Purpose
The Oldcastle Materials North Division believes in the value of education, particularly in areas directly related to the business. In that regard, the division provides an Education Reimbursement Policy to support the professional development of those employees who desire to further their education and who meet certain eligibility requirements.
Scope
The Policy applies to full-time seasonal or year round employees who are in good standing with the Company. Employees must continue to meet job performance expectations throughout enrollment. Reimbursement under the terms of the Policy is available to employees pursuing a GED, undergraduate degree, and graduate degree.
Eligibility Requirements
- Employees must complete one (1) year of service to participate in the Policy. For seasonal employees, periods of layoff will be applied to this requirement.
- A course or degree program must be directly related to the employee’s current position or must enhance potential for advancement within the Company.
- Employee application must include a written request, endorsed by the Line of Business or Function Manager and approved by Company President.
- Classes must be offered by an accredited technical institution, college, or university.
- Educational reimbursement does not apply to training programs, seminars, or certifications programs.
Approval Process
- A Tuition Reimbursement Application (available on the Employee Portal) must be submitted to the Human Resources Department and must be approved by the employees Division Manager or VP prior to beginning coursework.
- Once coursework is complete, employees must submit the Request for Tuition Reimbursement form (also available on the Employee Portal) along with the grade report and proof of cost within 45 days of course completion in order to receive reimbursement.
Guidelines
- Individuals must be active employees of the North Division when the course begins and must still be employed when the course work is completed.
- Employees are expected to schedule class attendance and completion of study assignments outside of regular work hours. Management may limit the number of courses an employee can take if the schedule interferes with the employee’s ability to perform the job.
- An employee who voluntarily or involuntarily terminates employment must reimburse the Company 100% of all reimbursement received within the prior three years of employment. Note: this does not apply to employees affected by a reduction in force, permanent disability, or death.
- If an individual is rehired by Oldcastle Materials North Division there is no reinstatement into ongoing coursework that may have been approved prior to termination or reimbursement for prior coursework.
- It is expected that employees who are approved for a degree program will maintain continuity with the coursework. If a break of more than 12 months in coursework occurs your application for continuation in the program must be re-evaluated.
- While successful completion of a course of study improves an employee’s educational background, such accomplishment does not obligate the Company to reward participants with promotion, transfer, reassignment, or compensation increase.
- IRS regulations: education reimbursement of $5,250 in a calendar year may be taxable to the employee and it is the employee’s responsibility to pay those taxes. Refer to IRS Publication 970, Tax Benefits for Education for more details.
Grandfather Clause
Employees enrolled in an approved education reimbursement program prior to the effective date of this policy (January 1, 2018) will be grandfathered under the local Company program as long as they maintain eligibility and good standing with the Company. Enrollment in an education reimbursement program after the effective date of this policy will fall under the guidelines and eligibility described above.
Reimbursement
Undergraduate coursework:
- Employees will be reimbursed 100% for a grade of A or B (or equivalent) up to a maximum of $5,250 per year.
- Employees will be reimbursed 50% for a grade of C (or equivalent) up to a maximum of $5,250 per year.
- No reimbursement will be given for a grade lower than a C (or equivalent).
- Pass/fail courses will be reimbursed at 100% for a pass up to a maximum of $5,250 per year.
Graduate coursework:
- Employees will be reimbursed 100% for a grade of A or B (or equivalent) up to a maximum of $5,250 per year.
- Employees will be reimbursed 50% for a grade of C (or equivalent) up to a maximum of $5,250 per year.
- No reimbursement will be given for a grade lower than a C (or equivalent).
- Pass/fail courses will be reimbursed at 100% for a pass up to a maximum of $5,250 per year.
Eligible expenses include application fees and tuition. Expenses not eligible for reimbursement include but are not limited to books, lab fees, registration, hardware, late fees, parking, repeated courses, software packages, transportation, on-line charges, supplies, or graduation fees.
Summary
The adoption and maintenance of this program shall not be deemed to be a contract between Oldcastle Materials North Division and the employee. Nothing contained in the program shall give any employee the right to be retained by the Company or interfere with the right of the Company to terminate an employee for cause regardless of the effect that such termination will have upon the employee under the terms of this program.
Exceptions to this policy must be approved by the Company President.
If you have questions regarding this policy, please contact your local Human Resources representative.
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