Signature Medical Group Schedule 3(b) BENEFITS
Hospital-Based and Ambulatory Physicians
An eligible physician may enroll in health insurance coverage on the first of the month following his/her date of hire with Signature Medical Group (SMG).
An eligible physician may enroll in dental coverage on the first of the month following his/her date of hire with Signature Medical Group (SMG).
Vision Service Plan
An eligible physician may enroll in vision benefits on the first of the month following his/her date of hire with Signature Medical Group (SMG). Vision Service Plan provides benefits for routine eye care services, including vision exams, glasses and contact lenses through the Vision Service Plan provider network.
Medical Flexible Spending Account (FSA)
An eligible physician may enroll in the FSA Program on the first of the month following his/her date of hire with Signature Medical Group (SMG). You set aside these dollars during the calendar year through payroll deductions. Since your contributions are pre-tax, you can enjoy significant tax savings. The maximum contribution limit is $2,550 for calendar year 2015.
Life Insurance & AD&D
SMG will provide the Physician regularly scheduled to work 30 or more hours per week with term life and accidental death & dismemberment insurance, with the beneficiary to be designated by the physician, in the amount of $50,000. This benefit will be effective the first of the month following one year of employment with SMG.
Supplemental Life Insurance for Employee and Dependents
If you are regularly scheduled to work 30 or more hours per week, you may elect to supplement the core life insurance benefit by purchasing Supplemental Life Insurance Coverage, which would be effective on the first of the month following hire. The maximum life insurance coverage one may have under the optional life plan is five times your annual base compensation with a maximum guaranteed issue of $500,000.00. You may also purchase life insurance for your spouse or children effective on the first of the month following date of hire. Evidence of Insurability Forms may be required to purchase supplemental insurance. Premiums are based on age and salary.
Short Term Disability
SMG will provide the Physician regularly scheduled to work 30 or more hours per week with a short term disability benefit equal to 50% of basic weekly earnings, capped at a benefit amount of $2,500 per week, beginning on the eighth (8th) calendar day of disability for a total period of up to 180 days from the date of disability. An eligible physician begins coverage in the Short Term Disability Benefit on the first day following the completion of one year of employment.
Beginning on the first of the month following hire, the physician who is regularly scheduled to work 30 or more hours per week may purchase long term disability coverage. The benefit amount is 60% of basic monthly earnings, capped at a benefit amount of $15,000 per month, beginning 180 days after the date of disability. This benefit is optional and paid 100% by the physician.
403(b) Retirement Plan
Upon hire, you may elect to defer tax-sheltered money into the 403(b) Retirement Plan with SMG. The 403(b) Plan allows you the opportunity to save for retirement with pre-tax dollars – that is, with money contributed from your paycheck before income taxes are withheld. The IRS maximum allowable deferral for calendar year 2015 is $18,000. If you are age 50 or older you may contribute an extra $6,000 as a “catch-up” contribution. You may become eligible for employer matching contributions upon completion of one year of service and 1,000 hours. Matching contributions are 50% of your elective deferral each pay period up to 4% of your eligible compensation. The maximum match per pay period is 2% of your
eligible compensation. The investments are administered through Lincoln Financial Group’s Alliance program.
Non-Governmental Deferred Compensation 457(b) Plan
Effective on the first of the month following date of hire, you may enroll in the deferred compensation plan. This program allows you to defer tax-sheltered dollars. It is separate from the 403(b) Retirement Savings Plan. Contributions are subject to the IRS limit for calendar year 2015 of $18,000.
SMG purchases an occurrence-based malpractice policy effective the first day of employment. Occurrence coverage protects against professional liability claims, up to the covered limit, for incidents that occur during the policy period. SMG will not be responsible for any “tail” coverage in the event prior coverage was on a “claims made basis.” Malpractice insurance provided by SMG shall extend only to services provided by the physician; such insurance does not extend to any outside professional activity of the physician. The physician shall be required to confirm that physician’s outside activities are covered by basic professional liability insurance or other similar insurance coverage and tail coverage for Physician’s activities prior to employment. The claim may be reported after the policy’s cancellation date but will still be covered even if the policy is discontinued. The covered limit in the malpractice insurance is $1M for each claim and $3M annual aggregate. It is not necessary to purchase tail coverage when an occurrence policy is cancelled. The policy is cancelled at the date of termination.
Professional Licensure Fees
As a condition of employment, licensure fees are the responsibility of the physician. Renewal fees incurred after the hire date are reimbursed by SMG. SMG will reimburse for necessary mandatory licensure and practice fees to provide services on behalf of SMG patients including the Board of Registration, Drug Enforcement Administration (DEA) and Massachusetts Controlled Substances Registration (MCSR).
Continuing Medical Education
SMG provides a CME Reimbursement up to $3,000 per calendar year for full time physicians (pro-rated for part-time physicians). CME is not a payable benefit if not used during the calendar year or prior to termination of employment. CME must be used within the calendar year; it is not carried over from year to year.
Authorized Time Off (ATO)
In accordance with the schedule below and with prior approval of your clinical director and/or chief, you are eligible to take time off for personal, sick and Continuing Medical Education Days within the calendar year. The number of ATO days available is pro-rated based on the number of months in a calendar year that a physician is employed at SMG. SMG recognizes 6 major holidays during a calendar year. If a major holiday occurs on your scheduled day out of the office, this day will remain available for your future use during the calendar year.
Your annual earnings compensate you for the contractual days that you are expected to work during the year. The earnings are paid in biweekly checks each pay period, regardless of the number of ATO days taken in that particular pay period. Since the ATO program is not defined as an accruable traditional “vacation” benefit, the ATO program is considered a non-accruable unpaid “time off” program. When you are away from work on ATO time, you will continue to receive your regular biweekly earnings during the pay period.
The minimum weekly scheduled hours for eligibility is 24 standard weekly hours of work. As indicated below, the ATO is pro-rated when employed on less than a full time status. The physician shall not be permitted to carry over any unused ATO from calendar year to calendar year, nor beyond the terms of this agreement. As ATO is not a paid time off accruable program, there is no payment upon termination. If a physician provides notice of termination, it is expected that the physician will use any unused ATO during the notice period. If, however, SMG is not able to grant ATO to the physician who provides notice of termination, SMG will pay the balance in the physician’s final paycheck.
Occupational HIV Insurance
SMG purchases this policy for physicians with the coverage effective on the first of the month following hire. The Basic coverage is $50,000 (lump sum payment). Supplemental coverage is available for purchase by the physician.
Additional Voluntary Benefit Plans
If you are interested, there are voluntary benefits available to purchase through payroll deduction. These benefits include a pre-paid legal plan, insurance coverage for personal property and enrollment in one of two fitness plans. Additional information is available in the Human Resource Office.
Employee Assistance Plan (EAP)
KGA EAP provides confidential assistance with a variety of personal issues, such as financial, legal, family, emotional and wellness.
information on any of the benefit programs listed herein, contact the Human Resources Department at (508) 941-7236.