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INTRODUCTION: Very brief overviews of our existing benefit programs are contained in this handbook. However, many of the benefit plans (such as the insurance and profit-sharing plan) are covered by federal law (ERISA), which require a detailed Summary Plan Description (SPD) of the provisions of these plans. You will be furnished with a SPD for the plans for which you are eligible, and may review the full text of any of the plans by making a request to Managment. Please note that the full text of the official documents will govern in the event of any conflicts or ambiguities with any summaries (including any summaries provided in this handbook). While we hope that this Manual will provide some basic background information about program participation requirements, some of the requirements may be rather technical or confusing. Management will be happy to provide further information about each of the programs for which you are eligible. Feel free to ask if you are not sure. PHK CPA reserves the right to alter, modify or eliminate its benefit plans at any time, as well as to administer and interpret all aspects of such plans to the fullest extent of discretion permitted by applicable federal or state law. Significant changes in plan with vested benefits ordinarily will not be retroactive, unless permitted by applicable law. All employees, regardless of classification, are eligible for Social Security contributions on their behalf; are covered by Workers Compensation insurance if injured on the job; and are covered by unemployment compensation insurance if their employment is terminated through no fault of their own or were laid off due to lack of work. In addition to these benefits, employees who are permanent part-time employees also may be eligible for the company SIMPLE plan if they meet certain minimum requirements defined by federal law. Regular full-time employees are eligible for each of the benefit programs of PHK CPA which are listed below, subject to eligibility requirements and any limitations or conditions of each program.
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