LANXESS's objective is to grow a global portfolio of leading specialty chemical businesses, committed to innovation and the creation of value for our stakeholders. LANXESS benefits program is consistent with that objective.
Our plans offer you a variety of choices to meet your personal needs and access to a variety of tools and resources to help you and your family make informed decisions and get maximum value today and in the future. Our “total compensation” philosophy links market competitive pay practices and our comprehensive health and welfare benefit programs.
Specific Benefit Summaries:
LANXESS provides comprehensive health and prescription coverage that protects you in the event of an illness or injury and allows you to focus on prevention. LANXESS medical plan offers employees a range of benefit levels, each with a commensurate level of employee contribution.
The dental plan pays benefits based on reasonable and customary charges up to an individual annual maximum benefit. Coverage includes diagnostic and preventive services, basic and major dental care and varies based on level of care.
Orthodontic benefits offer $1,500 lifetime maximum for eligible dependents.
The vision plan covers eye exams, frames, lenses and contacts for you and your eligible family members. It provides you with discounts and savings on laser vision correction, anti-reflective coatings, progressive and prescription glasses and sunglasses.
Flexible Spending Accounts
You may participate in one or both of the flexible spending accounts (FSA):
Health Care Spending Account allows you to pay eligible expenses that are not covered or fully reimbursed by your medical, dental and vision coverage (for example: deductibles and co-pays) with tax-free dollars. $5,000 maximum.
Dependent Care Spending Account reimburses you for eligible dependent care expenses that enable you (and your spouse) to work (for example: child care expenses). $5,000 maximum for single employees or those married filing jointly; $2,500 maximum for married employees filing separately.
Group Life Insurance
LANXESS provides company-paid basic life insurance coverage of one and one-half times your annual salary, to a maximum of $500,000, or you may choose a flat $50,000 of coverage. You may purchase supplemental life insurance coverage from one to four times your annual base salary with a maximum of $2 million combined with basic.
Dependent Life Insurance
LANXESS offers voluntary, employee-paid insurance for spouse and/or dependent children to age 19 (or until age 25 if a full-time student).
Accidental Death and Dismemberment Insurance (AD&D)
Company paid basic AD&D coverage of one and one-half times your annual base salary, to a maximum of $500,000. You may also purchase supplemental AD&D coverage for you and your family.
Business Travel Accident Insurance
Company-paid benefit. Provides coverage to you while travelling on company business equal to three times your annual base salary, with a maximum of $600,000.
Short Term Disability: In the event of an extended absence from work for a non-occupational accident or illness that is not covered by any workers’ compensation law or act, you may be eligible for short-term disability. LANXESS pays the full cost for this coverage in most states, based on applicable laws.
Long Term Disability (LTD)
The voluntary LTD plan provides a source of income if you are disabled beyond six months. The LTD plan pays a continuing monthly income equal to 60 percent of your monthly base pay. The minimum LTD benefit is $100 per month; the maximum is $15,000 per month.
LANXESS is committed to helping employees achieve their full career potential. A full-time employee may participate in the plan after completing six months of employment. A percentage of the tuition cost will be reimbursed for approved courses. Up to $5,250 is provided tax free and the remainder is taxable.
Employee Assistance Program (EAP)
The EAP is available to you and your family members at no cost, 24 hours a day, seven days a week. This program provides personal family, financial, and mental health counseling and referral services to employees and family members on a confidential basis at no cost to the employee.
401(k) Retirement Plan
Long-term savings and retirement program features 100 percent company match on the first 6 percent of employee contributions. The plan offer a choice of 25 investment funds including age-based blended funds. The savings plan features loans and other transactions that can be performed online or via a toll-free telephone number.