This benefits overview provides a summary of Ultratech's
benefit plans. The governing provisions of the plans are set forth
in formal plan documents and contracts. If there is any conflict
between these summary statements and any plan document, the plan
document will govern.
401(K)
Savings Plan
Employees are eligible to participate immediately in Ultratech's
401(K) savings plan, which is managed by one of the best known investment
managers in the U.S. Employees may contribute 1-50% of their salary
on a pre-tax basis until they reach the Federal pre-tax limit. The
plan offers 13 different funds, allowing employees to create a portfolio
that matches their needs. The plan loan feature allows employees
to borrow money from their account.
Ultratech offers a dollar-for-dollar match to a maximum of $2000 per year. The
matched funds will vest over a 5-year period.
Medical
Ultratech offers
one of the most competitive medical plans in the industry. The plan
includes cost savings advantages for in-network coverage and the flexibility
to see any doctor out of network. Coverage for family members is offered
at inexpensive rates. For even greater cost savings, Ultratech offers
an HMO plan.
Dental
Ultratech offers
two dental plans. The first allows participants to select the dentist
of their choice, with coverage levels competitive with most plans
offered in the industry. The second plan offers even greater savings
to employees who choose to use a participating dentist.
Vision
Ultratech offers coverage
for eye exams, contact, and glasses through VSP, a nationally recognized
provider of vision plans.
Prescription
Drugs
The Ultratech
medical plan includes low rate prescription coverage at most major
drug store chains.
Life/AD&D
Ultratech provides all full-time employees with basic life insurance
in the amount of 3x their annual salary, to a maximum of $500,000.
Vacation
Time
Ultratech employees accrue 10 to 20 days of vacation annually, based
on length of service.In addition, the company is observing eleven
paid holidays in 2006.
Sick
Time
Ultratech provides
a paid sick leave plan competitive with our industry.
Flexible
Spending Accounts
Ultratech employees
can set aside pre-tax dollars to pay for IRS-qualified expenses such
as child care or orthodontia via the company's Health Care and Dependent
Care Reimbursement Accounts.
Tuition Reimbursement
Employees may be eligible for reimbursement for courses leading to
a job-related degree or formal certification. |
