TERREMARK WORLDWIDE EMPLOYEE OVERALL BENEFITS AND COMPENSATION SUMMARY 2008
Terremark Worldwide, Inc. (TMRK) is committed to our employee’s welfare. We believe that benefits are an important part of your total compensation package. With that in mind, we are dedicated to providing a competitive and comprehensive benefits package that offers protection for you and your family.
Our benefit programs are designed to offer you choices that best fit your personal needs and lifestyle. Your benefits are effective on the first of the month following the completion of your ninety (90) day eligibility period.
Terremark provides the following programs to all full-time employees:
Compensation
The Company offers competitive salaries to attract and retain the right talent. Employees are reviewed on an annual basis for performance and may be eligible for both a merit increase and performance based bonus. Employees are also offered the opportunity to develop and grow within the company through promotions and advancements in learning.
401(k) Retirement Plan
Employees can participate upon the completion of their eligibility period. As an employee you can contribute up to 100% of your payroll (subject to IRS annual maximum). The company provides a generous match. For 2008, the company match is up to 50% of the first 6% on an employee’s deferral. The company reviews the match on an annual basis and provides any applicable match at each pay period. Employees are fully vested in the plan upon the anniversary of their two years of service.
Medical
The Company provides three comprehensive medical plans for employees to select, including an Open Access Health Maintenance Organization (HMO), Open Access Point of Service (POS), and a Managed Choice Point of Service (POS). TMRK believes it is important for employees to maintain a healthy lifestyle and in that effort the company provide each employee HMO insurance at no cost.
Dental
The Company provides two comprehensive dental plans for employees to select, including a Dental Maintenance Organization (DMO) and Preferred Provider Organization (PPO). Once again there is no cost for individual employee selecting the DMO plan.
Vision
In addition to vision discount programs through both our medical and dental providers, the Company provides employees the opportunity to select a comprehensive vision insurance plan.
Life Insurance
The Company provides 2 times your base salary up to $250,000 at no cost to you. Employees can chose to purchase additional life insurance for both employees and their family members at discounted group rates. Life insurance purchased by the employee is portable.
Short Term Disability (STD) and Long Term Disability (LTD)
The Company provides a core coverage of both STD and LTD at no cost to you. Once again, an employee can purchase additional LTD at discounted group rates
Other Benefits
TMRK provides “Domestic Partner Benefits” for medical and dental programs. In addition, employees can choose from other welfare programs offered by AFLAC on a pre-tax basis. We also provide COBRA for those employees that transition out of the company.
Flexible Spending Accounts (FSA)
The company provides employees the opportunity to set up pre-taxed FSA accounts for both medical and child care.
Credit Union
The Company provides employees the opportunity to join Eastern Financial Credit Union.
Paid Time Off Plan
The Company awards 25 paid time off days per year to each employee. These 25 days include Holidays and can be used for Vacation, Sick, Personal days.
Other Leaves
The Company offers other leaves such as for jury/witness duty, bereavement, military, Domestic Violence Act and Family Medical Leave (FMLA).
Employee Referral Program
TMRK employees can participate in the company’s Employee Referral Program. Cash awards are paid to the referring employee for those referrals who are subsequently hired.
Educational Reimbursement Program
TMRK offers this program to encourage professional and personal development and to motivate employees to improve their skills. Upon the completion of three months of continuous full-time employment, employees, in good standing, are eligible for reimbursement of 50% of the cost of their tuition up to a total maximum of $2,000 per calendar year.
Transit Discount Program
TMRK pays for employee enrollment in Miami Dade Transit programs such as Metro Rail, Van Pool, and Tri-Rail.
EAP (Employee Assistance Program)
This program is designed to help with the everyday challenges of life faced by TMRK employees. These challenges may affect ones health, family life, and desire to excel at work.