Employee Benefit Programs
Commitment to Employees’ Well-Being
Kaman is committed to providing employees with comprehensive and competitive benefit programs. Our plans are designed to provide services, resources, and tools that enable our employees to maintain their health; obtain affordable, quality health care; and prepare themselves for a financially sound retirement.
Medical and Pharmacy Coverage
Not every employee has the same health care needs, which is why we offer both high deductible and traditional PPO medical plan options to those who work at Kaman. Those who elect high deductible plans have access to health savings accounts, in which they can put money aside, tax-free, to use for eligible out-of-pocket health care expenses.
All Kaman medical plan options include telehealth services so that employees who experiencing minor, non-emergency medical issues can speak with a physician over the phone or via video chat. Additionally, all medical plans also include pharmacy benefits, and most major drugstore chains nationwide are within the provider network.
We also include coverage for acupuncture, chiropractic care, and therapeutic massage treatments prescribed for the management of pain and other conditions.
Kaman provides several dental care options, and employees with specific health needs – such as heart disease, stroke, diabetes, or pregnancy – may qualify for additional dental services at no extra cost.
Employees can also choose to elect vision coverage, which includes routine eye exams, glasses, and contact lenses.
Flexible Spending Accounts (FSAs)
Kaman offers two types of flexible spending accounts: Health Care and Dependent Care. A Health Care FSA is used to pay eligible out-of-pocket expenses for medical, pharmacy, dental, and vision care incurred by employees and their dependents. A Dependent Care FSA is used to pay for care provided to eligible dependent children and/or elder family members.
Life, AD&D, and Disability Benefits
Kaman provides Life and Accidental Death & Dismemberment benefits at no cost to employees and offers employees the opportunity to increase coverage at group rates. Life insurance is also available for dependents, and additional coverage can be purchased for eligible family members.
Disability benefits are designed to protect employees’ income if they are unable to work due to illness or injury. Kaman offers both Short- and Long-term Disability benefits to eligible employees.
Kaman employees may also elect voluntary Accident Insurance or Critical Illness Insurance.
Kaman Corporation 401(k) Plan
The Kaman Corporation 401(k) Plan provides employees with a tax-advantageous way to save for retirement, and employees can elect to contribute 1% to 50% of eligible compensation (up to certain limits). We also match employees’ pre-tax and Roth contributions dollar-for-dollar up to the first 5% that employees contribute to the Plan.
Kaman Employees Stock Purchase Plan
The Kaman Employees Stock Purchase Plan offers employees the opportunity to share in the ownership of Kaman by providing a 15% discount on company stock. Employees can contribute up to 10% of eligible compensation, and contributions are deducted from each paycheck.
Education and Development
Kaman encourages and support employees who wish to continue their education, and will pay for expenses incurred (up to a certain amount) at approved institutions of learning for both undergraduate and graduate degrees approved by management. This program is meant to assist in employees’ professional development, and covers the cost of tuition, books, and fees that are a part of an accredited degree program.
Charles H. Kaman Scholarship Program
Kaman Corporation sponsors a college scholarship program for sons and daughters of Kaman employees, administered by the National Merit Scholarship Corporation. Every year, three scholarship winners are selected, and the scholarship is renewed annually based on academic performance for up to four years of college study.
Kaman Work-Life Solutions
Kaman employees and their household members can take advantage of Kaman Work-Life Solutions at no additional cost. This program provides access to counselors who can help find solutions and help with issues that affect personal and professional lives. It provides 24/7 access to attorney consultations, career development, financial expertise, travel resources, licensed counselors, and more.
Fit for Life Wellness
Kaman’s Fit for Life Wellness Committee provides all employees with opportunities to participate in company-wide events, webinars, and local wellness challenges that encourage healthy lifestyles and habits.
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