We value our employees highly and strive to offer the best employee benefits possible. The following is a general overview of the current benefit package available to eligible Arena employees. The amount and availability of all benefits are determined solely by the benefit plan documents, which may change before this information can be updated. Eligible employees are generally those employees hired as regular, full-time and working a minimum of 30 hours per week. Some benefits may be available regardless of employee status.
Medical Insurance
We offer several medical plans to eligible employees and their eligible dependents (spouse or domestic partner and/or children). Coverage begins on the first day of employment. Arena pays 100% of the Medical Insurance premiums for the employee and eligible dependents.
Dental and Vision Coverage and Other Pre-Tax Flexible Spending Accounts
Employees and their dependents may visit any dental, vision, or other licensed healthcare provider of their choice for services not covered under the medical plans. Arena will fund up to $3,000 for each employee per calendar year. The employee may also contribute to the fund on a pre-tax basis up to an additional $5,000 per calendar year. Funding is prorated for employment beginning after the start of each calendar year based on whole months remaining in the calendar year.
Arena also offers Flexible Spending Accounts for Dependent Care and Transit costs and will contribute to the Transit account up to $100 per month per employee.
Life Insurance and Accidental Death & Dismemberment (AD&D)
Arena provides each employee with a life insurance and AD&D policy equivalent to four times annual salary (maximum policy $500,000). Coverage begins on the first day of employment. Arena pays 100% of the employee's life insurance and AD&D premiums.
Disability Insurance
Arena provides both short-term and long-term disability insurance coverage for eligible employees. The short-term disability insurance plan has a 7day waiting period for accident or illness and provides for 60% of weekly earnings up to $2,309. The long-term disability insurance plan provides for 60% of monthly earnings up to $12,500. Both plans are offset by any payments from the California State Disability Insurance Plan. Coverage begins on the first day of employment. Arena pays 100% of the employee's disability insurance premiums.
Employee Assistance Program (EAP)
Arena's EAP gives employees an option to confidentially address personal as well as career related concerns. The program can provide phone and face-to-face support and consultation for issues such as difficulties with relationships, family problems, alcohol and drug abuse, financial planning, legal matters, etc. The premium is paid by Arena for the employee and all household members.
401(k) Plan
Employees may defer pre-tax or after-tax (Roth) earnings up to 50% of gross wages into the 401(k) Plan, up to the annual limit set by the IRS. Arena currently matches 100% of the first 6% of salary deferral. The Company match vests over a five-year period. Contributions to the plan may be invested into any or all of the 32 funds offered, ranging from conservative to aggressive.
Employee Stock Option Plan
Arena has adopted an Equity Compensation Plan that provides eligible employees the opportunity to receive grants of stock options for the purchase of the Company's Common Stock. These options generally vest 25% a year for four years. Arena's management believes that each employee, through ownership, will benefit from the growth and success of the company.
Employee Stock Purchase Plan
Arena has adopted an Employee Stock Purchase Plan that provides eligible employees the opportunity to purchase Common Stock of the Company through accumulated payroll deductions. Under the Plan, employees may set aside a portion of their earnings to purchase stock, at a discounted price. Employees are eligible to enroll as of the first day of the calendar quarter after their start date.
Vacation Policy
Eligible employees accrue 15 days (three weeks) of vacation time per year. A maximum of 6 weeks of vacation time may be accrued. Employees are encouraged to use their vacation time, but may choose to be paid for one week of unused vacation on or after their annual anniversary.
Holidays & Personal Days
Arena provides eligible employees a total of 12 holidays/personal days each year. Personal days are subject to prorating for employment start dates after January 1 of each year.
Continue to second page of Benefits(NOTE: This page was last updated: January 10, 2007.)
