A variety of changes to the benefits offered by Co-Line were reviewed at the third-quarter meeting on Oct. 20. One exciting announcement for employees was Co-Line has increased its 401(k) match formula by two percent. This means, effective Jan. 1, Co-Line will match 0.5 percent for every one percent of contribution up to six percent for a maximum match of three percent. Employees who are currently enrolled in the program can make a change of deferral at any time and are encouraged to turn their change form in by Dec. 1 to take effect Jan. 1. 401(k) open enrollment dates are Jan. 1, Apr. 1, July 1, and Oct. 1 for those who are 21 years of age or older and have 1,000 hours worked within 12 consecutive months.
Also effective at the start of the new year, paid leave and vacation time will all be combined into one bucket and called paid time off. There will be no change to accruals, and employees can carry over up to 200 hours with excess paid out at 100 percent on their anniversary date.
A few health insurance changes beginning Jan. 1 were reviewed. Office co-pays, emergency room copays, and drug deductibles will all see changes for 2017. On the bright side, due to negotiations by Co-Line and diligent use of insurance by employees, there will be no health insurance rate increases for 2017.
Also at the meeting, a total of $2,330 in cash was handed out to the 37 employees and 19 spouses who participated in third-quarter wellness challenges.
Co-Liners also took a look ahead to the fourth quarter. Business looks to be a bit slower but still steady. Diversity is and will continue to be Co-Line’s niche while others in the manufacturing sector are experiencing reduction in hours, layoffs, and decreased sales. Currently, tool and die and design are the busiest departments at Co-Line.
The meeting concluded with a look at the south building addition and how far it has come since groundbreaking in May.
Cake and punch were provided at the meeting to honor Dave Pierce, who was recognized at the meeting before retiring the following day.