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Benefits

At Parallel, we invest in our employees’ well-being and empower them with benefits provided through JustWorks. As part of your onboarding, you will be required to complete an account setup with JustWorks in order to receive paychecks, enroll in a medical plan and, to the extent you would like, set up contributions to a 401(k), among other benefits. You will be required to designate your desired plan when you join Parallel and again each November when our Aetna policy renews. This section of the Handbook provides an overview of Parallel’s benefits program. You should refer to the plan documents themselves, which are controlling, or reach out to the People Ops Team to the extent you have any questions regarding your benefits package.

Table of contents

  1. Health Insurance
    1. Medical Plan Details
    2. Dental Plan Details
    3. Vision Plan Details
  2. Other Health Benefits
    1. Flexible Spending Account (FSA)
    2. Health Savings Account (HSA)
    3. Health Advocate
    4. One Medical
    5. Teladoc
  3. Ancillary Benefits
    1. Commuter Benefits
    2. Retirement Planning
    3. Home Office Setup
    4. Continuing Education Allowance
    5. Unlimited Paid Time Off
    6. Paid Holidays

Health Insurance

Parallel’s medical, dental and vision plans all fall under the Aetna umbrella. Typically, coverage will be available beginning on the first of the month, following your hire date. Details regarding each of these plans follows.

Medical Plan Details

Currently, Parallel offers medical benefits under four different plans: the Aetna D3 EPO, Aetna G3 POS, AETNA C2 WPO, and the Aetna F3 POS (all details can be found here). Each of these plans includes optionality to cover dependents and spouses.

Dental Plan Details

Currently, Parallel offers dental benefits under two different plans, the Aetna Dental DMO and the Aetna Dental PPO (all details can be found here). Similar to the medical plan, you will have the optionality to cover yourself individually or your entire family.

Vision Plan Details

Currently, Parallel offers vision benefits under two different plans, the Aetna Vision and Aetna Vision+ plans (all details can be found here). Similar to the medical and dental plans, you will have the optionality to cover yourself individually or your entire family.

Other Health Benefits

Flexible Spending Account (FSA)

All of Parallel’s health plans permit FSAs. An FSA is an employee benefit that allows employees to use pre-tax dollars to pay for out-of-pocket health insurance or dependent care expenses. For more information, please refer to the relevant plan documentation and a frequently asked questions page available here.

Health Savings Account (HSA)

Certain of Parallel’s health plans permit HSAs. An HSA is a pre-tax savings account for employees with a qualified high deductible health plan. Those enrolled in HSAs can make accumulated tax-free contributions to pay for health insurance costs for themselves and tax dependents— including doctor and hospital visits, co-payments, eyeglasses, prescriptions, certain long-term care insurance premiums and COBRA premiums. They can also contribute to their deductible. Funds within an HSA can rollover from year to year. Unpaid owners are not eligible for HSAs. For more information, please refer to the relevant plan documentation and a frequently asked questions page available here.

Health Advocate

By virtue of Parallel offering Aetna-sponsored health plans, each Parallel employee will automatically be provided with a Health Advocate membership. Health Advocate is the nation’s leading healthcare advocacy and assistance company, serving some of the nation’s largest companies and more than 40 million people. Health Advocate provides unlimited, confidential access to a dedicated consultant (known as a Personal Health Advocate) to help you resolve healthcare and insurance-related issues. You can find more details about how to access Health Advocate here.

One Medical

As part of Parallel’s enrollment in JustWorks’ health plans, our employees have access to One Medical at no additional charge. Outside membership in One Medical typically costs $199 per person per year. One Medical is a top quality and service level doctors office that provides top-rated health insurance professionals to their patients. You will be able to access the One Medical portal and sign up by clicking on “Benefits” in your JustWorks account. You can find more details about One Medical here.

Teladoc

As part of Parallel’s enrollment in Justworks’ health plans, our employees have access to Teladoc at no additional charge. Teladoc helps employees access on-demand health insurance anytime, from almost anywhere. Teladoc offers virtual health services, which allows you to speak to a physician via phone or video. That means a physician is always just a call, click or swipe away. You will be able to access the Teladoc portal and sign up by clicking on “Benefits” in your JustWorks account. You can find more details about Teladoc here.

Ancillary Benefits

Commuter Benefits

For those working near our NY office, Parallel provides commuter benefits via WageWorks. Parallel employees can use tax-free funds to pay for public transportation - such as train, subway, bus or ferry - as part of their daily commute to work. Funds are moved to the account before taxes are deducted, which reduces the overall tax burden. According to WageWorks Commuter Benefits, employees can save an average of 30 percent off their commute. You will be able to access the WageWorks portal and sign up by clicking on “Benefits” in your JustWorks account.

Retirement Planning

Parallel employees have the ability to contribute to our Slavic401(k) program. A 401(k) is a type of retirement savings plan sponsored by an employer. It lets employees save and invest a portion of their paychecks either before taxes are taken out (traditional) or after taxes (Roth). You may enroll in the Slavic401(k) program by following the instructions in this link.

Home Office Setup

Since you work remotely, we want to make sure your home office is comfortable. You can expense up to $1,000 to furnish your home office, every three years.

Continuing Education Allowance

If you’re interested in taking classes that you feel improve you professionally or personally, you have a $1,000 annual stipend to do so. This stipend is also prorated in your first year at Parallel, depending on the month you start. Some people take classes directly related to their careers, while some take photography lessons or learn a musical instrument. It’s up to you; the point is to learn something that you feel enriches you as a person and employee.

Unlimited Paid Time Off

We trust our employees and our process. Autonomy and self-reliance/management are some of our most important values. We want to give you the flexibility to take as much time as you need so long as your work gets done and gets done well.

We designate ten holidays each calendar year for employees in the United States. When a holiday falls on a Saturday or Sunday, it is normally observed the preceding Friday. In addition to the below designated holidays, employees are encouraged to take holidays for any religious or civic occasions they observe that are not covered by the below list. It is important to us that our employees take time off that is important to them. Please just be sure to communicate with your team about any non-designated holiday so the group can continue running smoothly. The designated holidays are:

  • New Year’s Day
  • Martin Luther King, Jr. Day
  • Presidents’ Day
  • Memorial Day
  • Juneteenth
  • Independence Day
  • Labor Day
  • Thanksgiving
  • Christmas Day
  • New Year’s Eve