Benefits and Compensation

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Universal employees in the United States enjoy the following benefits:

Savings and Investment Program (401K)
Employees can contribute from 1 to 50% of their pre-tax pay to this program, which has a large variety of investment choices. Universal provides a 25% matching contribution up to 6% of an employee's pay. If justified by the company's business results, an additional match of up to 15% can be provided after the end of the calendar year. Taxes on contributions and the interest earned are deferred until funds are withdrawn.

Deferred Profit Sharing Plan
This "defined contribution" retirement savings plan was instituted in 1953, and has provided financial security in retirement for many Universal employees. In years when earnings permit, Universal deposits a percentage of employee earnings into a trust fund that can be withdrawn at retirement or termination. Employees can change their investment choices within the plan and are fully vested after five years of Universal service. There is no employee contribution to this plan and the company contributions are not taxable until funds are withdrawn.

Medical Insurance
Universal offers two medical insurance options: PPO plan and HDHP/HSA. The PPO plan structure has a $10 office visit copay for most services and a 3-tier copay prescription structure. The HDHP/HSA is a high deductible health plan with a health savings account funded by Universal, with the option for employees to also contribute. Employees are eligible for medical insurance upon hire.

Dental Insurance
Universal offers a comprehensive dental program for employees' dental health. Coverage varies, but includes 100% of the cost for preventive services and at least 50% of the cost for restorative services, as well as providing orthodontic benefits. Employees are eligible for dental insurance upon hire.

Vision Insurance
Employees can elect to purchase vision care insurance to cover themselves and their dependents. Coverage includes an annual vision examination and some portion of the cost of lenses, contact lenses, and frames. Employees pay small copayments. Employees are eligible for vision insurance upon hire.

Disability Insurance
Short-term disability insurance: Mandatory New York State Disability Insurance costs $1.20 per pay period. The coverage provides 50% of the employee’s income (with a maximum of $170 per week) for up to 26 weeks. Long-term disability insurance: Long-term disability insurance options are available for exempt and nonexempt employees. Coverage begins six months after the date of disability. The costs of the programs vary, as do the coverage amounts.

Employee Assistance Program
Universal's Employee Assistance Program provides confidential, professional help to employees and their families to resolve personal situations such as substance abuse, or marital, financial, or other family problems. In addition, the program provides employees and their families with resources to help balance work/life issues. There is no cost to the employee for this assistance, and there is no waiting period for eligibility in the program.

Flexible Spending Accounts
Upon hire, employees are eligible to participate in a Flexible Spending Account program. Flexible spending accounts allow employees to pay for certain health and dependent care expenses (such as deductibles, copayments and other health-related expenses, or day care) with pretax dollars. Employees can elect to deposit up to $5,000 per year for medical care and $5,000 per year for dependent care. Payment is made bi-weekly through payroll deduction and the program offers a debit card option to pay for eligible expenses.

Holidays
Employees in the United States receive 10 paid holidays per year. Employees in other countries receive various paid holidays appropriate to the custom in the country of their employment.

Life Insurance
Basic term life insurance: Upon hire, Universal employees are covered by basic term life insurance at no cost to the employee. Employees receive coverage equal to twice their salary. Supplemental life insurance: Employees can purchase supplemental life insurance. The coverage provided by this program is equal to a multiple of the employee's annual salary.

Salary Continuance While on Disability
A salary continuance may be granted to supplement short-term disability or Workers' Compensation payments. The amount paid varies depending on the employee's length of service with the company, but can last up to 26 weeks if the employee is totally disabled.

Tuition Assistance Program
With manager's approval, Universal will pay for up to two courses per term (or the equivalent of eight credits) at accredited schools. Universal also covers the cost of some mandated fees associated with continuing education.

Vacation
Upon hire, employees immediately begin accruing vacation time. Vacation hours are accrued bi-weekly based on years of service. New hires earn two weeks vacation per year.

Workers' Compensation
Employees are covered by Workers' Compensation for accidents on the job. Payments cover all medical bills and two-thirds of an employee's weekly pay (up to $400 a week).

On-site Fitness Room
The Wellness Committee opened up an on-site Fitness Room in October 2006, accessible to all employees 24/7. The Fitness Room features state-of-the-art fitness equipment.