U.S. Benefits

Insurance Benefits

Health Insurance

MathWorks provides staff members and their families with comprehensive health coverage and a choice of two medical plan options—the Blue Cross Blue Shield Blue Care Elect PPO and the High Deductible Health Plan (HDHP). Both plans offer quality health care coverage and freedom of choice. Highlights include:

• Freedom to choose any BCBS provider without first obtaining a referral
• Comprehensive coverage for both in-network and out-of-network services
• 100% coverage for in-network annual preventive care and screenings
• $20 or $30 copayment for in-network office visits in the PPO plan; a deductible applies in the HDHP option
• Prescription drug coverage at retail pharmacies, and a cost-effective mail service option
• 100% coverage for annual routine eye examinations and discounts on eyewear
• Up to $150 annual reimbursement per household for fitness and weight loss expenses and up to $300 for Mind & Body expenses

Dental Insurance

MathWorks dental benefit program provides comprehensive coverage through the BCBS Dental Blue Freedom plan. Highlights include:

• 100% coverage for diagnostic and preventive care, with no deductible
• 100% coverage for all basic restorative work, such as fillings, and 60% for all major restorative work, such as crowns and dentures
• Freedom to choose an in-network or out-of-network provider
• Orthodontia coverage for adults and children

Vision Insurance

MathWorks offers a voluntary vision plan through EyeMed Vision Care that includes discounts and coverage for a variety of frames, lenses, and contacts.

Life Insurance

In the event of the death of a staff member, MathWorks provides life insurance coverage to help protect the financial security of the survivors.

MathWorks provides basic life insurance, equivalent to a staff member’s annual salary with a maximum of $150,000. Staff members may purchase an additional 1, 2, 3, or 4 times their salary to a maximum of $800,000.

Disability Benefits

MathWorks provides short-term and long-term disability plans, which are 100% company paid. These plans offer protection against income loss when illness or injury prevents a staff member from working.

Spending and Savings Accounts

These plans allow staff members to contribute up to annual IRS maximums on a pretax basis for eligible non-reimbursed healthcare-related expenses and separately for eligible dependent care expenses. Members of the HDHP medical plan are eligible to contribute to a Health Savings Account (HSA).

Time Off

MathWorks offers a variety of benefits to provide staff members with free time for rest, relaxation, and personal pursuits.

Vacation Days

Vacation time accrues monthly at an initial of 15 days per year. After four years of service, the accrual rate increases to 20 days, and at 15 years of service, the rate increases to a maximum of 25 days.

Personal Days

Staff members have up to 24 hours of paid personal time each year to use at their discretion.

Holidays

MathWorks provides paid time off to celebrate the following established legal and traditional holidays: New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and the Friday after, and Christmas Day.

Parental Leave

Eligible staff members can request up to 16 weeks of leave and are eligible for 4 weeks of parental leave pay. Staff members who give birth are eligible for up to 12 weeks of paid leave, which includes 8 weeks of short-term disability pay and the 4 weeks of parental leave pay.

Paid Volunteer Time

Full-time staff members are eligible for 8 hours of paid time off per calendar year to be used for community service activities.

Training and Development

Training and development are not only strongly encouraged at MathWorks, they are a key part of our company’s purpose and our core values. We encourage every staff member to foster his or her own personal and professional development by participating in at least 40 hours of training every year. We provide and facilitate many opportunities to achieve this goal.

Training at MathWorks

MathWorks believes in reinvesting some of our hard-earned profits in ourselves. To that end, we make a variety of training options readily available, including:

• In-house seminars
• Public seminars
• Industry conferences
• Tuition assistance for formal continuing education programs
• Business-related books, videos, and webinars

Tuition Assistance

MathWorks encourages educational development and excellence, and will partner with staff members to help them achieve their higher education goals. Opportunities may be pursued through our tuition assistance plan.

• Reimbursement at 100% of the cost for tuition, fees, and books for two approved courses at one time
• Total maximum reimbursement of $5,250 per calendar year

401(k) and Bonus Plan

401(k) Plan

MathWorks offers a 401(k) savings and investment plan with investment options that include mutual funds, asset allocation strategies, and a self-directed brokerage account. Staff members may contribute up to 50% of their total pay on a pretax or Roth 401(k) basis and up to 25% on an after-tax basis (IRS annual maximums apply). MathWorks matches 50% of the first 6% that a staff member contributes to pretax or Roth 401(k). Depending on year-end profitability, MathWorks may elect to match an additional amount. Historically, MathWorks has elected to match a total of 100% of the first 6% of pretax contribution.

Stakeholder Bonus Plan

The Stakeholder Plan is a quarterly bonus program designed to reward and encourage staff members’ contributions to the success of MathWorks. Three factors determine the amount given: company profitability, individual performance, and individual salary. The Stakeholder Plan has been in place since 1993 and has paid out every quarter since then.

Fitness and Recreation

The health and well-being of staff members are very important to MathWorks. We have many programs in place to support the notion that our staff members are "real people" with lives and interests outside their jobs.

Fitness Center

Our state-of-the-art fitness center, located onsite, is open 24 hours a day, seven days a week. In addition to the wide variety of cardio and Nautilus machines, free weights, and other exercise equipment, the fitness center offers group exercise classes, personal training, nutrition counseling, health education, and wellness seminars and classes.

Sports and Physical Recreation

The many sports and recreation enthusiasts at MathWorks are encouraged to pursue their interests. For example, runners and speed walkers have ready access to nearby backroads and woodland trails. We also support more organized sporting activities, such as soccer and golf leagues, a gardening club, and mountain biking.

Museum and Movie Passes

As a corporate sponsor of the Museum of Science and the Boston Children’s Museum, MathWorks receives free passes each year for use by staff members and their families. We also have reduced-price movie tickets available for purchase that are good at all AMC and Regal Theatres.

Extras

We provide a wide variety of personal services and amenities to help staff members manage the demands of daily life.

Referral and Counseling Services

Through GuidanceResources, we offer a range of free and confidential services, including financial and legal advisors, child and elder care referrals, and confidential counseling. Counselors can be reached 24 hours a day by calling a toll-free number.

Other Amenities

• Cafeteria
• Wellness center
• Private lactation rooms
• Bike share program
• Onsite CSA program
• Game rooms and outdoor recreation areas
• Free hot and cold drinks all day