Disability
Protect your income through Lincoln Financial in the event you are disabled due to a non-work illness or injury.
Short-Term Disability (STD)
Thermo Fisher offers a Short-term disability plan (STD), which pays 70% of your covered salary (inclusive of base salary + commission + variable compensation through sales incentive plan) after you have been disabled due to an illness or injury that is not work-related. Benefits pay on the first day of a non-work-related injury or after seven calendar days of illness.
You can receive benefits for up to 26 weeks if you continue to meet the plan’s definition of disability. If you are a member of a collective bargaining group, please refer to your collective bargaining agreement for short-term disability coverage. This coverage is fully paid for by Thermo Fisher.
Other sources of disability support — such as state-mandated disability benefits, motor vehicle insurance benefits, Social Security disability and Workers’ Compensation benefits — will be taken into account to determine your specific Thermo Fisher disability benefits.
Long-Term Disability (LTD)
When your disability lasts longer than 26 weeks and you meet the total disability definition, our Long-term disability (LTD) begins to pay you 60% of your covered salary (inclusive of base salary + commission + variable compensation through sales incentive plan). This coverage, paid by Thermo Fisher, provides up to $15,000 a month, including base and commissions.
Other sources of disability support — such as state-mandated disability benefits, motor vehicle insurance benefits, Social Security disability and Workers’ Compensation benefits — will be taken into account to determine your specific Thermo Fisher disability benefits.
Long-Term Disability Buy-up (LTD Buy-up)
If you elect the optional LTD buy-up plan, your LTD benefit increases from 60% to 66 2/3% of your covered salary up to $20,000 per month. Your covered salary now includes base, commissions plus your AIP bonus. The buy-up portion of your LTD coverage is paid for by you on an after-tax basis.
Other sources of disability support — such as state-mandated disability benefits, motor vehicle insurance benefits, Social Security disability and Workers’ Compensation benefits — will be taken into account to determine your specific Thermo Fisher disability benefits.
- Core LTD: 60% of base and commission up to $15,000 per month
- LTD Buy-up: 66 2/3% of base, commission and AIP bonus coverage up to $20,000 per month
Executive Long-Term Disability (LTD) Plan
The executive LTD benefit supplements the coverage you receive through the basic long-term disability benefit. It is designed to provide you with income protection and additional coverage if you are unable to work due to a disability.
| BASIC BENEFIT | EXECUTIVE BENEFIT |
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Eligibility: |
Eligibility: |
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Eligible Compensation: |
Eligible Compensation: |
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Group Benefit: |
Individual Benefit: |
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Basic LTD Group Benefit: |
Enhanced Basic LTD Group Benefit: |
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Fully company-paid through the group policy. |
Fully company-paid through individual policies. NOTE: You have the opportunity when you complete the application for the benefit to elect to have the company-paid premium added to your taxable income. If you elect to pay taxes on the company-paid premium, any benefit you receive will not be subject to federal income taxes when paid. |
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Combined monthly maximum payable from both plans is $25,000. As your salary increases, your individual benefit increases. You will receive a policy endorsement annually reflecting any changes, unless your pay has already caused you to reach the maximum available individual benefit. |
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How to participate
To enroll in this plan, you will be asked to complete an application for coverage once you become eligible. You will receive a complete enrollment packet from Covala Group, the Executive LTD administrative service provider on behalf of Thermo Fisher, by email shortly upon becoming eligible. Newly eligible executives must respond within 60 days of being notified of eligibility.
