What benefits does the Federal Reserve offer?

The Federal Reserve offers a myriad of benefits to its employees; these include:

Health:

Comprehensive health, dental, and vision insurance plans. 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.

Flexible Spending Account:

Allows employees to set aside pre-tax dollars to pay for eligible health and dependent care expenses.

Other Insurance:

Short- and long-term disability income protection and business travel insurance are provided to employees at no cost. Also offered, for a small premium, are accidental death and dismemberment insurance, group legal insurance, and auto and homeowners insurance.

Employees may also select group-term life insurance and long-term care insurance benefits.

Pension Plan:

Most employees are eligible to participate in the Federal Reserve System Retirement Plan, the Board's pension plan. After completing five years of service, employees are vested and entitled to a monthly retirement benefit that can begin as early as age 55.

Federal Reserve's Thrift Plan. The Plan allows employees to save on a pre-tax and/or after-tax basis.The Board provides a 100 percent employer matching contribution of up to the first 7 percent of an employee's salary that they contribute to their Thrift Plan.

The plan offers several investment options, including a Roth account and lifestyle funds.

Alternative Work Arrangements:

Compressed work schedules, flextime, job sharing, voluntary part-time employment, and telecommuting programs are available options. (Not all employees may be eligible to take advantage of this benefit.)

Transportation Subsidy:

Academic Assistance:

The Board contributes to continuing education by offering assistance with tuition, required books, and certain academic fees.

Leave:

Annual leave is granted each year according to an employee's length of service. 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.

Paid Parental Leave:

The Board provides employees 12 weeks of 100 percent paid time off for new parents. This benefit applies to birth, adoptions, and fostering.

Career Development:

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.

Other On-Site Benefits:

• Credit union offices

• Fitness centers

• Lifestyle seminars on finance, health, and life transitions that assist employees with major life decisions

• A Fine Arts program for appreciation of the cultural arts.