Norfolk Southern offers a competitive compensation package for all job levels, including a 401k plan and participation in the retirement benefits program provided by the Railroad Retirement Board. The company also provides life insurance benefits, with optional additional life insurance for yourself, your spouse, and children. Furthermore, Norfolk Southern has been named a top-scoring company on the 2019 Disability Equality Index® (DEI), recognizing it as one of the Best Places to Work for Disability Inclusion.
What You'll Learn
Norfolk Southern's Executive Life Insurance Plan
Under this plan, the employer (Norfolk Southern Corporation) will make annual premium payments on behalf of the participant (eligible employee) into a life insurance product owned by the participant. The life insurance product will be issued by an insurance carrier chosen by the employer, and the participant will have full ownership rights and be able to exercise all ownership rights without involvement from the employer.
To be eligible for this plan, an employee must have been eligible for benefits under the previous plan as of January 1, 2009, and no employees became eligible after December 31, 2002. Participation in the plan will continue until the earliest of the participant's separation from service, the cessation of employer contributions, or as otherwise provided in the program.
The employer's contribution to the life insurance product will be based on a targeted death benefit, which is an amount of death benefits to be provided under the life insurance product. During employment, the contribution will be equal to three times the participant's compensation reduced by $50,000, plus any amounts set forth in the participation agreement. After retirement, the contribution will be as set forth in the participant's participation agreement.
In addition to the targeted death benefit, the employer will make an additional annual payment to participants to cover taxes on the excess of the employer's contribution over the value of the coverage provided. However, this additional payment does not apply to participants who hold positions at the level of Executive Vice President or above.
The employer reserves the right to terminate or amend the plan at any time and may cease or suspend employer contributions at any time. The plan also outlines specific circumstances under which employer contributions will cease for individual participants, such as separation from service prior to retirement or certain actions taken by the participant regarding the life insurance policy.
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Employee Stock Purchase Plan
Norfolk Southern offers an Employee Stock Purchase Plan as part of its benefits package. The company provides a complete package with sought-after compensation, comprehensive benefits, and career development opportunities.
Norfolk Southern prioritises the financial journeys of its employees, offering a competitive 401k plan and participation in the retirement benefits program provided by the Railroad Retirement Board. This sets the company apart from most other Fortune 500 companies.
Through partner providers, Norfolk Southern offers assistance with financial literacy and planning, helping employees build a secure financial future. The company also partners with a credit union that has expertise in the railroad industry and its employees' needs. Exclusive financial offerings include special mortgage and home equity programs, personal loan refinancing, auto-approved lines of credit, and other financial resources.
Norfolk Southern also provides several medical, dental, and vision plans, as well as flexible spending accounts, to ensure that all employees have access to the healthcare they need. Life insurance benefits are also included, with the option for additional life insurance for employees, their spouses, and children.
The company offers various voluntary benefits, such as accident coverage and hospital indemnity, and prioritises employee wellness through physical and mental health initiatives.
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Health Insurance
Norfolk Southern offers a comprehensive health insurance package to its employees. The company provides a holistic framework for employee well-being, encompassing career development opportunities, financial security, and tools and resources for physical, mental, and social wellness.
In terms of health insurance, Norfolk Southern offers several medical, dental, and vision plans to choose from. Employees can select from a range of flexible spending account options, including health savings accounts (HSAs) and flexible spending accounts (FSAs). This flexibility allows employees to customise their coverage according to their specific needs and preferences.
The company also recognises the importance of mental health and provides multiple resources to support employees in this area. They offer access to therapy sessions and a meditation app to promote mental wellness. Additionally, employees can take advantage of a fitness centre discount program, enabling them to access thousands of fitness centres nationwide to support their physical health.
Norfolk Southern's health insurance package also includes life insurance benefits, with the option to purchase additional coverage for oneself, one's spouse, and children. The company further provides voluntary benefits, such as accident coverage and hospital indemnity plans, ensuring that employees can tailor their coverage to meet their unique needs.
Overall, Norfolk Southern demonstrates a strong commitment to the well-being of its employees by offering a comprehensive health insurance package that addresses a range of wellness needs, including physical, mental, and financial aspects.
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Supplemental Life Insurance
For agreement-based employees, Norfolk Southern offers a platform called "yourtracktohealth.com," where they can access their benefits, update their beneficiaries, and obtain details about their coverage. This dedicated portal ensures that employees can conveniently manage their supplemental life insurance and other benefits.
Non-agreement-based employees are also offered a range of insurance options, including medical, dental, and flexible spending accounts, under the company's ChoicePlus plan. After joining the company, employees will receive an email from the ChoicePlus Benefits Center with instructions for making their benefit elections, including supplemental life insurance. They will have 31 days to enroll and add dependents to their chosen plans.
The company's commitment to providing a comprehensive benefits package, which includes supplemental life insurance, demonstrates its investment in the well-being and financial security of its employees. This benefit enhances the overall compensation and makes Norfolk Southern an attractive employer in the industry.
Norfolk Southern's supplemental life insurance benefit is a valuable addition to their employees' financial portfolios, providing peace of mind and assurance that their loved ones will be taken care of in the event of their passing. It is a testament to the company's recognition of the importance of work-life balance and employee satisfaction.
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Disability Insurance
Norfolk Southern provides disability insurance as part of its employee benefits package. This is in addition to other insurance benefits, such as accidental death and dismemberment insurance, health insurance, and supplemental life insurance.
Short-term disability insurance provides benefits for a limited period, typically a few weeks or months. Payments usually start after a short waiting period of around one or two weeks. This type of insurance is designed to cover temporary medical conditions or injuries that prevent an individual from working.
On the other hand, long-term disability insurance provides benefits for a more extended period, sometimes even until the disabled person reaches retirement age or is able to return to work. This type of insurance is intended to help individuals maintain their lifestyle if a more serious or permanent disability prevents them from earning an income for several years.
The amount of disability insurance coverage one needs depends on their income needs. Workplace plans typically reimburse around 40% to 60% of an individual's pre-disability salary, but it's important to note that the benefit may be taxable if the employer pays the premiums. Supplemental disability insurance can be obtained through work or individually to cover any gaps in group insurance. Individual disability plans are usually paid with after-tax dollars, so the benefit is typically not taxed.
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