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Salaries and BenefitsYou and the Fed: A Winning CombinationConsidering a position with any organization means taking into account more than just your salary. Benefits are a crucial part of and a substantial supplement to your earnings. The Bank's salaries are competitive with those of comparable employers in the local area. The Bank's pay-for-performance philosophy is designed to recognize and reward employees' individual and group performance. In addition, the Bank provides a comprehensive benefits package that includes the following: Health Care Insurance and Services
Thrift Plan
Retirement Plan
Education Reimbursement Program
Vacation and Holidays
Parking and Commuting
Other Insurance Plans
Wellness Center
Flexible Spending Account (FSA)
Cafeteria
Perfect Attendance Incentive
Employee Assistance Program (EAP)
Career and Family
Smoke-Free Workplace
The benefits described here are summaries of actual plans. Complete details of each plan are contained in the official plan policies. Should a discrepancy occur between this guide and the official plan policies, the plan policies will prevail. |
 The 11th District |
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Group health insurance plans are available to you and your eligible dependents. These plans offer broad protection against the expenses caused by sickness or injury. Additionally, the Bank also provides dental insurance, a prescription drug plan and a vision plan. Your medical and dental premiums are deducted from your pay before your taxes are calculated. The Bank contributes a significant amount to the cost of employees' medical coverage. 
The Thrift Plan is a voluntary savings and deferred compensation plan that provides a convenient way for you to save for retirement on a regular and long-term basis. The plan offers savings (post-tax) and deferred (pretax) accounts. The Bank matches 80 percent (100 percent after 5 years of employment) of your contribution up to 6 percent of your salary. Because there is no waiting period, new employees are eligible to participate immediately. Employees are incrementally vested in the plan over a five-year period.
After five years of service at the Bank, you become a vested member of the Retirement Plan for employees of the Federal Reserve System. This plan, paid for by the Bank, provides retirement income to eligible employees over and above Social Security. Once vested in the plan, you will have the option to receive a significant portion of your retirement plan benefit as a lump sum when you leave or retire.
The Bank has a long-standing tradition of encouraging its staff members to continue their education. After three months of service, employees are eligible to participate in the Education Reimbursement Program. The program provides 100 percent reimbursement of tuition and certain eligible expenses (after the employee meets certain criteria), based on the tuition rate at local state-supported colleges. Our in-house training unit also provides a wide range of classes—from management skills to PC training.
All full-time and part-time employees are immediately eligible for vacation time, which is determined by the date of employment. Part-time employees earn vacation and holidays on a prorated basis. Exempt-level staff earn 15 days per year, while nonexempt staff earn 10 days per year. Employees gain additional days of vacation with service, up to a maximum of 23 days per year. In addition to vacation, employees receive 10 paid holidays per year and one personal day after one year of employment.
All employees have the choice of parking in the Bank's secured parking area or using public transportation, which is subsidized by the Bank. Subsidized bus passes are a tax-free benefit.
The Bank provides short- and long-term disability, life insurance, business-travel accident and survivor income plans. Employees may also choose to purchase supplemental life insurance, personal accident insurance and long-term care plans. The Bank also offers auto and homeowners insurance and prepaid legal coverage.
The Bank encourages employees to take an active role in their health and well-being. The Bank offers an exercise facility with cardio/aerobic and weight-training equipment. The facility is open 24 hours a day, seven days a week and can be accessed for a minimal monthly cost, depending on location.
FSA plans allow you to set aside tax-free dollars for eligible expenses not covered by other benefit plans. Two types of FSAs are available: Health Care Reimbursement and Day Care Reimbursement.
The Bank maintains a full-service cafeteria, which is subsidized by the Bank.
Nonexempt employees are eligible to receive an incentive day of paid leave if they have perfect attendance for an entire calendar year.
The Bank's EAP is a confidential, third-party service that provides professional diagnostic and referral and short-term professional counseling to help deal with personal problems. This program is available to you and your eligible family members. 
The Bank recognizes that many employees face the challenge of balancing career, family and personal responsibilities. To help address these needs, the Bank administers a series of policies that provide a fair measure of flexibility. The Bank’s EAP offers services regarding personal finances, elder/child care, adoption, academic programs, legal services and balancing work/life—to name a few. In some instances, flexible work schedules are available.
All of the Bank's facilities offer a smoke-free environment.