Supplemental Benefits
To enroll, follow the additional instructions at the bottom of the page.
Team Members have the opportunity to purchase a host of supplemental benefits through The Standard.
Voluntary Accident Insurance
Monarch provides you the option to purchase accident insurance through The Standard. Accident insurance pays flat dollar benefit amounts for injuries suffered as the result of an accident.
Your benefits come directly to you without any restrictions on how you can use them. You can’t predict when unexpected accidents will happen, but you can help protect your family from the expenses accidents bring with them.
Voluntary Life and AD&D Insurance
Monarch provides you the option to purchase voluntary life and AD&D insurance through The Standard.
- Team Member: You purchase coverage in $10,000 increments. No medical evidence is required for amounts up to $200,000 if you enroll when first eligible.
- Spouse: $5,000 increments up to 100% of your coverage amount. No medical evidence is required for amounts up to $50,000 if your spouse is enrolled when you are first eligible.
- Children: $1,000 increments up to $10,000.
You must purchase life insurance coverage for yourself in order to purchase it for you spouse and/or children.
Voluntary Critical Illness Insurance
Monarch provides you the option to purchase critical illness insurance through The Standard. Critical illness insurance pays specific dollar amounts when you are diagnosed with a serious illness, such as a heart attack, stroke, or cancer.
401(k) Retirement Savings Plan
If you have completed three (3) months of employment and are age 21 or older, you are eligible to participate in the company sponsored 401(k) retirement savings plan.
The Company’s discretionary annual match is currently 50 cents on the dollar for up to 4% of your deferred annual pay (i.e. annual match is maximum of 2% of annual pay if you are deferring at least 4% of pay). This match is subject to a vesting schedule that will be explained in the enrollment materials.
Benefit Plan Costs
You and Monarch share in the cost of medical coverage for you and your family members. If you choose to enroll in dental or vision plans, you pay the full cost of those plans. Benefit plan costs are deducted from your paycheck on a before-tax basis.
You also pay the full cost of The Standard voluntary insurance plans if you decide to enroll. Your costs for these plans are deducted from your paycheck on an after-tax basis.