500 Job Source
500 McCarthy Boulevard
Milpitas, CA 95035
CEO: Dr. C.S. Park
Stock Symbol: MXO
Maxtor Corporation is one of the world's leading suppliers of
information storage solutions. Maxtor has an extensive line of
storage products for desktop computers, near-line storage, high-performance
Intel-based servers, and consumer electronics. Maxtor has a reputation
as a proven market leader built by consistently providing high-quality
products and service and support for its customers.
Seagate has agreed to acquire Maxtor in
a deal worth $1.9 billion. The merger will close later this year.
For fiscal 2005, revenue at Maxtor was
$3.89 billion. The company reported a net loss of $43.3 million.
Maxtor said drive shipments totaled 13.6
million in the fourth quarter compared with 13.2 million in the
third quarter of 2005.
The company was founded in 1982. Maxtor
has research and development facilities in Longmont, CO; Shrewsbury,
MA: and Milpitas, CA. Maxtor's manufacturing operation includes
its unique cell-based manufacturing facilities in Singapore and
China and repair, administrative, and distribution centers in
Ireland and Milpitas.
Retirement Savings Plan 401(k)
The Maxtor Retirement Savings Plan
is a 401(k) salary deferral plan, which helps you build a financial
nest egg for retirement while providing the opportunity for current
You may contribute a combined total from 1% to 25% of your pre-tax
and post-tax pay, up to annual IRS legal limit ($13,000 for 2004).
You make contributions through convenient payroll deductions.
Maxtor matches your contributions at 100% for the first 2% and
25% for the next 4% of eligible compensation with immediate vesting,
up to a maximum company match of $2,000 per year. Maxtor's Plan
allows for "catch-up" contributions for those employees
that reach age 50 during the plan year. Further, Maxtor has no
vesting requirement on the company matching contribution. In
addition, Maxtor uses Fidelity Investments Institutional Service
as its record-keeper and has over 32 funds to which you can invest.
Paid Time-Off (PTO)
Maxtor employees may take time off for vacation, personal
business or illness per calendar year, beginning with the first
year of employment. Most new hires will receive a pro-rata portion
of 20 days based on when employment begins.* PTO accrues bi-weekly
on your paycheck.
Your maximum accrual varies based on your years of service. Once
your account balance reaches the maximum accrual hours allowed,
you stop accruing until your account balance drops below the
*Note: Some employees with the subsidiary, MMC Technology, located
in San Jose CA, have vacation and sick pay benefits that differ
from the PTO and the Short Term Disability described in this
Medical Plan Options
You have a choice of medical plans depending on your work
location. The plans cover many of the same services; they vary
in employee bi-weekly cost, deductibles, co-payments and coverage
levels. Maxtor medical plans cover most doctors' fees, hospital
expenses, and charges for other medical services and supplies.
Below is a listing of the plans we offer.
- Preferred Provider Option -PPO (Available in all US locations)
- Exclusive Provider Option - EPO (Available in all US locations)
- Fallon HMO (Massachusetts)
- Kaiser HMO (California & Colorado)
- Tufts HMO (Massachusetts)
Prescription Drug Plan
Prescription drugs for the PPO and EPO plans are covered
through the medical plans. Mail order prescription program is
also available and continues to be the most cost-effective way
to have ongoing prescriptions filled. HMO plans cover prescription
drugs in accordance with their drug formulary guidelines. You
may obtain covered prescription drugs from the HMO approved pharmacies.
Co-pays may vary slightly between the different HMO plans.
Dental Care Plan
Maxtor offers a dental plan to assist you in paying for some
of the costs associated with dental treatments necessary for
good health. Maxtor Dental Plan is offered to all employees regardless
of location. Employees are allowed to visit any dentist of their
Vision Care Plan
The Vision Service Plan (VSP) lets you choose from an extensive
roster of eye care specialists and doctors. Your benefits include
eye exam, lenses or contacts and frames. VSP now offers discounts
on Laser Vision Correction to all their members.
Health Plan Opt-Out Bonus Plan
Employees may decline coverage under the medical, dental
and vision plans for themselves and family members, and receive
a cash incentive. This feature may appeal to employees who have
alternative health care coverage under another employer's group
If both husband and wife are employees, one of the two (husband
or wife) may insure their spouse as a dependent under the medical
plan. However, both may not insure each other. The spouse who
is covered as a dependent is not eligible for the Opt Out Incentive.
