Charles River is proud to offer our employees a highly comprehensive and competitive benefits package. Our employees enjoy the best in care providers, generous company contributions, and liberal time-off policies. Our Employee Handbook, available to prospective employees during an on-site interview, provides complete details of our excellent benefits.
Charles River regularly asks for employee feedback about benefits and recently administered a comprehensive survey, the results of which will be used to further tailor our package to the needs of our employees.
Following is a brief overview of our most important benefits:
Medical Insurance
Charles River pays 100% of the premium for an employee's individual or family membership with Tufts Health Plan. We note that Newsweek and other consumer publications consistently place Tufts Health at or near the top of their national ratings.
Dental Insurance
Charles River pays 100% of the premium for an employee's individual or family membership in the Blue Cross and Blue Shield Master Dental group plan.
Life Insurance
Charles River pays 100% of the premium for an employee's term life insurance plan up to five times the employee's annual salary.
Sick and Excused Time (S&E)
Charles River employees accrue five days of paid sick/excused time each fiscal year.
Short & Long Term Disability Insurance
Charles River pays 100% of the premiums for an employee's disability insurance. The policy will pay up to 50% of the employee's monthly earnings up to a pre-set maximum.
Vacation
Charles River employees accrue three weeks of vacation per year.
Holidays
Charles River pays employees for ten holidays each year.
Education Assistance Plan
Charles River employees are eligible for up to 100% reimbursement of tuition costs and required course textbooks.
Professional Society Membership
Charles River pays 100% of the fee for an employee's membership in a professional society.
Personal Equipment Purchase & Upgrade (PEP-UP)
Charles River employees are given a generous annual spending account to purchase computer equipment, software, computer accessories, and other items intended to enhance their productivity, organization, and enjoyment through the use of the latest technology. PEP-UP purchases remain the property of the employee.
Gym Membership
Charles River employee's have full and free access to a fully equipped exercise facility on-site. In addition to the on-site gym, Charles River will reimburse an employee for 50% of the cost of membership in another local gym.
Employee Referral Bonus
Charles River encourages employees to participate in the recruiting process by identifying outstanding candidates and encouraging them to apply. To promote the referral process and to provide a tangible incentive to employees to refer qualified, desirable candidates, Charles River pays a generous bonus when a new employee is hired as a result of a direct employee referral.
Incentive Compensation Plan (ICP)
Charles River recognizes and rewards the hard work and dedication of our employees by allowing them to share in the success of the Company. Through the ICP, employees receive cash bonuses based upon the overall business success of the Company during the fiscal year and the employee's contribution to that success.
Profit Sharing Plan
Charles River has established a Qualified Retirement Plan approved by the IRS. The selected plan is a Profit Sharing Plan (PSP) that provides employees with an incentive for capital growth and increased retirement income and gives all employees a substantial interest in the company's financial success.
Each year, the Board of Directors determines the contribution to the PSP from the corporate fiscal year earnings. The percentage contribution is a fixed percentage of an employee's annual compensation. We are proud that the company’s contribution has been 15% each year since our inception in 1983, and until recently, that was the maximum contribution allowed by law.
The Profit Sharing Plan also includes a 401(k) Plan into which employees may contribute an additional 10% of their salary. The Contributions are entirely tax free, and any accruals due to plan growth are tax-free as well. All contributions into the 401(k) Plan will be immediately vested starting from date of hire. Participants have complete access to their fund status 24 hours a day, and may redistribute their allocations across a range of investment vehicles.
