WE’RE DELIGHTED THAT YOU’RE CONSIDERING EMPLOYMENT AT LENNAR
Lennar is proud to provide our associates a comprehensive and competitive benefits program. The following is a brief overview of benefits available for 2007 to full-time regular associates of Lennar Corporation and its subsidiaries. More detailed information can be obtained upon request.
Vacation Schedule - based on years of service
- 1 - 5 years 2 weeks per year
- 5 - 10 years 3 weeks per year
- 10 + years 4 weeks per year
Full-time regular associates accrue vacation each pay period throughout the year. There are 26 pay periods in a year. Vacation accrues from the first day of employment and is available for use upon completion of 90 days of service.
Personal Days
Full-time regular associates may take two (2) personal days each year. These days are available beginning with the first pay period following 90 days service. The allocation for the first year of employment may be prorated depending on date of hire.
Paid Holidays
Lennar publishes a Paid Holiday Schedule each calendar year. Associates are typically offered nine (9) paid holidays each year. In addition to those nine (9) days, depending on the day of the week on which New Year’s, Independence Day and Christmas Day fall, we may alter the schedule to include extra time before or after the holiday. The following days are paid holidays:
- New Year’s Day
- Labor Day
- Martin Luther King Jr. Day
- President’s Day
- Thanksgiving Day
- Day After Thanksgiving
- Memorial Day
- Independence Day
- Christmas Day
Sick Leave
Hourly and Salaried Associates:
Full-time regular associates are allotted four (4) sick days per year. These days are available beginning with the first pay period following 90 days of service. Hourly associates may bank unused days and use them for future illnesses. Unused days are not compensable at termination. The allocation for the first year of employment may be prorated depending on date of hire.
Salaried Associates Only:
Salaried associates may be given up to an additional 20 work days of sick time per incident in the event they have an illness that requires an extensive amount of time off. These days are available beginning with the first pay period following one year of continuous employment.
Bereavement Leave
Full-time regular associates are allowed up to three (3) days of paid bereavement leave in the unfortunate event of the death of an immediate family member. If additional time is required, associates must use any available vacation time and/or personal days.
Service Awards
Associates earn service awards (gifts) based on their years of service to the company. Gifts vary but are typically given after five (5) years of service and again at each five (5) year increment thereafter.
Educational Assistance
Associates with at least six (6) months of continuous service may be eligible for educational assistance. Prior approval is required and courses must be relevant to our business and the type of work performed by the associate in the opinion of senior management. Reimbursement percentages are based upon the grades achieved and are capped at $5,000 per year for undergraduate programs and $10,000 per year for graduate programs.
Bank of America at Work
Lennar, together with Bank of America, offers a special banking benefit program. Benefits include, but are not limited to, discounted and no monthly maintenance fee checking options with direct deposit of paychecks, interest rate bonuses on CDs and IRAs, discounts on loans, and no-fee American Express Travelers Cheques.
Home and Auto Insurance
MetLife Auto & Home is a voluntary group auto and home benefit program that provides associates with access to insurance coverage for their personal insurance needs. Policies available include home, auto, landlord’s rental dwelling, condo, mobile/motor home, renters, recreational vehicle, boat, and personal excess liability (umbrella) policies. Associates can choose to have premiums automatically deducted from their paycheck or checking account. With these options, insurance premiums are spread throughout the policy term with (in some instances) no down payments, interest charges or service fees. Other payment options are available including mortgage billing for home insurance.
Home Purchase Policy
Upon hire, associates may receive a special benefit on the purchase of a new Lennar home. The home must be the associate’s primary residence. Restrictions apply and can be obtained upon hire.
Home Purchase Referral Program
Associates may receive a referral fee at the close of escrow if they refer a NEW first time visitor to a Lennar community. Restrictions apply and can be obtained upon hire.
Mortgage and Title Benefits
Eligible associates may be able to receive mortgage and title benefits through one of Lennar’s subsidiary companies, Universal American Mortgage and North American Title Corporation. These benefits vary and are not available in all areas of the country.
