Benefits
The Chicago Fed offers excellent salary and benefits:
Health Benefits
Employees can choose from a variety of health and dental plans, depending on their personal needs. All of our health plans include prescription coverage and vision benefits.
Health and Dependent Care Reimbursement Accounts
The reimbursement accounts allow employees to set aside pre-tax income to help pay for health care not covered by a medical plan or for dependent care for a child or elderly adult.
Retirement Plan
The Bank's retirement plan is fully paid by the Bank and provides 100 percent vesting in the pension benefit after five years of service. Benefits can commence as early as age 50. At retirement, eligible employees receive a benefit based on a percentage of their final average pay and years of service.
Thrift Plan
The Bank offers a savings plan that allows employees to contribute on either a pre-tax or after-tax basis through payroll deductions. The Bank matches employees' contributions at a rate of 80 cents for every dollar up to 6 percent of their base salary during the first five years of service. After five years, the Bank matches employees' contributions dollar for dollar up to 6 percent of base pay.
Life Insurance
The Bank provides generous life insurance benefits as well as an optional group universal life insurance plan. Employees can participate in an optional accident insurance benefit plan. The Bank also offers long-term care insurance, which allows employees to elect insurance coverage to assist with providing custodial care for themselves or an immediate family member.
Time Off
Regular-help, full-time and part-time employees are eligible for vacation time based on job status (exempt or non-exempt) and years of service. We also provide personal time that can be taken on an unplanned basis as sick time or on a planned basis for occasions such as doctors' appointments, parent-teacher conferences or religious holidays that are not federal holidays. We also offer 10 Bank holidays per year: New Year's Day, Martin Luther King, Jr. Day, Presidents Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving and Christmas.
Tuition Assistance
The Bank provides tuition assistance for specific degree programs. The plan pays 100 percent of tuition and applicable fees, and 50 percent of the cost of books.
Transportation Benefits
Employees can set aside pre-tax dollars to help pay for commuting expenses. This includes public transportation, parking and van-pooling expenses.
Group Legal Plan
The optional group legal plan provides assistance with issues such as real estate closings, wills and tax issues.
Fitness Center
Our fitness center provides weight-training and cardiovascular equipment, and aerobics and general fitness classes.
Employee Assistance Program
The LifeWorks program provides assistance to employees with everyday issues such as child care and elder care referrals, legal matters, taxes and individual counseling.
Subsidized Cafeteria
A subsidized cafeteria is available for meals, snacks and beverages.
Market-Based Salaries
We offer salaries based on what employees earn in average similar positions in private-sector organizations.
Cash Awards
Employees are eligible to receive cash awards and other forms of recognition for outstanding performance.
Business Casual Dress Code
When appropriate, the employee dress code is "business casual."
Social Activities
The Employee Activities Council (EAC) sponsors special events for employees and provides discounts on certain items such as tickets to movies, plays or sporting events.
Employee Referral Bonuses
In certain instances, employees receive bonuses for recommending an acquaintance outside the Bank to fill vacant positions.
Volunteering
The Bank sponsors volunteer activities with organizations like the Greater Chicago Food Depository, WTTW public television and Junior Achievement.
Flex Time
With management approval, some employees take advantage of flexible work schedules.
Work-From-Home Opportunities
With management approval, some employees are able to work from home.
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