We believe our benefits package is second to none. Loram provides an exceptional 401k plan matching your contribution 150% up to the first 6%, company paid disability (short and long term), in addition to a generous paid time off (PTO) and paid holiday schedule. Below is an overview of our current benefits plan:



401K WITH A 150% MATCH

The Loram Retirement Plan is an excellent way for you to accumulate tax deferred savings so that you may enjoy a higher standard of living during your retirement years.


You are eligible to participate in the Retirement Plan 1st day of a quarter after you have completed 90 days of continuous service. Once you meet the eligibility requirements, enrollment into the Retirement Plan occurs quarterly.


You are eligible to contribute up to 100% of your gross income on a pre-tax basis, not to exceed the IRS limits. You will be eligible for Loram’s match 1 year from your date of hire. Loram’s employer match is equal to 150% up to the first 6% you contribute to the Plan; or for every $1.00 you contribute (up to 6% of your gross income), Loram will contribute $1.50.


The employer match is subject to the following vesting schedule:

Year(s) of ServiceVested Portion Employer Match
 1 Year 25%
 2 Years 50%
 3 Years 75%
 4+ Years 100%

You are always 100% vested in your personal contributions.


There are the many different investment fund options. In which you can invest your retirement savings.


Loram’s employer match is allocated in the same manner as you have elected for your contributions. Your contributions along with Loram’s employer match are deposited each payday.


Each of the investment funds are valued daily. This means your account will be updated every business day to reflect contributions into your account, earnings on your account investments, and distributions (if any) made to you.


You can access specific updated plan information through a toll free telephone service or via the Internet. You may access your account balance, contribution level, fund returns, current investment choices, and any amount available for a hardship withdrawal or distribution. You can initiate transactions include changing your contribution rate monthly, changing your asset allocation for both existing and future contributions daily, and requesting a distribution when you terminate or retire from Loram.


Loram’s Retirement Plan is a qualified plan. Therefore, if you leave Loram you may rollover your vested balance into another tax-sheltered plan to avoid any tax consequence. If your account balance is in excess of $1,000 you are eligible to defer distribution indefinitely. You may also elect to receive a lump sum distribution or an annuity payment upon termination or retirement from Loram.

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Loram offers you a health plan to assist in protecting you and your family from major financial hardship due to a non-work related illness or injury. Coverage is provided to regular full-time employees of Loram who work at least 30 hours per week. 


All payable benefits are based on usual and customary fees. Premiums are paid on a pre-tax basis.



Loram promotes and encourages good dental hygiene through regular checkups. Dental care, which is delayed, may cause more extensive treatment and unnecessary pain for you or your family members. Coverage is provided to regular full-time employees of Loram who work at least 30 hours per week. 


All payable benefits are based on usual and customary fees. Premiums are paid on a pre-tax basis.




All employees need time away from their jobs for rest and relaxation. For this reason Loram provides you with Paid Time Off (PTO) based on your total consecutive years of service.


All regular full-time employees who work a minimum of 30 hours per week and are not covered by a collective bargaining agreement are eligible for PTO.


PTO will not accrue during the following events: layoff, educational leave, personal leave, and various Family and Medical Act leaves. PTO balances will be adjusted upon return to work.


Employees under the collective bargaining agreement should refer to the current contract for details.



In addition to the eight holidays listed below, Loram provides you with two floating holidays that are announced at the beginning of each year.

New Years Day

Good Friday

Memorial Day

Independence Day

Labor Day


Christmas Eve Day

Christmas Day


A maximum of three working days of time off with pay will be offered in the event of death of a close relative of an employee or the employee’s spouse. Normally, “close relative” is defined as a spouse, child (stepchild), brother, sister, parents, grandparents, grandchildren, mother-in-law, father-in-law, brother-in-law, and sister-in-law.

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Loram is committed to assisting its employees in meeting their educational goals.


Loram will reimburse employees 100% for tuition; registration fees, laboratory fees and course required books for courses taken at an accredited institution. The courses taken must be job-related or taken in connection with a job-related degree and must be taken after normal working hours. This benefit is available to regular full-time employees who work at least 30 hours per week.


