Health, Dental, and Vision | Other Insurance | Pension Plan | Thrift Plan | Alternative Work Arrangements | Transportation Subsidy | Academic Assistance | Leave | Career Development | Other Benefits
Comprehensive health, dental, and vision insurance is offered to Board employees and their families. The Board pays a portion of the premiums for these insurance plans and provides a health care stipend to further offset the cost of health insurance premiums. Premium payments are automatically paid on a pre-tax basis. The Board also provides limited health, dental, and vision benefits to domestic partners.
You may also elect to participate in the Board's Flexible Spending Account, which allows you to set aside pre-tax dollars to pay for eligible health and dependent care expenses.
Long term disability income protection and business travel insurance are provided to you at no cost. Effective July 1, 2008, the Board will also provide a short-term disability benefit at no cost to you. Also offered, for a small premium, are accidental death and dismemberment insurance, group legal insurance, and auto and homeowners insurance. You may also select group term life insurance and long term care insurance benefits.
Most employees are eligible to participate in the Federal Reserve System Retirement Plan--the Board's pension plan. After completing five years of service, you are vested and entitled to a monthly retirement benefit that can begin as early as age 50. If you leave the Federal Reserve, you may elect to receive your benefit as a Portable Cash Option (PCO), an alternate payment option under the retirement plan.
In addition to your pension benefits, you may also save for your retirement by participating in the Federal Reserve’s Thrift Plan. The Plan allows you to save on a pre-tax and/or after-tax basis.
Currently, the Board provides an employer matching contribution of 80 cents on the dollar, up to 6 percent of your salary. This matching contribution vests over 5 years. After 5 years of service, the match increases to dollar for dollar up to 6 percent of salary.
Starting in July 2008, the Board will automatically contribute 1 percent of each employee's salary per pay period to their Thrift Plan, regardless of whether the employee makes a contribution.
Also beginning in July 2008, employees with less than five years of service will benefit from an increase in Thrift Plan matching contributions to 100 percent of the first 6 percent of pay an employee contributes to the Thrift Plan.
In July 2009, the Board will increase the Thrift Plan employer match to 7 percent (up from 6 percent) of salary.
The plan offers you several investment options, including a Roth account and life style funds. Funds from qualified plans of previous employers can be rolled over to your Thrift Plan account.
To help balance work, family, and personal needs the Board offers alternative work arrangements. Compressed work schedules, flextime, job sharing, voluntary part-time employment, and telecommuting programs are available options. (Because of the nature of the duties of some Board positions, not all employees may be eligible to take advantage of this benefit.)
To decrease city traffic and encourage ride sharing, the Board offers a monthly subsidy to employees who commute to work on public transportation or in a vanpool. In addition, employees who carpool can park free at the Board.
The Board will contribute to your continuing education by offering assistance with tuition, required books, and certain academic fees.
Annual leave is granted each year according to your length of service: A limited amount of excess annual leave may be carried over to the following year. The Board also offers two floating holidays each year. Sick leave is granted each year at a constant rate and may be carried over without any limit.
The Federal Reserve Board strives to create an environment in which all employees can be effective and continue to grow in their careers. The Board offers extensive opportunities for training and development, including internal and external workshops. In addition, the Board's technical training program provides excellent training in computer applications used at the Board.
The Board also provides these on-site benefits:
