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Key Technology Benefits (U.S.)

Key Technology offers a competitive, global compensation and a broad range of programs and benefits for all of its employees.

Holidays

The following nine Holidays are observed by Key Technology:

New Years Day Memorial Day Fourth of July

Labor Day Thanksgiving Day Day after Thanksgiving

Day before Christmas Christmas Day Day after Christmas

Vacation

Accrual the first year for all regular employees will be at the rate of 80 hours per year. On the fifth anniversary the accrual will increase to the rate of 120 hours per year.  On the tenth anniversary, accrual will increase to 160 hours per year.

Accrual for all managers begins at the rate of 120 hours per year.  On the fifth anniversary, the accrual will increase to the maximum rate of 160 hours per year.

Accrual for all executive management and directors begins at the maximum rate of 160 hours per year.

Paid Leave

Regular non-exempt employees accrue paid leave on the first pay period following their initial 60 day probationary period at the rate of 1.539 hours per bi-weekly pay period, which is the equivalent of 40 hours per year.

Any of your unused paid leave at December 31st will be carried forward up to a maximum of 80 hours.  If you have paid leave hours accrued in the excess of 80 hours on December 31st, you will be paid for these hours in January of the following year.

Travel Accident Protection

All Key Technology employees are covered for $100,000 in additional life insurance while traveling for the Company. 

Profit Sharing

Effective October 1st, 2008, all regular employees worldwide are eligible to participate in Key’s profit sharing plan, with the exception of those already participating in incentive plans (Field Sales, management, executives).  Profit sharing payouts will be in the form of cash subject to applicable taxes and paid out bi-annually based on the Company's performance results on certain key indicators.  Payments made will be based on employees' regular salary paid during program periods, with a payout target of 3% of base salary.  There is no cap value on potential payout if performance exceeds targeted goals.

401(k) Plan

Employees are eligible to contribute to the Plan on the first day of the month following their date of hire.  The company will match 50% of whatever an employee contributes, up to the maximum of 4%. So if an employee contributes 8% of his/her salary, they will receive the maximum company matching of 4%, which equates to a 50% earning on their money.  Employees may enroll, increase or decrease their deferral at the beginning of each month.  They may opt to discontinue contributions at any time.  Effective January 1, 2009 the maximum amount a participant may contribution to the plan, on both a combined pre and post tax basis, will increase from 15,500 to $16,500 and from $20,500 to $22,000 for those age 50 and older.  Eligible participants may contribute up to 50% of their salaries not to exceed Federal guidelines above. 

Employee Pre-Tax Contributions: Participants may elect to defer up to 50% of their pre-tax compensation and have that amount contributed to the Plan.  Effective January 1, 2009, the maximum deferral amount will increase to $16,500.

Employee After-Tax (Roth) Contributions: Participants may also elect to make contributions to the Plan on an after-tax basis. 

Employee Stock Purchase Plan

This plan is designed to be an economical way for eligible employees of the Company to purchase shares of Key Technology stock at a 15% discount through payroll deduction.

Employees have the option of participating in Key’s Employee Stock Purchase Plan on the first day of the month following 30-days of service.  Employees may enroll, increase or decrease their deductions at the beginning of each month. They may opt to discontinue deductions at any time.  Stock is purchased after the end of each quarter and there are no fees or commissions charged to employees.

Lifelines

Lifelines is a wellness program administered by Key Technology employees.  Membership is open to any full or part-time employee of Key Technology.  All members pay membership dues that are automatically deducted from their paychecks.  The spouse and children of employee members automatically become members when the employee joins.  There are no additional dues for spouse and children.  Members of Lifelines and their family members over 16 have use of the fully equipped Lifelines room. Lifelines members and their families are eligible to participate in Lifelines group activities.

Medical/Vision and Dental Benefits

Key Technology is self-insured for the medical, dental and vision coverage.  Self-insurance means that all the employer-paid and employee-paid premiums are combined into one fund from which plan administration, stop loss insurance and claims are paid.  We currently contract with Premera Blue Cross and Delta Dental to administer the plan and to insure the plan for catastrophic claims (stop loss insurance).  The medical program offers employees a choice of three different PPO plans.

Premiums

Key Technology currently pays 70% of the total cost of dental, dependent life, long and short-term disability premiums. Employees contribute 30%.  Medical premiums and contributions vary by plan. 

Flexible Benefits Account

The Health Care Account is a salary reduction program available to all eligible employees.  This program allows you to use pre-tax dollars to pay for expenses that are not covered in our medical, dental and vision plans.  The annual maximum is $2,500.

The Dependent Care Account also allows you to reduce your salary by up to $5,000 pre-tax dollars annually to reimburse yourself for eligible dependent care expenses.

Life and AD&D

Life Insurance and Accidental Death & Dismemberment coverages are fully funded by Key Technology. Benefits for both Life and Accidental Death and Dismemberment (AD&D) are 1½ times your annual base salary.  Dependent Life coverage is also available to all eligible employees.  The amount of coverage is $2,000 per dependent. 

MetLife

Key understands that life insurance is one of the most important tools that you have for protecting your dependents financial future.  Employees and their immediate dependents are given the opportunity to enroll in an optional group life insurance above what the company provides, through MetLife Insurance.

Disability Benefits

Key Technology offers both Short Term and Long Term Disability plans through CIGNA.

Short Term Disability benefits will be paid at 66 2/3% of the employee’s base salary, subject to a maximum benefit of $5,000 per month.  Benefits will be paid bi-weekly and may continue for a maximum of 180 days.

Long term Disability begins after 180 days (6 months) and will pay 66 2/3% of your base salary, subject to a maximum benefit of $8,000 monthly, up to age 65.

Life Assistance Program (LAP)

Key Technology offers a Life Assistance program through CIGNA. This program is free to all employees.  It provides resources for counseling, financial information, legal services, and parenting, access to a 24-hour/365-day telephone helpline and online resources.

Long-Term Care

Key Technology also offers an optional long term care program through Unum-Provident.  Long term care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living (bathing, dressing, toileting, transferring, continence and eating), or suffers sever cognitive impairment (such as Alzheimer’s disease).