To attract the best and brightest professionals to its team, Summit rolled out a number of new and updated benefits for its full-time staff members. Summiteers can now enjoy free membership with Capital Bikeshare, a 401(k) plan with a 3% matching company contribution, and a Flexible Spending Account (FSA) for medical expenses.
After learning that over half of the company doesn't own a vehicle, Human Capital Manager Jennifer Folsom thought that an additional public transportation benefit might be a good idea. “To go eight or 10 blocks on a bike can take 10 minutes, and it’s 20 to 30 on the train,” says Jennifer. Bikeshare is an efficient way to travel around the city when time is important.
Summit also introduced a new investment option for employees: a 401(k) with a minimum 3% employer contribution, even if the employee chooses not to contribute. This benefit will begin in 2014 and employees can contribute up to $17,500 (or $23,000 for those over 50) for the year. The company may contribute up to a 5% match in a year-end payment if we meet stretch goals for the year.
An employee can pay for qualifying medical expenses with an FSA if they choose to open one. Through an FSA, the employee can set aside money from their paycheck before it is taxed, and then use it for things such as prescriptions or anticipated surgery. Parents may also use this benefit for child care.
These new benefits are one way our company rewards a hardworking staff with a variety of concerns, whether they are planning for retirement or anticipating future medical costs. To read more about Summit’s additional benefits, learn about what Summit offers.