About Satcon
Employee Benefits in the United States
Eligibility
Benefits described below pertain to full and part-time regular employees working 20 or more hours per week. The descriptions of the benefits and policies outlined here are summary statements only and are not intended to be definitive. In all instances, the full text of the plan, policy or other appropriate document must be reviewed to determine the rights, benefits, and obligations of employees and Satcon.
Satcon reserves the right to alter and/or terminate any or all of these plans without notice.
Summary of Benefits
Medical Coverages
Eligible employees may choose one of two Blue Cross and Blue Shield products: a preferred provider organization or an HMO. Both plans provide coverage for eligible hospital care and physician's care, physical exams, well-baby care and more. Each Medical plan offers coverage for individuals, families, and spousal equivalents.
Prescription Drug Coverage
Both medical plans include a prescription drug benefit. Under these plans you pay only a small co-payment for your medication.
Dental Coverage
Under Satcon's Delta Dental plan, eligible employees are covered for a broad range of preventative, basic and major restorative services.
Life and AD&D Policy
Satcon provides Life Insurance at two times your annual salary at no cost to the employee. An accidental death and dismemberment policy is also provided free of charge.
Optional Life Insurance Coverage
Eligible employees may elect additional life insurance coverage through Liberty Mutual at a group discount rate.
Disability Income Protection
In the event that an eligible employee becomes disabled and unable to work, Satcon provides them with Long Term Disability Coverage. Satcon also provides non-exempt employees Short Term Disability Coverage.
Flexible Reimbursement Health and Dependent Care Accounts
Eligible employees can defer up to $5000 pretax dollars annually to a flexible reimbursement account to pay for health-care expenses not covered by your medical or dental insurance plan. In addition to health care expenses, employees can contribute up to $5000 annually to a dependent-care flexible reimbursement account to be used to pay for the care of a child under 13 or a dependent or disabled adult.
Time Off with Pay
Each year, eligible employees receive time off with pay for vacation, holiday and sick days (if needed). Paid vacation time accrues according to the following schedule:
| Length of Service | Amount of Vacation per Calendar Year |
| Less than Two Years | 10 Days |
| Two Years, but less than Nine Years | 15 Days |
| Nine or More Years | 20 Days |
401K Plan
Satcon offers a self-directed account into which eligible employees may contribute up to 100% of their earnings on a pretax basis.
Safe Harbor Contribution
Satcon will contribute 3% of pay on behalf of all benefit eligible employees even if you do not make your own 401(k) contribution. This 3% contribution will be immediately vested and will be a cash contribution.
Investment Control
Employees decide how to invest their 401(k) savings, by moving their funds among the 18 available investment accounts and five investment models.
Portability
Employees are free to take their funds and the vested portions of any funds Satcon has deposited on their behalf with them, should they terminate their employment. Since the plan is specifically designed for long-term, tax-sheltered savings, certain government restrictions and penalties do apply.
Access to your Accounts
While the primary purpose of the 401K plan is to encourage savings for retirement, Satcon recognizes that you may have unexpected financial needs to address. A provision is available to access your money in the plan through a loan. The loan amount must be paid back with interest. You may have a total of two loans outstanding at any one time.
Eligibility
Full time and part time, regular employees of Satcon and its subsidiaries are eligible to join the 401K Plan on their date of hire.
Group Savings Plus
Satcon offers Group Savings Plus, a comprehensive program from Liberty Mutual. This program features auto and homeowners insurance at discounted group rates along with convenient payroll deductions as a payment option. There is a 5% discount on auto, homeowners, condo and renter's insurance. If you choose to insure both your auto and home you will receive an additional 10% discount on your homeowners, condo or renters insurance.
Tuition Assistance
Satcon offers a tuition reimbursement program. This program is available to all regular full and part time employees. The plan runs on a calendar year and the maximum amount of reimbursement per year is $4,000. Tuition, registration fees, laboratory fees and textbooks are eligible under the reimbursement program. Employees must receive prior approval for all courses and satisfactory grades are required for reimbursement.