2008 Employee Benefit Programs
Employment Opportunities
Group Benefits Review Newsletter

2008 Employee Benefit Programs
An Overview

Basic Group Life & Accidental Death Insurance

Underwritten by Florida Combined Life, this plan provides a generous death 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

Our Voluntary Life Insurance Program is moving to Assurant Employee Benefits. Participants will have to opportunity to purchase economical term life insurance in an amount up to five times their annual income to a maximum of $120,000 with no health questions asked. You can even cover your spouse for up to $50,000 and your child(ren) for up to $10,000 with no health questions, if you elect coverage for yourself. Better yet, the cost is paid through convenient payroll deduction. More plan information and the employee application can be found in the Assurant Envelope in your Open Enrollment Kit.

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 Green Plan and the Blue Plan.

GREEN PLAN provides a basic level of benefits, while BLUE PLAN provides a richer level of benefits and includes prescription drug coverage as well as access to a mail order prescription program through our agreement with PrimeMail Prescriptions.

Both the Green Plan and Blue Plan plans provide access to Network physician office visits on a copay basis (see benefit outline for details).

Acousti pays the total cost for employee coverage under the Green Plan plan and a major portion of the cost to cover dependents. Those choosing the Blue Plan 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 Blue Plan or the cost of dependent coverage under the Green and Blue Medical Plans, as well as the cost of the Dental Insurance Plan, on a pretax basis through payroll deduction. Because of this plan, most participants enjoy a savings of 15-30% 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. The foresight of Acousti's Profit Sharing Plan was to insure retirement returns to our family of contributing employees.

The foresight of Acousti's Profit Sharing Plan was to ensure retirement returns to our family of contributing employees. Acousti's visionary P & S plan requires no matching monetary contributions other than contributing and maintaining profitable work ethic to the overall benefit of the company, and the family of employees.

Acousti Engineering Company of Florida 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.

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 plan).

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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