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Retirement & Financial Benefits
Defined Benefit Pension Plan
Defined Contribution Pension Plan
Health & Insurance Benefits
Long-term Disability Insurance
Accidental Death & Dismemberment Insurance
At Lufkin Industries, Inc., they provide several pension and welfare benefits. Like Lufkin Industries, Inc., numerous American employers sponsor group health benefits, through which employers typically cover a considerable proportion of their workers' health insurance premiums. These contributions are tax deductible for businesses and tax-free for workers. Lufkin Industries, Inc. offers vision, dental, and health insurance. Lufkin Industries, Inc. also provides group life insurance, long-term disability insurance, and death benefits, which cover certain causes of death. To help ensure a steady stream of income later in life, a large number of workers depend on employer-financed retirement plans. Lufkin Industries, Inc. offers defined benefit pension plans and defined contribution pension plans. With a defined benefit retirement plan, workers receive predetermined payments upon retirement. With a defined contribution retirement plan, companies help employees save and invest for retirement.
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