Note: The preceding information intended to provide only a summary of benefits available to eligible employees of IDEC Pharmaceuticals Corporation. The operations and administration of all plans is governed by official IDEC plan documents. IDEC reserves the right to terminate or change any benefit plan at any time.
Basic Health Care Coverage
IDEC pays 100% of the premium for you and 75% of the additional premium for eligible dependents for basic health coverage (medical, dental, vision, chiropractic and mental health). Benefit eligibility starts on the first day of employment. The Summary Plan Description provides detailed benefit provisions for all of the benefits listed below.
Medical Coverage(For Employees and Dependents)
You have a choice between an HMO Plan and PPO Plan. You and your spouse/domestic partner and dependent children (up to age 19 or age 25 if a full-time student) become eligible for coverage on your date of hire. Switching from one medical plan to the other can be done during open enrollment in December of each year and will be effective January 1 of the following year.
|In Network||Out of Network|
Ind./ $3000 3 or more
|$150 Ind./$300 Fam.
|Hospital Expenses||No Charge||90%||70% ($200 Deductible)|
MD Office Visits
|Maternity||$5 Per Visit||90%||70%|
|Prescription Drug||$5/ $10 Co-Payment||$5/$10 Co-Payment||40%|
|X-Ray and Lab||No Charge||90%||70%|
|Chiropractic Care||$10/30 Visits||$10 Visits||70%|
Dental Coverage(For Employees and Dependents)
You have a choice between the HMO Plan and a PPO Plan. You and your spouse/domestic partner and dependent children (up to age 19 or age 25 if a full-time student) become eligible for coverage on the your date of hire. Switching from one dental plan to the other can be done during open enrollment in December of each year and will be effective January 1 of the following year.
|Annual Deductible||None||$50 Individual/$150 Family|
|Routine Visits and Exams||100%||100%|
|Restorations (i.e. fillings)||100%||90%|
|Prosthodontics (i.e. crowns, dentures)||$90 – $125 Co-payment||60%|
|Orthodontics||Adult: $1,800 Co-payment
C hild: $1,600 Co-payment
|50% ($1500 lifetime maximum|
Vision Care Benefits (For Employees and Dependents)
You and your spouse/domestic partner and dependent children (up to age 19 or age 25, if a full-time student) become eligible for coverage on your date of hire. The benefits include an eye exam and a set of corrective lenses once every 12 months, and frames once every 24 months. There is an annual deductible of $10. IDEC also provides a $500 reimbursement benefit for laser vision correction.
Behavoiral Health (For Employees and Dependents)
This plan specializes in managing mental health and substance abuse care. It focuses on early identification and prompt, appropriate treatment of mental health and substance abuse problems through a national network of qualified providers. This benefit is coordinated through IDEC’s Employee Assistance Program (EAP).
Work/Life Benefits (For Employees, Dependents and Other Household Members)
Work/Life Benefits is a free resource and referral program that simplifies the job of handling a variety of life’s challenges. Consultants are available 24 hours a day to provide detailed resource materials on parenthood, childcare, eldercare, schools, etc.
State Disability Insurance (For Employees)
A percentage of gross earnings will be deducted from your paycheck (up to a yearly maximum) for California State Disability Insurance. IDEC Pharmaceuticals also contributes to this insurance fund on behalf of employees. This insurance provides benefits to you for non-occupational injuries and sickness. You would become eligible for this benefit upon the eighth day of a disability.
Short Term Disability (For Employees)
This insurance provides you with a weekly benefit while disabled by a covered illness, injury or pregnancy. The benefit in combination with State Disability Income will provide up to 60% of your weekly earnings, up to a $600 maximum per week. There is a 7-day waiting period unless hospitalized or involved in an accident. The maximum benefit period per continuous disability is 12 weeks.
Long Term Disability(For Employees)
This insurance provides you with a monthly benefit while disabled (after 90 days of disability) of up to 60% of your monthly salary or $20,000 monthly, whichever is less. The maximum benefit period is to age 65 or until no longer classified as disabled, whichever comes first.
Life Insurance(For Employees and Dependents)
The life insurance benefit for this coverage may pay 2 times your annual salary. The AD&D coverage may provide an additional benefit of up to 2 times your annual salary. You may also purchase supplemental coverage for yourself and/or may arrange for supplemental life insurance coverage for your eligible dependents.
