We are pleased that you are considering employment with the Federal Reserve Bank of Boston. The Benefits Highlights document explains the benefits that are available to all twelve Federal Reserve Banks. In addition, employees of the Federal Reserve Bank of Boston are entitled to receive certain other benefits. The additional benefits include:
Domestic Partner Coverage
Qualified domestic partners are covered under medical, dental, vision insurance, personal accident insurance, group life insurance, family and medical leave, bereavement leave, and family sick leave. In order to apply for this benefit, a declaration of domestic partnership must be completed.
Because the Federal Reserve recognizes the importance of providing time for rest, recreation, and personal activities, our employees receive ten paid holidays each year and a generous vacation allotment.
Bank employees receive ten paid holidays (the Federal holidays) plus two floating holidays. Floating holidays are earned on January 1 and June 17 of each year.
The amount of vacation employees earn is based on status and length of service up to a maximum of 25 days (200 hours).
Years of Service Non-Exempt Exempt 1-4 12 (96 hours) 15 (120 hours) 5-9 17 (136 hours) 17 (136 hours) 10-14 20 (160 hours) 20 (160 hours) 15-19 22 (176 hours) 22 (176 hours) 20+ 25 (200 hours) 25 (200 hours)
Assistant Vice Presidents and above, irrespective of length of service, receive 25 vacation days (200 hours).
Newly hired employees will earn vacation prorated according to the month in which they start, according to the following schedule. Economists, please ask a recruiter about first year vacation accruals.
Month of Employment
|January||12 (96 hours)||15 (120 hours)|
|February||11 (88 hours)||14 (112 hours)|
|March||10 (80 hours)||13 (104 hours)|
|April||9 (72 hours)||11 (88 hours)|
|May||8 (64 hours)||10 (80 hours)|
|June||7 (56 hours)||9 (72 hours)|
|July||6 (48 hours)||8 (64 hours)|
|August||5 (40 hours)||6 (48 hours)|
|September||4 (32 hours)||5 (40 hours)|
|October||3 (24 hours)||4 (32 hours)|
|November||2 (16 hours)||3 (24 hours)|
|December||1 (8 hours)||2 (16 hours)|
Employee Assistance Program (EAP)
To assist employees (or their household members) who may be experiencing difficulties, the Bank contracts with EAP to provide free and confidential services such as counseling for individuals, couples, adolescents, children or the entire family. The EAP also offers stress management techniques and drug and alcohol abuse counseling with referrals to treatment programs in the employee’s local area. The EAP’s work/life services produce resources listings, print literature and helpful referrals that assist with locating child care, elder care and legal services.
Tuition and Educational Reimbursement
Full-time and part-time employees with at least six months of continuous satisfactory performance may apply for tuition reimbursement. To be eligible for reimbursement, courses must be related to Bank work. All courses that are part of a degree requirement will be eligible for reimbursement, if the degree is related to Bank business and the degree program is from an accredited institution. Each calendar year, undergraduate courses can be reimbursed at 100 percent up to $7,000; graduate courses can be reimbursed at 100 percent up to a maximum of $10,000. Reimbursement is prorated for part-time employees.
Employee Representative Program
Occasionally, questions and issues may arise that employees feel uncomfortable discussing with their supervisor or department management. The Employee Representative Program provides employees with access to Employee Representatives who are trained to assist them with work-related concerns in a confidential manner.
Biological and adoptive mothers are eligible for up to eight weeks of paid parental leave, and biological and adoptive fathers up to two weeks of paid parental leave, for the birth or adoption of a child. Additional leave may be paid using accrued leave or unpaid.
Employees who adopt children are eligible for reimbursement of up to $5,000 per year for qualified adoption expenses. This benefit is intended to support employees who choose to have families by adoption, and provides them with a financial benefit similar to that provided under our medical plans for employees who have families by childbirth.
Back-Up Child Care
The Bank provides emergency back-up child care to assist employees who are primary child care providers (whether parents or grandparents) of children two months to 13 years of age. The Bank contacts with Bright Horizons Family Solutions at One Financial Center, which is conveniently located across the street from the Bank.
Health and Wellness Center
The Health and Wellness Center retains a full time Physician Assistant to assist you with any episodic illness or injury, as well as managing any leave cases such as Disability, Workers Compensation or Parental Leave. The Health and Wellness Center also sponsors blood drives, preventive health care programs, a variety of health awareness workshops, urgent care visits, annual flu shots, self service blood pressure checks and a lactation room for new moms.
An in-house Fitness Center is open 7 days a week, 24-hours a day, and is available free of charge to all employees who complete a Fitness Center health screening and program orientation. The center offers a variety or exercise equipment including Stairmasters, Treadmills, Lifecycles, Cybex, Universal and Body Master machines and free-weights. The Center also holds a variety of classes including Step, muscle conditioning, Yoga and more. Lockers and shower facilities are located nearby.
Employees can purchase transit passes or pay for parking expenses on a pre-tax basis up to a maximum of $125 per month for transit and $240 per month for parking. Additional commuting costs beyond these amounts would be deducted on an after-tax basis. The cost is conveniently deducted from employees’ paycheck. The Bank also offers a transit subsidy of $40 per month to offset employees’ costs for public transportation.
The Bank subsidizes the cost of breakfast and lunch in the on-site cafeteria, and lunch served in the Harborview Dining Room, a more formal dining area located on our top floor with views of Boston Harbor and the Atlantic Ocean.