Direct Deposit

EIS provides automatic payroll deposit into your local bank account. This facilitates quicker payment and availability of monthly salaries.

Payroll Deduction

EIS provides automatic payroll deduction of the employee's benefit premiums (Medical, Dental, and Optional Life) and 401(k) salary deferral. Payroll deduction makes the handling of insurance premiums and 401(k) salary deferrals convenient and allows the employee to participate in the pre-tax deduction program.

Pre-tax Deductions

EIS provides a plan to enable employees to pay for their portion of eligible group insurance premiums and 401(k) salary deferrals with pretax dollars. This reduces taxable income thereby lowering income and social security taxes, thus increasing take-home pay. Medical, Dental, and Optional Life premiums and 401(k) salary deferrals are eligible for pre-tax payroll deduction. Employees are automatically enrolled and the program is active after a 90-day waiting period. See your manager if you would like to waive your enrollment. There may be tax implications upon receipt of the benefit after paying for benefits per-tax. Check with your tax advisor for more information. The following hypothetical example illustrates the savings:

A single employee, earning $50,000 yearly and contributing $540 yearly for insurance coverage.

	After-Tax	Pre-Tax
Income	$50,000	$50,000
Less Insurance Premiums	0	540
Less Employee-Elected 401(k) Deferral (at 10%)	0	5,000
Taxable Income	50,000	44,460
Estimated Income and Social Security Tax (at 31%)	15,500	13,783
Income after Tax	34,500	30,677
Less Insurance Premiums	540	0
Less Employee Self-Initiated Investment (10% of after tax income)	3,450	0
Take-Home Income	$30,510	$30,677

The employee saves $167 in this illustration by paying insurance premiums and investing for retirement with pre-tax dollars. Differing tax brackets, salaries, and insurance premiums may change the savings. This example is for illustrative purposes only.