Wherever you are in your career — just starting out or a seasoned professional — your benefits represent an important part of your overall compensation. Eligible Praxis employees are provided a wide range of benefits. A number of the programs (such as Social Security, workers' compensation, and unemployment insurance) cover all employees in the manner prescribed by law. Benefits eligibility depends on a variety of factors, including Personnel Category (full time; part time, benefits eligible; part time, limited benefits; part time, non-benefits eligible; and per diem hourly).
The following paragraphs summarize Praxis's comprehensive benefits package. 1. Health Insurance
This page contains general information regarding certain benefit plans offered by Praxis to its employees. If the information on this page conflicts with or is inconsistent with the provisions of the plan documents, the provisions of the applicable plan and/or any related insurance contract are controlling and will govern. Enrollment in Praxis' benefit plans is subject to all limitations of the plans, including any pre-existing condition exclusions, elimination periods, at-work requirements, and hourly eligibility requirements. Praxis reserves the right to change, suspend, withdraw, amend, modify, or terminate these plans in whole or in part at any time to the extent permitted by law.
Praxis offers health insurance to its eligible employees and their dependents. Health insurance includes medical insurance, dental insurance, a prescription plan, and vision insurance. Praxis pays 70% of the premium cost for the health insurance. The employee's share of the premium cost is deducted from the employee's salary before taxes, reducing their taxable income. 1.1 Medical Insurance
Eligible employees can participate in the Point-of-Service (POS) Plan or the Health Maintenance Organization (HMO) Plan. Coverage of eligible employees and their eligible dependents becomes effective the first day of the month following employment. 1.2 Dental Insurance
Dental insurance is offered to eligible employees and their dependents. Eligible employees can participate in the provider network or can choose providers outside of the network, whereupon services will be covered at a lower percentage. 1.3 Prescription Plan
The medical insurance plan includes a prescription plan. Co-pays are determined by which tier the particular drug falls under in the formulary. 1.4 Vision Insurance
The medical insurance plan includes vision coverage. Praxis also offers eligible employees optional comprehensive vision insurance. 2. Life Insurance and Accidental Death and Dismemberment Insurance
Life Insurance and Accidental Death and Dismemberment Insurance are provided without cost to the employee. Coverage for eligible employees becomes effective the second day of employment. 3. Short- and Long-Term Disability
Short- and long-term disability plans provide salary continuance in case of accident or illness. Coverage for eligible employees becomes effective the second day of employment and is provided without cost to the employee. 4. Paid Leave
Praxis provides paid holiday leave to eligible employees. Eligible employees also accrue Annual Personal Leave. Annual Personal Leave can be used for a variety of reasons including vacation, appointments, and sick days. 5. Educational Assistance
Praxis offers educational assistance for eligible employees taking job-related courses at an accredited educational institution. Praxis offers this assistance for undergraduate as well as graduate degrees 6. 401(k) Retirement Savings Plan
Praxis maintains a 401(k) retirement savings plan (the Plan) for eligible employees. Employee contributions to the Plan are taken from pre-tax salary and are not taxed until withdrawn. Praxis makes matching contributions up to a maximum amount based on the eligible employee's total contribution to the plan. Praxis may make annual discretionary profit sharing contributions to the Plan for eligible employees in accordance with Internal Revenue Service regulations. 7. Employee Stock Ownership Plan (ESOP)
Eligible employees receive contributions from Technology Service Corporation's (TSC’s) ESOP, giving them an ownership share in the company. To be eligible, employees must have worked at least 1,000 hours in the plan year and be employed by Praxis on the last day of the plan year. TSC makes annual contributions to the ESOP Trust, which “owns” all of the shares. Shares are allocated to eligible employees based on compensation. Employees are partially vested in the ESOP account after one year of service and fully vested after five years of service. 8. Overtime Compensation
Exempt employees working approved overtime can choose to be compensated in one of two ways: (1) pay at their regular hourly rate for actual hours worked in excess of 40 in a workweek; or (2) compensatory time off equal to the number of hours actually worked in excess of 40 in a workweek. Non-exempt employees working overtime are compensated in accordance with the applicable portions of the Fair Labor Standards Act (FLSA) and the labor laws of the Commonwealth of Virginia. 9. Employee Assistance Program
This confidential service is available 7 days a week, 24 hours a day and provides assistance with parenting and child care, relationships, emotional welfare, work and career, and legal and financial problems. 10. Credit Union Membership
Praxis employees are eligible for membership in the CommonWealth One Federal Credit Union and the Naval Research Laboratory Federal Credit Union. 11. Pay Periods
Praxis employees are paid every two weeks, generally on a Monday. Holidays may affect this schedule, at which time the paychecks will be distributed on the following day. 12. Performance and Salary Evaluations
Praxis reviews new employee's performance after 3 months. Praxis reviews each employee's performance and salary anually. 13. Company Events
Praxis sponsors social events during the course of the year, including an annual picnic featuring food, sporting events, and activities for employees and their family members, and an annual holiday gathering for employees. 14. At-Will Employer
Praxis operates under the at-will employment philosophy, which means that an employment relationship exists only as long as both parties, the employer and employee, agree to continue it. Either party may terminate the relationship at any time and for any reason. Employment arrangements are based on current and projected needs of our business and Praxis does not offer guaranteed employment to employees.