Workers’ Compensation Insurance(For Employees)
This benefit provides workers’ compensation insurance coverage in addition to the health care coverage. Workers’ compensation insurance applies specifically to injuries you sustain on the job and illnesses directly related to your work.
Employee Assistance Program(For Employees, Dependents and Other Household Members)
IDEC offers an Employee Assistance Program (EAP) to help individuals with personal problems. These problems may be as diverse as marital or family difficulties, financial troubles, alcohol or drug abuse, stress management, or psychological problems. This benefit allows 8 visits per eligible individual per situation.
Paid Time Off(PTO) (For Employees)
Full-time, regular employees will accrue PTO at the rate of 120 hours in the first year of employment. For each additional year of employment, the rate increases by an additional 8 hours per year, until you reach 5 years of service. With 5 to 9 years of service you will earn 160 hours per year. As of 10 years of service you will earn 200 hours per year. PTO hours are accrued per pay period and there is no waiting period to use earned PTO. Earned PTO may be used subject to supervisor’s approval.
401(k) Plan(For Employees)
This Plan gives you the opportunity to accumulate savings for retirement at the same time that you reduce your taxable wage base. You are eligible to enroll in this Plan on any January 1, April 1, July 1 or October 1 after 30 days of employment. You can contribute up to 20% of your earnings into the Plan subject to certain annual contribution limitations. You can select from a variety of professionally managed funds. There is a company match of $.50 for every dollar that you contribute up to the first 6% of employee contributions (Annual Maximum: $2500). You vest in the company match over 4 years of IDEC employment.
Employee Stock Options (For Employees)
The purpose of the Option Plan is to provide you with the opportunity to acquire an ownership interest in the Company. At the time of hire, you will be given a 10-year option to purchase a designated number of shares of the Company’s Common Stock at the common stock’s fair market value on the date of grant. Typically, you vest in your granted stock options over a four-year period. Based on performance and tenure with IDEC, you may receive additional grants of stock options, following your annual performance review.
Employee Stock Purchase Plan (For Employees)
The Employees Stock Purchase Plan provides you with the opportunity to acquire a stock ownership in the Company through payroll deductions of up to 10% of gross earnings. These deductions will be applied at quarterly intervals to purchase shares of common stock at a discount from the current market price. You are eligible to participate in the Purchase Plan if you regularly work more than 20 hours per week and more than 5 months per calendar year.
Flexible Benefit Plan (For Employees)
This Plan enables you to set aside pre-tax money from your paycheck to pay for out-of-pocket health care expenses and dependent child/elder day care expenses. By participating in the Flex Plan, you may significantly lower your taxes.
Continuing Education Program (For Employees)
IDEC provides financial assistance if you undertake educational courses which will improve your professional skills. These courses must be related to your present position and career development within IDEC. If you are eligible, you may be reimbursed for tuition costs, registration and laboratory fees up to a maximum of $5250 each calendar year. Textbooks will be reimbursed at the rate of 100% of cost per course. Approval is required in advance of registration.
- Credit Union Membership – As an IDEC Pharmaceuticals’ employee, you are eligible to join San Diego County Credit Union.
- Recreation Discounts – IDEC Pharmaceuticals is able to obtain and offer discounts to employees in San Diego County. (i.e. movie theaters, attractions & events).
- Holidays (For Employees) – As an IDEC employee, you are eligible for 96 hours of paid holiday time. For the standard shift the designated holidays are as follows: New Year’s Day, President’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Day after Thanksgiving and Christmas Day. Additional holidays are generally granted between Christmas and New Year’s. For all other shifts, please refer to the shift holiday schedule.
- Public Transportation Reimbursement – The use of public transportation (e.g., Coaster, trolley, or buses) for employee travel to and from IDEC may be subsidized up to $65 per month per individual.
SPECIAL NOTE: The preceding information is intended to provide only a summary of benefits available to eligible employees of IDEC Pharmaceuticals Corp. The operation and administration of all plans is governed by official IDEC plan documents. IDEC reserves the right to terminate or change any benefit plan at any time.
More detailed information may be obtained from Plan Documents, your Employee Handbook and Human Resources.