If both husband and wife are employees, their children may by
covered as dependents of the husband or wife, but not both. The
parent who does not insure the children is not eligible for the
Opt Out Incentive.
Flexible Spending Accounts (FSA)
Flexible Spending Accounts (FSA) allow you to use pre-tax
money to pay for services that you would otherwise pay for with
after-tax dollars. The FSA allows you to put a portion of your
salary away into a pre-tax plan to cover out-of pocket health
and/or dependent care expenses. There are two separate Flex Spending
- Health Care Spending Account
- Dependent Care Account (daycare and/or eldercare)
The maximum amount you may contribute annually
to the Health Care Account and/or Dependent Care Account is $5,000
to each account.
Employee Assistance Program
Confidential off-site counseling services are available to
employees and their eligible dependents, to assist with personal,
family or work related problems. Employees and dependents are
offered 5 free EAP sessions per year through United Behavioral
Short Term Disability
Maxtor's Short Term Disability Plan offers two options of
coverage to all US employees: Base and Buy-up. The Base option
provides income replacement of 66 2/3% of weekly earnings up
to the maximum of $1000/week. The Buy-Up option provides income
replacement of 80% of weekly earnings up to a maximum of $3500/week.
Both short-term disability options require an employee contribution.
Note: California employees are required by state law to
participate in either the California State Disability Insurance
Program or Maxtor's Voluntary Plan (Base option). While the contribution
for both State SDI and Maxtor Base option is the same, the benefit
received is greater under the Maxtor plan.
Long Term Disability
If you remain disabled, Long Term Disability benefits begin
subject to approval by the insurance company. Supplemental STD
and LTD benefits will be offset by benefits available under the
California VDI and non-California STD Plans. These benefits are
established in accordance with state mandated disability coverage
Maxtor pays the full cost of your basic life insurance benefit
of two (2) times your annual base salary up to $500,000. The
value of premiums paid by Maxtor to purchase group term life
insurance coverage in excess of $50,000 is included in your taxable
income on a payroll basis (this is an IRS regulation). Basic
life insurance begins on your first day of work.
Maxtor also provides a supplemental life insurance plan, which
allows you to purchase additional life insurance in $25,000 units,
up to $1,000,000. If you elect supplemental life insurance, you
pay a biweekly charge based on age and the amount of protection
you elect. This plan also allows you to purchase coverage for
your spouse/domestic partner and dependent children. If you enroll
within 31 days of your eligibility, the plan provides a guaranteed
issue amount, without medical exam, up to $500,000/employee and
$30,000 spouse/domestic partner.
Accidental Death & Dismemberment (AD&D)
Accidental Death and Dismemberment benefits are paid if you
experience a serious injury, or die in an accident on or off
the job. This company paid benefit is equal to two (2) times
your annual base salary to a maximum of $500,000.
You may also purchase additional AD&D insurance in $25,000
units up to 10 times your annual base salary, or to a maximum
of $1,000,000, whichever is less. This plan also allows you to
elect certain levels of coverage for your spouse/domestic partner
and unmarried dependent children through convenient payroll deductions.
Maxtor Volunteer Service Time
This provides employees with time off (outside of PTO or
vacation) to volunteer their time to local non-profit or charitable
organizations. Since employees are Maxtor greatest asset, the
best way to contribute to the communities where we operate is
to allow employees time off to volunteer their efforts for the
betterment of the community. Volunteer Service time allows employees
time off of up to 4 hours per month, up to a maximum of 48 hours
in a 12 month period
Employee Stock Purchase Plan
Maxtor's Employee Stock Purchase Plan (ESPP) gives employees
the opportunity to purchase common stock in Maxtor. Employees
may contribution up to 10% of their base pay to the program.
At the end of each six-month purchase period, shares are purchased
at 85% of the lower of two prices: either the price of the stock
on the first day of the purchase period OR the price on the last
day of the purchase period.
- Tuition Reimbursement Program
- Equipment Purchase
- Patent Incentive Award Program
- Employee Referral Program
- Service Awards
Updated March 1, 2006