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.

401(k) Plan

The first enrollment period following 60 days of service, employees have the option to participate in Key's 401(k) Plan. Eligible participants may contribute up to 50% of their salaries not to exceed Federal guidelines. If an employee contributes 6% of his/her salary, they will receive the maximum company matching contribution of 3%. Contributions to the 401(k) Plan are deducted from payroll before taxes are calculated and are, therefore, not currently taxable. Eligible employees will be notified of the enrollment periods that occur each year on January 1, April 1, July 1, and October 1.

Employee Stock Purchase Plan

The first enrollment period following 30 days of service, employees have the option to participate in Key's 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. Eligible employees will be notified of the enrollment periods that occur each year on January 1, April 1, July 1, and October 1.  Stock is purchased after the end of each quarter and there are no fees or commissions charged.

Flexible Spending Account

A Flexible Spending Account (FSA) program enables you to set aside money on a pre-tax basis to pay for health and day care costs.  An FSA is the only benefit that actually saves you money on the cost of health and day care expenses.

The Health Care FSA is used to pay for out-of-pocket medical expenses.  Most medical expenses are eligible for reimbursement.  Common eligible expenses are prescriptions and office visit copays; over-the counter (OTC) drugs; glasses; contacts; dental work; orthodontia; and the expenses that are applied to your plan deductibles.  Expenses that are for one’s general well-being, cosmetic in nature or not medically necessary are not eligible.  The Benny Card is a debit card for the Health Care FSA.  The card will ay for expenses at any merchant who accepts MasterCard.  The Benny Card enables you to pay for eligible expenses directly from your Health Care FSA—so you don’t have to wait for reimbursement.

The Day Care FSA can be used to pay for your qualified day care expenses with pre-tax dollars.  The day care provider can be a licensed day care facility or a private individual. 

Holidays 

The following nine Holidays are observed by Key Technology:

        Thanksgiving Day        

LAP 

Key Technology offers an 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.

Lifelines

Lifelines is a wellness program run by Key Technology employees. Membership is open to any full or part-time employee. 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 fitness center. Lifelines members and their families are eligible to participate in Lifelines group activities.

Life and Disability Benefits

Life/AD&D insurance is funded by Key Technology. Life insurance is equal to 1 ½ times your annual base salary.

Key Technology offers both Short and Long Term Disability. 

Short Term Disability benefits pay a portion of the employee's base salary for up to 180 days (6 months), subject to a maximum benefit.

Long term Disability begins after 180 days (6 months) and will pay a portion of your base salary, subject to a maximum benefit to age 65. 

Long Term Care 

Key Technology 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).

Medical, Dental and Vision 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 to administer the Medical and Vision plans and to insure the plan for catastrophic claims (stop loss insurance). We currently offer employees a choice of four different PPO medical plans. Delta Dental currently administers our dental plan. 

MetLife 

Life insurance is one of the most important tools that you have for protecting your dependents financial future.  Key employees and their immediate dependents are given the opportunity to enroll in additional group life insurance through MetLife.

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.

Profit Sharing

Participants who are employed by Key Technology on the last day of the Plan year (December 31st) and have at least 1,000 hours with the Company and have worked at least 12 months prior to that date, share in the Company contribution and forfeitures.

Travel Accident Protection

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

Vacation

Accrual the first year 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.