Coherent 2021 U.S. Benefits Summary
Medical / Dental / Vision Coverage (eligible immediately)
High Deductible with Health Savings Account (HSA) and a Standard PPO Plan: A High Deductible with HSA plan and a Standard (PPO) plan are available to all US employees and administered by UnitedHealthcare.
Kaiser (HMO) (Available in California Only): The Kaiser HMO provides a network of doctors, hospitals and healthcare providers. Your designated primary care physician coordinates your care.
Health Net of Oregon (Available in Oregon Only): Health Net of Oregon combines the features of an HMO and a Preferred Provider Organization, with the flexibility of going to in plan without Primary Care Physician referrals.
Exclusive Provider Plan (EPO) (Available to locations outside of California & Oregon): The Choice EPO Plan is administered by UnitedHealthcare (UHC) and offers a nationwide network of UHC health care providers, hospitals and clinics from which to choose. This EPO plan is similar to an HMO plan in that you must use network providers to receive benefits. However, you are not required to select a primary care physician (PCP).
Delta Dental of California Dental Plan: The Dental Plan is administered by Delta Dental of California and the plan covers a yearly maximum of $1,750 per person. In addition, the plan covers a lifetime maximum of $1,500 (child & adult) for Orthodontics.
Vision Services Plan (VSP): Vision Plan Vision coverage is provided by VSP. Exams and Lenses covered every 12 months (co-pay required). Vision benefits include lens enhancements, frames and contact lenses.
Flexible Spending Accounts (FSA) (eligible immediately)
The Healthcare FSA allows employees to deposit money (pre-tax) into an account to pay for eligible medical, dental, and vision expenses ($2,750 annual max).
The Dependent Care FSA can be used to pay for dependent day care expenses ($5,000 annual max).
A Limited FSA is available if enrolled in the High Deductible medical plan with HSA and can be used to pay for eligible dental and vision expenses ($2,750 max).
The Pre-Tax Commute Program is available to put aside money on a pre-tax basis. The 2021 limit is up to $270 per month for qualified parking expenses and $270 per month for vanpool and transit pass expenses.
Employee Stock Purchase Plan (ESPP): (eligible at the start of each six month plan period)
ESPP provides employees a bi-annual opportunity to purchase Coherent common stock at 85% of the market value.
Employees can direct up to 10% of their taxable income into the plan through payroll deductions.
Enrollments held twice a year.
401(k) Plan: (eligible immediately)
The Coherent Employee Retirement and Investment Plan (CERIP) provides an opportunity for employees to accumulate savings with pre-tax, after-tax and catch-up contributions.
Up to 50% of pre-tax earnings (up to IRS maximum) may be contributed and invested in a variety of funds.
Coherent employees are immediately eligible for a company match up to a maximum of 4%. The company match vests on a three year vesting schedule.
Educational Assistance (must be employed at least 6 months)
Regular, full-time employees will be reimbursed for 100% of covered educational expenses up to $5,250 per calendar year.
Eligible part-time employees will receive a pro-rata share of the benefit based on the number of hours regularly worked.
Holiday Pay (eligible immediately)
10 paid holidays plus four (4) hours of paid time are included in the company’s annual shutdown in December.
New employees accrue fifteen (15) days of vacation per year, with accruals increasing with years of service. Accrual begins as of your hire date.
Employee Assistance Program (EAP) (eligible immediately – no cost within benefit limits)
You and your eligible dependents have access to an EAP. This program is offered at no charge to employees and provides confidential short-term counseling and referral services designed to provide you and your family with assistance in managing everyday concerns. In addition, this program includes the following:
- Parenting & Childcare Referrals
- Legal Consultations
- Older Adult Resources Career Management Services
- Financial Consultations
Short Term Disability (eligible immediately)
Short term disability coverage is available and coverage depends on the state in which you work.
Long Term Disability (no cost)
Long Term Disability provides partial income if you are unable to work. This benefit is equal to 2/3 of your monthly salary up to a maximum of $15,000 per month for eligible disabilities. There is a 90 day waiting period.
Life / Accidental Death & Dismemberment (AD&D) (eligible immediately - no cost for basic)
Basic Life & AD&D insurance coverage equal to two (2) times employee’s annual salary rounded up to the next $1,000. Maximum benefit is $500,000.
Supplemental life and AD&D insurance coverage is also available at an additional cost to the employee.
Business Travel Accident Insurance: (eligible immediately - no cost)
Business Travel Accident Insurance supplements basic life and AD&D coverage and provides survivor benefits (3X Annual Salary to a maximum Principal Sum of $1,000,000, if full-time) if death is due to an accident while traveling on company business.
The Payroll Portal is a self-directed service that will allow employees to access and modify payroll-related information online 24 hours a day, 7 days a week.