REPOST ARTICLE SOURCE: http://www.altera.com/corporate/jobs/benefits/emp-benefits.html
Altera is proud to offer a comprehensive Employee Benefits Program. If you have questions about any benefit plan, please contact the Benefits Department at firstname.lastname@example.org.
The purpose of this Benefits Summary is to briefly explain Altera Corporation’s benefit plans in an easy-to-understand way. It is not intended to replace the Summary Plan Descriptions that more fully explain and govern the terms of the various benefit plans. Please refer to the Summary Plan Descriptions or contact Altera® Human Resources if you have any questions.
All regular United States (US) employees working at least 30 hours per week (full time) are eligible to participate in the Altera Employee Benefits Program. Coverage in most benefit plans begins with your date of hire. You may cover eligible dependents in the medical, dental, and vision plans provided you have completed enrolment within 31 days from your date of hire or during the annual open enrolment period, usually held in fall.
Altera has many medical plan options that provide you and your family with quality medical care. The medical options are the Aetna PPO, Aetna HDHP, Aetna EPO, Kaiser HDHP, and Kaiser HMO. The Aetna EPO is not available in all locations and because of network restrictions; Kaiser is available only to San Jose- and San Diego-based employees.
This plan leaves the selection of your healthcare provider entirely up to you, but offers a higher benefit level if you use an Aetna PPO network physician or hospital. You will pay a $20 office visit copayment each time you visit a network primary care physician. Services included under the $20 copayment are office visits and pediatric care. All preventive care requires no copayments. The copayment for a network specialist such as an OB/GYN or dermatologist is $30. For other services, including lab work, x-rays, and inpatient and outpatient surgery, you pay a $500 deductible per person per calendar year, with a family maximum of $1,500. A copay of $150 per admission will apply to inpatient hospitalization. After you pay the deductible, the plan pays 85 percent for services received from a network Aetna PPO provider. The plan pays up to 60 percent for services received from an out-of-network provider. Before you are admitted for hospital care, preauthorization must be obtained. If you do not receive preauthorization, your benefits will be reduced by $400. The hospital emergency room copayment is $100 and the urgent care copayment is $50. A 30-day supply of prescription drugs can be purchased through Catamaran’s (Altera’s pharmacy provider) participating pharmacies for copayments of $15 for generic drugs, $30 for brand-name formulary drugs, and $50 for non-formulary brand-name drugs. A 90-day supply of maintenance prescriptions is also available through Catamaran Rx Home Delivery (the plan’s mail-order service) for copayments of $30 for generic drugs, $60 for brand-name formulary drugs, and $100 for non-formulary brand-name drugs. Catamaran’s prescription drug plan has a mandatory generic drug policy. If a generic substitution is available and you elect the brand-name drug, you will pay the copay plus the difference in cost between the brand-name and the cost of the generic. Aetna PPO has no preexisting condition limitation for network care.
This plan allows you to receive care from any medical provider; however, you will receive higher benefits when you use Aetna’s preferred providers. HDHPs provide you comprehensive health benefits coverage for major medical costs. To maximize the value of enrolling in the HDHP, you may elect to enroll in a Health Savings Account (HSA) through Wells Fargo via payroll deductions. HSA accounts allow you to build savings in a tax-advantaged way for future medical expenses. To receive benefits, you must first meet an individual deductible of $1,500 for preferred care ($2,000 for non-preferred care), or a family deductible of $3,000 for preferred care ($4,000 for non-preferred care). There is no deductible for preventive services. After you meet your deductible (waived for preventive services), the plan pays benefits of 80 percent for most eligible preferred care expenses(60 percent for non-preferred care) and you pay the balance until you reach your out-of-pocket limit. Once you reach your annual out-of-pocket limit, the plan pays 100 percent of your eligible expenses for the remainder of the year. A 30-day supply of prescription drugs can be purchased through Catamaran’s (Altera’s pharmacy provider) participating pharmacies for copayments of $10 for generic drugs, $20 for brand-name formulary drugs, and $35 for non-formulary brand-name drugs, once your deductible has been met. A 90-day supply of maintenance prescriptions is also available through Catamaran’s Rx Home Delivery (the plan’s mail-order service) for copayments of $20 for generic drugs, $40 for brand-name formulary drugs, and $0 for non-formulary brand-name drugs once your deductible has been met. Catamarans’ prescription drug plan has a mandatory generic drug policy. If a generic substitution is available and you elect the brand-name drug, you will pay the copay plus the difference in cost between the brand-name and the cost of the generic. Aetna HDHP has no preexisting condition limitation for network care.
