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Employee Benefits

Waddell & Reed offers an outstanding package of benefits designed to help our employees achieve their goals for their health, education, retirement, career development and work/life balance. The benefits program is a significant component of our employees’ total compensation. Our benefits package delivers a comprehensive, competitive program designed to meet the wide-ranging needs of our employees.

Financial Benefits

We encourage all our employees to focus on saving for the needs of their families along with planning for retirement. While more detail is provided when you join us, the following are highlights of our financial and retirement benefit plans and programs, along with other perks:

401(k) and Thrift Plan

Employees may contribute eligible earnings on a pre-tax and/or post-tax basis. Waddell & Reed will match dollar-for-dollar the first 3% of eligible pay, and 50 cents for every dollar on the next 2% of eligible pay. The company may also make additional discretionary contributions on a periodic basis. Employees may change elections or opt out during any pay period and may contribute up to the IRS limit. Automatic participation begins after 30 days of service and employees are eligible for company-matched contributions immediately upon participation. Employee contributions are always 100% vested and; company contributions are 100% vested after one year of service.

Health Savings Account (HSA)

An HSA provides a unique tax-advantaged opportunity to pay for current and future out-of-pocket healthcare expenses with pre-tax dollars for you, your spouse and dependents. These individual accounts can have a triple tax advantage because employee contributions can be made on a pre-tax basis, investment earnings are not taxable, and you are not taxed when these dollars are used to pay for qualified medical expenses. Waddell & Reed has a generous employer seed to accompany the employee contribution.

Flexible Spending Accounts (FSA)

FSA accounts allow you to pay or be reimbursed for eligible expenses with pre-tax dollars that you elect to contribute to an FSA account. We offer four types of FSA accounts:

  • Health Care FSA
  • Limited Purpose Health Care FSA
  • Dependent Care FSA
  • Transit/Parking FSA

Education Assistance Program

We believe in the ongoing advancement of our colleagues and encourage the development of skills and knowledge that help us remain innovative and competitive. Employees may be reimbursed for 100% of the cost of tuition and fees, up to $5,250 per year, for any approved undergraduate or graduate degree program that complements company business operations. Full-time employees seeking a degree from an accredited college or university are eligible for reimbursement of tuition required for the degree. The degree being sought must be in a field of study that is compatible with the general business structure of the Company, and additional requirements apply.

Net Asset Value Purchase

Waddell & Reed offers employees the opportunity to purchase shares of its affiliated mutual funds at net asset value (NAV). Net asset value equals the price per share before a sales charge is added. This investment privilege is also extended to spouses, children, parents, and parents of spouses.

Insurance & Income Protection

Our employees should feel financially secure, even if an unexpected event, such as an accident, long-term illness or untimely death, should occur. As such, we provide our employees with company paid life/AD&D, short term disability, long term disability, and paid family leave coverage.  We also offer supplemental programs including life, AD&D, accidental injury, and critical illness insurance coverage in addition to our comprehensive medical, dental, vision and wellness programs.

Life Insurance and Accidental Death & Dismemberment

All regular full-time employees are covered by a life insurance benefit paid 100% by the company. This benefit is effective the first day of employment. Regular full-time employees are covered by a life insurance benefit of two times their annual salary, plus prior-year incentive compensation up to $1,000,000 in coverage. We also provide additional AD&D coverage in the same amount. 

Supplemental Life Insurance

This voluntary benefit is available upon an employee’s hire date. Employees may elect coverage in $10,000 increments with guaranteed issue when first eligible up to the lesser of $500,000 or three times annual salary. The policy allows for up to the lesser of $2,000,000 or seven times annual salary with medical underwriting. Coverage for spouses and dependents is also available. This policy is portable, with some exceptions. Premiums are payroll deducted and include significant group discounts.

Supplemental AD&D Insurance

Employees can also elect to participate in this benefit upon their date of hire. Employees may elect coverage in $10,000 increments with guaranteed issue when first eligible up to the lesser of $2,000,000 or seven times annual salary. Coverage for spouses and dependents is available as well. Like Supplemental Life Insurance, this policy is portable and premiums are payroll deducted.

Short-Term Disability Leave Policy

Waddell & Reed’s Short Term Disability policy is a generous plan that provides employees the opportunity to receive pay while on an approved leave related to their own medical condition, when provided for by separate company policy. From their date of hire, all full-time employees are eligible to receive Short Term Disability pay as follows:

  • First 50 workdays at 100% of Regular Rate of Pay
  • The next 80 workdays at 80% of Regular Rate of Pay

Long-Term Disability

We also offer Long-Term Disability insurance and the Company pays 100% of the premium. The plan pays 60% of annual salary plus prior-year incentive compensation up to the maximum monthly benefit.

Paid Family Leave Policy

Waddell & Reed provides up to 4 weeks of paid family leave at 100% of regular rate of pay for qualified full-time employees with at least 12 months of service. The purpose of Paid Family Leave is to enhance the employee’s opportunity to care for and bond with a newborn, newly adopted, or newly placed child. It is also designed to provide employees with paid time off to care for a qualifying family member's serious health condition. 

Accidental Injury Insurance

This insurance benefit is designed to help employees pay for out-of-pocket expenses that insurance doesn’t cover, like copays and deductibles. It pays direct benefits for a range of injuries and accident-related expenses such as fractures, dislocations, concussion, emergency room treatment, hospitalization, and accidental death.  Employees who are enrolled in the Savings Advantage Plan may enroll in the Accidental Injury Insurance Plan at no additional charge. Employees may enroll eligible family members for an additional premiums paid for by the employee. Employees not participating in the Savings Advantage Plan may enroll in the Accidental Injury Plan at minimal cost.

