Pinnacle Systems, Inc. is a California-based American manufacturer of digital video hardware and software for the consumer and broadcast markets. The company was founded in 1986 by Ajay Chopra, Mirek Jiricka and Randall Moore.
The company completed its IPO (NASDAQ: PCLE) in November 1994. In 1997 Pinnacle purchased Miro Computer Systems GmbH and in 2001 the video editing business of FAST MultiMedia AG. In 2002 Pinnacle purchased VOB Computersysteme GmbH. In 2003 Pinnacle purchased Steinberg, only to sell it off to Yamaha in 2004. Pinnacle was subsequently acquired by American company Avid Technology in August 2005.
Retention
Health Plans
All regular, full-time and part-time employees are eligible for coverage. Pinnacle will pay 100% of the premium cost for full-time employees selecting HMO coverage (where offered) and a major portion of the cost for employees selecting PPO coverage. Employees may add their eligible dependents for an additional minimal cost. Pinnacle will pay 50% of the premium cost for the employee and their eligible dependents for part-time employees.
Medical Insurance
Blue Shield PPO
With the Blue Shield PPO plan, employees have the flexibility to go to a variety of physicians, either in-network or out-of-network. Employees will receive better coverage rates if the doctors and facilities within the preferred provider network are used.
Blue Shield HMO
(Available to employees residing in CA only)
With the HMO coverage, Aetna pays 100% of all claims for visits within the Blue Shield network after co-pay.
Kaiser HMO
(Available to employees residing in CA only)
Kaiser pays 100% of all claims for visits within the Kaiser network after co-pay.
Dental Insurance
Met Life PPO
The plan pays 100% of preventative and diagnostic care, 80% of basic restorative care and 50% of major restorative care.
Vision Insurance
Vision Service Plan (VSP)
The Company offers a complete vision plan through VSP. When visiting a doctor within the VSP network, the plan covers examinations once every 12 months, lenses, contacts and frames are covered every 24 months.
Life and Accidental Death and Disability Insurance
Pinnacle provides life and AD&D insurance equal to 1 x base salary up to $300,000 with a minimum of $50,000 of coverage to all employees through Blue Shield and/or UMUM.
Supplemental Life and AD&D
Employees may elect up to 5 times their base salary in increments of $10,000 to a maximum of $500,000 of additional life and AD&D insurance coverage. All active employees working at least 20 hours per week and their spouses and children are eligible for coverage under the plan. A guaranteed amount of $140,000 will be offered to all employees during initial enrollment.
Short Term Disability
All employees working a minimum of 20 hours per week are eligible for short-term disability. After a 7-day waiting period, the insurance is paid out at 55% of the employee’s salary (up to a set weekly maximum amount) for up to 180 days.
Long Term Disability
Long-term disability coverage begins on the 91st day of continuous disability. The plan replaces 66 2/3% of monthly earnings up to $13,000 per month.
Flexible Spending Accounts (Section 125)
Pinnacle offers a Flexible Spending program through ProBusiness. Through this program, employees are able to contribute pre-tax income toward certain expenses. This reduces the taxable base pay, which increases the take home pay.
Health Care Spending Account
This offers employees the chance to save tax dollars on all approved out-of-pocket medical, dental, and vision care expenses. Employees can elect to have up to $5,000.00 deducted per calendar year (an IRS maximum).
Dependent Care Spending Account
This offers employees the chance to save tax dollars on out-of-pocket expenses for childcare or other approved dependent care. Employees can elect to have up to $5,000.00 deducted, per family, per calendar year (an IRS maximum).
Premium Payment Plan
Employees can pay for their dependent's health premiums with pre-tax dollars.
Financial Planning
401(k) Plan
Employees can elect to defer between 1-15% of their income on a pretax basis up to the IRS maximum contribution limit. Employees are eligible to enroll as of the first day of the month following their hire date. Currently, our plan offers 9 different fund choices, including an S&P Index Fund.
Credit Union
Pinnacle is a member of the American Electronics Association Credit Union and all employees are immediately eligible to join. They offer a wide array of financial services and are part of a large network of credit unions all over the world.
Time Off Benefits
Paid Time Off (PTO)
PTO can be used for vacation time, personal business, illness, or any other approved absence. All regular full-time employees will begin accruing PTO on their date of hire. The PTO accrual rate increases with seniority.
Paid Holidays
Pinnacle employees receive 10 paid holidays per calendar year.
Personal Development
Education Assistance
Pinnacle is committed to the professional growth and development of its employees. All regular full-time employees are eligible to receive reimbursement for tuition, books, and other related fees up to an annual limit.
Employee Assistance Program
Available to all employees, this program is designed to provide employees and their dependents with professional and confidential assistance to successfully deal with life's challenges. They offer assistance with work-related issues, family problems, alcohol and drug abuse issues, emotional problems and much more.
Other Benefits
Employee Referral Bonus Program
Employee Product Purchase Program
Important Note: This summary is a brief description of the benefits available to employees and their dependents. It has been written to describe the benefits as simply as possible. Only the legal Plan Documents and Company Policy, rather than this summary govern the rights and provisions of each plan. Questions should be directed to Human Resources.
