2009 Employee Benefit Programs
Employment Opportunities
Group Benefits Review Newsletter

2009 Employee Benefit Programs
An Overview

Basic Group Life & Accidental Death Insurance

Underwritten by Florida Combined Life, this plan provides a generous death benefit equal to one times your annual compensation (based on prior year W-2 earnings) with a minimum death benefit of $20,000. Benefits may be doubled if death is the result of a qualifying accident. The cost of this coverage is funded totally by Acousti. Those employees electing to cover dependents under the company sponsored medical plan automatically receive a dependent Life Insurance benefit which provides: $10,000 of Life Insurance for an employee’s insured spouse and, $5,000 for each insured child ($100 for each child under age 6 months).

Voluntary Group Life Insurance

This economical coverage, underwritten by Assurant Employee Benefits, is available on a guarantee issue basis in an amount from $20,000 to $120,000 (increments of $10,000). Spouse coverage is available on a guarantee issue basis in an amount from $10,000 to $50,000 (increments of $10,000). Child coverage is available on a guarantee issue basis in increments of $10,000, $5,000 or $1,000. The cost is collected through convenient payroll deduction.

Group Medical Insurance

Acousti provides all employees who have met eligibility requirements with the choice between two levels of medical benefits under a plan underwritten by Blue Cross & Blue Shield of Florida. Participants may choose between the Low Option (Green) Plan and the High Option (Blue) Plan.

Under the Blue Plan most in-network services are provided on a copay basis and some, such as lab work and well care, are provided at no cost. The integrated prescription benefit offers a three tier co-pay system ($15/$30/ $50). Home delivery or mail order prescriptions are available at a 30% discount compared to the retail co-pays. The Green Plan offers a combination of co-pay access to basic care and catastrophic coverage for severe illness. Generic prescriptions are filled for $15 and others are subject to deductible and co-insurance. Both our BCBS plans offer an extensive nationwide PPO network of doctors and hospitals. Using the network, known in Florida as Network Blue, saves you money. Because we use a PPO, you have complete freedom to see any provider in the network without a referral (see benefit outline for details).

Acousti pays the total cost for employee coverage under the Low Option (Green) Plan and a portion of the cost to cover dependents. Those choosing the High Option (Blue) Plan make a contribution towards the cost of both employee and dependent coverage.

Flexible Benefit Plan

Acousti operates a flexible benefit (Section 125) plan which allows participating employees to pay their portion of the cost for the High Option Medical Plan or the cost of dependent coverage under the Low and High Option Medical Plans, as well as the cost of the Dental Insurance Plan, on a pre-tax basis through payroll deduction. Because of this plan, most participants enjoy a savings of 15-35% on the actual cost of these benefits.

Profit Sharing Plan

The Acousti Engineering Company of Florida Profit Sharing Plan and Trust Agreement was established in 1959 to provide retirement benefits for employees of Acousti Engineering Company who meet the plan’s age and service requirements. The Plan is funded by discretionary contributions from Acousti (these come from company profits). The assets of the Profit Sharing Plan are invested in a diverse array of financial instruments including stock in Acousti Engineering Company of Florida. By virtue of the Acousti stock in the plan, each participant’s Profit Sharing Account has an opportunity to share in any stock value increase generated by company growth and profitability.

401(k) Plan

The Acousti Engineering Company of Florida 401(k) Plan was established in 2005 to provide employees an opportunity to save for retirement on a tax favored basis. Our plan offers multiple investment options that you select based on your needs and objectives. Administrative services and investment options are offered through American Funds, one of the country’s top fund families. Currently, we use a “safe harbor” plan design which means that Acousti will match your contribution dollar for dollar on the first 3% of your pay that you contribute. On the next 2% , Acousti will match $0.50 of every dollar. Additionally, you are 100% vested in both your contributions and Acousti’s contributions. Employees are eligible to participate after a year of service in which the employee has worked at least 1000 hours.

Voluntary Dental Plan

This plan allows those who wish to participate an opportunity to have true dental insurance with a top notch carrier, Assurant Employee Benefits. The plan offers both in-network and out of network benefits. In-network services are as follows: Preventive Care Services 100%, Basic Services (Fillings, Root Canal, etc.) 100% and Major Services (Crowns, Bridges, etc.) 60%. Basic and Major services are subject to a $50 annual deductible per member up to $150 per family. Acousti’s sponsorship means the participants pay a low group rate, enjoy the convenience of paying through payroll deduction and the tax savings through the flex plan.

Worker's Compensation

The workers compensation program at Acousti is self-insured which means a safe workplace and good safety habits of all employees contribute to the company’s profitability (and the companies profit sharing & 401(k) plans).

EEOC

Acousti Engineering Company of Florida is an equal opportunity employer in accordance with 41 CFR 60-4, 3 (a), 60-250.4 (m), and 60-741.4 (f).

This is a brief summary of the employee benefit plans and supplemental benefits provided or supported by Acousti Engineering Company of Florida. Actual benefit provisions and entitlement to these benefits is governed by the various plan documents and in some cases, specific carrier contractual obligations. Further details may be found in the plan certificates or summary plan descriptions.

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