Searles Valley Minerals employees enjoy competitive compensation, health, welfare and retirement benefits and opportunities to develop professionally. The following overview is intended as a general description of benefits available to U.S. SVM employees. Our competitive benefits program provides employees with protection against significant financial loss associated with health care, death and disability and assistance in meeting retirement income needs.

Eligibility and Participation

Full-time salaried or hourly employees are eligible to participate. Coverage generally begins on the first day of the month following date of hire including eligible dependent coverage.

Health Plans SVM offers self-insured medical and dental plans. Employees electing to be covered under these plans contribute a monthly amount to single or family coverage for coverage of claims at about 85/15% Company/Employee cost. Flexible Spending Accounts SVM employees can set up a Flexible Spending Account to use tax exempt dollars to pay for approved unreimbursed health care expenses including deductibles and co-pays and dependent care expenses for children under the age of 13. Basic Group Life and AD&D SVM provides company-paid life insurance and accidental death and dismemberment (AD&D) insurance up to 1.5 times your base annual salary (to a maximum of $300,000). SVM employees have the option of purchasing additional life, AD&D and Dependent Life Insurance. Paid Time Off Employees accrue vacation monthly based on length of service. New employees earn 2 weeks in their first year. In addition to vacations, employees receive 3-4 personal days a year and 10 Company paid holidays. Employee Assistance Plan (EAP) Employees have access to Horizon Health EAP that offers assessment, short-term counseling and referrals to professional resources that help overcome personal, lifestyle and work-related challenges.

Retirement Plans Searles Valley Minerals 401(k) plan lets you save a portion of your pay for retirement. You may elect to save up to 92% of your eligible compensation to a maximum of $17,000 pre-tax. If you choose to participate, the Company will automatically match your contributions dollar-for-dollar up to the first 2% of your eligible compensation. The Company also makes a Retirement Contribution equal to 4% of your eligible annual compensation into your account in the 401(k) plan. This contribution is made regardless of whether you choose to make contributions from your pay. All contributions - yours and the Company's - are fully vested immediately. The plan offers a wide range of investment options, brokerage option, daily valuation, internet access, voice response system and individual rates of return. Disability Benefits Employees may be eligible for up to 26 weeks of short-term disability benefits at no cost to the employee based on length of employment. Long-term disability insurance is an optional benefit that can be purchased to replace a percentage of salary if you suffer a serious illness or injury after you have been disabled for at least 26 weeks. The Company pays 50% of the cost of LTD Insurance. Education Reimbursement Full-time employees who have completed six months of continuous service are eligible to participate in the Education Reimbursement Program in accordance with Company and federal requirements.