To apply for reimbursement you must obtain approval from your supervisor and Human Resources prior to enrolling in any courses. You will be reimbursed after submitting receipts of payment and proof of successfully completing the course with a passing grade.




The purpose of the Smoking Cessation Program is to provide one-time monetary assistance to those employees who wish to stop smoking. Regular, full-time employees who work at least 30 hours per week will be reimbursed 100% up to $200 to attend smoking cessation courses, clinics, or programs held outside the Company. Reimbursement of 50% up to $200 will be provided for nicotine patches and Zyban. In order to apply for this reimbursement you need prior approval from the Benefits Specialist.



Loram is partnered with various groups and organizations that provide scholarship opportunities.

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Loram recognizes the impact personal and work concerns can have on employees’ well being. To assist with employees’ concerns, Loram offers an employee assistance program called EAP (Employee Assistance Program) for all employees and their family members that can be accessed by a toll-free telephone call.


EAP is available at no cost to both you and your family and offers confidential assistance with a wide variety of concerns, including:

Financial concerns

Eldercare and childcare concerns

Legal matters

Stress and anxiety

Family or relationships


Work concerns/Career issues

Alcohol/Drug use

All counselors are degreed in their particular specialty and are available 24 hours per day anywhere in the world.


This program is voluntary and confidential. Information that is shared with a counselor will not be given to Loram. You don’t even need to identify yourself, only that you are an employee of Loram or a family member works for Loram.





Loram provides life insurance coverage to help protect your survivors’ financial welfare in the event of your death.


Regular full-time employees who work at least 30 hours per week are provided group term life insurance.

The benefit is reduced after obtainment of age 65.


This benefit is paid entirely by Loram.

Note: The IRS considers employer paid life insurance valued over $50,000 a taxable benefit to the employee and at year-end is added to your income.




Loram provides dependent life insurance coverage for your dependents in the event of their death to help defray costs incurred.

This benefit is provided for regular full-time employees who work at least 32 hours per week, and is a benefit paid for entirely by Loram.

Optional Supplemental Life Insurance


Loram provides an opportunity for you to purchase additional group term life insurance at reasonable rates.






Loram offers Accidental Death and Dismemberment insurance coverage to provide the employee and there family financial protection should the employee lose a limb, sight, hearing or their life due to an accident.

Regular full-time employees who work at least 32 hours per week are provided accidental death and dismemberment insurance coverage.


Optional Supplemental Accidental Death & Dismemberment


Loram provides an opportunity for you to purchase additional Accidental Death & Dismemberment insurance at reasonable rates.





In addition to the group term life insurance coverage and the accidental death and dismemberment insurance coverage, Loram provides Business Travel Accident insurance. This is provided to all regular full-time employees of Loram who work at least 32 hours per week. This policy only provides coverage for the period of travel while on Company business. This policy is valued at $100,000.

This benefit is paid entirely by Loram.





Short Term Disability (STD) provides income continuation to an employee who is unable to work due to a non-work related injury or illness. This benefit is available to regular full-time employees who work at least 32 hours per week. The maximum benefit period may continue for up to 26 weeks. This benefit is effective on the first of the date of hire or re-hire.


This benefit is provided and paid entirely by Loram.




If your non-work related injury or illness extends beyond the 26-week period, Long Term Disability (LTD) will commence if so approved by the insurance company. This benefit is provided to regular full-time employees who work at least 32 hours per week. The benefit will continue for as long as you remain totally disabled, reach age 65, or upon death, whichever occurs first. You are considered totally disabled if you are unable to perform any occupation for which you are or may become reasonably qualified by education, training, or experience. This benefit is effective on the date of hire or re-hire.


This benefit is paid entirely by Loram. Should you receive any LTD benefit payments, the income is considered a taxable benefit.


You do have the option of paying the tax on the premiums so that if you were to require LTD your payments would then be paid non-taxable. You have the option of electing this at the time of hire and at open enrollment each year.

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