Benefits

3720 Cohen Pl.,
Lynchburg, VA 24501
Phone (434) 525-4120
Fax (434) 525-4909
TOLL FREE 1-800-263-4445
www.lrprecisiontooling.com

 

PAID HOLIDAYS AFTER EMPLOYED 45 DAYS
* New Years Day                        * Labor Day
* Memorial Day                          * Thanksgiving (2 days)
* Fourth of July                          * Christmas (2 days)

PAID VACATION ACCRUES WEEKLY- The 1st year is 5 days, 2nd year is 10 days and each year thereafter it increases one day per year up through the 7th year it’s 15 days where it remains until the 10th year and then it starts increasing again at a day per year and on the 14th anniversary it maxes out at 20 days per year.

ESOP / EMPLOYEE STOCK OWNERSHIP PLAN – L & R has begun the process of implementing an ESOP plan. Funds were deposited into the ESOP, for tax years 2014, 2015 & 2016 with the intent of providing all of our employees company stock ownership to benefit long term from the company’s success.

PROFIT SHARING – L&R participates in profit sharing to all of our employees typically twice a year.

TRADITIONAL 401K / and a ROTH PLAN – Available the 1st day of quarter after 90 days employment.
100% on every dollar up to 3%, 50% on every dollar for next 2%, for maximum of 4% match (example: 3% contribution = 3% employer match, 4% contribution = 3.5% employer match, 5% contribution = 4% employer match).

LONG TERM DISABILITY AND $10,000 LIFE INSURANCE POLICY- Becomes effective the 1st day of month after 60 days employment (L & R pays premium)

HEALTH INSURANCE – Becomes available the 1st day of the month after 30 days employment. Two plans are offered: $30 CoPay / $3500 deductible and a H S A / $4500 deductible. L&R contributes a significant portion and employee costs are determined based on an individual or family plan and can be quoted to potential employees for their consideration. The premiums for the health and dental plans are a Cafeteria Plan so they are deducted pre-tax weekly.

DENTAL GROUP PLAN – Available at employee’s expense the 1st day of month after 60 days employment.

EDUCATIONAL PROGRAMS – L & R supports work related educational programs after one year of service. Typically it is a full reimbursement of all tuition and related expenses contingent on achieving a certain grade.

TOOL PURCHASE POLICY – Employees can purchase up to the equivalent of an average weeks’ pay and repay that with no interest (work related tools and equipment).

LUNCH BREAK – L & R offers a flexible lunch break. Employees are allowed to take their 30 minute break between 11:30 and 1:00. Employees are also allowed to take extended lunches by letting the Shop Foreman know your needs ahead of schedule

  • Certificate # 50811