Compensation & Benefits
Benefits Package for 2016
Note: The information displayed below is designed to provide a brief overview of the benefits offered by Covanta. Company employees should refer to their official benefit enrollment documents for detailed terms and conditions.
Upon joining Covanta, employees find that not only are they now part of a collaborative team, working on exciting and challenging tasks, but they also have access to some of the most comprehensive benefits offered by employers today.
Health and Welfare Benefits
Covanta's medical plan is extremely competitive with what is offered by other employers. In fact, our employees pay less for their medical coverage than the national average, with Covanta contributing a larger percentage of the coverage cost than what is found at most other organizations. The actual costs of medical insurance varies slightly, depending on the specific medical plan and tier of coverage selected.
Covanta offers a choice between two medical plan options:
- Preferred Provider Organization (PPO)
- Consumer Driven Health Plan (CDHP) with tax-advantaged Health Savings Account (HSA)
Both plans offer the same network of doctors and services, but the amount of employee contributions, deductibles, coinsurance and out-of-pocket maximums differ based on selection.
Preventive services received in-network are covered at 100% under both plans.
If you have medical coverage through another plan (e.g., not a Covanta-sponsored plan) and choose to waive medical coverage with Covanta, you will receive an annual medical waiver payment.
Premium Reduction Incentives
Covanta provides tools and resources to help you understand your health status and support you in maintaining a healthy lifestyle. The Company is also committed to, and responsible for, providing a healthy work environment for all of our employees by promoting a tobacco-free environment. As an eligible employee, you can take advantage of two premium reduction incentives to lower your medical plan contributions.
Prescription Drug Plan
Covanta provides prescription drug coverage for both the CDHP and the PPO plans. When you enroll in one of Covanta’s medical plans, you and your eligible covered family members automatically receive the prescription drug plan.
Our vision plan covers a portion of the cost for eye exams, eyeglass lenses and frames, or contact lenses in lieu of glasses. Laser vision correction is also offered at a discounted rate.
Preventive care is covered at 100 percent under our Dental Plan. Other services including fillings, bridges, crowns and root canals covered at a portion of the cost. The plan also offers orthodontia benefits for eligible dependent children.
The Covanta Savings Plan assists employees in preparing for retirement, while also providing them with the flexibility to meet more immediate financial demands, if needed. Through the Savings Plan, employees can:
- Save money on a 'before-tax' basis
- Receive Company matching contributions that immediately vest
- Choose how to invest their money from a variety of professionally-managed investment options
- Enjoy tax-deferred growth on their investments
The Covanta Savings Plan includes a 401K Company Match and Company Contribution for eligible employees.
Work, Life and Family
Eligible Covanta employees enjoy time off to refresh and recharge. Employees benefit from company paid holidays, as well as other paid time off. The company also offers a variety of programs and resources to help employees focus on their overall well-being, including employee assistance and wellness programs.
Other benefits available to eligible employees include:
- Life Insurance
- Accidental Death & Dismemberment Insurance
- Adoption Assistance
- Auto and Homeowners Insurance Programs
- Educational Assistance
- Financial Planning Assistance
- Flexible Spending Accounts Program
- Group Legal Program
- Long-Term Care Insurance
- Short- and Long-Term Disability Insurance