General Electric Appliance Benefits
GE offers discounts to Lennar associates for certain appliances. Benefits vary by product and may not be available in all areas.
Direct Deposit of your Paycheck
You can elect to have your pay direct deposited to various checking and/or savings accounts. Associates receive an electronic pay voucher through an associate self service website. The pay voucher details the amount earned, all deductions and the amount deposited to each bank account into which funds have been directed.
Wage and Employment Verifications
This secure service is used in any instance where associates need to provide proof of employment or income. Lennar offers automated employment and income verifications through a firm called, “The Work Number®.” The Work Number® is an automated service that provides a variety of human resource and payroll services, including employment and income verifications.
Lennar Corporation 401(k) Plan
Associates aged 21 and over are eligible to participate IMMEDIATELY. There is no minimum hour requirement. Enrollments are processed as soon as administratively feasible.
Participants may elect to contribute from 1% to 100% of their eligible earnings on a pre-tax basis or post-tax basis subject to the then applicable IRS set maximums. Lennar matches only on pre-tax contributions. Matching contributions currently are 50% of the first 6% of pre-tax salary deferral, not including catch-up contributions. Vesting on the match occurs at 20% per year of service (as defined by the Plan).
Associates aged 50 or over may elect to make an additional contribution to the 401(k) plan known as a “Catch Up” contribution also referred to as EGTRRA. This contribution is pre-tax money and the limit is set by IRS regulations each calendar year. Lennar does NOT match on the “Catch Up” contribution.
The investment funds offer a variety of risk and return options to satisfy each participant's unique savings and investment goals. Investment assistance is available through Prudential’s education site.
Insurance Benefits
All regular full-time associates working a minimum of 30 hours per week are eligible for coverage on the first day of the month following one full month of employment. Your benefits enrollment material will arrive at your work address approximately two (2) to three (3) weeks after your hire date.
The following information is meant to HIGHLIGHT the plans offered to you. Once you receive your enrollment package, you will have more details about the specific plans. Additionally, if you have any questions, you are welcome to contact the Benefits Department at 1.800.353.8100.
Health Insurance
Lennar offers three levels of medical coverage. The options are a low option and a high option Network Plan, both of which operate like HMO plans and require the use of a Primary Care Physician (PCP) for most medical care. Additionally, we offer an Open Access Plus (OAP) plan. This plan offers 80% coverage for in-network care and 60% coverage for out-of-network care and typically begins to pay these percentages AFTER you have satisfied your deductible. In-network coverage is paid based on CONTRACTED rates and out-of-network coverage is paid based on REASONABLE AND CUSTOMARY rates.
All plans are not available in all regions. Access to plans is dependent upon the availability of Network providers.
The costs of the plans are shared by the company. The bi-weekly amount of associate contribution is shown in the table below.
Dental
Lennar offers two dental plans, a low option and a high option plan. Both are provided by MetLife and offer in and out-of-network coverage. If you seek care from contracted dental providers you receive a higher level of benefit. The plans do not require the use of a network provider. The costs of the plans are shared by the company. The bi-weekly amount of associate contribution is shown in the table below.
Vision
Lennar offers two vision plans, a low option and a high option plan. Both are provided by Ameritas and offer in and out-of-network coverage. In-network coverage is provided by facilities such as Target, Sears, JC Penney and Pearle Vision Centers as well as some independent operators. The out-of-network coverage is through a reimbursement program and is very limited. The costs for these programs are entirely paid for by you and the bi-weekly amount of associate contribution is shown in the table below.
