Your Total Rewards & Benefits
The Chicago Fed offers competitive salaries and an industry-leading benefit package that includes the following.
The Bank provides medical, prescription drug, dental and vision benefits. Employees can choose from a variety of health and dental plans, according to their personal needs. The Bank also offers Health and Dependent Care flexible spending accounts that allow employees to set aside pre-tax income to help pay for health care expenses not covered by a medical plan or for dependent care expenses for a child or elderly adult.
The Bank's retirement plan is a fully-funded employer pension plan that provides 100 percent vesting in the benefit after five years of service. Benefits can commence as early as age 55. At retirement, eligible employees receive a benefit based on a calculation that includes their final average salary and years of service.
Thrift Plan (401K)
The Thrift Plan, or 401K, allows employees to contribute a percentage of their salary on either a pre-tax or after-tax basis, through payroll deductions. The Bank matches employee contributions dollar-for-dollar up to six percent of the base pay, plus an automatic separate contribution of one percent to each employee’s account. Free financial planning is also available through Ayco Financial Services.
Regular-help, full-time and part-time employees are eligible for vacation time based on Fair Labor Standards Act (FLSA) status (exempt or non-exempt), job level, 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.
Employees can set aside pre-tax dollars to help pay for commuting expenses. This includes public transportation, parking and van-pooling expenses.
The Bank provides generous life insurance benefits as well as optional group universal life, accident, and long-term care insurance.
Flexible Work Schedules
With management approval, employees can take advantage of flexible work schedules or have the ability to work at home.