ERAS is a 100% ESOP Company. The ESOP embodies the employee-run culture of ERAS Inc. Each employee's ownership increases over time as the trust (established under IRS and DOL ERISA requirements) annually allocates stock. The stock ownership does NOT require any payment or reduction of the employee's pay or benefits. The stock has tax-exempt treatment similar to a 401(k) account.
ERAS offers a generous compensation package to include:
20% Individual Benefit Account: ERAS contributes 20% of the employee’s hourly rate (for each billed contract hour) into an Individual Benefit Account (IBA). The employee may use the account to pay for fringe benefits and Time-Off-With-Pay (vacations, holidays, and sick leave). Funds accumulated in the Fringe account may be converted to income once per year.
16.5% Company Retirement Contribution: Employees are immediately 100% vested in a company-funded 401(k) retirement account. ERAS will contribute 16.5% of the employee's annual compensation (3% Safe Harbor and 13.5% profit sharing) towards retirement. This benefit is supplemental to any employee 401(k) through payroll deductions (up to the IRS limit).
Medical Insurance Coverage: ERAS offers a variety of high and low deductible United Healthcare plans to qualified employees. The company covers 50% of the medical premium costs for employee and family. For the High Deductible Health Plan (HDHP) option, ERAS provides an annual contribution of $600 for a single employee or $1200 per family towards a Health Savings Account (HSA).
Employee Growth: ERAS invests in our people by offering a Tuition Reimbursement Program as well as covering costs for commercial training, conferences, and other learning opportunities. ERAS provides a 50% company contribution for IEEE annual memberships.
Long Term Disability: Fully paid by ERAS.
Short Term Disability: Fully paid by ERAS.
Life Insurance: Fully paid by ERAS. Policy value of $50,000.
Compensation for home office: Company-funded contribution toward home office and cell phone for company use (and other use) of $60 per month.