At Genentech, you're provided with a wide array of insurance and compensation benefits in addition to your annual salary. Our compensation programs are designed to reward you for your contributions as you achieve milestones and realize significant individual accomplishments or company goals throughout the year. Through competitive programs like bonuses and long-term incentives, we partner with you to inspire great performance and allow you to share in the company's success.
For example, if a team or individual achieves an extraordinary milestone, managers can award cash bonuses called Applause at any time. Additionally, our Long-Term Incentive program further supports our compensation philosophy to provide you with a highly competitive total compensation package and delivers equity to eligible employees through stock-settled stock appreciation rights.
Genentech also makes it easy for you to plan for your retirement and for any unexpected situations. Among our retirement planning options, our 401(k) plan allows you to save for retirement, offering a variety of funds in which to allocate investments and providing up to four percent in company matching contributions. Genentech also makes an annual automatic 401(k) contribution for all employees in an amount equal to six percent of your 401(k)-eligible pay.
We pay for basic life and accident insurance protection as well. Your total coverage choices include nine levels of life insurance and accidental death and dismemberment insurance options and up to seven levels of life insurance for your eligible dependents. You can also take advantage of other convenient services like travel assistance, legal and financial guidance.
In the event of an extended illness, you may also be covered by either Genentech's short-term disability program or our long-term disability insurance that replaces up to 66-2/3 percent of your eligible pay, and you may purchase auto or home insurance, long-term care insurance and pet insurance at reduced rates.
Genentech makes life-saving medicine. People make Genentech what it is. This video offers insights into who these people are and what it means to them to be working at Genentech.