Regular full-time employees of Woods Equipment Co. are entitled to participate in the following benefit programs:
Health and Dental Plan
Woods offers a competitive medical and dental insurance package for both employees and dependents. The Company pays approximately 70% of the cost. Coverages can range up to 90% of the incurred costs after satisfying an annual deductible. If enrolled, this coverage becomes effective on the sixty-first day after one's hire date.
Incentive, Savings, & Retirement Plan (InSaR)
Woods' InSaR Plan consists of a 401(k) Plan that all regular full and part-time (at least 20 hours per week) employees are eligible to participate in. Eligibility for the 401(k) Plan is an employee's first day of hire.
Short-Term Disability
Benefits are payable to eligible employees when they are unable to work because of an injury or sickness that is not a result of their work. The maximum benefit period is for 26 weeks, and coverage becomes effective the first of the month following one's hire date. Contact the Human Resources Department to determine the amount of coverage you are eligible for. This coverage is furnished to all eligible employees at no cost.
Long-Term Disability
Benefits are payable to eligible employees after 26 continuous weeks of disability. Payments are made based on other disability income the employee may be receiving and pay the employee between 60% - 66.7% of salary not to exceed $6000 per month. The benefit duration does vary depending upon age.
Vacation
Vacation time is earned by being actively at work during your anniversary year. Calculation of vacation time is as follows:
January 1 following:
- 1 year of service - 2 weeks
- 5 years of service - 3 weeks
- 12 years of service - 4 weeks
- 20 years of service - 5 weeks
Holidays
Currently, Woods observes 12 holidays, of which three are floating holidays. Woods also grants employees their birthday as a holiday.
Funeral Leave
To help at the time of the loss of a loved one, Woods allows up to three days of paid time off from work for an immediate family member. Other paid time off is determined by the relationship of the deceased to the employee.
Purchase of Woods Products
Employees of Woods may purchase any Woods products for their own personal use, at a substantial discount from retail prices.
The above listed items represent only a brief description of the many benefits offered by Woods Equipment Company. For further details, contact the Human Resources Department in Oregon, Illinois, at oregoncareers@woodsequipment.com.
These benefits may be changed at any time by Woods, with or without notice to all employees. Benefit plan descriptions supersede any differences between the benefits outlined above and their corresponding summary plan descriptions.
These benefits do not constitute any form of employment contract between Woods Equipment Company and any of its employees.