Benefits (US)
Our national benefits are exceptional.
For starters, our medical coverage offers a choice among traditional indemnity options that provide access to preferred provider organization (PPO) discounts, a PPO option with an in-network and out-of-network feature and coverage under a pharmacy card benefit. Alternatively, managed care options (if available, depending on the employee's residence) allow for flexibility of choice regarding the type of coverage that can best meet the needs of employees and their families.
Our medical and dental coverage under the Pfizer Pflex Plan extends to a qualified adult, which includes a spouse, same- or opposite-sex domestic partner or other qualified family member who meets eligibility requirements. Our plans also include 100% reimbursement for most prescription drugs, irrespective of the manufacturer. You can also access a choice of two levels of dental coverage, including preventive and orthodontia services and Vision care coverage for a range of services to meet employees' vision care needs.
To provide additional support, we provide a health care account to help bridge the gap between health care expenses covered by insurance and eligible expenses that are paid out-of-pocket, by setting aside a certain amount of pretax dollars each year and a dependent care account to help cover eligible out-of-pocket expenses for child or elder care, by setting aside a certain amount of pretax dollars each year.
In your first year of service you can accrue up to 3 weeks of paid vacation, in addition to 13 paid holidays during the year. We provide short-term disability benefits for approved claims in the event of illness, injury, or pregnancy may provide continuation of pay and most benefits for up to 26 weeks. Recently, we introduced a parental leave policy providing a full 6 weeks of paid leave to either parent on the birth of a child.
When considering finances, the Pfizer savings plan has a company match at the rate of one dollar for each dollar on the first three percent of compensation an employee contributes, and 50 cents on the dollar on the next three percent of compensation an employee contributes. The plan offers a choice of 19 investment funds for employee's contributions.
Employees can invest from one to 20% of pay on a before-tax basis, from one to 15% of pay on an after-tax basis, or a combination of both (subject to applicable Internal Revenue Code limits) up to a total of 20% of pay. The plan also offers the ability to take a loan, the ability to roll over eligible distributions from a former employer's plan and immediate vesting in both Pfizer's and employee's contributions.
You can also access a retirement plan providing vested employees with an additional source of income upon retirement. Benefits under the Plan can grow as earnings and years of service with Pfizer increase; life insurance for employees (and optional for eligible dependents) in the event of death; long-term disability insurance in the event of total and permanent disability preventing the ability to work and other optional insurance including:
- Accidental death and dismemberment insurance for employees and eligible dependents in the event of death or dismemberment due to an accident;
- Access to long-term care that may provide income in the event of a physical or mental disability preventing the performance of routine daily activities without assistance;
- Access to personal property insurance at special group rates for homes, automobiles, boats, rental property, co-ops, condominiums or recreational vehicles.
For those wishing to continue their studies, we provide up to 100% tuition reimbursement for eligible degrees or courses with no maximum benefit amount to enhance the potential for growth at Pfizer. We hope that the benefits of a career with Pfizer are clear. Please visit our job postings to learn more about your opportunities with us.
In Cambridge, we complement Pfizer's exceptional national benefit package, with local benefits tailored to meet the needs of the Cambridge life science colleagues.
We know that your commute can be a challenge - ours is too. We want to support you in getting to and from work, and do so in a few ways. Firstly, we have free parking on site for those that need it. For those who choose not to drive we support the cost of a T pass, up to the annual taxation limits. If you decide to bike to work, as many of our colleagues do, you will have access to locker rooms and showers to freshen up before the working day.
Fitness is important and we provide support for your fitness membership. Research Technology Center (RTC) colleagues enjoy a fitness reimbursement to cover the cost of fitness center membership and subscription each year.
For Childcare, we work with Bright Horizons (http://www.brighthorizons.com/) and support their Network Access Program, providing priority access to the Bright Horizon centers, back-up childcare and discounted rates on membership.
On site, our subsidized café offers exceptional breakfast and lunch options. Our $0.25 sodas are also a plus throughout the day.
Whatever your needs in Cambridge, we cater to you.
Although this fact sheet contains information about Pfizer's current benefits, policies and other offerings for eligible employees, it is not intended to provide every detail. More details are included in the legal documents governing the various Pfizer plans and programs. In all cases, benefits and other offerings at Pfizer are subject to the terms and conditions as provided in these documents. In the event that there is a conflict between the information in this fact sheet and the official documents, the official documents shall control. The information summarized in this fact sheet is not intended to create any contractual rights or claims on the part of anyone. While Pfizer expects to continue the benefits, policies and offerings described in this fact sheet, it reserves the right to unilaterally amend, modify, or terminate one or more of them at any time for any reason.