Financial Security
Pfizer provides benefits to protect your financial health, including retirement benefits, life insurance, and disability insurance as well as no cost financial planning with specialists who can assist you with financial planning considerations, taking into account your specific needs and circumstances. Through the Total Rewards Guidance & Education Program, you can also get a referral for tax and estate planning.
Pfizer 401(k) Savings Plan
You may contribute up to 30% of your eligible pay as before-tax, Roth, and/or after-tax, and catch-up contributions if eligible. Pfizer provides quarterly matching contributions of up to 4.5% of eligible pay and an additional annual Pfizer contribution — the Retirement Savings Contribution (RSC) — ranging from 5-9% of eligible pay regardless of whether or not you contribute. The Plan is designed to provide for your retirement but offers provisions such as loans and special withdrawal options to provide flexibility when funds are needed. In addition, you can elect anyone as your beneficiary, including a Special Needs Trust (with Spousal Consent, if applicable) in the event of your death to help care for loved ones with special needs.
The Fidelity Guidance & Education Program can also provide help with ABLE accounts that may be a tax effective way to save for disability-related expenses while keeping benefits such as Supplemental Security Income and Medicaid.
Life and Accidental Death & Dismemberment (AD&D) Insurance
Pfizer provides financial protection for you, your spouse/domestic partner, and any children you may have. Pfizer’s plan automatically provides you with Basic Life Insurance and allows you to buy additional coverage for yourself and your eligible dependents. The Plan also allows you to assign your coverage or designate a trust as your beneficiary.
Disability Insurance
In the event of your own illness or injury, Pfizer automatically provides up to 26 weeks of short-term disability (equal to 100% of base pay for the first 13 weeks of disability and 70% of base pay for the next 13 weeks for qualifying conditions). After 26 weeks, you may apply for long-term disability benefits, based on the coverage option elected. Pfizer automatically provides coverage of 50% Annual Pay at no cost, but you may purchase additional coverage for added protection. Buy-up options include both before-tax and after-tax options, providing you with flexibility on whether your benefit is taxable or partially non-taxable if you become disabled.
Before-tax Reimbursement Accounts
Pfizer offers a Health Savings Account (HSA) and Limited and General Purpose Health Care Accounts (HCAs), which allow you and your eligible tax dependents to pay for eligible healthcare expenses on a before-tax basis. The HSA is the only triple-tax savings vehicle allowed by the IRS. Contributions, investment earnings, and qualified distributions are all exempt from federal income tax, FICA (Social Security and Medicare) tax, and state income tax (except in New Jersey and California) — both when you contribute to the account and when you take money out for qualified health care expenses. Unlike the General Purpose and Limited Purpose HCAs, the unused balances in the HSA roll over from year to year and can be invested providing a way to fund future healthcare expenses.
Pfizer also offers a Dependent Care Account, which allows you to use before-tax dollars to pay for eligible child care (for children 13 or under), such as for child care tuition and summer camps and eligible elder care expenses, such as for adult day care, to allow you or your spouse or partner to work.
To learn more about all of these financial security benefits, visit MyPfizerBenefits.com.
This guide contains information about the U.S. Pfizer benefit plans, programs, and policies; however, it is not intended to provide every detail. More information can be found in the Summary Plan Descriptions, and complete details will be included in the plan document. In all cases, your benefits at Pfizer are subject to the terms and conditions of the plan document. In the event there is a conflict between the information you read in this guide and the official plan document, the plan document will control. While Pfizer expects to continue the benefits described in this guide, it reserves the right to amend, modify, suspend, or terminate the benefit at any time and for any reason, with or without notice.