Benefits

New Millennium, Inc. Contract Engineering Services (NMI) Employee Benefits

  • NMI’s lean operation with low overhead means employee compensation is higher than industry standard.
  • Employee total compensation consists of the sum of Federal Form W-2 wages and profit sharing. The profit sharing portion (see item 3) is a percentage of the employee’s gross wage.
  • Superior Retirement Savings
    NMI utilizes a profit sharing plan (PSP) with a mandatory safe-harbor 3% minimum contribution from the company for the benefit of the employee. An additional deferral ranging up to 25% total, the highest allowed under federal law, is subject to negotiation at the time of hire. NMI selected a PSP plan over a 401-(K) because we felt the PSP affords superior tax-deferred retirement savings for our employees.
  • Fidelity Investments
    Our retirement plan is administered by Fidelity Investments. The employee is free to choose financial instruments from Fidelity Investments Co., as well as other financial instruments available from various mutual fund companies.
  • 100% Immediate vesting
    Employees are immediately enrolled and 100% vested in the retirement plan. NMI transfers employee’s funds promptly to Fidelity on a monthly basis.
  • Section 125 Plan
    Our Section 125 plan allows employees to set aside pretax pay for the following items: medical premiums, child day care and elder care costs.
  • No non-compete clause
    NMI has never included non-compete clauses in our contracts. We do ask for a 3 month minimum commitment because of the setup involved during the hiring process. Our primary goal is to constantly strive to keep our employees happy so they have no desire to switch companies.
  • Referral Fees
    New Millennium offers a generous referral fee upon successful placement of an employee-recommended new hire.
  • ADP and Direct Deposit
    ADP is a well-known, nationwide payroll processing firm. NMI utilizes the services of ADP to administer our biweekly payroll. Through our association with ADP we offer direct deposit for employees and subcontractors at no additional charge.