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US Employee Benefits
We provide for employee health and welfare by offering competitive and comprehensive employee benefits.
Flexibile Benefit Program
Microchip Technology provides a basic group insurance plan that includes a medical plan, dental plan, vision plan, life insurance, AD&D plan, short-term disability and long-term disability. The base dental plan, life insurance, AD&D, short-term and long-term disability is at no cost to the employee. The employee pays for buy-ups to those plans and contributions for themselves and the family for the medical, dental and vision plans.
Additional employer contributions are provided to help pay for family coverage. Any cost incurred by the employee is paid for on a pretax basis except LTD. Following is a brief description of the options available. As a full-time employee, you become eligible for these benefits ON THE FIRST DAY OF WORK.
Four plans are offered: three PPO plans with in-network and out-of-network coverage and an exclusive provider plan. These plans utilize the Blue Cross Blue Shield of AZ network in AZ. All sites outside of AZ utilize the Cigna network.
All four medical plans provide specific coverage for wellness care, which includes eye exams. One voluntary discount eye service plan through EyeMed Vision Services is offered to assist with the cost of glasses and contacts.
Two MetLife Dental plans are offered. At the time of service,
Prescription Drug Plan
To be eligible for the WHI prescription drug plan, employees must be enrolled in a medical plan. A 30-day supply can be purchased over-the-counter. A 90-day supply can be purchased for approved maintenance drugs either over the counter or through an alternative mail order program.
Employee Life Insurance
You are covered with one and a half times (1.5X) your base annual salary. You may purchase additional life insurance for yourself and your family under the Metropolitan Supplemental Life Program.
Accidental Death and Dismemberment Life Insurance
You are covered with one
Metropolitan Life Insurance Supplemental Life Insurance
Additional life insurance may be purchased through this voluntary plan for up to five times (5.5X) your salary, up to $1,250,000. Coverage for your spouse is available, up to $100,000 and for children, up to $10,000.
Long Term Disability Coverage
You are covered with 60% of your base salary up to $1,000 per month maximum. You have the option to purchase 66 2/3% of your base salary up to the specified plan maximum.
Group Legal Plan
This is a voluntary comprehensive legal plan that covers employees for almost all legal situations. Services can be provided over the phone or in an attorney’s office. Types of services covered include will preparation, real estate transfers, consumer disputes, property protection, document preparation, defense of civil damage lawsuits, etc.
Health Care Reimbursement Account
This account allows you to set aside, on a pretax basis, $130 to $3,000 of your pay, per plan year, to assist you in paying for medical, dental and/or vision expenses not covered by your insurance, like deductibles and co-payments.
Dependent Care Reimbursement Account
A separate account allows you to set aside, on a pretax basis, $130 to $5,000 to pay for child care or elderly care expenses.
Employee Assistance Program (EAP)
You and your family members can obtain professional counseling and referral services through our EAP at no cost.
Financial & Retirement
401K Retirement Savings Plan
You may contribute 1% to 60% of your base pay on a pre-tax basis or after-tax basis (Roth 401k) to your savings plan. Microchip provides a discretionary quarterly matching contribution of up to $0.50 on the dollar up to 4% of your base pay. Microchip’s 401k plan offers a
Employee Stock Purchase Plan (ESPP)
You may participate in Microchip’s ESPP during an open enrollment period (March 1 and September 1). This plan allows you to contribute 1% to 10% of your salary through automatic payroll deduction. The stock is purchased at a discounted price.
Cash Bonus Plan
A discretionary quarterly cash bonus is paid to all eligible employees based on the company’s operating profit. Employees must be employed on or before the first day of the quarter and remain an employee until the