Savings Plan401(k) - Deferred Compensation Plan
Participation in the plan is open to employees who have attained the age of 21. Employees may contribute up to 90% of their salaries on a tax-deferred basis, up to the annual IRS limit (combined for all 401(k) plans). Catch-up provisions apply for employees over age 50. In addition, in its discretion the Company may at appropriate times contribute up to 3% for the first 1% of an employee contributes.
Employee Stock Purchase Plan (ESPP)
Employees may acquire stock ownership in the company by setting aside 1-15% of their gross compensation, through after-tax payroll deductions, to purchase OmniVision Stock. OmniVision stock may be purchased at a 15% discount of the fair market value of the lesser of the price on the 1st day or last day of each six-month purchase period. Moreover, OmniVision has a 24-month look-back period for establishing the stock price. Plan effective dates are December 1st and June 1st of each year.
Health PlansHealth Care coverage is available on the first day of employment for employees who are scheduled to work 30 or more hours per week. Employees may also cover their eligible dependents.
OmniVision provides its US employees with a choice of medical plans. Employees in other U.S. locations are eligible for Blue Cross PPO.
Prescription Drug Program
Prescription Drug benefits are automatically provided to employees and eligible dependents enrolled in an OmniVision Medical Plan.
OmniVision's Dental plan is available for all eligible employees and their families. The maximum coverage is $2,000 per person each year. Orthodontia benefits are also available.
Vision Service Plan is available for all eligible employees and their families. Our plan provides eye exams and lenses every 12 months, frames every 24 months.
Flexible Spending AccountsHealth Care FSA
Employees may use this account to be reimbursed for eligible out-of-pocket health expenses not covered by their health care plan. Employees may allocate up to $2,000 each year to this account regardless of participation in an OmniVision medical plan.
Dependent Care FSA
Employees may use this account to be reimbursed for eligible out-of-pocket expenses associated with caring for dependents while the employee or the employee's spouse work, including child care, elder care, care of an adult dependent who is incapable of self-care. Employees may allocate up to $5,000 each year to this account regardless of participation in an OmniVision medical plan.
Income ProtectionsThe benefits below provide income protection for employees scheduled to work more than 30 hours per week:
Basic Life Insurance
This company-paid plan pays an employees' beneficiary two times his or her annual base salary in the event of death while employed at OmniVision.
Accidental Death and Dismemberment Insurance (AD&D)
This plan offers additional protection in addition to the Basic Life Insurance Coverage at no cost to the employee.
Supplemental Life Insurance
Employees may select any $10,000 increment from $10,000 to $500,000 (but in no case more than 5 times annual salary) through Hartford. Employees are eligible to select up to 50% of their election up to $250,000 and may also select $10,000 for child/children. If selected, this benefit is paid by the employee.
Long Term Disability Insurance
This company-paid plan pays 60% of an employees' salary up to a maximum of $12,000/month, for as long as he or she is disabled, up to age 70. Short-term disability benefits, for California residents, may be available through State Disability Insurance.
Worker's Compensation Insurance
Employees are automatically covered for injuries or illnesses that are work-related. The plan provides medical and hospital care and pays a portion of earnings during a period of disability.
Time OffVacation Time Off
Regular, full-time employees accrue at a rate of 10 days per year up to five years of service, 15 days after five years, and 20 days after 10 years and beyond.
Sick Time Off
Employees are granted 10 days of paid sick leave each fiscal year.
OmniVision provides 12 paid holidays per year.
Additional BenefitsEmployee Assistance Program
Employees are eligible for a confidential counseling service for themselves and family members covering family conflict, depression, stress, legal problems, financial problems, child care placement, subject to maximum number of visits per year.
Pre-Paid Legal Services
This plan, paid entirely by employees who select it, covers wills and other similar documents, motor vehicle, trial defense and IRS audit legal services at a discounted rate.
Identity Theft Protection
This plan, paid by employees who select it, covers employees and spouse, monitors their credit continuously and providing alerts of suspicious or fraudulent activity.
This plan, paid by OmniVision, provides medical, legal, financial and other travel assistance when you or a family member travel over 100 miles from home on a business trip for OmniVision.
Employees are eligible to receive a profit sharing/bonus award on a quarterly basis, subject to company profitability and individual performance.
This is only a brief summary of the benefit plans of the company. It is intended to be an overview only. If there is any ambiguity or conflict between this summary and the details contained in the legal plan documents, the plan documents are always the final authority. We reserve the right to change benefits and plans without prior notice.