Fueling a Better Future for You
We call our benefits program Total Rewards because we believe in investing across the many areas of your life. It’s our goal that you understand and take advantage of our comprehensive rewards to grow your financial security, career and the health and well-being of you and your family.
Total Rewards Program
Pay
Paid Time Off and Workplace Flexibility
Benefits
Professional Development
Pay
Our pay program is designed to attract and retain top talent. In addition to competitive salaries, we offer performance bonuses based on company and personal goals. Employees who meet or exceed their goals are eligible for higher bonus payouts.
This pay-for-performance program allows you to more easily understand how your performance impacts your total compensation and gives you ownership in Chesapeake’s growth and success.
Hybrid Workplace with Schedule Flexibility
Our “Work for Your Day” program empowers employees to choose their work locations (working remotely or in the office) based on their department needs, workloads and schedule. Employees also have autonomy to flex their schedule as needed and our Oklahoma City team enjoys half day Fridays.
Paid Time Off
Paid time off (PTO) is calculated based on previous work experience (defined as your age minus 22).
| Years of Experience | Hours of PTO Accrued Annually | Amount Per-Pay-Period (26 pay periods) |
|---|---|---|
| 0 – 4 | 160 | 6.153 |
| 5 – 9 | 200 | 7.692 |
| 10 – 19 | 220 | 8.461 |
| 20 – 24 | 240 | 9.230 |
| 25+ | 280 | 10.769 |
In addition to PTO, all employees receive 12 company-paid holidays, a personal Well-Being Day and up to five days of paid bereavement leave.
Benefits
Chesapeake offers comprehensive medical coverage (with company subsidy), including a health savings account and/or flexible spending account option, telemedicine access and prescription drug plan.
Medical coverage is offered through Blue Cross/Blue Shield of Texas (BCBSTX). When enrolled in medical coverage through the company, you have access to the Health Investment Plan (HIP) featuring a health savings account (HSA) option.
Eligibility: All full-time Chesapeake employees are eligible to participate in our medical plan. Your spouse/domestic partner is also eligible for coverage unless you are divorced or legally separated (documentation proving a legal marital relationship is required). Children can be covered until the age of 26.
Health Investment Plan (with HSA): The Health Investment Plan includes a valuable HSA and allows you to choose any physician or health care provider you like, but you will receive discounted rates and higher reimbursements when you select providers within the contracted network. If you enroll in the Health Investment Plan, Chesapeake will make a contribution to your Health Savings Account (HSA) on your behalf, which you can use to pay for eligible health care expenses when you receive services.
Cost of coverage:
Tobacco use: Chesapeake’s plan requires a $100 monthly fee if you are a tobacco user, which encourages a healthier lifestyle. Non-tobacco users are defined as those who have not smoked a cigarette, cigar, pipe or any other tobacco or nicotine product, and not used smokeless tobacco products such as snuff, plug or chew within the prior two months. If you are currently a tobacco user, the tobacco-use fee can be waived with the successful completion of a tobacco cessation program, offered by GuidanceResources, or by stopping tobacco use for two months. You will be required to provide proof of tobacco cessation class attendance.
Wellness: Chesapeake is committed to providing you and your family with tools and resources that will support and encourage education and preventive health activities. You and your enrolled dependents can take advantage of a number of health services that can prevent or identify a medical issue in the earliest stages. These services are paid at 100% (of the allowable charge) when you are enrolled in the Chesapeake health plan:
- Adult immunizations
- Bone density screenings
- Heart scans
- Well-child care
- Routine physicals
- Mammogram screenings
- Prostate cancer screenings and more
Telemedicine: When you are enrolled in a Chesapeake health plan, you and your covered dependents are automatically enrolled in Teladoc. With your Teladoc membership, you can connect with a board-certified physician in minutes to discuss everyday care, dermatology and counseling via phone or video. Through Teladoc, you can request an affordable and convenient consult with a doctor 24 hours a day, 365 days a year by web, phone or mobile app.
Prescription Drug Plan: Chesapeake is committed to helping ensure your access to quality medications when the need arises for you or members of your family. The company will continue to offer comprehensive and economical access to prescriptions through our partnership with CVS, and costs will vary based on where and how you fill your prescriptions.
