WE’RE DELIGHTED THAT YOU’RE CONSIDERING EMPLOYMENT AT LENNAR
Lennar is proud to provide our associates a comprehensive and competitive benefits program. The following is a brief overview of benefits available for 2008 to full-time regular associates of Lennar Corporation and its subsidiaries. More detailed information can be obtained upon request.
Vacation Schedule - based on years of service
- 1 - 5 years 2 weeks per year
- 5 - 10 years 3 weeks per year
- 10 + years 4 weeks per year
Full-time regular associates accrue vacation each pay period throughout the year. There are 26 pay periods in a year. Vacation accrues from the first day of employment and is available for use upon completion of 90 days of service.
Personal Days
Full-time regular associates may take two (2) personal days each year. These days are available beginning with the first pay period following 90 days service. The allocation for the first year of employment may be prorated depending on date of hire.
Paid Holidays
Lennar publishes a Paid Holiday Schedule each calendar year. Associates are typically offered nine (9) paid holidays each year. In addition to those nine (9) days, depending on the day of the week on which New Year’s, Independence Day and Christmas Day fall, we may alter the schedule to include extra time before or after the holiday. The following days are paid holidays:
- New Year’s Day
- Labor Day
- Martin Luther King Jr. Day
- President’s Day
- Thanksgiving Day
- Day After Thanksgiving
- Memorial Day
- Independence Day
- Christmas Day
Sick Leave
Hourly and Salaried Associates:
Full-time regular associates are allotted four (4) sick days per year. These days are available beginning with the first pay period following 90 days of service. Hourly associates may bank unused days and use them for future illnesses. Unused days are not compensable at termination. The allocation for the first year of employment may be prorated depending on date of hire.
Salaried Associates Only:
Salaried associates may be given up to an additional 20 work days of sick time per incident in the event they have an illness that requires an extensive amount of time off. These days are available beginning with the first pay period following one year of continuous employment.
Bereavement Leave
Full-time regular associates are allowed up to three (3) days of paid bereavement leave in the unfortunate event of the death of an immediate family member. If additional time is required, associates must use any available vacation time and/or personal days.
Service Awards
Associates earn service awards (gifts) based on their years of service to the company. Gifts vary but are typically given after five (5) years of service and again at each five (5) year increment thereafter.
Bank of America at Work
Lennar, together with Bank of America, offers a special banking benefit program. Benefits include, but are not limited to, discounted and no monthly maintenance fee checking options with direct deposit of paychecks, interest rate bonuses on CDs and IRAs, discounts on loans, and no-fee American Express Travelers Cheques.
Home and Auto Insurance
MetLife Auto & Home is a voluntary group auto and home benefit program that provides associates with access to insurance coverage for their personal insurance needs. Policies available include home, auto, landlord’s rental dwelling, condo, mobile/motor home, renters, recreational vehicle, boat, and personal excess liability (umbrella) policies. Associates can choose to have premiums automatically deducted from their paycheck or checking account. With these options, insurance premiums are spread throughout the policy term with (in some instances) no down payments, interest charges or service fees. Other payment options are available including mortgage billing for home insurance.
Home Purchase Policy
Upon hire, associates may receive a special benefit on the purchase of a new Lennar home. The home must be the associate’s primary residence. Restrictions apply and can be obtained upon hire.
Home Purchase Referral Program
Associates may receive a referral fee at the close of escrow if they refer a NEW first time visitor to a Lennar community. Restrictions apply and can be obtained upon hire.
Mortgage and Title Benefits
Eligible associates may be able to receive mortgage and title benefits through one of Lennar’s subsidiary companies, Universal American Mortgage and North American Title Corporation. These benefits vary and are not available in all areas of the country.
General Electric Appliance Benefits
GE offers discounts to Lennar associates for certain appliances. Benefits vary by product and may not be available in all areas.
Direct Deposit of your Paycheck
You can elect to have your pay direct deposited to various checking and/or savings accounts. Associates receive an electronic pay voucher through an associate self service website. The pay voucher details the amount earned, all deductions and the amount deposited to each bank account into which funds have been directed.
Wage and Employment Verifications
This secure service is used in any instance where associates need to provide proof of employment or income. Lennar offers automated employment and income verifications through a firm called, “The Work Number®.” The Work Number® is an automated service that provides a variety of human resource and payroll services, including employment and income verifications.