| PLAN |
ASSOCIATE ONLY |
ASSOCIATE & SPOUSE |
ASSOCIATE & CHILDREN |
ASSOCIATE & FAMILY |
|
LOW MEDICAL |
25.38 |
76.15 |
66.00 |
88.85 |
|
HIGH MEDICAL |
39.60 |
96.46 |
91.38 |
124.38 |
OAP 500
MEDICAL |
55.85 |
134.54 |
121.85 |
195.46 |
| |
|
|
|
|
|
LOW DENTAL |
3.69 |
8.77 |
9.23 |
14.77 |
|
HIGH DENTAL |
6.46 |
13.85 |
15.69 |
20.77 |
|
LOW VISION |
.41 |
.83 |
.78 |
1.14 |
|
HIGH VISION |
2.07 |
4.15 |
3.95 |
5.72 |
Short-Term Disability
Lennar offers you "income replacement" in the event you are disabled and incapable of working, through our short-term disability (STD) program. The program pays 60% of your covered weekly earnings, and has a $1,500 maximum weekly benefit. The plan begins paying after a two-week elimination period and pays up to 24 weeks of benefit. The cost for this program is entirely paid for by you and is dependent upon your age and salary.
Basic Long-Term Disability
Lennar offers further "income replacement" through a company paid long-term disability (LTD) program. The program pays 50% of covered monthly earnings, and has a $7,500 maximum monthly benefit. The plan begins paying after a six month elimination period. The cost for this benefit is paid by the company and is based on your salary.
Buy-up Long-Term Disability
Lennar offers you the option to purchase more LTD coverage in the event that 50% is not sufficient to support you and your family. The program pays an additional 10% (for a total of 60%) of covered monthly earnings, and has a $12,500 maximum monthly benefit. The plan begins paying after a six month elimination period. The cost for this program is based on your salary and is entirely paid for by you.
Basic Associate Life
Lennar provides all benefit eligible associates with Basic Life Insurance at one times their annual earnings. The minimum we purchase is $30,000 and the maximum is $550,000. The cost for this program is based on your salary and is entirely paid for by the company.
Additional Associate Life
Lennar offers additional life insurance in increments of $50,000 to a maximum (basic and additional life combined) amount of $1,000,000. The cost for this program is entirely paid for by you and is based on your age and the amount of insurance you purchase.
Spouse Life
Lennar offers spouse life insurance at the following levels: $5,000, $10,000, $25,000, $50,000, $75,000 and $100,000. You may purchase up to 50% of the amount of coverage you own (basic and additional life combined). The cost for this program is entirely paid for by you and is based on your spouse’s age and the amount of insurance you purchase.
Child Life
Lennar offers child life insurance in increments of $2,000 to a maximum of $10,000 per child aged 6 months or more. The cost for this program is entirely paid for by you.
Accidental Death & Dismemberment
Lennar offers accidental death and dismemberment (AD&D) insurance in increments of $10,000 to a maximum of $500,000. The cost for this program is entirely paid for by you and depends on the amount of AD&D you purchase.
Associate Assistance Program
Lennar has a confidential assistance program available to all associates. Additionally, this benefit is available to all members of the associate's household. The plan offers referrals to counselors and self-help groups as well as legal, credit counseling and a number of other providers in the event that you need assistance.
Flexible Spending Accounts
Lennar offers two different types of flexible spending accounts (FSA), Health Care and Dependent Care Spending Accounts.
Flexible spending account contributions for both Health and Dependent Care are deducted from your paycheck before taxes are applied which has the effect of reducing your taxable income and therefore your tax liability. Once you incur the expense, you submit a claim form along with a valid receipt and you are reimbursed according to plan and IRS rules. This means you never pay taxes on those dollars.
Health Care Spending Account (HCSA)
The HCSA is designed to reimburse you for out-of-pocket costs associated with the necessary medical, dental and vision care for yourself and your eligible family members. You can contribute up to $3,000 pre-tax to the plan each calendar year.
Dependent Care Spending Account (DCSA)
The DCSA is designed to reimburse you for eligible day-care expenses incurred for eligible child(ren), spouse, and parents. You can contribute up to $5,000 pre-tax to the plan each calendar year.
Long Term Care
Lennar offers associates and eligible family members the opportunity to purchase Long-Term Care Insurance. Choose from the Maximum Daily Benefits of $100, $150, $200, $250, or $300, all with or without inflation protection. The cost of the coverage is based on age, is entirely paid for by the covered member, and depends on which level of benefit is purchased.
