Haris Teeter Employee: Borrowing Against Life Insurance Explained

how does haris teeter emplyee borrow against life insurance

Harris Teeter, a world-class grocer with over 220 stores, offers a range of benefits to its employees, including life insurance. While it is not explicitly stated that employees can borrow against their life insurance, Harris Teeter does offer financial benefits such as 401(k) plans with company-matched contributions, savings plans, and twice-annual profit-sharing checks. Additionally, the company provides health, dental, and vision insurance, as well as paid vacation, personal, jury duty, and bereavement days.

Characteristics Values
Type of Insurance Life Insurance
Availability Full-time employees only
Borrowing Options Not mentioned

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Borrowing options for Harris Teeter employees

Harris Teeter, a supermarket chain with over 220 stores, offers a range of benefits to its employees, including borrowing options. The company provides a competitive base salary and the opportunity to participate in an attractive incentive program.

  • Retirement and Savings Plan: Harris Teeter offers a 401(k) plan with company-matched contributions. This allows employees to save for their retirement and provides an opportunity to borrow against their savings if needed.
  • Life Insurance: The company offers life insurance to full-time associates, which can provide financial protection for loved ones in the event of an employee's death. While it is not explicitly stated, life insurance policies often offer options to borrow against the policy's cash value.
  • Educational Assistance: Harris Teeter provides educational assistance to employees wishing to continue their education. This includes partnerships with Queens University and the University of Phoenix, as well as an educational leave of absence option. This could potentially reduce the need for employees to borrow money for educational expenses.
  • Paid Time Off: Full-time employees are offered paid vacation, personal, jury duty, and bereavement days. This benefit provides employees with paid time away from work, which may reduce the need to borrow for unexpected expenses.
  • Employee Discounts: Harris Teeter offers a 10% employee discount on HT items and special offers. This can help employees save money on their grocery bills, potentially reducing the need to borrow.
  • Other Financial Benefits: The company also provides accidental death and dismemberment insurance, occupational accident insurance, supplemental workers' compensation, and charitable gift matching. These benefits can provide financial support and protection to employees and their families.

Overall, Harris Teeter offers a comprehensive benefits package that includes borrowing options and financial protection for its employees. The company strives to take care of its associates and provide protection and security for them and their families.

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Life insurance benefits for full-time employees

Harris Teeter offers a range of benefits to its full-time employees, including life insurance. The company is committed to providing an enjoyable, diverse workplace with growth opportunities and industry-leading employee benefits.

The life insurance benefit provided by Harris Teeter includes Term Life Insurance, Dependent Life Insurance, Supplemental Life Insurance, and Whole Life Insurance. These options ensure financial protection for employees' loved ones in the event of their death.

Full-time employees at Harris Teeter also have access to a variety of other insurance options, such as accidental death and dismemberment insurance, occupational accident insurance, disability insurance, and critical illness insurance. Additionally, the company offers a retirement and savings plan, including a 401(k) plan with matching company contributions, paid vacation days, and educational assistance.

The company's benefit package is designed to provide comprehensive and competitive coverage, adding substantial value to the total compensation received by its employees. With these benefits, Harris Teeter demonstrates its commitment to taking care of its associates and providing protection and security for them and their families.

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Harris Teeter's 401(k) plan and matching contributions

Harris Teeter offers a 401(k) plan to its employees, which is a retirement savings plan. The plan is offered through T Rowe Price and covers 36,527 employees.

Matching contributions

Harris Teeter offers matching contributions to its employees' 401(k) plans. The amount of matching contributions depends on the amount of the employee's contribution and the matching contribution percentage. The matching contribution percentage is determined by the Harris Teeter Retirement and Savings Plan.

The matching contribution percentage is 50% of the aggregate of the participant's pre-tax, designated Roth and after-tax contributions for such payroll period, which is at least 1% and no more than 6% of the participant's compensation for such payroll period.

Eligibility

To be eligible for matching contributions, an employee must be eligible to make Deferral Contributions under the plan. To be eligible for Deferral Contributions, an employee must be (i) included in a select group of management employees as provided in ERISA Sections 201(2), 301(a)(3), and 401(a)(1); and (ii) have an annualized Base Salary excluding commission compensation that equals or exceeds the amount described in Code Section 414(q)(1)(B)(i) in effect for the Plan Year preceding the Plan Year of eligibility.

Vesting

Matching contributions are subject to the same vesting schedule as matching contributions under the Harris Teeter Retirement and Savings Plan.

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Other insurance options offered by Harris Teeter

Harris Teeter offers a range of insurance options to its employees, including medical, dental, vision, and life insurance. In addition to these standard options, they also provide savings plans to help employees save for their future, such as 401(k) plans with company-matched contributions.

For those seeking more comprehensive coverage, Harris Teeter also offers supplemental insurance options, including supplemental life insurance, supplemental AD&D insurance, short- and long-term disability insurance, and critical illness insurance. They also provide insurance options that cater to specific needs, such as whole life insurance and accidental death and dismemberment insurance.

Recognizing the importance of overall well-being, Harris Teeter also offers flexible spending accounts (FSA) and health savings accounts (HSA) to help employees manage their healthcare expenses. Furthermore, they provide resources for employees to navigate Medicare options, including Parts C and D, which often include extra benefits like vision, dental, hearing, and fitness services.

With a commitment to supporting employees' long-term financial security, Harris Teeter's insurance options demonstrate a comprehensive approach to employee benefits, ensuring that associates have access to a range of resources to meet their diverse needs.

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Wellbeing score and employee reviews

Harris Teeter offers a wide range of benefits to its employees, including health and wellness, financial and retirement, family and parenting, vacation and time off, perks and discounts, and professional support.

The company's work wellbeing score is 65 out of 100, with a rating of 3.5 out of 5 stars based on 5,289 responses to Indeed's work wellbeing survey. The survey covers various aspects of employee wellbeing, including happiness, purpose, satisfaction, and stress management.

Employee reviews on Indeed provide mixed opinions about working at Harris Teeter. Some employees mention being overworked and underpaid, having abysmal working conditions, and facing communication issues with management. Others highlight the simplicity of the job, the friendliness of colleagues, and the flexibility of schedules.

Glassdoor reviews offer insights into specific benefits, such as the 401K plan, health insurance, employee discounts, and semi-annual checks. However, there are also comments about the time gap for 401K contributions and matching, as well as the quality and cost of health insurance plans.

Overall, Harris Teeter seems committed to providing a comprehensive benefits package and a positive work environment for its employees, but individual experiences may vary.

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