M&F Bank Benefits

• Employee Forms (Federal W4)
• Employee Forms (MS State W/H Cert)
• Alabama Employee's Withholding Exemption Certificate (Form A-4)
• Alabama Employee's Withholding Exemption Certificate (Form A-4E)
• Arkansas Employee's Withholding Exemption Certificate (AR4EC)

Full Time Associates are eligible for:

• INSURANCES/BENEFITS:
• HEALTH INSURANCE
• LIFE INSURANCE/DEPENDENT LIFE
• GROUP ACCIDENT INSURANCE
• GROUP CANCER INSURANCE
• GROUP DENTAL
• GROUP TERM LIFE
• SHORT TERM DISABILITY
• LONG TERM DISABILITY
• FMLA

PAID HOURS OFF:

• VACATION
• SICK
• HOLIDAY

HEALTH INSURANCE:

• SINGLE: $ 43.00 PER PAY PERIOD
• FAMILY: $ 165.00 PER PAY PERIOD

Full time associates are eligible for benefits on the 1st day of the month following 30 days of employment.

Our health plan with Blue Cross Blue Shield of Mississippi is a Preferred Provider Organization (PPO).

CAFETERIA PLAN:

1-Allows associate to enroll and have medical insurance premiums and some medically related insurance premiums (cancer, intensive care, etc.) to be deducted pre-tax.
2-Dependent care expenses can be deducted pre-tax – Daycare.
3-Unreimbursed medical expenses can be deducted pre-tax – Co-pays, deductibles, dental expenses, eye exams and eyeglasses, and some over the counter medications, etc.

LIFE INSURANCE: Term life policy provided by the bank at no cost to you. The coverage/benefit amount is 3X your annual base salary.

DEPENDENT LIFE: Also provided by the bank at no cost to you. Benefits amounts are $2000 for spouse and $2000 for each dependent child.

GROUP ACCIDENT INSURANCE: Voluntary insurance policy for accidental death/dismemberment only. Cost is based upon the amount of insurance that is purchased. Associate is responsible for premium cost that is payroll deducted.

CANCER - SHORT TERM DISABILITY - INTENSIVE CARE – LIFE - DENTAL - OTHER SUPPLIMENTAL POLICIES: Offered through Allstate/American Heritage. Associate is responsible for premium cost. Premium is based on product purchased. Payroll deducted.

LONG TERM DISABILITY: Benefit is payable in the event of total disability. The benefit is 60% of salary (subject to a maximum monthly benefit of $10,000) and pays up to 5 years. Benefits begin at the end of a 90-day waiting period. The bank pays the premium for all full time associates.

FMLA: After one year with M&F, provides up to 12 weeks of job protected leave per year for illness, to care for an immediate family member, adoption or placement of a foster child. Benefits continue while on approved FMLA leave.

PAID HOURS OFF:

VACATION: Full time associates are eligible for paid vacation according to their years of service:

After 1 year 10 days
After 10 years 15 days
After 15 years 20 days

SICK LEAVE: Paid sick leave begins accruing from the first day of employment for full time associates but cannot be used until the 90 day probationary period is over. Sick leave accrues at the rate of 6 days per year or 1/2 day for every month of service.

BEREVEMENT LEAVE: 2 days for immediate family member

JURY DUTY: Excused from work with no loss of base pay.

HOLIDAYS: The following holidays are recognized by M&F:

New Year’s Day – Jan. 1
Martin Luther King, Jr. Day – 3rd Monday in Jan.
President’s Day - 3rd Monday in Feb.
Memorial Day – Last Monday in May
Independence Day – July 4
Labor Day – 1st Monday in Sept.
Thanksgiving Day – 4th Thursday in Nov.
Christmas – Dec. 25
*Columbus Day and Veterans Day are decided on an annual basis

RETIREMENT:

401K – Administered by the Trust Department
Available for all associates – full time and part time
Immediate eligibility
May contribute up to $15,500 for 2007
M&F will match $.60 for every $1.00 contributed up to 6% of your pay for 1st 3 years of service; $.75 for every dollar contributed up to 6% after 3 years of service.
Employer contributions are vested at 3 years

ESOP
Funded entirely by M&F contributions – Contributions used to purchase M&F Corp. stock – Amount contributed is determined annually by the Board of Directors

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