This plan is an in-network-only plan. If you elect Aetna EPO coverage, each member of your family selects a primary care physician (PCP) from Aetna’s EPO network of physicians. All medical treatment for you and your covered family members is then coordinated by the PCP and no claim forms are required. In most cases, the only cost to you is a $20 copayment for a primary care office visit and a $30 copayment for a specialist office visit. A $150 per admission copayment will apply to inpatient hospitalization. The copayment for hospital emergency room services is $100 and for urgent care the copayment is $50. Aetna EPO does not cover care received outside of the PCP network except for emergency care. If you receive care outside of the network, you pay the full cost of services. (Before you are admitted for hospital care, preauthorization must be obtained by your PCP.) A 30-day supply of prescription drugs can be purchased through Catamarans’ participating pharmacies for copayments of $15 for generic drugs, $30 for brand-name formulary drugs, and $50 for non-formulary brand-name drugs. A 90-day supply of maintenance prescriptions is also available through Catamaran’s Rx Home Delivery (the plan’s mail-order service) for copayments of $30 for generic drugs, $60 for brand-name formulary drugs, and $100 for non-formulary brand-name drugs. Catamaran’s prescription drug plan has a mandatory generic drug policy. If a generic substitution is available and you elect the brand-name drug, you will pay the copay plus the difference in cost between the brand-name and the cost of the generic. Aetna EPO has no preexisting condition limitation for network care.
Kaiser Permanente HMO
This plan offers services to its members exclusively at a Kaiser Foundation hospital or clinic. Their physician staff is composed of many skilled specialists in a wide variety of fields. Kaiser members may select their own personal physician to coordinate medical services. If you join the Kaiser HMO, your copayments will be $20 per office visit. A $100 per admission copayment will apply to inpatient hospitalization. Almost all other medical expenses are fully covered, including residential treatment for alcohol and drug dependency. Keep in mind that if you enroll in the Kaiser HMO, you pay the full cost of any care received from a non-Kaiser physician or facility, except for emergency care. Prescription drug benefits are available only at Kaiser pharmacies. For a 30-day supply, generic prescriptions are covered after a $15 copayment, and brand-name prescriptions are covered after a $30 copayment. A 100-day supply of maintenance prescriptions is also available through Kaiser’s mail-order program for copayments of $30 for generic drugs and $60 for brand-name formulary drugs.
Kaiser Permanente HDHP
This plan offers services to its members exclusively at a Kaiser Foundation hospital or clinic. Their physician staff is composed of many skilled specialists in a wide variety of fields. Kaiser members may select their own personal physician to coordinate medical services. To maximize the value of enrolling in the HDHP, you may elect to enroll in a Health Savings Account (HSA) through Wells Fargo via payroll deductions. HSA accounts allow you to build savings in a tax-advantaged way for future medical expenses. To receive benefits, you must first meet an individual deductible of $1,500 or a family deductible of $3,000. There is no deductible for preventive services. Once you meet your deductible, you will be considered as having met your annual out-of-pocket payment limit and the plan pays 100 percent of your eligible expenses for the remainder of the year. A 100-day supply of prescription drug is available at no charge after you meet your deductible.
