MathWorks provides staff members and their families with comprehensive health coverage and a choice of two medical plan options – the Blue Cross Blue Shield Blue Care Elect PPO and the High Deductible Health Plan (HDHP). Both plans offer quality health care coverage and freedom of choice. Highlights include:
- Freedom to choose any BCBS provider without first obtaining a referral
- Comprehensive coverage for both in-network and out-of-network services
- 100% coverage for in-network annual preventive care and screenings
- $20 or $30 copayment for in-network office visits in the PPO plan; a deductible applies in the HDHP option
- Prescription drug coverage at retail pharmacies, and a cost-effective mail service option
- 100% coverage for annual routine eye examinations and discounts on eyewear
- Up to $150 annual reimbursement per household for health club membership, including membership in our onsite fitness center
MathWorks dental benefit program provides comprehensive coverage through Cigna’s Dental PPO plan. Highlights include:
- 100% coverage for diagnostic and preventive care, with no deductible
- 100% coverage for all basic restorative work, such as fillings, and 60% for all major restorative work, such as crowns and dentures
- Freedom to choose an in-network or out-of-network provider
- Orthodontia coverage for adults and children
MathWorks offers a voluntary vision plan through EyeMed Vision Care that includes discounts and coverage for a variety of frames, lenses, and contacts.
In the event of the death of a staff member, MathWorks provides life insurance coverage to help protect the financial security of the survivors.
MathWorks provides basic life insurance, equivalent to a staff member's annual salary with a maximum of $150,000. Staff members may purchase an additional 1, 2, 3, or 4 times their salary to a maximum of $800,000 (total combined with company-provided coverage).
MathWorks provides short-term and long-term disability plans, which are 100% company paid. These plans offer protection against income loss when illness or injury prevents a staff member from working.
Spending and Savings Accounts
These plans allow staff members to contribute up to annual IRS maximums on a pretax basis for eligible non-reimbursed healthcare-related expenses and separately for eligible dependent care expenses. Members of the HDHP medical plan are eligible to contribute to a Health Savings Account (HSA).
MathWorks offers a variety of benefits to provide staff members with free time for rest, relaxation, and personal pursuits.
Vacation time accrues monthly for a total accrual of 15 vacation days at the end of the first year of employment. After four years of service, the rate of accrual increases, adding one day per year up to a maximum of five weeks.
Staff members have up to 24 hours of paid personal time each year to use at their discretion.
MathWorks provides paid time off to celebrate the following established legal and traditional holidays: New Year's Day, Presidents' Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and the Friday after, and Christmas Day.
Eligible staff members can request up to 16 weeks of leave and are eligible for 4 weeks of parental leave pay. Staff members who give birth are eligible for up to 12 weeks of paid leave, which includes 8 weeks of short-term disability pay and the 4 weeks of parental leave pay.
Paid Volunteer Time
Full-time staff members are eligible for 8 hours of paid time off per calendar year to be used for community service activities.
Training and development are not only strongly encouraged at MathWorks, they are a key part of our company's purpose and our core values. We encourage every staff member to foster his or her own personal and professional development by participating in at least 40 hours of training every year. We provide and facilitate many opportunities to achieve this goal.
Training at MathWorks
MathWorks believes in reinvesting some of our hard-earned profits in ourselves. To that end, we make a variety of training options readily available, including:
- In-house seminars
- Public seminars
- Subscriptions to professional organizations and periodicals
- Industry conferences
- Tuition assistance for formal continuing education programs
- Business-related books and tapes
MathWorks encourages educational development and excellence, and will partner with staff members to help them achieve their higher education goals. Opportunities may be pursued through our tuition assistance plan.
- Reimbursement at 100% of the cost for tuition, fees, and books for two approved courses at one time
- Total maximum reimbursement of $5000 per calendar year
MathWorks offers a 401(k) savings and investment plan with investment options that include mutual funds, asset allocation strategies, and a self-directed brokerage account. Staff members may contribute up to 50% of their total pay on a pretax or Roth 401(k) basis and up to 25% on an after-tax basis (IRS annual maximums apply). MathWorks matches 50% of the first 6% that a staff member contributes to pretax or Roth 401(k). Depending on year-end profitability, MathWorks may elect to match an additional amount. Historically, MathWorks has elected to match a total of 100% of the first 6% of pretax contribution.
Stakeholder Bonus Plan
The Stakeholder Plan is a quarterly bonus program designed to reward and encourage staff members' contributions to the success of MathWorks. Three factors determine the amount given: company profitability, individual performance, and individual salary. The Stakeholder Plan has been in place since 1993 and has paid out every quarter since then.
The health and well-being of staff members are very important to MathWorks. We have many programs in place to support the notion that our staff members are "real people" with lives and interests outside their jobs.
Our state-of-the-art fitness center, located onsite, is open 24 hours a day, seven days a week. In addition to the wide variety of cardio and Nautilus machines, free weights, and other exercise equipment, the fitness center offers group exercise classes, personal training, nutrition counseling, health education, and wellness seminars and classes.
Sports and Physical Recreation
The many sports and recreation enthusiasts at MathWorks are encouraged to pursue their interests. For example, runners and speed walkers have ready access to nearby backroads and woodland trails. We also support more organized sporting activities, such as soccer and golf leagues, a gardening club, and mountain biking.
Museum and Movie Passes
As a corporate sponsor of the Museum of Science and the Boston Children's Museum, MathWorks receives free passes each year for use by staff members and their families. We also have reduced-price movie tickets available for purchase that are good at all AMC and Regal Theatres.
We provide a wide variety of personal services and amenities to help staff members manage the demands of daily life.
Referral and Counseling Services
Through GuidanceResources, we offer a range of free and confidential services, including financial and legal advisors, child and elder care referrals, and confidential counseling. Counselors can be reached 24 hours a day by calling a toll-free number.
- Lactation room
- Dry cleaning pickup and delivery service (for a fee)
- Wellness center
- Free hot and cold drinks all day and fresh fruit every morning
- Free breakfast every Wednesday
- Free fresh-baked cookies every Friday
A Few Cool Perks
- The Stakeholder bonus program has paid out every quarter since 1993.
- The onsite fitness center offers free classes in yoga and spinning.
- Garages have electric-car/EV charging stations.
- You get a cash bonus when you refer someone who is hired.
- You have access to services that help with work-life balance.
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