Critical Illness

Our Critical Illness policy provides employees with a lump sum payment of $20,000 tax free upon diagnosis of the policy’s specified critical illnesses. Specified critical illnesses include cancer, heart attack, stroke, major organ transplant, renal failure and a reduced benefit for carcinoma in situ and coronary artery bypass. Employees may elect coverage for their spouse in the amount of $10,000. Dependent children are covered for free for up to $5,000.

Business Travel & Accident Insurance

In addition to the Life, Accident, and Disability programs described above, Waddell & Reed also provides every employee with another level of financial security with a company paid Business Travel and Accident Insurance policy with benefits of up to $100,000 for covered events while traveling on company business.  

Health & Well-Being

An engaged, healthy workforce is the foundation to Waddell & Reed’s corporate success. We are committed to providing a comprehensive benefit package aimed at meeting the needs of our diverse colleagues.

Our employees are eligible for each of the following plans effective on their first day of employment. Waddell & Reed offers a self-insured group medical plan that includes prescription drug coverage. We also offer a dental plan, a vision plan, flexible spending accounts, health savings accounts, employee assistance program and a well-being program. Highlights include:

Group Medical Plan

Eligibility begins on the first day of employment, with the company offering three different benefit plan options for medical coverage. These options provide employees the flexibility to choose the plan that’s best for them and their families. The Company provides decision support tools to help employees decide what plan is best for their unique circumstances.

Prescription Drug Coverage

Prescription drug coverage is included as part of the Group Medical Plan through our pharmacy benefit manager, MedTrak. Online resources are available to help you find lower cost alternatives to save you money, along with drug information and possible side effects.

Telehealth

Telehealth is available to all employees enrolled in any of the three medical plans. Telehealth offers 24/7 access to U.S. board certified doctors who can treat many medical issues by phone or video. This convenient and affordable option can save you a trip to urgent care or the ER when you need immediate care for medical conditions such as colds, allergies, bronchitis, sore throat, sinus problems, and more.

Well-Being Program

We encourage employees and their families to take an active role in their health through exercise, nutrition and preventive care. We offer a well-being program that is an active, fully integrated global program designed to engage and encourage you on your personal pathway to better health.

Group Dental Plan

Our comprehensive and affordable dental plan encompasses a large national network of providers and covers preventive and diagnostic services. The plan includes coverage for many restorative services and orthodontics for dependent children and adults.

Vision Plan

The vision plan utilizes a large national network of providers and covers eye exams as well as glasses and contacts. Employees can keep their eyes healthy and get great savings on glasses, contacts and laser vision correction.

Flexible Spending Accounts (FSA)

 FSA accounts allow you to pay or be reimbursed for eligible expenses with pre-tax dollars that you elect to contribute to an FSA account. We offer four types of FSA accounts:

  • Health Care FSA
  • Limited Purpose Health Care FSA
  • Dependent Care FSA
  • Transit/Parking FSA

Health Savings Accounts (HSA)

An HSA provides a unique tax-advantaged opportunity to pay for current and future out-of-pocket healthcare expenses with pre-tax dollars for you, your spouse and dependents. These individual accounts can have a triple tax advantage because employee contributions can be made on a pre-tax basis, investment earnings are not taxable and you are not taxed when these dollars are used to pay qualified medical expenses. Waddell & Reed has a generous employer seed to accompany the employee contribution.

Employee Assistance Program

Waddell & Reed understands that significant changes can impact an employee's life and cause issues that are stressful to handle. We offer an Employee Assistance Program (EAP) which provides short-term, confidential, professional counseling and services to employees and their family members. Our EAP also provides work/life resources, including coaching in behavioral changes. This benefit is 100% sponsored by Waddell & Reed. There is no employee contribution, and employees can take advantage of the resources offered by the EAP as early as their first day of employment.

On-site Fitness Center & Gym Membership Reimbursement

Who doesn’t benefit from a little exercise, or just working off some tension or energy? Just for those occasions, we offer a fitness center on campus free of charge. The center includes lockers and showers, free weights, a treadmill, stationary bike, rowing machine, and hoist.

In addition, our well-being program offers both membership discounts and a gym rebate program for a variety of fitness centers to eligible employees enrolled in our medical plan.

Work/Life Balance

Rest and relaxation are important to all of us. Waddell & Reed places great value in keeping our employees refreshed, healthy and engaged.

We all work in a dynamic, ever-changing world both on a professional level and on a personal level. Because of this, it’s more important than ever to take time off from work to recharge and spend time with family and friends. With that in mind, Waddell & Reed offers an array of generous time off programs including flexible vacation for exempt employees. We believe this approach to time off programs is advantageous to our employees as they plan their lives with the confidence they have programs to meet their specific needs. Planning for life without feeling guilty is all part of the balance employees find at Waddell & Reed. These benefits are pro-rated during the first calendar year of hire.

Vacation Program Policies

Culture Connections

Culture Connections is our company-wide initiative to enable long-term business success through engaging employees in these key areas of our culture: 

  • Diversity & Inclusion
  • Employee Appreciation
  • Philanthropy
  • Strategy & Values

Cultural Benefits

  • As members of the Waddell & Reed Financial, Inc. team, employees have the opportunity to participate in a wide variety of activities including discounted tickets, employee events, casual dress code, weekly flexible scheduling opportunity, philanthropic opportunities, and much more.
  • For those employees joining us at our headquarters, our 37 acre campus offers free parking, an on-site fitness center, collaboration/gaming space, cafeteria, and a walking trail.
  • Participation in employee events related to Culture Connections focus areas of: Diversity and Inclusion, Employee Appreciation, Philanthropy, Strategy & Values, and Well-being.

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