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In addition to the benefits offered to all Federal Reserve employees, employees of the Federal Reserve Bank of Boston are entitled to receive certain other benefits. As you learn more about the local benefits offered through the Federal Reserve Bank of Boston in the descriptions that follow, you will see that the benefits are very competitive with those of top employers across the country.
Some of 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.
Paid Holidays and Vacation
Because The Federal Reserve recognizes the importance of providing time for rest, recreation, and personal activities, our employees receive ten of paid holidays each year and a generous vacation allotment.
Holidays- 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.
Vacation- The amount of vacation employees earn is based on status and length of service up to a maximum of 25 days. New full-time employees are eligible for paid vacation days after 6 months of employment according to the following schedule:
| Years of Service |
Non-exempt |
Exempt |
| 1-4 |
12 days |
15 days |
| 5-9 |
17 days |
17 days |
| 10-14 |
20 days |
20 days |
| 15-19 |
22 days |
22 days |
| 20+ |
25 days |
25 days |
* Officers, irrespective of length of service, receive 25 vacation days
Newly hired employees will earn vacation prorated according to the month in which they start, according to the following schedule:
Month of Employment |
Non-exempt |
Exempt |
January |
12 |
15 |
February |
11 |
14 |
March |
10 |
13 |
April |
9 |
11 |
May |
8 |
10 |
June |
7 |
9 |
July |
6 |
8 |
August |
5 |
6 |
September |
4 |
5 |
October |
3 |
4 |
November |
2 |
3 |
December |
1 |
2 |
All employees working 15 or more hours a week will be allowed to purchase up to an additional week of vacation. The cost of purchasing additional vacation days will be spread out over the entire calendar year to make it more affordable, and will be collected by payroll deduction. Employees will choose whether they wish to purchase additional vacation for the following year during the annual benefits enrollment period each fall.
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Other Paid Time Off
The Bank also allows time off as needed with regard to:
Military Leave
- The Bank provides benefits to employees serving
in the military, above and beyond those required by
law. Employees who are serving in a uniformed military
service are given ten days per year as paid military
leave to perform military duties. Beyond that, the
Bank supplements military pay, i.e. the difference
between the employee's regular salary and his/her
military pay, for emergency military leave periods
of up to twelve months. Other benefits, such as medical
and dental insurance coverage for up to twenty-four
months, are also provided to employees serving in
the military during a military emergency.
Sick Leave
- The Bank's sick leave policy allows employees
to receive full pay when absent from work due to illness
or injury after the completion of three full months
of employment. Although sick leave benefits are not
payable during the first three months of employment,
sick leave credit is accrued upon the date of hire.
Full-time employees accumulate 12 days per year, up
to a maximum allowable credit of 135 days. Part-time
employees will accrue up to 5 hours per month.
Family Sick Leave
- To assist employees in caring for immediate family
members, including parents, spouses, children and
qualified domestic partners, the Bank allows the use
of accumulated sick leave for family illnesses and
medical appointments. Full-time employees may use
up 5 sick days per calendar year and part-time employees
may use up to 18.75 hours per calendar year.
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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 are reimbursed
at 100 percent up to $7,000; graduate courses are 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.
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Parental Leave
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.
Adoption Assistance
Employees who adopt children will be 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.
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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 Services
The health facility retains a part-time doctor, as well as a full-time occupational health nurse practioner. The Health Services Unit sponsors blood drives, preventive health care programs, and a variety of health awareness workshops.
Fitness Center
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.
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MBTA Program and Commuter Check Vouchers
Employees can elect to have the cost of their monthly
MBTA pass or Commuter Check vouchers conveniently deducted
from their pay on a pre-tax basis up to a maximum of
$120 per month.
Subsidized Meals
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.
Credit Union
Located on-site the Federal Reserve Bank Employee Credit Union provides a range of services including ATM access, loans, checking accounts, and interest-bearing saving accounts.
Casual Dress
Employees may dress in "business casual" clothes.
(For men: trousers, shirts with collars, polo-style
shirts, etc. For women: slacks, blouses, polo-style
shirts, sweaters.)
If you become an employee of the Federal Reserve Bank
of Boston, you will have access to all local information
on our Bank’s Intranet site. The site includes
department information, events at our location, news
about our Bank, and a link to the Smart Benefits Web
site (www.federalreservebenefits.org)
- your gateway to all Federal Reserve benefits information.
(See the Benefits
Highlights document for more information about
the Smart Benefits Web site and instructions for accessing
it as a prospective employee.) Please contact your recruiter
to find out more about the local benefits offered through
FRB Boston.
Disclaimer: The contents of
this material are designed solely to provide a broad
overview of the Bank's benefits program. The actual
plan provisions are governed by the official plan documents
and/or insurance carrier policies for each benefit.
Last revised: 1/09
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