- Preventive drugs: 30% (no deductible)
- Generic, preferred brand and non-preferred brand: 30% (you pay 30% after deductible)
View our health plan transparency files here.
When you enroll in the Health Investment Plan, you will enjoy the benefits of a Health Savings Account (HSA). An HSA is a savings account designed to help you pay for health care expenses using a combination of company contributions and any tax deferred contributions you may choose to make.
You can use your HSA to pay for eligible health care expenses until you reach your annual out-of-pocket maximum. It helps you save on health care and save for retirement. Once you enroll in the Health Investment Plan you will have the opportunity to add additional contributions to your HSA.
Qualified expenses include:
- Dental treatment
- Diagnostic tests and devices
- Doctors’ visits
- Prescriptions
- Operations and surgeries (non-cosmetic)
- Nursing services
Fidelity Investments administers the Chesapeake HSA. You will set up your account and manage payment of your expenses and investments through the Fidelity website. You will have several options to pay for your services including a convenient debit card that is tied directly to your HSA funds.
Chesapeake will make an annual contribution and the money in your account is “always yours” (remaining balances will carry over year after year). Another feature of the Health Investment Plan is that you can invest the balance in your account using the resources and tools provided by Fidelity Investments.
Chesapeake’s comprehensive dental plan covers a wide range of dental health services for you and your family. If you choose this coverage, you may use any dental provider you wish, however, if you use a BCBSTX network dentist, you will likely incur lower out-of-pocket expenses.
| Plan Provisions | Dental Benefits |
|---|---|
| Calendar Year Deductible Per covered individual | $50 |
| Annual Benefit Maximum Does not apply to orthodontic services | $2,000 per covered member |
| Diagnostic and Preventive Care Examples: Dental exams, cleanings, X-rays and fluoride treatments | 100% of allowable amount — no deductible |
| Miscellaneous Services Examples: Lab tests and emergency treatment to relieve dental pain | 100% of allowable amount — no deductible |
| Restorative Services Examples: Fillings and extractions | 80% of allowable amount after deductible |
| General Services Examples: General anesthesia and nitrous oxide | 80% of allowable amount after deductible |
| Endodontic Services Examples: Root canal and direct pulp cap | 80% of allowable amount after deductible |
| Periodontal Services Examples: Scaling and root planing | 80% of allowable amount after deductible |
| Oral Surgery Services Examples: Alveoplasty and surgical tooth extractions not covered under health plan benefit | 80% of allowable amount after deductible |
| Crowns, Inlays or Onlays | 50% of allowable amount after deductible |
| Prosthodontic Services Examples: Bridges and dentures | 50% of allowable amount after deductible |
| Implant Services | 50% of allowable amount after deductible |
| Orthodontics $3,000 lifetime benefit | 50% of allowable amount after deductible |
| Wisdom Teeth Removal If impacted, the removal will be considered a medical procedure and processed under your medical benefits | 50% of allowable amount after deductible |
Vision insurance is offered through the VSP vision plan. By enrolling in the VSP plan through Chesapeake, you and your dependents will receive value and savings on eye exams and eyewear. VSP has one of the largest networks of providers throughout the U.S. See our Total Rewards Guide for costs related to your vision needs.
Chesapeake employees can sign up for medical expense and/or dependent care flexible spending accounts to set aside tax-free dollars to cover expenses not reimbursed by medical insurance or other sources.
Medical Expense Flexible Spending Account: Qualifying expenses include:
- Deductibles, co-pays and co-insurance payments
- Prescription drug co-pays
- Vision care, laser eye surgery, eyeglasses and contact lenses
- Unreimbursed dental or orthodontic care
- Over-the-counter medications can be reimbursed only when prescribed by a doctor
Dependent Care Flexible Spending Account: The maximum contribution is $5,000 per year and stipulations apply. Eligible dependents include children under the age of 13 and/or disabled dependents of any age that live with you.
