If you are unable to work due to your own serious medical condition, you may be eligbile for disability benefits.
Voluntary Disability Insurance (VDI) - CA
Part-time California Employees (working less than 30 hours/week): Your benefit is 55% of your weekly regular wages (up to the weekly statutory maximum), beginning on the 8th day with a maximum payment period of 52 weeks. These benefits are not taxable. You contribute a percentage of your salary toward this coverage.
More information on the CA VDI Plans can be found here.
Short-Term Disability Insurance (STD) - Non-CA
Outside California (working at least 30 hours/week): Your benefit is 60% of your gross weekly income (excluding commissions, bonuses, overtime, etc.), beginning on the 8th consecutive day of disability. The maximum payment period for STD benefits is 52 weeks with a maximum of $3,464 paid per week, tax-free. Marvell pays the full cost for this coverage but employees are responsible for taxation on the value of the Marvell-paid premium, shown as income on your paycheck and W-2 statement at the end of the year, so that the paid benefit is tax-free.
Long-Term Disability Insurance (LTD)
Long-Term Disability (LTD) provides income replacement after 52 weeks of disability. Full-time employees are automatically enrolled in the LTD plan, which provides a benefit of 60% of your gross monthly income (excluding commissions, bonuses, overtime, etc.) up to $12,000 per month.
Buy-Up Long Term Disability: You may enroll in the Buy-Up LTD Plan to receive an increased benefit percentage and maximum: 65% of your gross monthly income (excluding commissions, bonuses, overtime, etc.) up to $20,000 per month.
- If you do not elect the Buy-Up plan option during your new hire period, EOI approval will be required at any subsequent enrollment in the Buy-Up plan (qualified status changes or annual enrollment).
- The Base and Buy-Up LTD benefits may begin on the 366th consecutive day of disability with the maximum benefit period varying based upon age. These benefits are coordinated with other disability benefits such as Workers’ Compensation and Social Security. The minimum amount you can receive under these plans is the greater of $100, or 10% of your gross disability payment.
- Marvell pays the full cost for the Base LTD plan; therefore the benefits received under the Base LTD plan are taxable. Employees pay the premium for the Buy-Up LTD plan based upon the age graded rates below and Marvell pays a separate premium on your behalf for the Base LTD plan. Benefits received under the Buy-Up LTD plan are partially taxable.
Note: Under the Buy-Up LTD plan, the taxation of the benefits received will be calculated based upon the percentage of the cost that was contributed by Marvell for the 3 policy years before the calendar year in which LTD is paid.