistance is available after six months of employment.
- Commonwealth reimburses tuition for approved courses at 100 percent, to an annual maximum of $5,250 (providing you receive a B or better and continue employment for six months after course completion).
Employee assistance program (EAP)
This is a voluntary, confidential resource and referral service to assist you in balancing work and family life.
- The EAP is administered by the Wellness Corporation.
- Services are offered free of charge to employees, spouses, and dependent children, including up to five counseling sessions per year per issue.
Stock option plan
All regular employees are eligible for option grants as of the first day of the calendar quarter following their start date. Based on the financial performance of the firm, Commonwealth may offer additional grants annually.
Fitness benefit
- Discounted rate at Waverly Oaks Athletic Club, Waltham, Massachusetts
- Discounts through Health Net available at several San Diego health clubs
Service rewards
- After three years of service, employees are eligible for the Sunday River Club, which allows free access to vacation houses in Sunday River, Maine; and Key Biscayne, Florida.
- Employees receive a Bose® Wave® radio after five years of service.
Referral bonus
If you refer someone who is hired and remains on staff for three months, you receive a $1,500 referral bonus.
Professional development
We offer literally dozens of free classes and training opportunities on industry knowledge, professional skills, technology, and personal interest, including:
- Preparation classes for FINRA Series 7 and 24 securities exams
- The Commonwealth Leadership Institute, a series of development programs for managers, supervisors, and team leaders
- Personal financial planning courses
- Common Knowledge, our comprehensive weeklong orientation for all new employees
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