Babson Capital offers a competitive compensation program along with a full range of benefits and programs designed to support the diverse needs of our associates’ financial security, health & wellness, work/life balance, professional development and sense of community.
Compensation
- Competitive, market-based pay
- Incentive and bonus plans
- Differentiated pay for individuals based on performance
Financial Security
- Pension Plan - A cash balance plan provides a portable pension benefit based on age, length of service and eligible pay. Associates become fully vested after completing three years of service (year = 12 month period, not calendar year).
- Thrift/401(k) Plan - The Company will match 100% of the first 5% of eligible pay an associate contributes per pay period. Associates may contribute to before-tax, after-tax and Roth 401(k) accounts – and may be able to roll in money from previous employers’ plans. Associates are eligible upon hire and become vested over a three year period.
- Financial Planning and Education - Company-provided financial planning and education services are free of charge for Babson Capital associates. Associates can take advantage of telephonic financial counseling, online financial education sessions and direct access to financial tools and articles.
Financial Protection
- Group-Term Life Insurance – Company pays for basic coverage, equal to base pay (up to $200,000). Associates can choose to purchase supplemental overage of up to four times base pay at group rates. The Company also provides Accidental Death and Dismemberment insurance and Business Travel Accident insurance.
- Group Variable Universal Life (GVUL) Insurance – For officers and associates with an annual base pay of $100,000 or more, the Company pays for basic GVUL coverage, equal to base pay (up to $200,000). Associates can choose to purchase supplemental coverage of up to four times base pay (up to $800,000). If eligible, GVUL Insurance is effective the first year following the associate’s date of hire. Upon eligibility, GVUL replaces GTL. The plan also allows associates the opportunity to build account value by allocating additional premium payments to certain accounts.
- Dependent Life – Spouse or domestic partner coverage is available at group rates at intervals of $10,000 or $20,000 with corresponding eligible child coverage of $5,000 or $10,000. The associate is always the beneficiary for dependent life insurance.
- Disability – After five consecutive days of absence due to illness or injury, if approved, associates may be eligible for the Company to continue 60 – 100% of pay (depending upon years of service) for up to 26 weeks through the short-term disability program. After 26 weeks, if approved, long-term disability coverage continues base pay at 50% of pay. Associates can elect to pay for an additional 20% of long-term disability coverage.
Health and Wellness
Medical -Babson Capital offers an integrated health and wellness program that encourages associates to become active participants in managing their health and health care. The medical plan is an account-based health plan consisting of three components:
- A High Deductible Health Plan (HDHP) administered by Cigna with two options:
- Option 1 (higher premium, less risk)
- Option 2 (lower premium, more risk)
- A Wellness Program for those enrolled in Babson Capital’s medical coverage that helps associates become more aware of current health status and provides opportunities to learn about healthy behaviors.
- A Health Savings Account (HSA) for those enrolled in Babson Capital’s medical coverage to save for qualified medical expenses, to which both the company and associate can contribute.
Associates who are regularly schedule to work 20 or more hours per week are eligible for coverage starting on the first day of employment and may cover a spouse or eligible domestic partner (DP) and eligible dependent children under all health options.
- Dental - Two tiers of Cigna Dental are available: Basic Dental and Major Dental.
- Vision - Through EyeMed Vision Care.
- Employee Assistance Program (EAP)
- In-person and telephonic counseling and resources are available for help with personal concerns, such as depression, stress, work, family or marital problems and financial and legal issues.
Work/Life Balance
- Vacation and Other Time Off – The Company provides up to five paid days for occasional illness; 10 paid holidays; and a combination of 19 or more vacation and personal days per year. There are volunteer opportunities in which associates may participate on company time (with manager approval) or personal time.
- Adoption Assistance – Provides reimbursement for certain adoption-related expenses up to $5,000 per adoption. There is no limit on the number of adoptions eligible for reimbursement.
- Flexible Spending Accounts (FSAs) – Health Care and Dependent Care FSAs allow employees to use before-tax dollars to pay for eligible expenses.
Professional Development
- Tuition Assistance – The Educational Assistance Program reimburses up to 100% of certain covered expenses for accredited colleges and for attainment of approved professional designations up to certain calendar-year limits if the associate receives a grade of C or better.
- Customized Professional Training and Development Opportunities – Available in consultation with Human Resources.
- CFA, FRM and CAIA Programs - Babson Capital recognizes and encourages three specific professional designation programs that enrich and enlarge the knowledge-base of the disciplines used in the analysis of investment opportunities. These programs include study time, payment for study materials and the potential for 100% reimbursement of study seminars and examination fees, plus a bonus at the time you achieve the designation.
Community
Babson Capital’s Charitable Strategy Initiative provides our associates with opportunities to make a greater impact the communities in which we live and work.
- Matching Gifts - Babson Capital supports the causes that are most important to our many associates by offering to match their gifts to qualifying charitable causes and activities.
- Corporate Sponsored Events – A number of volunteer activities are sponsored by the firm. With manager approval, associates do not need to make up time, or use personal or vacation time to participate.