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Vision Service Plan

Largest provider of eyecare coverage.

3333 Quality Drive
Rancho Cordova, CA 95670
Employees: 1,900
CEO: Roger Valine
Privately held

Website: http://www.vsp.com

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Vision Service Plan is the nation's largest provider of eyecare coverage. It offers thousands of companies a range of vision programs, from plans that meet overall eye health and wellness needs to plans that cover advanced vision correction procedures, including surgery.

Vision Service Plan has 46 million members nationwide or 1 in 7 people in the U.S.

VSP has contracts with 25,000 clients, including 228 of the Fortune 500 companies and over 100 health plans. The company has a network of 23,000 doctors.

The company reported revenues of $2.2 billion in 2005.


1955: With a dream to provide high-quality, cost-effective eyecare benefits, a group of optometrists in Oakland, California form the first prepaid, not-for-profit vision benefit.
1960s: As companies and government agencies recognize the need to include vision care in their employees' benefits packages, VSP (Vision Service Plan) experiences rapid growth and strong partnership with doctors. The VSP concept is so successful that other states use it as a model. In 1968 the company moves its headquarters from Oakland to Sacramento.
1970s: VSP opens its own optical lab in Sacramento, CA to better serve its patients and doctors with a wide-range of products and specialized service. Today VSP works with a lab network of more than 300 facilities nationwide.
1980s: VSP grows nationally and establishes its roots as a leader in eyecare wellness benefits as organizations in many industries, including education, government, high-tech and banking quickly see the value of vision care.
1990s: Vision care benefits grow increasingly popular as employers recognize the competitive advantages of providing their employees a complete benefits package. VSP's plan popularity begins to grow at spectacular rates. The number of members increases eleven times since 1980 to over 31 million.

Key Events:
1992: VSP launches Altaireyewear, a private label frame company that sells its products exclusively to VSP doctors.
1993: VSP moves to its current headquarters building in the Sacramento area.
1997: VSP launches Sight for Students. A charity that delivers free eyecare services to thousands of low income children who need vision care, but can't afford it.


Health and Well-Being - No Cost
Our employees' health and well-being are a top priority at VSP, and that's why we provide four medical choices which include two options that are at no cost to our employee. Employees may cover their domestic partners (opposite and same sex) under any of the health programs.
We also offer dental, vision and an extensive Employee Assistance Program at no cost to our employees.

Generous Retirement and Savings Plans
Through our retirement and savings plans, employees can prepare for a comfortable financial future. VSP contributions to the retirement plan are guaranteed at 5% of your annual earnings, plus up to an additional 10% variable contribution (based on company performance).
*Employees are eligible to begin voluntary, pre-tax contributions the first of the month following their date of hire (must be age 20).

Life Insurance
At no cost to the employee, life insurance is provided for three times their annual base salary, not to exceed $500,000. Employees may also elect to purchase supplemental life insurance for themselves, their spouse and eligible dependent children.

Disability Programs
Accidental Death & Dismemberment Insurance - Eligible employees are covered for up to three times their annual base salary, not to exceed $500,000, depending on the extent of injury.
Short-Term Disability - Eligible employees receive a short-term disability benefit of 60% of their salary and may elect to "buy-up" additional coverage to a maximum 70% benefit.
Long-Term Disability - Eligible employees are provided coverage at a benefit amount of 50% of their salary and may elect to "buy-up" additional coverage to a total benefit level of 67%.
Travel Accident Insurance - Eligible employees are covered for $35,000 to $500,000 depending on their annual base salary.

Time Off Benefits
Essentially, a first year employee could be eligible for more than four weeks of paid time off (not including company holidays).
Vacation - Employees earn time off at the rate of two weeks per year for the first five years of employment, three weeks per year after five years of employment, and four weeks per year after ten years of employment.
Supplemental Vacation - After six months of employment, employees will be credited with 40 hours on the following January 1.
Sick Leave - Employees earn at a rate of one week per year.
Holidays - Employees are paid for eight calendar holidays. Employees also receive three floating holidays per calendar year after six months of employment.
Paid Volunteer Program - Employees may take one paid day (or equivalent number of hours) per year for community service work.

Education Programs
Our education reimbursement program is designed to encourage and assist our employees in the pursuit of education that enhances their career development. Eligible employees are reimbursed for tuition, books, parking, and lab fees up to $2,500 per year for approved courses. For qualified employees, VSP will reimburse 50% of applicable MBA degree fees above the annual $2,500 standard limit.

Employee Bonus Program
All employees are eligible for a holiday and incentive bonus. Historically, the total amount equates to at least four percent of employee's salary.

Other Employee Perks
In addition to the programs described above, employees have access to:
- Flexible-spending accounts
- Wellness program
- Credit union
- Direct deposit
- Annual family picnic
- Annual dinner dance
- Onsite yoga
- Onsite Weight Watchers and Toastmasters
- Personal services such as mail, onsite ATM, car wash/detailing, shopping events

Updated May 23, 2006

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