Benefits

Brilliant minds deserve big rewards.

Where great challenges are met on a daily basis, there are also great rewards. At Credence, you can expect outstanding compensation and excellent benefits. Take a look:

Insurance

Credence is committed to providing competitive and comprehensive group insurance plans for all of its regular employees working 24 hours or more per week, and their dependents. The company covers a significant portion of the cost of these benefits, encourages employees to review the many options available, and to select those plans that best meet their needs.

Medical Insurance - Credence offers several types and levels of coverage to meet employee needs.
Dental Insurance - Credence employees may choose from two different plans offering different levels of coverage for different circumstances.
Vision Insurance - Vision insurance is contracted with Vision Service Plan (VSP).
Life Insurance - Credence employees are covered at two times their annual earnings. Employees have the option to buy up to the lesser of three times their annual earnings or $300,000. In addition, they may purchase life insurance for their dependents. We also provide an Accidental Death and Dismemberment policy at 2 times their annual earnings.
Disability Benefits - Credence is concerned for the financial well-being of its employees during a time of disability. Credence provides all of its full time employees with both short and long-term disability benefits. The employee may choose to buy additional coverage under both plans.

ESPP

Your future wealth accumulation can start with the Credence Employee Stock Purchase Plan (ESPP). Credence allows and encourages employees to play an ownership role in the company. As an employee, you may elect to withhold from 1% to 10% of your salary. This money accumulates over the purchasing period. At the close of the purchasing period, the accumulated funds purchase Credence stock at the lower of the beginning price or the closing price discounted an additional 15%.

401(K) Savings and Retirement Plan

Credence Systems sponsors a 401(k) Plan that provides favorable tax benefits to employees and an attractive way to save money for retirement. Employees may defer up to 60% of their gross salary up to the annual limit established by the IRS and invest these contributions in a diverse selection of mutual funds in our program. New hires are automatically enrolled in the 401(k) Plan with contributions effective the first pay date. Credence also offers a generous employer match to further aid participants in reaching their retirement goals. Participants may apply for 401(k) loans for any purpose, as well as rollover funds from a prior 401(k) plan at any time after joining the company. Personal consultation is available concerning the appropriate investment and asset allocation of participant's Plan account.

Stock Options

Credence wants you to take stock in your future. The company believes all employees should have ownership in the company. For those employees who are eligible to receive stock options, these will vest over a four-year period. Employees may also be eligible for additional stock grants based on their individual performance.

PTO/Holidays

Personal Time Off (PTO) may be used for vacations, illness or personal business. All regular employees earn 15 days per year of PTO with an additional 1-day per year earned on each consecutive work anniversary. Maximum accrual rate is twenty five days per year. Part time employees accrue an equivalent benefit based on actual hours worked.

Credence observes nine (9) holidays per year and allows for one (1) personal day to be designated by the employee.

Training and Education

Credence encourages employees to develop themselves in a manner that improves their effectiveness, increases their contributions, and enhances their careers. Tuition reimbursement, management development, and career development opportunities such as conferences, seminars, technical training, and trade memberships are all part of the educational assistance program.

Credence's tuition reimbursement program provides financial assistance to employees pursuing job-related education. We reimburse tuition, lab fees, and text books up to a maximum of $5,000/year for full-time employees who successfully complete approved courses. Part-time employees are also eligible for a pro-rated amount of financial assistance.

Flexible Spending Account Benefits

Credence offers both a Health Care Flexible Spending Account and a Dependent Care Flexible Spending Account. These plans offer stronger purchasing power to participants since reimbursements from these pre-tax dollars set aside for eligible expenses are tax free. This is just another example of how Credence helps you protect your accumulated wealth on an ongoing basis.

College Savings Plan

Saving for higher education can be a daunting task. That's why Credence is pleased to offer a 529 College Savings Plan to employees. The CollegeBound fund is a flexible, tax advantaged college savings program that helps facilitate saving for higher education via automatic payroll deductions. Your designated beneficiary may use the savings at accredited colleges, universities, graduate schools, most community colleges and vocational technical schools in the U.S. as well as at many foreign institutions, according to the guidelines of the Plan.