The company completed its IPO (NASDAQ: PCLE) in November 1994. In 1997 Pinnacle purchased Miro Computer Systems GmbH and in 2001 the video editing business of FAST MultiMedia AG. In 2002 Pinnacle purchased VOB Computersysteme GmbH. In 2003 Pinnacle purchased Steinberg, only to sell it off to Yamaha in 2004. Pinnacle was subsequently acquired by American company Avid Technology in August 2005.
Retention
Health Plans
All regular, full-time and part-time employees are eligible for coverage. Pinnacle will pay 100% of the premium cost for full-time employees selecting HMO coverage (where offered) and a major portion of the cost for employees selecting PPO coverage. Employees may add their eligible dependents for an additional minimal cost. Pinnacle will pay 50% of the premium cost for the employee and their eligible dependents for part-time employees.
Medical Insurance
Blue Shield PPO
With the Blue Shield PPO plan, employees have the flexibility to go to a variety of physicians, either in-network or out-of-network. Employees will receive better coverage rates if the doctors and facilities within the preferred provider network are used.
Blue Shield HMO
(Available to employees residing in CA only)
With the HMO coverage, Aetna pays 100% of all claims for visits within the Blue Shield network after co-pay.
Kaiser HMO
(Available to employees residing in CA only)
Kaiser pays 100% of all claims for visits within the Kaiser network after co-pay.
Dental Insurance
Met Life PPO
The plan pays 100% of preventative and diagnostic care, 80% of basic restorative care and 50% of major restorative care.
Vision Insurance
Vision Service Plan (VSP)
The Company offers a complete vision plan through VSP. When visiting a doctor within the VSP network, the plan covers examinations once every 12 months, lenses, contacts and frames are covered every 24 months.
Life and Accidental Death and Disability Insurance
Pinnacle provides life and AD&D insurance equal to 1 x base salary up to $300,000 with a minimum of $50,000 of coverage to all employees through Blue Shield and/or UMUM.
Supplemental Life and AD&D
Employees may elect up to 5 times their base salary in increments of $10,000 to a maximum of $500,000 of additional life and AD&D insurance coverage. All active employees working at least 20 hours per week and their spouses and children are eligible for coverage under the plan. A guaranteed amount of $140,000 will be offered to all employees during initial enrollment.
Short Term Disability
All employees working a minimum of 20 hours per week are eligible for short-term disability. After a 7-day waiting period, the insurance is paid out at 55% of the employee’s salary (up to a set weekly maximum amount) for up to 180 days.
Long Term Disability
Long-term disability coverage begins on the 91st day of continuous disability. The plan replaces 66 2/3% of monthly earnings up to $13,000 per month.
Flexible Spending Accounts (Section 125)
Pinnacle offers a Flexible Spending program through ProBusiness. Through this program, employees are able to contribute pre-tax income toward certain expenses. This reduces the taxable base pay, which increases the take home pay.
Health Care Spending Account
This offers employees the chance to save tax dollars on all approved out-of-pocket medical, dental, and vision care expenses. Employees can elect to have up to $5,000.00 deducted per calendar year (an IRS maximum).
Dependent Care Spending Account
This offers employees the chance to save tax dollars on out-of-pocket expenses for childcare or other approved dependent care. Employees can elect to have up to $5,000.00 deducted, per family, per calendar year (an IRS maximum).
Premium Payment Plan
Employees can pay for their dependent's health premiums with pre-tax dollars.
Financial Planning
401(k) Plan
Employees can elect to defer between 1-15% of their income on a pretax basis up to the IRS maximum contribution limit. Employees are eligible to enroll as of the first day of the month following their hire date. Currently, our plan offers 9 different fund choices, including an S&P Index Fund.
Credit Union
Pinnacle is a member of the American Electronics Association Credit Union and all employees are immediately eligible to join. They offer a wide array of financial services and are part of a large network of credit unions all over the world.
Time Off Benefits
Paid Time Off (PTO)
PTO can be used for vacation time, personal business, illness, or any other approved absence. All regular full-time employees will begin accruing PTO on their date of hire. The PTO accrual rate increases with seniority.
Paid Holidays
Pinnacle employees receive 10 paid holidays per calendar year.
Personal Development
Education Assistance
Pinnacle is committed to the professional growth and development of its employees. All regular full-time employees are eligible to receive reimbursement for tuition, books, and other related fees up to an annual limit.
Employee Assistance Program
Available to all employees, this program is designed to provide employees and their dependents with professional and confidential assistance to successfully deal with life's challenges. They offer assistance with work-related issues, family problems, alcohol and drug abuse issues, emotional problems and much more.
Other Benefits
Employee Referral Bonus Program
Employee Product Purchase Program
Important Note: This summary is a brief description of the benefits available to employees and their dependents. It has been written to describe the benefits as simply as possible. Only the legal Plan Documents and Company Policy, rather than this summary govern the rights and provisions of each plan. Questions should be directed to Human Resources.