Your dental plan is provided by Delta Dental. Care may be accessed through any dentist, but your benefits go farther if you go through the network of Delta Dental PPO dentists. Preventive care is paid at 100 percent without a deductible. The annual deductible of $50 (maximum of $150 per family) is applied when basic services (covered at 90 percent in-network PPO provider or 80 percent non-PPO provider), major services (covered at 60 percent in-network PPO provider or 50 percent non-PPO provider), or orthodontia services (covered at 50 percent) are provided. If you seek care from a provider outside of Delta Dental’s participating provider network, you are responsible for the dentist’s entire bill and Delta will reimburse you directly for the portion of the bill that is covered. There is a per-person annual maximum benefit allowance of $1,500 (applies to a combination of preventive, basic, and major services). Orthodontia coverage is available for dependents up to age 19. The per-person lifetime benefit for orthodontia services is $1,500.
Altera provides vision benefits through Vision Service Plan (VSP), one of the nation’s largest providers of vision care. You may obtain one pair of frames every 24 months. You may receive an annual exam from a VSP provider with a copayment of $20. You will be responsible for a $25 materials deductible when you purchase frames, lenses, or contacts. Reduced benefits are available if you are not treated by a VSP-participating provider.
Employee Assistance Program (EAP)
Altera contracts with Compsych to provide you and your covered family members with assistance, counseling, and treatment for marital and family problems, alcohol and drug dependency, financial and credit concerns, emotional problems, stress, interpersonal conflicts, situational life problems, and legal concerns. Five free sessions per issue are available for you and each immediate family member, regardless of the medical plan you elect.
Your share of the cost for these benefits varies based on your family size and the dependents you cover.
Monthly contributions are a pretax deduction on each semimonthly paycheck.
Flexible Spending Account (FSA)
The Flexible Spending Account offers a tremendous opportunity to reduce your taxes by paying for health care expenses and dependent day care expenses with pretax dollars. An FSA allows employees to convert a taxable benefit (salary) into a nontaxable benefit (reimbursement of eligible expenses). Under IRS Section 125 plans (such as the Altera FSA Plan), you may elect to pay for medical expenses, such as deductibles and copayments and dependent day care expenses (e.g., child care or elder care), with pretax dollars. The maximum yearly contribution to Altera’s Health Care FSA is $2,500. The maximum yearly contribution to the Dependent Day Care FSA is $5,000 (if you’re married and filing separate returns, the maximum is $2,500). You have a 2½-month “grace period” following the end of the benefit plan year (up to March 15) to incur eligible expenses before forfeiting any unused funds for the previous year. You have until March 31 (“Run-Out Period”) to submit claims for expenses incurred in the previous year. Because the IRS governs this program, there are specific rules and restrictions that apply. For more details, refer to IRS Publication 502 (Medical and Dental Expenses) and Publication 503 (Child and Dependent Care Expenses). This information is also available on the Internet at www.irs.gov.
Limited Purpose Flexible Spending Account
A Limited Purpose Flexible Spending Account is a saving option for employees that are enrolled in a Health Savings Account (HSA). The Limited Purpose Flexible Spending Account works the same way a standard Health Care Flexible Spending Account does: pre-tax, “use it or lose it” elections, and expenses must occur with in the plan year. The difference is that it limits what expenses are eligible for reimbursement. In a Limited Purpose Flexible Spending Account you can only submit claims for eligible vision and dental expenses. The maximum yearly contribution to Altera’s Limited Purpose FSA is $2,500. Because the IRS governs this program, there are specific rules and restrictions that apply. For more details, refer to IRS Publication 502 (Medical and Dental Expenses). This information is also available on the Internet at www.irs.gov.
Life and Accidental Death and Dismemberment (AD&D)
Altera provides basic life and accidental death and dismemberment protection at two times your annual salary (maximum basic life benefits is $1,000,000.00), payable to your beneficiary if you die while insured. This is provided at no cost to you.
