Benefits
Culture
At Northstrat, we emphasize work-life balance for our employees and we back it up by providing top-notch benefits that are flexible to meet each employee’s life situation. Our corporate culture fosters diversity and creativity, so our employees enthusiastically embrace the challenge of solving our customers’ toughest problems. To build rapport and camaraderie among our staff, the company regularly sponsors events such as:
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Friends and Family Events
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Corporate Events
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Holiday Parties
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Small Group Lunches and Dinners
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Individual Benefits Account (IBA)
In order to attract and retain the highest quality staff, Northstrat provides a unique and versatile benefits package, the Individual Benefit Account (IBA), which places the power of choice in the hands of our greatest asset – the employee.
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The purpose of the IBA is to provide attractive benefits to all full-time employees of Northstrat on a flexible basis. This enables each covered employee to select a package that best suits his or her needs. Whether those needs are paid time off, medical expenses, prescription drug expenses, cash disbursement, or a combination of any of these, the IBA provides flexibility to help you meet your specific goals. The IBA can be used for such things as:
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Medical Insurance through United Health Care
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100% Medical Reimbursement
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Time Off With Pay
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Profit Sharing Plan
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401(k)
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Educational Benefits
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Additional Income
IBA Benefits accrue each month in the amount equivalent to 50% of the employee’s monthly compensation rate. That is, the effective dollar amount of this accrual is in addition to an employee’s salary. For example: Jane Smith is a full-time Northstrat employee. Jane’s gross pay for the January pay period is $10,000. Jane accrues an additional $5,000 in her IBA for this pay period.
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Profit Sharing Plan (PSP)
The PSP is a qualified retirement plan that Northstrat funds semi-annually on the employee’s behalf through the IBA in the amount equivalent to 25% (up to the IRS contribution limit) of the employee’s compensation. That is, of the 50% accrual in the IBA, half of the amount accrued is applied to the PSP.
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Stock Options
Because Northstrat is an employee-owned company, all new employees are offered stock options. Employees have the opportunity to receive additional stock options based on accomplishment of individual performance goals. Stock owners elect the Board of Directors and are directly impacted by the success of the company.
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Flex Time
Northstrat does not mandate specific working hours. Although project requirements may dictate schedules, a Northstrat employee is only required to work an average of 8 hours per weekday over the course of a month. For example: John Doe worked 12 hours on June 1st to meet a project deadline. On June 15th, John only worked 4 hours because he left early for a long weekend. John’s IBA was not debited for time off because flex time allowed him to carry over those 4 hours from June 1st.
