Rovi offers highly competitive benefits and perks to our employees. At Rovi, we value your hard work and the incentives continue once you are on board. We continue to motivate, encourage and reward you for your efforts. Benefits and perks are an important part of the total compensation package.
U.S. Benefits
Our benefits are designed to be competitive in our industry based on local market practices, legal and statutory requirements. We pride ourselves on going beyond the industry benchmark.
Medical, Dental and Optical
Medical, dental and optical insurance are provided to all full-time employees who work 30 or more hours per week. Insurance is also provided to their eligible dependents, if dependent coverage is elected. Domestic partner coverage is also available. Employees have a choice of medical coverage from Aetna PPO, Aetna HMO or Kaiser Permanente (CA only). Dental and orthodontic coverage are provided through Principal Dental. Optical services coverage is provided through VSP.
Full-time employees become eligible for medical, dental and optical insurance benefits on their first day of employment. Employees working fewer than 30 hours per week on a regularly scheduled basis are not eligible for medical, dental or optical insurance.
Flexible Spending Account / Section 125 Plan
This plan allows employees to pay for medical and dependent care expenses using pre-tax income, thus avoiding federal, state and social security taxes on the amount of those expenses. Employees may elect to contribute pre-tax dollars into the plan.
Health Reimbursement Account
Rovi contributes funds on the employee's behalf for use with medical expenses and/or deductibles on a pro-rata basis. The company pro-rata contribution is 1/24th of the annual amount per pay period.
Life Insurance
On recruitment and after acceptance by the insurer, employees are automatically enrolled in Rovi's Group Life Insurance plan. The policy provides a benefit of two times basic annual earnings plus $15,000, up to a maximum of $515,000. The same coverage in benefits also applies to accidental death and dismemberment (AD&D).
Disability Insurance
Short-term: Benefits due to injury, illness or pregnancy are payable at an amount of 70 percent of weekly basic earnings up to a maximum of $3,464 per week, less any amounts received under state disability. Benefits begin on the 15th day of disability and continue for a maximum of 11 weeks.
Long-term: Benefits due to illness or injury are payable at an amount of approximately 60 percent of basic monthly earnings up to a monthly maximum of $15,000. Benefits begin after completing a 90-day waiting period and continue as long as the employee remains disabled and requires the regular attendance of a doctor, until age 65.
Employee Stock Purchase Plan (ESPP)
Upon eligibility and enrolment in an Offering Period (24 months), this plan allows employees to purchase Rovi stock on two purchase dates per calendar year at a discounted rate. Contributions to the plan are made via payroll deduction in an amount equal to between 1 percent and 20 percent of compensation (not to exceed $21,250 in any calendar year). The purchase price is 85 percent of the fair market value of the Company's stock on the first day of the Offering Period or on the last day of the same Purchase Period (six months), whichever is lower.
401(k)
This is a salary reduction plan which allows employees to reduce their compensation and have the amounts contributed into a savings plan, tax free, to accumulate for retirement. The contributions can be invested in a variety of methods of your choice.
The current matching contribution is 20 percent of the salary reduction. Matching funds are subject to a three-year vesting schedule and are allocated after the employee has worked 1,000 hours during the plan year based on IRS regulations.
Holidays
Rovi grants a minimum of eleven paid calendar holidays. Additionally, Employees will be granted one Floating Holiday. The Floating Holiday cannot be carried forward to the following year and cannot be commuted for cash.
Flexible Time Off (FTO)
Flexible Time Off accrues on the last day of each calendar month, beginning from the date of recruitment according to the schedule below. FTO accrues pro-rata for the first month of employment if the start date is not the first working day of the month.
|
Credited Years of Service |
FTO Earned |
|
First to fourth years, inclusive |
4 weeks |
|
Fifth and following years |
5 weeks |
Perks
Educational Assistance
Rovi provides financial assistance for employees’ continuing education. Courses will be considered for approval and reimbursement if related to the employee's present or probable next position with Rovi, or if required as part of a programme leading to a job-related degree. Reimbursement will be given to regular, full-time employees after completion of 90 days’ employment. Employees enrolled in degree programmes prior to their recruitment date are not eligible for tuition reimbursement for completion of their regular programme, unless this is approved in writing at the time of recruitment.
Health Club Membership
In order to promote the health and well-being of its employees, Rovi reimburses one-half the cost of an annual health club membership at a club of the employee's choice, up to a total reimbursement of $300 per calendar year.
Bonus and Incentive Programmes
Rovi offers its staff a number of bonus and incentive programmes to encourage and reward their efforts. These include an Annual Company Incentive Plan, Performance Bonuses, Special Recognition Awards, Patent Awards and Referral Bonuses, to name just a few.