Employee-Paid Optional Life Insurance and Optional Personal Accident Insurance
You may apply for optional term life insurance and or optional personal accident insurance for yourself, your spouse, and eligible dependent children. You may elect coverage for yourself in amounts equal to a multiple of your salary (1x, 2x, 3x, 4x, or 5x). Employee Life insurance has a combined (basic coverage plus optional coverage) maximum of $2,500,000. Optional Employee Personal Accident has a maximum of $1,500,000. For your spouse, you may elect coverage in multiples of $25,000, up to a maximum of $250,000. You may elect coverage for your children in multiples of $5,000, up to $20,000. Optional Life Insurance is subject to approval by Cigna. You will pay for the cost of this benefit directly through after-tax payroll deductions.
Business Travel Accident Insurance (BTA)
Altera provides five times base salary to a maximum of $750,000 in the event death should occur while you are traveling on Altera business. This benefit is in addition to the life and accidental death and dismemberment insurance described above. A Travel Assistance Program is also provided as part of this benefit.
Short-Term Disability (STD)
Should an illness or injury prevent you from working, short-term disability benefits are provided for California employees through our voluntary disability plan or California’s State Disability Insurance (SDI) program. For employees outside of California, coverage is provided from our insured STD plan. Benefits are payable after a 7-day waiting period, based upon a percentage of your weekly wages. These benefits are payable up to 52 weeks for employees in California, or up to 13 weeks if you reside outside of California. Please contact the Benefits Department immediately should an illness or injury prevent you from working. We will help you coordinate all disability benefits.
Long-Term Disability (LTD)
Long-term disability income continuation is available through our insured LTD plan. If you are disabled for more than 90 days, our plan will pay up to 60 percent of your regular earnings (coordinated with short-term disability benefits), based on your earnings prior to the onset of the disability. Benefits will continue until you return to gainful employment or until age 65 in most cases if you remain totally disabled.
Altera Savings and Retirement Plan
All eligible employees may participate in the Altera Savings and Retirement Plan upon date of hire (subject to administrative processing). You may save on a pre-tax basis or utilize the Roth 401(k) after tax option. You may save from the minimum of 1% to the maximum of 50% (in 1% increments) of your eligible pay per pay period (to the indexed maximum amount allowable by the IRS for the tax year in which deposits are made). Individuals considered “highly compensated” by the IRS may be restricted to a lower salary deferral.
Participants in the 401(k) plan will receive an employer matching contribution of $1 for $1 contributed, up to a maximum of $4,500 annually. You will be fully vested in the employer matching contribution immediately.
Once you reach age 50 or older and you are either contributing 50 percent of your eligible pay per pay period or contributing the maximum IRS pretax contribution, you may make an additional catch-up contribution each pay period. You must make a separate deduction election for this contribution to take effect.
In most states, you are permitted to roll over eligible pretax contributions from another 401(k) plan, 403(b) plan, governmental 457(b) retirement plan, conduit IRA, or non-conduit IRA into Altera’s plan.
Employee Stock Purchase Plan (ESPP)
The ESPP is implemented by consecutive and overlapping twelve-month offering periods. Each twelve-month offering period generally includes two six-month purchase periods. The offering periods generally start with the first trading day on or after May 1 and November 1 of each year. An eligible employee who elects to enroll in the Purchase Plan is granted an option at the start of the offering period to purchase shares of our common stock with payroll deductions of up to 10 percent of his or her eligible compensation. The eligible employee’s payroll deductions are accumulated and, at the end of each six-month purchase period, applied to purchase shares of common stock. The purchase price will be 85 percent of the lower fair market value on either the first day of the applicable offering period or the last day of the applicable purchase period.
All regular full-time employees, as defined in the current plan document, are eligible to participate in the Employee Stock Purchase Plan on the first Offering Period following their date of hire. Detailed information about this program, including the current plan document and frequently asked questions can be found on the Altera Stock Administration portal page.
