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About PECO
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Summary of Employee Benefits
- Dental Insurance: Dental insurance is provided through MetLife Insurance Company for employees and their dependents. PECO pays 100% of the premium for employees and dependents.
- Vision: Beginning the first of the month following 30 days of employment employees may choose vision insurance. The company pays 25% of the premium for employees and dependents.
- Life Insurance and Accidental Death: Life Insurance and AD&D insurance are provided through MetLife Insurance Company. PECO pays 100% of the premium for the following coverage:
- Employee Life Insurance: 2 ½ times the employee’s annual salary, up to $200,000.
- Employee AD&D: 2 ½ times the employee’s annual salary, up to $200,000.
- Dependent Life Insurance:
Spouse = $5,000
Child age 14 days to 6 months = $100
Child age 6 months to 21 years = $2,000
- Disability Insurance: Short-term and long-term disability insurance are provided through MetLife Insurance Company. PECO pays 100% of the premium for the following coverage:
- Short-term Disability: If disabled the employee will receive 66 2/3 percent of base earnings up to a maximum of $1,000.00 per week. Eligibility begins after 30 days of disability and continues through 180 days from date of disability.
- Long-term Disability: If disabled, 66 2/3 percent of the first $10,000 of base monthly earnings, payable to age 65. Eligibility begins after 180 days of disability.
- PECO 401(k): Beginning the first of the month following 30 days of employment, employees are able to contribute a portion of their pre-tax salary into a 401(k) retirement savings plan. PECO will match 100% of the employees first 5% salary deferral (maximum employer contribution is 5% of salary). PECO employer contributions are subject to the following vesting schedule: 20% after 1 year of employment; 40% after 2 years of employment; 60% after 3 years; 80% after 4 years and 100% after five years of employment. The employee is 100% vested in his/her salary deferrals.
- Profit Sharing: Employees are eligible to participate in the PECO profit sharing plan after completing 12 months of employment and 1,000 hours of service. The employee is enrolled in the Profit Sharing Plan on the first of the month following his/her anniversary date. The plan year is January 1 through December 31 and after meeting eligibility, the employee will receive a pro-rated profit sharing contribution their first year of eligibility. Based on company performance, PECO may contribute up to 10% of the employees’ eligible salary to the Plan. PECO employer contributions are subject to the following vesting schedule: 40% after 2 years of employment; 60% after 3 years; 80% after 4 years and 100% after five years of employment.
- The PECO 401(k) and Profit Sharing is provided through Fidelity Retirement Services and offers a full range of investment options.
- Vacation: Full-time employees will accrue paid vacation at the following annual rates:
| Years of Service |
Annual Accrual |
Pay Period Accrual |
| 1st through 6th year |
80 hours |
3.33 hours |
| 7th through 19th year |
120 hours |
5.0 hours |
| 20 years or more |
160 hours |
6.67 hours |
- Sick Leave: Full time employees accrue sick leave at the rate of four hours for each full month of employment with a maximum accrual of 176 hours (22 days).
- Holidays: PECO provides eleven paid holidays each calendar year.
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