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.
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.
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.
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.
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.
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 in which Associates may elect to
participate through payroll deductions.
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.
Retirement Savings Plan
The Retirement Savings Plan incorporates our 401(k) Program and a
Retirement Contribution Program.
The 401(k) Plan provides an individual account through which an
Associate can save money for the future. Associates can contribute up to
50% of pre-tax pay. CarMax makes a matching contribution of $0.50 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. Nineteen funds are
available for investment of contributions.
The Retirement Contribution Program provides an annual contribution of
2% of pay into an account for each eligible Associate. The contribution
will be made into a separate account with T. Rowe Price. Nineteen funds
are available for the investment of contributions.
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.
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.
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.
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.
Employee Assistance Program
Associates can access free professional resources for information,
confidential consultation, and short-term counseling on everyday issues.
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.
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, and immediate family members of the Associate
and spouse or domestic partner, whether they live in the same household.
Associates are eligible to participate in the Associate Discount Program
after 30 days of employment.
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.
Direct Deposit
CarMax offers Associates direct deposit of their paycheck into the bank
and account of their choice.