Voluntary Benefit Programs
Altera Corporation has partnered with MetLife to offer you voluntary benefits that can help make getting the coverage you need easier and more convenient.
- Group Legal Services Plan: The group legal services plan from Hyatt Legal Plans gives you access to a nationwide network of more than 9,000 attorneys who can provide you with a wide range of legal services—for a fraction of the regular cost. When you use a participating attorney for things like purchasing a home or preparing a will, these services are covered in full, so there are no copayments or deductibles. And you can contact an attorney for covered services, including advice and consultations, as often as you need to. You may elect coverage during open enrollment period or within 31 days after your hire date.
- Auto and Home Insurance: MetLife Auto & Home’s group program gives you access to quality auto and home insurance, as well as a full range of other personal insurance policies, including renters, condo, boat, and personal excess liability (“umbrella”). The program also features 24-hour claim reporting and a variety of payment options to make your insurance more convenient. You may apply for coverage at any time throughout the year.
- Veterinary Pet Insurance: Veterinary Pet Insurance (VPI) can help you better manage the high cost of veterinary services for your pet. VPI is the number one licensed insurance plan for pets and is recommended by veterinarians and their staff. Exclusively endorsed by the American Humane Association, plans provide comprehensive coverage that allow you to use any veterinarian worldwide (including specialist referrals) with no pre-authorization required. A VPI policy helps pay for prescriptions, lab fees, x-rays, surgery, hospitalization, treatment, and office calls for almost any covered medical problem. You may apply for coverage at any time throughout the year.
- Credit Union Membership: Credit union membership is available through KeyPoint Credit Union and TechFed Credit Union.
Regular full-time employees are eligible to receive reimbursement of costs for tuition, registration, required books, and lab fees for qualified courses. To qualify for reimbursement of course costs, you must receive managerial approval prior to taking any course, and you must receive a grade of “C” or better for undergraduate level courses or a grade “B” or better for graduate level courses.
Altera has also made arrangements with the Stanford Instructional Television Network (SITN), allowing engineers to continue their education while employed. Courses for SITN credit may be attended during work hours.
You should be aware that, in some circumstances, the educational reimbursement benefit may be treated as taxable income. If an employee terminates employment within one year of receiving an educational reimbursement, the employee will be responsible for 100% repayment to Altera.
Altera recognizes that all employees need time away from their jobs to fulfill their individual, family, and civic responsibilities, as well as for personal rest, recreation, and relaxation. Full-time employees receive 11 holidays per year in addition to a minimum of 15 vacation days per year. Vacation accrual increases with years of service up to a maximum of 20 days per year. Part-time employees (less than 30 hours per week) receive reduced holiday and vacation allowances.
Full-time employees who have completed five years of service with Altera are eligible for an additional five days of paid time off during their sixth year of service. Employees who have completed 10 years of service with the company are eligible for an additional 10 days of paid time off during their 11th year of service. Employees who complete 15 years of service with the company are eligible for an additional 15 days of paid time off during their succeeding year of service.
Nonexempt employees accrue 16 hours of paid personal time off annually. The accrual rate caps at 24 hours and employees cannot cash out accrued PTO hours, except at termination. Nonexempt employees also accrue 64 hours of sick time off annually. The accrual rate caps at 120 hours and the employee cannot cash out accrued sick time.
The information presented here is a brief explanation of Altera Corporation’s benefit plans. It is not intended to replace the plan documents or insurance contracts which govern the actual rights and benefits to which you may be entitled, or the Summary Plan Descriptions which more fully explain the terms of the various benefit plans. Please refer to the Summary Plan Descriptions or call Altera’s Benefits Department if you have any questions. Because future conditions affecting the company cannot be foreseen, the company reserves the right to amend, modify, or terminate the plans at any time. Although any change or termination of a plan will not affect the benefits paid to plan members before the date the plan was changed or terminated, such change may result in reduced levels of benefits or benefit coverage, or increased employee contributions, after the effective date of any such change.