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Danaher Corporation & Subsidiary Savings Plan (DSP) (US only): There is no waiting period to participate in the DSP. You are also immediately vested in your contributions, as well as the safe harbor company matching contributions.
Company Match: The company will match 100% of the first 3% plus 50% of the next 2% you contribute each pay date that you defer to the plan. Participants must complete 1 year of service to be eligible for the match. Matching contributions are calculated on a per pay period basis, based on deferrals for the pay date.
Company Retirement/Unilateral: Whether or not you decide to contribute to your DSP account, after one year of service, Tektronix will make a basic contribution for you every payday. The basic contribution equals 2% of your eligible pay and you pay no tax on the basic contribution until the time of withdrawal.
Employee Deferrals/Company Contributions: Associate contributions and safe harbor matching contributions are always 100% vested. Company retirement/unilateral contributions will be vested after 3 years of service with the Company.
In addition, you may contribute 1% to 75% of your eligible pay. Contribution, vesting and IRS Limit information will be mailed to your home by the Danaher Savings Plan Administrator approximately ten days after your hire date. Your contributions to the plan are invested, at your direction, to one or more of the available investment options.
The DSP also offers a loan feature to participants and allows new associates to roll-over their account balances from the qualified 401(k) plans of prior employers into the DSP.
Associate Basic life insurance coverage equal to 1 ½ times pay at no cost to associate. You can elect additional coverage for yourself up to an additional 3 ½ times annual salary by paying a premium. Spouse and child life insurance coverage is also available. Accidental death and dismemberment coverage is available for associates.
Employee Beneficiary Assistance Plan (EBAP): This is a voluntary plan which reflects the Tektronix family spirit. The plan pays an additional $5,000 to the beneficiary of a deceased participating associate. The check is usually delivered by the associate's manager within two days of the notification of death. Tektronix funds $3,000 and associate participants fund $2,000.
Business Travel Accident Insurance: This plan pays a benefit of five times salary while traveling on company business. Automatically enrolled. No cost to the associate.