Our
Benefits to You and Yours
Taking care of those who take care of us. These are
not mere words, but a commitment. That’s why
the Federal Reserve Bank of San Francisco offers top-tier,
flexible plans. It’s a range of options that
gives our employees an opportunity to choose a benefits
package that best meets their needs, as well as those
of their dependents. In addition to health insurance
coverage and retirement planning options, we also focus
on benefits designed to promote fulfilling lives outside
of work.
Health Benefits
The Federal Reserve Bank offers comprehensive health
benefits including multiple medical plan options,
multiple dental plan options, and a supplemental
vision plan at each location. The medical plans include
a range of Preferred Provider Option (PPO) plans,
along with selections from health maintenance organizations
(HMOs). The dental plans include Preferred Provider
Option (PPO) plans, as well as a dental health maintenance
organization (HMO) plan. Our supplemental vision
plan is available for additional vision coverage.
Employees can also elect to set aside pre-tax contributions
from their pay to a Health Care Flexible Spending
Account from which they can be reimbursed when they
incur qualified expenses. [return to top]
Retirement Planning
Employees immediately begin accruing credit toward
retirement after being hired to full-status (or non-hourly)
positions, with the Federal Reserve Bank paying the
full expense. Our Retirement Plan provides a pension
benefit, service credit during periods of disability,
and death benefits. The Retirement Plan also includes
a Portable Cash Option (PCO) that allows employees
terminating employment with five or more years of
service to receive all or part of their retirement
benefit as a lump sum payment.
The Federal Reserve Bank’s Thrift
Plan is a qualified 401(k) savings plan that allows
enrollment at anytime throughout the year. The plan
offers both a savings account (after-tax contributions)
and a deferred compensation account (pre-tax contributions).
The Bank will provide matching funds up to the first
6% of an employee's contributions at 80% for every
dollar saved, with an increase to 100% at five years
of creditable service. Seven investment options are
provided, and loan and withdrawals capabilities are
available. [return to top]
Family Protection Plans
Life and Survivor Income Insurance Plan (LSII) and
Business Travel Accident Insurance Plan are automatic
benefits upon hire, and are offered at no cost to
employees. Also, employees have the option of choosing
from several different family protection plans to
meet their needs. Premiums are paid at group rates,
with most plans available for enrollment throughout
the year. Optional insurance plans include Group
Universal Life Insurance, Home Insurance, Auto Insurance,
Personal Accident Insurance, Long-Term Care Insurance,
and ARAG Legal Services. [return to
top]
Disability Plans
Short-Term Disability is an automatic, Federal Reserve
Bank paid benefit for full-status employees who work
at least 15 hours a week. New employees qualify for
the program after three months of employment. Coverage
for Long-Term Disability and Worker's Compensation
is also a paid benefit automatic upon employment. [return to top]
Time Off
All full-status, full- and part-time employees are
eligible for 10 to 25 vacation days with accrual
amounts based on job grade and years of service.
Newly hired, eligible employees earn vacation on
a monthly basis and begin accruing vacation hours
the first of the month following hire date. In addition,
after one full calendar year of employment, eligible
employees may participate in the Federal Reserve
Bank’s optional Vacation Buy/Sell Program.
Employees receive 10 paid holidays observed throughout
the year. In addition, employees are eligible for
two paid floating holidays if hired prior to July 1;
one
paid floating holiday if hired after July 1.
Paid sick leave accrual begins the first of the month
following hire date, but newly hired employees
must complete three full months of employment before
being
allowed to take paid sick leave. Family and Medical
Leave, as well as Pregnancy/Maternity Leave are
benefits available to eligible employees. [return
to top]
Education and Training
The Bank places a high priority on developing the talents
and skills of our employees. Our in-house Talent
Management unit provides a wide range of classes
on management and professional development. In addition,
our Information & Technology Services Department
offers online training available 24 hours a day,
7 days a week.
Further, we provide a tuition reimbursement plan
up to $5,250 a year for approved courses. Tuition,
book
costs, and other fees are reimbursed upon successful
course completion. [return
to top]
Work/Life Benefits
The Federal Reserve Bank provides an Employee Assistance
Program (EAP) designed to help employees resolve
personal problems, such as coping with stress or
anxiety, family conflicts, alcohol or drug use, or
financial pressures. The EAP provides access to immediate
professional counseling services. These services
are free and completely confidential, and are available
to all employees and their family members. The EAP
also includes Lend-a-Hand, a resource and referral
service for childcare and elder care; and Law Phone,
which provides legal consultation by telephone and
legal referral.
During new hire orientation and fall annual enrollment,
employees have the option of selecting a Dependent
Care Flexible Spending Account that allows them to
set aside, tax free, a pre-determined amount to cover
dependent care expenses. In addition, a Backup Dependent
Care Voucher Program is available to employees to
provide up to $120 per calendar year for cost due to
back up
child and elder care. [return to top]
Additional Benefits
Commuter Benefit Program
Employees who purchase their transit passes from
our program vendor are eligible to receive a transit
subsidy that is applied to the transit pass purchase
price. Employees also have the option to set aside
pre-tax dollars to cover eligible parking expenses.[return
to top]
Check Cashing
We provide a check cashing service for employees
through the Cash Services Department. This offers
a convenient means to cash checks without incurring
ATM fees. There are, however, some limits on the
amounts, types of checks, and frequency of the service. [return
to top]
Bank Club
The Bank Club is an organization comprised of current
employees that sponsors an annual picnic, holiday
party, and other social events. [return
to top]
Exercise Facility
We encourage employees to take an active role in
their health and well being. That’s why many
of our locations offer access to an exercise facility.
[return to top]
Subsidized Cafeteria
A full-service cafeteria is open to employees for
breakfast, lunch, and dinner in our California
offices. The cafeteria also caters special events,
meetings,
and conferences held within the Federal Reserve
Bank. We subsidize employee meals, and offer
beverages
and light refreshments during non-meal periods.
Employees in non-California offices are eligible
to receive
a cafeteria subsidy as part of their semi-monthly
pay. [return to top]
Employee Referral Award Program
Employees may be eligible to receive a referral
award of up to $1,000 when they refer a candidate
hired
into an eligible position. [return to
top]
Service Awards
Employees who dedicate years of service to the
Federal Reserve Bank are thanked by receiving
a choice of
several awards upon reaching specified anniversary
dates. [return to top]
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