Lennar Corporation 401(k) Plan
All Lennar associates who have reached the minimum age requirement (18) are eligible to enroll in the 401(k) plan. This includes full time, part time and temporary staff so long as they are paid through Lennar's payroll system. The plan has automatic enrollment and automatic escalation features. There is no waiting period for 401(k) enrollment. You may enroll as soon as your information is sent to our plan administrator. The plan is administered by Prudential.
Contribution Sources
The Lennar Corporation 401(k) plan allows you to contribute to the plan via three (3) different sources: Pre-tax, Pre-tax Catch Up (for associates aged 50 or older in the contributing year) and Post Tax (after tax deduction). In addition, the company matches your Pre-tax contributions 50% up to 6%. Meaning, if you contribute 1% of your pay to the pre-tax source, Lennar will contribute 0.50%. If you contribute 4%, Lennar contributes 2%. Contributions above 6% are not matched. In order to maximize the company match, you should contribute at least 6% of your pay to the pre-tax source. Lennar does not match Catch Up or Post Tax contributions.You can contribute up to a total of 100% of your pay, all sources combined (pre-tax, post-tax and catch-up), provided you do not exceed the current annual limits designated by the IRS.
Vesting
You will vest in the company match source 20% (up to a maximum of 100%) each calendar year that you work at least 1,000 hours.
Investment Allocations
Lennar has many investment funds. Each offers different risk and return variations. In addition the plan offers investment tools to assist you in determining where you would like to invest your funds.
Insurance Benefits
All regular full-time associates working a minimum of 30 hours per week are eligible for coverage on the first day of the month following one full month of employment. Your benefits enrollment material will arrive at your work address approximately two (2) to three (3) weeks after your hire date.
The following information is meant to HIGHLIGHT the plans offered to you. Once you receive your enrollment package, you will have more details about the specific plans. Additionally, if you have any questions, you are welcome to contact the Benefits Department at 1.800.353.8100.
Medical Insurance
Lennar offers various medical plan options depending on your geographic location.
In most states and regions, we offer a low option (Basic) and a high option (Preferred) Network Plan, both of which operate like HMO plans and require the use of a Primary Care Physician (PCP) for most medical care. If you do not live in an area that is served by the Network plans, you will not be offered the coverage.
If you live in California or Minnesota or portions of Wisconsin or Alabama, we offer a low option and a high option Open Access Plus In-Network Plan, both of which operate much like Open Access HMO plans and DO NOT require the use of a Primary Care Physician.
Additionally, we offer an Open Access Plus (OAP) plan. This plan offers 80% coverage for in-network care and 60% coverage for out-of-network care and typically begins to pay these percentages AFTER you have satisfied your deductible. The OAP plan carries a $500, individual, in-network deductible.
All medical plans are administered by CIGNA Healthcare. The costs of the plans are shared by the company. The bi-weekly amount of associate contribution is shown in the table below.
Dental
Lennar offers two dental plans, a low option and a high option plan. Both are provided by MetLife and offer in and out-of-network coverage. If you seek care from contracted dental providers you receive a higher level of benefit. The plans do not require the use of a network provider. The costs of the plans are shared by the company. The bi-weekly amount of associate contribution is shown in the table below.
Vision
Lennar offers two vision plans, a low option and a high option plan. Both are provided by Ameritas and offer in and out-of-network coverage. In-network coverage is provided by facilities such as Target, Sears, JC Penney and Pearle Vision Centers as well as some independent operators. The out-of-network coverage is through a reimbursement program and is very limited. The costs for these programs are entirely paid for by you and the bi-weekly amount of associate contribution is shown in the table below.
