Benefits
The following information describes the U.S. benefits provided by Lam. Inquiries regarding international benefits should be directed to the specific office.
The diversity of Lam's employee population is one of our greatest strengths, and Lam's benefits program supports the diversity of our workforce by allowing you to tailor your benefits to fit your personal needs.
Lam also offers a variety of additional benefits that extend beyond the standard medical, dental, and insurance benefits you expect from most employers. Lam's additional benefits include educational assistance and on—site training courses, adoption aid, and wellness programs.
Among the benefits available to employees:
Medical Coverage
Choice of several traditional preferred provider organization (PPOs) medical plans with various deductibles and co—payments, or a variety of health maintenance organizations (HMOs) varying by location, the amount of deductible, and annual out—of—pocket limits.
Dental Coverage
Choice of several dental plans with varying deductibles and coinsurance, as well as a dental maintenance organization (DMO) coverage program.
Vision Care
Covers eye exams and lenses every 12 months. Frames are covered every 24 months. Higher benefits are paid when using the preferred provider network.
Health Care Flexible Spending Account
Allows you to use pre—tax dollars to pay any eligible medical, dental, or vision care expenses that are not covered by other benefit plans.
Dependent Care Flexible Spending Account
Lets you use pre—tax dollars to pay for certain dependent care expenses. Lam also matches 15 percent of your contribution.
Life Insurance
Provides financial security for family or other beneficiaries in case of death.
Accidental Death and Dismemberment (AD&D) Insurance
Provides additional financial security for death or dismemberment resulting from an accident.
Long Term Disability (LTD) Insurance
Replaces a portion of your regular income if you can't work for more than 120 days as a result of a prolonged disability.
Voluntary Disability Insurance (VDI) and Short—Term Disability Plans
Provides income protection during the first 120 days of disability.
Dependent Life Insurance
Helps with unexpected expenses resulting from the death of a spouse or dependent child.
Group Legal Service Plans
Offers affordable basic legal services.
Additional Benefits
Educational Assistance
Upon approval, provides reimbursement for expenses incurred for registration, tuition, and books in career—related courses (up to $10,000 per calendar year).
"Savings Plus" 401(k) Plan
Offers a retirement savings plan, investment opportunity, and tax deferral benefit to all eligible employees with a 50 percent company match of the first 6 percent of base salary deferred into the program. Lam's matching contribution vests immediately.
Performance Plus Bonus Plan
Awards all eligible employees with a semi—annual performance bonus based on the achievement of both corporate and organizational goals.
Employee Stock Purchase Plan
At designated intervals, Lam employees can purchase Lam stock directly from the company at 85 percent of fair market value.
Paid Vacation
Accrues incrementally with service:
1—3 years: 10 days
3—10 years: 15 days
10 years: 20 days
After 11 years: 20 days plus an additional half day of vacation per year
After 25 years: Maximum vacation accrual is 220 hours per year.
Sabbatical Program
Recognizes each five years of continuous service with six weeks paid time off.
Holidays
Totals 12 paid holidays per year, which includes two floating holidays.
Wellness Programs
Promotes a wellness lifestyle by providing a variety of activities, including health fairs and brown bag workshops. Provides up to $300 per year reimbursement for eligible fitness/gym membership expenses.
Personal Time Off
Offers non—exempt, full—time employees 10 days of paid time off per year for illness and/or personal business.
Employee Assistance Program (EAP)
Enables employees and their dependents opportunities to receive confidential help from mental health, financial, and legal professionals free of charge.
Work/Life Resource and Referral Program
Offers referral services for child care, elder care, as well as school age, college, and adoption assistance. Also offers educational materials and on—site seminars on work and family balance.
Adoption Aid
Reimburses up to $2,000 to employees who are adopting a child to help cover the expenses of adoption.
Credit Union
Offers a credit union that provides a variety of services, including interest—paying checking accounts and low—interest credit cards.
Other Programs
• Jury duty pay
• Bereavement pay
• Matching charitable contributions plan
• Recreational and entertainment discounts
• Patent incentives
• Employee referral awards
• Service award program
• Author's Program
• Career resource center
• Community support
• Employee Services
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