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Our Associates are the reason CarMax is so successful.
As part of a rewarding career, CarMax provides Associates with a comprehensive
and competitive benefits package. A brief summary of each benefit is listed below.
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Health Care Plan
Our Health Care Plan provides comprehensive coverage for full-time Associates and their eligible dependents. The cost of the coverage is shared between CarMax and the Associate, and contributions are made on a pre-tax basis.
Associates may enroll in the Empire BlueCross BlueShield Preferred Provider Plan (PPO), a plan that uses the BlueCross and BlueShield networks nationwide. The plan features office visit copayments, preventive care, and in-and out-of-network coverage. Our plan also includes a prescription drug program that offers prescription copayments and a mail order pharmacy.
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Dental Care Plan
Our Dental Care Plan covers preventive, basic, and major services for full-time Associates and their eligible dependents. The cost of the coverage is shared between CarMax and the Associate, and contributions are made on a pre-tax basis.
The Dental Care Plan allows participants to see any dentist they wish. However, there is a network of dentists who offer a reduced fee schedule for services. Out-of-network benefits are paid based on reasonable and customary limits. Preventive care is 100% covered up to the reasonable and customary limit as determined by the carrier. There is an annual deductible applicable to basic and major services and an annual benefit maximum.
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Vision Plan
Our Vision Plan provides coverage for full-time Associates and their eligible dependents. The cost of the coverage is paid by the Associate.
Benefits include an eye exam, lenses, and frames or contacts once every twelve months. The Plan features an office visit copay and allowances toward other incurred expenses. Participants are encouraged to use network providers to receive the maximum benefits from the Plan at the lowest cost.
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Health Care Flexible Spending Account
Our Health Care Flexible Spending Account allows Associates to set aside a portion of their paycheck on a pre-tax basis to pay for out-of-pocket expenses related to health care for themselves and eligible dependents.
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Life Insurance
CarMax offers Company-paid Basic Life Insurance. CarMax also offers options for Supplemental Life, Spousal Life, Child Life and Accidental Death & Dismemberment Insurance that Associates may elect to participate in through payroll deductions.
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Short & Long Term Disability
Our Short Term Disability (STD) Plan provides income replacement during absences due to illness, injury, or pregnancy. Benefits are based on length of service, job classification, and earnings. CarMax pays the entire cost and all full-time Associates are automatically covered by the program when eligible.
Our Long Term Disability (LTD) Plan provides income replacement for disabilities extending beyond 180 continuous days of absence. Participating Associates pay the cost of the plan through contributions after taxes are withheld. Tax-free LTD benefits are approximately 60% of earnings less Social Security, Workers' Compensation, and any other work-related benefits.
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Pension Plan
CarMax sponsors a Pension Plan that provides benefits at retirement based on earnings and length of service. The Company pays the full cost of the Plan. Generally, associates receive one year of vesting service for each Plan Year in which they receive credit for 1,000 or more hours. Associates become 100% vested once they have earned five years of vesting service. Retirement benefits start at age 65. Early Retirement benefits are available to Associates who retire at age 55 with 10 years of vesting service, or age 62 with 7 years of vesting service.
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401(k) Plan
The 401(k) Plan provides an individual account through which an Associate can save money for the future. Associates can contribute up to 40% of pre-tax pay. CarMax makes a matching contribution of $0.25 for every dollar Associates contribute, up to 5% of pay. The 401(k) Plan is administered by T. Rowe Price. Participants also benefit from tax-deferred savings and a reduction in income taxes. 19 funds are available for investment of contributions.
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Stock Purchase Plan
CarMax offers an Employee Stock Purchase Plan through which Associates may purchase CarMax Common Stock through payroll deductions. Associates can contribute up to 10% of pay. The Company provides a matching contribution equal to 15% of the Associate’s contribution. Stock is purchased each month at the current market price. Associates may join the Plan once they meet the eligibility requirements.
CarMax stock is publicly traded on the NYSE as KMX.
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Day Care Savings Account
The Day Care Savings Account (DCSA) allows eligible Associates to set aside a portion of their paychecks for expenses relating to daycare on a pre-tax basis.
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Tuition Assistance
The Tuition Assistance Program reimburses tuition, books, and course-related fees up to $800 per pre-approved course, with a maximum of $2,500 per year for full-time Associates and $1,500 per year for part-time Associates.
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Adoption Assistance
CarMax offers assistance to help Associates build families through legal adoption. Qualified Associates with one year of continuous full-time service are eligible to receive up to $4,000 in reimbursements for adoption-related expenses.
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Employee Assistance Program
Associates can access professional resources for information, confidential consultation and short-term counseling on everyday issues.
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Business Travel Accident Insurance
CarMax provides Travel Accident Insurance to all Associates. The Company pays 100% of the cost. Benefits are payable in the event of death while traveling on company business. Benefits are the greater of $250,000 or 3x base salary up to $750,000.
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Associate Discount Program
Associates may purchase vehicles, MaxCare coverage, accessories, and parts and service at discounts for personal use or use by any person who lives in the same household as the Associate, whether or not they are related to the Associate. Associates are eligible to participate in the Associate Discount Program after 30 days of employment.
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Paid Vacation and Sick Leave
CarMax encourages Associates to have time away from work for rest, relaxation, and illness. CarMax offers paid vacation and sick leave for eligible Associates.
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Holidays
CarMax Offices are closed:
New Year's Day
Memorial Day
Independence Day
Labor Day
Thanksgiving Day
Christmas Day
CarMax Stores are closed:
Easter Sunday (for stores open Sunday)
Thanksgiving Day
Christmas Day
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Direct Deposit
CarMax offers Associates direct deposit of their paycheck into the bank and account of their choice.
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This information is a brief summary of the benefits provided to regular Associates. Benefits and eligibility may differ by Plan or position classification. Detailed information is provided in the Summary Plan Descriptions and other Plan documents.
In the event of any discrepancy between this site and the Plan Documents and/or Policies, the Plan Documents and/or Policies prevail.
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