The retention rate at Linear Technology is one of the highest in the Silicon Valley. We can partially attribute this to our strong total compensation package. With the most generous profit sharing program in the world, we take pride in the unique work ethic that such a program fosters. The success of the individual contributes directly to the success of the entire organization. But the rewards do not end with profit sharing. LTC's total compensation package includes a variety of medical plans with a low contribution rate, 401(k), stock options for eligible positions and an employee stock purchase plan to ensure the continued dedication of our employees.
Profit sharing bonuses are paid out in January and July. New hires are subject to a prorated condition for their first three payouts. To be eligible, the new hire must complete a full six-month period (January-June or July-December). In the last five years, LTC's profit sharing percentage has ranged from 29% to 68% of an employee's semiannual base pay.
After completion of five years' continuous employment, employees are eligible to take sabbatical leave. Exempt employees receive 6 weeks of sabbatical leave. SNE/hourly employees receive 4 weeks of sabbatical leave.
Stock Purchase Plan
The program has two offering periods each year. Employees can elect to contribute either 5% or 10% of their earnings. The deducted funds will be used to purchase common stock, up to a maximum of 300 shares at 85% of the closing stock price on the last trading day of the offering period.
Linear’s 401K Plan is administered by Diversified Investment Advisors. Enrollments (traditional 401K and Roth 401K) occur quarterly with no waiting period to join. Employees may contribute from 1% to 25% of their eligible pay on a pre-tax basis, up to annual IRS maximums. These contributions are made through payroll deductions. Linear also contributes a percentage of the profit sharing directly into all employees’ 401K accounts at each payout.
LTC encourages employees to utilize external resources to expand on skills relevant to their position. We will reimburse up to 80% of the cost of tuition, registration and lab fees for pre-approved courses. Courses can be taken at accredited colleges/universities or vocational/trade schools.
Linear Technology Corporation offers three types of medical coverage.
- Kaiser Permanente HMO
- Blue Cross Exclusive Provider Organization (EPO)
- Blue Cross Preferred Provider Organization (PPO)
LTC offers dental insurance through Delta Dental of California. We offer the Delta Dental DPO plan.
Linear Technology's benefit plan also includes Long-Term Disability Insurance, Life and Accidental Dismemberment Insurance, and Credit Union member benefits.