Certain expenses are not covered:
- Care provided by your spouse/domestic partner or your dependent under the age of 19
- Day care providers for which you do not furnish the employer identification number or Social Security number
- Expenses that are primarily educational, including private school tuition for kindergarten or higher grades
- Overnight camp expenses (day camp expenses are generally eligible)
- Housekeeping expenses unless incidental to the childcare
- Childcare expenses, if your spouse/domestic partner is not employed, a full-time student or disabled
Chesapeake provides the below company-paid disability benefits:
Short-Term: Short-term disability benefit is provided at no cost and there is a zero-day waiting period for injuries and maternity leave, and a five-day waiting period for illness.
- Eight weeks of short-term disability protection at 100% of their base salary
- If your disability exceeds eight weeks you will receive an additional 12 weeks of short-term disability protection at 80% of your base salary and then six (6) weeks at 60% of your base salary until transitioning to long-term disability (when eligible)
Long-Term:
- 60% of base salary up to $20,000 per month with a 180-calendar-day waiting period
- Two options for long-term disability with the taxable option as default
- Chesapeake pays the entire premium, which is not considered taxable income but if you become disabled and qualify for long-term disability, it will be treated as taxable income
Chesapeake provides group term life in the amount of two times annual earnings as defined by the life insurance provider. In a qualified situation, AD&D (accidental death and dismemberment) insurance will also pay in the amount equal to your basic life insurance.
You may also choose to purchase additional insurance, including:
- Employee supplemental life
- Spouse / domestic partner supplemental life
- Child supplemental life
- Supplemental AD&D
More thorough descriptions of these insurance options are available in our Total Rewards Guide.
When you enroll in medical, dental and vision coverage, the portion of the cost you pay is a tax-free deduction from your paycheck. By paying with pre-tax dollars, you reduce the amount of federal and Social Security taxes you pay and pocket the tax savings. Depending on where you live and work, your state and local income taxes may also be reduced. This may slightly affect your Social Security benefits.
The Chesapeake 401(k) plan provides an opportunity for you to build a financial reserve to use when you retire. You receive company contributions and tax advantages when you participate, and you have choices about how much to contribute and how you invest. Plus, putting money into a 401(k) allows you to borrow money or make a withdrawal for certain emergencies.
- Joining: Employees are eligible to participate in our 401(k) upon employment. You may enroll in the plan at any time.
- Contributing: You may contribute up to 75% of your base pay and eligible bonus compensation, up to the annual legal limit. The vesting schedule is over five years and you can change your contributions at any time.
- Profit Sharing: Chesapeake makes a quarterly discretionary profit-sharing contribution to your 401(k) account. The profit-sharing contribution, based on a percentage of free cash flow, is distributed equally to all eligible employees. You are not required to contribute to your 401(k) account to receive this contribution.
We also offer Roth and after-tax options, which are detailed in our Total Rewards Guide.
The Chesapeake 401(k) plan provides an opportunity for you to build a financial reserve to use when you retire. You receive company contributions and tax advantages when you participate, and you have choices about how much to contribute and how you invest. Plus, putting money into a 401(k) allows you to borrow money or make a withdrawal for certain emergencies.
- Employee Assistance Program: To make sure you have the support you need to work through life’s challenges, Chesapeake has partnered with Lyra Health to provide cost-free, totally confidential, evidence-based mental health care for you and your family. In addition, you will have access to work-life services, eLearning and more.
- Tuition reimbursement: Chesapeake is committed to continuous improvement through education and development and supports employees who want the same. Regular, full-time or part-time employees are eligible immediately upon employment for expenses incurred on or after hire date.
- Military differential pay: Full-time employees who have completed at least one year of continuous employment and are called to active duty or military training for 30 or more continuous days are eligible for this benefit.
- Adoption assistance: Chesapeake provides an adoption assistance benefit to help full-time employees with qualified adoption expenses.
- Additional benefits: Health care and insurance advocacy services, Blue Care Connection® program, parental leave for mothers and fathers, on-site child care (Oklahoma City)
- Voluntary benefits: Aflac insurance, legal insurance and identify theft protection
Professional Development
Our professional development program is how we invest in you and grow your career. It’s our goal that you reach your full potential while also driving company success.