Bi-weekly Costs of Medical, Dental and Vision
| PLAN |
ASSOCIATE ONLY |
ASSOCIATE & SPOUSE |
ASSOCIATE & CHILDREN |
ASSOCIATE & FAMILY |
| MEDICAL Basic Network |
23.08 |
71.54 |
62.31 |
83.08 |
| MEDICAL Preferred Network |
42.00 |
101.08 |
94.15 |
138.46 |
| MEDICAL OAP 500 In-Network Lo |
23.08 |
71.54 |
62.31 |
83.08 |
| MEDICAL OAP 500 In-Network Hi |
42.00 |
101.08 |
94.15 |
138.46 |
| MEDICAL OAP 500 |
60.00 |
147.69 |
137.08 |
220.62 |
| DENTAL Low |
3.69 |
8.77 |
9.23 |
14.77 |
| DENTAL High |
6.46 |
13.85 |
15.69 |
20.77 |
| VISION Low |
.41 |
.83 |
.78 |
1.14 |
| VISION High |
2.07 |
4.15 |
3.95 |
5.72 |
Short-Term Disability
Lennar offers you "income replacement" in the event you are disabled and incapable of working, through our short-term disability (STD) program. The program pays 60% of your covered weekly earnings, and has a $1,500 maximum weekly benefit. The plan begins paying after a two-week elimination period and pays up to 24 weeks of benefit. The cost for this program is entirely paid for by you and is dependent upon your age and salary.
Basic Long-Term Disability
Lennar offers further "income replacement" through a company paid long-term disability (LTD) program. The program pays 50% of covered monthly earnings, and has a $7,500 maximum monthly benefit. The plan begins paying after a six month elimination period. The cost for this benefit is paid by the company and is based on your salary.
Buy-up Long-Term Disability
Lennar offers you the option to purchase more LTD coverage in the event that 50% is not sufficient to support you and your family. The program pays an additional 10% (for a total of 60%) of covered monthly earnings, and has a $12,500 maximum monthly benefit. The plan begins paying after a six month elimination period. The cost for this program is based on your salary and is entirely paid for by you.
Basic Associate Life
Lennar provides all benefit eligible associates with Basic Life Insurance at one times their annual earnings. The minimum we purchase is $30,000 and the maximum is $550,000. The cost for this program is based on your salary and is entirely paid for by the company.
Additional Associate Life
Lennar offers additional life insurance in increments of $50,000 to a maximum (basic and additional life combined) amount of $1,000,000. The cost for this program is entirely paid for by you and is based on your age and the amount of insurance you purchase.
Spouse Life
Lennar offers spouse life insurance at the following levels: $5,000, $10,000, $25,000, $50,000, $75,000 and $100,000. You may purchase up to 50% of the amount of coverage you own (basic and additional life combined). The cost for this program is entirely paid for by you and is based on your spouse’s age and the amount of insurance you purchase.
Child Life
Lennar offers child life insurance in increments of $2,000 to a maximum of $10,000 per child aged 6 months or more. The cost for this program is entirely paid for by you.
Accidental Death & Personal Loss
Lennar offers accidental death and personal loss (AD&PL) insurance in increments of $10,000 to a maximum of $500,000. The cost for this program is entirely paid for by you and depends on the amount of AD&PL you purchase.
Associate Assistance Program
Lennar enrolls every associate and their household members in a confidential assistance program. The plan offers referrals to counselors and self-help groups as well as legal, credit counseling and a number of other providers in the event that you need assistance. The plan is free to associates.
Flexible Spending Accounts
Lennar offers two different types of flexible spending accounts (FSA), Health Care and Dependent Care Spending Accounts.
You determine the amount of money you wish to contribute. The money is deducted from your paycheck before taxes are applied which has the effect of reducing your taxable income and therefore your tax liability. Once you incur the expense, you submit a claim form along with a valid receipt and you are reimbursed according to plan and IRS rules.
Health Care Spending Account (HCSA)
The HCSA is designed to reimburse you for out-of-pocket costs associated with the necessary medical, dental and vision care for yourself and your eligible family members. You can contribute up to $3,000 pre-tax to the plan each calendar year.
Dependent Care Spending Account (DCSA)
The DCSA is designed to reimburse you for eligible day-care expenses incurred for eligible child(ren), spouse, and parents. You can contribute up to $5,000 pre-tax to the plan each calendar year.
Long Term Care
Lennar offers associates and eligible family members the opportunity to purchase Long-Term Care Insurance. Choose from the Maximum Daily Benefits of $100, $150, $200, $250, or $300, all with or without inflation protection. The cost of the coverage is based on age, is entirely paid for by the covered member, and depends on which level of benefit is purchased.
