Educational/Tuition Assistance (with specific reference to accountants, engineers, lawyers)

Objective

Because [Company] believes that formal education has a positive impact on an employee’s contribution to the Company, the Company supports self-development and educational efforts by providing reimbursements for many of the expenses associated with continuing education courses.

Scope of Policy

All full-time, regular employees are eligible for benefits under this policy. Employees may pursue a degree or take individual courses at approved and accredited educational institutions under this program, provided the course of study is related to the employee’s current position or a probable future assignment and the Company approves the course(s).

Covered Expenses - College

Expenses eligible for 100 percent reimbursement include tuition, registration and required fees such as building use and lab fees. Books required to satisfactorily complete a course are reimbursed at 75 percent of their cost.

Other miscellaneous expenses, such as parking, supplies, social dues, athletic fees, computer access charges, etc., are not reimbursable. Company reimbursement will be reduced by any other financial aid that does not have to be repaid (such as the GI Bill, scholarships and grants). Reimbursement is limited to 100 percent of actual expenses.

If a required class is available only during regularly scheduled work hours, the employee may submit a written request to his or her immediate supervisor and the Human Resources Department explaining the circumstances. Recommendation from the immediate supervisor is required. Prior approval of both the functional Vice President and Human Resource Department is needed before registering or attending such a class. If approved, the time away from work must be made up during the same workweek; otherwise it will be deducted from the employee’s annual vacation.

Covered Expenses - Certification

The program will cover CPA license examinations at 100 percent. Other licensing examinations (e.g., professional engineer, specialty of law) that are required for state/regulatory certification and the related preparatory review courses will be considered for reimbursement. Requests must be approved by the immediate supervisor and the Human Resource Department.

The Company will reimburse annual registration or licensing fees required to maintain state, regulatory certification such as the certified public accountant, professional engineer, attorney, etc. With their supervisor’s approval, employees are allowed paid time off to sit for professional certification and/or licensing examinations. Any time taken in excess of the allowed time shall be reported as vacation.

A $500 bonus will be awarded to any full-time salaried employee obtaining a professional licensing/registration with a state-licensing agency for the first time, such as certified public accountant, registered professional engineer or certified in a specialty of law.

Procedures and Approval

An Education Assistance Request form with a cost estimate must be submitted to the employee’s supervisor for approval. (Forms may be obtained from the Human Resource Department.) The supervisor should assess the cost, course and/or degrees, taking into account the employee’s current and future assignments and potential impact on the employee’s work responsibilities. The request requires the concurrence of the Department Head and Human Resources Department.

The employee should initiate the approval process prior to enrolling in the course(s). Reimbursable expenses must be submitted for payment within 90 days from the end of the semester or term. Reimbursement for expenses will be made provided the employee has satisfactorily completed the course with a grade (or numeric equivalent) of “C” or better or a “P” if taken Pass/Fail. The official grade record and itemized receipts documenting all of the expenses should be provided to the Human Resources Department .

Certification-related expenses, including registration and licensing fees, will be reimbursed via expense account. There may be tax consequences or imputed income to employees participating in this program.