A critical component of Baxter’s vision is to be a rewarding place to work and develop. As part of that vision, Baxter’s benefits offerings are comprehensive and competitive. In addition, Baxter continuously monitors the marketplace to ensure we are offering employees the best options to address their medical, dental, vision, financial and retirement, disability and life insurance needs.
Employees have the opportunity to choose the healthcare benefits that best meet their needs. Baxter pays a majority of the costs for this coverage. If elected, medical and dental coverage begin immediately upon hire.
Medical Coverage is available for employees and eligible family members. Employees can choose from a variety of medical plan options, balancing cost and features that best meet their needs.
Dental Coverage is offered separately from medical coverage, so employees may elect one without electing the other. Employees have a choice of dental plan options and coverage is also available for eligible family members.
Baxter provides Basic Life Insurance, Basic Long-Term Disability and Business Travel Accident insurance at no cost to employees immediately upon hire, and provides Short-Term Disability coverage after employees complete six months and 1,000 hours of service.
In addition, employees can also purchase the following protection at group rates:
Through the Employee Stock Purchase Plan (ESPP), Baxter employees have the opportunity to share in the growth the company generates for shareholders. The ESPP allows Baxter employees to purchase Baxter common stock each month at a 15 percent discount (up to 15 percent of base pay and sales commissions, subject to limits under federal law) through convenient payroll deductions with no brokerage fees.
The Incentive Investment Plan (IIP) is Baxter’s 401(k) plan and is a great way to help employees save for the future. Employees can enroll in the plan the first of the month following 30 days of service and choose the amount of pre-tax savings—from 1 percent to 50 percent of pay (subject to limits under federal law). Baxter matches 3.5 percent of the first 4 percent of employee contributions. In addition, for eligible participants, Baxter provides a non-matching contribution of 3 percent of eligible pay each year, provided employees are employed on the last business day of that year.
Employees can choose from a variety of investment funds and immediately vest—gain 100 percent ownership rights—in Baxter’s matching contributions and become vested in Baxter’s non-matching contributions after three years of service.
Flexible Spending Accounts (Healthcare and Dependent Care) allow employees to set aside pre-tax dollars (up to $5,000 per account each year) for eligible expenses, including vision and hearing care, deductibles, co-payments and other expenses not covered by a medical or dental plan. Certain child and elder care expenses are eligible under the Dependent Care Flexible Spending Account.
Baxter’s Educational Assistance Program invests in employee growth and professional development by reimbursing up to $5,250 per year for undergraduate courses at accredited institutions. A separate program, which requires management approval, provides tuition assistance for graduate coursework.
Baxter Credit Union (BCU) lifetime membership is open to employees and their immediate families. The BCU is a not-for-profit, full-service financial institution with service centers located in many Baxter facilities in the United States and Puerto Rico. The BCU offers an extensive range of services including direct deposit; Internet account access; savings and free checking accounts; debit, ATM and credit cards; auto and personal loans; mortgage and home equity loans; and low-cost financial and retirement planning.
Paid Holidays and Vacation schedules vary by location, but generally include both standard holidays and company-designated days. In addition, Baxter offers paid vacation based on length of service.
Family and Medical Leaves of Absence generally provide up to 12 weeks of unpaid time off: when an employee is unable to work because of his/her own serious health condition; to care for a newborn or a newly adopted or foster child; to care for a family member with a serious, documented health condition; and for an “exigency” leave, in appropriate circumstances, due to a qualifying person’s call to active duty. An absence of up to 26 weeks to care for an ill or injured service member also is provided. Leaves are available to employees who have completed 12 months of service and worked 1,250 hours in the previous 12 months. To learn about employee rights and responsibilities under the Family and Medical Leave Act (FMLA), which is a federal law, refer to this PDF from the Department of Labor.
Other Time Away Programs include Civic Duty (jury and witness) Leave, Bereavement/Funeral Leave and Military Leave.
Unless otherwise noted, the benefits described above are available to regular Baxter employees in the U.S. who are scheduled to work 20 hours or more per week. Eligibility for the ESPP and the IIP is not limited to employees scheduled to work 20 hours or more per week.
This information briefly describes Baxter’s employee benefits and is based on official plan documents that may include policies, contracts, and plan and trust agreements. If there are any discrepancies between this information and the official documents, the official documents will govern.