What is UTC Choice?
UTC Choice is a flexible benefits program that gives employees the choice from a variety of benefit plans and select the options to best meet their needs. The flexible plans include:
- Comprehensive medical plan options covering medical services in a doctor's office or hospital, emergency care, prescription drugs, and mental health/substance abuse treatment.
- Dental plans for a broad range of dental services, including 100% coverage for preventive dental care and a comprehensive plan option that includes restorative and orthodontia coverage.
- Various levels of life insurance, including employee coverage up to 5 times annual salary and dependent life insurance.
- Health care and dependent care flexible spending accounts, where employees set aside pre-tax dollars to reimburse themselves for qualified expenses.
- A long-term disability plan giving employees three choices of income replacement in the event they are disabled.
- Purchased vacation, a plan allowing employees to buy up to 5 days vacation in addition to their company-provided vacation.
Employee Scholar Program
An exciting benefit that UTC Power offers is the Employee Scholar Program. This program makes it as easy, convenient and rewarding as possible for employees to get a college diploma, whether it's an associate's, bachelors, or advanced degree. Benefits include:
- 100% of all tuition costs paid directly to the school.
- 100% of all course-required books, registration and academic fees will be paid.
- 50% of classroom hours granted as paid time off, up to 3 hours per week.
- No limit to the number of courses you can take.
- Courses do not have to be job related.
The only requirements are that the employee takes courses leading to a degree from an educational institution that is nationally recognized and the employee obtains a satisfactory grade (C or better). Upon graduation, UTC Power gives employees valuable shares of UTC Common stock. The amount is determined based on the degree achieved. Retirement programs
Sav ings Plan. Employees can generally contribute 2% to 40% of earnings through convenient payroll deductions either before or after taxes. Certain restrictions apply based on salary. Employees receive 60% match from the company on the first 6% of your contributions each payroll period. Employees have the opportunity to direct contributions into nineteen (19) investment options, including nine (9) core options plus ten (10) mutual fund options. The company matched contributions to your account are made through the Employee Stock Ownership Plan (ESOP) fund. The ESOP invests in shares of UTC Series A ESOP Convertible Preferred Stock. United Technologies Corporation salaried employees are immediately eligible to participate in the Employee Savings Plan with company match contributions beginning one year after the hire date.
Employee Retirement Plan. Employees begin accruing benefits under the UTC Employee Retirement Plan on the latter of the hire date or the first day of January after the employee's 21st birthday. The plan is fully paid by United Technologies; no contributions will be deducted from the employee's pay. This retirement benefit is expressed as a cash balance account that grows based upon earnings, age and an annual interest rate. Employees become vested in the retirement plan benefit after completion of five (5) years of continuous service or age 65 as an active employee. |
This Is UTC Power