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benefits

Herrick does not provide health, medical, or retirement benefits to its summer associates, so the benefit package described below will not be available to you during your summer with us. But should you return to Herrick as a first-year associate after you graduate, you can expect a benefits package similar to this one:

Medical

Choice of Aetna POS or Aetna EPO plans.  Benefit available to employees regularly scheduled to work 21 hours or more per week.

Aetna Participation Eligibility: Date of hire.

Cost to Employee: Employees pay a portion of the monthly premium, based on their salary level, through semi-monthly payroll deductions.  Premium payments are deducted on a pre-tax basis.

Dental

Choice of Aetna Freedom of Choice Dental Plan.

Benefit available to employees regularly scheduled to work 21 hours or more per week.

Participation Eligibility: Date of hire.

Cost to Employee: Participation is voluntary and therefore the monthly premium is paid by the employee through semi-monthly payroll deductions.  Premium payments are deducted on a pre-tax basis.

Long Term Disability

Carrier: UNUM Provident.

Participation Eligibility: Date of hire.

Benefit:

  • Class I:  Employees who earn $200,000 or less per year:  60% of salary to a maximum benefit of $10,000/month
  • Class II:  Employees who earn more than $200,000 per year:  60% of salary to a maximum benefit of $25,000/month


Benefit available to employees regularly scheduled to work 21 hours or more per week.

Cost to employee: Participation is voluntary and therefore monthly premium is paid by employee through semi-monthly payroll deductions.  Premium payments are deducted on an after-tax basis.

Life Insurance

Carrier: Prudential Insurance Company

Benefit: One times annual salary, to a maximum of $500,000; benefit available to employees regularly scheduled to work 21 hours or more per week.

Cost to employee: None; premium is paid by the firm.

Supplemental Life and Accidental Death & Dismemberment Insurance

Carrier: Prudential Insurance Company

Participation: Exempt employees:  Date of hire

Benefit: Three times annual salary, in increments of $25,000 to a maximum of $500,000; up to $350,000 is guaranteed issue.  Benefit available to employees regularly scheduled to work 21 hours or more per week. 

Cost to employee:   Participation is voluntary and therefore monthly premium is paid by employee through semi-monthly payroll deductions.  Premium payments are deducted on an after-tax basis.

Cancer Protection and/or Accidental Protection Plans

Provided by AFLAC (American Family Life Assurance Company), this plan is available to all eligible employees on date of hire and annually during the firm's open enrollment periods.  These plans will supplement your current medical coverage.  This plan is payroll deducted and portable.

Vision

Provided by Premier Option Benefits, this benefit is available to all employees, enrollment is on January 1st of each year, and the annual cost is $38 (Nationwide network) or $34 (New Jersey network), deducted on a pre-tax basis from the first paycheck in each year.  Participating providers offer discounts on eye exams, frames, lenses and contacts.

College Savings Plan

Provided by CollegeBoundfund, this program is available to all employees.  This is a flexible college savings program that helps make saving for a child's higher education easier.  Your investment in CollegeBoundfund is managed by Alliance Capital, one of the nation's largest publicly traded asset managers.

Enrollment is voluntary and therefore monthly premium is paid by employee through semi-monthly payroll deductions.  Premium payments are deducted on an after-tax basis.

Flexible Spending

Pre-tax salary savings for unreimbursed out-of-pocket medical and dependent care expenses.  Employee can deduct from pre-tax salary:

  • up to $2,500/year for unreimbursed out-of-pocket medical expenses; and 
  • up to $5,000/year for unreimbursed out-of-pocket dependent care expenses.


Retirement

401(K) Plan:  Employees may contribute up to $17,500/year of annual compensation to the 401(K) plan.  If you were born prior to January 1, 1958, however, you may contribute up to $23,0000/year of annual compensation.  Employees are eligible to participate on January 1st or July 1st following hire.