Intel Employee Benefits
How Do I Maximize My Intel Employee Benefits in 2023?
As your career evolves at Intel, your salary increases and stock awards compound. Your benefits can help you realize financial security when leveraged correctly.
We know how busy you are and value your time. We help you optimize your equity compensation, reduce taxes, and plan for your long-term goals.
Intel Restricted Stock Units
Leverage your RSUs. For many employees, stock awards can be a significant portion of total compensation. These awards come in the form of Restricted Stock Units (RSUs). These RSUs become available to you as they vest over time. As the stock shares vest, you are taxed at ordinary income tax rates based on the total value of the vesting shares of stock. Do you typically keep your shares once they vest?
Intel 401(k) and mega Backdoor Roth
In 2023, you can contribute up $22,500 on a pre–tax or Roth basis into your 401(k), and if you’re age 50 or older, you can contribute an additional $7,500 for a total of $30,000. Intel will match up to 5% (as of 02/01/2023 temporarily reduced to 2.5%) of your salary.
For example, if you make $200,000, Intel will contribute $5,000 (pre–tax) to your 401(k), assuming you contribute at least $5,000, as well. We encourage you to make the most of Intel’s offer before utilizing any other benefits available to you.
After-Tax Contributions and Mega Backdoor Roth Conversion
Would you like to contribute more than $22,500 to your 401(k) and convert those dollars to Roth? You can with the Mega Backdoor Roth provision within your Intel 401(k). This benefit is also known as the after-tax Roth conversion. This feature allows you to make additional after-tax contributions to your 401(k) and convert these contributions to Roth dollars. Watch this video for a more detailed explanation of this benefit.
Diversify your portfolio. BrokerageLink is one of 24 options within your Intel 401(k) plan. This option gives you access to thousands of additional mutual funds not available with the standard plan, including funds managed by Vanguard, PIMCO, and Eaton Vance. Why does this matter? For starters, it allows you to invest in asset classes that would otherwise be unavailable to you in your standard 401(k). This can allow you to increase the diversification of your investments within your 401(k), which may potentially create opportunities to achieve greater long–term returns.
Align your investments with your values. Sustainable Investing, also known as Socially Responsible Investing (SRI), means incorporating Environmental, Social, and Governance (ESG) criteria into the investment selection process. Essentially, it allows you to invest in a way that aligns with your values without necessarily compromising diversification or returns. You can access hundreds of SRI mutual funds and ETFs through BrokerageLink. These options allow you to create a sustainable portfolio within your 401(k).
SERPLUS: Intel’s Deferred Compensation Plan
Reduce your tax bill by thousands! SERPLUS, Intel’s deferred compensation plan, is available to grade Level 10 employees and above.
SERPLUS allows you to save a significant amount of money on taxes by reducing the amount of your taxable income. It works similarly to a pre–tax 401(k) plan, and any dollars you contribute can then be invested for growth and used down the road during your retirement. If you are eligible for this benefit, you can defer up to 60% of your salary and 75% of any bonus or commissions.
Employee Stock Purchase Plan
Purchase stock at a discounted price. Another fantastic benefit at Intel is the Employee Stock Purchase Plan (ESPP). Twice a year Intel allows you buy up to 10% of your earnings (base compensation, quarterly profit bonus, annual profit bonus, and commissions) in Intel stock at a 15% discount through a payroll deduction. The enrollment period for this benefit only happens in January and July.
Intel offers employees paid vacation time and flexible work options. The company provides opportunities to help employees balance work and life responsibilities. Employees can take advantage of discounted travel perks to make the most of their time away on vacation.
Intel updated its family leave benefits at the start of 2020. A few highlights include:
Pregnant employees who can’t work can apply for short–term disability coverage for up to 12 months.
Eligible employees (new mothers and fathers) are able to take up to 12 weeks of paid time off, in addition to qualified pregnancy and family medical options to bond with a new child. This time provides new parents –through birth, adoption, or foster care – with additional time to be together as a family. Additionally, new parents can work a part–time schedule for up to 4 weeks with full–time pay.
Paid leave (up to eight weeks) is provided for employees so they can care for a seriously ill family member.
Intel offers its employees the option to enroll in a Health Savings Account (HSA). The HSA comes with three significant tax benefits: contributions are tax-free, money grows tax-deferred, and you can withdraw money tax-tree if the funds are used for qualified medical expenses.
Tuition reimbursement is available for job-related degrees or coursework with the Intel Tuition Assistance Program (TAP). Employees can also seek advanced degrees to help further their career at Intel. The company provides support for employees and their families by offering programs that provide tutoring, college coaching, as well as scholarship opportunities.
MORE INTEL INSIGHTS
For more information and advice from our Intel-focused advisors visit our other pages focused on Intel Compensation and Miscellaneous Benefits page, Intel SERPLUS, or Intel 401(k) & Retirement page.
LATEST ARTICLES ABOUT YOUR INTEL BENEFITS
Are You Making the Most of Your Intel SERPLUS Benefit?
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Intel Employee Benefits You Should Prioritize
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