Benefits and compensation

Our comprehensive compensation and benefits programs work together to offer you competitive cash compensation, protection from income loss, insurance for day-to-day and catastrophic medical-related expenses, and opportunities for long-term wealth building and capital accumulation.  Since our people have different needs and personal goals, we offer a flexible “total rewards” package that allows them to select the type and level of benefits coverage they need for themselves and for their families.*

Medical insurance
Nationally, Tower offers a comprehensive major medical insurance plan.  It features a large, national network of physicians, hospitals and specialty health care providers for you and your eligible dependents (your spouse or qualifying domestic partner and children).

Dental and vision insurance
Tower offers a bundled solution for dental and vision, each with in- and out-of-network coverage. Your eligible dependents (your spouse or qualifying domestic partner and children) may also be enrolled in these plans.

Life insurance
Full-time employees receive company-paid life insurance equal to two times base annual salary. You may also purchase Supplemental Life Insurance benefits for yourself and your spouse, qualifying domestic partner and your children.

Disability insurance
Tower pays the full cost of short- and long-term disability coverage for all full-time employees.  Short term coverage replaces two-thirds of your average weekly salary to a maximum weekly benefit.  Long term coverage pays 60% of your base monthly salary, to a maximum benefit.  Employees may also purchase supplemental long-term disability coverage.

Flexible spending accounts
Tower offers three types of Flexible Spending Accounts (FSAs):  Health Care, Dependent Care and Commuter Benefits.  They provide you with a tax-advantaged way to pay for anticipated out-of-pocket expenses for eligible medical, dependent care, and transit and parking expenses.

401(k) and profit-sharing plan
Tower’s defined contribution 401(k) plan is available for all employees who work a schedule of 20 hours per week or more.  The plan, administered by T. Rowe Price, offers 26 investment choices, including ten Target Date Retirement Funds. The company matches eligible employees’ contributions each calendar quarter.

Tuition reimbursement
After one year of employment, Tower will reimburse 100% of expenses for eligible, approved, job-related courses from accredited institutions of higher learning, up to a maximum annual benefit.

Paid time off
Tower gives employees flexibility to meet their needs for vacations, personal and family obligations, and short-term illnesses.  Based on your length of service, you are granted a “bank” of paid time off each year.

Paid holidays
In addition to paid time off, Tower generally observes nine paid holidays each year and often closes early prior to major holidays such as Memorial Day, Independence Day, Labor Day and Thanksgiving.

* Details of these plans can be found in the plan document or summary plan description for each plan; this overview does not take the place of these documents.  Should a conflict or misunderstanding develop because of a discrepancy between this overview and the plan document or SPD, the terms as stated in the plan document(s)/SPD(s) shall govern

 

 

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Tower has its headquarters in the Equitable Building, a National Historic Landmark in New York’s Financial District.


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