Eligible full-time employees may enroll in either a single or a family contract. Participating employees can enroll under our medical insurance plan’s dental care and prescription drug programs.
Employee and their covered dependents will have the opportunity to continue medical (and/or dental and vision) benefits as per the provisions of the Federal Consolidated Omnibus Budget Reconciliation Act (COBRA) when group medical (and/or dental and vision) coverage for the employee and their covered dependents would otherwise end due to employee’s death or because:
You terminate, for reason other than gross misconduct.
Your status changes due to a reduction in hours.
Your child ceases to be a “your dependent” under terms of the medical (and/or dental and vision) plan.
You become divorced or legally separated.
You become entitled to Medicare.
Paramount provides a life insurance plan for all eligible full-time employees. The total cost of insurance is borne by the employee.
Section 125 Plan
Paramount offers a pre-tax contribution option known as a Section 125 plan.
A Section 125 plan is a benefit plan that allows you to make contributions toward premiums for medical insurance on a “before tax” rather then an “after tax” basis. This means your premium contributions are deducted from your gross pay before income taxes and Social Security are calculated.
Paramount offers a 401(k) plan, which is a type of voluntary retirement plan. Employees can contribute to the plan and save for their retirement and all contributions are tax-deferred, which means that taxes are paid on the contributed amount only when withdrawals are made, presumably upon retirement. Paramount may contribute up to a certain percentage of the employee contributions.