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With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Entegris offers a 401(k) plan with a strong company match as a key benefit to its employees. In 2022 and 2023, Entegris matched 100% of employee contributions up to 5% of their salary. This plan is structured as a defined contribution plan, which allows employees to contribute pre-tax dollars and benefit from tax-deferred growth. The 401(k) plan is designed to help employees save for retirement, and eligibility begins immediately upon employment. The specific name of the 401(k) plan used by Entegris is referred to simply as the Entegris 401(k) Plan.
In addition to the 401(k), Entegris does not provide a traditional defined benefit pension plan. However, the company emphasizes its financial wellness programs, including educational resources on retirement planning and savings strategies. Employees at Entegris must be at least 21 years of age to participate in the 401(k) plan, and the plan allows for immediate vesting in both the employee and company contributions.
Restructuring and Layoffs: In 2023, Entegris announced a strategic restructuring plan aimed at streamlining its operations and reducing costs. This decision involved a workforce reduction of approximately 5% to improve operational efficiency and align with its long-term growth strategy. The company cited the need to adapt to changing market conditions and enhance its competitive edge as primary reasons for the layoffs. The decision was influenced by the current economic environment, where many companies are reevaluating their operations to remain agile and financially resilient.
Entegris offers stock options and Restricted Stock Units (RSUs) as part of its employee compensation packages, particularly for senior management and other eligible employees. The company uses the acronym RSU for Restricted Stock Units and SOP for Stock Option Plan. These equity awards aim to align employee incentives with long-term company performance.
As of 2022, 2023, and 2024, Entegris provided both stock options and RSUs to eligible employees. RSUs are typically granted to executive-level employees, while stock options have a broader eligibility across the company's workforce, including engineers and managerial staff. These options and RSUs are designed to vest over time, incentivizing employees to remain with the company long-term
Entegris' health benefits.
Specific Healthcare-Related Terms and Acronyms:
Health Savings Account (HSA): A tax-advantaged savings account for medical expenses.
Flexible Spending Account (FSA): An account that allows employees to set aside pre-tax dollars for healthcare expenses.
High Deductible Health Plan (HDHP): A health insurance plan with lower premiums and higher deductibles.
Employee Assistance Program (EAP): A program offering confidential counseling and support services.
Health Reimbursement Account (HRA): An employer-funded account that reimburses employees for qualified medical expenses.
Recent Employee Healthcare News:
2023 Updates: Look for any recent changes or enhancements in health benefits for 2023 or upcoming changes for 2024.
Healthcare Plan Changes: Identify any modifications in health insurance coverage, cost-sharing, or new benefits introduced.
Employee Feedback: Review employee comments or reviews to understand the satisfaction and concerns related to the health benefits.