The Bank's compensation programs aim to attract, retain
and motivate employees. We pay base salaries that are competitive
with those paid by other progressive employers. We also
recognize individuals' efforts, contributions and performance
on the job.
Financial benefits include retirement plans, disability,
travel and life insurance policies, transportation subsidies
and more.
The Federal Reserve offers employees the opportunity to
participate in its Thrift Plan to help them prepare for
retirement. The Thrift Plan-an employer-sponsored 401(k)
plan--makes it easier to save money and meet future financial
goals. Participants can contribute after-tax dollars, before-tax
dollars, or a combination of the two.
During the first five years of service, the Bank matches
$.80 for every $1 contributed by an employee, up to 6% of
salary. After five years of service, the employer match
increases to $1 for every $1 contributed, up to 6% of salary.
In addition to the Thrift Plan, the Bank offers employees
a Retirement Plan that pays out a monthly benefit starting
at retirement. This benefit is paid entirely by the Bank
and is determined by a formula (typically based on years
of service and pay). Employees are vested in this plan after
five years of service.
This Retirement Plan offers a Portable Cash Option (PCO)
account for additional flexibility. The interest-accruing
PCO account is credited with deposits equaling 5% of your
pay for each of the first five years of employment and 10%
for the next five years. If employees leave or retire after
five years of service, they may roll over their account
balances to another retirement account or receive them as
a lump sum.
All employees who regularly use mass transit to commute
to work are eligible to participate in the Commutation Assistance
Program. Eligible employees may receive quarterly reimbursements,
of up to $100 per month, depending on their actual expenses.
The Life and Survivor Income Plan pays lump sum benefits
equal to anemployee's annual salary (or monthly survivor
income benefits up to a maximum of $50,000). The Supplemental
Survivor Income Plan pays monthly survivor income benefits
over $50,000, if applicable. The length of service and whether
an employee has an eligible survivor are used to determine
the type of benefit. This benefit is provided to employees
at no cost.
Employees may purchase life insurance to supplement the
Bank's Life and Survivor plan for up to five times annual
salary for employees, up to $100,000 for employees' spouses,
and $10,000 in coverage for each eligible child.
The Bank offers disability insurance to provide employees
with financial assistance if they are disabled or unable
to return to work.
This plan covers employees while traveling on Federal Reserve
business anywhere in the world.
Employees may purchase insurance that offers additional
benefits in the event of dismemberment, permanent total
disability, or death as a result of an accident. Coverage
is provided 24 hours a day for accidents occurring on or
off the job, anywhere in the world.
Employees may purchase insurance that covers the cost of
nursing home care and home health care not covered by medical
plans or Medicare.
Employees can insure their cars, homes and other personal
property at special discounted group rates via payroll deduction.
The Bank allows employees to make contributions to New York's
College Savings Plan and New Jersey Saves through payroll
deduction.
The ARAG Group Legal Plan is a supplemental coverage available
to employees that provides coverage for a range of legal
services through a network of lawyers. These services include
real estate closings, wills and estate planning, uncontested
divorce and legal separation, and certain civil and criminal
defense actions.
The Bank's financial planning program offers periodic financial
planning seminars open to all staff members. Sessions are
conducted by a leading provider of financial planning and
education services, and are designed specifically for the
Bank's staff.
