Buchanan Employee Benefits
Welcome to the Buchanan Benefits Information Page!
Below you will find all the information needed to make an informed decision for your benefit selection. Feel free to explore each option further by clicking on the plan name. This will provide a complete breakdown of the difference between our 4 medical plans, as well as further details of what each supplemental product can offer. If you’d like to view this page as a PDF (without the option to expand plan details), visit the 2021 Buchanan Benefits Summary.
MEDICAL / UHC EXTRAS
|Medical||Employee Only||Employee + Spouse||Employee + Dependents||Employee + Family|
We offer 4 plans:
Select a product offering below to learn more.
- Critical Illness
- Voluntary Life & AD&D
- Dental Benefit Summary - Excluding Texas Employees
- Dental Benefit Summary - Texas Employees ONLY
- Guardian Notice of Privacy Policies
- Benefit Summaries (ALL) Spanish
- Supplemental Benefits Comparison
HEALTH SAVINGS ACCOUNT / DISCOVERY
What is an HSA?
HSA stands for “Health Savings Account.” Our HSA provider is Discovery Benefits. Participants who elect an HSA eligible medical plan can choose to set aside funds tax-free to help pay for current and/or future medical expenses.
How much can I set aside towards my HSA?
|Enrollment Tier||IRS Limit||Buchanan Contribution||Max. Employee Contribution**|
|Employee Only||$3,600||$480||$3,120 (up to $60/wk)|
|Family Coverage||$7,200||$480||$6,720 (up to $129.23/wk)|
|Additional "Catch Up" (55 or older)||$1,000||$480||$520 (up to $10.00/wk)|
If you enroll in the HSA portion of an eligible medical plan, an account will automatically set up for you with Discovery. The money goes IN tax-free and comes OUT of the account tax-free.
The 401(k) offering for Buchanan Hauling & Rigging, Inc. is provided through Transamerica Retirement Solutions.
What is a 401(k)?
A 401(k) is an employer sponsored retirement plan that allows you to set aside money PRE-TAX for retirement.
When can I sign up?
Day 1! While contributions will not be started until the 1st of the month following 60 days of employment (similar to the other benefits products), you can get your account registered and ready to go ahead of time.
How do I sign up?
You can register online at www.transamerica.com by navigating to the login page and selecting “Sign Up” to create an account. You will need your social security number, date of birth and zip code in order to get started. If you prefer to fill out a paper application, you can obtain one by contacting HR.
How much can I contribute?
The IRS allows for you to set aside $19,500 from your paycheck ($26,000 ages 50+) per year as of 2020. You can choose to set aside a specific dollar amount or a percentage of your salary.
Does Buchanan contribute?
Yes! Buchanan will match the first 3% of your personal contribution dollar-for-dollar. Buchanan will also match half of your personal contribution of the next 2%. In order you take advantage of the complete match, you will need to contribute 5% in order to receive a total of 4% from Buchanan.
What if I want to change the amount I am contributing?
You are able to submit a change request at any time. However, change requests are only applied quarterly. For example, if you submit a request in February, the change will not take effect until April 1st. You can submit a change online or by calling Transamerica directly (800-401-8726). HR cannot make this change on your behalf.
What investments should I choose?
It is best to work with your Financial Advisor in order to determine the appropriate mix of investment holdings. However, Transamerica does offer a solution called “Portfolio Express” which will have you complete a profile questionnaire and do the allocation for you based on the results.
What happens if I am no longer employed at Buchanan?
Your contributions to the plan are ALWAYS yours. Since the match is 100% vested starting Day 1, the money is yours immediately.
I have an old 401(k) from a previous job – can I roll that over to Buchanan’s 401(k) product?
Our plan allows you to rollover any existing 401(k) you may have with a previous employer. If you would like to take advantage of this feature, simply call 800-401-8726 to begin the rollover process. In order to ensure a smooth process, it is advised that you reach out to your previous carrier (prior to calling Transamerica) to obtain your account statements – most carriers even have a rollover request form you can fill out to make things easier.
Still can't find what you're looking for? Resources to help:
Send an email to HR@buchananhauling.com and the appropriate person will follow up within 24-48!