A Summary of Benefits from MKS Instruments
The following is a brief summary of the benefits offered to you by MKS. It does not contain complete details on every plan. The actual terms and conditions of each program are defined with plan documents available for review in the Human Resources Department.
Retirement Income Plan:
401(k) Savings Plan:
All regular employees are eligible to participate in the 401k Plan after 30 days of employment. If you do not actively enroll within 30 days of hire, you will automatically be enrolled in the Plan at a contribution rate of 2%, which will be deducted from your second paycheck after the 30 day eligibility period ends. You may opt out of the Plan within the 30 day eligibility period and as soon as you receive your first paycheck by calling Fidelity at 1-800-835-5095, or login at www.401k.com. An employee may contribute 1-50% of earnings on a pretax basis. MKS, subject to approval by the Board of Directors, will match 100% of the first 2% and 25% of the next 4% of your contributions for a total of 3%. (IRS Limit is $15,500 for 2008 and $5,000 for catch-up provision).
Employee Stock Purchase Plan (ESPP):
The ESPP provides you with an opportunity to purchase MKS stock, through payroll deductions of up to 10% of your gross earnings, at a 15% discount. The purchase price for MKS stock will be 85% of the closing price for the stock on the first or last day of each 6 month plan cycle, whichever is less.
Eligibility: All regular employees with 3 months of employment with a normal work schedule of at least 20 hours per week. Enrollment is June 1st or December 1st after meeting the eligibility requirements.
Medical Insurance:
MKS offers employees medical coverage through Blue Cross Blue Shield (BCBS). Within New England both an HMO and 2 Preferred Provider Organizations (PPOs) are offered. Throughout the US, 2 PPOs are offered. All plans offer an extensive network of quality physicians, hospitals and medical care providers. The HMO plan is designed to provide coverage for in-network services. The PPO plans are designed to provide coverage for both in and out-of-network services.
Eligibility: All regular full-time and part-time employees working at least 20 or more hours per week.
Eligibility Date: Your Eligibility Date is the date you commence active work for MKS.
Dental Insurance:
MKS Dental Plan is administered by Delta Dental of MA. The plan offers two options of dental coverage to meet your dental needs. The Basic Plan covers in network services for Preventive Care at 100% and Basic Restorative Care at 80% after a deductible. The Enhanced Plan covers the same as the Basic Plan, plus Major Restorative Care and Orthodontia (lifetime max of $1,500, up to age 19) at 50% after a deductible within the network.
Eligibility: All regular full-time and part-time employees working at least 20 or more hours per week.
Eligibility Date: Your Eligibility Date is the date you commence active work for MKS.
NOTE: If you elect not to enroll in our group medical insurance plan because you have coverage available elsewhere, MKS will provide the Delta enhanced dental insurance at no cost.
Vision Service Plan (VSP):
The plan provides two options of vision coverage. The basic option, company paid, provides for an eye exam once every Plan Year for a $10 co-payment. The enhanced option also offers an eye exam once every Plan Year, but in addition, offers coverage for lenses, frames and contact lenses after a small deductible. This benefit offers opportunities for discounted fees on Laser Vision Correction.
Eligibility: All regular full-time and part-time employees working at least 20 or more hours per week.
Eligibility Date: Your Eligibility Date is the date you commence active work for MKS.
NOTE: If you elect not to enroll in our group medical insurance plan because you have coverage available elsewhere, MKS will provide the VSP enhanced option insurance at no cost.
Basic Life and AD&D Insurance:
MKS provides basic life and AD&D insurance coverage at no cost. This coverage is equal to (1) times the employee's annual salary rounded to the next higher thousand, subject to imputed income.
Optional Life and AD&D Insurance:
Offered through The Hartford, this plan provides employees the opportunity to purchase additional coverage (above and beyond the Basic Life provided by the Company). You may elect up to 5 times your annual salary rounded to the next higher thousand to a maximum of $1,000,000 (Guaranteed issue of the lesser of 2 times annual salary or $250,000). Costs are payroll deducted and based upon age and amount of insurance.
Dependent Life Insurance and AD&D:
Also offered through The Hartford, this plan provides employees with the opportunity to purchase coverage for their eligible dependents. Spouses may be covered for increments of $10,000 up to $750,000, no to exceed 50% of the employee insurance amount, guarantee issue of $40,000 and children for $10,000 each.
Business Travel Insurance:
This MKS paid plan provides an additional $250,000 benefit in case of accidental death that occurs while traveling on company business.
Short Term Disability Insurance Plan:
This plan provides salary continuation payments if you are absent from work because of a non-occupational illness or accident. Benefits will be 60% of your weekly base pay. This insurance provides you with salary continuation benefits in the event you are temporarily disabled. Coverage will continue for the duration of your disability up to a maximum of 26 weeks. The cost for your short-term disability insurance plan is paid by MKS.
Long Term Disability Insurance Plan:
If you exhaust your short-term disability benefit, then this plan will provide further salary continuation benefits. Benefits will be 60% of your base earnings. Payments will begin once you have been continuously disabled for 26 weeks and will continue for the duration of your disability subject to a maximum benefit period to age 65. The cost for your long-term disability insurance plan is paid by MKS.
Flexible Spending Accounts (FSA):
Provides an opportunity for you to contribute to a Flexible Spending Account for healthcare and/or dependent care. An FSA allows you to set aside a specified portion of your pay before it is taxed for either healthcare expenses (co-pays, deductibles, etc.) not covered under your insurance plan or dependent care expenses.
Holidays:
MKS observes 10 paid holidays each year. A schedule listing the specific holidays to be observed during the year is posted annually. The holiday must fall on a regularly scheduled workday for part time employees to receive the benefit.
Vacation:
Initially, you will earn 4.62 hours biweekly for a total of 15 days per year. As of your 5th anniversary of employment, you will accrue vacation at the rate of 18 days per year. Accrual is prorated for part-time employees.
Sick/Personal Time:
All full-time and part-time employees who work more than 20 hours per week are eligible for sick leave. Employees may accrue up to 7 days of sick leave in a calendar year. It will provide you with income during brief absences from work caused by illness or accident. Each year, subject to approval, you may use up to 32 hours of this accrual as "personal time" for absences due to personal emergencies and other urgent commitments that prevent you from coming to work. Accrual is prorated for part-time employees.
Tuition Reimbursement:
This benefit is for job-related courses or degree programs related to MKS that has been approved in advance by MKS. Approved undergraduate expenses will be approved at 100% (subject to the $5,200 annual cap) for grades of "A" and "B" and 75% for "C". Graduate and post-graduate reimbursements require grades of "A" and "B". Reimbursement will also be made for books, lab fees, and registration fees. You must be a regular, MKS employee working 20 or more hours per week in order to be eligible for Tuition Reimbursement. Benefit is pro-rated for part-time employees.
Direct Payroll Deposit:
You may have all or any portion of your net biweekly pay deposited pay deposited directly to the bank(s) of your choice.
Auto & Homeowners' Insurance:
MKS has partnered with Liberty Mutual Insurance Company to provide employees an opportunity to have your premiums deducted directly from your pay, on a bi-weekly basis for your auto and home policies.
Credit Union
In the Massachusetts area MKS has partnered with the Metropolitan Credit Union.
For more information, click here to contact MKS Instruments.
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© 2008 by MKS Instruments