Health and Wellness
LTXC offers a variety of programs to support the health and well-being of employees and their dependents. These programs, effective on the first day of employment, cover:
- Healthcare and prescription Drugs – a selection of programs and levels to meet your need
- Dental Services – dental coverage to support long term oral health
- Vision Services – vision services plan to support visual wellness
- Employee Assistance Program (EAP) – is a free and confidential counseling and consultation program available to all employees and families
Wealth and Security
The Company sponsors a 401(k) Plan with an employer match feature. Eligibility to participate is effective upon date of hire. The LTX-Credence 401(k) Savings Plan allows contributions up to 100% of pay each year on a before tax basis, subject to IRS limits.
Roth Contributions – may be made with money that has already been taxed (which are eligible for matching contributions).
Catch-Up Contributions – may be made to help you “catch up” on retirement saving if you will be age 50 or older as of the end of the year and you have already contributed the maximum amount allowed by the Plan. The IRS catch-up contribution limit may vary each year and catch-up contributions are eligible for matching contributions.
Contributions are subject to IRS annual limits.
Employee Stock Purchase Plan
LTXC’s Employee Stock Purchase Plan enables employees to take a direct ownership stake in LTXC. It allows employees to purchase LTX-Credence Common stock at a 15% reduction through payroll deductions of up to 15% of earnings.
Profit Bonus Plan
The LTX-Credence Profit Bonus Plan is based upon the Company’s actual quarterly profitability. If the Company achieves profitability in a fiscal quarter, then a cash bonus would be paid to qualifying employees after the financial results of each fiscal quarter have been publicly announced.
Flexible Spending Account Programs (FSA)
LTXC’s Flexible Spending Account offers employees the option of setting aside pre-tax dollars for eligible health care and dependent care expenses.
Life and Disability
Short and Long Term Disability Insurance (Company provided)
LTX-Credence provides a short-term disability policy that covers 66-2/3% of weekly base salary after a 7 day elimination period for up to 25 weeks upon approval ($2,500 weekly benefit maximum).
The long term disability benefit will pay 60% of base earnings up to a maximum of $11,000 a month upon approval. This coverage becomes effective after a 180 day elimination period.
Basic Term Life and AD&D Life Insurance (Company provided)
Basic term life insurance and accidental death and dismemberment insurance is provided for all employees equal to two times annual base salary, subject to a cap of $1,000,000.
Business Travel & Accident Insurance (Company provided)
Coverage also includes business travel and accident insurance of up to 4.5 times annual base salary with a maximum indemnity of $1,000,000.
Voluntary Group Life Insurance
Voluntary Group Term Life Insurance permits employees to apply for additional group term life insurance for themselves, their spouse and dependent children. Cost varies based on age and coverage elected.
It is the intent of LTX-Credence to reward employees with vacation time for their services throughout the year. LTX-Credence believes that all employees need vacation time in order to remain productive.
- Vacation – accured throughput the year based on years of service
- Holidays – eleven paid holidays each calendar year, including eight designated and three personal floater holidays
- Sick leave – up to ten days per year
Education and Training
LTX-Credence encourages full time employees to enrich themselves and advance their careers by continuing their education. As such, LTX-Credence reimburses for 100% of the cost of tuition, registration fees, lab fees, and books required for eligible courses.