Lam Research provides financial protection options for you if you're in an accident or become ill and are unable to work. Benefit payments are not taxable.
There are two types of income insurance:
Short-Term Disability (STD)
- Seven-day waiting period: During this time, non-exempt employees can use paid time off to ensure pay continuation. If you are hospitalized, the seven-day waiting period is waived.
- Pays 70% of covered earnings for up to 180 days. You cannot request paid time off to supplement this disability pay.
- Maximum weekly benefit: $3,250.
Long-Term Disability (LTD)
- Waiting period is 180 days from the date you become disabled; benefits begin on the 181st day.
- Pays 60% of covered earnings; see table for duration of benefits.
- Maximum monthly benefit: $20,000.
|Age at Start of LTD||Benefit Duration|
|Age 64 and under||Up to Social Security Normal Retirement Age (SSNRA)|
|65–68||To age 70|
To learn more, review the certificate for the Long-Term Disability Insurance [PDF] program.