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Purdue’s compensation programs are designed and administered to be an integral part of the company’s efforts to build and maintain the talented and motivated workforce necessary to achieve our vision and objectives.
We work with all managers to make sure that these objectives are attained at the company, function, department, and individual level. We seek to ensure that total compensation at Purdue is managed to meet these goals and be consistent with the company’s values while treating all employees fairly.
Purdue offers a wide range of competitive benefits to all full-time employees. Our benefit package includes a variety of benefit programs to provide for the health, welfare, and financial security of our employees and their families.
Purdue’s medical plans are designed to promote good health and protect you and your eligible dependents from financial risks associated with medical conditions, illnesses, or injuries. The strength of our comprehensive networks, together with access to care outside of the network in each medical plan, assures flexibility of treatment options.
Prescription drug coverage is provided to all employees enrolled in a health plan. Brand and generic drugs are covered at retail pharmacies and through mail order.
The Dental Plan encourages regular dental care by providing coverage for preventive care (cleanings and checkups), basic and major care, and orthodontics (for dependent children up to age 19). Purdue’s dental Preferred Provider Organization (PPO) gives employees the option of accessing dental care by staying within the network and taking advantage of lower, contracted rates or accessing care outside the network subject to reasonable and customary reductions.
The Vision Plan offers coverage for annual routine eye exams as well as benefits for eyeglasses (lenses and frames) or contact lenses through our national provider network.
This plan allows employees to set aside pre-tax dollars by payroll deduction to pay for certain health and dependent care expenses, as allowed by the IRS.
Purdue provides short-term disability benefits to protect against income loss if you cannot work because of a qualifying temporary illness or injury. Employees receive Short-Term Disability benefits for up to six months of physician-certified medical leave. Short-Term Disability is provided at no cost to employees.
Long-Term Disability benefits are provided to all full-time employees at no cost after completion of six months of continuous, active employment. Long-Term Disability benefits provide protection if you are determined by the company’s insurance carrier to be disabled for a period of more than 180 days.
Basic Life Insurance: Life insurance benefits in the amount of three times base salary are provided to all full-time employees. Employees with eligible dependents are provided with a $5,000 life insurance benefit for their spouse and a $1,000 benefit for each child. Basic life insurance benefits are provided at no cost.
Supplemental Life Insurance: Supplemental life insurance is available through payroll deduction. Premiums are based upon amount of coverage and age. The plan provides a guaranteed issue of insurance of twice annual base salary up to $200,000 upon hire.
Personal Accident Insurance: Personal Accident Insurance in the form of Accidental Death and Dismemberment insurance is provided to all full-time employees at no cost. Employees are provided with a PAI benefit in the amount of two times their base salary to a maximum of $250,000.
Travel Accident Insurance: Travel Accident Insurance is provided to all full-time employees for accidental death or dismemberment due to travel, on or off the job. The amount of the TAI benefit is based upon the position level within the company.
The financial security of our employees is important to us. Purdue offers a number of plans to help prepare employees financially for the future.
The Purdue 401(k) plan allows employees to contribute up to 25% of their compensation on a pre-tax basis up to the IRS contribution maximum. The company match is $.50 for every dollar of the first 6% of compensation contributed, up to the IRS maximum. Vesting of the company matching contributions is immediate.
The company provides an additional contribution into the 401(k) plan to supplement retirement savings. The contribution will range from 2% to 5% of eligible annual compensation based upon age and total years of service with Purdue.
Please note that the benefit descriptions are merely intended to highlight the programs and benefits currently offered. These plans are described in greater detail in summary plan descriptions (“SPDs”) and official plan documents. In the event of any conflict between these descriptions and official plan documents, the official plan document will govern.
Purdue retains full discretionary authority to interpret the terms of each plan and to address administrative matters arising in connection with the plans. Purdue may, at its sole discretion, modify or eliminate any benefits or programs it currently provides, as well as increase the cost to employees of such benefits and programs. This discretionary authority extends to all issues concerning benefit eligibility and entitlement.
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